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Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":28,"box":{"x":134,"y":188,"width":774,"height":11}},{"id":"c9b879f2-8e51-4226-803a-a1a0942c1e5a","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":28,"box":{"x":102,"y":203,"width":736,"height":12}},{"id":"aea9803e-ed3a-49cd-91cb-d658856b726c","block_type":"box","text":"mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":28,"box":{"x":102,"y":218,"width":775,"height":12}},{"id":"ecc94725-3bbe-405f-aa91-1ee5d3a16f3d","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":28,"box":{"x":102,"y":234,"width":666,"height":11}},{"id":"eec29582-bec0-420e-ae92-00f12ef75240","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the","page_number":28,"box":{"x":134,"y":256,"width":746,"height":11}},{"id":"e08eed25-a7e9-4aa1-8fe5-c5c180a5e306","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":28,"box":{"x":102,"y":272,"width":627,"height":11}},{"id":"78ea7196-dd91-4ec8-b9f2-2a9dffe677da","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":28,"box":{"x":134,"y":294,"width":757,"height":11}},{"id":"41ac4fa2-517d-4d5c-a415-e0e9b45ef579","block_type":"box","text":"Act.","page_number":28,"box":{"x":101,"y":309,"width":25,"height":9}},{"id":"434a0d8c-e474-4e28-83fc-684bc9ea5da7","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":28,"box":{"x":135,"y":332,"width":506,"height":11}},{"id":"5f2c67f7-b8af-498b-91fc-654ecb90bcd8","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":28,"box":{"x":134,"y":355,"width":729,"height":11}},{"id":"784b8a54-eada-4c65-b27c-5000f82b208e","block_type":"box","text":"Investment Company Act.","page_number":28,"box":{"x":102,"y":370,"width":179,"height":11}},{"id":"c316c10d-9497-45d8-b785-f39087c7b9e7","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":392,"width":511,"height":11}},{"id":"230efdc2-6ace-46e1-8bf2-317e8255eb66","block_type":"box","text":"The following notations are not considered to be part of the Fund’s fundamental investment restrictions and are","page_number":28,"box":{"x":101,"y":415,"width":799,"height":11}},{"id":"e29bd35d-2594-40d8-8455-b3af212359d7","block_type":"box","text":"subject to change without shareholder approval.","page_number":28,"box":{"x":69,"y":430,"width":341,"height":11}},{"id":"e234d151-f7ba-4b13-b9b8-d1914bc011c0","block_type":"box","text":"With respect to the fundamental policy relating to concentration set forth in (1) above, the Investment Company","page_number":28,"box":{"x":101,"y":453,"width":796,"height":11}},{"id":"a13e956e-8aa8-4d36-b223-cf6484194890","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"e32e1bd5-7c02-40e8-9282-a0e17da0d42f","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":28,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"f913c761-705a-4cac-8a52-fcbf937d3847","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":28,"box":{"x":68,"y":498,"width":836,"height":11}},{"id":"4be14cf7-0fea-44e3-b00d-39d9280b84fe","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":28,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"b3c225d1-4ac1-44b4-aca0-f1d1bda5e5fd","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":28,"box":{"x":70,"y":528,"width":813,"height":12}},{"id":"e726ba75-69f0-4664-a224-da758e7957ec","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; tax-exempt securities of state, territory,","page_number":28,"box":{"x":69,"y":543,"width":797,"height":12}},{"id":"7180346a-2450-429e-bc45-f02678cc0f20","block_type":"box","text":"possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and","page_number":28,"box":{"x":70,"y":559,"width":829,"height":11}},{"id":"2162a058-d032-46ef-89d2-6a676e9e42ab","block_type":"box","text":"repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not","page_number":28,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"cbee3e3b-e301-43a2-9989-ea3106d9b720","block_type":"box","text":"be considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a","page_number":28,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"28064990-3971-456b-b210-2b402a6b8ed1","block_type":"box","text":"single jurisdiction or country. Wholly-owned finance companies will be considered to be in the industries of their","page_number":28,"box":{"x":69,"y":604,"width":794,"height":11}},{"id":"495b2628-1044-4c71-9c31-f2469107cefb","block_type":"box","text":"parents if their activities are primarily related to financing the activities of the parents. Each foreign government will","page_number":28,"box":{"x":70,"y":619,"width":820,"height":11}},{"id":"a08bdd6d-659d-45a8-acd6-f76d14082016","block_type":"box","text":"be considered to be a member of a separate industry. With respect to the Fund’s industry classifications, the Fund","page_number":28,"box":{"x":69,"y":634,"width":819,"height":11}},{"id":"ec3d9d04-a3d0-4646-a294-725148a4ac5d","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":28,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"c1aaf08a-b665-443a-928c-fe710435f362","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":28,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"d427828d-0e12-46e5-942d-17521bb0fed5","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":69,"y":680,"width":597,"height":11}},{"id":"c67c3c23-d1ce-4c5b-ac8c-be5380b1c3a5","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set forth above, the Investment Company Act","page_number":28,"box":{"x":101,"y":702,"width":805,"height":12}},{"id":"35f6df4c-c1be-4fb7-9d2c-59918309e921","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any","page_number":28,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"71c05a74-b768-427f-bc59-7caf1f07e9d6","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":28,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"dac110be-ef9e-4585-9e04-83ce194d570e","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":28,"box":{"x":70,"y":748,"width":816,"height":11}},{"id":"4699577d-dddb-4b29-b617-21a32b347e7a","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":28,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"4f1732d5-1b55-4327-bbaa-76f485920729","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":28,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"dd57e65e-8802-4c9f-8f45-9443eca3b57b","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":28,"box":{"x":69,"y":793,"width":775,"height":11}},{"id":"37111ff2-388b-41a6-b83e-818771486735","block_type":"box","text":"increase portfolio holdings is known as “leveraging.” Certain trading practices and investments, such as reverse","page_number":28,"box":{"x":70,"y":808,"width":801,"height":11}},{"id":"1771a32d-6fae-49f2-825b-e1f38baa924f","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":28,"box":{"x":69,"y":823,"width":772,"height":12}},{"id":"0f79802e-981b-48d3-8528-8e0475ce8d57","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":28,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"b4ae8f3f-e058-4bf8-8a87-8b68241f00e0","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":28,"box":{"x":70,"y":853,"width":828,"height":12}},{"id":"d473a0d0-c8ea-44ff-8aa3-e627f6013f31","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":28,"box":{"x":69,"y":869,"width":803,"height":11}},{"id":"3e4dd35f-6462-46cf-a7be-c229a49d37a2","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":28,"box":{"x":69,"y":884,"width":746,"height":11}},{"id":"5083a9d1-20ef-47fb-ae01-20e12d7f3a6d","block_type":"box","text":"transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with","page_number":28,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"7b870763-f7ba-4e0c-892b-b40fe29a9588","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c4ee8751-c04c-4929-8213-2e61a9adcbd7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"569a49b5-8687-4a0f-a486-76dea3bc6b53","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":29,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"13aa7fbe-3fb9-4d59-90ae-6afa60774095","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":29,"box":{"x":69,"y":60,"width":643,"height":11}},{"id":"2860f986-1e8b-4bdc-aebd-ac8d57c0587e","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (5) above, the Investment Company","page_number":29,"box":{"x":101,"y":82,"width":788,"height":12}},{"id":"fe3dfd3f-04b4-4ddc-a3a9-bb2d4509bda6","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":29,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"ce2136d3-d5af-4e75-81b5-e2be1403ab9d","block_type":"box","text":"issuers; in fact, the Investment Company Act permits the Fund to have underwriting commitments of up to 25% of its","page_number":29,"box":{"x":70,"y":113,"width":833,"height":11}},{"id":"e1a694fd-1943-41c1-8d31-1ed7442fab6d","block_type":"box","text":"assets under certain circumstances. Those circumstances currently are that the amount of the Fund’s underwriting","page_number":29,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"f28e694c-b3ff-453b-a924-03ac475224da","block_type":"box","text":"commitments, when added to the value of the Fund’s investments in issuers where the Fund owns more than 10% of","page_number":29,"box":{"x":69,"y":143,"width":836,"height":10}},{"id":"60533320-6319-4fc5-9001-d69c3a7e2848","block_type":"box","text":"the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions","page_number":29,"box":{"x":68,"y":158,"width":794,"height":11}},{"id":"24bc39b8-4028-4e1c-bd4b-57c6b3530e58","block_type":"box","text":"involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the","page_number":29,"box":{"x":70,"y":173,"width":790,"height":11}},{"id":"4eb14e9f-540e-4631-9497-a35a1a8a8d28","block_type":"box","text":"Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that the application of the","page_number":29,"box":{"x":69,"y":188,"width":797,"height":12}},{"id":"27021925-a62b-4eb2-aef1-ff233e58294f","block_type":"box","text":"Securities Act provisions described above would cause the Fund to be engaged in the business of underwriting, the","page_number":29,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"481cefba-0ef7-4a37-9580-d2a68af802f5","block_type":"box","text":"policy in (5) above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition","page_number":29,"box":{"x":70,"y":218,"width":823,"height":12}},{"id":"04d5e4c3-cf32-4948-ae58-cd32e30b620b","block_type":"box","text":"or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under","page_number":29,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"305868b2-a1b4-48c6-a629-517897575952","block_type":"box","text":"the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law.","page_number":29,"box":{"x":68,"y":249,"width":808,"height":11}},{"id":"4c3d2728-41ff-4b0b-930a-200e0db770c5","block_type":"box","text":"With respect to the fundamental policy relating to lending set forth in (7) above, the Investment Company Act","page_number":29,"box":{"x":101,"y":271,"width":778,"height":12}},{"id":"10fc1422-c60c-46b9-928b-42824fa3c4b9","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":29,"box":{"x":69,"y":286,"width":759,"height":12}},{"id":"bc8762d1-6a26-4388-85db-93e415c00fc7","block_type":"box","text":"interpretations currently prohibit the Fund from lending more than one-third of its total assets, except through the","page_number":29,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"20960111-3c97-4592-8646-29c8de3065da","block_type":"box","text":"purchase of debt obligations (including lending its securities) or the use of repurchase agreements. In addition,","page_number":29,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"7f1cc683-3e4f-48c4-8ea2-cc3e624a29b4","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":29,"box":{"x":69,"y":332,"width":791,"height":11}},{"id":"2a6286c4-d1dd-482e-ab0e-e5f16c05847c","block_type":"box","text":"instruments, as well as delays in the settlement of securities transactions, will not be considered loans.","page_number":29,"box":{"x":70,"y":347,"width":742,"height":11}},{"id":"6cb7b33a-e4f4-47e5-ac59-77b4f861b4c4","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":29,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"57be0552-99e4-4672-9bc3-963ce3bc5ce7","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":29,"box":{"x":70,"y":385,"width":751,"height":11}},{"id":"19d53a18-6cdb-41f9-8536-b33c34d39653","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":29,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"b9a5b8fc-c92e-4f38-aaef-e84caff1cc65","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":29,"box":{"x":69,"y":415,"width":827,"height":11}},{"id":"faf7f0f8-fbff-4b0b-bda9-93a27ae51595","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":29,"box":{"x":69,"y":430,"width":781,"height":11}},{"id":"6a0e36c9-cca9-448f-9b41-d4056de1707b","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":29,"box":{"x":69,"y":445,"width":759,"height":12}},{"id":"83ca5d4e-b3b2-4d12-bb8b-43fc300f15db","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":29,"box":{"x":70,"y":460,"width":774,"height":12}},{"id":"45aad6de-b845-475e-bf51-8c4a325b2fa0","block_type":"box","text":"shareholder approval.","page_number":29,"box":{"x":69,"y":476,"width":153,"height":10}},{"id":"deede31a-68ad-4e73-898d-5e119d0bd6c3","block_type":"box","text":"Under its non-fundamental investment restrictions which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":498,"width":763,"height":11}},{"id":"d6535ba6-4de2-442a-8100-6875c44d357f","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":514,"width":197,"height":10}},{"id":"ac25de2d-7d82-425d-9763-f9b1f4fae7be","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":134,"y":536,"width":742,"height":11}},{"id":"d0f720c2-9a17-407e-8d7e-bbfb554f676e","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":29,"box":{"x":102,"y":551,"width":759,"height":11}},{"id":"7b5257b0-eb25-4ce1-8244-60c8139483cb","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":29,"box":{"x":102,"y":566,"width":779,"height":11}},{"id":"0bb68712-b323-4f0c-9b92-b97bf5799ba4","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":29,"box":{"x":101,"y":581,"width":761,"height":12}},{"id":"9c502d5f-7f52-48c7-a236-a30f97c40b86","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":29,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"40b2ccc1-0afd-485f-8ea1-30dcf1cd3e0e","block_type":"box","text":"12(d)(1).","page_number":29,"box":{"x":102,"y":612,"width":60,"height":11}},{"id":"2c65275f-fc70-4710-bfae-fc63b6615bf4","block_type":"box","text":"b. Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":134,"y":634,"width":765,"height":11}},{"id":"011e8085-43df-44f4-918f-56e7fbe6f616","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":102,"y":649,"width":509,"height":11}},{"id":"a4f67e58-66b3-4f54-84f8-cad0499da9ae","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":29,"box":{"x":102,"y":672,"width":744,"height":11}},{"id":"438f5210-bb05-49ef-bbf0-675fe8adc21e","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":29,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"afd499b5-0e12-49f0-91a8-1d7a2ccd1241","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":29,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"1e45bd0e-589c-4645-948d-38f7de0eb5a5","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":29,"box":{"x":70,"y":717,"width":780,"height":11}},{"id":"3a988f8f-9898-408c-918a-9865f29795f2","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":29,"box":{"x":70,"y":733,"width":642,"height":10}},{"id":"6c812882-0465-4439-93d9-3008be96e582","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":763,"width":290,"height":9}},{"id":"736e2696-3e90-465d-9399-d6571f91746a","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":29,"box":{"x":101,"y":785,"width":789,"height":11}},{"id":"a6109bcd-5c60-4e8c-9c3f-58817380cdbb","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":29,"box":{"x":68,"y":801,"width":779,"height":11}},{"id":"edad2c96-41ee-4570-ae04-ca32ce5e00b0","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":29,"box":{"x":69,"y":816,"width":837,"height":11}},{"id":"b3951b33-2fef-4048-a6b9-5743227b3167","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":29,"box":{"x":70,"y":831,"width":793,"height":11}},{"id":"e724c3e3-8a1d-4a4b-b2a1-788fcbcb2600","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"e5eb3253-9225-465c-9c8a-5e188fbe90c5","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":29,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"d8a40c08-fee1-44e3-9e18-ee6bab5089f9","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":876,"width":335,"height":11}},{"id":"300892c9-02d6-4ce9-943c-eb913195bbda","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"98695b72-6927-4746-ac31-26027319f5f3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f07407e-35fb-410c-9f2d-aa8859a668ad","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":30,"box":{"x":101,"y":45,"width":769,"height":11}},{"id":"ebb9d133-2031-434b-9e6d-675e4fc30f9e","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":30,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"66fd39b8-ca8b-4ac2-9da0-24b2f5d65162","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":30,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"c8e26bf0-482f-4c7a-8eb2-852e9e4d7bd8","block_type":"box","text":"Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":30,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"a4684774-29b5-4898-8184-39f45d4c9535","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":30,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"c2295bad-faaf-4948-98fe-a1e03d1649fe","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":30,"box":{"x":68,"y":120,"width":789,"height":12}},{"id":"a4c7d77c-6f15-4fe9-8c62-beff4c8571fd","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":30,"box":{"x":69,"y":135,"width":810,"height":11}},{"id":"be57a27f-6782-45a5-aced-78c3edd0de48","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"2afa9bfe-f9e9-4c1d-baff-31da459a3676","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":166,"width":794,"height":11}},{"id":"4be319c2-aac3-4a3f-8c5a-0fd5abb1974b","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":30,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"e37b7743-8004-4d2e-acc8-65b0c8e90112","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":30,"box":{"x":69,"y":196,"width":831,"height":11}},{"id":"c9dabd65-9b85-4487-a20b-94e808619672","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":211,"width":811,"height":11}},{"id":"8e9ae2fd-0715-451a-bfa1-5f2d49f4f4bf","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":226,"width":809,"height":11}},{"id":"99ac4939-fe7b-41ee-a9c3-3fa4d1678437","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"65482078-096a-40f4-99f4-b6a90143ec4c","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":256,"width":441,"height":12}},{"id":"fb894556-2a6f-4e09-af6e-6ee2c5f4a451","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":101,"y":279,"width":777,"height":11}},{"id":"555dfa24-ea7a-45bf-95ae-ee006c00a2bd","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"b19aaf64-ef34-43dc-9e62-4c46e9821fd0","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s charter, and the Fund’s","page_number":30,"box":{"x":68,"y":309,"width":820,"height":11}},{"id":"4f69c813-a6bb-4b0e-9f2b-da82568a9453","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations","page_number":30,"box":{"x":70,"y":324,"width":812,"height":12}},{"id":"b8cc03e9-593f-4732-894c-b1f89820d6e7","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"199cf1aa-f532-4777-bea0-0147762ec151","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":355,"width":192,"height":11}},{"id":"e4b4bd12-a378-4547-8d71-dfca0551b63d","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":30,"box":{"x":102,"y":377,"width":785,"height":12}},{"id":"f7d77d27-e46e-4efc-836f-17d08fb3ed6f","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":30,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"e88edffb-9bb3-431c-a868-81b2d7611135","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"ce727cf2-036b-4dcc-ae84-7747f47dfbf9","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":423,"width":820,"height":11}},{"id":"6cf10fc1-ba38-4855-8191-207e503de2fe","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":30,"box":{"x":70,"y":438,"width":811,"height":11}},{"id":"74d8d212-dc68-42c5-9ab8-1947700f0250","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":30,"box":{"x":70,"y":453,"width":767,"height":11}},{"id":"c2e9eab4-a1db-4e48-842a-d6234a9882b0","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":30,"box":{"x":69,"y":468,"width":815,"height":11}},{"id":"fa152489-343f-4130-b9cd-b3a23a122eb2","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":483,"width":803,"height":11}},{"id":"2ed9ccab-52f7-4ea3-8612-e1a4a9b807e1","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":30,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"2d74932c-fd1c-450d-9bce-7f02f9405a1e","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":513,"width":812,"height":11}},{"id":"bf7bcdbf-4148-4fb0-bc7a-4b4099a466ef","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"d3c3288c-4588-4dcd-aea1-c82f62e647d7","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":543,"width":812,"height":11}},{"id":"5232062d-8754-405c-b341-f60f2566c192","block_type":"box","text":"testing of the Trust’s compliance program and reports to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":559,"width":818,"height":11}},{"id":"814bcc65-850c-47d9-ae16-f48672904881","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":574,"width":759,"height":11}},{"id":"40f6fd7d-33b7-4645-9cce-7463cb3a30fa","block_type":"box","text":"performing their oversight responsibilities.","page_number":30,"box":{"x":70,"y":589,"width":299,"height":11}},{"id":"f94aba9a-fb41-4ead-b77a-54f44fd343c0","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":612,"width":122,"height":9}},{"id":"5202271a-51d7-47b7-b0e9-33aae631d5a8","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":612,"width":673,"height":11}},{"id":"79b8f010-9e33-497e-badb-c50403eb7b69","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":68,"y":627,"width":814,"height":11}},{"id":"265c2707-85e9-4d35-bc04-1ed1a9f3af5d","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":30,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"1360acd1-ffba-423d-b6b5-a3d2a1781e96","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":30,"box":{"x":69,"y":657,"width":753,"height":11}},{"id":"8e285260-c587-4083-a9f0-1bfe0040795e","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":672,"width":797,"height":11}},{"id":"b55a786b-3297-4aee-8183-3bc633c094a2","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":30,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"57b6e561-b06c-43ae-8311-2c07492b9eaf","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":30,"box":{"x":70,"y":702,"width":807,"height":12}},{"id":"b8dea38b-3db6-4a4b-85ba-3475caf641fb","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":30,"box":{"x":68,"y":717,"width":781,"height":11}},{"id":"bb13fd05-da1e-4279-9bf9-52fb7699adb5","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":30,"box":{"x":69,"y":733,"width":834,"height":11}},{"id":"dc00c517-a4ec-40b8-b460-e496ea1d9788","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":30,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"78b9525c-ab6f-411b-9d1f-804804ab0a7a","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":30,"box":{"x":69,"y":763,"width":825,"height":11}},{"id":"f4543fd7-fdae-4891-a09f-65e1a5f38fef","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":30,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"6e80da9f-50d3-42f5-a431-f24f5a8a19cc","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":30,"box":{"x":70,"y":793,"width":815,"height":11}},{"id":"7f959c78-ea2e-439e-bff1-3bafebf36a49","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":30,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"3b65fd0e-356f-45ab-8c82-beb4f9466b3c","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":30,"box":{"x":69,"y":823,"width":815,"height":12}},{"id":"d7e4418f-d4ac-4223-a6ad-e372de3fddff","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":30,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"7d0c04ba-3951-483c-88a5-566835fe255c","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":30,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"8be9fe4e-8c80-48d3-a3a8-5d077422a720","block_type":"box","text":"During the fiscal year ended July 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":869,"width":571,"height":11}},{"id":"fbc6dd3a-6659-4fb9-a9e8-55df9213bdf9","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":891,"width":286,"height":12}},{"id":"3c682877-6fda-422c-bcae-dd9a32fbb2b0","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":891,"width":464,"height":12}},{"id":"404960c0-c5af-44cc-b867-7046af2a845a","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":30,"box":{"x":70,"y":906,"width":833,"height":12}},{"id":"5b21d7c0-c934-412f-8761-853af5713e52","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"085ade3f-d4ca-42a2-b3be-66645cbd2935","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5318d1c-8e29-4ea3-b9cb-ed3bc53baaa3","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":31,"box":{"x":69,"y":45,"width":769,"height":11}},{"id":"d2b54e61-16ef-4175-82d1-7561aa556f04","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":31,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"c1c8cf83-d9e2-4e00-850c-a316236a1364","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":31,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"c653de26-09ee-488f-86c0-374d8f4b6259","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":31,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"fedffabf-5f0f-40fe-b496-4d099397ad76","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":31,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"4cb8e054-5b13-43f4-b3f2-701dd5f79e50","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"4bed2f8f-c7fa-469e-aee5-a9f45b3db223","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"860117f8-e8d2-4beb-be20-c1e532efc351","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":150,"width":835,"height":11}},{"id":"9c30bb98-5819-43df-bbf9-8c91e625203f","block_type":"box","text":"they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":166,"width":815,"height":11}},{"id":"43c2858a-b21e-4f76-829f-e6bdba015499","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":181,"width":841,"height":11}},{"id":"6549d08c-d12f-4b7e-8899-3b047604fac5","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":31,"box":{"x":68,"y":196,"width":809,"height":11}},{"id":"c93c264d-18d5-47b2-b074-517f0f676150","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow certain procedures to nominate a person for election as a","page_number":31,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"47e0ff0e-ea18-4949-b5f3-581260c00e2a","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":31,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"5af39a6d-17a9-41fe-adf1-57cb92cf71e6","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":31,"box":{"x":69,"y":241,"width":798,"height":11}},{"id":"99f1744d-51e4-4db5-a7ac-34dece4caefd","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":31,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"7ad522b2-71ef-4088-965b-675069154875","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":31,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"a7ff3ea7-5c31-43f7-9e58-aa80a55e701f","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about","page_number":31,"box":{"x":68,"y":286,"width":832,"height":12}},{"id":"c61713a1-03be-47f3-91a6-9ebb09f7f351","block_type":"box","text":"the shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":31,"box":{"x":68,"y":302,"width":820,"height":11}},{"id":"56eea8c4-dbf0-4385-bc7b-426d56522930","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":31,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"3b80f9dd-2a84-4de0-9871-f581be3b8f99","block_type":"box","text":"written charter for the Governance Committee. During the fiscal year ended July 31, 2025, the Governance","page_number":31,"box":{"x":68,"y":332,"width":762,"height":11}},{"id":"5fa82c44-c860-4408-84d0-a8054b9e4a8d","block_type":"box","text":"Committee met six times.","page_number":31,"box":{"x":69,"y":347,"width":182,"height":9}},{"id":"072916fd-f0d4-4fff-8b07-c1d1a49b63d8","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":370,"width":168,"height":11}},{"id":"8654794e-5d02-451f-8b3b-b756446959c1","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":370,"width":629,"height":11}},{"id":"81c1e457-37ed-439c-91be-cc5a0af97151","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":385,"width":789,"height":11}},{"id":"5859fccc-b1d4-4041-aeec-30ca5ce1fafc","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"35277283-c81c-4b9b-a894-41de76eceb83","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":31,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"c239eb58-55a2-44d2-99ee-7de8ab3bb77d","block_type":"box","text":"any sub-adviser and the Trust’s third-party service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":430,"width":819,"height":11}},{"id":"a3dfdd35-554c-42f6-bb12-1fe0623daad1","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":445,"width":819,"height":11}},{"id":"491fc11e-602d-4ea2-8b45-906655c81010","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"26b851c7-339f-4c43-be72-791820152364","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review reports from, oversee the","page_number":31,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"60a2e547-3b4b-466c-b7ca-c79105878dc9","block_type":"box","text":"annual performance review of, and make certain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"31684969-0cc9-49ba-b560-36d9a9e44432","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":506,"width":803,"height":11}},{"id":"98c03bec-a8e4-4cfa-a994-997493fe7a89","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such","page_number":31,"box":{"x":69,"y":521,"width":799,"height":11}},{"id":"d8c1948f-bd0b-4b35-af8f-76e6ed7af7d5","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":31,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"8a0323ef-c6de-4582-8f3f-eab78c4fefc6","block_type":"box","text":"The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":31,"box":{"x":68,"y":551,"width":829,"height":11}},{"id":"462620a3-89f2-485e-9a1b-5e110149ae2a","block_type":"box","text":"the Compliance Committee met four times.","page_number":31,"box":{"x":68,"y":566,"width":307,"height":11}},{"id":"2bf1b4fd-57b0-41c1-9c14-3353fff86f46","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":589,"width":248,"height":11}},{"id":"f4c0ec60-1464-4db5-91df-98af27e879d3","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":31,"box":{"x":356,"y":589,"width":531,"height":11}},{"id":"62a490ea-cf62-4e19-b4ab-ab2abcd9c318","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":604,"width":837,"height":11}},{"id":"bcb2af7c-e059-4c4d-ba81-e730f85e28df","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":619,"width":808,"height":11}},{"id":"241c7e66-8bac-485f-8036-30c08975c5ca","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed-upon","page_number":31,"box":{"x":70,"y":634,"width":769,"height":12}},{"id":"917f9e6e-aed1-4716-aafe-fce6e752c310","block_type":"box","text":"performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":31,"box":{"x":70,"y":649,"width":775,"height":12}},{"id":"eee7d9d4-62b3-4290-a47a-01493127fa58","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":31,"box":{"x":69,"y":664,"width":782,"height":12}},{"id":"58281bb0-65bf-4004-925b-2425aefe969f","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":31,"box":{"x":70,"y":680,"width":829,"height":11}},{"id":"2d696a6c-ef52-4982-8a08-867588c5d284","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":31,"box":{"x":69,"y":695,"width":816,"height":11}},{"id":"b596b6c6-7fa0-453b-bcd1-24cf8fa425e2","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":31,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"47d7ba0e-3566-400c-8b5a-c21c3c6f5e17","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":31,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"dae1f30e-fa9c-4604-9432-ff76f12ce696","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":31,"box":{"x":68,"y":740,"width":811,"height":11}},{"id":"00ae96bc-d13d-4853-bd8e-e46b04552745","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":31,"box":{"x":69,"y":755,"width":757,"height":11}},{"id":"53f2db34-0ad4-4bcb-9831-527fb26e6c59","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":31,"box":{"x":70,"y":770,"width":835,"height":11}},{"id":"d01447bc-53ac-41ad-826f-259729355511","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":31,"box":{"x":68,"y":785,"width":800,"height":12}},{"id":"dd03b284-4f35-4909-ad9b-e9ee46789895","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":31,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"ecb67b0e-bfde-4e2e-8ab8-7de8a6c89579","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":31,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"df3ee128-957e-42d8-bacb-3da1aba29013","block_type":"box","text":"ended July 31, 2025, the Performance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":831,"width":541,"height":11}},{"id":"66f85102-017b-47e2-8407-f3ad22ed48c7","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":854,"width":186,"height":10}},{"id":"3f398aa7-3a7f-40d8-bb89-1694c620917e","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":31,"box":{"x":293,"y":853,"width":598,"height":11}},{"id":"08bb37d7-5243-4779-a139-87338b67cbad","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":31,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"7275a3f8-9166-45e3-9a5b-40f70da8e616","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":31,"box":{"x":69,"y":884,"width":795,"height":11}},{"id":"2101ed8a-002f-4653-8504-ee37c52dbc0c","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":31,"box":{"x":69,"y":899,"width":788,"height":11}},{"id":"5edf9c2b-1b6c-4c3d-8c70-534e265ecf5b","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"38e4b049-6721-4cd3-9e79-c8929c2a4087","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e834258-e6e6-4781-967d-ae97dfe552d4","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":32,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1284bbc6-a005-42b8-9242-d1e801d483af","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":32,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"df129d00-71d4-44f6-adb0-5cb4402e8174","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":32,"box":{"x":68,"y":75,"width":572,"height":11}},{"id":"b2a26bd6-1d05-4b08-aeb0-bb1be62ebaa6","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":32,"box":{"x":101,"y":98,"width":771,"height":11}},{"id":"2384b6a3-261e-45e2-bcca-caeb4393783e","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":32,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"c3d5c2dc-8cd7-45d7-8802-8b79820065a9","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":32,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"e0da52bc-9fab-4e12-a3f0-9f7ae68cd27a","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":32,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"90b16936-1713-4cb2-89ee-13f564eef9a0","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":32,"box":{"x":70,"y":158,"width":807,"height":11}},{"id":"06770061-b7c1-46f1-ab81-acb71819c179","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":32,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"25d2bac2-967e-4814-9300-7769af64ae9d","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":188,"width":805,"height":11}},{"id":"e07d1716-264d-4952-a117-5b06128847ff","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":203,"width":794,"height":12}},{"id":"30accaa7-e4cf-4420-a964-e00f090187ac","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":219,"width":829,"height":11}},{"id":"e39f8b8d-6e1f-4c0d-bb1b-a571fee608e9","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"14b92a3a-0c4a-460d-9cef-a94e5df7c443","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"35cf767a-064e-4316-910a-2c5091325e92","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":264,"width":473,"height":11}},{"id":"96308dcf-0606-48ab-887f-b2d480a6055d","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":286,"width":792,"height":12}},{"id":"5b9ff5f1-d6ca-4bc4-92ee-60ea092fcbf1","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"2af2f751-684e-44ac-ab95-0cec52b7b480","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":32,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"e1759556-e369-4a0c-b9db-037965d362c8","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":332,"width":759,"height":11}},{"id":"860fc144-2491-447a-b873-af2adab59f58","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":347,"width":685,"height":11}},{"id":"d1d94351-d293-46aa-9916-8e5fb403a8cd","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":347,"width":47,"height":9}},{"id":"87007ca6-c160-490d-98c3-95ec3bedabd7","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":347,"width":82,"height":9}},{"id":"3c5ca68c-b11c-41a3-a2d1-8bebe383b60e","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":362,"width":395,"height":11}},{"id":"bb7be1be-b97b-44f7-b1e1-f0e493ba772f","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":385,"width":751,"height":11}},{"id":"ac3ea38c-ddc9-46ab-bea5-8960141475b5","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":400,"width":492,"height":11}},{"id":"cb2db3a0-9322-431e-b4ea-73e8f3bd6aa2","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":428,"width":409,"height":9}},{"id":"3219f397-bfb0-4781-a4ab-6184f7dffdda","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":445,"width":154,"height":11}},{"id":"9adea31d-10b0-4781-adb3-dfa2965eeb21","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":460,"width":781,"height":11}},{"id":"880d6062-df59-4b48-9ab4-c1b63e69d64e","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":475,"width":604,"height":11}},{"id":"8209f4b3-b22c-424a-8908-1047110d928e","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":490,"width":623,"height":11}},{"id":"03577ea4-6d19-4d2b-85c8-0c6206348744","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":505,"width":637,"height":11}},{"id":"85a7c2d4-593f-42a2-a398-a4c65ea6e5e7","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":520,"width":631,"height":12}},{"id":"674d0e72-28ce-491c-b287-a0c1c04faadf","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":32,"box":{"x":264,"y":535,"width":626,"height":11}},{"id":"bc9a2bad-4097-485e-811c-c9bd3c1b492b","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":550,"width":639,"height":11}},{"id":"0b768946-13db-4c3b-9311-a0e3c4ef4423","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":566,"width":637,"height":11}},{"id":"fcf205ff-2abd-4fcc-b4ee-c4fde72d2859","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":581,"width":586,"height":11}},{"id":"603ce811-8c4d-4f52-abbf-53f25f57dc8a","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":596,"width":640,"height":11}},{"id":"893063f3-dbcb-4c2a-a519-c5d34d33bfe5","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":32,"box":{"x":265,"y":611,"width":389,"height":11}},{"id":"645da8bc-b307-4705-9498-5c95fd1b5b1e","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":32,"box":{"x":69,"y":634,"width":806,"height":11}},{"id":"4c0b50f9-9828-4b45-a3ae-9ec7f72a5d98","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":649,"width":604,"height":11}},{"id":"dc523dbb-259b-434b-bd94-a7f20c624021","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":664,"width":632,"height":11}},{"id":"9c32d8df-8ad2-4137-a951-3dcc0b0f32e0","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":32,"box":{"x":265,"y":679,"width":562,"height":9}},{"id":"892a2c03-ab48-43e4-b1f2-7f6555890794","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":32,"box":{"x":265,"y":694,"width":616,"height":11}},{"id":"a7a0f04a-0c06-438a-b7b1-2c6f80fdb4a6","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":709,"width":591,"height":11}},{"id":"df0534b6-293d-436f-9a1b-4af32a84a580","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":32,"box":{"x":265,"y":724,"width":641,"height":11}},{"id":"77a788c6-8d49-4d96-b564-4adca99b88e7","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":32,"box":{"x":264,"y":739,"width":638,"height":12}},{"id":"089abfd4-f939-49d7-b4fd-0f329b70e067","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":32,"box":{"x":265,"y":755,"width":584,"height":11}},{"id":"e28bf81a-dbeb-431d-a02b-765e04e5dc3c","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":770,"width":630,"height":11}},{"id":"3544530a-a7a3-4723-b242-5ddd9de1a888","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":32,"box":{"x":265,"y":785,"width":634,"height":11}},{"id":"964ee21e-3f4d-46c9-a4f4-476bb72a696b","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":32,"box":{"x":265,"y":800,"width":599,"height":11}},{"id":"e41478eb-0c47-4e98-a43b-fedd338bac01","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":815,"width":407,"height":11}},{"id":"bb1de4d9-75b1-4d43-be8c-758e29337932","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ff59b787-54b5-48ef-aa05-3b16d6eb0586","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccd692aa-ff36-44aa-8ada-fd17bbd89eff","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"bba8eba9-11c3-4fb2-a187-805e769a8892","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":33,"box":{"x":69,"y":65,"width":837,"height":12}},{"id":"1653003e-f049-460b-8f11-f24960c45b77","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":33,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"53bb44bc-d0d8-4c70-b76c-f6e9f7175698","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":33,"box":{"x":265,"y":96,"width":642,"height":11}},{"id":"c6b7893e-350a-45ef-80bc-1b0f6e6a3172","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":33,"box":{"x":265,"y":110,"width":601,"height":12}},{"id":"846a22ec-c60b-40e8-9a01-ebbc92805208","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":33,"box":{"x":265,"y":126,"width":595,"height":11}},{"id":"704ccba6-17a8-4e5a-a7b5-d4a349a7683b","block_type":"box","text":"perspective on the markets and the economy.","page_number":33,"box":{"x":265,"y":141,"width":323,"height":11}},{"id":"d811d3b1-f3c6-4057-aac0-2b48cb8e8d26","block_type":"box","text":"Neil A. Cotty Neil A. 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Mr. Keizer is a certified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":413,"width":643,"height":11}},{"id":"0bc34491-0354-496b-b747-ed96966288c9","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":428,"width":639,"height":11}},{"id":"8f22efbe-780e-4dab-9eec-24ad1357f4b6","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":33,"box":{"x":264,"y":443,"width":641,"height":11}},{"id":"f31a60df-d048-4ddc-a4a8-4fc3f1ca88c4","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":459,"width":208,"height":10}},{"id":"b2d1a851-56c2-4d03-99b5-de6cfa1f863a","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. 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The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":526,"width":641,"height":12}},{"id":"6bebff37-e59b-437c-bfa7-83d28870c9db","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":542,"width":602,"height":11}},{"id":"030a35ba-08e0-4d2b-955a-c7d5487a9c83","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":557,"width":617,"height":11}},{"id":"7c500ced-8d10-4d40-9823-c28ae0715e50","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":572,"width":629,"height":11}},{"id":"f510dc6e-ccc0-41db-b01f-4165a1142e6f","block_type":"box","text":"the corporate boards of a variety of public companies. 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In addition, Ms. Richards served as a member","page_number":34,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"1e546aa0-8ec2-470b-81b7-48318756859d","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":34,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"8480219d-037b-4f34-9397-7674044ffee2","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":34,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"c2d44ab3-73e6-410e-ad50-02379eae5837","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":34,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"a9f112a3-4075-46a4-9156-400a376536bb","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":34,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"805784e3-cb80-4135-82bc-9a3bb7e22bb1","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":34,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"4611c97a-905b-4701-8a95-db74f266cb81","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":34,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"0c98205d-dbac-4a40-ae81-bcea6611415f","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":34,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"2a0c42a6-d60b-4e39-853b-272f315370a2","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":34,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"3774face-b3cb-4d34-a665-a72462bef638","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":34,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"0ed32ad4-9f3e-47f4-bb96-b53ef8c2d233","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":34,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"c6cf21f1-d836-4573-95b0-bb48f59ff634","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":34,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"22c0d94b-f602-492c-9612-9b87b54090c0","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":34,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"9a1b4574-3d7c-47fb-92b0-f63597e5a1cb","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":34,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"5326e09c-06ba-4108-8268-344495197a5b","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":34,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"71b39b5e-0078-4679-84f8-cc85026faf9b","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":34,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"142ef284-1bf5-41ea-8dd5-2572816ea6cb","block_type":"box","text":"various private and non-profit boards.","page_number":34,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"7c5df1c9-3a68-4f7d-b3ff-c2af3349cb6c","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":34,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"11955f74-87ed-4716-bc2c-f6921b0290e3","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":34,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"bbe909be-eaca-4ebd-96ba-3d45503e9644","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":34,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"f5af8b73-8e2e-4aa4-bd68-df8eaf4a3dc2","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":34,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"b3734330-4b4c-44e9-a46d-68590966f5d4","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":34,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"d49251fa-defb-441a-a7f2-de39efc3f1b9","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":34,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"131fab8c-f820-4e4f-bdb3-57a1f060db34","block_type":"box","text":"Commission rules.","page_number":34,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"b1318647-9399-45bf-b4ae-2f9e62974445","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":34,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"9dd33434-3fb7-43f6-91a8-9b8e95c2d975","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":34,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"68d31f64-c3d6-44e4-a0e1-e6d5b12a94a6","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":34,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"cfc096d7-55e2-4254-a7db-e025d8e41808","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":34,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"66dee7a9-4a2c-47c1-a11e-9cccd14b845b","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":34,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"ee4a4672-7cad-4df6-8764-7e0983b2537b","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":34,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"e830b8d8-9ec3-4d65-90a9-ece39c766c7f","block_type":"box","text":"perspective on the markets and the economy.","page_number":34,"box":{"x":265,"y":723,"width":323,"height":11}},{"id":"ca4bd393-ec02-4ce0-a3e9-395c0d7c06bd","block_type":"box","text":"I-12","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1ddd36ca-0c1b-4a51-9666-1eefa3d5880a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98d0e1c7-f46b-4b3a-8e12-9b8c2f5b8aba","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"197ad865-5c81-4706-a521-3b7f0080ca7d","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"2db41a5e-17e4-42de-96ae-fa98cc2e9cdf","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":35,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"7c53a5c9-8f85-4b68-aa36-cb97feba0a63","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":35,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"35aa15ae-e72e-45a4-a6f3-0d817ce0b89d","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":35,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"afd63c59-5a82-49f5-bc03-69f5e6180363","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":35,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"1a76f3ab-e3d6-4b20-8ee1-4e2565f1b31e","block_type":"box","text":"a wealth of practical business knowledge and leadership. 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As of December 31, 2024,","page_number":40,"box":{"x":69,"y":171,"width":823,"height":12}},{"id":"4255656c-81ec-4b1e-abaa-b67c0cccf0ed","block_type":"box","text":"none of the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":40,"box":{"x":69,"y":186,"width":834,"height":12}},{"id":"6d239363-54f0-4a76-a20e-e0e08edf8497","block_type":"box","text":"securities of the Fund’s investment adviser, sub-adviser, principal underwriter, or any person directly or indirectly","page_number":40,"box":{"x":69,"y":201,"width":801,"height":12}},{"id":"4a5c8ce8-de6c-4f03-917a-18cf98947843","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":40,"box":{"x":69,"y":217,"width":495,"height":11}},{"id":"dac82098-39fe-4abf-ba3d-7619b94ab87d","block_type":"box","text":"Compensation of Trustees","page_number":40,"box":{"x":69,"y":247,"width":190,"height":11}},{"id":"008a55ef-b60c-40fd-8f2c-ffebb40c8937","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $345,000 per year","page_number":40,"box":{"x":102,"y":269,"width":791,"height":12}},{"id":"5e598640-4891-4442-9e6b-e3ac64a35a51","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":40,"box":{"x":68,"y":285,"width":810,"height":11}},{"id":"f07d099e-b00a-47a3-9db3-ec9d44b2dd1d","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":40,"box":{"x":70,"y":299,"width":838,"height":12}},{"id":"eafb35e4-2d1d-4234-9eb3-df193ee9a209","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":40,"box":{"x":69,"y":315,"width":807,"height":11}},{"id":"c3816054-c8f5-41d7-95b6-f98f24b88e9a","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":40,"box":{"x":69,"y":330,"width":791,"height":11}},{"id":"871ace52-a347-40dc-9011-8d7654505f47","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":40,"box":{"x":68,"y":345,"width":786,"height":11}},{"id":"27c0f9c0-1fc3-44e1-bf92-e4209b8e7bbb","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":40,"box":{"x":69,"y":360,"width":769,"height":12}},{"id":"3012cb64-fb7b-4459-8954-96d689a55365","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":40,"box":{"x":69,"y":375,"width":778,"height":12}},{"id":"46039ce9-d148-430e-ab76-517cb576dbf7","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":40,"box":{"x":69,"y":390,"width":689,"height":12}},{"id":"f0550bd9-fbf9-487c-a58a-fb805ac37c77","block_type":"box","text":"The following table sets forth the compensation the Trust paid to the Trustees on behalf of the Fund, for the","page_number":40,"box":{"x":101,"y":413,"width":771,"height":11}},{"id":"423b62b5-92ef-4c0d-bf9a-c76128b96a77","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds for the","page_number":40,"box":{"x":68,"y":428,"width":838,"height":12}},{"id":"c8517575-ff25-4f96-90de-c399944196c7","block_type":"box","text":"calendar year ended December 31, 2024.","page_number":40,"box":{"x":69,"y":443,"width":298,"height":12}},{"id":"c0d0da9c-41e9-42cc-bc91-781113bd91a3","block_type":"box","text":"Name","page_number":40,"box":{"x":69,"y":522,"width":32,"height":7}},{"id":"2edf026e-19e2-484d-99c0-c2d58d1dd01c","block_type":"box","text":"Compensation","page_number":40,"box":{"x":614,"y":512,"width":83,"height":9}},{"id":"fec9b966-62e0-4ca2-9a49-dc6c06a8d21b","block_type":"box","text":"from the Fund","page_number":40,"box":{"x":615,"y":522,"width":81,"height":7}},{"id":"b959d50f-958e-429a-8204-3cb2f8a368c4","block_type":"box","text":"Estimated","page_number":40,"box":{"x":731,"y":482,"width":57,"height":7}},{"id":"eda863cc-0861-45ce-b219-6071cc1cea5e","block_type":"box","text":"Annual","page_number":40,"box":{"x":739,"y":492,"width":40,"height":7}},{"id":"967438a9-c4d2-43b4-833e-5608c9dc28a1","block_type":"box","text":"Benefits","page_number":40,"box":{"x":736,"y":502,"width":47,"height":7}},{"id":"c24d6685-3103-4cbb-8be6-dcdde4b615f4","block_type":"box","text":"upon","page_number":40,"box":{"x":746,"y":514,"width":27,"height":7}},{"id":"5a395f46-be3c-4066-a78a-abdc71ddc784","block_type":"box","text":"Retirement","page_number":40,"box":{"x":727,"y":522,"width":65,"height":7}},{"id":"22aa7cce-6632-43ce-b775-85552eef5e88","block_type":"box","text":"Aggregate","page_number":40,"box":{"x":835,"y":472,"width":61,"height":9}},{"id":"5faa284b-ef0c-40cb-ad0c-1c2fd803823e","block_type":"box","text":"Compensation","page_number":40,"box":{"x":824,"y":482,"width":83,"height":9}},{"id":"6ef0899b-0fa9-4837-b433-caedc69d3388","block_type":"box","text":"from the Fund","page_number":40,"box":{"x":825,"y":492,"width":80,"height":7}},{"id":"724700b7-537c-4288-8a2f-11e69859d94a","block_type":"box","text":"and Other","page_number":40,"box":{"x":837,"y":502,"width":57,"height":7}},{"id":"38055a9b-101d-4ccc-a4d5-98da6052b66d","block_type":"box","text":"BlackRock","page_number":40,"box":{"x":833,"y":512,"width":66,"height":7}},{"id":"5b36c7f8-57d5-4f5c-b0af-722aefab29d3","block_type":"box","text":"Advised Funds","page_number":40,"box":{"x":821,"y":522,"width":84,"height":7}},{"id":"820070db-c9d4-4aec-9c02-a87601b04754","block_type":"box","text":"1","page_number":40,"box":{"x":906,"y":522,"width":4,"height":4}},{"id":"a09bbcb8-5719-4801-95c6-b6965ffd7962","block_type":"box","text":"Independent Trustees","page_number":40,"box":{"x":70,"y":540,"width":154,"height":11}},{"id":"c014df67-1a96-4574-a3e5-acee31f66e5d","block_type":"box","text":"Christopher J. 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Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,319 None","page_number":40,"box":{"x":79,"y":600,"width":698,"height":11}},{"id":"2469b422-794d-47f2-9d09-465d24679d3a","block_type":"box","text":"$435,000","page_number":40,"box":{"x":830,"y":600,"width":72,"height":11}},{"id":"3d980133-4c77-42a7-8bed-5f466baa2168","block_type":"box","text":"Lena G. Goldberg","page_number":40,"box":{"x":79,"y":615,"width":123,"height":12}},{"id":"f0faae0e-3726-4340-9bf9-2f64d3dc8669","block_type":"box","text":"3","page_number":40,"box":{"x":202,"y":616,"width":4,"height":4}},{"id":"ccbb47a2-1367-49c9-ae5b-00e27cd6fae0","block_type":"box","text":"..............................................","page_number":40,"box":{"x":214,"y":623,"width":369,"height":1}},{"id":"7de7ca89-3b6f-4555-8829-d0ef26e2198a","block_type":"box","text":"$554 None $480,000","page_number":40,"box":{"x":637,"y":615,"width":265,"height":11}},{"id":"53068209-25b4-4125-b97c-d40eb8bc2ae6","block_type":"box","text":"Henry R. Keizer","page_number":40,"box":{"x":79,"y":631,"width":109,"height":11}},{"id":"6a1c56fa-4ee1-4ccc-a2c9-f70a93a70601","block_type":"box","text":"4","page_number":40,"box":{"x":189,"y":631,"width":4,"height":4}},{"id":"e37950f7-d94e-4171-97f5-1306909207e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,409 None","page_number":40,"box":{"x":198,"y":630,"width":579,"height":11}},{"id":"134ea2e6-f787-49ef-bef7-48a93a57301f","block_type":"box","text":"$480,000","page_number":40,"box":{"x":830,"y":630,"width":72,"height":11}},{"id":"d1c2ee85-ee3b-492a-bf26-5d8607d00b25","block_type":"box","text":"Cynthia A. Montgomery","page_number":40,"box":{"x":79,"y":646,"width":164,"height":11}},{"id":"c8d6ba17-cfb7-4583-9972-1d47b267b9b8","block_type":"box","text":"5","page_number":40,"box":{"x":244,"y":646,"width":4,"height":4}},{"id":"c05305a9-2523-46aa-b99f-6c0d6f9b2818","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,409 None","page_number":40,"box":{"x":255,"y":645,"width":522,"height":11}},{"id":"01b2b6ac-6597-41a5-95f0-3f2311e37818","block_type":"box","text":"$480,000","page_number":40,"box":{"x":830,"y":645,"width":72,"height":11}},{"id":"d703fd3b-2afd-484c-938b-f8da36e44a39","block_type":"box","text":"Donald C. 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Urish . . .","page_number":40,"box":{"x":79,"y":706,"width":145,"height":9}},{"id":"9a32bc12-980c-464c-9a56-f3d1249c8efb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,319 None","page_number":40,"box":{"x":231,"y":705,"width":546,"height":12}},{"id":"af78de23-b663-4d9f-8b96-4a0369f28139","block_type":"box","text":"$435,000","page_number":40,"box":{"x":830,"y":705,"width":72,"height":12}},{"id":"457e3099-1fde-4366-a67d-92792a8abb51","block_type":"box","text":"Claire A. 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Perlowski","page_number":40,"box":{"x":78,"y":767,"width":127,"height":9}},{"id":"a115e38d-54b9-4db0-98af-2b6698108ac5","block_type":"box","text":"..............................................","page_number":40,"box":{"x":214,"y":774,"width":369,"height":1}},{"id":"b2067c13-ec38-46f7-b0c6-936e18f64095","block_type":"box","text":"None None None","page_number":40,"box":{"x":638,"y":767,"width":245,"height":9}},{"id":"01ebc152-743c-4ef1-b18e-047b68e404f9","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":791,"width":3,"height":4}},{"id":"ca54b5db-f26d-4806-9865-8ce4505fdb5e","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":40,"box":{"x":94,"y":791,"width":786,"height":9}},{"id":"04dc40c1-72c4-4315-9703-920c054f91db","block_type":"box","text":"page I-14.","page_number":40,"box":{"x":94,"y":801,"width":55,"height":9}},{"id":"3382c0e2-828f-46a5-8738-96792e76cfc3","block_type":"box","text":"2","page_number":40,"box":{"x":69,"y":814,"width":3,"height":3}},{"id":"ee503430-ab36-4bcd-a12b-64f64a3e00f1","block_type":"box","text":"Mr. Ailman was appointed to serve as Trustee of the Trust effective September 1, 2024.","page_number":40,"box":{"x":94,"y":814,"width":504,"height":8}},{"id":"8cf92e3d-43ac-4079-a09d-220f59452758","block_type":"box","text":"3","page_number":40,"box":{"x":69,"y":826,"width":3,"height":4}},{"id":"a22f9a64-c7db-4e5a-97dd-42d026fa7529","block_type":"box","text":"Ms. Goldberg retired as Trustee of the Trust and Chair of the Compliance Committee effective December 31, 2024.","page_number":40,"box":{"x":94,"y":826,"width":658,"height":9}},{"id":"f9814e10-054c-4b56-9675-44bd9ab83bf8","block_type":"box","text":"4","page_number":40,"box":{"x":68,"y":839,"width":4,"height":3}},{"id":"16354d73-6b1b-4f15-93d6-0f9eb93a95dd","block_type":"box","text":"Chair of the Audit Committee.","page_number":40,"box":{"x":93,"y":839,"width":168,"height":7}},{"id":"e31329e9-f71c-4a98-97f1-ba47f14f886f","block_type":"box","text":"5","page_number":40,"box":{"x":69,"y":852,"width":3,"height":3}},{"id":"ba49ce49-3233-41c7-9c90-02622dcf68c7","block_type":"box","text":"Chair of the Governance Committee.","page_number":40,"box":{"x":93,"y":851,"width":206,"height":8}},{"id":"b3fedd39-1729-42fb-8dae-b07de715f9e6","block_type":"box","text":"6","page_number":40,"box":{"x":69,"y":864,"width":3,"height":4}},{"id":"57bcd635-4e51-459b-aaf5-2ea53de71370","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":40,"box":{"x":93,"y":864,"width":269,"height":9}},{"id":"f423fc83-c7ff-45d4-a074-0479dba2b668","block_type":"box","text":"7","page_number":40,"box":{"x":69,"y":877,"width":3,"height":3}},{"id":"2fac8956-5016-4d38-9770-20a5d36c1ebc","block_type":"box","text":"Ms. Richards was appointed to serve as Trustee of the Trust effective June 1, 2024.","page_number":40,"box":{"x":94,"y":877,"width":483,"height":8}},{"id":"34d8ba2a-2adc-421b-862a-cbf0966a22fb","block_type":"box","text":"8","page_number":40,"box":{"x":68,"y":889,"width":4,"height":4}},{"id":"869edf7a-e24e-4d4a-b88b-b28d4e0e335f","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":40,"box":{"x":93,"y":889,"width":352,"height":9}},{"id":"a48ab5b3-4cf2-4412-9ed7-0e800fd53edf","block_type":"box","text":"9","page_number":40,"box":{"x":69,"y":902,"width":3,"height":4}},{"id":"36e615d6-f681-4767-aae9-135f234ae3fc","block_type":"box","text":"Chair of the Compliance Committee.","page_number":40,"box":{"x":93,"y":902,"width":205,"height":9}},{"id":"36263242-8451-474f-9628-85e493ae856c","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2b80198f-33bf-4bb4-bbe3-2cfcead2fcf0","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54f97093-4c5b-4e55-92ac-9b561b825f8b","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":41,"box":{"x":69,"y":45,"width":432,"height":11}},{"id":"75f02c12-abf1-4cc4-8352-3f31a4b03695","block_type":"box","text":"Management Agreement","page_number":41,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"741dcea4-bd72-4008-8c9e-086340019574","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":41,"box":{"x":101,"y":98,"width":805,"height":11}},{"id":"fa8793f1-39a2-422a-80f7-aaf84f8b7d54","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":41,"box":{"x":68,"y":113,"width":736,"height":11}},{"id":"20496360-2971-460e-a0de-8be504f432e3","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":41,"box":{"x":102,"y":135,"width":762,"height":12}},{"id":"747b9c7d-b396-47af-a0bf-fa79fb77c05e","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":41,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"0eb38120-5fda-4b7b-ab13-09b7df324d76","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":41,"box":{"x":68,"y":166,"width":726,"height":11}},{"id":"4c8b1279-a66b-42cf-b688-7915dc426ddf","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":41,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"d8b04fa5-6f07-4d0b-aa1f-c8ff1be4c579","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":41,"box":{"x":70,"y":196,"width":780,"height":11}},{"id":"30ce88d8-2311-4880-b8de-0a0e8d0dfdeb","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":41,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"ef28c219-1e38-4c25-889d-61115aa79f93","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":41,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"ae0ef3c5-fb06-451a-9cf4-f77ba4e662e4","block_type":"box","text":"securities of the Fund.","page_number":41,"box":{"x":69,"y":241,"width":158,"height":9}},{"id":"795b7474-41a6-4719-8cc9-096e22620087","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":41,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"9104606e-42c8-486e-9cd8-629cdb8d81e8","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":41,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"273daa71-ffbc-46a6-88d7-f8af8b155076","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined in the Fund’s","page_number":41,"box":{"x":70,"y":294,"width":734,"height":11}},{"id":"6cb727b0-6962-4ead-a8bc-337fa574e3c3","block_type":"box","text":"Prospectuses)) as a percentage of average daily net assets to 0.60% for Investor A Shares, 0.35% for Institutional","page_number":41,"box":{"x":69,"y":309,"width":815,"height":11}},{"id":"1921c9db-ffb2-419f-8586-4f6db27191f3","block_type":"box","text":"Shares and 0.30% for Class K shares of average daily net assets through June 30, 2027. The contractual agreement","page_number":41,"box":{"x":69,"y":324,"width":837,"height":12}},{"id":"898280a0-d2b8-4e71-be43-6de2d72217a9","block_type":"box","text":"may be terminated upon 90 days’ notice by a majority of the Independent trustees or by a vote of a majority of the","page_number":41,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"069bcb6c-39b1-480c-8e99-a68bfb54bdbe","block_type":"box","text":"outstanding voting securities of the Fund.","page_number":41,"box":{"x":69,"y":355,"width":293,"height":11}},{"id":"b2fbc679-471f-4a69-bb89-a787d1ac88fd","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":41,"box":{"x":102,"y":377,"width":784,"height":12}},{"id":"f0714788-8f06-4d12-adff-e7397f5f41bd","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":41,"box":{"x":70,"y":392,"width":838,"height":12}},{"id":"74aec2e2-b71c-434a-9ca8-c77484b176f5","block_type":"box","text":"perform investment advisory services with respect to the Fund. In addition, BlackRock may delegate certain of its","page_number":41,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"e4f421f8-090e-466d-80d7-7bb01dd6bcbc","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":423,"width":779,"height":11}},{"id":"8b493e0a-58e1-4db7-8c76-cec802e7a70b","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":41,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"beb88a92-0660-4c16-ab7d-da784cde6e33","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":69,"y":453,"width":486,"height":11}},{"id":"7729a140-e882-48a7-846a-5e95c8990639","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock International Limited (“BIL” or the “Sub","page_number":41,"box":{"x":102,"y":476,"width":785,"height":11}},{"id":"99307c71-9137-488d-9d57-8016ca85c4a0","block_type":"box","text":"Adviser”), pursuant to which BlackRock pays the Sub-Adviser for providing services to BlackRock with respect to that","page_number":41,"box":{"x":68,"y":491,"width":831,"height":11}},{"id":"e52dfec6-0759-4e22-95a6-155ef95835de","block_type":"box","text":"portion of the Fund for which it acts as sub-adviser a monthly fee at an annual rate equal to a percentage of the","page_number":41,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"fb372fa1-c82a-4ca1-b8b5-191ce14538b1","block_type":"box","text":"management fee paid to BlackRock under the Management Agreement.","page_number":41,"box":{"x":69,"y":521,"width":508,"height":11}},{"id":"3baa373d-45a1-4041-8239-e983af5dc67d","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":41,"box":{"x":101,"y":543,"width":806,"height":12}},{"id":"8b696b06-23ea-4a1e-8686-2de8eae8d134","block_type":"box","text":"to BlackRock (which includes amounts paid by BlackRock to the Sub-Adviser), and the amount of any fee waivers or","page_number":41,"box":{"x":68,"y":559,"width":823,"height":11}},{"id":"21bd1a45-c540-466d-a62a-1e54f53e20b9","block_type":"box","text":"reimbursements, for the periods shown.","page_number":41,"box":{"x":69,"y":574,"width":284,"height":11}},{"id":"608da0c2-fdb7-4247-8030-936efbe6537d","block_type":"box","text":"Fees Paid","page_number":41,"box":{"x":591,"y":602,"width":55,"height":7}},{"id":"61f78c98-8a45-465c-ba0b-18ef895ae382","block_type":"box","text":"to BlackRock","page_number":41,"box":{"x":579,"y":612,"width":79,"height":7}},{"id":"a7979e5d-bc2a-4369-bb19-75ce3f3546a0","block_type":"box","text":"Fees Waived","page_number":41,"box":{"x":700,"y":602,"width":72,"height":7}},{"id":"266358c6-e171-47d4-b8af-d5d375879747","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":696,"y":612,"width":80,"height":9}},{"id":"88a05732-6b90-40d6-b0d2-2b68c65e72da","block_type":"box","text":"Fees Reimbursed","page_number":41,"box":{"x":810,"y":602,"width":99,"height":7}},{"id":"6b9e93a7-9de7-4582-8d3e-c598ef05a897","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":820,"y":612,"width":80,"height":9}},{"id":"c6d78a46-7410-42f0-9a50-755648f4ce1a","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . .","page_number":41,"box":{"x":70,"y":630,"width":302,"height":11}},{"id":"e3e22d65-d229-4266-8c93-4e3649a24afb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $2,","page_number":41,"box":{"x":379,"y":629,"width":218,"height":11}},{"id":"77f7bcd2-5e23-4bad-9627-8d30c144c374","block_type":"box","text":"887,141 $1,364,117 $1,998","page_number":41,"box":{"x":599,"y":629,"width":287,"height":11}},{"id":"2970bb4d-a883-4614-b8c2-ec51a01eefbd","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . .","page_number":41,"box":{"x":70,"y":645,"width":302,"height":11}},{"id":"0955ada6-b95d-4622-a207-d0f871d69029","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $3,","page_number":41,"box":{"x":379,"y":644,"width":218,"height":11}},{"id":"d403c742-f593-4ed3-9b1f-b22cbb7d0fe4","block_type":"box","text":"040,362 $1,456,001 $1,587","page_number":41,"box":{"x":599,"y":644,"width":286,"height":11}},{"id":"8cc07212-5a56-4d20-89ff-9d023f5f0003","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . .","page_number":41,"box":{"x":70,"y":660,"width":302,"height":11}},{"id":"065059dc-a52c-4462-99da-b0476ac47b7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $4,","page_number":41,"box":{"x":379,"y":659,"width":218,"height":12}},{"id":"bec5d448-18c8-438a-b9ce-e2776459a495","block_type":"box","text":"671,183 $2,043,489 $6,820","page_number":41,"box":{"x":600,"y":659,"width":286,"height":12}},{"id":"3d04e9c9-6241-4f1a-85c4-ba440817f850","block_type":"box","text":"Administration Agreement","page_number":41,"box":{"x":68,"y":692,"width":191,"height":11}},{"id":"feef7edd-468f-4101-a090-27f195cc2823","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":41,"box":{"x":102,"y":714,"width":711,"height":11}},{"id":"6f32d788-5cde-4dbf-899e-f4abc3863632","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":41,"box":{"x":69,"y":729,"width":838,"height":12}},{"id":"14be966b-b186-4d6e-83d1-ee3f721ffeaf","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":41,"box":{"x":68,"y":744,"width":830,"height":12}},{"id":"106fee94-68c8-4898-ba69-8766109c38ed","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":41,"box":{"x":70,"y":760,"width":813,"height":11}},{"id":"1efcfe2d-9ea5-46f7-91a9-e56978141e19","block_type":"box","text":"returns; prepare certain reports required by regulatory authorities; calculate various contractual expenses; determine","page_number":41,"box":{"x":69,"y":775,"width":837,"height":11}},{"id":"a1c54f0b-fdbc-4bc5-a093-dc4170968fde","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":41,"box":{"x":68,"y":790,"width":836,"height":11}},{"id":"39a21337-f7ea-46e4-a99d-06d1704d6f42","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":41,"box":{"x":68,"y":805,"width":785,"height":11}},{"id":"9ba2a468-82a1-4dfc-9f2e-ef5e1190bae7","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":41,"box":{"x":69,"y":820,"width":765,"height":11}},{"id":"c844e4e5-0347-4088-9535-fd18a06904ab","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":41,"box":{"x":70,"y":835,"width":819,"height":11}},{"id":"81c6f7a6-b1b9-4d3b-8f15-cb8454d53a51","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":41,"box":{"x":69,"y":850,"width":818,"height":12}},{"id":"004039c7-c213-4c2d-bf39-5fbf839891c1","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":41,"box":{"x":68,"y":865,"width":840,"height":12}},{"id":"6e7ec9c1-0800-4057-8042-13bcc73dabc3","block_type":"box","text":"reimburse the Fund for expenses.","page_number":41,"box":{"x":69,"y":881,"width":238,"height":11}},{"id":"76257da7-230d-49c1-ac41-2d0a93784ca0","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"43567336-b634-4d47-a702-4b9cb4ebbc54","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"920caf46-df74-4dd7-8cb6-481df7cb2a7f","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":42,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"1167db00-bdd7-45f0-aebd-3a99934b8e63","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":42,"box":{"x":69,"y":59,"width":830,"height":12}},{"id":"48a4cf6f-a038-43d2-bdc1-04251c0ffb8f","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":42,"box":{"x":69,"y":74,"width":788,"height":12}},{"id":"1bec6a42-717e-4961-abc6-9885ef74e7f0","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":42,"box":{"x":69,"y":89,"width":785,"height":12}},{"id":"30e22944-be93-4f6f-bcb5-c3727986a3d5","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":42,"box":{"x":69,"y":104,"width":816,"height":12}},{"id":"20e3d227-0b3b-4198-9b65-1a5169784847","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":42,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"8f85a18f-d737-47ca-b345-97a8bfb42f96","block_type":"box","text":"shares of the Fund.","page_number":42,"box":{"x":69,"y":135,"width":137,"height":9}},{"id":"0847016a-a35c-4ba2-b66c-e0b378946f44","block_type":"box","text":"For the periods indicated, the Trust, on behalf of the Fund, paid the Administrator administration fees, and the","page_number":42,"box":{"x":102,"y":158,"width":785,"height":11}},{"id":"82fa0d22-b926-4abc-abd5-cea2a52cab88","block_type":"box","text":"Administrator waived administration fees and/or reimbursed expenses, as 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. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":42,"box":{"x":349,"y":259,"width":332,"height":11}},{"id":"8d7dbb01-a87e-4205-8bd8-f9ba42ce2734","block_type":"box","text":"129,559 $71,246","page_number":42,"box":{"x":683,"y":259,"width":198,"height":11}},{"id":"1a6534be-21c0-454b-a1fa-d767bd8967ba","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":42,"box":{"x":101,"y":284,"width":708,"height":11}},{"id":"80414c2f-5436-4862-b753-f6ad18709069","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":42,"box":{"x":69,"y":298,"width":838,"height":12}},{"id":"6f4271c6-eaa5-4b39-b119-25bfd69cd050","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":42,"box":{"x":68,"y":314,"width":800,"height":11}},{"id":"227ada95-a532-4937-a553-910470c48267","block_type":"box","text":"shares of the Trust.","page_number":42,"box":{"x":69,"y":329,"width":138,"height":9}},{"id":"ee3215b9-20e7-42bc-9e51-a29c2739177d","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, (the “Shareholders’ Administrative","page_number":42,"box":{"x":102,"y":352,"width":792,"height":11}},{"id":"d5579f28-6d05-4aca-9598-8492be4ece66","block_type":"box","text":"Services Agreement”) BlackRock provides certain shareholder liaison services in connection with the Trust’s investor","page_number":42,"box":{"x":69,"y":367,"width":836,"height":11}},{"id":"b4576f07-00e8-49a0-bff6-29f9e3c81b31","block_type":"box","text":"service center. 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Regarding the Portfolio Managers","page_number":42,"box":{"x":69,"y":552,"width":335,"height":11}},{"id":"4163fefe-1b71-4cdf-8a58-61b0b28c5a4f","block_type":"box","text":"Eric Hiatt, CFA and Bradford Glessner, CFA are the portfolio managers and are jointly and primarily responsible","page_number":42,"box":{"x":102,"y":575,"width":786,"height":11}},{"id":"91b6797c-212c-4af0-b840-c14e82f475e0","block_type":"box","text":"for the day-to-day management of the Fund.","page_number":42,"box":{"x":68,"y":590,"width":309,"height":11}},{"id":"ccd56cff-fdbe-4bb5-ab22-d4644cfcfac9","block_type":"box","text":"Other Funds and Accounts Managed","page_number":42,"box":{"x":70,"y":620,"width":265,"height":12}},{"id":"da935e9e-dc6e-4947-9fff-f591f384e619","block_type":"box","text":"The following table sets forth information about the funds and accounts other than the Fund for which the Fund’s","page_number":42,"box":{"x":101,"y":643,"width":806,"height":11}},{"id":"0ad65da2-65fb-43d8-9154-1991d1b16cb2","block_type":"box","text":"portfolio managers are primarily responsible for the day-to-day portfolio management as of the fiscal year ended","page_number":42,"box":{"x":70,"y":658,"width":797,"height":11}},{"id":"05264a8c-89bf-4fd1-a544-e658ff13cf1c","block_type":"box","text":"July 31, 2025.","page_number":42,"box":{"x":69,"y":673,"width":102,"height":11}},{"id":"c3199b16-2256-4b19-87b9-d0cf9c38fa05","block_type":"box","text":"Number of Other Accounts Managed","page_number":42,"box":{"x":359,"y":702,"width":211,"height":8}},{"id":"66ef4447-e5e0-46bb-ac50-27dd2971f277","block_type":"box","text":"and Assets by Account Type","page_number":42,"box":{"x":382,"y":712,"width":165,"height":8}},{"id":"1c0b7b38-e0e1-4c0e-941d-47924315d3d4","block_type":"box","text":"Number of Other Accounts and 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Pooled","page_number":42,"box":{"x":735,"y":734,"width":74,"height":7}},{"id":"86ba62fd-1e08-4b4d-be61-fe7d39a7030a","block_type":"box","text":"Investment","page_number":42,"box":{"x":740,"y":745,"width":64,"height":7}},{"id":"aa58f6d5-c9de-439e-a445-42bf737d2d3b","block_type":"box","text":"Vehicles","page_number":42,"box":{"x":748,"y":755,"width":48,"height":7}},{"id":"c4de06fa-42ee-4f11-bf59-dc98afc7b7a9","block_type":"box","text":"Other","page_number":42,"box":{"x":852,"y":744,"width":31,"height":8}},{"id":"6ef2ddec-e455-4f63-ae75-c1ccc5a9666e","block_type":"box","text":"Accounts","page_number":42,"box":{"x":840,"y":755,"width":54,"height":7}},{"id":"9e4c35a6-a861-465c-8cbb-bc06533ebec6","block_type":"box","text":"Bradford Glessner, CFA 6 19 145 0 0 0","page_number":42,"box":{"x":74,"y":768,"width":797,"height":9}},{"id":"f43d2bd3-fa81-4113-8f78-a242c2d1485c","block_type":"box","text":"$12.78 Billion $22.23 Billion $48.35 Billion $0 $0 $0","page_number":42,"box":{"x":319,"y":780,"width":555,"height":9}},{"id":"d7422bfd-40e5-47d8-a28b-544e3197c17f","block_type":"box","text":"Eric Hiatt, CFA 17 36 39 0 0 0","page_number":42,"box":{"x":74,"y":794,"width":797,"height":8}},{"id":"d0308ecc-02c8-4249-bc9a-71ed7c222a3b","block_type":"box","text":"$659.68 Billion $206.58 Billion $15.94 Billion $0 $0 $0","page_number":42,"box":{"x":316,"y":806,"width":558,"height":8}},{"id":"b3b0fbff-303c-4639-80f3-6965fa799647","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":840,"width":304,"height":12}},{"id":"ee3cdd53-07f7-4245-8071-e7ab36410f94","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of July 31, 2025.","page_number":42,"box":{"x":101,"y":863,"width":653,"height":11}},{"id":"4c1fcf8e-c43e-439b-903f-be700644c84a","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":886,"width":774,"height":11}},{"id":"789b8166-34d6-4f91-bef5-b200a23212b6","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":901,"width":837,"height":11}},{"id":"9990914e-abce-4797-be14-98c050a16622","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"31622913-2318-4b41-a68f-690abfb42fa9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69bc4418-672d-452c-91ed-b15ceca73f5e","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":43,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"92f6c2da-310e-4913-84bb-3ecb8a39035f","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":43,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"ffc6c6c1-f9a2-4895-bcb4-bfc46771a6db","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":43,"box":{"x":70,"y":75,"width":670,"height":11}},{"id":"77d53f55-bd47-489f-8925-0384d851bd23","block_type":"box","text":"Base Compensation.","page_number":43,"box":{"x":102,"y":98,"width":148,"height":11}},{"id":"682c6b86-504d-4cc4-94bb-4ed3ecead6a7","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":43,"box":{"x":257,"y":98,"width":640,"height":11}},{"id":"ad3d3df3-a988-46a3-859b-7edd24ad8725","block_type":"box","text":"firm.","page_number":43,"box":{"x":68,"y":113,"width":32,"height":9}},{"id":"6f00365b-b5bc-422f-822f-ebd2b34516f5","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":43,"box":{"x":102,"y":135,"width":281,"height":11}},{"id":"353d29e3-d92e-4eaa-af0b-6a192c3b85fd","block_type":"box","text":"Generally, discretionary incentive compensation for the Cash","page_number":43,"box":{"x":390,"y":135,"width":431,"height":11}},{"id":"34256572-2b4c-4f99-8f70-702c37fc06c0","block_type":"box","text":"Management portfolio managers is not formulaic and is a function of several components, including but not limited","page_number":43,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"1974c796-40ca-4906-a209-81e5eadd669c","block_type":"box","text":"to: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the","page_number":43,"box":{"x":68,"y":166,"width":798,"height":11}},{"id":"ae38ca5f-4dcb-43e8-bfa2-e30535f7f888","block_type":"box","text":"investment performance, including risk-adjusted returns, of the firm’s assets under management, the individual’s","page_number":43,"box":{"x":70,"y":181,"width":808,"height":11}},{"id":"2b365b59-dc95-43dd-a36a-d5a382b4dd84","block_type":"box","text":"performance and contribution to the overall performance of these portfolios and BlackRock and the individual’s non","page_number":43,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"4a42a0a6-5edf-4bd8-abcb-05cc16d0c1ad","block_type":"box","text":"financial goals and objectives. Among other things, a subjective determination is made with respect to each portfolio","page_number":43,"box":{"x":68,"y":211,"width":833,"height":11}},{"id":"f987fc01-5f63-4813-a9c1-49bca5f5dcc3","block_type":"box","text":"manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio","page_number":43,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"851e15cb-c33e-40c5-b943-ccc63e08985a","block_type":"box","text":"manager. The performance of Messrs. Hiatt and Glessner is not measured against a specific benchmark.","page_number":43,"box":{"x":69,"y":241,"width":750,"height":11}},{"id":"38627c39-2527-4845-8ba9-40936015318d","block_type":"box","text":"Although the framework for compensation decision-making is tied to financial performance, significant discretion","page_number":43,"box":{"x":101,"y":264,"width":800,"height":11}},{"id":"bb198ed1-1b1b-423e-b474-ccbf3d08d92a","block_type":"box","text":"is used to determine individual compensation based on achievement of strategic and operating results and other","page_number":43,"box":{"x":70,"y":279,"width":805,"height":11}},{"id":"64f9fc0a-718c-44c9-b6a8-15386125bd16","block_type":"box","text":"considerations such as management and leadership capabilities.","page_number":43,"box":{"x":69,"y":294,"width":463,"height":11}},{"id":"eb63dd66-a6e5-404d-ac24-d43658ca7ff8","block_type":"box","text":"In determining specific individual compensation amounts, a number of factors are considered including non","page_number":43,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"52217939-9937-4b33-9a44-f7fe292023b3","block_type":"box","text":"financial goals and objectives and overall financial and investment performance. These results are viewed in the","page_number":43,"box":{"x":68,"y":332,"width":800,"height":11}},{"id":"fd85cf92-d2e1-4b7f-91e5-386c6688c20a","block_type":"box","text":"aggregate without any specific weighting, and there is no direct correlation between any particular performance","page_number":43,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"2993aa81-ff6b-40b0-8589-2197ece55b69","block_type":"box","text":"measure and the resulting annual incentive award.","page_number":43,"box":{"x":69,"y":362,"width":359,"height":11}},{"id":"a15615da-3d4f-4ad7-807c-62f0552f73f8","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":43,"box":{"x":102,"y":385,"width":389,"height":11}},{"id":"6261566c-d025-4af3-b601-35c155147e04","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":43,"box":{"x":499,"y":385,"width":383,"height":11}},{"id":"60d72dd8-67c6-4fa0-8e38-b89e6fc1faf2","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":43,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"34ba0d4b-31e1-4233-8309-a80c82da6cab","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":43,"box":{"x":68,"y":415,"width":522,"height":11}},{"id":"0befcdb5-57c1-4649-9b3a-67a09b3182ba","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":43,"box":{"x":102,"y":438,"width":760,"height":11}},{"id":"df084381-4287-4a89-9ae0-68f1ab9f68dd","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":43,"box":{"x":69,"y":453,"width":795,"height":11}},{"id":"47a3f971-033e-4f49-9a17-11c3249b2a3e","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":43,"box":{"x":69,"y":468,"width":805,"height":11}},{"id":"ccd88081-9f89-424d-8a64-95b1c7b59fae","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":43,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"63860af8-443b-4851-9573-0fd73748718f","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":43,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"f97b3444-cbcd-45e8-a2f4-2f1533385e22","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":43,"box":{"x":69,"y":513,"width":802,"height":12}},{"id":"99139b34-e43b-48ee-b729-5dca897afe91","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":43,"box":{"x":70,"y":528,"width":820,"height":12}},{"id":"5561b7f8-6f19-4f6b-800c-9ba82411cb33","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":43,"box":{"x":70,"y":543,"width":801,"height":12}},{"id":"e166fd6e-0ace-4219-98b1-dcaa64d26d91","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":43,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"a5a7c0e6-c7ec-4395-bee5-f7e578a1a49d","block_type":"box","text":"managers of the Fund have deferred BlackRock, Inc. stock awards.","page_number":43,"box":{"x":69,"y":574,"width":476,"height":11}},{"id":"32256ba5-8e22-4781-a02b-408e9085de69","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":43,"box":{"x":102,"y":596,"width":785,"height":12}},{"id":"d79f9b94-74b3-4dee-ada6-59db9a73d07a","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":43,"box":{"x":68,"y":612,"width":836,"height":11}},{"id":"3d549ad3-4fdd-4fab-a2d8-520aa9803b25","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":43,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"394fbb58-b742-4153-9bc2-7753b4c999de","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":43,"box":{"x":69,"y":642,"width":829,"height":11}},{"id":"202a7400-72c1-4d5a-91a4-4f8738df5e9b","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":43,"box":{"x":70,"y":657,"width":835,"height":11}},{"id":"fabd35ba-fcb2-4b04-a7c7-dd0eca2a8e54","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":43,"box":{"x":69,"y":672,"width":414,"height":11}},{"id":"f862a971-4ab6-41bb-a033-6287ec007520","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":695,"width":218,"height":11}},{"id":"1771b9f7-39fb-4846-971b-604704209b35","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":43,"box":{"x":327,"y":695,"width":552,"height":11}},{"id":"11e2237b-c921-457e-807f-2e83e6aa332f","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":43,"box":{"x":69,"y":710,"width":582,"height":11}},{"id":"41ffd454-7345-41f6-9edd-67ac5af5b92e","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":733,"width":167,"height":11}},{"id":"d4f16146-c5e0-42e3-812e-f61d7e8bb9b8","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":732,"width":614,"height":12}},{"id":"66514429-a288-42ca-830b-46c72442d59d","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"9e6d6c75-34c0-4001-b1b7-1bf1189719e2","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":763,"width":785,"height":11}},{"id":"08f713f0-573d-481c-9ec8-d0a78bad44ae","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":43,"box":{"x":69,"y":777,"width":830,"height":12}},{"id":"94f66c92-254e-4771-82cc-c7d4ad639d5e","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":793,"width":799,"height":11}},{"id":"e6b15770-d7cf-4a95-9189-a26cc7d11cce","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":807,"width":831,"height":12}},{"id":"96cf0cce-2d83-49c8-a093-2ed763ecea79","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":823,"width":798,"height":12}},{"id":"eb205fcf-03ae-4a1b-a8d4-58eb62456020","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":838,"width":809,"height":12}},{"id":"a759f7c6-a434-4c76-b874-ffbd7d70ad3e","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":43,"box":{"x":68,"y":853,"width":793,"height":12}},{"id":"1bca2f43-a15d-41bc-ba40-c3f5c814e71b","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":43,"box":{"x":70,"y":869,"width":832,"height":11}},{"id":"c15a2d4e-7407-455a-88f9-b253ce59c387","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":43,"box":{"x":68,"y":884,"width":805,"height":11}},{"id":"2cb285f4-8f8a-4ab8-a541-a9867e30f94e","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"41284b3c-9db1-465d-a96f-d479c6235387","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42f250ea-f7b7-41fb-80ae-791b38333dda","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":44,"box":{"x":69,"y":44,"width":808,"height":12}},{"id":"30244d71-22cd-446a-ad6e-9018a5b44a8b","block_type":"box","text":"participate in these plans.","page_number":44,"box":{"x":70,"y":60,"width":185,"height":11}},{"id":"51aa83d2-b759-41ea-a273-761075c50bd5","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":44,"box":{"x":69,"y":90,"width":268,"height":11}},{"id":"ce9a58cb-0dd2-4877-b874-70f83bdfb7d2","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":44,"box":{"x":101,"y":113,"width":728,"height":11}},{"id":"df49e9c5-9485-4d33-90ba-9d136bd9515e","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":44,"box":{"x":69,"y":128,"width":519,"height":11}},{"id":"60dee69b-8d3b-4dec-8a97-462ec0f191b3","block_type":"box","text":"Portfolio Manager","page_number":44,"box":{"x":69,"y":156,"width":105,"height":9}},{"id":"5cdb0b16-7db5-4755-96a0-35ccd586aa49","block_type":"box","text":"Dollar Range of Equity Securities Beneficially Owned","page_number":44,"box":{"x":603,"y":156,"width":306,"height":9}},{"id":"b7e67db2-2aba-4e31-bc62-52a4184151c2","block_type":"box","text":"Eric Hiatt, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":174,"width":502,"height":10}},{"id":"9db04997-e3bc-4c47-8544-d159443c968b","block_type":"box","text":"None","page_number":44,"box":{"x":739,"y":174,"width":35,"height":9}},{"id":"d6ff01c8-eb57-487a-89be-04d6df82c626","block_type":"box","text":"Bradford Glessner, CFA","page_number":44,"box":{"x":70,"y":189,"width":163,"height":10}},{"id":"898f8fd4-5b65-43e3-8c9d-86d855d7bb66","block_type":"box","text":"..........................................","page_number":44,"box":{"x":236,"y":196,"width":336,"height":2}},{"id":"30e81b3f-161d-466a-8b5b-b0246ccde0c7","block_type":"box","text":"None","page_number":44,"box":{"x":739,"y":189,"width":35,"height":9}},{"id":"066f7a38-5357-4732-ab1f-b0acb4cf8886","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":44,"box":{"x":69,"y":220,"width":403,"height":12}},{"id":"fd5e4a0d-c76e-44c2-93e9-285519cdc3a1","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":44,"box":{"x":102,"y":243,"width":727,"height":11}},{"id":"38723d67-fbbc-45cd-8efb-0ca2c0dc9e52","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":44,"box":{"x":70,"y":258,"width":814,"height":11}},{"id":"842c5f73-f314-4405-9515-8b11762fa30d","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":44,"box":{"x":70,"y":273,"width":837,"height":11}},{"id":"b855cae4-7253-4cac-bc5b-4c2649cccfbe","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":44,"box":{"x":70,"y":288,"width":810,"height":12}},{"id":"ea95b5da-af06-4641-9b5e-170fe8d58c67","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":44,"box":{"x":69,"y":303,"width":782,"height":12}},{"id":"3da86d1d-a692-4c4c-9f7b-a4a27792f298","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":44,"box":{"x":69,"y":319,"width":830,"height":11}},{"id":"11261dff-0e98-4793-979a-6135b918dcfa","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":44,"box":{"x":69,"y":334,"width":828,"height":11}},{"id":"c2adc5b5-3bd3-465f-b5f6-c4b0b50dca12","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":44,"box":{"x":68,"y":349,"width":834,"height":11}},{"id":"c27d247b-27de-4e80-b777-a85767c845e8","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":44,"box":{"x":70,"y":364,"width":777,"height":11}},{"id":"20addae7-0277-48d0-a629-2be6df481e41","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":44,"box":{"x":70,"y":379,"width":821,"height":11}},{"id":"1467720c-e263-4015-b8c1-24961bdc5a13","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":44,"box":{"x":69,"y":394,"width":819,"height":11}},{"id":"e88d9af5-4554-475f-9399-44ee9805089e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":44,"box":{"x":69,"y":409,"width":832,"height":12}},{"id":"6ce726cf-b574-4a10-8649-5b38d68aa2dd","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":44,"box":{"x":68,"y":424,"width":804,"height":12}},{"id":"e94282c1-29c0-4810-8228-5d4c6bd5fcaf","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":44,"box":{"x":69,"y":440,"width":760,"height":11}},{"id":"c42040ac-70b1-4b4f-a067-ee7ea86f77ed","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":44,"box":{"x":69,"y":455,"width":834,"height":11}},{"id":"032dcb49-d8f9-4d78-a0b8-20ce9fcd999f","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":44,"box":{"x":69,"y":470,"width":836,"height":11}},{"id":"1794bcc6-3dc8-4cc8-8fed-9dcaa04c517c","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":44,"box":{"x":69,"y":485,"width":822,"height":11}},{"id":"92aae9a3-1514-4f3e-b01d-d4c4c5bdd852","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":44,"box":{"x":70,"y":500,"width":835,"height":11}},{"id":"f1b77577-5345-4dfb-b18b-d882f55645de","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Mr. Glessner may be managing hedge","page_number":44,"box":{"x":69,"y":515,"width":818,"height":11}},{"id":"0b3707bf-4497-4ad5-b9b1-040a63ba9a00","block_type":"box","text":"fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to","page_number":44,"box":{"x":68,"y":530,"width":839,"height":12}},{"id":"590f4bb1-0b29-46b7-8df1-7a3b790eff1a","block_type":"box","text":"incentive fees. Mr. Glessner may therefore be entitled to receive a portion of any incentive fees earned on such","page_number":44,"box":{"x":70,"y":545,"width":794,"height":12}},{"id":"b61a6953-b9a1-4a6a-a764-7e8991296631","block_type":"box","text":"accounts.","page_number":44,"box":{"x":69,"y":561,"width":67,"height":9}},{"id":"e1466a56-9710-4b27-89dd-4236280a653d","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":44,"box":{"x":101,"y":583,"width":788,"height":11}},{"id":"a3ee34a7-d5f7-4996-ad79-cfceb20a4eb5","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":44,"box":{"x":70,"y":598,"width":839,"height":11}},{"id":"85bb618a-f21a-4f90-833b-15b0a3534981","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":44,"box":{"x":68,"y":613,"width":823,"height":12}},{"id":"dc677f71-fa14-4b8d-bd76-6fe5fa8208df","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":44,"box":{"x":68,"y":629,"width":812,"height":11}},{"id":"86bb8e68-f9ce-4719-9405-b4178a7b4c97","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":644,"width":777,"height":11}},{"id":"1af4e308-9679-4638-ab01-be74e6a0f661","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":659,"width":826,"height":11}},{"id":"f252e399-8861-4ca9-9667-e12074dd8c93","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":689,"width":150,"height":11}},{"id":"ec8ff125-97bd-4010-8cc2-c51ee4fac17c","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":44,"box":{"x":101,"y":712,"width":761,"height":11}},{"id":"1b812712-2a6b-4403-94f5-15be3c7af109","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":44,"box":{"x":69,"y":727,"width":837,"height":11}},{"id":"39c07fe3-33a6-47cf-9674-c0fefd20f4ae","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":44,"box":{"x":69,"y":742,"width":813,"height":11}},{"id":"70dd20fd-6839-4707-8408-9e13f37e4bd1","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":44,"box":{"x":69,"y":757,"width":816,"height":11}},{"id":"18d7cb5a-9c89-45e5-abc3-2991d9cba229","block_type":"box","text":"calculates and reports net asset value; works with independent pricing sources; reconciles securities and cash","page_number":44,"box":{"x":69,"y":772,"width":792,"height":11}},{"id":"7e60210d-bd9a-4776-b649-41440cd196a6","block_type":"box","text":"positions with the Fund’s custodian; prepares certain financial statements, notices and reports; and prepares certain","page_number":44,"box":{"x":70,"y":787,"width":839,"height":11}},{"id":"c26d56b9-5e9a-457c-a9f2-1e171fc0ab5c","block_type":"box","text":"tax reports. In connection with its accounting services, JPM also provides certain administrative services.","page_number":44,"box":{"x":68,"y":803,"width":754,"height":11}},{"id":"764af528-bde0-4ef7-8ea3-8d5d06c5540e","block_type":"box","text":"The table below shows the amounts paid by the Fund to JPM for accounting services for the past three fiscal","page_number":44,"box":{"x":101,"y":825,"width":774,"height":11}},{"id":"99523915-7ad5-4bd4-baca-07bd6466268b","block_type":"box","text":"years:","page_number":44,"box":{"x":68,"y":843,"width":42,"height":8}},{"id":"50f83d6f-4a31-4287-933b-99295ee86ad7","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":850,"y":869,"width":56,"height":7}},{"id":"aaca3b99-969f-4b90-963a-1d6742684fdb","block_type":"box","text":"to JPM","page_number":44,"box":{"x":857,"y":879,"width":40,"height":7}},{"id":"bc89a553-52a2-44a5-ba08-ef1a7719d449","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . . .","page_number":44,"box":{"x":70,"y":896,"width":281,"height":11}},{"id":"908c87e6-352a-49a2-a657-bdfbc2ee6ab3","block_type":"box","text":".........................................................","page_number":44,"box":{"x":357,"y":904,"width":458,"height":1}},{"id":"ef2c6922-8505-4b88-8a94-d1eab1a26b81","block_type":"box","text":"$35,768","page_number":44,"box":{"x":847,"y":896,"width":62,"height":11}},{"id":"86cdfee1-b4fb-4c0a-acd0-3011bab42f28","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"53bbc847-8ad0-4772-b626-25659687a9d5","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1984be21-36b7-43fb-8436-f81f49252463","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":850,"y":49,"width":56,"height":7}},{"id":"4182b370-e9c6-4546-be42-dc1a74d983a2","block_type":"box","text":"to JPM","page_number":45,"box":{"x":857,"y":59,"width":40,"height":7}},{"id":"097e9886-c464-43a6-ae04-052c9d5ac15b","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . . .","page_number":45,"box":{"x":70,"y":77,"width":281,"height":11}},{"id":"9bf21dba-b6c2-411c-9664-dec9155c7aa0","block_type":"box","text":".........................................................","page_number":45,"box":{"x":357,"y":84,"width":458,"height":2}},{"id":"97a45e2a-c28b-4967-8ccd-4873779addf5","block_type":"box","text":"$57,534","page_number":45,"box":{"x":847,"y":76,"width":62,"height":11}},{"id":"9068c2b4-9ee8-4f0b-8ae7-3894c06cde35","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . . .","page_number":45,"box":{"x":70,"y":92,"width":281,"height":11}},{"id":"09ff6cf9-e4a2-47f1-9696-0f43ac200455","block_type":"box","text":".........................................................","page_number":45,"box":{"x":357,"y":99,"width":458,"height":2}},{"id":"18b65fc6-5bc8-41d0-b104-70946b51d927","block_type":"box","text":"$68,906","page_number":45,"box":{"x":847,"y":91,"width":62,"height":11}},{"id":"ef1070ee-97be-4a41-8a3b-48723246ccdf","block_type":"box","text":"Custodian","page_number":45,"box":{"x":69,"y":123,"width":72,"height":9}},{"id":"4831fc49-497a-4377-b722-e80b72733dd5","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, and The Bank of New","page_number":45,"box":{"x":101,"y":146,"width":790,"height":11}},{"id":"23799a01-d604-47c6-8d2e-0b0ddca4e5ce","block_type":"box","text":"York Mellon, which has its principal offices at 240 Greenwich Street, New York, New York 10286, each serve as a","page_number":45,"box":{"x":68,"y":161,"width":812,"height":11}},{"id":"e64e6866-e93e-4a7b-8dc0-0b421fe4eb1c","block_type":"box","text":"custodian for the Fund. Among other responsibilities, JPM maintains a custody account or accounts in the name of","page_number":45,"box":{"x":69,"y":176,"width":818,"height":12}},{"id":"2fd0c357-dc6c-4d41-8cb6-0aee856f37de","block_type":"box","text":"the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and collects and","page_number":45,"box":{"x":68,"y":191,"width":811,"height":12}},{"id":"0ee222b6-e3fa-4139-b666-804e600d9144","block_type":"box","text":"receives all income and other payments and distributions on account of the assets of the Fund. Additionally, The","page_number":45,"box":{"x":69,"y":206,"width":801,"height":12}},{"id":"dbe0a6f3-e6ee-4ca5-9500-8b65719853bd","block_type":"box","text":"Bank of New York Mellon maintains a custody account or accounts in the name of the Fund for the limited purpose of","page_number":45,"box":{"x":70,"y":222,"width":834,"height":11}},{"id":"f1c4c610-45f2-4eea-bb42-5b2c419423b1","block_type":"box","text":"holding certain cash assets of the Fund.","page_number":45,"box":{"x":69,"y":237,"width":286,"height":11}},{"id":"c8b8c0cd-5a54-4931-9a0f-e2844e1918d0","block_type":"box","text":"Transfer Agent","page_number":45,"box":{"x":68,"y":267,"width":107,"height":11}},{"id":"8c3c7541-4428-43a6-89d1-454625eea174","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":45,"box":{"x":102,"y":290,"width":784,"height":11}},{"id":"d81e0c55-1263-4a3c-a810-3b916a9d029b","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the Fund.","page_number":45,"box":{"x":68,"y":305,"width":734,"height":11}},{"id":"b3310a5e-e826-4b1e-9009-fdf1dd4b3c76","block_type":"box","text":"Credit Agreement","page_number":45,"box":{"x":69,"y":335,"width":129,"height":11}},{"id":"517e91f3-8293-49d5-a17c-588847699e71","block_type":"box","text":"The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates","page_number":45,"box":{"x":101,"y":358,"width":757,"height":11}},{"id":"559802cf-bad7-4bbd-9fa0-33b89eec7c80","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":45,"box":{"x":69,"y":372,"width":817,"height":12}},{"id":"5e12d4b5-b1c7-4eb8-8698-d134d383a030","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":45,"box":{"x":68,"y":388,"width":743,"height":11}},{"id":"cb6b8980-1608-4cb5-bb92-5dcf73df96ee","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Fund, can borrow up","page_number":45,"box":{"x":69,"y":403,"width":825,"height":11}},{"id":"0a210a39-b2a0-46ac-98cf-5dbc829bfc96","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":45,"box":{"x":68,"y":418,"width":818,"height":11}},{"id":"ab40029a-d80c-4412-a612-7f11a516b9b4","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":45,"box":{"x":70,"y":433,"width":761,"height":12}},{"id":"940128ae-15e0-4612-a199-db92eae41869","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":45,"box":{"x":69,"y":448,"width":768,"height":12}},{"id":"d42e11ee-a819-470d-860b-cf49e0bede1b","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":45,"box":{"x":68,"y":463,"width":825,"height":12}},{"id":"12a60958-3635-46c0-addb-33ff91bbc50a","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":45,"box":{"x":69,"y":479,"width":805,"height":11}},{"id":"05f3738a-9af5-4e19-bfa4-d858bdbfd2a6","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":45,"box":{"x":69,"y":494,"width":838,"height":11}},{"id":"53fac0ec-c141-4bd9-9d1a-3ff88945b0f1","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":45,"box":{"x":68,"y":509,"width":801,"height":11}},{"id":"d1b6ba87-0a16-4977-8e59-d7e9f15871eb","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund is","page_number":45,"box":{"x":69,"y":524,"width":800,"height":11}},{"id":"626507e9-b4be-49d7-9bc8-d7d84355d2fe","block_type":"box","text":"charged interest at a variable rate.","page_number":45,"box":{"x":69,"y":539,"width":245,"height":11}},{"id":"9a5a3e80-f0b4-4d0c-bc82-fda374129c9a","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":45,"box":{"x":68,"y":569,"width":491,"height":11}},{"id":"8568cd54-e31c-4483-920a-470ed2818c2a","block_type":"box","text":"Set forth below is information on sales charges received by the Fund, including the amounts paid to affiliates of","page_number":45,"box":{"x":102,"y":592,"width":799,"height":11}},{"id":"a652a035-d46f-4281-83f6-4d34f4c052b6","block_type":"box","text":"the Manager (“affiliates”), if any, for the periods indicated. The Fund’s shares are not subject to sales charges","page_number":45,"box":{"x":68,"y":607,"width":790,"height":11}},{"id":"56eac2cc-22bd-4172-98f1-3b9fb79f4845","block_type":"box","text":"(including any contingent deferred sales charges (“CDSCs”)) with respect to direct purchases of the Fund’s shares.","page_number":45,"box":{"x":69,"y":622,"width":821,"height":12}},{"id":"a11c0095-71f5-485f-99c4-b4c7cc9ffc98","block_type":"box","text":"However, a CDSC may be charged upon redemption if an investor purchases $1 million or more of Investor A Shares","page_number":45,"box":{"x":70,"y":637,"width":828,"height":12}},{"id":"0f7efb4b-f714-4a46-85d5-8e6218ebb26f","block_type":"box","text":"of a fund sponsored and advised by BlackRock or its affiliates where no initial sales charge was paid at the time of","page_number":45,"box":{"x":69,"y":652,"width":822,"height":12}},{"id":"e61b22f4-e0c2-4eda-a7ec-53b6c3b29556","block_type":"box","text":"purchase of such fund (an “Investor A Load-Waived BlackRock Fund”) (lesser amounts may apply depending on the","page_number":45,"box":{"x":70,"y":668,"width":816,"height":11}},{"id":"26d6d4e2-84b5-41ba-b116-f821f35d410f","block_type":"box","text":"Investor A Load-Waived BlackRock Fund) and exchanges such shares for Investor A Shares of the Fund and","page_number":45,"box":{"x":70,"y":683,"width":760,"height":11}},{"id":"09aa2713-77e6-461e-92e0-ed5f7bdb3c9d","block_type":"box","text":"subsequently redeems such shares within 18 months after the investor initially acquired such Investor A Shares.","page_number":45,"box":{"x":69,"y":698,"width":803,"height":11}},{"id":"4286a341-8f03-43dc-9ee5-fab2369b9f83","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s distributor (a shareholder holding period","page_number":45,"box":{"x":70,"y":713,"width":831,"height":11}},{"id":"8f887b65-5904-4930-a234-3f101253b84e","block_type":"box","text":"may apply depending on the Investor A Load-Waived BlackRock Fund).","page_number":45,"box":{"x":69,"y":728,"width":494,"height":11}},{"id":"4c4fccd2-50cc-4d25-8fbe-10dd85ec867c","block_type":"box","text":"Investor A Shares Sales Charge Information","page_number":45,"box":{"x":70,"y":758,"width":311,"height":12}},{"id":"4c6f145c-633d-4cf2-b977-7bd0ecfd57ea","block_type":"box","text":"Investor A Shares CDSCs Received on Redemption of Load","page_number":45,"box":{"x":564,"y":787,"width":346,"height":8}},{"id":"874bfe50-3bcb-4556-98fb-d192ebe64fb0","block_type":"box","text":"Waived Shares","page_number":45,"box":{"x":693,"y":797,"width":86,"height":7}},{"id":"37e12b66-fca6-4a7d-9a05-a4845b97eae9","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75","page_number":45,"box":{"x":70,"y":814,"width":693,"height":12}},{"id":"f5634142-d3fe-46b3-8e43-f7a77fc77ac8","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,062","page_number":45,"box":{"x":70,"y":829,"width":692,"height":12}},{"id":"8d95df47-4f46-4db0-872a-30a282b6c13f","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,120","page_number":45,"box":{"x":70,"y":844,"width":693,"height":12}},{"id":"fc8db82e-b8e1-4027-833e-412ec23654e7","block_type":"box","text":"Pursuant to the Trust’s Distribution and Service Plan (the “Plan”), the Trust may pay BRIL and/or the Manager or","page_number":45,"box":{"x":102,"y":869,"width":804,"height":11}},{"id":"1b313c6b-9283-42d8-82b2-c60694661a8b","block_type":"box","text":"any other affiliate or significant shareholder of the Manager fees for providing shareholder servicing and distribution","page_number":45,"box":{"x":69,"y":884,"width":830,"height":11}},{"id":"cf3030fa-fa5e-40bb-a158-cdd236c6641e","block_type":"box","text":"related activities.","page_number":45,"box":{"x":69,"y":899,"width":121,"height":9}},{"id":"3e0cce0f-3e89-452a-acba-1ea28ae8a7df","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"ebb5c26f-df12-4a38-96c3-655e8dc5e293","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8cadbb3-226d-4aeb-bdfd-6fac502065fa","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":46,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"dfd7efe8-f2e3-433f-bbc3-ecf7e457f9ab","block_type":"box","text":"to BRIL under the Plan. A portion of the fees collected by BRIL were paid to affiliates for providing shareholder","page_number":46,"box":{"x":68,"y":60,"width":787,"height":11}},{"id":"f5cd4444-4d8e-4cbf-bfcd-711feddb6a23","block_type":"box","text":"servicing activities for Investor A Shares.","page_number":46,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"e3641752-6252-4dd4-8753-aa40366a1036","block_type":"box","text":"Class Name","page_number":46,"box":{"x":69,"y":113,"width":68,"height":7}},{"id":"0a1e5afb-b9c6-411d-b208-1b2ded3ab1e1","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":838,"y":103,"width":55,"height":7}},{"id":"7fa44525-2467-404c-8296-875358623d93","block_type":"box","text":"to BRIL","page_number":46,"box":{"x":844,"y":113,"width":43,"height":7}},{"id":"6dd6b776-7852-4316-9956-4670638d879c","block_type":"box","text":"Investor A Shares","page_number":46,"box":{"x":70,"y":131,"width":124,"height":9}},{"id":"5f301fe8-af36-437d-a734-e68f6841fe30","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":46,"box":{"x":202,"y":130,"width":643,"height":11}},{"id":"af675612-3d2b-43d0-86ac-f08a8e41d52d","block_type":"box","text":"188,030","page_number":46,"box":{"x":847,"y":131,"width":62,"height":10}},{"id":"8fb8cd32-54a4-4143-91d5-0d20eee0561d","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":46,"box":{"x":68,"y":162,"width":318,"height":12}},{"id":"617366eb-6802-4d76-84a7-e69f8134eaa6","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":46,"box":{"x":101,"y":185,"width":790,"height":11}},{"id":"07dd7655-8ffb-4651-a91d-a979085137e3","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on July 31, 2025","page_number":46,"box":{"x":68,"y":200,"width":835,"height":12}},{"id":"387b0b96-b988-42f9-9811-c34f35741804","block_type":"box","text":"is set forth below:","page_number":46,"box":{"x":70,"y":215,"width":127,"height":9}},{"id":"57427db6-173d-44a9-b1d4-50f689629f46","block_type":"box","text":"Investor A Shares","page_number":46,"box":{"x":805,"y":244,"width":102,"height":7}},{"id":"4237e674-8ea1-409d-9477-a1cf3a67cfed","block_type":"box","text":"Net Assets","page_number":46,"box":{"x":70,"y":262,"width":76,"height":8}},{"id":"d4d73acf-111c-4121-b86b-f9d4c4eab041","block_type":"box","text":".............................................................................","page_number":46,"box":{"x":150,"y":269,"width":621,"height":1}},{"id":"1cb04eb3-686b-411a-bdda-b1bfb62544c1","block_type":"box","text":"$408,842,331","page_number":46,"box":{"x":803,"y":261,"width":106,"height":11}},{"id":"8decb4c6-9d55-4239-b5fa-eeecffb657a3","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":46,"box":{"x":70,"y":276,"width":245,"height":12}},{"id":"f9a96a54-fe67-480c-91e9-0a038ac8297a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,","page_number":46,"box":{"x":321,"y":277,"width":524,"height":10}},{"id":"e5a56434-9d75-4e08-aa73-c4df26585a27","block_type":"box","text":"566,755","page_number":46,"box":{"x":847,"y":277,"width":62,"height":10}},{"id":"2b034841-ecb4-4329-bf9f-7ce5346f9783","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":46,"box":{"x":70,"y":292,"width":571,"height":11}},{"id":"f04f0151-14f1-45ea-b94e-9418a0d4f50d","block_type":"box","text":"................","page_number":46,"box":{"x":647,"y":299,"width":124,"height":1}},{"id":"cee53593-a6dc-4a0d-bbad-3db40df09798","block_type":"box","text":"$10.08","page_number":46,"box":{"x":857,"y":291,"width":52,"height":10}},{"id":"0c6ecfdd-0521-49cb-b189-43db6eab162e","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":46,"box":{"x":69,"y":307,"width":702,"height":11}},{"id":"dd05c9b9-060b-4dd4-83da-a0f36059ccc2","block_type":"box","text":"$10.08","page_number":46,"box":{"x":857,"y":306,"width":52,"height":10}},{"id":"de610b04-ef4a-440c-9a9b-8aa192033246","block_type":"box","text":"The offering price for the Fund’s share classes is equal to the share class’ net asset value computed by dividing","page_number":46,"box":{"x":101,"y":338,"width":803,"height":11}},{"id":"fbfaf23f-a912-494b-afa7-f97528f15cc5","block_type":"box","text":"the value of the share class’ net assets by the number of shares outstanding.","page_number":46,"box":{"x":68,"y":353,"width":556,"height":12}},{"id":"3cf38cf4-b891-43bb-9917-d9d4fc77982a","block_type":"box","text":"For more information on the purchase and valuation of shares, see “Purchase of Shares” and “Pricing of","page_number":46,"box":{"x":102,"y":376,"width":747,"height":11}},{"id":"8fba8fd1-edea-4d55-b117-4fef8654e4de","block_type":"box","text":"Shares” in Part II of this SAI.","page_number":46,"box":{"x":69,"y":391,"width":205,"height":9}},{"id":"57ded885-bf7c-44c7-b978-01da4d7603bb","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":46,"box":{"x":68,"y":421,"width":302,"height":11}},{"id":"0ad01bd4-0955-4b90-8120-ee96863f0861","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":46,"box":{"x":102,"y":444,"width":609,"height":11}},{"id":"93d3a910-6ca9-42c5-8647-07a968f86643","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, during","page_number":46,"box":{"x":102,"y":467,"width":798,"height":11}},{"id":"482c708b-654a-4abf-a520-4a90e597ccf9","block_type":"box","text":"the periods indicated is set forth in the following table:","page_number":46,"box":{"x":68,"y":482,"width":391,"height":11}},{"id":"6d69200a-c82e-450f-a085-0a4c45e23c91","block_type":"box","text":"Aggregate Brokerage","page_number":46,"box":{"x":613,"y":510,"width":125,"height":9}},{"id":"a3c7957a-805d-4107-a71c-1fcde335624f","block_type":"box","text":"Commissions Paid","page_number":46,"box":{"x":623,"y":520,"width":106,"height":7}},{"id":"8065e015-7404-4e98-9a9e-3c565b124aff","block_type":"box","text":"Brokerage Commissions","page_number":46,"box":{"x":769,"y":510,"width":140,"height":9}},{"id":"4da001a1-5341-4cce-b3e8-d4920aa33747","block_type":"box","text":"Paid to Affiliates","page_number":46,"box":{"x":791,"y":520,"width":96,"height":7}},{"id":"8a31dc9e-4723-4085-a329-cf19710d2960","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":46,"box":{"x":70,"y":538,"width":268,"height":11}},{"id":"acc35dd4-25d0-4daa-b844-1912a4e30114","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":46,"box":{"x":344,"y":537,"width":504,"height":11}},{"id":"234bd859-dea8-4ac2-b9f6-4e205ac9ca25","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":46,"box":{"x":70,"y":553,"width":268,"height":11}},{"id":"da9ef199-1c3d-4a36-9d70-c629ff3f5805","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":46,"box":{"x":344,"y":552,"width":504,"height":11}},{"id":"ba9d9272-1fff-44db-b4ce-9cd2bdde2897","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":46,"box":{"x":70,"y":568,"width":268,"height":11}},{"id":"ba390ef2-5349-42b4-b096-6d739546e660","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":46,"box":{"x":344,"y":567,"width":504,"height":11}},{"id":"3d84c76c-7595-4a97-bf7a-c0b82576d3aa","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":46,"box":{"x":101,"y":592,"width":770,"height":11}},{"id":"4eb75bdd-68e8-4cbb-8e68-393c4843eace","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":46,"box":{"x":69,"y":607,"width":814,"height":11}},{"id":"0253fb95-f366-4381-a708-7f45df61ea64","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":46,"box":{"x":68,"y":622,"width":826,"height":11}},{"id":"ec905e38-2492-4a9e-bf06-395905619df2","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":46,"box":{"x":69,"y":637,"width":822,"height":12}},{"id":"022af762-1241-431e-87b1-71e9caade3d1","block_type":"box","text":"with such brokers.","page_number":46,"box":{"x":68,"y":653,"width":130,"height":9}},{"id":"6f705526-7b5d-43b4-a0d2-690c58ae2bb8","block_type":"box","text":"Amount of Commissions","page_number":46,"box":{"x":264,"y":681,"width":141,"height":7}},{"id":"32565a45-21ba-4548-bc88-5e9f7104295c","block_type":"box","text":"Paid to Brokers for","page_number":46,"box":{"x":280,"y":691,"width":110,"height":7}},{"id":"365567a1-a609-4ac6-a3d8-147043332452","block_type":"box","text":"Providing 28(e) Eligible","page_number":46,"box":{"x":267,"y":701,"width":136,"height":9}},{"id":"d98241fd-f55d-4877-9b3e-361a9e29d6ed","block_type":"box","text":"Research Services","page_number":46,"box":{"x":281,"y":711,"width":108,"height":7}},{"id":"07738ff0-5a49-455a-8e61-2eeb03970bdc","block_type":"box","text":"Amount of Brokerage","page_number":46,"box":{"x":588,"y":701,"width":124,"height":9}},{"id":"ebdcc1f3-5780-484b-a35d-0fcb7553ce43","block_type":"box","text":"Transactions Involved","page_number":46,"box":{"x":587,"y":711,"width":126,"height":7}},{"id":"ff076d16-0f71-4de0-9544-9687a0014cf1","block_type":"box","text":"$0 $0","page_number":46,"box":{"x":326,"y":728,"width":334,"height":11}},{"id":"c1c51203-7c90-4409-b801-276c889007be","block_type":"box","text":"As of July 31, 2025, the value of the Fund’s aggregate holdings of the securities of its regular broker or dealers","page_number":46,"box":{"x":101,"y":753,"width":796,"height":11}},{"id":"083cc90b-ef8d-4b35-aa57-102a99ae26f5","block_type":"box","text":"(as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any portion of such holdings were","page_number":46,"box":{"x":69,"y":768,"width":818,"height":11}},{"id":"3ea210d0-05ac-46a7-9f58-12f1864f6b3e","block_type":"box","text":"purchased during the fiscal year ended July 31, 2025, is as follows:","page_number":46,"box":{"x":70,"y":783,"width":482,"height":11}},{"id":"67c53f1e-2ba5-4ed0-9f95-1f6acd0ba982","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":46,"box":{"x":69,"y":811,"width":840,"height":9}},{"id":"bbf4d0e8-ead7-44f3-994e-42dde3f99314","block_type":"box","text":"Citigroup Global Markets Inc. . . .","page_number":46,"box":{"x":69,"y":829,"width":229,"height":11}},{"id":"a0e2af9e-90a6-416a-bef8-9e395faf62a8","block_type":"box","text":".................................. D","page_number":46,"box":{"x":304,"y":829,"width":364,"height":9}},{"id":"ca5c5b6a-ef68-4a85-9315-68a0113f6762","block_type":"box","text":"$22,499","page_number":46,"box":{"x":799,"y":828,"width":62,"height":11}},{"id":"e41aca5b-1fae-45ad-a8e2-07573385a9ae","block_type":"box","text":"Credit Agricole Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $15,356","page_number":46,"box":{"x":69,"y":843,"width":792,"height":12}},{"id":"103ac65b-8d0f-4d39-9a46-588c2d160933","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D","page_number":46,"box":{"x":70,"y":859,"width":598,"height":11}},{"id":"a260dedc-e266-495f-8295-4788b468d39f","block_type":"box","text":"$12,396","page_number":46,"box":{"x":799,"y":858,"width":62,"height":12}},{"id":"f8480835-49e1-4912-a6b4-033b3c974aa5","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":46,"box":{"x":69,"y":874,"width":204,"height":12}},{"id":"2aa77a51-626b-466d-b139-9cf0ee350d43","block_type":"box","text":"..................................... D","page_number":46,"box":{"x":280,"y":874,"width":388,"height":9}},{"id":"74720912-e345-43cb-920e-1d2294f619b6","block_type":"box","text":"$11,669","page_number":46,"box":{"x":799,"y":874,"width":62,"height":11}},{"id":"38bd314d-e7ca-47f5-b488-e4fd854c8802","block_type":"box","text":"MUFG Securities Americas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 9,902","page_number":46,"box":{"x":70,"y":889,"width":791,"height":11}},{"id":"4f61eec1-8366-4c03-8759-e6593ac3d744","block_type":"box","text":"RBC Capital Markets, LLC. . .","page_number":46,"box":{"x":70,"y":905,"width":203,"height":10}},{"id":"0eaaec15-5724-4c72-9756-aaa42e352ff7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 8,839","page_number":46,"box":{"x":280,"y":904,"width":581,"height":11}},{"id":"5dc28c5b-6dcd-4ad2-b7f5-22c16da23d6e","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"eb44b765-18f9-471c-a83f-c6fb3e157657","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80da4d52-a151-41f1-ade4-51aefccb2440","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":47,"box":{"x":69,"y":49,"width":840,"height":9}},{"id":"46072a5b-8d0b-4720-b73e-eca541e15b01","block_type":"box","text":"Wells Fargo Securities, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":68,"y":67,"width":458,"height":11}},{"id":"a462a1f2-f1be-421e-8062-8e792e8aeb7a","block_type":"box","text":". . . . . . D $ 8,159","page_number":47,"box":{"x":532,"y":66,"width":329,"height":11}},{"id":"cad9a457-ec36-431d-a11f-abad5ba14843","block_type":"box","text":"Securities Lending","page_number":47,"box":{"x":101,"y":92,"width":135,"height":11}},{"id":"e5ba5659-b258-4743-939d-8ba70d408589","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":47,"box":{"x":101,"y":115,"width":807,"height":11}},{"id":"d3ddf761-9b9c-43b3-8f9b-261ed0cc0738","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":47,"box":{"x":69,"y":130,"width":817,"height":11}},{"id":"00a4ae3d-b45a-43b0-a90d-31d579e24282","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":47,"box":{"x":69,"y":145,"width":813,"height":11}},{"id":"e9ae1bf2-089f-4a03-972e-a7fe14f59c21","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":47,"box":{"x":70,"y":160,"width":838,"height":11}},{"id":"1f42eff8-b4fd-4334-895b-464730f9bd7d","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":47,"box":{"x":69,"y":175,"width":813,"height":11}},{"id":"cf028f9b-7f52-4981-bb36-e06965726eb4","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":47,"box":{"x":70,"y":190,"width":646,"height":11}},{"id":"8ef0268b-f017-4c5d-af4c-a4282cd4c870","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a portion of the securities lending income","page_number":47,"box":{"x":101,"y":213,"width":800,"height":11}},{"id":"5f9529c4-d5b6-4c4b-86e3-0b60341a6141","block_type":"box","text":"and remits the remaining portion to BIM as compensation for its services as securities lending agent. Securities","page_number":47,"box":{"x":69,"y":228,"width":802,"height":11}},{"id":"6c8a3cd1-d422-4ef6-9991-f958845312ac","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":47,"box":{"x":70,"y":243,"width":774,"height":11}},{"id":"2c483b5c-7de7-467c-9b4b-c0a614be05cd","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":47,"box":{"x":69,"y":258,"width":801,"height":11}},{"id":"dcc26f89-3586-49e0-be6f-11b1e8986193","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":47,"box":{"x":69,"y":274,"width":837,"height":11}},{"id":"37facb70-5307-415d-b420-194044c59ff0","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":47,"box":{"x":70,"y":288,"width":834,"height":12}},{"id":"c7bad0f8-cc16-4041-9558-b925c28baa5a","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":47,"box":{"x":69,"y":303,"width":802,"height":12}},{"id":"0399ec0a-5444-4e38-a044-226a99af652d","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":47,"box":{"x":69,"y":319,"width":778,"height":11}},{"id":"5c040d99-2d88-4700-b806-181f203ef41f","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":47,"box":{"x":70,"y":334,"width":828,"height":11}},{"id":"369d6995-5e00-4f2b-95f6-536466f89d5b","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":47,"box":{"x":69,"y":349,"width":296,"height":10}},{"id":"df840623-e645-4000-8d54-4007196a9648","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":47,"box":{"x":101,"y":372,"width":776,"height":11}},{"id":"11994969-86fa-406b-8b33-44b9c7d1049f","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":47,"box":{"x":69,"y":387,"width":831,"height":11}},{"id":"91dfba86-09fa-4cec-9112-b80f109ee39d","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":47,"box":{"x":68,"y":402,"width":812,"height":11}},{"id":"17db574a-143a-4dec-96a2-11e704c0fa99","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":47,"box":{"x":69,"y":417,"width":799,"height":11}},{"id":"7d5478e2-ebd6-487c-94e6-b96ba46aacbf","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":47,"box":{"x":68,"y":432,"width":835,"height":11}},{"id":"172075b8-de79-478b-804f-07b2331d7749","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":47,"box":{"x":69,"y":447,"width":818,"height":11}},{"id":"25986d2d-22ce-4438-98c8-7095f59af3e8","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":47,"box":{"x":68,"y":462,"width":789,"height":11}},{"id":"61ca8791-0b14-4734-b30b-b88b9b436508","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":47,"box":{"x":69,"y":477,"width":829,"height":12}},{"id":"afa0d341-27e2-4dc3-b26e-ea1da8361800","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":47,"box":{"x":69,"y":492,"width":839,"height":12}},{"id":"568cf078-9044-4121-a306-ae7cdd8f8ad0","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":47,"box":{"x":69,"y":508,"width":802,"height":11}},{"id":"36c58da5-de25-4780-836f-6cd07d1e7077","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":47,"box":{"x":70,"y":523,"width":830,"height":11}},{"id":"e437086b-ddbb-42a5-b2ab-689b3a76bed5","block_type":"box","text":"of shares redeemed on that day. 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The Fund is diversified. Effective","page_number":49,"box":{"x":70,"y":143,"width":780,"height":11}},{"id":"e86b9cc2-63d3-4661-a3ed-53a730a06036","block_type":"box","text":"January 31, 1998, the Trust changed its name from Compass Capital Funds","page_number":49,"box":{"x":69,"y":158,"width":544,"height":11}},{"id":"9facea63-0749-4aae-a67e-c4a5184f2566","block_type":"box","text":"SM","page_number":49,"box":{"x":614,"y":158,"width":11,"height":5}},{"id":"1dcb6042-a53a-46c9-a781-886445ee4cbc","block_type":"box","text":"to BlackRock Funds","page_number":49,"box":{"x":630,"y":158,"width":140,"height":9}},{"id":"62bee2d9-bd3c-43c3-8739-85f4464d8894","block_type":"box","text":"SM","page_number":49,"box":{"x":771,"y":158,"width":10,"height":5}},{"id":"dfddcc27-7bb2-4afe-a94e-a41fb9f26a57","block_type":"box","text":". The Trust is","page_number":49,"box":{"x":784,"y":158,"width":91,"height":9}},{"id":"313c79ab-eca1-4fbe-8479-76579532b033","block_type":"box","text":"authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share, which","page_number":49,"box":{"x":69,"y":172,"width":827,"height":12}},{"id":"3385b875-6277-488e-8a09-e2c4ad7a3f65","block_type":"box","text":"may be divided into different series and classes.","page_number":49,"box":{"x":69,"y":188,"width":346,"height":11}},{"id":"b8b14e04-cdff-4cf7-b1fb-8aabd31edd7f","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held","page_number":49,"box":{"x":102,"y":211,"width":734,"height":11}},{"id":"7ccd7b6a-7611-4231-997d-5e38a7c54c77","block_type":"box","text":"personally liable as partners for the obligations of the trust. However, the Trust’s Declaration of Trust provides that","page_number":49,"box":{"x":70,"y":226,"width":819,"height":11}},{"id":"17a4be17-56b6-4228-a9ac-3e81e8afd922","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":49,"box":{"x":69,"y":241,"width":814,"height":11}},{"id":"3f0c74e9-4180-449f-8d46-be973ab4e15f","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other undertaking made by the Trust shall","page_number":49,"box":{"x":69,"y":256,"width":794,"height":12}},{"id":"13104ee0-b8ed-4929-a98c-c8605a30ffad","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":49,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"5f4efc61-4644-4c80-873f-6cea8012851c","block_type":"box","text":"provides for indemnification out of Trust property of any shareholder held personally liable solely by reason of his","page_number":49,"box":{"x":70,"y":286,"width":804,"height":12}},{"id":"9cdcd014-7088-47ba-9e16-a7a4dfae3707","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":49,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"f3acf6a9-befb-487e-823d-13d34b8b9ec9","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":49,"box":{"x":68,"y":317,"width":807,"height":11}},{"id":"29ad6d84-ac33-49c0-b503-738f0dbf523a","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":49,"box":{"x":69,"y":332,"width":719,"height":11}},{"id":"93b9de16-ed11-4493-bb40-faa7cef9b7b8","block_type":"box","text":"The Declaration of Trust further provides that all persons having any claim against the Trustees or Trust shall","page_number":49,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"1890859c-2330-49b8-8a05-87dd2cc53ba2","block_type":"box","text":"look solely to the Trust property for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":49,"box":{"x":70,"y":370,"width":828,"height":11}},{"id":"d70dae63-88b0-4326-95b3-524c05b11832","block_type":"box","text":"of any contract, debt, tort, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":49,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"2ee74115-8492-4458-b1f7-8fa8b5fdb98f","block_type":"box","text":"preservation of the Trust property or the conduct of any business of the Trust; and that no Trustee shall be","page_number":49,"box":{"x":70,"y":400,"width":762,"height":11}},{"id":"5d91f203-8263-43a5-9c18-b7834d44a164","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":49,"box":{"x":70,"y":415,"width":836,"height":11}},{"id":"583a9f2e-d784-41b2-9610-035683215d2d","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":49,"box":{"x":69,"y":430,"width":567,"height":11}},{"id":"2eb8ebd4-dbbc-464c-9107-a6e0e7d98b09","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":49,"box":{"x":101,"y":453,"width":792,"height":11}},{"id":"8655470d-8d56-4271-86fb-5bd0cd878b45","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":49,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ea40c994-0dbb-4597-91f8-1dafb926d4dd","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":49,"box":{"x":70,"y":483,"width":824,"height":11}},{"id":"adc63267-9c43-4c15-a0f6-a479fb516ce0","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":49,"box":{"x":68,"y":498,"width":811,"height":11}},{"id":"1acf3cd2-1198-45a0-9412-128b00169422","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":49,"box":{"x":68,"y":513,"width":315,"height":9}},{"id":"7ba07b6f-f8ea-4e52-bf92-4f5ea7e38cd7","block_type":"box","text":"IX. Financial Statements","page_number":49,"box":{"x":69,"y":544,"width":179,"height":9}},{"id":"00bf19a7-3fde-46f8-ad81-c68e20755a26","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":49,"box":{"x":101,"y":566,"width":726,"height":11}},{"id":"b5cdebba-361a-45b0-9cb0-d113923e9100","block_type":"box","text":"Statements and Additional Information for the fiscal year ended July 31, 2025, as filed with the SEC on Form N-CSR","page_number":49,"box":{"x":69,"y":581,"width":826,"height":11}},{"id":"669425b3-23c5-4d09-b84a-9031977d1b05","block_type":"box","text":"(the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2025","page_number":49,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"1e94a075-7676-43da-a11f-7de9635a639b","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":49,"box":{"x":68,"y":612,"width":833,"height":11}},{"id":"46b6d7fe-1e0f-474a-a200-55b52cad4a02","block_type":"box","text":"audited by PricewaterhouseCoopers LLP. The report of PricewaterhouseCoopers LLP is incorporated herein by","page_number":49,"box":{"x":69,"y":627,"width":779,"height":11}},{"id":"31bce6ed-3f29-4a92-9a13-2cc26ae3c4c6","block_type":"box","text":"reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the report of such","page_number":49,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"fa728faf-d45f-477d-83aa-4170faccf9a5","block_type":"box","text":"firm given their authority as experts in accounting and auditing. Additional copies of the Fund’s annual and semi","page_number":49,"box":{"x":68,"y":657,"width":804,"height":11}},{"id":"46e71b1e-c495-42d0-aa8b-161e2d163e62","block_type":"box","text":"annual reports to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":49,"box":{"x":69,"y":672,"width":770,"height":11}},{"id":"4da44fcf-5547-4436-82d7-e0271b14407a","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":49,"box":{"x":70,"y":687,"width":818,"height":11}},{"id":"d2adcb31-547d-4300-a66e-9156d4e83d7e","block_type":"box","text":"front page of this SAI.","page_number":49,"box":{"x":68,"y":702,"width":155,"height":12}},{"id":"c14dd931-52d3-4290-a294-74ac6579d13a","block_type":"box","text":"I-27","page_number":49,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"60ca813f-911e-43c0-b681-f8e3c4fbc6a9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a7cbc7a-1ac4-47e8-bce8-97be3fe7cc41","block_type":"box","text":"PART II","page_number":50,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"f5f676fb-cdee-4eee-b8e8-b8c700d5277e","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":50,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"e2f80248-fc90-4e40-ac1a-dfbfc0053edb","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":50,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"1701bcce-4bea-4f2c-8a40-8d8096d7632d","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":50,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"f292b6d9-de93-4d15-8158-9ab259437e4a","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":50,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"39fbd6e5-7a41-4efc-a69b-8b217426102c","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":50,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"528471b0-22eb-40ff-8dd2-42d98d430e49","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":50,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"e257b8c5-6449-464d-a7ab-9882ab64c48b","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":50,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"872f9c5c-981b-45f0-8c98-2d096462e19b","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":50,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"e50b1949-0959-4879-a8b4-6e2f4e8d372c","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":50,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"edf26ea8-444e-4ead-a087-a6a0b0a9088a","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":50,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"bdd59408-c95a-4c44-989a-58b70a6a424a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":50,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"922b04b2-826e-40bd-b361-0df7b0029c74","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":50,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"eab9ff20-666f-4860-9593-32bac8718329","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":50,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"ab54485a-09e5-4a18-858a-d43853451308","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":50,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"68d0df3e-7373-4616-b835-1ef30cb7b7ee","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":50,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"c8a3bb45-8dae-442a-b421-75f3a86cd23a","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":50,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"676b1e46-2ff1-4e74-9ba6-8cc45716ac0a","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":50,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"5f8e0049-0fe5-467b-b2cc-9220c5a1a493","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":50,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"c1301811-4780-4ecf-afae-7bc9c16f2643","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":50,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"0efdbb49-8d86-4b2b-954c-02514898988d","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":50,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"071c1619-ef38-4d94-a37a-ae2dfae24030","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":50,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"2bc540d8-2980-4dc6-82ae-e10a1152dd59","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":50,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"cc3b1247-ef88-46d3-bb2e-2823976dfa28","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":50,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"908003ab-b914-429a-9da6-529044f6db53","block_type":"box","text":"particular Fund.","page_number":50,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"73d1a03a-1e9f-486c-b49e-805949860e0f","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":50,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"9842bb45-5f04-4e71-9474-99b8811ad11c","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":50,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"7b22dfe5-4557-4b7a-96a2-d59118638409","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":50,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"ffce43a0-ec4c-47c2-a2e6-48bd7f68e4fb","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":50,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"2da64b6d-7e1f-49fb-bd7f-6601b41ed015","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":50,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"22bb7154-97e2-4db8-b391-412834495099","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":50,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"1d820b21-2fee-46a1-ac42-3f2332e7b0fb","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":50,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"c8c694aa-e48f-4086-bf00-4798579a704a","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":50,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"99bde9de-b593-43eb-8ae7-156f16ebe017","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":50,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"1211bab2-4995-4b00-a792-d502c10a9b52","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":50,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"7e807201-df06-4c0f-adf0-84d919e080b4","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":50,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"f7ade506-6b9e-4a99-9637-059017923787","block_type":"box","text":"Asset-Backed Securities.","page_number":50,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"f5d5752e-be5f-4c01-97e0-250e560d0081","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":50,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"69b10c3a-1edd-45ec-bf3b-9a050a0f6d9e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":50,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"1df77854-36bc-4c35-bf0f-87eed8e392c7","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":50,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"e0c7255a-7254-41cc-aeec-3349bfb1221d","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":50,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"5c9f66d2-722a-4cb3-97b9-86e4e81a72be","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":50,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"685fb719-536c-4963-a353-b4a2ab9b6468","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":50,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"e82c7388-414a-484b-934c-fdb87f7c089f","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":50,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"6fa0724d-e435-480f-9510-a4da834a99a9","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":50,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"2e1c7f0c-76c1-4174-b0e5-cd7e85933ef1","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":50,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"9a1f09d0-a503-495e-b039-571d08f96084","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":50,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"17467981-aec3-45d8-9df5-fa5656dc38bd","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":50,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"ae315fce-f6f2-4f30-9520-4a4442ecfe45","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":50,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"72c8e181-485e-4677-a655-be05982749f0","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":50,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"dfc2a6e2-db53-4d4c-8ba6-fe6bbb8ca069","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":50,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"bc9ae25a-99ce-449e-a97c-06978abb076f","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":50,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"f98918c3-bd97-4f0a-ad65-95d468ba1027","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":50,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"2e0db50e-b332-450b-bf1f-d36899824c9a","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":50,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"05b89880-1e4a-4572-a905-6b577d5dd6fe","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":50,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"affb1224-5827-4c7b-920f-e363d940c9ca","block_type":"box","text":"II-1","page_number":50,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"9f900ca9-f1b0-433d-a7e8-a6e9c9d015fb","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b7044d6-84e9-43e6-9299-e75ac5766a55","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":51,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"e24045f3-6e41-4328-85b3-d9d5b76418df","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":51,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"e3fc4fe3-0e64-4ffd-b866-714a8990eb85","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":51,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5cf7dcf6-3542-451b-8879-4350f23de90c","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":51,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"9f1e567f-a526-4867-bb86-6578778dcbb3","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":51,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"67576a39-a434-41b6-ac8f-0e40fcc0279e","block_type":"box","text":"Asset-Based Securities.","page_number":51,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"1aa6c96d-e8b3-465b-9a80-c47c9c1d690c","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":51,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"f2f40999-27e5-4a56-b562-d3f7b2fc2e47","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"b2dcfb91-bd69-4add-9117-bc3bebc90d11","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":51,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"6ed64703-6eb2-483f-815a-2c1ea82c9110","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":51,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"b464688c-5b8d-4f9f-99ab-7a3d13fb72c4","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":51,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"55974787-7b2c-4fcf-ba14-e4e52a6a8182","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":51,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"d2e19734-0dfa-49b8-ba21-70f512238edc","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":51,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"cd52d32f-99ec-48a7-a66d-f5c65dcd8232","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":51,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"2ffe1a18-7426-4d39-86e0-0367e225d98f","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":51,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"acfb74fb-a8c4-4f49-94e9-68a9b920ba1f","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":51,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"1999ae3f-8057-46b6-8731-2c43587c3f75","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":51,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"5484bc8d-5061-4934-8d8e-c03152ea66c1","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":51,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"a34dc75b-a6ef-42f9-9745-a17c58a38ca6","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":51,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"21cd432e-d7a4-4019-b928-66e2e622043c","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":51,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"7deec65a-263e-4b37-a08a-fdc47da94d9b","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":51,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"b20b30e9-8c0e-433e-8681-30dd1ec31d68","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":51,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"58bc0a95-5ae7-435d-8f9f-f615b9771635","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":51,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"18daacc9-d2a8-4df5-accd-68af47bc24f3","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":51,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"9e393093-b2d9-46ab-9357-6e417965a51d","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":51,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"34222ee7-fc0e-4d8c-8149-f537a501537e","block_type":"box","text":"appreciation in the underlying asset.","page_number":51,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"42937a19-55ef-4394-8ff5-92d00b462a6a","block_type":"box","text":"Precious Metal-Related Securities.","page_number":51,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"f0efaf0e-4476-4385-bf94-6ab7d3385139","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":51,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"e22bf2fa-73a4-4688-a92f-274fc4904521","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":51,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"0ad1f457-a628-4c5e-a4be-57a78d1d3198","block_type":"box","text":"e.g.","page_number":51,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"e0de58d7-35ce-40c1-94b6-7c4ae82a85e7","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":51,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"555630f7-0b1b-472b-b7c1-0a0124d06bb0","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":51,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"f69ef7a7-dc63-4933-a6a9-c0b7368fb60b","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":51,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"d6801a04-b62a-4392-a20f-6b7834ca7f01","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":51,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"abccf724-4f02-42da-9fff-ac4db62bf18a","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":51,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"46fac7e3-ee17-4d86-8563-b0b9d49d6f92","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":51,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"5322517c-3d7f-472e-a874-112f5f3e6198","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":51,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"a03ae5c8-8a37-4944-9823-fdbd894df609","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":51,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"ccacd3f5-2c8c-44b6-95d8-338fe4f6df2b","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":51,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"05d7b3f1-edc5-43dd-8461-eb877cf53bd4","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":51,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"9c23cdc0-35cf-4cff-afe3-bb01c870b2af","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":51,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"dc88bed4-8649-4830-b41c-55b401aa2a02","block_type":"box","text":"South African gold production.","page_number":51,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"c6401ed7-53c7-413a-aa8e-908bad56e075","block_type":"box","text":"Borrowing and Leverage.","page_number":51,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"e2836394-8de8-4f66-a099-bc0b7d8d44b5","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":51,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"51c926ab-b9e3-4f39-9bb5-43c89717fcd6","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":51,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"9bc0f235-2a4e-43ae-88a5-555b34a52068","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":51,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"f1c9d0dc-61bb-4ccd-be31-8caa2cab4aef","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":51,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"939dc819-f9ba-4af1-92d5-2e39ddfca899","block_type":"box","text":"other securities transactions.","page_number":51,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"27f16dd8-8ca8-4fac-a588-47af0e8996fa","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":51,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"c5b09459-9a30-40af-8ed0-d3c60c3aca6f","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":51,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"105f0d31-87d1-41f6-b7d2-77902e214192","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":51,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"4dfc80cf-d15c-4ac7-9ca6-cfcce26e5ba8","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":51,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"18931cb3-c379-4be5-b29d-1145d45c286f","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":51,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"b7c68263-27e3-4b36-9eac-a4986ea2af2c","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":51,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"d2444bdf-3d19-4a70-a151-57a6256fe766","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":51,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"bfdf1fb5-4eb6-46ce-ac17-e0aef3d1befb","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":51,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"255dd654-3d26-4cdd-b524-bef692a46b3d","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":51,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"208a7bf6-af20-4bbf-9324-04406ba4618f","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":51,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"f15ef9bd-7353-4289-8e38-dede93e436ad","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":51,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"30475200-d9f9-4220-b8f7-a533e7e13773","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":51,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"117df701-88df-4e80-94aa-788a1fe5e94d","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":51,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b2d873e7-d68e-4806-95ae-a1d46bb3fd48","block_type":"box","text":"II-2","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b221d2b2-2315-4dfd-b9ad-8cf971cc8f65","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ea94ecd-6cca-4f35-8d5d-80e180efd727","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":52,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"99b96001-cf5e-4ebe-b0f8-3c2c15cefe34","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":52,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"3d637f11-3463-410d-b20f-ff43db931254","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":52,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"b7c31880-c6cd-41c0-93e7-f176f1df9d41","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":52,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"1b201908-efff-42d6-8b4f-a661282b29d8","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":52,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"da408174-eeb9-4e0c-9871-c221d383710b","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":52,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"28c16214-4327-46df-9fc6-550285a80d1a","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":52,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"f3b05789-d804-4c22-b5da-49d63e344b85","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":52,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"ae94db95-1b27-4a9c-a78e-9c141bed73ac","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":52,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"e4dc94bf-2876-4781-ae2c-cf57bcc3fa2e","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":52,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"5e25b165-b1ab-43f9-b14d-767a286fcd3f","block_type":"box","text":"Cash Management.","page_number":52,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"21bcd914-463b-4b2d-87da-ca321744b136","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":52,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"3fc2458b-e3f7-4cb4-8833-57e2883733b5","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"17e89db7-6868-4e4e-9d39-a1a1886159c6","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":52,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"d30991c9-dc46-4a00-a44d-8d5b6b728f59","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":52,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"08a921de-7171-4635-8d67-f907ef9fd03b","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":52,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"e8a25165-efaa-4a34-82ff-777165bf2cd4","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":52,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"708bb88f-e3f4-468f-a8f8-1a1fb16132d2","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":52,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"19216bf6-88a4-43e9-b038-953198300fad","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":52,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"03b65109-c256-4199-9f1b-69a57c9122bd","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":52,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"4aedb0b5-7aa5-4460-861b-cc158b6bdf15","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":52,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"4c8edbba-3143-4ac1-83cd-9f0e6fc7cbc5","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":52,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"17290764-228c-4422-baaf-50202e0a50f0","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":52,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"2ee7cfd2-a401-48d1-a275-660beeae62a5","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":52,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"569007f1-2fbc-4580-9707-322fea0f3b3c","block_type":"box","text":"Collateralized Debt Obligations.","page_number":52,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"0c174d65-081f-4203-a35e-a4bd04e3ac1f","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":52,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"a9298d95-cb29-4648-b488-8d0cecdee6eb","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":52,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"e768b708-dfe4-40e3-981f-f318af23b968","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":52,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"698430e9-9ab8-4e25-a663-284fa6f3f2ba","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":52,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"61bb0c1f-4b96-4762-9516-e3c283c67686","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":52,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"7ffa2b99-639f-44f9-97a6-2303aac64262","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":52,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"5ca41c3f-bb81-49dd-8f94-d931cca8fc10","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":52,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"16f13bdf-3644-465e-891f-da5de48e06ff","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":52,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"50bf61b3-7ff1-4fa1-8fa7-7af0aad9459d","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":52,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"f52a0619-3c75-4cf2-8c14-6440052d92f3","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":52,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"38a9282b-2a37-4bda-852c-71396d643b83","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":52,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"de3db569-a330-4ad9-847b-632025801155","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":52,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"2fe4e7c6-abe1-4898-bd75-b452e16a7ddf","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":52,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"fe7e2c9b-8e70-4cc0-a0c5-a0ae144e1ac1","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":52,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"5b6bd28c-0811-4e95-aa35-71d2a465ab3f","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":52,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"e5b5b50d-88ca-40ab-b274-d55991e46a72","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":52,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"bea0af70-0ccf-4061-a197-0724826a7d25","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":52,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"4f47f089-88ab-43f2-93cb-eee2f3f95e81","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":52,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"7727026d-0f2d-402c-be38-c757a579cf78","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":52,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"1b6a41ae-9b75-4aab-807d-0b2e5dff7196","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":52,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"4f06ea7d-e464-4d10-b964-5702bae94d77","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":52,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"984f3d29-90c3-4d10-b73f-65c5517e2ac1","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":52,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"eee16634-cded-4f45-8845-b062e2abfdad","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":52,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"38ff31b2-2553-4ef6-9bd5-7eb73f8ae68b","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":52,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"59751ee7-e79c-4a17-be74-332884cc0916","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":52,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"58a14f8b-8e21-4de4-bc64-73d032a765c0","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":52,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"f1bab8a9-25d1-4e40-b010-d7ab8a06fa3a","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":52,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"9fdc0d8b-e15b-4e7a-9da5-0dc7dcc5ac90","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":52,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"45292bdc-8ec2-4b32-bf8d-d02729385841","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":52,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"b71791e4-a118-40bd-8e12-625c4eafa21f","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":52,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"4fe5721e-2d24-4ae7-b80d-e1145a8e3280","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":52,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"65ce48c0-8f15-4487-a7a7-0cbeedb5d901","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":52,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9251a10a-2990-4d63-b86e-d691cd6e261f","block_type":"box","text":"II-3","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c6775197-0e75-4d51-9367-40b0a9ac21d3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82e1104b-45ca-45b5-b0c3-c004595ddb66","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":53,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"c547a299-9ced-4514-865e-3f09aeb61f97","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":53,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"877ec2f5-c777-43f7-9a9d-e364d17c9549","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":53,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"fb7ab513-3c1a-4a1c-bf2c-026ab764bddb","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":53,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"76e94c70-6b41-4521-bab2-e9dc6dbc6f1d","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":53,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"8300fc86-22b3-487e-b6c2-53bd218d2f0b","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":53,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"0e010269-1628-4953-a7bb-ae5c230ad965","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":53,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"e173c12d-f128-492d-8e2d-d9c715a8cb6c","block_type":"box","text":"Commercial Paper.","page_number":53,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"f1018e94-d60a-4098-95ac-bee9e96a33d5","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":53,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"de995c82-32ca-4387-9003-4bd6a54ce249","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":53,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"26e44855-c9d5-4db3-933c-8ee9f56e0e0a","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":53,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"bc4acf0b-d3a5-4c56-ae1e-670996151656","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":53,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"acdec331-c518-4063-8040-afb052994fed","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":53,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"fccd37ae-aac8-4a1c-8c08-4a285cbd53da","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":53,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"14461d67-8d30-45c0-a5f7-c04d00bfb249","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":53,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"913e612f-34d0-45f0-a881-91cf213f9def","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":53,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"ac8e6dbe-1d06-4b97-818d-410450b1b810","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":53,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"994d1441-e1a9-4550-ad30-74742b2d5501","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":53,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"f4d68b62-6a5d-4a46-9510-97547b5257e9","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":53,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"59dc0541-e56b-4312-9172-fac63aaf9c9d","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":53,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"5da1e52a-7123-4808-b153-a1dc01a9f554","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":53,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"9177cab2-0bec-4f14-bf61-eed34f56ed59","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":53,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"03ad469e-b4ac-4081-a24f-533125141542","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":53,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"d4a53530-ad31-4839-b539-49325c8563ce","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":53,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"e5d123b7-cd85-47c4-b9aa-a82ea292ee08","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":53,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"7901854d-46b6-45f9-9656-51aea7dfeaa9","block_type":"box","text":"variable.","page_number":53,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"7acea1ea-6f33-4c9c-aa6e-044b5028298b","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":53,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"4cc79fae-2995-4243-9c29-af3fb41b49b8","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":53,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"0532c382-fef4-44f1-804c-b3f5529d0b95","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":53,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"2d9f41fc-3016-4374-b509-a03097c75ca6","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":53,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"79974dd9-47fc-458f-9ee0-ea03a1577332","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":53,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"ee809866-52ca-4348-b224-6d004ce1c9a4","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":53,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"6748e056-667c-459e-9999-cee48ea94cbd","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":53,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"213ed090-d0a8-4c04-9ee8-d13e9e2c1570","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":53,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"5ef79611-3d05-4570-b9c7-b59f8ae08f31","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":53,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"11a92187-953e-4222-a185-0025a54d6298","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":53,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"69b3e09b-4758-4227-99cd-c8ad300d4e5d","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":53,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"fd657b39-06a7-46da-98d0-ef3fa04dedb2","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":53,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"63f5fad7-52cf-46a9-9bed-aa2232c743e3","block_type":"box","text":"correlation with stocks and bonds.","page_number":53,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"ab8b452b-8b6c-4490-983f-3d7f888eee29","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":53,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"108534ed-d56c-4c3b-937a-f77c812dc3bb","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":53,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"826a46cb-abbf-4783-b1bc-3e6329a1774f","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":53,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"f250eb91-f06d-4af8-b2ea-382aa06b9c41","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":53,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"934306fe-91a9-4e5c-8c24-be268122ed06","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":53,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"e6af40e5-98f1-45fa-909c-875437e9d58e","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":53,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"c7dc3497-1963-45bc-9801-321d6712d72a","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":53,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"4800d40d-9be4-48cf-8d1a-c047f4aec01b","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":53,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"58127968-7df4-4423-b85b-2f8d3ec102ea","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":53,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"d993c626-6d31-404e-9f62-521eb5692339","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":53,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"e9eaaba3-d6dd-4f22-a50d-e29de03252aa","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":53,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"bc9fa013-57a3-417b-96fe-a52777921a01","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":53,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"78a3e75a-dfac-4534-ac37-4848fef43fee","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":53,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"3784b6d4-edbe-4e5a-8097-50880a2a2a4b","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":53,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"325a76e9-32b3-4b5a-bb83-3946bdb020c2","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":53,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"bbe83851-251c-47cd-a01b-a8db4388d969","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":53,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"736037c5-ccb2-4cc2-b075-b29e97b37292","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":53,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"2a20b0de-3e4f-4a6d-8c6b-c7ed91ce6816","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":53,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"3625b3f2-bdb0-463a-a227-32dcb8ade969","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":53,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"ea4d9e44-cdc6-4c80-9db5-40c84d0f542d","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":53,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"8def2bda-5a02-4f2e-a7bc-470e307df6ba","block_type":"box","text":"II-4","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9a1ef8f3-26ef-4018-b29e-c41bede138e7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01f2e9a5-c47e-4cbd-8ea4-069093f8e718","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":54,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"a23a28af-812f-44a3-b5ca-618c18193738","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":54,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"a386d3f2-17ac-48bd-b766-680f90c36c03","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":54,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"6b94bfe9-a9cd-4e87-b3d9-b5c9959278b9","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":54,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"3f2d0fe5-5e70-4674-8011-d7af070a0201","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":54,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"2dc20fc2-fa49-454f-8081-8a590f0bf650","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":54,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"356b7321-37d5-413e-9dcb-cc93116f2476","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":54,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"aa6a3b91-85d6-4600-942f-55684d6058c0","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":54,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"602ee01d-b7c8-4ee4-a1ed-47c495611eec","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":54,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"eee4b02c-5ccf-40e1-a619-5eea9b813ed4","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":54,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"675b6fb3-1187-423b-a443-3f91c0f46b4b","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":54,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"6df65197-616f-4b50-913a-8549e782601b","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":54,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"c3dd05bd-6b9c-4fd2-a93c-01ba75850184","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":54,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"ccd2f8e8-4bd3-4251-9dbe-e4c0f7d940ef","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":54,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"f94570f2-ac3c-4189-aaf9-263370846d8e","block_type":"box","text":"the Manager believes are relevant.","page_number":54,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"fe5a5759-cab2-4ea8-8e09-366b5a94c0d7","block_type":"box","text":"Limitations on Leverage.","page_number":54,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"402016c1-01f1-4d8e-96d3-82582cbbe4b4","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":54,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"06503f25-1193-4de0-a907-8cc85f937982","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":54,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"551f817b-2a58-4dd3-8d34-9e8c38146259","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":54,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"24b83415-f115-4503-b0a7-9f208d5286e9","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":54,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"c9ff6632-9bb4-4c5f-aa66-9e7399728c04","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":54,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"4a78a8a8-4b13-4c8d-a9ea-15af9c5245b2","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":54,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"83470222-3145-4b98-b1fc-2410903465ab","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":54,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"74088216-d281-45d7-8e85-ba54d3b5faa2","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":54,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"001a3761-9d66-4099-a032-9fc1b6542880","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":54,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"8d7a4b6e-1e92-4baf-a1b3-8dccd8af5745","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":54,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"c5f3b7da-5888-4672-b0aa-a724077f7c9b","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":54,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"1261e5da-4c00-4352-895e-80a914ccd3f6","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":54,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"d5047bb4-8f81-4806-82bd-ba2bb0939272","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":54,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"663a9897-fff9-41f9-9f4c-ea88514fde54","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":54,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"c65c8506-f748-4e4b-8359-6aa9526ed43f","block_type":"box","text":"Counterpar ty Risk.","page_number":54,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"81db4e88-1a0c-4bcb-969a-3a7b1da940e4","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":54,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"9a3975c8-3f39-4a4e-8922-0f4051dbf324","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":54,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"52f49666-6675-4aed-96b1-bf7a2d0c81f4","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":54,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"06fcd0dd-adeb-4789-b6d7-b0d7f29cc010","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":54,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"f1f907f5-3c30-401a-ba66-e53725b2e946","block_type":"box","text":"e.g.","page_number":54,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"db24c270-fa25-41db-8d09-948563e50372","block_type":"box","text":",","page_number":54,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"dd71ed7f-0801-4d45-a430-6b17db0724a0","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":54,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"e11efbe0-b618-4ef3-aa1e-b1da32659415","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":54,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"0feddb45-c826-4c6c-9a23-b0f53c3b147a","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":54,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"553cb26a-7223-47cc-83f4-7e25f86fea11","block_type":"box","text":"obligations under the structured note.","page_number":54,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"edbb10ff-c0f2-44c8-a9ab-77ced86389ab","block_type":"box","text":"Convertible Securities.","page_number":54,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"bf1ac187-f881-42b5-ad02-5249801eaef5","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":54,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"8724ba2d-fcd9-4777-ab98-a5e0ee633795","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":54,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"61f1d8f1-12b5-4453-9271-d7de483587b4","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":54,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"669c3295-2841-477f-9d65-1b13aa052e40","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":54,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"ee5c355f-0f20-44e7-a8a9-4a0a3c0d8ac2","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":54,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"62b778b5-90bc-459a-8cfa-748b04838696","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":54,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"4357f24e-5b77-40e9-a96c-e7f09d138e19","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":54,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"7b915e2e-8b84-48c3-8fa3-d7b10edaf49b","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":54,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"cae80a25-099b-4c1e-a94e-8e903ffb7f3e","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":54,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"b00ddb85-0795-444c-85d1-57bc1cad82d3","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":54,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"efaa70a8-9e99-4462-86ff-62e7d537cebf","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":54,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"e79d2aa5-b52b-4b81-9882-7056a34c20e4","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":54,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"cf69c953-26f0-4224-b060-ec47bcc89bf5","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":54,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"dfabc43f-4163-4bc3-b108-927201edf44f","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":54,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"2654787c-9d96-4fc2-b997-0f0ba064ddcd","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":54,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"148ce461-2936-4be4-8947-bbbae8ba8bf1","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":54,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"039ba2d4-f218-4ea7-8f66-7166ff536cf1","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":54,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"f358755a-c6cc-4d5a-b157-9d04af52bab9","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":54,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"54b58d3d-a196-487d-b95b-47970b4e84c6","block_type":"box","text":"II-5","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"be0af9f7-31d9-4eb4-92ac-6312d33ad883","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"41cbc924-4831-45fb-a6b7-bc123bf84fa0","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":55,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"16585d83-8807-4b11-ac13-f0cc0107615c","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":55,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"76b1f0a6-15e8-45c1-a7d6-a4baa08fa8f3","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":55,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"0dd7ce73-ef07-4a12-b8b0-e0f404147a98","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":55,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"3a9f702f-2edc-4b72-8f80-e54448854c43","block_type":"box","text":"things.","page_number":55,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"9db9a21c-36c5-4965-ad61-b7ff52732ed2","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":55,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"23d6a991-ffdb-4e15-97d2-cbe02e248f38","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":55,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"0e4c1d16-4749-4ce7-b8e0-31af483b2a29","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":55,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"14afbcab-c7e4-40b2-96e0-ab523a2e92c3","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":55,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"00ff9b27-521a-452d-8dc2-57a662d2ec2a","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":55,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"9919d25f-758c-445f-8b68-b3336c7047fc","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":55,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"7c6d74d2-553e-4f24-b5aa-fd9f4e2e86f3","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":55,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"16e0e150-d538-43ac-8dd9-6fd3fe0e4987","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":55,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"e2cdc8be-16a7-4154-a1fc-1d049469b403","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":55,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"04b3e4ac-6361-4564-8eff-6b91a15a4d8d","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":55,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"57827223-a169-4606-b09a-4815d32d561c","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":55,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"3c51cd4e-f00b-42c9-b3a2-16c30ec16694","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":55,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"602d3be1-d4c2-4afc-a4e3-469e96bffbab","block_type":"box","text":"i.e.","page_number":55,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"b868e94e-95c2-4948-93e8-bcdd6f44db51","block_type":"box","text":", strictly on the basis of its yield) is","page_number":55,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"150fbed2-77fc-4d08-b6f3-51e35eb44373","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":55,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"99b0ff05-4ce7-477b-a1d5-51327bf670c6","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":55,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"a7d09f87-75cc-42dc-b7b7-401ea1aaff8f","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":55,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"610785c0-3831-4053-8b93-9ef834fe80ef","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":55,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"1b0d8432-a4f9-46cb-a16f-b8c96b96b5ac","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":55,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"3d975bd8-2789-49d9-bac7-93d6706ea562","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":55,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"d09e772d-933f-47b2-9010-34ca89804605","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":55,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"54162713-4bc4-4fb3-9588-8d6f095d4d20","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":55,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"e15efd80-8960-4f6f-9d8f-f8148179f040","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":55,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"843e3d61-55fa-4163-950e-0f7fee62d05f","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":55,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"5a8a5301-7496-4b37-bd39-41f9ae1ecc7f","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":55,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"d4161968-64b4-41b2-8421-a734d0786c05","block_type":"box","text":"than the securities’ investment value.","page_number":55,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"e76820db-cf42-4da1-a352-10d9fee41186","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":55,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"54bb1b4f-d75b-4ae1-8559-123fc482020f","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":55,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"4c42c5f9-de87-43bb-b1f2-ba676740d4c1","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":55,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"5ab41ec1-2eef-4efc-9c03-66128dca3f19","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":55,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"22d45d98-9fd0-4ce4-8544-3458ca09ea57","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":55,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"f941ba6a-d502-4245-8986-239f3bc7b7de","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":55,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"bf6e2de4-3102-4d2c-af92-f176e428a131","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":55,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"de812bd2-5e83-496c-8ebb-02b8f68e25e4","block_type":"box","text":"security under certain circumstances.","page_number":55,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"dd5f3892-e23d-4fa2-95ac-ae860b231c70","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":55,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"2772cd67-f154-4e16-bebd-951cc6aefa25","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":55,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"f6996b66-bf0e-4300-91f4-5fff38fb09ee","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":55,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"f3b253a9-3455-4836-9632-9846a85d0e4b","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":55,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"c1f80336-4613-4cac-9322-e5ca97457fb0","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":55,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"50936056-01af-4a3e-86ca-e1db51e20d6f","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":55,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"90902f88-26b4-492d-9471-eb020580ce0c","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":55,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"55458fde-1a50-4c3d-bcdb-28a5089ba172","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":55,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"611cbdaf-9fa6-454d-bbaf-6bd1d06585c7","block_type":"box","text":"i.e.","page_number":55,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"3e0ccc50-a2f8-42a0-a402-58c0d32b978e","block_type":"box","text":", fixed-income (“fixed","page_number":55,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"df28e891-fab5-472b-8f11-001cd075ed8c","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":55,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"181650bc-51f1-4bed-9471-eb30bde2de66","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":55,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"e984c9fd-db1d-476e-9772-d33c31eeab17","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":55,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"e9bd8d66-b989-4039-aafd-d02ab0f2f67f","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":55,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"bef46786-b8f1-48e9-b9b8-f750805bc7cc","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":55,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"8f6625ab-7a05-44fb-9d31-98438f57ffaf","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":55,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"a89bd64c-83ec-496c-bf09-dde656a09549","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":55,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"2406dd23-5b23-4b72-bde9-dfe3d67a4f26","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":55,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"d6d1c8e0-4425-4457-ba59-2948be87da3a","block_type":"box","text":"II-6","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"970ae214-fd25-4b68-abad-cc25197adc19","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b017694f-5af5-4dd0-9486-2e999f1df837","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":56,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"112bbfc7-23d0-4f6e-8444-f050467b810d","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":56,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"53ffcb59-cd84-4162-87eb-fbe0f7b04bef","block_type":"box","text":"component.","page_number":56,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"9af1743f-750c-4bfa-853a-3100801bbca5","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":56,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"dca32c0e-53e5-4164-9cb1-c0682637a912","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":56,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"419eee64-9465-4f3d-9a7d-ee62c6700d3b","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":56,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"34e239f3-d1e4-48eb-8911-8fa922c97224","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":56,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"8b90ee7b-5a61-4cf4-98cc-ea24df7424c7","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":56,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"4f790ac1-9064-43c3-84c9-ecc231ab63f6","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":56,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"b1b2eb9c-f69e-41d5-8301-ada4c52de92a","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":56,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"d2d3ff77-6bd1-413f-a14f-dc754360abab","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":56,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"96b6409d-2b88-4b7b-b198-4b59268dd89b","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":56,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"a27d39cd-eb89-4411-989a-d292bf1ce58e","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":56,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"c1eeede6-712f-4091-bfda-ef81062f2f98","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":56,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"391c2158-2db1-4e11-a048-19038d7f789d","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":56,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"0904471f-aa8e-4b81-bd95-758dbfc4548b","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":56,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"92e97426-c04c-47d0-acc4-e3342dcdfdb2","block_type":"box","text":"favorable market conditions.","page_number":56,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"b725734c-3039-42ae-ad36-bae5d7067543","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":56,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"399e6cfd-9922-4c42-a8b7-9c432de35433","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":56,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"31048e9d-464b-43b0-a4d5-c569c68e329c","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":56,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"abb0892f-3e09-4aa8-81ab-c0370270156f","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":56,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"d7b1a441-267f-4457-8914-eef356a503aa","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":56,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"a2bf5c2b-05ae-4e39-a000-ca361d934c68","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":56,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"1cad5571-40d0-46bc-a5fa-52c98bb37ccb","block_type":"box","text":"Corporate Loans.","page_number":56,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"96e35bc7-0836-41b6-9f6b-b52832a0fa65","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":56,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"8e2f99c2-dd23-4cb2-8fdc-2a6bf7243155","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":56,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"e1ec2587-47bc-4d2d-981a-27e09d6bb3a8","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":56,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"50cdb11d-143c-4a20-b03d-754cd3f960ed","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":56,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"b562259a-9e17-4ee1-a191-60bbf2628527","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":56,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"82c9803b-22e6-4f0c-99ef-2893a5f925f8","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":56,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"f96ee1ca-52c4-4fc0-88ad-e0beaf92d66d","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":56,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"21ce69ec-3592-40c7-910f-390d16c40878","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":56,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"fd734c93-3f73-4533-bcdc-eec17af21a4b","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":56,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"9579f9a4-acba-4c4e-9d15-95cea0bcc4e3","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":56,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"af759983-1c9c-498a-a9c1-a17337d595cd","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":56,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"a07cff65-e0c4-4823-ab3d-68af1dfdeb1e","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":56,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"492ce650-bd18-416e-aa0c-bd1cb86195ff","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":56,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"aaa3d428-d532-41dc-bf5a-8b5dc6ed11c3","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":56,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"c690fb60-978b-420a-a223-5ea57c26c424","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":56,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"1c6e5547-1e15-4100-816e-9c956b77573c","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":56,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"a3d1444f-389b-42be-8157-11f161054e56","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":56,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"b216bf8d-de37-4d4a-a7d1-edeb704f5c55","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":56,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"77ca7d43-78dd-4399-818c-255ad080c51a","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":56,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"0d85f54e-5a5d-44bd-8429-5563e624e301","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":56,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"413803d9-b973-417a-ab9d-8b1d27f45a02","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":56,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"984705b8-bdfc-4c90-b247-d68807208e5f","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":56,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"36ac3f2d-07e3-4955-b7c5-f24ca6cf0546","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":56,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"60c894de-c532-4d1f-bb66-744651d5ba45","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":56,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"b9e3aa6e-63fd-4da4-86b8-f1813983db0c","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":56,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"ad3e905f-e9d0-46aa-9d94-1b5dd9e11f7f","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":56,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"28fd5990-a9ec-4904-826c-ca3661c5ab00","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":56,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"b3608354-d086-49be-9718-0577a84b04c7","block_type":"box","text":"of the borrower.","page_number":56,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"f629f0d0-ddba-4f5c-b965-3be9cf52aa8f","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":56,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"0bfd19d3-b544-4bb2-bfb2-79801e92af30","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":56,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"f2b16568-3dcb-477d-aa12-e9501619077e","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":56,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"6d3e9741-7f77-4c93-9ae7-685670634ba2","block_type":"box","text":"II-7","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c74bf69c-b6ca-4124-92ac-576d9b223c1a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b2c7634-cabc-47f1-9dc8-915a5e6299d1","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":57,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"33c71377-4c9c-44ae-aec5-00de2f054ce5","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":57,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"92a60e31-62ed-415e-8a03-15929391331d","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":57,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"6b527f8e-1ce9-4698-9ab1-05fa0a501006","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":57,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"da012573-6d34-4dd8-86a1-165430279531","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":57,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"8942ad23-7b18-44ce-9053-8252651aa9db","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":57,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"94367a17-e5cd-417d-9854-7c228bbc4fad","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":57,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"734828a1-f3a2-4538-ab12-2ce33179b199","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":57,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"983559d6-6885-4ea6-bd2e-7763fbee462d","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":57,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"3ef5ee94-096c-479f-ab94-1bdd3c7b24b4","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":57,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"b31aba9f-c443-469b-a360-c0db586fe405","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":57,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"c8848d97-9dbf-4f8d-9560-76d53ac36aa1","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":57,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"2d7a081f-e6f9-4ff8-a384-8e07938e4ecf","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":57,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"9460e9ff-18fb-4188-957d-289ddc08caad","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":57,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"7a7f0afc-7dfc-43b3-8532-d464f925a0b3","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":57,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"cfd0fe18-6b5d-48ff-b8a6-3036a108026e","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"16df9ee4-bc62-4811-a37b-0a978d3f7f3f","block_type":"box","text":"state law.","page_number":57,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"6d390ab3-8f82-459e-95f3-84bedf282eaf","block_type":"box","text":"Direct Lending.","page_number":57,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"e553aa6e-9170-481d-a367-0fec78e2c6e8","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":57,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"66f6be0a-c573-43df-9689-5086cf0f49c0","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":57,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"0210eb60-8d1c-4f96-9ec8-f6aa705f6f58","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":57,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"658fb616-03e6-4f3e-8376-25a686986be6","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":57,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"e99a908f-17bf-4e00-9a56-1f1bd01cc929","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":57,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"8b0ed114-ec1f-43b7-ae04-a957652fd289","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":57,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"c2fdb9f9-27ed-4dad-abc3-8ae176e4d727","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":57,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"b33c331f-a882-4565-93e8-185a313bf268","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":57,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"6f4ed162-d3f2-4d96-8596-a55d27b18f5e","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":57,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"1cdd4410-7aa9-4499-9fd8-a09c05fa92b3","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":57,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"60c322be-7deb-43ad-ba9a-c71518ee95cb","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":57,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"185db848-f10a-4c0d-9e12-31ac12c7766e","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":57,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"d4dde87f-5ce9-4386-8bd9-5241830ccf36","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":57,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"cafc6e32-7f2d-4b0a-965d-4140ce810f77","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":57,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"a017f7ba-492f-4da1-bad3-4f03080deda1","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":57,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"778a2d7b-4b58-4810-8ce1-cb0c076bd53e","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":57,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"3390f88f-ef16-4869-a093-e9a0000c1b60","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":57,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"4c9d1969-e02f-4df9-ad7d-1f9cb30ec787","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":57,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"1d01dbc9-394c-4d83-8b1a-0369b19cf870","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":57,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"a015c629-1658-4caa-9b4b-874a75f2e4c1","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":57,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"2188a1af-6cfb-49c2-afc4-1075a5fd490b","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":57,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a8082abd-94ff-4d0c-94a7-10f3d3bf37a3","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":57,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"cbe369ec-d858-4aec-b1e4-c9db76330c4b","block_type":"box","text":"Credit Linked Securities.","page_number":57,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"e8da8a9a-7866-46dd-9fc5-6232a713444a","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":57,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"16b92257-f002-4db3-85bb-a691eb7b2698","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":57,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"30b98585-871b-4100-a7f2-42a4a6254983","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":57,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"3416001f-d480-4805-9071-753366f4c288","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":57,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"5446cd7f-98bb-4de1-abfb-673e773ccf28","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":57,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"9081a90a-161c-4cda-9286-29cd04593692","block_type":"box","text":"traditional income producing securities are not available.","page_number":57,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"8c29b70f-62ce-4f0d-a3e2-0863a3bbc421","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":57,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"4e0cd86f-b8cf-4a9f-b400-0012ee31a11c","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":57,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"a7b96cae-4893-436a-a11d-1de4debdb7b2","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":57,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"c99b47a1-6682-4ad8-8154-7be0cf909778","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":57,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"7e7c22b3-1fbb-4eb2-923e-6139249ab30a","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":57,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"acbf8c57-5fac-4279-b45b-9b551f79d1f2","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":57,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"2a604ec4-e0b9-4281-88d9-4344a506cce1","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":57,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"c6caff8b-1228-4752-ac40-e23d5b9fce6a","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":57,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"efe080b1-cdd1-4e74-b6ec-5814f8d95e03","block_type":"box","text":"II-8","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5d327328-58b2-452b-9ce0-50e325aeeb58","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f1e37e0-4a4a-46dd-ac28-c8a881d088d0","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":58,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"b0eed002-d897-4515-b2c6-4a6f43592c78","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":58,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"081e08d3-87f5-4682-96a6-294384a31865","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":58,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"1b19d3de-176b-43f1-8d2a-3ef03f15f15d","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":58,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"54fadd95-47fa-4231-9642-2833f92667c3","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":58,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"6b550d10-7949-4ad5-a9ce-2929969144ec","block_type":"box","text":"investments.","page_number":58,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"e6c75c0e-caff-4616-a3f5-3ce2bccedd8e","block_type":"box","text":"Cyber Security Issues.","page_number":58,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"cd549efd-5bdd-44a6-b902-e8ef49be8842","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":58,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"848bf88a-ae77-4911-902d-de4d1069184e","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":58,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"83da5106-0c73-4202-b56d-56817dc9a327","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":58,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"e1d62312-7800-4c8a-b2b8-25cf20ef14bc","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":58,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"eaca6928-1e29-47f2-9306-1c99feb2b290","block_type":"box","text":"e.g.","page_number":58,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"28318349-ae62-4479-bead-c495b6c8f4a4","block_type":"box","text":", through","page_number":58,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"afb55826-57cc-4a8d-a59d-91d4cdb98919","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":58,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"4d6c75ab-a115-47fd-83fb-674443e1c1df","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":58,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"92733b95-31ca-45e5-b81f-856cbc4c1708","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":58,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"e5adafec-6396-4141-82d8-5a488e86bfc6","block_type":"box","text":"i.e.","page_number":58,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"16e3e110-d7f7-4e56-bc3f-1a9ea6e7425a","block_type":"box","text":", efforts to make network","page_number":58,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"05502703-2e74-4862-a1e4-1427f81163eb","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":58,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"69a865b3-4af2-4a68-83f0-ebc9bbc6aadf","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":58,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"3c38812e-0fb1-412e-8c75-847afcd674df","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":58,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"817afeca-e619-4369-9746-d2cf0b3d1551","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":58,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"50a3312e-e23c-4ca7-83e5-3342946dcad4","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":58,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"587a377c-e974-4ce6-8a40-f4ed72e6e639","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":58,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"991c0d27-8f29-4a96-9677-dfef43ee7a48","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":58,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"2391749c-5f89-46c7-b092-2a5db6c1b801","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":58,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"55154527-86bd-4303-a11d-87955f032ca4","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":58,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"7228e9ec-452c-4251-9024-eb860f90f77f","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":58,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"f38bef30-d3ea-43c2-9feb-9c06aaf3e161","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":58,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"efdd52c0-3eb3-40cb-8a34-c267f2fa8cf2","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":58,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"530fe1a0-fa14-4563-9ad5-d5036f19e201","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":58,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"8dd31d22-2713-44d8-806f-ca38e06b0582","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":58,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"38ab6b80-6a40-485b-bd23-1951d0436d5c","block_type":"box","text":"Debt Securities.","page_number":58,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"6ead7b42-aa2f-4a3f-8b68-717f5afbc9aa","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":58,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"c28c83f9-32ed-4457-984a-3a72607f097e","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":58,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"abb8b5a4-0259-400e-b434-749edf1c5201","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":58,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"050313a3-6847-4273-817f-214119b1141b","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":58,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"20ca67c4-3ac5-4f12-86ec-7e8a33b21f43","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":58,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"9825f4c8-9d3d-4380-b1f4-ae6331c91d98","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":58,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"d7cb8a99-5c4e-445b-9ac1-febe7b8df516","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":58,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"1dfc7aca-b954-4c71-a58e-edcf86172cfd","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":58,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"11ccaba8-4a4d-4b6b-a56b-9c470009298d","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":58,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"aad5afb1-195e-4dc0-93cc-e7c65323d904","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":58,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"91cdcd37-e8c0-4bc4-bbca-56fa8ed35d9d","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":58,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"e5038290-22bd-4d22-9654-56f5bc20aba5","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":58,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"77bf093c-596e-4c09-a990-6592545467f7","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":58,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"2335718d-acfb-479b-ad02-38de51ba4aec","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":58,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"71c3d208-39f5-4a1d-aa88-8c2e652af09c","block_type":"box","text":"lose value. This is known as extension risk.","page_number":58,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"f79716dd-c54b-4110-b13a-20ddc57acffb","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":58,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"d1cddf87-9568-43cc-ae5b-bbad9e119f86","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":58,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"838d027e-cd13-4773-948f-179094ee5d3c","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":58,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"0d6544ac-4084-4dae-adcf-bdb57338da4f","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":58,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"15ea928f-4b64-42a7-bac6-af2a4cc84fe9","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":58,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"ec7fbeea-4a55-4f75-b3e3-5a90731cb404","block_type":"box","text":"Floating and Variable Rate Securities","page_number":58,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"501a9638-3459-4982-b546-68884deb7f89","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":58,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"090d7c9a-d8e9-4d3c-a051-6278ba5bce19","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":58,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"ca1eeb88-caee-45fa-b9c3-12dd87dcab2a","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":58,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"65ffb7a7-5557-470f-bafd-520b55896052","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":58,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"758e08ad-6878-4f9e-a06e-3249fd662024","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":58,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"4450ce10-5d77-4b9b-8bfe-1608a62f87fe","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":58,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"c70a24c3-5078-4678-aa46-dc15c8b76c72","block_type":"box","text":"market interest rates.","page_number":58,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"b76270bd-791e-4038-8021-1891117bbdc7","block_type":"box","text":"II-9","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f5eb6f6f-c072-4ec9-8dc9-465d832d2d74","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37d4634f-d850-4109-a900-c86f58253665","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":59,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"7e3dc0be-6fd2-43b6-8373-707d2caf492c","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":59,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"6146fd7b-f089-4128-8a04-9aa72d84bd14","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":59,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"200f820c-a2e5-46aa-92d4-99d5cbc1f594","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":59,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d684d7ab-6902-4cec-9c4c-ef407e5afd5b","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":59,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"10bf8213-6f8f-4fc6-8645-d63727475670","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":59,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"4bb5c3e5-e1ea-41f1-8a59-834d63cc4772","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":59,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"75fe5638-4b0f-400a-bb77-348dd50d72ba","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":59,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c3d32bbc-d0af-4b0d-bf1f-ff1ce41538d6","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":59,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"1ff13908-0f7d-44dd-88c2-5d46785208c4","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":59,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"a7d74522-b08c-45bb-a145-0a2d5f797265","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":59,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"dc2370dc-021d-4682-8266-2dc72a220c20","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":59,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"6c8fb881-a5b2-49c0-82f3-d46788c8c90d","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":59,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"5aa7bb94-2c36-4af4-84c3-18444230f748","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":59,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"4dd88953-4e6d-4a86-a9f8-5b260248893e","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":59,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"600b0671-5fdc-4333-b38d-1f2a9d26bf88","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":59,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"d8322c7f-eeeb-4fac-a08b-4cc9480340aa","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":59,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"adb9177d-7cf4-4930-9595-9cce0749efe8","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":59,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"1238a781-bbf4-4ecf-a730-089249745379","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":59,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"d89ecd45-9477-447f-af78-f5b15ba7f23b","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":59,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"d1760add-e061-4a2b-9ae1-619058035dc4","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":59,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"90b64fb9-b634-478b-99f6-82fb3da21ded","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":59,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"683b1515-b4da-4c2c-ac67-bae3051d4e50","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":59,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"85cb634e-dda6-4cfc-914c-5d154526273e","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":59,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"a226f346-583c-46a1-a7e0-37d071a65249","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":59,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"e758b2e3-b1d6-4085-914e-eb946b553675","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":59,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"0176b031-f790-4a11-9b3e-189dfdce9a0a","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":59,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"f824c08e-6a32-4a76-a6a2-1838fbcf4084","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":59,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"4fc3bf84-e917-4cf8-ba5c-02c7d4c18efb","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":59,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"72fbdbca-80e4-464e-a487-6b379e5aae0c","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":59,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"6dc6d4f7-8a66-4295-bee3-58193937bd1c","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":59,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"4190e7f4-9278-49fb-b097-6b767248e78d","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":59,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"b1f52fe6-fb10-496a-b5d5-7fda6c4878de","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":59,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"fa497070-cabf-4900-8f68-79465082478e","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":59,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"da5afc27-4411-44e5-a79f-cee6c9befce6","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":59,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"edfb45a4-78e9-4db1-b784-a485ee74d022","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":59,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"bff02086-72c8-4163-ae8a-abef3421e946","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":59,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"4ab24731-1483-4821-ba8d-e27a49eb024d","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":59,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"7f475a3e-082d-4352-bf63-e37c097957b4","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":59,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"27a3ba0c-41c7-4a67-af66-64a8fafbd103","block_type":"box","text":"United States.","page_number":59,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"697d86f3-3bff-454b-8642-ec81e1f6791b","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":59,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"f5a03562-c272-48fa-9da3-3ac33894c666","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":59,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"9a2b80ac-11f4-46a3-a2f7-9f230b44e88e","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":59,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"05f9e565-9ede-4ea8-ae4f-e884d099e087","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":59,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"2c1bdd3a-7837-4d73-89fc-3a8ad18f7207","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":59,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"1c6051a0-97fe-4484-8a8d-09676ed85c47","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":59,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"b863f5a8-4455-4c94-953b-5443950236ab","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":59,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"35c27930-b7e7-443b-b629-f59a2ea3ef6d","block_type":"box","text":"i.e.","page_number":59,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"9006bf36-5a6a-4c3b-b541-6abddb35f9a6","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":59,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"70fd8285-db2c-4dd1-bd3b-c29a6730ccd2","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":59,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"e3b49eac-95c5-4974-860d-b9f952782809","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":59,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"df767c2b-8029-4729-8e81-1f8f1a091b83","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":59,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"7d61874a-fc17-4c8e-84b0-7c562b074069","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":59,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"f881ec99-3dcb-4e63-bc11-a306ea71ccc8","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":59,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"b614440b-2e73-4f82-bdcd-921ee7abddb5","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":59,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"b8d82137-1485-4b11-92d9-b65adb424b9f","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":59,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"da721d5e-ce0f-47f4-943a-34d95e7499fd","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":59,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"d7c5b1e9-6da6-4e6e-a0e2-eaa2effe5cbb","block_type":"box","text":"II-10","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5377712b-7bc3-4496-a28c-baff076d8616","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ba393fd-1e6a-45ec-ba4d-1cac4ac84541","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":60,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"102fc51e-3c50-4fce-a9c1-03339178d72b","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":60,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"3dfca892-6f8e-41a1-a82a-f5aa458fa520","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":60,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"3bfd9ff4-dc5f-4ddb-ab62-815d7e506c3c","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":60,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"1786fc10-6da6-49b8-b7da-8aadb3a5f62c","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":60,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"50307eec-e0db-463b-9ef2-0a2402982dce","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":60,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"549fc33e-01f6-4ff9-bd99-c9c7151bb0e3","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":60,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"409ff21b-53bd-4676-87c4-9ba031bba972","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":60,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"35ff7402-25a0-47b4-8096-405f8531018e","block_type":"box","text":"risk than higher rated securities.","page_number":60,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"67ce5047-376d-47b4-9791-822978160fe3","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":60,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"dd138d64-2255-4570-a189-08ffa484a287","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"25a2065f-14d0-4e40-8a9a-d3fced894bc4","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":60,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"580e4158-be53-4670-93bd-33992b9f116a","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":60,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"de4c7d36-ac90-43ec-864c-8a32f2056397","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":60,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"ef27290e-dca9-459b-a831-426c994b0c29","block_type":"box","text":"unavailability of additional financing.","page_number":60,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"83d6937b-418b-4356-8cd4-844aff07423a","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"9178cccd-790b-436a-861d-9ea0620085b9","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":60,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"c5d408f9-18cc-49ed-9861-4a0690acd8fc","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":60,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"4d8e298b-b624-46ec-81ed-e65fe04cb4a6","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":60,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"0a58a084-32e9-4897-b13a-a7b8da71e489","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":60,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"76fedb88-113f-483a-be5b-842ab764081a","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":60,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"b1b79e4d-fe16-420d-bc07-fa2d571872cc","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"0e70923a-755f-44fd-ac46-31f00443c835","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":60,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"890dd994-5e90-457b-a516-03c9f5d5fe30","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":60,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"160f3475-cbe6-4c3f-90eb-5b9de95c3a83","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":60,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"7d04ac8a-db63-47d4-b0fb-0e6850f971ae","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":60,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"c6674115-a2fd-471b-bda1-4a6849ecc3d9","block_type":"box","text":"investors in higher rated securities.","page_number":60,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"79e07b95-1ea5-4451-939b-6d4deb261b10","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"ac1b1290-d3d4-424a-918e-32d3d8558027","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":60,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"7b6f0aab-519b-401e-9385-6a05211f02a2","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":60,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"ee679295-fcae-44b8-9faf-0b51673d349f","block_type":"box","text":"lower yields and may lose income.","page_number":60,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"d5e6666a-c4af-48ba-95f2-1925e0b451a9","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"44a74e20-a144-4502-bda3-43017defcc9e","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":60,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"b38a1f42-50ad-4787-9afc-59ea93281500","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":60,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"3fbbbf0a-25e0-4abb-a07e-ef61a3fc0698","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"9f95b7f3-1e2d-4a02-9c4c-7cc96b88afe6","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":60,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"9a248aff-1e58-44f4-aac9-63c03aaea7fd","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":60,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"c854a9f1-3c5e-428f-8a8b-4472e875d78f","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":60,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"5682813c-ed6d-45b6-b882-bb7e8b11964e","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":60,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"1f224877-5814-49fa-be86-9e8a41fbda9f","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":60,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"aa5cef6a-d6d3-4779-b7ed-0edb35363b71","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":60,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"e6226f32-bb57-41ea-b7dc-8ce4ab1d9173","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":60,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"ce8302c2-a86b-425d-867c-01e30648de5d","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"f90215ea-2a06-4376-9cd7-27a927d3de19","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":60,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"5ea73bb2-91dd-4f46-b067-2b5334095e3e","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":60,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"c1ce2535-a5d2-43e0-ad6c-fa440ba14a13","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":60,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"34754e9c-9322-4d12-85f4-542348332cd8","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":60,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"f3e6267c-5660-4128-8cf1-e6ac829b1f02","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":60,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"ac5ddbab-e3b2-4fbc-87c5-f5749f274965","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":60,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"b3ac1cb1-1ce3-4465-bd96-265203a13f84","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":60,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"a68974cc-1c18-4124-a9e7-50161c10fd61","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":60,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"2689a2c5-8387-413f-8764-38795ba22fbc","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":60,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"640a5f2e-6862-4c53-a80d-0112d90072bb","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":60,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"1ee6650a-ceb2-4744-83e6-ef8e3d6b8815","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":60,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"1ac87874-aa35-4994-90e5-c066d9c3ccd1","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":60,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"346d2e65-4af7-40e6-9ccf-dcabda09791d","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":60,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"1fc3b695-da4f-4353-8774-864589310b03","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":60,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"9ac18d53-0971-4dbd-bee2-4c5fb910bb42","block_type":"box","text":"role in determining such valuations.","page_number":60,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"9cdcc008-47c6-44aa-bb22-e7e923b00e20","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"5efd2e67-3ea2-45d9-9616-e2720992891a","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":60,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"1d4f2ae3-dd0a-498f-9ac5-e3d0fec9516b","block_type":"box","text":"a defaulting issuer.","page_number":60,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"eee5dc45-ec8e-4e41-9445-e0b4af470045","block_type":"box","text":"II-11","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2f1d176-7c82-4a14-bdfb-95f2292ff042","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ecfa9d8-81cf-4d4d-8d36-8b97aee2ce7d","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"eebede42-2906-4b19-b17e-5d0f9467b1ee","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":61,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"5c5e05be-efa0-43e3-a161-333cc04c040b","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":61,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"0ec1d178-ec44-49aa-9454-4ddda4c48322","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":61,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"531ed6cf-5340-44d0-b748-e29461bfb8c4","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":61,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"681e763e-19f3-4156-a2de-19cec703109e","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":61,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"2b594fe3-18cd-4778-b61d-abe7f0d63c92","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":61,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"8519d9f5-f982-478b-8065-bf0d7d7d606c","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":61,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"dfabc72f-89e8-420f-8d25-05e53ccfa545","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":61,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"ad0e1606-d6d9-47f3-b43b-e194483e36ea","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"20ddb679-f267-4ac7-9421-3d4f862ad6a1","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":61,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"def4219c-3f87-452c-956e-9d56f5f77361","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":61,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"47f17a99-ee6e-47e8-adbd-159c3ddd73de","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":61,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"fd7a07b5-bf19-4141-b82d-bdc12890f650","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":61,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"fa5defdc-c1f7-4dfd-a153-0f0a6549758e","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":61,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"849762d5-2574-4199-9c74-d0f52b4a9565","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":61,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"b99e1ef6-9cc3-4f7c-8b0a-cd7ad91c59f8","block_type":"box","text":"higher-rated securities.","page_number":61,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"3ab2b8ef-97d9-4802-a19c-aa60d91bc60d","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":61,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"3c60fcf4-ae2c-4d36-aa22-30d7efcda9dc","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":61,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"c8c5c880-c07d-48d9-b1cd-0567cab47889","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":61,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"770cae63-c156-485a-a291-cee38e0b2264","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":61,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"379a3533-9fab-4519-ac7d-3babcfe94822","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":61,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"4c554948-7df8-47e8-90bc-e633db7a2100","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":61,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"8714bc20-ee81-4a79-b140-4f979b9833c7","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":61,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"a5bd5831-eeb5-4919-b926-a748c5e38d62","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":61,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"350bf81e-0890-4e38-b5d0-882f6db435ad","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":61,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"67a59c23-2c24-48a4-82f7-be4590d0b375","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":61,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"49c53a15-e581-45d6-9cd2-f024e2efd99e","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":61,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"dc7b28f1-a06f-4cc9-a58f-2db16e090227","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":61,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"0dc89946-49b8-41b9-b2d6-fe91543fdaef","block_type":"box","text":"Mezzanine Investments.","page_number":61,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"60195b5c-2b92-4085-a260-a632daf6b63e","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":61,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"71938ca7-afc8-4658-97f9-9f21cc42b4ad","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":61,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"bb989320-e14a-46a1-b641-135ff6be5615","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":61,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"3e00c77c-df2b-411e-8b88-4b979921368f","block_type":"box","text":"e.g.","page_number":61,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"19fba0cb-ffc1-4e17-97b7-1ccfacbb3a80","block_type":"box","text":", with","page_number":61,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"56da123e-8077-40b4-8dae-b3ba711671d1","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":61,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"70aca647-6245-49e8-874e-0643367ebba8","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":61,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"c3e2336e-bb05-4bd9-b0e9-711ff20586ed","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":61,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"ccaf4f0c-be7c-4831-af90-be06be145870","block_type":"box","text":"other obligations of the issuer.","page_number":61,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"2a78196e-b76a-417c-ad06-eb6b2779ed8c","block_type":"box","text":"Pay-in-kind Bonds.","page_number":61,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"2fa7acb9-cd38-47b3-9cf9-41199b829fd9","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":61,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"26ebaf55-d2c8-4ec6-9f30-0799e3c13d50","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":61,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"1ec64b2b-6f80-46f0-becb-1261f2ad67a2","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":61,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"9e8b86db-0d8a-481e-b941-38d0a192cfb4","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":61,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"b21a98a6-1425-4370-a7c9-58f06aa525c5","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":61,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"92502fe3-2605-4136-8d96-c341be788e31","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":61,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"a1c6a55a-5a4f-4d8a-981c-01dcdba5bab5","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":61,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"3ba51d7d-ab5a-43ba-9323-d3c5702eca98","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":61,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"31fc3d38-63c5-4958-b771-40fc10f768ca","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":61,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"0999f0ce-1d6d-4ce4-b7a8-d937612bec49","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":61,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"9fbbb920-97f7-4698-a260-e18a49a084dd","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":61,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"900c0e9a-a967-4d05-9c7b-459a4329caa7","block_type":"box","text":"Supranational Entities.","page_number":61,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"49d1c8ad-fdb1-4ac9-9d18-8bc330f23be9","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":61,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"4e89574b-67ff-4e43-9961-1db1444eddd6","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":61,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"1955ad95-ec29-48bf-a001-8b61ba1c97db","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":61,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"a095bb44-35f2-4049-9eac-0b14a403b531","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":61,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"d2ba845d-dbf1-4407-81d8-5990e5ef11f8","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":61,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"d281f414-9d1d-4a2e-91fe-012d6de96977","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":61,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"f764aebc-7aee-461b-a94d-316e84d30a69","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":61,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"e8b2fb47-34c5-4938-ad7e-773c4a87d529","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":61,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"04298cff-b03a-4c37-bd70-4672c3497815","block_type":"box","text":"II-12","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92825056-438f-48ee-a426-425932c70b7b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2133619e-2d98-478d-994c-c6f813350025","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":62,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"480f4878-c5fc-46cb-9c33-31cffc5c2a53","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":62,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"0e4b4add-9ce3-4386-9896-f8dd6b304c97","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":62,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"e5de79a0-4bf5-4b14-924d-ec9cfdf5e544","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":62,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"5567fd45-84f3-4fc0-b512-467fd550bade","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":62,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"fc66efc7-9ff1-4c27-9c69-7ecf1faf3fa7","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":62,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"d1d54cf0-041f-42ef-970c-b1b0efe2f57e","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":62,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"234dda52-6f09-46f3-828c-bc2b3c50c9b0","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":62,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"87f4835e-6e51-4dad-ab73-9bf709dff8d1","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":62,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"a56023f4-2c48-406f-a0ae-eb669de71a6e","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":62,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"73fff16a-98aa-48a0-93c7-8c3ee74a643b","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":62,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"54eb455a-08e5-476c-9b05-9d7a62d782e0","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":62,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"a9850e1a-1820-4eb2-ad7c-b7449e2d5833","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":62,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"961d8607-1a98-4104-8fc4-5434d92c5732","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":62,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"ae859869-bd0d-4534-9545-af1da591166c","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":62,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"94a11c3a-3c89-4523-8210-9f5e557e2c47","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":62,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"30cffa58-4d78-4fb5-b17b-f40e991f4a71","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":62,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"c1d294e1-9223-4f07-a346-c053f7de3b1b","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":62,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"d4e26cd2-142e-4ffc-8196-98eb5b1cea68","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":62,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"c8cf157e-294f-45ea-bf2f-9344bee8e871","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":62,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"fdd4f68e-f670-4467-a52f-ef558954eb0f","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":62,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"e6bb834d-93aa-4a75-a99b-62e0a6dae309","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":62,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"8437272c-55e9-4ee9-b744-ec3e3fb56236","block_type":"box","text":"Derivatives.","page_number":62,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"650decef-70c5-4982-b1a0-0d37682db977","block_type":"box","text":"General.","page_number":62,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"c2d17e49-6432-49ee-b9e0-ad2d7cb4942f","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":62,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"431513e2-f8a3-4f4e-97f3-2a1f05a5ad54","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":62,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"ae27a287-be7b-43a6-ac5b-f53a94ba095d","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":62,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"35f07651-297d-48f2-91a1-5f171df08bd3","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":62,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"2d708e32-bd82-4149-93c5-89376fa99616","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":62,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"240d8bf7-bda2-4c85-8c81-b5fe95c44fb3","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":62,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"ebf519ef-114a-4060-abc8-7d725dd1057a","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":62,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"e1ab0797-0992-4909-9357-cef5d82b3bc2","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":62,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"1aad293e-7070-44dc-9a5b-04fa570e985a","block_type":"box","text":"i.e.","page_number":62,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"3314c963-eb49-4864-8dd3-7337114aac7f","block_type":"box","text":", the payment obligations of","page_number":62,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"a613f25b-66d6-48dd-b5b2-9aba6a447aac","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":62,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"ede6e866-eb9a-4d93-b8ab-f2ce69f768f6","block_type":"box","text":"net amount of the two payment streams.","page_number":62,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"60596c78-ab71-48b7-8445-50a741dd7e5c","block_type":"box","text":"Hedging.","page_number":62,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"9a385ab7-f008-426c-9416-9ffe1a59cede","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":62,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"f466b531-cf0e-4598-86b5-ed0b3c45f999","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":62,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"f3a73475-6ad3-438c-b220-43e244039cf1","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":62,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"fac6579b-2857-4539-9f4f-7e0970a6b919","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":62,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"667a9cd2-10eb-4030-88c5-1e2bfd4d6f80","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":62,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"4b29e79b-d001-43fd-a24f-a0c8ad34f8da","block_type":"box","text":"correlation risk,","page_number":62,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"4f55f1e6-47ed-4e70-bcfe-c0c7f0f4ff61","block_type":"box","text":"i.e.","page_number":62,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"522ee434-ef51-4927-a2c1-0ad37785b829","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":62,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"194c5613-1d30-4d0f-be8a-af6f42e641ad","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":62,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"302a4e2c-a510-4a72-897b-a8204eb0c41c","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":62,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"32c1af6b-a7c3-4410-8eea-cb986ab1e47b","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":62,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"f76f2e35-ce3d-438b-bb1c-d5f37808b533","block_type":"box","text":"Speculation.","page_number":62,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"6fede8b1-f19d-415b-874c-138a528311db","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":62,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"0fc255b1-995c-4fbc-9b77-f8da5893e4d7","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":62,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"df35c604-889e-46df-951a-ac196a5d9819","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":62,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"c7e48cd4-9011-4b86-a531-55a5c97bd138","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":62,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"350ebc6f-fb97-4406-95ab-6fa1faa78bfe","block_type":"box","text":"in certain cases may be unlimited.","page_number":62,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"9d7b0734-a53b-467d-beac-190658f46e9c","block_type":"box","text":"Regulation of Derivatives.","page_number":62,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"5d31ca20-02dd-430a-b1ae-55bdac6e931e","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":62,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"5aee3aea-0607-46af-b57a-d815fc1ba50d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":62,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"9b104a89-7f1a-4e39-bdd0-90af9bb39aea","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":62,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"975afc9f-7436-4bd0-a742-249048566a22","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":62,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"6556143f-a74a-4519-856c-7730b2939e74","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":62,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"a8c20a1d-b347-40d2-af5c-b238fc97148f","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":62,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"d20d78c9-3e8b-469c-98f5-1093de72bfa3","block_type":"box","text":"coverage”).","page_number":62,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"eb8447dd-f63b-4d9f-a281-ac181920c7b0","block_type":"box","text":"II-13","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1828124-553d-4b69-ad4f-3202b43cb33e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"632b35c1-2ca2-4618-9d76-4731b29f8e7f","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":63,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"d9514ffa-4303-4af8-8f91-c9cad1edc413","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":63,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"ab8ff170-83c7-48c8-9f9a-2b007d6058bc","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":63,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"16bbdfb8-ba89-43e1-bf30-263a1340731b","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":63,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"02da6799-7bf1-4ace-abb5-8414ae968906","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":63,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"91bbc0b2-1e68-41da-bbf4-e6b9f75c4520","block_type":"box","text":"financing transactions (","page_number":63,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"2fcb0f84-58cf-4300-8b8d-15a0bc9b4046","block_type":"box","text":"e.g.","page_number":63,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"27e6d86e-f1ef-4395-8786-ff736c05220b","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":63,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"a83cfb53-1b95-4c0c-bb59-b469530b522d","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":63,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"64856ed0-5a3b-4800-9701-6213711b3691","block_type":"box","text":"securities (","page_number":63,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"06fa25f6-da3e-4cb4-82d3-01e6551b98d4","block_type":"box","text":"e.g.","page_number":63,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"74001b4a-be5f-409b-9457-58f34b57fa3b","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":63,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"0bfb2e94-734f-4c6d-8adb-01a4497586de","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":63,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"b96f1539-2946-463f-9c9a-1fdd900f4f73","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":63,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"03eb9190-bff2-4de6-9a29-bed125168c7b","block_type":"box","text":"Commitments”).","page_number":63,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"2edc4569-e5d0-4164-977d-242db35dcce3","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":63,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"a72229af-a683-418c-9775-d43189738602","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":63,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"ff4869b6-6fde-41e6-b2ad-8cad25f174d6","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":63,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"0c2b5df7-9875-4d62-82fe-f8be273efabe","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":63,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"22daf361-59e9-4e94-a1ec-bf33dd139c41","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":63,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"80ac67e8-2b9c-4f49-a50f-aad5726412de","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":63,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"5f0d71f6-926c-4ac6-8eb5-c958a57d55b3","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":63,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"b4966f2e-3b9c-42ac-9b6b-500b9e3d1d66","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":63,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"fd002493-9746-464b-b183-b2669bcd7281","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":63,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"ea53b1c3-0a3b-46c5-852d-c4c13c5f8531","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":63,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"d61ebea4-6762-43c6-83ff-8d93a325ecfb","block_type":"box","text":"Dodd-Frank Regulations.","page_number":63,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"6dd945ba-5afa-41b4-ba62-7e6dbd91bc63","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":63,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"26f94cc2-2262-4533-9626-3fc5e0f7bb5e","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":63,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"d1f7f5d7-a75b-44a0-af41-2c91c3a6f05c","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":63,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"d384fccc-b964-476b-8569-8f713a0e6d43","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":63,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"a0c4d655-8dc0-4fb8-bcc2-e5ccbb54cee0","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":63,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"13a6110b-0d24-42de-acf9-92e8f079fdb9","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":63,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"9b1d0efd-443b-480d-a107-9241814a6484","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":63,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"4176c3ad-0c3f-4f05-a1ab-1ccbc9c81fd5","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":63,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"0a560587-948d-4ecd-ab49-c9f6f79b419a","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":63,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"fa5d1ce2-2deb-4bf6-91fb-47998aaf4538","block_type":"box","text":"requirements.","page_number":63,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"ba4b37ba-75d8-44f4-bc0e-c65fa83b3624","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":63,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"16e72f03-71e3-4967-8d6f-75a27e7963c0","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":63,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"ccb9839e-8229-4951-b736-9d5ad56d8ae3","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":63,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"a067a476-1064-4da7-9ed5-9b2a1e5537cd","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":63,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"19d19c1f-78d6-4f74-9565-2265b573f77c","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":63,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"2b7c5266-c493-419a-a3d3-8348ef105679","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":63,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"62ba2d8b-53c2-4341-abeb-da28446575ab","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":63,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"1052950d-5fc4-4c65-84ea-bbd8aec442ba","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":63,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"e3d1ac9a-cf99-434c-b93f-78cac90d5eb7","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":63,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"e643c4ee-a72d-4577-ad17-a0629cf50d14","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":63,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"a9ea17f6-84be-4158-9c69-5367255a7a3b","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":63,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"ac8c7b25-0919-4168-88d9-3035d3711af5","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":63,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"23bb58ba-e3e1-4326-8b72-5b88d0754414","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":63,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"785e9ed1-ba29-4a23-a7dd-e715dc7bb445","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":63,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"deebcec7-5764-42f9-b208-94454275ba84","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":63,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"5a34392d-64c9-43ad-8609-a1f9a54958b7","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":63,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"4c34cd39-e52f-41fb-8e05-1eebee2a35eb","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":63,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"b3171ae4-a4e2-4da7-b307-80e7051cb6a5","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":63,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"005cfbac-ac8e-408c-9eac-acc749ebe34f","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":63,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"e5e37efc-555d-4241-8b02-75b1519d9fc6","block_type":"box","text":"member.","page_number":63,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"921322d3-7099-4787-9dcb-5ba1ffd14d6f","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":63,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"7b557da2-2646-490d-9676-952d4eff501d","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":63,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"08391bac-547d-42bd-a73e-156adee0f838","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":63,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"9cb787dc-a833-4954-a846-b862a67635cd","block_type":"box","text":"II-14","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"74bef4e2-ff6b-45f0-abfd-150bb51fa241","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c63ab2f-30ed-4b0d-8619-0db9549ac926","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":64,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"61a9c259-1747-454a-b32f-651786332bdb","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":64,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"f1425d98-5623-46de-a681-7081ec7c5beb","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":64,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"7507a090-2161-45f0-976f-fb0dac7656a5","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":64,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"f2db145b-75fe-4614-b393-90e0df3ad8a9","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":64,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"9e850c4a-1bcc-4770-8891-dd1dc039bf60","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":64,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"67cead3e-504c-4673-a1d0-6970c5ace905","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":64,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"17ca321a-0283-489d-80e3-d7426ff2951c","block_type":"box","text":"derivatives bilaterally.","page_number":64,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"0e244432-0381-4745-bf40-64289c8532ce","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":64,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"18d14883-22d9-46a9-a1af-42bbc85f58dd","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":64,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"3b227c0e-5818-4850-9314-39ddb4cf46cc","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":64,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"24d30ada-9c8b-42ab-bf14-f1b7aa471679","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":64,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"7c2e02e6-78e8-4149-8c9e-bcdd31b6da0f","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative","page_number":64,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"6cb7b64c-a9ec-43c8-a1b0-a42158049279","block_type":"box","text":"positions that any person may hold or control in any particular futures or options contracts traded on U.S.","page_number":64,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"6af16304-e176-467e-a8c7-c4217fc3c51a","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":64,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"b43f6e15-7f3e-4b52-8599-ffd4848972d4","block_type":"box","text":"agricultural commodities (","page_number":64,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"7adb84b4-5aab-47c4-bb31-018e3deaae47","block_type":"box","text":"e.g.","page_number":64,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"c66eb635-de9e-4161-b611-0424c49b2884","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":64,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"e35ec113-c24d-4b90-b6e0-579c2b04193e","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":64,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"b8c00a51-3b19-4950-ae9d-3f85bb8e780e","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":64,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"5f7ddfb5-cb17-43c0-be46-337ecc324533","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":64,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"0f612de7-6fdc-4c36-a8c3-77c88cff32dc","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":64,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"238ac167-a54d-49a3-8582-be870d0ab06c","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":64,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"f5ad78e8-d2b0-4741-aa97-ef302eb8c504","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":64,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"0467fc25-f066-40a1-8a63-b1e734009803","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":64,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"9aa89060-0525-4481-b3ca-38e1165a0593","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":64,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"015bbea9-6e58-45a1-8f4d-b59499704d76","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":64,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"c5ce5c8c-84ab-49f3-ad2a-6169ab41ba8d","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":64,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"d5a6c178-bce5-4eb2-8a0f-22aca9f8f086","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":64,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"5bf82a40-9385-4dd0-ab40-2808204482ca","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":64,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"a8691dfc-8eec-4ffc-9480-10a31c48c8e4","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":64,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"998f0849-9db6-4105-9766-2ed70c399052","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":64,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"f265dac6-0bad-44cb-9e4e-b46e451b05a0","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":64,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"22e6af14-794f-4874-9199-0d645add9fc6","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":64,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"31af23c1-d90c-43bf-9f3a-86fe72f99221","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":64,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"a6b4d222-5b8a-46ed-b573-704b01e8323c","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":64,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"633bc64e-452e-4f8d-9095-616a1cb12a6c","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":64,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"6e5e89b6-7dfb-4f19-b36d-1c6f360ffdb6","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":64,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"bf77542e-7b41-4a88-8d6a-3b9b777f13f3","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":64,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"190670e4-4585-4af8-a46d-4dcee4480b24","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":64,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"ceed33eb-3f2e-4fe9-9c4b-50798945e422","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":64,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"0b246cb4-79aa-4afa-87df-ed0375c0c802","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":64,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"1addd761-31fe-44af-a7de-1072e028ee65","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":64,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"6243aeb6-f12d-48aa-a370-69c4ad5e2e99","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona","page_number":64,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"12cc1913-6365-4ee3-a760-3f2256178c9e","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":64,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"71e2479a-05d6-4ef5-a2f2-ebe8581f4018","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":64,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"07ac8987-f777-4a43-8244-f7b96256b9ad","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":64,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"29a9bd79-e24c-4442-b708-e3acbb61be1a","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":64,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"0325db2a-b51b-4836-985f-0483ba5067bd","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":64,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"dd801d7f-3cbf-4c49-be4c-6cc6b9c0957f","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":64,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"cea7bca5-0546-4c7e-814b-80c8b6ab166a","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":64,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"f07bd4de-da14-4a3b-ac34-27f53211df52","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":64,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"79fcbeac-6990-49d9-b241-6864b6fb7a0e","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":64,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"b86173c4-7adc-4d86-9e61-5ae5b7d74be5","block_type":"box","text":"restrict the ability of many market participants to trade in the commodities markets to the same extent as they have","page_number":64,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"e7120217-b24d-4b96-877d-e9062e1640b9","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":64,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"945e5385-dc03-471e-a596-a2af9ca019be","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":64,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"2e8508d4-f099-479b-8244-21daecb81706","block_type":"box","text":"affect a Fund.","page_number":64,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"1514d293-972e-4cad-a925-021301156e0d","block_type":"box","text":"II-15","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc8188b9-9a3d-4efa-8da4-0fa031ac7d6b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcdfb43d-7f79-4489-a233-468be2e886e5","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":65,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"8da08911-f904-482a-a316-9450e636c9a6","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":65,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"27e1496a-b3a1-4728-98a3-288d3acccc77","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":65,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"7eedcdd2-5fbc-46da-8f4d-03c12d921e99","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":65,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"b176f650-e239-4d72-bad5-4b7cf22e4ec8","block_type":"box","text":"affect a Fund’s returns.","page_number":65,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"49aa7304-5242-4880-b3e1-220cfde1c189","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":65,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"8984803a-ec2b-482d-be03-28c9a2bbbdc2","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":65,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"619d42b2-d350-479c-9ccb-1b0930f91451","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":65,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"4705ec86-814d-41ea-857c-beae44a1a0d4","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":65,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"f47244da-4d25-4928-9202-3dd368fb840f","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":65,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"1386f670-af30-4dd2-9b3b-002e868c0135","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":65,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"954e1242-c3c7-4461-ab12-7c16f5db2aa0","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":65,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"36edd711-d7de-41ef-9bff-ec4dbaa18cec","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":65,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"9c502a9e-205b-4449-af33-70ad8dafcc03","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":65,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"efd3b3cd-67e7-4987-bb71-0b35a856b069","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":65,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"84b90c5c-a399-4950-a21f-b3491e5e6a74","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":65,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"43daf486-f8b1-4895-83cb-432828accdfa","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":65,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"5808f8d6-e8e5-4f32-8b7f-82504d6838a7","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":65,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"5544b1a6-8e59-443a-a845-9d01a688cd5e","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":65,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"f75daa05-46b7-43a1-9cac-c05eada9573b","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":65,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"5418186d-8f74-4530-9a26-a1fa7791728b","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":65,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"245c2a88-73fb-4af8-aed2-8b50de126098","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":65,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"3b55115f-90ed-41ab-bd70-8c445b1e2e09","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":65,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"3d17ff80-a8ef-45ad-b3c9-731cc957f37b","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":65,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"a456892c-5f83-4bca-9dff-4f21c424f616","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":65,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"d8df2d51-0b78-4467-b949-955f160e0dad","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":65,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"634dcfb9-174f-4735-83c1-3ac4698b0fd3","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":65,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"2a3278f8-dac4-42b6-9e9a-88048a445e24","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. It is possible that these new","page_number":65,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"1bdc3dec-2e42-40f4-ae1c-cb257a22234d","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":65,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"dc264553-40dd-48d8-9197-17cb4e15ba8e","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":65,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"2b098503-a7a1-4825-a200-2955c504304c","block_type":"box","text":"received under such contracts.","page_number":65,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"d40936b9-adc1-4460-876b-17397d6b9053","block_type":"box","text":"Risk Factors in Derivatives.","page_number":65,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"be438d22-c116-4810-b8cc-b9fb158f95cb","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":65,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"4fa8f093-e9b6-4f74-9fd0-70d03d1504a1","block_type":"box","text":"Correlation Risk","page_number":65,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"8ec143bb-4461-47cb-a5b6-b49d7768b426","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":65,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"dc5d7dea-9a82-4f5c-9a8f-3ba28b33b236","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":65,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"171a4ad6-3858-4ae1-9a97-e4e2c7a40ace","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":65,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"a9ab3875-c461-490b-8a90-2d87a616fae4","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":65,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"8ad5042b-b556-42fd-b383-b59153563f4e","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":65,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"c02e7e1d-21dc-4e79-b3ef-571ffa0b18c1","block_type":"box","text":"Counterpar ty Risk","page_number":65,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"5d27a73c-6fe5-4542-b310-38c837575df4","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":65,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"fee920b0-0067-49a8-9a23-87006d548987","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":65,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"04ef2eb3-3143-4c6d-904f-db60d70d6bac","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":65,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"c6347f03-d8e8-4a14-ba7e-5e49572cf9ca","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":65,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"da82669d-869e-40a6-8fc9-6b12c0af77a1","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":65,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"ccb59572-757f-4c2b-88da-166d20457c05","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":65,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"a0be9254-a7bb-43d6-81e8-bf544e13cd50","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":65,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"cdf209e2-c01b-4761-a455-8c8a1dde3814","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":65,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"4aeb89b2-e79d-47e4-8b58-4cc4c433954d","block_type":"box","text":"Credit Risk","page_number":65,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"925124e7-f70f-43e1-93b5-48bbfedfcf32","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":65,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"73298b65-430b-49ac-b5ae-e774726e72ad","block_type":"box","text":"honor its financial obligations.","page_number":65,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"9eca1b4c-bf6f-4688-a424-a6bf31da91c8","block_type":"box","text":"Currency Risk","page_number":65,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"b1656a7a-884c-4c38-9c20-729824b61d34","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":65,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"1056475c-d4c3-4bdf-8646-ceaafd6aa99c","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":65,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"ed6efb06-ec78-4141-9a5f-9031bb21a187","block_type":"box","text":"Illiquidity Risk","page_number":65,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"8f460ad2-1828-48f2-a094-3d81b0a6578f","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":65,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"4220701f-cde2-48f9-b299-81ae84cab92a","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":65,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"53f02b80-b72c-4baf-8485-8018104c3378","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":65,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"95ce0630-d89a-4e54-bec0-26624af7953a","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":65,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"441a0f8b-98db-4832-9d2b-299d8009539f","block_type":"box","text":"II-16","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"75e489a3-9e49-4826-9323-a4c0d3c823b6","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"565278ee-f76c-4317-b03c-36915f287b95","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":66,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"f10b9a83-63ee-4608-8175-c49b246922f5","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such","page_number":66,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"24c0df41-a465-4f0e-bda2-f84e377d555a","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":66,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"ac683fd1-4955-4bad-85d7-b4b5574d8190","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":66,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"3595e4a9-3ce9-4be7-90d0-0acbfa7b577d","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":66,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"043ad91d-35fc-4dc8-9c8e-336d3ed57a60","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":66,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"67088378-429b-40ab-b618-1a93c43378eb","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":66,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"495d01a3-a0ba-454f-8f6b-a7cdea461e98","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":66,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"4f484f62-1582-4ca1-9d6e-a38f6ad7f937","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":66,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"d79b249f-31ee-4e75-956c-60b9d0fe8732","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":66,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"174ebe2c-6ba3-4a7c-9d1a-4202cf2ec1e7","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":66,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"fadbb3c3-18ef-4878-9f8a-cb5cb1f8091f","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":66,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"9ea66e55-f671-4006-b3ce-5e262ffd42c3","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":66,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"d7118ef2-b430-48c4-84ba-7567c7765408","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":66,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"18bd0c5d-2c70-42d0-b7b4-93519da5c312","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":66,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"51811d74-6dca-4a48-850d-0faa2940dc33","block_type":"box","text":"Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a","page_number":66,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"9d179e4a-4c9b-4d5d-9337-7a61404e2187","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":66,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"3a13dbaf-b364-4308-8a29-32278c5c7131","block_type":"box","text":"Index Risk","page_number":66,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"6777b0cc-6272-4391-855c-5646c4c0fd21","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":66,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"fee8c2d2-d147-4836-a472-cd2f00eb2938","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":66,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"0ef07939-8d49-465d-8be2-5fab624976ba","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":66,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"a2aa9291-a6e1-44fc-822b-9703b5ccb7d5","block_type":"box","text":"Legal Risk","page_number":66,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"066d2911-90dd-4f2b-9aec-3bfb7c24d52f","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":66,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"17d97ee1-be91-4d27-8096-e534263467b8","block_type":"box","text":"or enforceability of a contract.","page_number":66,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"e2cd7272-f2d8-46e1-a568-076e32dcb69e","block_type":"box","text":"Leverage Risk","page_number":66,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"32483f73-a01d-46b8-bce2-362c99cfe414","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":66,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"503b2b4a-d095-430e-b7a4-39322ed86b39","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":66,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"bf960233-64c1-4396-93e3-bf673dfc1023","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":66,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"6a209eea-e88f-411b-b478-5ca2552bfc71","block_type":"box","text":"Market Risk","page_number":66,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"0d9167d9-99dd-4d02-9d74-b941882cc9fc","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":66,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"c9329ab4-f679-4641-b92a-e2990d5b6448","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":66,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"8d6bc1fb-f0ef-4d41-a76c-3a526ef5ad13","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":66,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"767e9f74-fa6e-43a1-a20b-3395831baad4","block_type":"box","text":"affected.","page_number":66,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"87d772ac-121c-454d-ba1a-21d074922b5a","block_type":"box","text":"Operational Risk","page_number":66,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"f95f1ca2-f0c4-421e-a211-d39b0e18e740","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":66,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"d0392cf1-c06e-41d7-912c-0b03ac4e8f09","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":66,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"2b4b1d99-54d0-4378-840b-719f351ba545","block_type":"box","text":"Valuation Risk","page_number":66,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"5d5e7c39-a24f-48c5-9efc-a5d96999c469","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":66,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"a26c375f-9756-4c87-9b63-ad0c7f1b5d84","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":66,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"e1b54237-4bd9-48dc-82cb-ec81f86ea490","block_type":"box","text":"complex instruments or quote prices for them.","page_number":66,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"c67acf2d-0f86-425d-a95b-ac3cf9eb62be","block_type":"box","text":"Volatility Risk","page_number":66,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"174396ac-573f-4b2f-99f8-1862449d415c","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":66,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"c025e66e-e858-442e-a8db-523b96dcf89d","block_type":"box","text":"Types of Derivatives Transactions.","page_number":66,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"437e04f4-7c03-4e8f-917f-37575b104448","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":66,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"b3a16302-e96a-4e32-9465-add0b0e85bc7","block_type":"box","text":"including the following:","page_number":66,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"a446a367-16b2-4d3b-8a21-6abc749fa720","block_type":"box","text":"Futures.","page_number":66,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"59ccaa74-44ee-4bd7-8f0a-912ea6212ae4","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":66,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"75956042-94c8-444f-83b6-d52b6fd39d35","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":66,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"363bb6ba-5015-4c5d-80b1-f37a6af472ee","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":66,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"75aa3dc4-4954-4def-870d-ecf7ad0b8118","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":66,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"2c2c40c0-8a47-40cf-a366-e66302466b4c","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":66,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"967aee78-3e32-4f07-b791-13ef217f6f17","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":66,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"34f4a20a-065d-4ee6-b66e-7dde1e5cce07","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":66,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"ca9bb031-7b16-489f-8e1f-32f6d1a5a5f1","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":66,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"cb9eda30-e324-4f2c-83ac-f670ae400e97","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":66,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"8f90aa27-9ebe-438d-a856-350234522544","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":66,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"925383bf-aa83-4d4b-833e-1b8d9ee09815","block_type":"box","text":"of the futures contract.","page_number":66,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"95b0e496-0478-4bbe-b675-56c47137f4f1","block_type":"box","text":"II-17","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6955e5d2-c3d6-40c1-b59b-6e43240ae930","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5f8070c-b4c1-4000-bf77-2aace45a4fb9","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":67,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"644667de-f94a-46c9-a3e6-9698d8a25213","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":67,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"7f34d530-151a-415a-a1f7-f5d0d5ac5349","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":67,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"4e880845-0f7f-4560-8bc6-2fa1b7855634","block_type":"box","text":"relating to the futures position.","page_number":67,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"dc1edc2c-bbce-4f20-b19c-65df274344f4","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":67,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"2292c8f4-51a5-4d6e-aa5f-b99875be7507","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":67,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"b6f6ec26-a8bd-42d3-9be7-e3d64187b4f4","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":67,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"c2300eb6-4e33-4dd2-8f11-e800b20a0264","block_type":"box","text":"Regulations” above.","page_number":67,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"d88a8fea-05f4-495d-ab1e-0bae00fb23e3","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":67,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"8c0c7d3c-d435-4719-acc5-e86bd3e5517b","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":67,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"efde8f32-146c-478a-89cc-9151c300c014","block_type":"box","text":"(","page_number":67,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"50f9a470-cd5d-4015-adf6-cc7f025026f2","block_type":"box","text":"i.e.","page_number":67,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"1eacb076-bedd-4e73-84e8-6771f241b224","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":67,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"411270a6-1aee-43ff-8936-c93fa8474101","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":67,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"a079862e-3548-4768-9d5b-cb426ca7403e","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":67,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"e0f81a92-d821-448d-9f34-53bfd70fa3ec","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":67,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"2d62ffd8-1cec-4fad-9b2b-aba5a302f3a3","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":67,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"7ad511aa-570e-44a4-b143-ab394661e463","block_type":"box","text":"Fund intends to purchase.","page_number":67,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"dc2be400-26a9-4d8e-ac68-55e74c203ed6","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":67,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"34ea227c-53bb-49f7-8c10-935b14a42216","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":67,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"dc0e1264-9ee1-4edf-9d14-f25bca906fbb","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":67,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"7fedd0c6-35e1-482b-8ac2-e12eb89a57df","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":67,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"9d0a9701-db64-4f11-a450-0c50ef0888ff","block_type":"box","text":"illiquidity.","page_number":67,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"22ab0a12-b433-4b7b-a59d-0b4d83a57db2","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":67,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"b5180021-c8ef-42b8-b34e-2645f8dfa119","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":67,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"26a45587-b5a2-488b-a86b-257413e059f0","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"45caddd8-04e0-4ee1-88ad-c530f8594634","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":67,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"f5d88196-f088-418e-9742-16499dd92924","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":67,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"a14eb213-89fe-4ff2-b3d0-c93305e7c2b3","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":67,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"3a67b0d9-819e-4651-ae86-d97c318a21df","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":67,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"422224b8-7a75-4bd4-a772-6b9f365f667a","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":67,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"699f7f82-23e0-4dda-85c5-3630aaf5d3d2","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":67,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"deb24053-0c8d-40d1-a69d-282ec358b6a7","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":67,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"2870490a-5484-42b3-8296-1ec8a5b581c6","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":67,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"a4920d07-f02e-489d-a7bf-130b16ec22d7","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":67,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"c5f92626-d512-431f-b885-487354837beb","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":67,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"8eae8008-6a57-412d-b575-d393195cb05b","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":67,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"0e4e871f-e68f-4995-91dd-4312165c0c8d","block_type":"box","text":"Swap Agreements.","page_number":67,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"9ab91d6f-efdc-482f-abdc-44ad9f457bba","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":67,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"cd78a555-3b0d-4cd4-8fbc-c0a3c5759809","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":67,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"3ed3ebac-735b-45c6-ac76-24f1cbabc0a6","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":67,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"a552de82-43e3-4b58-b67a-c0e8e94a7f9a","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":67,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"5dca8953-b639-4092-9f80-b98d1b5f826b","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":67,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"9215f6e4-b5d0-4ff6-91f4-e566dfcea98d","block_type":"box","text":"a “notional amount,”","page_number":67,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"e8bc35a7-bd32-429f-a34a-7a89ca7f46c6","block_type":"box","text":"e.g.","page_number":67,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"c8b50ed9-9b12-4bb9-ada0-1b498960f2f5","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":67,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"46cc10f3-f1ae-48c9-b8d9-18ffd844fc1e","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":67,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"49beb758-ea21-4e1e-b328-ec18c77a7cae","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":67,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"42de487a-7811-46db-bcdf-6dc7bbf0909f","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":67,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"5721f97c-caa1-4f11-bb3f-312fdbb451e9","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":67,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"634a08b7-200d-4ab0-aeed-6a4721c9a419","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":67,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"b135c10a-cefd-4899-b0f0-eb9ca8a6ecf2","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":67,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"d3477c6d-537d-4eb5-a4a5-cdf114ea4f4e","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":67,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"82af45cc-9683-446e-a5c0-310f1c6289ea","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":67,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"9b699b1e-4647-4dd1-bbb7-73ebb279815c","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":67,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"f0ad8491-d366-4a01-9efa-77c0b8a82904","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":67,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"ecdd637f-67bf-4ab8-83bf-5bf85286a3ef","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":67,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"5b0eefda-2719-4a6e-8360-b608d1344ed1","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":67,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"aa33d0f3-8e20-4ff7-b5d1-11b332eb8fb5","block_type":"box","text":"II-18","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e55cc408-44d1-4e06-a004-2de4a03ba038","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da1bfb17-5b4e-4f17-9ded-ab27d5e1c166","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":68,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"21661872-1ef2-47e3-a024-6072ea39ce7e","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":68,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"c6fc456c-29c9-4a78-8390-b310371e75c2","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":68,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"75d3003e-5f72-4bac-b9e2-e89c341af4b3","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":68,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"ee249220-ed53-4e66-860d-476482e455a7","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":68,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"e504d20f-b557-4d89-a030-9fd24da66f70","block_type":"box","text":"index CDS.","page_number":68,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"ff0b9d83-a6f7-4b38-8ecb-d262234f494e","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":68,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"97c27ad9-9111-47d4-8026-156fab6c03d7","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":68,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"e15e0dbd-a88e-4ab2-b866-4a4c3fb3d586","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":68,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"e7de49c0-55fc-4cf5-a511-b51cb224cb1d","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":68,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"63f0d1e1-5e2f-4bbf-a0bc-b4c24eb060d6","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":68,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"1030b74c-2c0e-4753-bae2-177ea301244e","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":68,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"7018b092-b81f-4c2a-b5b8-11f8daaf28e4","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":68,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"576b502e-e4bd-4f81-b78f-89550edce62b","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":68,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"a460695b-ed38-4c58-861c-51004e6ddbed","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":68,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"fca38b1f-7f77-4644-bf01-0bb7841aa06f","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":68,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"e22e2a96-9021-4dc6-9862-9625b96e486e","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":68,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"8fd33b07-17d0-44a6-a4d8-435bb7b0e970","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":68,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"f5212c87-811d-481d-a365-f85be40045f4","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":68,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"2aa8d26e-9389-4766-8282-38a302c7d4dd","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":68,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"39e4ec2f-f15e-480d-846b-c54da0e1c9bf","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":68,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"e1cae830-2f7b-4f77-8622-fdaaec326c35","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":68,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"888d4c7a-92a1-40a1-bc59-b723da1b7931","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":68,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"c540c9b7-d56a-4dbe-997c-02d242f3b0fe","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":68,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"15343ad9-017c-4359-a554-70b76702796a","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":68,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"3b037ec4-588a-4c4b-80dc-cd859061ad13","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":68,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"46ef0262-7ab6-4070-b481-94c44f6b00f6","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":68,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"6121fa45-5fd1-4460-a096-0d29e432c0af","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":68,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"086768ae-11e7-481c-b952-1fa3836f9177","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":68,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"bdbecaa8-8214-40a9-b2ae-e7ff426b97ea","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":68,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"8404b507-00d7-4464-a742-b81fa498cf82","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":68,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"ba34365a-1271-4bd5-8845-298b7ae692e6","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":68,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"a495ab70-5995-4697-822c-fa96c321fd04","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":68,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"91455a1e-a681-4ec2-a1ed-1fa67a42fe4b","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":68,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"649acb1c-c49a-437c-a24d-cc435a15b19f","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":68,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"54bfbc7a-a018-4c08-877d-5d38aeda3439","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":68,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"aa11bbb8-dbc1-4480-8ddd-a2bcc92c7327","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":68,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"8924ad2e-91cd-441f-b861-e58a00214169","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":68,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"71471bba-b6dd-430a-ba31-ee4b18953e20","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":68,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"5e7b7eed-88ae-40d2-92ff-aea33dde51b2","block_type":"box","text":"conditions.","page_number":68,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"09cce3c8-16fd-4943-8796-d9cb6b0cfdd4","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":68,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"02623759-270b-4cfa-b6fe-a498cd51beca","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"91ff9a75-7a9c-4d86-a43c-865aa6793a36","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":68,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"adcf5ec4-6d13-41dc-a73f-c7d4fc74b54f","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":68,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"4a963d00-9ab9-4e19-8741-3f046e89dfc2","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":68,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"359646ef-fdc1-48cf-8df4-ddff13001e97","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":68,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"8d802208-bd58-4b6b-b9c5-e81367daf86e","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":68,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"5f9f69ad-13ea-4c37-a5d1-7426c6b50d3d","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":68,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"be327b1e-7eb8-468b-8e8a-cb8885864b02","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":68,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"7a7e082f-9767-40f2-9209-d76436af379a","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":68,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"2fd840e9-702b-48f5-ba3c-12ca93676d74","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":68,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"3a76d9d1-8882-44de-aea9-14f163ce6aab","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":68,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"9c220d2b-66d1-45e6-986c-33c390208a3e","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":68,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"a81f24d3-e58e-48b3-822a-29b33752fbfc","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":68,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"b606adb6-f153-45f1-a58f-9186563ed947","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":68,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"763f36be-8d64-48a4-8b5c-fe55d3088212","block_type":"box","text":"II-19","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c7cdfab-49ab-4fb3-9a62-75f657df6c70","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19e86b86-8848-4eed-8c3c-4163f1ddd036","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":69,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"69349ab7-d3d2-4cb9-a232-03208073a7c6","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":69,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"b9807ab1-1789-42fa-9bc3-547fd4da7c14","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":69,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"90a467bb-6b1b-4000-a661-97a128c16006","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":69,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"b395ba47-63e6-4fcc-9a5a-035ffdca55b3","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"46544bbf-7b20-444a-8721-d3a082d4b320","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":69,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"cdbf9e8c-ba12-46b8-aee1-23c25a125063","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":69,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"51fe575d-ad69-4183-9298-173d243de84d","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":69,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"3a8beaf8-a765-415b-8836-304ea228eb76","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":69,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"f27f3f95-5585-481d-bb6c-491ee1e4eb34","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":69,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"8fd2a46a-58fa-4f80-a463-d1a10d161a92","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":69,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"d2d77e37-b51c-45d1-a3f2-8f144620e62a","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":69,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"474378ba-92f2-4f30-ad69-f6aa9fd7d554","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":69,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"62735134-f0ca-4168-bb93-79dd2b1ac157","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":69,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"f13a9cef-74c9-44fa-bb66-7371920be6a9","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":69,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"c3b6fb56-d8ff-4df5-9f11-0cc5638f49e5","block_type":"box","text":"cleared interest rate swaps.","page_number":69,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"7227a3dd-4eaa-475c-9f7e-94fbf2087402","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":69,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"c485253a-b69a-4d26-ab66-192b42fa6cbb","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":69,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"926c90fd-b6fd-4870-88d0-c868eac3034e","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":69,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"288738b4-6968-4dfb-9c62-7baf23783eec","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":69,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"7fb46a1c-8fdd-40d8-958e-a88428799435","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":69,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"a83f0879-48a8-47a8-82fa-495b8018e579","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":69,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"24f0e773-9481-48c3-a943-e3eafe4e8c4c","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":69,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"03dd74f4-fae8-41db-a68f-2742e0234d30","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":69,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"43c8b612-9068-41c0-8f67-b2dd1fb1c312","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":69,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"ed0835a5-dcfd-4379-936a-8d62165e79ee","block_type":"box","text":"or variable interest rate, index or asset.","page_number":69,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"81c82732-f373-4de0-80f4-371927c04469","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":69,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"c3e1f6fd-d736-4696-9d57-d932cfb16184","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":69,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"9afec00c-e64e-4b83-bf3e-65252a04d069","block_type":"box","text":"such interest rate floor.","page_number":69,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"ab867c02-1e01-4f1e-97c4-2e54a0497646","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":69,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"dcd7cb1f-014b-4ace-a9b3-e42a9086e45a","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":69,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"892916e0-5fb7-4587-9fd9-900f9c54bc0c","block_type":"box","text":"such interest rate cap.","page_number":69,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"3276247d-8731-40b4-9898-fc4abb7ada35","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":69,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"9ff39c82-9ba9-4a52-8bbf-6839279c561f","block_type":"box","text":"commitments to pay or receive interest,","page_number":69,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"84bd04c4-67b2-4d33-b44c-e74d65709c59","block_type":"box","text":"e.g.","page_number":69,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"d7ecc469-4a51-4c80-9135-e91283927221","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":69,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"e05249a7-4606-4e4b-9296-28043bd8ca47","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":69,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"538aa312-0307-4175-8a01-fff6db495f67","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":69,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"2fe90686-440b-4418-80e0-fc526db9dc4e","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":69,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"5bc33f79-9e57-4942-a0d9-04d25609d85b","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":69,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"c546b630-c5dc-497c-826a-e38899f8c578","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":69,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"aea4698f-2fb4-44ed-bf85-fc81eb9f9ca8","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":69,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"76156413-3558-4c42-a732-6b4f8a5418b3","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":69,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"3d93bcdb-cffc-44bf-ba91-cbdf83ea347d","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":69,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"bab7c223-4a4b-43ce-ab73-8a63d69a4e6e","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":69,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"5ae3e141-d6e1-4867-beb3-f79780fdf632","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":69,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"eb0dee0d-6e08-4ee3-bd22-76563e834826","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":69,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"97a1cdf4-5ea2-46aa-acfa-8684a50953b4","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":69,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"fd162fd1-e33c-4f6e-b2f8-ef60b5d3ef09","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"2e17a6f3-9a99-4d9e-9597-87335c6d77b8","block_type":"box","text":"Total Return Swaps.","page_number":69,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"704e039a-ce8a-4dfa-857e-243be8afb580","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":69,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"461f0543-098e-48f8-ad3c-de96c5fa2b9c","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":69,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"216687b9-afc3-4ec3-b123-f25d135ff8e2","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":69,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"0e1afe38-4263-4e43-8460-90a1ea80d77b","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":69,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"20bd31ec-86e5-4491-9e86-54cb8467e433","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":69,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"164926d0-9968-485b-b666-9675160c11e8","block_type":"box","text":"II-20","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"427bb744-4572-48a4-b80c-52f4ad7351a2","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84cc09e2-843b-44c6-81a1-9daf9e9b764b","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":70,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"151ad23f-33f6-497c-8fd1-97930fb00944","block_type":"box","text":"“contracts for difference.”","page_number":70,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"fc3f4ae7-82a7-4082-96aa-36531cd0ce85","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":70,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"b4d48202-6449-41d3-80f4-f4b3a586f009","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":70,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"67ffa37d-0917-4cde-bbb2-8f36de99d3b4","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":70,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"e4f5ffa7-ae7e-400a-9c4d-c41ee9bc5412","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":70,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"d90a3f40-be55-44fa-b240-10aca2c20d94","block_type":"box","text":"the notional amount of the swap.","page_number":70,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"6b735064-32e5-4787-ae9b-941eef755292","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":70,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"ca0aabfb-7fb8-41f2-bb94-5674d31cda03","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"2abf60ae-4ed4-4db1-919d-a670dd2baef0","block_type":"box","text":"Options.","page_number":70,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"51b3866c-c15e-48c6-831c-ab3e416c0217","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":70,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"cc48e722-c325-45a8-a6d7-f34e55c8d8b0","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":70,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"25243d22-edbf-4027-9b66-7aa63add3c00","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":70,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"b96d634f-e2eb-4387-bbde-9a0cefedbadd","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":70,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"73769c1a-d56b-40fe-8dba-ebaa6e0af61b","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":70,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"e6f06034-268d-492a-8251-c85eff0433bb","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":70,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"1f420be2-79ed-4ecb-b2c3-bae370b1a219","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":70,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"e1068c57-0d6e-4482-a3ad-9748b1674709","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":70,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"7bc6b571-1fcc-413b-9ac7-00ceeabac8e3","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":70,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"41ff2b87-6a22-4276-a86a-b928817788f4","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":70,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"6c8305a8-0b1e-4b31-9106-18f74900e676","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":70,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"1ed55437-d2eb-4259-83bc-0c8d4139bdc2","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":70,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"27652cfa-0ed6-43e0-b646-24848be50585","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":70,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"fe28e401-0f5e-4cd7-a08e-6e8a2d0fac0a","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":70,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"d6f7c780-aed1-49d0-8e25-bdf0649836e5","block_type":"box","text":"OTC markets.","page_number":70,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"19e33ab0-0ddf-44a6-b401-d776df026604","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":70,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"7c549a9d-a6ee-4f43-90fd-49c7a26f8ab2","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":70,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"52ccf900-41c8-491d-a3be-df8a5f1310ce","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":70,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"f7b8bb09-f199-4354-a7be-bab411105117","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":70,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"96559120-252e-4606-a47c-f9429d352331","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":70,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"15586479-0ca3-47ad-90b3-75e6b46f99cd","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":70,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"cefcce14-df80-4567-81ce-da735cc87b1b","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":70,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"8a64bf9e-04d1-4b65-9289-e8c3f9ddc93b","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":70,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"cf42d38c-fc7e-49fe-bfd9-cb2a50017309","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":70,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"8fc41c14-6b9a-41e0-bc44-69d0ab1934dd","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":70,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"2cac59c9-684a-4cde-9b54-550a4c7b13cd","block_type":"box","text":"the trading of options (or a particular class or series of options), in which event the secondary market on that","page_number":70,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"8094d019-57cb-44d0-8d58-0918ff77b178","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":70,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"8fdcf087-1fde-41ba-9b4d-4d08f06663a2","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":70,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"b70b85b5-a8e1-4bfa-8066-e46aa1fb29eb","block_type":"box","text":"accordance with their terms.","page_number":70,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"b7af28fb-33be-4bfc-b93a-682c84221d00","block_type":"box","text":"Call Options.","page_number":70,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"9e6eee72-f870-46aa-a7fc-5651b31e5e32","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":70,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"228d8514-33f2-4158-bee8-ea1b1bb66229","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":70,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"fdf82ca2-4c2b-48eb-8050-0105f3500f2e","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":70,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"16e7a61f-139e-4ad1-837f-e582fadf53f6","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":70,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"8808b4c5-8737-448c-83db-9933df8181ab","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":70,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"ca6b7dd8-3a15-4e5f-a392-d8f7592e1b5a","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":70,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"35022c12-cddc-4d12-bf16-9f85b39f1fab","block_type":"box","text":"of the option.","page_number":70,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"92422868-742a-41f7-9808-f15c8a068f98","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":70,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"7e7425fd-e8ef-4a8c-bc2e-5cdf51d9d0a7","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":70,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"27295734-48c0-48ff-a81a-bc81455f5ea2","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":70,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"50bc0539-4fb9-4356-9592-0caceb4a9c62","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":70,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"750f0c9f-cade-407d-ac7c-cfc3b2a1d781","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":70,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"7ed1e374-c836-4b4c-8d18-7ef0cdd70aeb","block_type":"box","text":"A Fund may write (","page_number":70,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"fe1eeb99-80e3-48cd-8fb8-26f1d9c469f6","block_type":"box","text":"i.e.","page_number":70,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"2b6ddf8a-3814-488a-8e31-69e13881a8eb","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":70,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"06d351cf-0a41-4ae3-bccc-20c353eb53eb","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":70,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"a6e5e125-623e-4c2d-9452-9f052d516c25","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":70,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"bf87c9d1-7b39-44fa-8560-fa30fe3d9f31","block_type":"box","text":"II-21","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3386325f-f7dd-4f9e-a67c-a943b86d8580","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f65c6e7-db73-485f-a2c6-94518b34b089","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":71,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"505def9d-626c-478f-a61e-9648131202db","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":71,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"cd29d428-d9be-41a9-9a51-9fdd4d4c1435","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":71,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"bcdb779a-eadb-4abc-9a1d-ccf6aa72f1f9","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":71,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"354b6a25-8ff8-447a-a7c5-995e39ee6a20","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":71,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"6fef02f0-1d01-47ef-bbfa-b0f3a4cb47f6","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":71,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"f2c3668e-604b-4a20-81b3-ff92f98575a8","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":71,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"70cfaa89-fa1f-4864-84b5-c19829ef89ea","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":71,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"3447b9a7-b165-4780-8365-ea53b31e922e","block_type":"box","text":"A Fund may write","page_number":71,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"a31106f8-c196-406f-9467-d8a91aa38421","block_type":"box","text":"(i.e.","page_number":71,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"5cec0a35-17c3-4635-b22b-28e331a90dd1","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":71,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"ce474aca-2b77-4c57-acdb-474ec98002ca","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":71,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"5b696434-9738-4bcb-9cf9-994675e67227","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":71,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"06809ede-4e7c-4bbc-bc50-9aee1547f243","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":71,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"f7cf2237-6fdd-49a3-b8f5-77f999c0d23a","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":71,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"ef1d46a1-7342-4553-bd60-7c29762fdf5f","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":71,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"369f0357-df31-4962-a024-bcd7ce11d3cb","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":71,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"834bb314-3eea-4149-9f65-79be31f51b0f","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":71,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"707ebcf8-d51b-40ef-9375-478681d15bc8","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":71,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"6fc0b2df-b12a-47af-9340-445d0a389a09","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":71,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"381fc0ae-bd7f-4802-81f7-5c1670b2f80e","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":71,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"a0311707-673c-4318-a5ba-a68011d8e862","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":71,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"8827e30d-95ba-49e6-90f6-7b1135aa6608","block_type":"box","text":"Put Options.","page_number":71,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"ff37023d-2944-43cd-bf60-c16a2c074619","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":71,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"6ad925af-cfcb-449f-9bae-a6af424e87e6","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":71,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"1244b089-7e1a-4354-aceb-eb759753ca5e","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":71,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"b1730e6d-eb48-47f9-a28d-fe1c176a42ab","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":71,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"5462c851-7c75-4860-bfce-df732408fc9c","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":71,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"16a96d34-1bae-4e4f-99a5-318d5df8de24","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":71,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"3f882daf-c8de-4485-95d1-e838306003b1","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":71,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"64994d8a-8fe1-4a4e-ab84-e841fa28287c","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":71,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"beba7bfd-a976-4704-ab4d-9406f27cfd63","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":71,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"6d22a9a5-6b71-478e-8144-73edb5fafe7f","block_type":"box","text":"purchase uncovered put options.","page_number":71,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"280ea4d3-89da-4267-91e8-8d77ae060d08","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"0d949917-f6a0-4c33-b691-5d8a71c9a368","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"e58ecc3e-010c-4383-8ae7-9c40a7afd208","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":71,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"4eb0e734-26cc-47c4-a377-1a1a7434a759","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":71,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"94b42de6-686a-4454-bdc7-bd8d3402d4a5","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"23f0fed6-ad80-4ce8-a3f4-3bff2680b8d0","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"fee2bdf3-b619-4d9c-9963-3fdba18c7e12","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":71,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"2830207b-7933-4880-a9da-5221b28b56eb","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":71,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"5ca29b04-5dce-4ed7-894c-46c84eedd4bb","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":71,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"8f671902-6ab8-41fc-b629-7c733bf4f9c2","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":71,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"c2576bfb-6004-4130-9cb5-b7a28bd73b01","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":71,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"d1e04bbb-f8c9-4836-ba58-587b85dc7433","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":71,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"5bfc920a-3754-4c67-bffa-73eb262f9cb1","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":71,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"b9e4558e-75ec-4ca3-8579-e8199946e39b","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":71,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"c1ac25ce-6e49-42ee-a62e-c0e609d0d7ad","block_type":"box","text":"the exercise price.","page_number":71,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"9ed3b114-02a0-4cd1-924f-040eaf3c6916","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":71,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"f3fbba78-8e76-43f0-a6db-41be319b408e","block_type":"box","text":"The following information relates","page_number":71,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"1e66d7aa-463e-4f02-baea-552ba97fc1a9","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":71,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"0e59bc8e-bd1f-4fdd-a2d3-c3be94fafdcc","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":71,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"1d41a851-8fa4-42d7-9e4e-7043e58b58c1","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":71,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"ef70c8c7-b2f8-47fd-bd36-53327c8a1fe8","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":71,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"996590d3-c162-4ac2-8fad-e1f292100b27","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":71,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"b2216a51-f7d2-437f-ac40-3845ac372da2","block_type":"box","text":"market in order to maintain its “cover.”","page_number":71,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"b72afa87-f8dd-4511-887f-3499b72ce7cb","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":71,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"25cb1f6a-88d0-449c-b35e-0353cc334544","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":71,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"2571133e-ef29-4f02-aa48-c63507486855","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":71,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"d8f2dd89-11fa-4ce3-968d-2646250823bd","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":71,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"928f586b-f75c-420f-a40f-55c402ea2ad5","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":71,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"fa594173-6fc6-4bee-a8aa-160911437daf","block_type":"box","text":"and incur transaction costs.","page_number":71,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"fa10eb2a-ed6d-48c4-aca8-0b43810fba7e","block_type":"box","text":"II-22","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fca933d7-cb72-448f-9c44-3e0edb8e3619","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d6abb75-f86b-413b-93b0-758c395a0762","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":72,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"1c23b9ca-8231-4072-8140-e3ec9ee2c9dc","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":72,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"aaea163a-bba0-4d2f-9c41-09924a094256","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":72,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"bcd8965b-2161-4c9b-87fa-a4b7e4787924","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":72,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"d1f97b2e-b299-435a-8944-0e6706b7d37e","block_type":"box","text":"i.e.","page_number":72,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"67d40ca1-b82a-49d2-9cd7-9f3759a75dfd","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":72,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"c76a039e-5533-4916-842b-0a1f69bbda79","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":72,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"73e7469f-6908-45d4-82be-5d504fba6b4d","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":72,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"af732e71-9171-4344-987d-d981f03f25e8","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":72,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"c0cc0c0c-e89e-478d-a550-1c7b1702d40d","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":72,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"2a6ed6b2-ca52-42d5-a885-55c1424831ab","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":72,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"fe4850c0-d42e-4ead-98a6-15694090dbf8","block_type":"box","text":"required, to be cleared.","page_number":72,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"ef663b2e-0304-42a3-8372-4138610542cb","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":72,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"9e167337-068f-4914-a601-2ba2bb190f34","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":72,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"a2634d4a-7d92-4e27-8ed9-c615067f8112","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":72,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"b2bd6d62-e391-4d43-ba74-e3cb260b7606","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":72,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"4d36b9ac-d3ea-4af5-b461-840aa20d023f","block_type":"box","text":"Derivatives” above.","page_number":72,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"30ea7e4e-507b-4a1e-9b40-46f104308151","block_type":"box","text":"FLEX Options.","page_number":72,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"5c845ce3-8366-488e-9994-85b49cd6fa75","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":72,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"8c1936bf-3cdc-4d10-b73e-8b20984f3372","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":72,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"e28a8944-530b-4bf0-94c5-f61205ef5fb3","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":72,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"4d10e4f8-746f-4f4d-9342-affb3bf2b577","block_type":"box","text":"exercise prices, exercise styles (","page_number":72,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"fe4689db-0091-4471-ab78-83bd1b7f1b25","block_type":"box","text":"i.e.","page_number":72,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"84aa8d7b-3d0a-41f3-bb29-e9234448c0eb","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":72,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"8be469c6-a616-4727-b623-3b335305a244","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":72,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"f9591f9e-7634-4800-9184-716bbc146828","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":72,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"5adcbf6d-0850-4f45-8218-cfa0ca957d39","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":72,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"a327ea1d-c986-40ef-9733-ff721053b793","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":72,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"78eab6a8-cc92-4cc2-9bd1-399057c91fcd","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":72,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"e4754afd-362d-4d82-abf6-0872141a79d1","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":72,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"920569f5-fb24-4a25-b273-85afcb22dc08","block_type":"box","text":"FLEX Option’s expiration date.","page_number":72,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"470fb90f-e10f-47a0-8476-d41b5dc38dee","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":72,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"0038dc5b-82b5-4e9b-9e5d-2a1fdc44d89e","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":72,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"7697fc73-e1ad-4b8d-ac66-a11b18ac061f","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":72,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"253b6132-cac8-4515-bdb9-250b695b8741","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":72,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"5b13c9ee-f275-46fe-82b6-64aad88943bc","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":72,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"c662438b-d0bd-44ad-9b3a-65b12713263b","block_type":"box","text":"FLEX Options contracts.","page_number":72,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"99c5d2eb-6eae-4fa0-ad52-4dd8fe499243","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":72,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"ce66733f-6787-4215-957b-77e04bda72ee","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":72,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"98fae6da-d63e-455b-b715-9461329f1837","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":72,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"1698be04-c44e-47f0-b9a6-438c9ba04083","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":72,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"12873fa9-2334-4c8a-b7bf-6e1c344156cb","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":72,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"339fc85e-d423-4f55-bc9d-27e355cb7889","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":72,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"63e8fd81-38bf-4481-ada0-1c302a41e7cc","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":72,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"42616a7b-4d1d-45a8-8d19-76cea079e4d7","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":72,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"bd164ea2-608e-4832-86b9-d1867d497bb4","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":72,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"d325acf8-c123-4735-aeaf-0c484bd18c88","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":72,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"f20ce32f-4094-4fdc-8a6d-4d6cb74a5864","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":72,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"2d87d251-4b4c-4b7a-80b1-1da67e62c73f","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":72,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"02f1a568-0a4d-4ab4-bf58-45765812778a","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":72,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"9ee3ce0e-15bc-45ff-86b1-61d4485184d3","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":72,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"e71afcb7-b780-44b7-958b-e3f1e873eb8f","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":72,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"ff14a81f-2c6f-4165-82ec-4e1a6c0653a3","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":72,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"411758f9-30e5-431c-9c7f-330d50124f83","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":72,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"559a0444-f933-4fb9-bbec-c9d0c0be2630","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":72,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"d249fa47-7c34-4c92-93ea-ece711ceae4e","block_type":"box","text":"expire unexercised have no value.","page_number":72,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"9d329a4e-6423-4e09-8e6a-0045aca054df","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":72,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"efcbdd1e-1f3d-44ff-91ca-0ccb749dfdc2","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concert","page_number":72,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"430381f1-f26c-4646-8556-3aea97c4ea5a","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":72,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"59eb055f-0366-4b90-a0cb-e70ba9d69aa1","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":72,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"862c2111-c65b-4907-8034-33e92f888f8d","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":72,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"659c3832-fabd-4d07-88bb-e47fb72fa29d","block_type":"box","text":"II-23","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b38a298f-38bc-4fc5-a9dd-c10d28035f85","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7537b9b5-8351-4e11-b1a2-22f8928354e8","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":73,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"0c1e0599-534a-44ff-807e-f65df75beb03","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":73,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"88b495a1-7863-433d-875f-232818dd78f0","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":73,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"6e558cf5-62ac-4a55-b3cf-f7f18a370412","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":73,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"5dce1d6c-7261-4913-865d-b208113ec066","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":73,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"aaee7e2b-7114-4c51-a1be-f92f27e4b0ee","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":73,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"9558e8ec-7c9c-4e8a-93a9-737e239539aa","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":73,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"b2241007-bd7b-4878-b4a5-53d4495de8bc","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":73,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"d44591bb-b9ab-46e3-949e-40b7df03364f","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":73,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"6f752b53-1100-4e23-877c-ec132b064f17","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":73,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"faff8829-4b21-4261-b70d-891a01c83c72","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":73,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"bb084256-2719-4e53-a30d-1a66aa242b8d","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":73,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"080530cd-0b94-4c17-8097-52b26095e9a3","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":73,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"3ace2a41-2d3f-4632-803c-708a8616931c","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":73,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"4ca6f49b-719e-4d6c-80a4-56525d637d1f","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":73,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"edc0ef5b-337e-4848-a840-7bd2d68ad590","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":73,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"bcf72686-50d3-46ab-ab4a-ac9605a8351e","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":73,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"6a5a44e5-50bb-4762-9c79-66035acacb0b","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":73,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"30c133a8-2832-40d1-8d8f-1e73ac54c0aa","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":73,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"03d090bf-1610-40ac-bf62-94c0a112624e","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":73,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"c4bee66a-844f-42fc-9ce2-71f88695f313","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":73,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"6151554f-eb4a-4fb3-8384-50a1829e8ead","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":73,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"1fda0d53-8cc2-49e7-b742-d411351641d1","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":73,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"442d4b2d-804f-4f15-8c42-a039c0c58b64","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":73,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"beb5aed5-7b24-4751-9b87-a6eaa8db370d","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":73,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"a9bca96a-93ce-4069-910e-967db00f093c","block_type":"box","text":"Foreign Exchange Transactions.","page_number":73,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"5aa6a46d-50af-4053-b7b7-710413a81fb8","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":73,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"ecb3ac26-0e09-4390-8de5-cc0ccfbfef7f","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":73,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"d8e2a6e9-2831-40b8-a633-c750c7721c0a","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":73,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"cc343795-cba7-4444-90fd-279de9141bc9","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":73,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"918c0b6d-7305-4c7a-be09-b298a3eb7660","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":73,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"78ec6450-9766-454a-a930-40825fc7f916","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":73,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"f7be1545-f5b2-4413-8b49-c6073cb9aabc","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":73,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"7a788320-bbe9-4d6a-b198-3dac46ee1b59","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":73,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"bbd742b1-2b30-4a37-ba5b-04bf8394800c","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":73,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"d9094b1a-3b59-4c7a-ac74-9241c90d6aa7","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":73,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"f800363e-2e0b-4019-afe2-cab6eb8a2e82","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":73,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"350bbe16-d796-4424-aa86-c3df5c603a49","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":73,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"f07bc079-64a3-4e13-a311-59ec7d59263c","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":73,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"4198370c-bf9e-4a48-b6ef-830c147b6713","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":73,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"a73ea782-b234-4e60-a6d9-be67c93f091a","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":73,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"4d6bdd45-03f6-4dca-bd7d-c40517b70ee0","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":73,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"18ff5804-2654-41cb-a352-6a299ce594e3","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":73,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"ad5fcd90-e007-419f-88a0-dda0ac254fbd","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":73,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"10584417-7d8a-43dd-9b49-121fb9be8428","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":73,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"7d88142a-0183-47a4-83d8-1a7d565a10c4","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":73,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"74a5e3c3-ae02-469f-a446-bffb8082daa5","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":73,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"abea00b6-dbbe-4278-8c00-6c96d98666f9","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":73,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a485b712-09d0-4293-9cc1-93530438ba87","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":73,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"d20d62b9-1b62-4f5a-9dc0-da49fb388465","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":73,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"68cf8e74-05f8-4ccc-96fb-65b8d1089ccc","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":73,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"9849afaa-f42e-4523-8ba2-5293573ea7b0","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":73,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"b9094b28-4dda-4670-9844-d16a5962406d","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":73,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"d5f07394-6df0-4785-a95a-5e3aea25351c","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":73,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"5d7884c5-d3c6-4018-b2d5-117a936a814d","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":73,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"722f5dbb-1b04-4903-b2d7-0fa71e0e243e","block_type":"box","text":"II-24","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45ad278a-e896-493a-bc52-01b7dc42b496","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d96d99ed-1c07-4952-98b2-72119aec4162","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":74,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"90a9f659-9b72-4f4c-aaad-fd2ec144f1e4","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":74,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"16fc5993-5b92-4f4d-8d20-2ffc2b66acbd","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":74,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b8c0e5de-e055-488e-b73b-cec6c58bb031","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":74,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"560e2644-8901-4c20-aabe-4efff2d62894","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":74,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"60a08fee-4fd0-457d-b91b-67fe94d0841e","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":74,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"7fc25c76-31fd-4125-834e-2a688906a6b3","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":74,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"36828075-223c-4ce9-ad0c-ba0df67a2df4","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":74,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"51c882be-cc12-4add-8472-a5760e64ca1f","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":74,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"9416a572-0a8a-44a6-b648-50ab51104702","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":74,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"7b255453-540d-4d7c-9c10-7c6e011395d3","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":74,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"59f78e4f-665c-4735-a2c8-e417994a3f77","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":74,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"c0a31791-6844-4b80-aae1-37802f701d74","block_type":"box","text":"involved.","page_number":74,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"de201b23-7512-4940-a5ee-e17b5f236461","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":74,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"0833c5c6-6379-4dfd-8b09-aca36798a6a1","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":74,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"03d8a87a-dd3c-45b6-b93d-e8a1d647df5d","block_type":"box","text":"denominated in such currency.","page_number":74,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"ea68b7f1-0b52-4b7c-bcf2-7c324b812e77","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":74,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"26470758-86f3-4b92-b31d-6f0be0a905ae","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":74,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"f85836cb-681f-4a46-bfd3-1868c414b8ef","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":74,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"0fb74633-278c-4cbe-bce7-a3f3cd6f72de","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":74,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"b9410501-5d8d-4788-bd26-27e488521414","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":74,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"6f285c4a-5bf4-4ac1-80b4-e45d69babcf8","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":74,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"cd4f0392-c861-4209-982a-0679a334213c","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":74,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"7f08196e-d63b-40da-a117-85168df03cb5","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":74,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"e68efd78-ada6-48cc-9491-941f49a79b96","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":74,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"e6165fed-e85e-4e4f-93af-87d56a96732d","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":74,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"b397f136-ae11-478b-9757-57ac7f1f1606","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":74,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"652f2359-a4fa-4bc7-9335-2fc2875e13b4","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":74,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"5575dcb0-eba8-4a93-a0d3-52a9ef53a419","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":74,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"b1226933-8ed0-435c-a50c-f8aad930ec6a","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":74,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"18ae45a8-9f1e-4830-815e-0e4ecf33a5ff","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":74,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"a0e18c5a-0c77-4de2-906a-f7ae8f75a094","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":74,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"08185afc-2940-48ae-8b97-143545d17ae4","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":74,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"4a9de156-82d0-45b4-aac3-355c38b7b3b0","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":74,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"9705c526-92bf-4a33-9809-74e6a75e92f2","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":74,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"53db0176-17f2-4942-8b5d-38c2e7042cde","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":74,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"c40f6ca5-0c5c-4140-8b3a-5937bc01bdae","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":74,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"14539f27-a7f0-40b0-9311-cb919a58f0cb","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":74,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"fe6ca7b1-6841-4b62-83e8-db1a46c397b4","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":74,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"9f548a05-6772-4463-8f90-d0c9a2e4f39e","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":74,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"806fd613-6d0d-4482-b094-01ac717545c0","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":74,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"846bb937-cd98-4c27-80a7-62bc08e17d9b","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":74,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"b53610ea-4869-4d62-8c94-1803d5a006d8","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":74,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"6c762377-d9be-4c62-817e-1c82de932678","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":74,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"739e70d7-b6a4-46a6-bbf7-4a9dbbffc1dd","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":74,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"5d9a556a-7770-41e1-82e3-e4eeb7c40092","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":74,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"cf479893-9d0c-48ef-b969-01e86f7311e2","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":74,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"2daad201-a7db-481d-998d-88778a588a33","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":74,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"0338c321-125e-416d-a9ad-a1bd327f2f1c","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":74,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"402ca2ec-4e1b-43ac-a16c-f0be1ee9cea3","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":74,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"6d79cbc3-346a-4a3d-9326-7860858da362","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":74,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"92f1cbd4-c0c6-46eb-bcae-9413b3f5b680","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":74,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"82972243-3831-4a8a-b221-92b8a7b65208","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":74,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"61e4b1d2-0ef7-4d9c-9289-f5b84845f0b7","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":74,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"839225de-5d87-49ce-82b7-328e9bf400c4","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":74,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"0be26d6c-38bb-414e-b092-449874bdc271","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":74,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"cb5ee41e-345b-4c14-8180-0153c419c94a","block_type":"box","text":"II-25","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5d97cb95-0c99-4e7e-a814-75d3b9075a0f","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f1e75b0-6fa8-418c-8a9f-aa0b2d443594","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":75,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"7046fe13-995d-4de7-8095-ffb43fda9042","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":75,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"52f4adad-4c80-4c8e-a10f-fe0462b0b84d","block_type":"box","text":"traded.","page_number":75,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"57e7e32b-564f-47d2-8002-58b8dd8ddaf7","block_type":"box","text":"Currency Futures.","page_number":75,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"54da90d3-8895-46c0-a542-381a2e008f53","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"6f181162-e923-464b-a005-fe08709aec71","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":75,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"f2bb301a-d5ce-4907-b519-9687f78a9ac3","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":75,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"a0174560-c025-48df-8051-6048f6fdc7f9","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":75,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"6026ea94-ab34-4bd1-9d1e-2c94e0bb77d3","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":75,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"928ac86c-8860-4569-bad2-a2c2213630c6","block_type":"box","text":"Currency Options.","page_number":75,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"be188241-a9bd-4f32-9084-d9c5bb22d0a4","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"cec58f13-7ad2-4339-aad6-7b11db18e8e8","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":75,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"4f11e876-13dc-4cc8-bd71-2b35a9e5a452","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":75,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"5c0c698c-92f0-4885-8a35-3e0a63f6f173","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":75,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"12877277-b5cb-4238-8f30-060ffd358dcb","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":75,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"f85d99b0-e01b-4dd7-9963-28e55fa97f79","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":75,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"ccf18b6f-1a31-4749-95c8-653a20c26885","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":75,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"85d83136-7878-4fa3-a0f9-a748d43496d9","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":75,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"0148b299-9e78-456c-97f4-50552296833c","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":75,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"8794b5b9-0fb4-4a30-97ca-23a7a5063fdb","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":75,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"0b618aaa-8838-4927-90a4-8a7a9f3a8509","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":75,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"66c1eb98-4ae9-4b89-bf32-6bb2875a2e39","block_type":"box","text":"Currency Swaps.","page_number":75,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"56ee814f-6ac3-4abb-86c6-f09bff46b5b8","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":75,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"8acf2aac-7d2e-415e-b92a-5eb05a3839e5","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":75,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"4c20296c-090c-452f-bf01-41a1d1ce57c0","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":75,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"f9f1ae6c-375c-4ebb-a282-106a71d46d28","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":75,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"2192f6d2-1c88-43b6-8f16-343b7a28b7d3","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":75,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"23cea8cb-a183-42fd-93a1-f50479d57d4b","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":75,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"d3798812-d098-4bd2-8d57-f8e6a4bc29bd","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":75,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"fcd86dae-c7bd-437e-be26-43604caf8778","block_type":"box","text":"Distressed Securities.","page_number":75,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"e67e64fd-9944-4b1c-b63c-57e3947e18d6","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":75,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"65d64b36-3239-4a5e-be62-f20ae3cd8106","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":75,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"df446cdd-287d-464c-9e0e-b82ef3dc3d57","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":75,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"65f810de-c6e0-4ae7-b10a-6f6a03a25890","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":75,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"7ed4b820-5435-40e0-b746-86a1c2f27b12","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":75,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"317f06bc-b28d-4313-879f-914bc32d76ab","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":75,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"076f27a9-e868-488d-8793-e46d05687f03","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":75,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"22bca78f-7929-45f9-a7c0-7d78b9680836","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":75,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"76d843f9-b4d3-4b92-8df4-47c8ce4bf3fc","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":75,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"e4b62963-ed03-4d6d-9e0b-f3f8410a4b74","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":75,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"eac26d83-9fe7-4985-ab7c-e34d45603c29","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":75,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"d3ef6c3c-2f52-443a-80d7-54a4e7cc80a0","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":75,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"b01cb2e0-8320-41d7-a9f9-faad1129c499","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":75,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"3eb1258f-9a70-43ef-b5ad-6ad0b4acbf78","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":75,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"d03a9e65-ae6f-474e-bf9b-d79d09fb1eab","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":75,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"eece1d0f-6158-484a-aff7-928133cf3698","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":75,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"f21fb91a-91b7-49fd-b24b-0db30d1b265d","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":75,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"1cae113b-bab0-48a9-a8cd-71a47065f59a","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":75,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"da62ed59-1d25-415b-b0be-2a5d10db1def","block_type":"box","text":"satisfied (","page_number":75,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"f4ad6c82-2a9c-4400-a522-ed6055b835b2","block_type":"box","text":"e.g.","page_number":75,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"9ec805f0-35ee-4c35-ae25-401a1403a906","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":75,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"b53d2431-96cd-4ac6-b07c-e96f581554ad","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":75,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"572c84d5-ef79-4b9c-b806-bb963919493b","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":75,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"ddc213df-2d45-42dc-9444-4f53485e35b4","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":75,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"b8b91e08-851c-44e1-9531-0e43524260fd","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":75,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"9c1c97f5-41cc-4307-bfe0-1568599a9e39","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":75,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"04d9114b-bbec-4e2b-a4bd-be3ac9503ad2","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":75,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"d1fcbef0-1bb3-4ad7-8da5-1aa9176ca8ac","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":75,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"31f26f04-f2b0-4ad6-b642-03b5c02d590f","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":75,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"d3d69b67-04c9-4c4b-8797-3b9b86c4fe2b","block_type":"box","text":"II-26","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46494479-54f4-49ca-8562-939d31658ab1","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e75f2f04-566a-4f47-bb55-2e2d8d093ba4","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":76,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"1d1df186-2c0b-4895-b7e7-3f5fb22c27b7","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":76,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"44ff9f62-b8fe-438b-ada2-adc8c0b43d14","block_type":"box","text":"affairs.","page_number":76,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"7ee58626-60f5-4339-9619-8c508f7adf6f","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":76,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"4caab079-dee3-45db-a10f-4d972ddf424f","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":76,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"0bd964e9-e8de-4c9b-adf8-16ab61190239","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":76,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"f202b6b8-dc81-44e5-a194-220eb8e80a4a","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":76,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"dc8773a8-11a7-4ea8-a4b3-076458fe9493","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":76,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"073597cc-2dc3-4f3d-a619-da51ce68bc5a","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":76,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"ecf62269-8563-44b7-aa70-faddc289cf3b","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":76,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"80095005-f9f3-4e27-82ba-4ee88315c1bb","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":76,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"db8c58a7-235a-4a20-98da-9d5910fa85b7","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":76,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"4be27117-46e1-4202-ab74-08b1265d495c","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":76,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"bd7c96b0-eb32-4111-967b-f9cb91a2c022","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":76,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"cf632d86-d4d5-4c80-8215-024f939fbe11","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":76,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"de2dcdca-3f88-4d3c-a2a6-09bb59af9591","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":76,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"15a21c32-27dd-4a3e-b7e0-0fbbaadf00fd","block_type":"box","text":"Equity Securities.","page_number":76,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"7de05c28-05ae-454c-b99f-55308d4d0e6c","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":76,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"e1fb25d8-980b-4d77-b0bc-98761872ebb2","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":76,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"6a33d60b-4839-483e-b268-2e68115adf90","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":76,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"f7250d72-bf80-4e1b-a3af-0e508626fcfe","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":76,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"017440c9-b11a-433e-b141-885b35b08204","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":76,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"e25ee77c-7750-47e0-874c-bf20710c4189","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":76,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"03252aed-0670-4747-8f53-d46140c3856d","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":76,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"fdfd8456-4a8b-476a-988c-3d221c68ed1a","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":76,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"f03dc153-dbce-4544-859d-5964cf381547","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":76,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"da93b5c5-fc58-4fcd-8f56-f77ddaace69b","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":76,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"32461ac3-b9f0-4e3e-b0ce-8d81c1d388f9","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":76,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"9c7fd079-838d-42fc-9f98-f32a690252b8","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":76,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"bd9ac69c-b332-40ec-8133-cf8350ae48e0","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":76,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"a6ab0a48-34d4-48b8-9ca4-56a27a8b15e0","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":76,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"02be71a0-6433-4a60-a21b-bbe5f30b34bf","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":76,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"2283ed09-bd28-480f-8667-5fecac294a51","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":76,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"b74107bf-f0d0-4a58-9c6f-57e97efde095","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":76,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"9998be2a-50cb-4dd1-b2b7-09218fd4c5c3","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":76,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"f1c7b7a7-27ce-406b-9daf-b3f86e39e375","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":76,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"6e1efae0-9698-4ba9-8cd3-9480665fc36b","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":76,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"7ab57a5d-351d-49c5-aa8d-4afd1150d3a4","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":76,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"5cbf1d7b-23d6-41a3-b6ff-024ad12becf7","block_type":"box","text":"initial public offering.","page_number":76,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"50a3e212-c987-456e-9084-fe202fc472c4","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":76,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"7bb3b92d-0905-4702-80c2-b86b7742199b","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":76,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"23988169-5517-4ee6-b773-540d4c483081","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":76,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"881333c8-726a-4e6d-91fa-ccb2c8ae7bff","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":76,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"e2ce793c-bf27-41e5-850c-8c4c4f36a387","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":76,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"97812b08-1506-4bfa-b2ee-4a08a692bf49","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":76,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"9d63dafd-430e-4439-bc45-7ff6ba3b13ca","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":76,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"10446058-ed57-4e78-a015-cf6889b65e3e","block_type":"box","text":"more established companies.","page_number":76,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"3b680bc2-4801-4775-9be1-6d4ca2db480a","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":76,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"a4dbd73b-2f03-4a2c-9770-db939159ccf1","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":76,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"f75aea04-0f08-4c75-81db-a87aa94f4e16","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":76,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"7afb181f-29c2-4546-817c-46383ad27702","block_type":"box","text":"below.","page_number":76,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"97107d0e-affd-4d63-9154-98abf373e1c8","block_type":"box","text":"Real Estate-Related Securities.","page_number":76,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"487b3e47-81d4-4e7d-a9d0-4c6e21c96568","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":76,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"10152310-8a39-4c64-bf96-06a7a9d94e4a","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":76,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"91b7589e-f8d3-44bf-a6a1-c8f71af66ce8","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":76,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"9b3fd276-9b50-43e8-a006-be6479a51aab","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":76,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"471d625b-c3b2-49c6-82fb-f5e799a9a818","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":76,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"c792c842-5d9a-4a57-92f4-b752ba7c92c8","block_type":"box","text":"II-27","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"354a3cac-d6f5-4bda-86ff-e96e7f3f1486","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d32eb14-0b7a-4891-83e0-1b20e45b9c4b","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":77,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"e8658f40-cd37-425d-94e8-2f3763bdb2ad","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":77,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"ef1eaeb9-5100-40b3-bcb7-23a6235021da","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":77,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"c62e112d-1a71-4142-b04b-34a14a0ba348","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":77,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"49ce2af7-4c8c-4d53-b801-5edf028fdab1","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":77,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"b71632c5-ff82-4a63-aeef-9a7b28b051c0","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":77,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"26055b77-f822-4a31-a954-99838d9047c5","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":77,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"a8cfe8a3-a917-4fb9-8e66-e9644362e6d5","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":77,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"091272c2-de8d-43c8-b98a-cbf52a9ec633","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":77,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"e24a6faf-1537-44f6-8c12-a4e526724b62","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":77,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"b1de7948-f36b-4281-a868-9a7326cb670b","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":77,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"2cb2c2ef-4344-4fc1-8c6a-a3763d14a7d3","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":77,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"a6d00b4f-f7ad-401e-bf3d-abab2ecadcd4","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":77,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"82bc0a7e-8d13-4485-93d5-3c38d6377b3a","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":77,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"3a529165-ea11-416e-bd99-b2db68e64b36","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":77,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"5675b795-7ac2-4783-a360-7d16a59cacd2","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":77,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"42d695e1-dc45-4358-90f5-7e8066f7bc56","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":77,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"1e5d3cc1-f0a6-440f-bb7c-5083ca6c5b99","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":77,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"9fa254a4-26b2-4629-a1e5-a0a6efb081d4","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":77,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"e66460d6-0781-4bc2-8f6f-7357318da508","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":77,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"fe140b7c-edcb-44c1-be8d-1b6117084a5f","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":77,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"2dee3949-8262-4967-9da2-5fa6a04f43b9","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":77,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"7d77d479-ec9b-4347-a0f4-db205524baaf","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":77,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"4d44ed2e-80ce-40e2-85fb-fc3c6dae7881","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":77,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"eb00b65a-4944-470e-9e5a-4dcc086106da","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":77,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"80d041ad-d427-4440-b37a-9c4bba64d12f","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":77,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"0f480bdc-32c7-42aa-894f-cad702893953","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":77,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"3f5be584-5ca0-48d2-86a0-3afda7376b7e","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":77,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"875e8346-6c3e-49e1-9270-f252f4ecae90","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":77,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"88a631cb-c959-4bf0-a9fd-e86c3371753a","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":77,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"8d641f54-729a-441c-b483-b9491db55a54","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":77,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"25f0d5f8-bd09-4f6a-af4e-e0e35f6a4171","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":77,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"9a6b71d5-abaf-4522-9194-1cd9e7aebf5b","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is particularly important in this area as many","page_number":77,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"59fcddf2-3672-4b0e-b650-c078a6761972","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":77,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"a529d184-8b91-4bff-a385-a48e47b72c28","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":77,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"9de999ed-73ab-4a70-9154-ff9efd4566e9","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":77,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"2dac8b5c-e797-4226-b732-290e4cf0dd8f","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":77,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"a78b0d8c-1cce-4abd-bc16-f381fd9f1f59","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":77,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"ce34a848-87e6-4e9c-ac80-46a7c5f6f35d","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":77,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"4fa93e4d-1c37-444e-ac08-8d4ebfe9165d","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":77,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"57c39d25-3e7d-468f-b089-cdd2a4812ba0","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":77,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6064d604-8d3a-4611-936e-b3371963ebec","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":77,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"9cff8fa8-1e79-4298-bdb4-504de41391ec","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":77,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"d288ed4e-8ae7-46d9-8d31-169dd6ec4f89","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":77,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"10869364-e1df-4ad5-ab3b-52607239d405","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":77,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"d7403bff-8e8d-40c9-9269-e8b33a60339a","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":77,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"1b91512b-ca0d-461f-88c6-34c50d12964f","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":77,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"fd156191-8e6c-4e41-9c02-bf9c233c7002","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":77,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"e642b3e6-a615-485e-a5ff-76c160f83d76","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":77,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"125e4d3e-488e-45ea-b8e4-7a70c975a023","block_type":"box","text":"Tracking Stocks","page_number":77,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"e34ca2ca-0297-4020-a93c-202375a08738","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":77,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"ae5759d0-e012-4153-ab95-a4dca69ad979","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":77,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"e25e5e44-473b-4165-9655-a01e4fbb072c","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":77,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"747db9c5-0ec0-417e-8588-d48019992def","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":77,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"7433141d-d694-45ec-be57-5471a8595958","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":77,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"12dec18c-7ae4-4a44-b81f-166303a55c1a","block_type":"box","text":"II-28","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a6e6eda-ed77-494f-a413-c7e2b7f78217","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4329a71-c31a-43c7-b555-5bb36333302d","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":78,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"b2c6704b-e369-455d-9e57-63ac040f576c","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":78,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"505f32a9-eba0-4c1b-bb06-852cd7e3417a","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":78,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"45a97d84-70a0-40c9-bf25-cc6d825ce79d","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":78,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"ecce8fe0-9b73-43e7-804b-5ec270408bda","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":78,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"3306875a-63fc-4501-8b12-6420a1569393","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":78,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"90dfe296-55a6-4cf4-8c3f-ee22c7a1091d","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":78,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"d5ebcfa1-1a88-4d0f-8efa-71ea19339a3a","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":78,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"b4a757fc-d228-492e-9397-c75702104bb8","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":78,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"df63515e-4455-4916-94a3-8623746bd0f2","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":78,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"09463482-5c59-48d3-be98-45afcc53f7e7","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":78,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"591d9b31-6ef1-4c9a-89c4-794ffda67dc7","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":78,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"529fa530-b2bf-44bd-b9ec-0dc03a91e61b","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":78,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"e5d8f922-8577-432f-a9f6-70e9d5be1d6d","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":78,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"44125990-c8db-4d42-aec6-9a5db02fcfb5","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":78,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"6ea2d4aa-7ac3-4ae6-8014-a24373111f11","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":78,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"2b43f1ce-70d9-4cc7-be1d-1d0a36f5a15f","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":78,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"b434f4af-5435-4e5e-b9a3-b6dce68a66bf","block_type":"box","text":"loan still needs to be repaid.","page_number":78,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"d46f9802-19ac-4898-975e-ed927b592c5f","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":78,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"85212866-1ae8-4be9-a98e-bde864fd0d0f","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":78,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"de159291-de5f-4ed5-8172-e340899ca00c","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":78,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"d0410593-10d0-4def-97eb-4d75fca68450","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":78,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"16da5491-603b-4735-86b3-39a2c678221f","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":78,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"855a0539-300c-4415-81bd-9defa63b4376","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":78,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"ac4950fc-5b8d-4ebb-9a02-141c1d13bf54","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":78,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"f4453301-04e0-4e99-9457-a6638d12edfd","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":78,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"5369d4ca-c297-4a09-a2f2-426523423fdd","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":78,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"5b5fefb3-64fd-4ff4-8019-4b367c04fb3f","block_type":"box","text":"Foreign Investments.","page_number":78,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"373772c1-0ebd-4ba3-a894-1ba896967f54","block_type":"box","text":"Foreign Investment Risks.","page_number":78,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"7f8cef14-f23e-49ae-a18b-e286840c16e9","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":78,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"0589499f-8b67-46c8-8fdf-54d1a8d453d5","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":78,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"30d67ee9-9260-4db0-931d-bc4b8ea75bb4","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":78,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"4d3a1ece-2308-4c40-ae45-c3bb27272b34","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":78,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"9897116c-23ad-44a9-b4dc-15831ba43b61","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":78,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"7e6de7a0-1bcc-47b7-80ce-49cd526752cc","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":78,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"bc73ba77-1686-4151-b11c-7729310144e9","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":78,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"e8238cdf-daf7-4fd7-87aa-a600f88299d7","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":78,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"a7a0be17-a601-4e98-a636-15ea7c3d5c40","block_type":"box","text":"benchmark index.","page_number":78,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"3814b5d7-30d0-4e23-ab49-6c43e7ba4d1c","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":78,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"3930f2ae-42a4-4bd3-876c-fed3b288f5f3","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":78,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"ba79d435-8f54-4b2a-be07-22a53951b8c6","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":78,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"5551cfcd-6708-487d-9958-b63db6207e2c","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":78,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"8bb3b773-7723-4fb5-b76d-7791f35b5ef6","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":78,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"8b9cb14e-fa3a-4fe1-91b3-099bf2dd4932","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":78,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"d8bf5452-d608-41f9-9860-7b6419eea3ff","block_type":"box","text":"securities and zero-coupon securities.","page_number":78,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"dc0031ec-c88b-4ba3-9a8a-20bd1e3ef110","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":78,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"e0459952-1625-4e27-91d4-58523be228eb","block_type":"box","text":"taxes.","page_number":78,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"58d3f6ac-c9fb-473c-b31a-ac7055ecb72d","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":78,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"bfb57d15-8a69-46e8-a9bc-10aa6a073a91","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":78,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"f9d70d10-c47e-410c-bbfe-f443cf4c91eb","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":78,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"6f3bbd02-a6ce-4703-a837-5b125b374889","block_type":"box","text":"underlying security (","page_number":78,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"e962003c-b622-45fc-982a-696fb023b54c","block_type":"box","text":"i.e.","page_number":78,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"79ffd9b2-96f8-4491-8b8b-4b8fa3209566","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":78,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"65b1a1cb-d050-412c-85e7-fa0b1aa2b0f4","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":78,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"adf11b82-edc7-4c06-85f2-a464fbf847bc","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":78,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"46e260ac-d642-4a14-8507-71c4a8154986","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":78,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"53ef66d0-0190-4eb2-b3a7-8d3611dd0f34","block_type":"box","text":"II-29","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9c53448-8bc8-4767-865d-a295a8b9d10d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4f81e07-42bb-44ff-9b6c-6167fe44c8a6","block_type":"box","text":"Foreign Market Risk.","page_number":79,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"88c976e3-f087-4fe9-a79f-4a738e83e4ff","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":79,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"d18dedf9-c7d0-459e-a9d2-79f8b4bddd7c","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":79,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"6b2d6fcf-9662-4fc4-977d-4af57e695e28","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":79,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"7b7f421f-51ec-4496-9778-da99e12284c0","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":79,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"8a052d21-8c62-4b69-8693-147c5c6503e0","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":79,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"bdcbeed2-a4b1-4b11-8446-703bc93522be","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":79,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"ce77518e-34f3-48a6-a145-be5a723a88ad","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":79,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"efc72963-7093-43be-9a3a-287015f0902e","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":79,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"a06a77c6-9b6f-441b-9a4a-18db6a541e10","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":79,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"302bd76b-caca-42bc-88fa-677fcdb0eb64","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S.","page_number":79,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"a9bf9764-55ff-4aeb-aaee-e2a31e44785d","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":79,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"78b0eef4-bafb-42bf-b2c3-ca4d6ddacd80","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":79,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"a2a55bed-4857-462b-9259-add6385c661c","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":79,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"87bd9971-b5c1-4eb2-8397-5e5502b124c5","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":79,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"83d373b7-2078-4bce-8a93-759d24a9a39d","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":79,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"5aff732d-d4a8-4bf6-afce-a392a1d8bbf3","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":79,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"c5471c62-743e-4d26-bd4e-05caf58207ae","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":79,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"8e0bba44-6c22-441f-89ad-a5654bc53dd4","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":79,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"dfb15785-0530-4243-94b7-aff9fac69318","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":79,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"1b50b9d8-9809-444a-85e6-cc1dbce978f4","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":79,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"dca086b3-fac5-4f55-8a7b-e9bdba433857","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":79,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"d5339524-9c63-415b-b25b-46c151e5212c","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":79,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"ce833dea-6dd3-4284-b03d-e0002b17dd20","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":79,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"37b38a15-9695-4eb5-947b-d565dfd16a4f","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":79,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"c98cb43b-994b-46b5-86d4-4f35feb4909a","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":79,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"fde37866-5b71-499a-baec-e3741547487a","block_type":"box","text":"operations.","page_number":79,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"0966e9e9-bdc5-4279-a281-8b2f65089623","block_type":"box","text":"Foreign Economy Risk.","page_number":79,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"a0822f68-65d7-40a8-ab6e-6b48d912a639","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":79,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"a3002f24-a817-46bc-b19e-2454eeda1d8c","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":79,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"d15d6153-0ef7-421c-900a-efc7b164422e","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":79,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"7674bfe4-0474-46d5-b745-8fc89189d7df","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":79,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"d2ea7d71-7271-4a1a-996f-493563e6eccf","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":79,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"ad1fb2a7-b4cd-4959-9b8d-89e321fb7cff","block_type":"box","text":"measures.","page_number":79,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"d3e62419-0be5-4ebb-9a10-cd02a491bc75","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":79,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"3de61a75-1659-4a1f-9afa-6a8849b097d9","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":79,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"b018f515-0172-4e79-8706-bc49945dc6a3","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":79,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"88ca6cdc-39d1-4fc8-9f2d-07ba449e8a20","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":79,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"4500e173-5a1d-40e6-8bb7-bf5a408b86ce","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":79,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"903a19b6-4b25-49a4-97ae-1338d402083e","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":79,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"ee6ec424-477b-4352-8435-17d2905b6017","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":79,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"b9d9775f-e58a-4ebf-94be-c70a2b7b384e","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":79,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"fc3271a5-9d46-42fa-bdf6-25edcc361f1a","block_type":"box","text":"those returns.","page_number":79,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"6be7fbda-53ad-4b72-a7f3-d42d217aa490","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":79,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"4f6a6c49-27e1-4a1d-bffb-df8d8deeddcb","block_type":"box","text":"Many foreign governments supervise and","page_number":79,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"b32c9986-fce3-405e-9e90-d748495bd474","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":79,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"d6e99a36-b646-4106-a4b3-505997123428","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":79,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"3befe23b-f7bc-4d08-a878-cdc21cd0403a","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":79,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"eea95a79-86a9-48f5-b0c3-d00c3a8c5d4e","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":79,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"29f0efa2-364d-4f67-8014-b32a357d9711","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":79,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"ae2979a0-2c20-49c6-8fd1-8f4e80f3f224","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":79,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"2ab4ad9e-a1dc-4288-9aad-c0a918f21d5c","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":79,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"0b39e94c-36cb-4452-9d53-fd6b4350f04e","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":79,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"45329cf2-416b-48b2-8387-4927adfe4afd","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":79,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"a80c7242-b4e8-4248-ab4a-17bcf3917c9a","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":79,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"dadee0b7-8c4b-490f-ab9a-18168c6eae04","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":79,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"ff03b98b-5121-4bbf-a57f-bbe65cf7b7e3","block_type":"box","text":"investments.","page_number":79,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"7f31eb25-c5c7-4ca5-85cd-92edd7a0475f","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":79,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"1951b9ac-ad8f-4d52-9e93-660658fcc70f","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":79,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"66542d9a-04a0-4dac-9b7f-1964263ba7bd","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":79,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"de6458f4-a95c-4083-80be-1b20d469bc64","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":79,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"b3007bb0-63ed-492b-9fb3-9fbe3dff014e","block_type":"box","text":"II-30","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dabd66b5-4566-4d50-9a1b-341be5dfaef4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f5cbc94-e958-4c44-91ce-e20a4a9cc83b","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":80,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"d2d6e968-dd97-48d8-94b3-b7a183502da1","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":80,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"609751c2-1472-4205-8d04-6575fcfa9ad4","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":80,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"e089bc10-cb4b-4da8-959f-b942fa8f4fdf","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":80,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"977a9147-ea39-49e7-9e3b-291ac0493e4d","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":80,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"ed3c7d3f-56ab-40c5-b35d-14d16541a0d6","block_type":"box","text":"States.","page_number":80,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"488a21af-ed59-4def-ab50-7a150245ddcf","block_type":"box","text":"Publicly Available Information.","page_number":80,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"896a4ab0-0ed2-4607-82e1-6ba7a65f97b5","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":80,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"5adf7979-c5d8-468d-b97d-99906621eb86","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":80,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"52883730-386b-44c5-9bd9-d7f909ce760d","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":80,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"1a835966-a81a-4eb9-b127-d74d8fbd659e","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":80,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"83f7f671-2b9b-4599-9934-6b2df16445db","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":80,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"c817928b-6371-43b9-8aa8-5a8847a1c1bb","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":80,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"1dabdd7a-2804-4a95-a869-fe502e9e2853","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":80,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"b9b9af34-f9a3-42db-826d-304d21a8046b","block_type":"box","text":"United States.","page_number":80,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"79eb8fac-e08d-4696-9f65-53f48fd99a06","block_type":"box","text":"Settlement Risk.","page_number":80,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"e790bb61-09f2-4129-bce8-f1df34879c8b","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":80,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"bce5cd6f-b864-40f1-9b0f-4ed47170098e","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":80,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"27c21073-145a-40ee-8aca-3126a0eba9e0","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":80,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"be57d621-9b04-452f-8e36-2e6b9d89eab1","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":80,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"91d9812d-8fe0-4a35-8fb7-490532e82dda","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":80,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"6cd833b5-fca9-48b7-a5bd-0885d666d8e6","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":80,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"6d2c74c3-4120-487d-af04-796767d47e7d","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":80,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"7855b2ca-ffce-4970-bdb9-bb61a815c5f6","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":80,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"32250d9f-d2ec-4f5d-bfde-29fc5d8e1a4b","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":80,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"cac463ee-a19c-402c-bf0a-110c7f98b81c","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":80,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"7525c4be-1f7b-4a2b-adfa-00489bd1a8a3","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":80,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"502b8b3d-417f-41d3-b5a7-14d7293606a6","block_type":"box","text":"Sovereign Debt.","page_number":80,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"beb90e1f-5768-4ccd-8bed-92e3202c9136","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":80,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"3c5171cc-cf44-43ca-af95-845879b885bd","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":80,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"7392622c-5dbe-4850-a225-680e7256dffa","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":80,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"122e259f-66d0-4b0e-87d5-d4585108f517","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":80,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"fe92cd38-04b9-42af-9305-e209f8bf0293","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":80,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"9b2be5b5-ae7b-4522-aa30-9f42a2ed21be","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":80,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"4a746d3d-4159-41ee-a1d1-465942f31e3c","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":80,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"700cf437-c05a-4fa9-be7d-f48b0af578ed","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":80,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"e1bc3c54-3c44-4702-85d6-7ca1500b14d3","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":80,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"92965974-fe2d-473f-af57-89094c0e5a6b","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":80,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"bc04cc0c-766f-420f-8932-83712366a1b1","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":80,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"641dce50-b1bc-4ee5-9ad3-e2e69ba73b19","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":80,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"f2ff30f5-3fec-4050-b33f-31536351f803","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":80,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"112cdbab-742e-4253-ac18-08a21d876191","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":80,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"2af9b3b2-8da2-449b-af07-fd414a9dbbb8","block_type":"box","text":"debt.","page_number":80,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"cb52a839-a0a2-4896-96a5-ae74007fadeb","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":80,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"929827a2-bcbc-4c94-88aa-37a18ee07a6a","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":80,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"bd12a2e7-98bc-4ac1-8301-89d42fab9507","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":80,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"4da31e55-c3b6-4a97-b2b3-57c35b774359","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":80,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"914846b2-e642-4992-aca7-16bdd8c212cc","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":80,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"5440ccdb-c127-4b57-9856-a3b5b7cb8032","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":80,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"ce17a8fa-9e9b-458b-b214-aa0f216da2de","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":80,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"887492e2-d221-4949-9961-e1db3af277e3","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":80,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"1cf7e013-b624-43c9-b0bd-9dcebb1c62b2","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":80,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"288bdb10-fa96-4df2-a2fe-9db8f6bb9c00","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":80,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"15802619-98ac-423c-855d-9875d9d17230","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":80,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"43a803d1-3405-4699-9c58-f048e17ffb1d","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":80,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"35e4dc8e-a750-479c-a0dd-cc4e68592683","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":80,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"04322d60-95d7-490f-b8c4-451124da5545","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":80,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"70c7c403-20d3-4a2f-aa9a-9bb0c05797bc","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":80,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"54ed9ec8-5731-450a-bd93-f999e9e01603","block_type":"box","text":"II-31","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ed3b967-c933-495e-8e56-8327759df5dd","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3669f27a-15ad-4118-934c-1766c2231565","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":81,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"8250216f-6d38-44c0-9bda-2ed8c1f56299","block_type":"box","text":"in the Fund’s net asset value.","page_number":81,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"82619b4d-72a4-4395-befd-020327180f36","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":81,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"ab4b5e6a-f7d7-450f-a296-6cebc161f2b5","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":81,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"61978b14-b795-4ae3-aadf-2a0adf1ed4e2","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":81,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"5e54e206-eea6-4648-98c4-3b8394ad6012","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":81,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"570d0f3f-7bfd-4d09-a19a-ac5873c0f871","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":81,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"3eb327de-4479-4db7-9eea-8ba470f8734c","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":81,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"3a53e605-c1d0-4c0d-b2ad-70a3a32841f3","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":81,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"01462291-4b34-4d22-a7e3-198e3d18aac6","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":81,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"5c86232b-36a3-44bb-88c4-8fa790862b6d","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":81,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"bf140ad5-3109-4a22-b4a3-16fe48a7a7c0","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":81,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"d0267a6f-15c1-43f0-a4cc-d24ef9a9fc76","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":81,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"7c7703d2-b1f5-45a6-b3c0-1320e97319dc","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":81,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"717e2a86-7b65-42f0-9f33-faecf4bb7ab2","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":81,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"eb0c82ae-fcf2-4c71-9598-8ce13d17cb93","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":81,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"1b30e67b-eee9-4733-bd6b-0361a1b3d241","block_type":"box","text":"Fund may invest.","page_number":81,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"90ac3af8-6465-4d3e-8932-9c5548b67148","block_type":"box","text":"Funding Agreements.","page_number":81,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"e26499b5-a420-463f-84d1-85b3fce1f8b4","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":81,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"13e496e3-b0a6-446b-978d-224afd9ef399","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":81,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"191589ee-7ed7-4c9d-a2d4-d80114e5b04f","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":81,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"5622a08e-f7e4-47a0-9326-d8614a3ce412","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":81,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"d616e95b-0661-4bd6-9184-9307b48ae0ca","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":81,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"83a30923-354f-423f-9253-b15b3f813be5","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the contract is paid","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"4a1ec3b2-a10f-4b92-84e9-206c40e619ee","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":81,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"3670e606-e7c3-4bf6-8370-c348a2b930eb","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":81,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"8e41cf9a-7588-42b0-adec-6b956534438c","block_type":"box","text":"agreements does not currently exist.","page_number":81,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"446b3026-ed82-460c-a694-1a41c078c5c7","block_type":"box","text":"Guarantees.","page_number":81,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"f3b68b00-c81a-4ae6-a43f-3a88accc96ea","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":81,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"98a9a8eb-557a-4812-80bb-f9cb2947230a","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":81,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"cc5e7a33-bfae-4241-9b4a-ee3195196d10","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":81,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"6ee86122-328b-4137-b1c1-db8b8c034f89","block_type":"box","text":"Illiquid Investments.","page_number":81,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"a67a12ed-9584-4759-b148-248a475580d6","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":81,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"99843230-59e8-4d9b-841b-fa7b36f9b4ff","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":81,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"1865af37-9c7a-49e1-9d6d-326230e33c90","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":81,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"c1f776ff-7bee-4ef3-88d9-713c7eb1cd5b","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":81,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"95048228-b395-4e62-8f4b-ff61f7244033","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":81,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"5ec9e07d-2420-4ca4-a4dd-aab735522a44","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":81,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"5537d5c2-d292-4e08-86a0-ab4734e6788e","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":81,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"7a1e0566-3b4c-4d5f-92fb-bb87f0d9ab45","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":81,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"a2b7e867-fb40-4bfb-b6ac-87e01d72bcff","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":81,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"fb854d49-1ff9-43cb-93fa-cd5a86d97cc3","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":81,"box":{"x":70,"y":642,"width":803,"height":11}},{"id":"90271ce9-7d9c-4652-99e0-f8844d075b76","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":81,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"b16f0cb0-0f03-4caa-8abf-5d4935c03fd0","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. If illiquid","page_number":81,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"0bba4303-67d9-40f2-b2f9-034d18e28036","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":81,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"9e17bb20-b036-47ba-a7c3-ce0ba6a1bb02","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":81,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"0c799870-f2b5-4ec9-9d6d-974860174984","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":81,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"aed01c3b-4a11-49ad-bee0-5412699fb7fa","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":81,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"82c19c1f-8090-4063-a77c-32f8638833bb","block_type":"box","text":"market opportunities. The risks associated with illiquidity will be particularly acute where a Fund’s operations require","page_number":81,"box":{"x":69,"y":748,"width":833,"height":11}},{"id":"805914ce-8694-43fb-9224-f00a87e705a7","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":81,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"46328492-a53f-4be3-8ec7-9425cfb1d127","block_type":"box","text":"short-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":81,"box":{"x":69,"y":778,"width":651,"height":11}},{"id":"160e4d63-8692-43b7-bd91-9f08b33747e4","block_type":"box","text":"Index Funds.","page_number":81,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"7ed015b2-2689-4555-a2a3-f503246a8c0f","block_type":"box","text":"Cash Flows; Expenses.","page_number":81,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"46d1b2f8-9641-484a-8a73-2a060348746a","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":81,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"18011b4e-7987-4576-aa96-c79bc525afe5","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":81,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"759ac72f-7ae5-468a-bbb1-2694f27dd250","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":81,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"b3191686-2b35-4243-80f7-643d2afd5f35","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":81,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"89d599f5-d6ff-43b5-b1dc-76069fc7e6cd","block_type":"box","text":"the investment performance of each index is a hypothetical number which does not take into account brokerage","page_number":81,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"1a8a73f6-9bab-49f2-b8b0-5001fb479e4d","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":81,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"aa984772-2504-4129-9ee1-6d154d23d159","block_type":"box","text":"II-32","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"468639ff-4112-4ba5-8d43-89d1e5c48f60","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aadaee4c-bc52-4283-832b-3b21824fddd8","block_type":"box","text":"(","page_number":82,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"6996444e-90b1-4afd-8fb7-3434598c6039","block_type":"box","text":"e.g.","page_number":82,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"0e05dfea-26a8-4c09-be51-cbe025f885bf","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":82,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"67a7e01c-c737-4735-a2d7-c6cb02352e69","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":82,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"dccfba97-d0be-42a5-9a4b-13f860f0bc1d","block_type":"box","text":"particular security as an investment.","page_number":82,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"ff33a7be-9c18-47df-99e1-e9c5fb27852a","block_type":"box","text":"Tracking Error Risk","page_number":82,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"4fa8dd5f-f50a-4a20-a8da-d441a55f2886","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":82,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"d26367be-9980-432b-b39e-e1fe58c509d6","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":82,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"4ae8cba4-21bc-46e5-872a-7a5b7d8b1d9d","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":82,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"f2d058ed-7203-4c10-9771-33c4bb334278","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":82,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"cea437d6-157d-48bb-8dfb-b691541d191b","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":82,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"4ad4c2cd-ba20-424a-b95e-0b0deb6afb16","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":82,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"30da5f3b-b6b8-4821-8588-3a5e4caebc67","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":82,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"b353ac61-dfaf-4d9b-aa6f-a6760cb31226","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":82,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"7894e50a-61b9-465e-927b-ac98b93a191b","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":82,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"d88c4750-7dcb-445d-9650-ca56c1b8387e","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":82,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"a19a7ab5-6987-4f20-ad9d-906235be1aa9","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":82,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"94b9152c-520c-46a5-a5b9-bae25c19ade9","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":82,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"834ff54b-0697-4297-a067-a8cf20e86c43","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":82,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"d0a94b8f-adad-4ceb-9a63-6bc6d9c1d18f","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":82,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"9da75c4a-2f67-455a-af57-b52557fd04e4","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":82,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"a93b638d-fe78-4f42-b4d4-f1bbaa673315","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":82,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"d1dfb011-28ff-40a1-aca4-ff0a6a4b4723","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, alert the index provider as to the alleged issue. The","page_number":82,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"39a0b9d9-c11b-4a99-94c8-e66a26b42d75","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":82,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"2af5aca6-1dcf-42f1-aa30-bc5d7686f9c0","block_type":"box","text":"the rebalancing of its index. 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BofA is","page_number":83,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"352d270f-310a-4685-b4b6-5bc1157d0602","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":83,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"eb197c59-b27f-4fbd-8557-4121ae140d93","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":83,"box":{"x":69,"y":899,"width":793,"height":11}},{"id":"395e3a9b-e77d-4dc0-aafd-a9cfebec23ba","block_type":"box","text":"II-34","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b10713f7-da80-4102-9bb5-af61d5ef24ce","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64ff6894-8a05-423a-9ff9-65a9fc42bfee","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":84,"box":{"x":70,"y":45,"width":785,"height":11}},{"id":"e4d0cd3c-277b-4465-bab3-261bc4a0240b","block_type":"box","text":"completeness, or otherwise.","page_number":84,"box":{"x":69,"y":60,"width":202,"height":11}},{"id":"4c415599-a374-46f3-bf08-571cab8de838","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":84,"box":{"x":102,"y":83,"width":779,"height":11}},{"id":"2d19bc2c-5d9b-48d7-a939-c71e3014ea25","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":84,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"353f9a68-366b-445d-9c19-e6a6d4d371ce","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":84,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"a7874cf7-d634-42a2-a168-80da6a465e72","block_type":"box","text":"Indexed and Inverse Securities.","page_number":84,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"8238dca3-5fbb-47b9-9648-f2084732519b","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":84,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"69a8cc56-0c83-4820-93d2-28a22c9db651","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":84,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"32accdbc-539d-42eb-bf6b-3f61e11ed0ec","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":84,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"78149abf-fbff-4900-9dd0-90d9b4f8dac0","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":84,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"53e7d1d1-2f3f-4c40-9906-a5b9bf329411","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":84,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"d10e67b3-bb2f-44f7-adef-196e0a7ec12c","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":84,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"247555a9-6b29-45e1-a3e9-2c39a128c783","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":84,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"da8fda59-374c-49ee-a8cb-fc3723d650c3","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":84,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"b74f92ea-ef48-46d4-ae60-ae3457b46d88","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":84,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"0bf4d8e5-b38a-4a79-9ed2-2b2666b05998","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":84,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"9464fcec-0793-4606-bfbf-0972708c1880","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":84,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"b34c6046-67bc-48c5-8729-8aaf2b90a8f4","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":84,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"3253874e-ae71-40de-bec0-f22374f5c3ea","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":84,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"a7d90e5e-43fb-4b70-892f-91819cb452bb","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":84,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"b47ee792-7284-4f30-bae6-c6a78710d79a","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":84,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"dabaedf6-24ed-420a-adc8-b1cea43d1127","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":84,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"d380502c-e72c-4300-919d-1352fdafb760","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":84,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"ab122a25-30f7-41fb-8f08-c48002ae7892","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":84,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"e3554a1d-126e-430b-95cc-3ffc88509736","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":84,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"68d0ad8e-0b83-4337-963a-0fd5d52fec16","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":84,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"49a0c75a-e2ad-4bdd-908b-6eb0da1e5d94","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":84,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"f42ca7a0-81f7-4a81-9d2e-584b9348bbae","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":84,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"45c765c6-8794-4320-865e-894f4b043ca1","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":84,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"ba0d4171-5de2-4037-a828-1468ec9abeb1","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":84,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"41d5a801-c3e9-4192-8696-bcc78f5ba53a","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":84,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"ea1b5713-f235-450a-ae0d-b0a8a48e6c85","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":84,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"7fe925cc-7be5-49f5-8177-4e88e9751430","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":84,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"37357abf-ff8f-4843-a9c3-b6ceb4a4ff10","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":84,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"e84afb14-bc9c-45b8-96d0-4de25cf03d4f","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":84,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"c623ed39-d91b-4780-934a-9413f2d5c93f","block_type":"box","text":"Inflation Risk.","page_number":84,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"6fb7e829-7cd5-41af-b86d-b9b72627f286","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":84,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"25f7efa2-f290-4361-aed9-49160c79d1d7","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":84,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"64df5a23-4eb6-48b3-9ce2-1dce25061e24","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":84,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"24a4cfed-ec23-4c41-a8a7-5eab5eb7d95b","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":84,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"a01081a6-c017-40f6-bbcc-85d431d7440a","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":84,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"41bfb55e-2c4e-404f-bf50-8a10958a2dad","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":84,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"c7de77ba-da56-4815-aaf8-06fa85a9711a","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":84,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"44bb89e1-d503-44ca-b5ab-97491437b65d","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":84,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"5aa4dbe8-42c8-49fe-8567-03a3f987ab2d","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":84,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"467e8b7b-589f-4940-b79c-2023b7fe6667","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":84,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"d7f0d786-eb91-40e4-ac50-aeaf385e6816","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":84,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"66663762-b404-4b5b-aadd-ba7391a17fa1","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":84,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"9aa2221e-01f6-48ea-b8c9-1cd7aa24ef91","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":84,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"585398f1-b156-4fbd-be4d-c3899138dacd","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":84,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"70c2d49f-1b95-4586-a7ca-9402cdbcc7f4","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":84,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"33744e7b-2e85-4667-8c7e-881f6dadfe64","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":84,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"25d731b4-52be-4241-9531-8a674aee9c0b","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":84,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"e23aa24b-56fa-46f6-8a66-33c0b9a0a447","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":84,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"a2645f11-a21b-40e2-a34c-d755634847c0","block_type":"box","text":"be available for very limited periods.","page_number":84,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"80302d3f-45e3-46e0-a148-abcdd5ffbef4","block_type":"box","text":"Investment in Emerging Markets.","page_number":84,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"3d3ebb80-519c-48c1-9827-f9aea85ccc32","block_type":"box","text":"General.","page_number":84,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"1edfee26-c0b3-42aa-80eb-f70ff6826593","block_type":"box","text":"II-35","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8dfe7bb-0870-400f-a962-b4be9e44aa99","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b53132ee-7d2a-4e5e-b563-65c0f8e6295c","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":85,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"b8d536d0-dc99-4d7e-80dc-d2b503b81125","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":85,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"5ff4fda7-c791-429e-9473-8bc71795cdc2","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":85,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"08e33204-602f-46f9-803f-a3bcfdd703c7","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":85,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"54d15706-d989-44a0-8149-631e41c68172","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":85,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"49da23fa-867c-44d8-a38c-d8d873e7a4c4","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":85,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"89e3469b-3e1f-4312-b8cc-e7daf51ca389","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":85,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"42bbf24b-c58d-429d-ae7c-20fa780710e7","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":85,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"1a6c39fb-a811-4acf-9101-b694a96b7ff6","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":85,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"117de26d-5a89-4f27-9852-58757754dcbf","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":85,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"64814beb-5aaa-4f98-9131-b19617f3e184","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":85,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"c63a00af-5f40-4b71-b1bb-13bfc7ba6999","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":85,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"664275eb-1c1b-4fad-87eb-fb53cec86961","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":85,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"fbd322a6-1668-43a5-9042-575ddd03dd9c","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":85,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"50b5b501-8585-42d6-9caf-fd3f3313e6d5","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":85,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"0a687817-180d-4c54-99ca-5da69230453a","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":85,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"9a4362e4-3a39-48f3-a344-3f935edea7c2","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":85,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"f0f3b80d-b323-4798-86b6-f7c6be1c7a20","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":85,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"07fb3093-40d2-4ba2-bb17-ed06c2f33100","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":85,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"1326b810-a936-479b-9202-d596ed724094","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":85,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"b47d9064-08c2-4deb-8585-7d8e6837fc58","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":85,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"34e1edc6-c3f8-48e7-a331-6214d55d0697","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":85,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"6b537b8b-26ea-473e-85c5-784f9bed1882","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":85,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"b7a0c146-a6b6-4871-a00a-4c74250276e8","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":85,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"8801cc42-0ec4-4a08-b4aa-40f210f5442e","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":85,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"5458df28-716c-4493-9c18-6b1f81623654","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":85,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"796bdee8-ff03-47c2-b1d8-9aa881c1f61f","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":85,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"63592eae-948f-4f7e-a2c8-e1bb8f9f6fdc","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":85,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"b6453f76-41c7-4695-801f-7ecb9540f822","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":85,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"df25417e-5d2b-41ed-9b5d-74c1515095a2","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":85,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"6f0f4508-4e04-4bbd-a48b-a501fbc4803e","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":85,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"f6cece07-99e3-48de-8db9-50395589747c","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":85,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"e0ef535c-0e8b-4b22-bb03-685efc9dcdb6","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":85,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"18767404-9026-495d-bc62-cda79b56f1b0","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":85,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"f79deaed-3581-42e9-8818-b9a4fe46aa4e","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":85,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"fce0f959-7cbc-4bf9-b96b-1a935d56be15","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":85,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"07ddf16a-28c6-4410-a544-5a63280598f4","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":85,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"34034ccb-b1a2-4fb8-9052-807559c0c917","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":85,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"24a2424e-507a-408e-8879-ec80f782bc50","block_type":"box","text":"acquisition or disposal of securities.","page_number":85,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"dce5b1bc-e41f-4e6c-8846-104798428153","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":85,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"0d83bb34-f353-420c-ad71-01a79d38833a","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":85,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"3b42e660-9685-4a1d-89bb-8ea1fdccef15","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":85,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"a5367ef5-2d20-475b-915c-a2c882e12fc3","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":85,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"5e76e1ba-7575-48af-b60c-0e692b0c903f","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":85,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"d9504583-a56c-42a0-be38-c3f58b2e8837","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":85,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"02ad3ab1-3e2f-4de3-9182-fa31f74115dd","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":85,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"8d758825-4df3-41fc-9883-6fec6357f5b4","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":85,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"a60f679b-7929-4b4c-b0d1-3c6bbe4347c3","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":85,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"8f13009a-6a18-45e6-b5c5-f43c8a5b0bbb","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":85,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"0dd036ad-3378-4aa7-8e82-bdb687b3ff55","block_type":"box","text":"generally less available or transparent in these markets.","page_number":85,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"a4910722-ddd2-47a8-9956-f770fcb36934","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":85,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"6126246c-d901-479a-a9a0-a634cec26f73","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":85,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"4dd0bfa1-f9a3-4c90-b5d1-0460cdd1631b","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":85,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"839b5e81-aeba-4248-a0e8-1181be65ba08","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":85,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"f16b90a2-9439-4851-aa26-aa88d6d9896c","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":85,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"83de5c1c-1fa4-44a2-9290-a5f0b69917a3","block_type":"box","text":"II-36","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea543751-07b4-4558-9391-4afac20cc09f","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c0c0574-549d-4e4a-adee-0eb853b72af3","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":86,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"b883c239-4e0e-403b-96ba-bd2453ea9bbb","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":86,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"2ec5886f-2a98-45d0-b5fb-b7a83c5fcdb4","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"51add07c-6a26-4237-bcf9-e2c54b8519d2","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":86,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"a2156c6d-fc40-410d-83db-3ad87e4c6f17","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":86,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"d161d764-a9a5-49d7-bc97-53fc560798fb","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":86,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"5a69644b-35c8-4f6e-b05c-a0be0942dfdc","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":86,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"7697d4ea-0fe6-4b8c-9b0e-f7ce7bfb2c84","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":86,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"2ff2adb0-8809-4cfb-9cd6-cc6f424ba8c9","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":86,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"88bdf8cc-a72a-4254-96d9-4df7f970b983","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":86,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"6e07c2d0-ccdc-42b5-b28f-8f6dcbc3a2db","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":86,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"ffd579f6-1e01-4e11-8bbd-a3f9aee25921","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":86,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"1be5701b-7c8d-46cd-889a-947633a76410","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":86,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"980ae6b2-94b2-4009-ba34-ad398313191b","block_type":"box","text":"performance of the Fund.","page_number":86,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"c7a762d7-f8ce-4cd4-8bb9-8e46524fb9d4","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":86,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"ef1b9564-3339-4bed-8875-390bdc6cc06a","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":86,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"b59ed14a-aaaa-4839-9f20-0e7947668d30","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":86,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"7b2de922-cd1d-43fb-85e1-e8099456f28e","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":86,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"288ac60c-3b05-47e8-aa5f-1f6aac76f521","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":86,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"47c1bfbc-0ffe-4434-878c-a654f1564419","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":86,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"22f59c05-7e45-4744-b8b1-d7a087e24888","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":86,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"199ddb54-8d56-403d-a0a7-971b2fec9a3e","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":86,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"947e76fa-ef58-431e-bff2-b9f0da582452","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":86,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"682787b9-06ff-4c67-b42d-7edf298b8894","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":86,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"e52f3ea0-822b-4e70-a336-ba6884080ab7","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":86,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"09ea24a7-3d28-4317-adb9-9a656a3e267d","block_type":"box","text":"affected by a variety of factors.","page_number":86,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"655ba6df-4078-441b-9f32-595d03920633","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":86,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"24c9a92d-7b05-491f-9837-201d05f40964","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":86,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"15b5308f-44e7-4be9-a160-23459ab453e7","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":86,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"08ab66e8-088d-433e-8da1-172b8e481aaf","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":86,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"732f9c6e-40ec-45af-89dc-b0eaf13b3264","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":86,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"fd8009df-d421-4def-aaa3-ae0973e514dd","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":86,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"b49f58c9-9ed6-4b30-b759-f26721934715","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":86,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"9b778d75-49d9-47c2-a08d-1fee903613a2","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":86,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"584ed22a-494a-4149-ae0a-c7dd49f5d2a7","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":86,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"62027d68-9ec8-470c-bff4-2ce24208a4ce","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":86,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"4c171328-cb54-40b1-b4fb-fe9e6ba618c9","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":86,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"a26dc90e-a013-4e25-9890-0d8536e309d7","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":86,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"ee2efde1-0375-4741-afc3-8b3451f379c0","block_type":"box","text":"nations.","page_number":86,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"b1da9a8c-00c7-4030-9f48-149f8739f1a0","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":86,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"23e1d654-2b21-46d1-935e-b1d561d1b260","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":86,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"46bad69b-70d7-4b8c-9e5d-4c0d041be543","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":86,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"ed52fca8-22b4-47ef-9d93-28f02373ef68","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":86,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"fcaf5de8-49f9-4ef2-a70b-854b5ae40078","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":86,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"636baa56-978e-491f-93eb-ec90cf5f40e5","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":86,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"a6d8c218-0ddc-4fb2-a038-8f9c05e3e494","block_type":"box","text":"market Asia-Pacific companies.","page_number":86,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"450750b9-cabc-4427-9e43-698dffd00531","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":86,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"988d8977-e815-45e2-9aed-3005d929ab67","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":86,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"1fd7458c-1e36-4417-99dd-8b49f63c5712","block_type":"box","text":"services for such securities outside such countries.","page_number":86,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"faad1781-ddcf-42b0-b12d-21dfa07d406f","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":86,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"9f7fbf63-c252-479c-a700-8342794a5a32","block_type":"box","text":"to commercial banks and foreign governments.","page_number":86,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"82eba5ca-57a4-4527-81b6-1e181371bbd7","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":86,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"03410fcc-d26c-42fd-b3c2-091a918335e2","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":86,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"a313f8ca-cfb4-464e-a720-e8e3ab02523e","block_type":"box","text":"II-37","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7de52725-dc60-48b9-8d4c-bf263e6c2ca9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a90684ed-af63-44ac-89f3-b9e494c6e7f0","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment portfolio and, in the longer term,","page_number":87,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"7231b2b8-3fd6-4520-92a1-519befc4fd3d","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":87,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"d620a18a-6d5d-4897-aab1-32dc85fb6e7f","block_type":"box","text":"conducted.","page_number":87,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"34ebb66b-1776-4a1c-9b3c-ad65ea1ab80d","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":87,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"a88d00b4-836e-4c0a-8aa6-0f5d68aa7aaa","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":87,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"9d2a5ede-8a8d-4c63-86bf-6cff6ee1c5bf","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":87,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"f8b26913-dad1-414d-bd6a-0de294df4842","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":87,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"ee94cc35-840f-4344-93c9-2e6fa103f415","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":87,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"c6973a56-f184-4af5-8109-a21932809934","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":87,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"7ebb37a5-18f3-4f1e-9578-ed8b6d93a75e","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":87,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"a75dfbc7-f022-4ca6-879a-8816a9befc9c","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":87,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"d0a39f64-e63b-4dde-886d-c4a00f809064","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":87,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"2859c1f0-8cbc-4240-b301-974d82a71313","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":87,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"4cbeb365-137c-41ae-b284-df4d995701f7","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":87,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"465e5992-fc2f-4488-aeea-c7ecc70949f2","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":87,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"10c2c3a1-faff-47bf-8d84-3ad34f661e2d","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":87,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"8dc3cd0c-dd81-4806-affb-b55c30a27747","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":87,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"3d6d8b87-3d8e-4a93-96b6-271286432698","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":87,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"006bb918-30aa-4c5f-91ac-b02ee7d1d353","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":87,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"f17d3a79-35ae-4296-9dd1-3ad459194d2b","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":87,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"34f6e0d8-49c7-44c1-8b6e-318c7bfa9dd1","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":87,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"4c28d161-88d3-4b9a-a5a6-787eaa92ec0e","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":87,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"ae231694-8678-4aff-ae36-5bb58c7f1feb","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":87,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"24f20a5d-19b8-4509-b3f6-4b03cfd88740","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":87,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"612ea10d-80e7-451c-a3d6-1beb7fa9fbf0","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":87,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"23792b5a-4297-4b63-ac84-58819695db78","block_type":"box","text":"investment at that time.","page_number":87,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"fe6d9cf0-3229-4c08-8598-cb5387838b39","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":87,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"e8e07924-cddf-43b6-850b-597a247a69f7","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":87,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"58b8f7d0-de66-4d8f-a232-07afaa11e911","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":87,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"6e1193cb-9ef8-483c-94ae-4e203cb8ef41","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":87,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"2c1073ff-6ae4-47ee-ae6f-6bfa8b7cdb76","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":87,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"34d7791d-6bfd-4402-8f51-7690a99590f4","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":87,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"a5893856-7dfa-4200-9916-671de7b288f5","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":87,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"6433f018-bc1e-4fcd-ba89-5652cf7b5d5e","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":87,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"ea63ac3b-6171-413d-8770-7e8bedf6f2dd","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":87,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"dffa4e12-0426-4caa-9800-695957b9ce49","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":87,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"be117bb3-4f08-45fb-94b1-541926128bd2","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":87,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"51a79867-4fcf-4b37-b841-7fe866d2ec62","block_type":"box","text":"government).","page_number":87,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"6828d8bf-08da-4c60-b0a8-4ae878478aa2","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":87,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"1c7b5fd1-9869-4b8e-8720-f6f4c8eca658","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":87,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"bd892860-18c2-4eca-a1d9-6dfbeb5f3708","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":87,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"044d5c82-c734-4c2c-981f-ae3330ec6399","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":87,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"b2e683de-e0c3-4dc8-a1dc-483c6fceb1ed","block_type":"box","text":"foreign banks and other financial institutions.","page_number":87,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"cce3cdb3-af00-4058-95ff-83a7648e68ea","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":87,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"6fe54b85-e3e4-4299-b5d2-fe99b4bf063e","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":87,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"18c82157-d054-447d-9d7d-c2380810f560","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":87,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"6873020c-a3a2-428b-bfbd-f81529bf1cb3","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":87,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"f7b1ee98-5526-465a-b709-79e0a0a35d18","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":87,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"b9240265-ff55-4f9c-8b55-781bb59a0d76","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":87,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"4aa7a240-90bc-4535-92c4-cc3e8fc9738c","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":87,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"00fff982-f14d-4df6-a4da-e3ff03d03e6a","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":87,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"1dec26d3-f921-4a95-873f-4f45bd2da436","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":87,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"a54d2f3e-cc68-4d2d-acca-a1d3c9f863a9","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":87,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"feeec05c-745a-4ec9-b3e2-d9e8e39e9ad0","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":87,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"500837b8-50e5-452b-a975-fb5fd9524437","block_type":"box","text":"II-38","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e31a0bd-8240-4d9e-b151-4eb041b2cd81","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a31af96-043d-4ccb-8a4f-f993b5258d5d","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":88,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"afc52d79-6c2e-490d-8cde-9194ff1dd2c3","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":88,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"00ae649e-601c-4c8f-bb64-680772a9f69d","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":88,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"109ab97d-d4e6-4d89-84d0-448cbf58989e","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":88,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"608faa0b-18c8-490b-8daa-fa866cff96bf","block_type":"box","text":"foreign securities.","page_number":88,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"e0ae5ec7-19ef-4088-a4f2-aa69dc53e473","block_type":"box","text":"Risks of Investments in Russia.","page_number":88,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"38e50cb7-d778-427d-9b88-30054e58cc5d","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":88,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"5167c595-6f66-4974-86f6-20ed7829c66f","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":88,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"aab08659-f27f-4043-b487-305b34bdb7df","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":88,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"40507434-269f-4cc5-b593-7c0190cb419a","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":88,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"974f4d36-a9d7-4818-972b-cc3fa596fd73","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":88,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"e4eec5cd-f801-4b97-adff-df17377a32a5","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":88,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"14550e68-3bc1-4453-ba32-ce8fb9306d16","block_type":"box","text":"markets.","page_number":88,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"8ddab8c7-5be8-46df-abd0-090dad05f8a3","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":88,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"f4a32243-3e0b-43e4-b49f-399f3f5920b7","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":88,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"a0288a4b-ec22-4e93-b82d-202056eba680","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":88,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"961965d8-5250-4cc2-a324-42d825228832","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":88,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"dda2116a-31b1-4c2e-a8d9-7b25f82568c9","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":88,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"2744f952-ed35-45ca-80c9-fb17a63c7cc3","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":88,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"6dd12ab1-79ba-413f-8f1b-bc4668327094","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":88,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"e2252e38-aa8a-4c2a-ba68-5f6d9e91977f","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":88,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"6b901922-2a76-454c-9192-0dd0559e7523","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":88,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"be0163a4-0de2-4f51-ab29-f2b3416241f4","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":88,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"5997d07a-ee60-4735-bec4-5f40e18baea3","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":88,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"4eef616e-bd96-4018-9283-96223558e717","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":88,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"ca16f687-d55f-4558-96ea-17a335e6e343","block_type":"box","text":"or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":88,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"4b086e1b-98da-4b43-ac5d-f8389181e697","block_type":"box","text":"otherwise remedy the loss.","page_number":88,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"93838d2a-a1db-489d-91ea-096ffb8b64a4","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":88,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"de63014f-9ac8-4d73-82da-bc50eead31e1","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":88,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"bdd6b90c-a651-4a22-9cba-036b752f8816","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":88,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"eb399fc9-15e2-4b4a-be60-0b33c05d76e3","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":88,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"ed6ca2c2-6a48-410c-a648-3ae352039ac6","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":88,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"d61f806d-4e82-4a2f-a054-0eddb5e0215f","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":88,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"144852f2-5843-448a-b82a-b4017e18d6a0","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":88,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"18ed8f99-bf62-4169-9078-784b3d7f9c0b","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":88,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"f39566b1-442f-44c0-824d-4bd51c217dc2","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":88,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"2536cb76-2674-4b00-9e5a-56234808a36d","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":88,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"aa202012-ba9c-47c1-b86e-eff15f5fc255","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":88,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"0bb5e771-2f4d-4e03-860d-fdcc6c0811cf","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"4f3939f2-2e5c-4222-a098-8d1bbc68b040","block_type":"box","text":"markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":88,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"16a6cf59-c662-454e-9089-f1f51b2582ad","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":88,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"c24a0588-a016-4e5c-ad84-899855fd3e03","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":88,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"e08dbe09-0ba0-4de9-b896-aedbe63a8020","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":88,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"2a6dba87-2401-4362-adf1-2d2bb5d4b638","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":88,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"431f607a-090a-4fae-9ecc-c3c7421fd4ea","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":88,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"0198980f-1c0c-485a-9d68-ca95a1e66a21","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":88,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"9f1c82a3-434f-4940-a43f-6d9f42bcfc10","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":88,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"bdc6b17f-3ea7-471e-b489-fb7c747a7471","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":88,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"01465e64-9cfb-41f2-8a3b-2b8dba6f02c1","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":88,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"22514ad4-1828-4f69-b645-753c4b6ec2c9","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":88,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"9731674f-a950-4df4-9771-98e976ba9403","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":88,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"bae7e2a7-5102-4ec7-adeb-5d77a15ae0a1","block_type":"box","text":"of Russian securities.","page_number":88,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"a15948be-d22e-4636-ad4e-0444f983348c","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":88,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"85f8d880-0b5b-420e-9668-5d7daca29a88","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":88,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"4a223b66-543a-4deb-8f61-42db8a560f47","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":88,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"cf928275-1022-406c-a4ec-b60f74e4f6ba","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":88,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"b60c33f5-9c89-404b-a10a-20e7106971d8","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":88,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"0d962b9b-d203-4424-bfa9-e774c263a64e","block_type":"box","text":"II-39","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6979d2fd-aa1e-4561-8d72-c1eb120c19aa","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42cb92ea-1fc0-4e99-8ce3-59d89ef6136a","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":89,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ee810966-6bf9-4296-bee3-97023b60e307","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":89,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"1bcdc32e-ca10-47cb-8a01-29ee0f9fdc2f","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":89,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"597a9300-21a5-4ea3-9688-14e1f15e9be0","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":89,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"af1ccad3-2c24-45ee-926c-026e91cf1c1d","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":89,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"80064f71-c9ae-4067-b23e-534d1e61ae96","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":89,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"f1726854-5ac6-483b-a28e-dd8ec90925ed","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":89,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"6f1dd44a-35e7-4d83-8e03-351f979c1af0","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":89,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"a268f5eb-e98f-44a0-9211-8a31aac62ee1","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":89,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"bb5c8651-bbd3-43f8-be32-0df5cf7508cf","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":89,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"dab93c28-3177-4854-82ba-31cc42d240c9","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"67a36c77-0d20-442f-814c-51aa86eb14a8","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":89,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"64ace2ca-a06b-4038-9a68-1d1e7c253e71","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":89,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"3c9e36a4-616f-4b4a-b6cc-00ddf6acf141","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":89,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"d14d6e25-95cc-4fb1-862a-a092ffefb78e","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":89,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"fbc0ba24-30bb-4315-9c16-e972970f1e88","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":89,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"6067c154-2948-4ced-abe2-1943d329d695","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":89,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"38aadbd2-56da-45ba-9dbf-2c9308f0b4fd","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":89,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"f448842d-df7d-4732-a3b6-4d24f9098c06","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":89,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"f02f719f-bb35-455e-9b34-069a0cb96ee8","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":89,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"901374b1-e76e-4621-aef4-035992beca1b","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":89,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"8d1eb10f-2c73-454f-9efc-b9589d805d3d","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":89,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"36d065f4-47ae-4ccf-9182-580602974abf","block_type":"box","text":"impacted.","page_number":89,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"63c861fd-8be0-427f-9825-a0de6e1234b1","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":89,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"c0a4ae7e-7ff4-4cd9-9744-01d6c9864430","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":89,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"74351c78-68f8-411c-954c-809f4011d249","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":89,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"5bc4b36c-a85c-4c2f-802a-a6b19b8983ac","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":89,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"d76a9f5a-9145-4104-8e3a-b567fb1ed92f","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":89,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"2e5cb6db-945c-4fad-85ff-b2152765980b","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":89,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"d552c2b6-9e6f-4865-a972-815f4581e6ee","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":89,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"295ec3d5-81fe-4326-89a3-cee361bc6562","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":89,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"d87ca6ae-6149-4b35-911d-6404e1727024","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":89,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"b39a9fc6-d627-46d1-af48-dea408d9501e","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":89,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"981aca2f-556f-4200-899a-f291c15f4538","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":89,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"8c1eae3e-b724-4b46-8821-0c2497439e39","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":89,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"09c50a91-3f5d-4845-8892-ecbb34219638","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":89,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"cfa74625-524b-4a8d-a6d7-5d7a64dfbee6","block_type":"box","text":"economy.","page_number":89,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"7a365495-4f1a-4df6-8b09-04611a54d837","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":89,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"2dc4595b-1eeb-4efc-9699-7d0443f9e2ba","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":89,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"facb0fc2-ad12-4a02-b29b-36eb5cf89c2c","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":89,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"56defb13-34e9-480e-867c-713077677826","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":89,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"4ab91258-3a7e-44a4-ab1d-5e6982a71275","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":89,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c19ac0e3-30cf-483d-a51b-bf9c5b834453","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":89,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"a8eac55e-89ad-421e-9c60-28c624253985","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":89,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"d94d6ce4-355b-4617-97e0-f899088b4d09","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":89,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"487c699a-589b-432d-ac4e-b78abee0b123","block_type":"box","text":"typically the case for investment managers.","page_number":89,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"28403de0-bd24-4350-8d8c-c14d53c90fca","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":89,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"e139c19f-9a21-41ba-be75-4603e9f012df","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":89,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"b3f8c20b-07d8-41f6-9b39-81283d744b70","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":89,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"705c7f5b-cefa-4849-922e-f8665c6d8d1d","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":89,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"e5f6413b-6865-4401-935f-2893a766c942","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":89,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"2e6a4aa0-30fb-452f-a9c1-5604ef22954f","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":89,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"1e0a1165-5809-4b0a-944f-6f1643cd6163","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":89,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"3579b29f-3e87-4d20-b993-f144fffa0629","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":89,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"e53883bd-fcae-42d7-bae7-057b759648f4","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":89,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"acf97690-6988-4c97-ab45-284125dfc8be","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":89,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"3f87e77b-a8d9-44f1-8c70-b2c92da51f27","block_type":"box","text":"II-40","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc723f7f-5e45-415c-8485-e8f5447c9f04","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee2772c7-9779-4179-a151-567b8ba8c163","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":90,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"d9c38923-75de-47c4-8203-5a3e67df26d5","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":90,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"cd126af1-193b-4726-b07d-fe215e1f2023","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":90,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"cfa9402a-0e06-4843-99c7-54e4785ab7e2","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":90,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"2bfd3f5e-d717-4a50-93b2-3751442d2320","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":90,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"c1c36ba4-9e65-43a3-b102-2c3e6cf97d69","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":90,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a90f8580-2f73-499c-9134-813e00129fad","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":90,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"4fbc7458-fdad-4706-88c9-5a5b2c55dcb9","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":90,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"532ed6ba-a7c6-4f1b-b433-9fb3dddd5164","block_type":"box","text":"will be indirectly subject to those risks.","page_number":90,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"e99e58b6-85c6-40ee-b5ce-a77785c64bf1","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":90,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"90ffd09e-d84f-4c55-afdd-3960c3035ac6","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":90,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"513d9eff-bf12-4092-ab89-ca60af0e97d2","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":90,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"d4c4f9be-0927-4d89-9bad-7727f6c1b690","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":90,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"0300d582-b82a-4971-93ac-13bf436151e8","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":90,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"5766ec4a-e0d1-4e20-88b1-656f0277c682","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":90,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"c6081f1b-051a-452f-998c-5aee957274e7","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":90,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"727b6592-b41a-4d30-8597-d998fffc94e7","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will","page_number":90,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"b0295f2a-eb4b-4247-a897-e20ac884f7f0","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":90,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"34996a15-6ad3-4c40-9f79-a178485d46a0","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":90,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"e5ae3d42-c6c5-4827-b50d-719a8137825b","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":90,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"1cba367f-0d0f-4e85-8334-cf897858176a","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":90,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"4a54dc12-1b4c-495a-b839-7ab37b59b379","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":90,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"d435b401-62a7-409a-a52b-42d1a248e3d0","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":90,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"4cf5a383-1c41-48ab-bb12-f60c065aa31d","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":90,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"46fa9676-4eda-4f65-8259-1a7f727fb3f7","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":90,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"a40d0ab9-7e00-405b-8196-e12f71d6818a","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":90,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"7a2debc7-158b-470e-86f6-0dd8f21dd09e","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":90,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"c83aea83-a59a-4fbb-8c3c-e1ce0629a8ac","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":90,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"c036d2f9-4265-46ff-b927-785081461c91","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":90,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"44d2be11-5290-4f38-a472-927008144193","block_type":"box","text":"Brady Bonds.","page_number":90,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"9f7ce90b-c763-4c26-8182-19b220833d11","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":90,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"2d49fa12-318f-4a93-8c70-19c4c02dd707","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":90,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"fa78636c-e244-4d00-8a28-27e7a97466e7","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":90,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"97c73843-2b79-4e4c-a650-b8b00bbad976","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":90,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"a35df228-dd92-481c-8dfa-237125d89120","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":90,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"2817703c-a106-43e1-9e3e-93391f65cb77","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":90,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"a8d32c39-a06a-4f70-ae98-b17379688e5a","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":90,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"5e1ab00b-ef2c-4e93-94e9-cc245a2df72d","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":90,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"2b335476-3357-4f20-9b2a-a5d2b7ff3f14","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":90,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"201abfba-de47-4d8b-847b-8659698f559a","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":90,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"5f874691-dbf8-4665-a090-d5fee1257ff2","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":90,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"efe1916f-926b-4d24-a90e-f908a13a8025","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":90,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"2ac4ee4c-5744-4502-b5f2-7d753639839a","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":90,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"e26e5187-2a9b-43d9-afe5-ac9bed4d0d44","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":90,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"963db892-d345-4494-90ac-672fe3c8960c","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":90,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"b8198feb-370a-46f0-a7de-a4dcccbd53ba","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":90,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"c77e3162-1e71-47b1-8a33-1031421e4554","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":90,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"508177a0-2918-4892-bbaf-9a38b6dd4b8c","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":90,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"df2fe905-0841-4bf8-8a7c-6353e642349a","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":90,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"151cc94e-3fb0-4837-8d27-1bd56d87ef45","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":90,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"064c23d0-2f67-49ee-a08f-a83721024d3d","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":90,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"04014463-8f1a-40f8-a48b-b45c82409e99","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":90,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"4d80f121-862f-4185-97e8-f24acf154da4","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":90,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"ac7ecf65-c8da-450d-8956-aa29040949d4","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":90,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"5cc4e165-4789-4878-829b-911047760f3e","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":90,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"bede46af-61a3-4a21-ab76-8a7851223c99","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":90,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"9ee60928-2b94-4dde-9a73-a08f40760162","block_type":"box","text":"II-41","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e149fc4-faad-439b-9ef2-643ce3f8bb1c","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e60c2ad5-2a3f-463e-8968-ff1821eaac6a","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":91,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"010c3697-f696-40c6-8e12-0b9489aaf0bd","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":91,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"df0abd74-4fc4-4e32-864b-58f25cb40821","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":91,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"ee4c5886-b498-4243-adff-38abd9de30e4","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":91,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"726de09f-634c-4d5b-a0a3-a0fd49aeb125","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":91,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"dfc3b0f3-2c0e-4a95-8461-e11a549c1c7c","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":91,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"46eeae2f-b8bd-4cc2-a91f-f7471b37eb95","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":91,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"abe14216-d7af-4702-b47a-5937b089b850","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":91,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"dbb05de7-e6b9-4609-b7f2-9d194c542272","block_type":"box","text":"China Investments Risk.","page_number":91,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"38603936-7e3a-4403-a614-e6d40c886611","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":91,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"a961398e-9691-472b-9ebd-55b3c978990c","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":91,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"593ff893-2a9a-432c-97d3-f239b8fb5b73","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":91,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"d411c892-45ee-4648-90f6-bc43ee88b358","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":91,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"f414f948-e0d8-4235-8cd6-af3fa2dd6472","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":91,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"c22ccb19-f818-4a8c-995f-db134f935e2b","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":91,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"eadea9bc-c676-4620-aeee-117c72ce9146","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":91,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"e9c8621a-3153-4cab-a7fb-4d481dd64edb","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":91,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"472836df-6ec9-4dec-affd-2b9623634f0b","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":91,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"c16a8a28-7852-488a-9c2a-6b3465c582e2","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":91,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"6135b8f2-3d17-416f-addb-54d8ef17c87d","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":91,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"b66de5e1-58d6-42eb-a755-d83ffd39afa1","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":91,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"ae193d26-4dca-438e-9092-62f64af1b336","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":91,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"aa49c00e-ef78-46ad-bb4e-6bef463b1f1f","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":91,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"c1fd84e9-cb8d-4b31-a489-45f99ebd0e73","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":91,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"26b3247d-7e37-46bc-96cc-1d49f8830ebc","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":91,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"a4727779-573a-44d7-a4fc-fb72570b8905","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":91,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"bd8e1568-303c-45df-94c2-25a91f06560e","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":91,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"e714d9e1-d0c4-47da-8613-2ca49af5afb6","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":91,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"d3bb1093-517c-436e-9225-ffb44780ec69","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":91,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"5ca7617b-c2a8-4ab1-a7ad-d3350ca80517","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":91,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"935fa2f1-9274-4efc-872e-6599cfcfcd3c","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":91,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"354f8536-3d63-4051-a6ce-df2a5168d2c8","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":91,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"46433f10-7468-404e-911f-4b60d053a525","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":91,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"b8a0d849-8b10-442b-b9a4-b897a262a2e9","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":91,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"a75e3444-dbab-44ce-bf7a-3b24a4993543","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":91,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"d6bc1b08-ee19-42e2-9ec3-ea20f80c967d","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":91,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"09eb8230-7e46-4161-866c-16d2ea3efbe6","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":91,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"4cc4ad6e-3f48-49f1-a33c-b72ee30995b6","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":91,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"54300837-386c-46fa-9d29-2e3bfb885981","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":91,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"47790437-0c9c-40a1-95b3-690ff52ef4b7","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":91,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"910d11f6-b55d-4ae0-a93d-49f006c5e047","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":91,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"70f2387b-25bb-4361-8d1d-afa3bf791cda","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":91,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"d968c96e-1ad1-416b-82ab-620e8c026623","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":91,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"367e434f-a460-4452-acea-0332e9c95646","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":91,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"3cf1c5ec-c7c9-4479-9704-e3f449a80fe7","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":91,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"00591c6e-f979-410c-af5e-ddadf36f4b28","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":91,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"778fcfa7-c85a-4895-b8e2-b7beca87b5bc","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":91,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"56b3927a-925f-4d65-af83-702f50171b38","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":91,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"d22eab12-b0bd-40f5-9693-7dd1b45cdc34","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":91,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"f5a45f59-f68a-4b29-9cee-72419379df94","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":91,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"ba5196e3-bd7e-4d22-a76b-f0e3d401b46a","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":91,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"3c5710bd-10e1-4d10-a0eb-903358aa7e85","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":91,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"2038f8d4-6f68-475e-b529-701a32902ee4","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":91,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"05345da0-6337-4082-811e-4a9210d2a9e1","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":91,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"24d46936-9541-4a4e-b695-e10178e0536b","block_type":"box","text":"II-42","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"461af7ef-7de2-4dbe-9119-e4311c72f3a9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e192ce36-05cc-43a8-86f1-c9edc180a202","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":92,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"4cd9772f-f356-4f18-844f-a375283e2f7a","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":92,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"aa75f233-2297-47ec-8f93-3ae3147eade1","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":92,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"43a7ca27-e48d-4380-8f30-563dd58930b8","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":92,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"277cf312-eebd-4239-a3cc-04426750d461","block_type":"box","text":"sub-custodian.","page_number":92,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"f043c4d6-7388-4c61-988b-e2d36b7e7f99","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":92,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"6cb3e52a-7e77-48eb-8f6c-bc8bc7f83ee1","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":92,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"b80f1f07-05b3-4699-b285-81000c0ea5f8","block_type":"box","text":"on investor protection considerations.","page_number":92,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"966f2402-6ea4-42c2-8162-24594d5373a3","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":92,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"90f5ad9b-61c5-42cb-b5cf-6517fb63bda6","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":92,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"0eee21d4-c7ea-4798-94f3-f713e0e72e71","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":92,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"afd11d36-2ec5-4408-bb9c-6da2cb4630f6","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":92,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"09f970a9-941d-4700-b6b7-e0aad6c7317d","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":92,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"265f53df-6bf3-4e6b-9f33-dcf2f88b13b9","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":92,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"6a9ec32f-3e3c-43bf-8ef3-d072467d5385","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":92,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"b8b4035f-bc1f-464a-a26c-4f158eb4e79a","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":92,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"b3f26731-0112-4049-ab01-4af7a840786d","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":92,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"0bf2d494-c4bc-4367-8df8-f7431b363b87","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":92,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"189cb7a5-dbca-43bc-be04-b120b580c8a4","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":92,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"2bde729e-9cd6-4a9b-9370-6e31e83e723f","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":92,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"fd6daa8b-3e9c-4d0c-891e-e4c7aaadbda9","block_type":"box","text":"accounting firm.","page_number":92,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"32e8c165-09b1-4f80-b76d-20578b99dd01","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":92,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"306e8213-c011-46f0-b1ee-36918d7777f9","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":92,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"bde7183d-068f-42ad-9ff0-59b484c9ac6d","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":92,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"18b56869-e89b-4bc2-9822-68624e3efd51","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":92,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"309e1cdb-dda2-4b4f-ace5-139bc5037cc0","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":92,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"a7542308-99d6-410c-8f9f-f20430ff36a6","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":92,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"d0b740f7-df1e-4f0b-b00f-d928a285fe14","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":92,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"66218526-44fc-463f-b170-a569419bac59","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":92,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"d9f5843a-bde2-4071-b251-62ddb95b21cf","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":92,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"38f27365-e708-4471-b9f2-8ec581829eff","block_type":"box","text":"RMB (“CNH”).","page_number":92,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"f0b87840-6a56-4c65-846a-4d7087a3bf5b","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":92,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"c81f3c78-6162-433f-a993-1aceb039d777","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":92,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"82839ec3-a91e-4fbd-aa91-bb0370ccabae","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":92,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"dec2ebbc-a6f6-4640-a6be-7bdfc7f2ab24","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":92,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"733e0e55-a6a4-4270-ac5f-c6ccfa7a0362","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":92,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"fc7779c4-8305-4fe2-86f9-fa978dc87c29","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":92,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"59a865b5-ebed-410c-8b55-44a1686de99e","block_type":"box","text":"represent equity ownership in the operating company.","page_number":92,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"d0459b82-ae78-4ef0-a4b7-3319c2a34b47","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":92,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"f59a550d-a6a3-43c0-b489-310e3ea09718","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":92,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"39933f62-9515-4295-b0aa-27f276a689fa","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":92,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"c0b61255-fd60-44a3-9ed7-e961e8e0eb19","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":92,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"27f1076e-52f8-4a6c-af83-c60a4d19f07b","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":92,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"98ced77b-4425-4604-9ee3-648c73701b49","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":92,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"c21bf112-203b-44a2-9259-f1bfc9c1a29f","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":92,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"0ec960c5-06ff-4907-8e0f-0d6240e60b3e","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":92,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"2a4a47be-6c57-440c-b048-8f1322b60864","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":92,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"8d4b347e-b075-4bde-b80d-483307b74b75","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":92,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"e3e2fadf-4e76-4e01-beb3-6cf6b52b9996","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":92,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"e46d5883-18a5-4d52-9139-b39b44f4ded6","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":92,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"397afebf-89ae-46f1-85cb-599dfbfa6874","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":92,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"6be2becb-a409-4098-a6fd-84ecac13f6b8","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":92,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"3ce65e9d-e1f9-4ac0-a828-03c8c54eeb5b","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":92,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"950bcb1a-9f61-4561-a1e6-251b925c3d6c","block_type":"box","text":"II-43","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ebe89757-169b-44dc-9be0-28a35cc9b01f","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"770f0830-c583-458a-baf7-5f2cebb7b28f","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":93,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e9df6830-c75d-42bf-8793-689ae0fc2cda","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":93,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"ea3dfe53-50c6-421b-9be1-8b9bec743344","block_type":"box","text":"losses to a Fund.","page_number":93,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"e185702d-99bb-4bda-a6d5-7f435d8cba5f","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":93,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"e195536a-51ce-4d0b-b571-b2aaa5a3921a","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":93,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"e1f9c3d1-0718-448c-a141-814cbe10ce11","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":93,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"fcfeaf57-b41c-4fae-b94f-5f378d082dbd","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":93,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"fc72efff-f72a-4f22-b0c3-5dec6d5a9724","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":93,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"bfe17e8b-7480-4886-84dd-3aff2e538268","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":93,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"246ccb27-3eb3-4c61-b1e9-71481434eb3b","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":93,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"4e28cc1f-c2f0-4c72-a782-b4f98ebaf5e8","block_type":"box","text":"key trading partners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":93,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"9e216053-33da-48a7-9f8a-09cb7c906846","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":93,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"52a7e50e-f7ce-453e-b1a6-3e982b4ae043","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":93,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"db900ed3-be9c-4615-af8e-cc54dbfeff26","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":93,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"d8f920c3-b70d-4a7e-8c28-e2e24a9a969d","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods","page_number":93,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"21509c93-b8c4-4047-a651-1e928c8f4cb5","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":93,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"02357c5e-004f-4867-a2f7-530bd70c4333","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":93,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"853fdfbe-89ff-4d2d-a260-db96dd63b722","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":93,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"840298e0-51cb-424c-8c33-85c43a8accb9","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":93,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"5faa1e80-6267-4956-afbf-0b3ae4cd94ce","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":93,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"c24066d1-cfff-4798-8428-74cd2ca9f4ae","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":93,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"c67c949d-546e-48fb-aa88-f1c58f614730","block_type":"box","text":"such companies.","page_number":93,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"82d588df-8eac-46c5-a102-9bb57b233063","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":93,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"4dad9b88-79c7-4f25-8e41-56b4a7017e21","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":93,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"600e10ea-2f41-4184-b32f-9a0f53b937c1","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":93,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"29df739e-0968-4337-975f-5aacf91a97ff","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":93,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"1610b44a-c2e3-49be-9afa-53d9171ce4d1","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":93,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"5794eac9-96d0-4dbd-9696-a7cc9ed369a8","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":93,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"3d8314b2-9e82-430a-ba79-e1668f7c5dee","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":93,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"c1dd5e68-2e5a-4fdd-90f0-1414c5b01011","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":93,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"dbef5cc3-08a6-464b-9908-bb1ab41b2d21","block_type":"box","text":"standards.","page_number":93,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"d1e7f389-d95f-486c-85a5-c2daa5eb978e","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":93,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"156eec41-9d7f-43c4-acab-25475be1c964","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":93,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"b016cd51-9863-4c37-8561-b93afbd04ae4","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":93,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"89760774-24d4-4278-9ac8-f4d2dfe1ddfb","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":93,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"754666c3-00e9-41a1-a35d-93fb40da3c5a","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":93,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"65974f1b-0e44-48f8-91f7-f773bba9be9e","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":93,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"749535b2-3776-445e-8db0-a26f8217eb57","block_type":"box","text":"General","page_number":93,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"876ddbc3-0034-4b65-aa8a-7df2c06ced4b","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":93,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"23de06d0-a62c-4916-8b3b-f07f6701ddd3","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":93,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"3cbb8e24-09a2-48d6-b8b8-b7dff7a82369","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":93,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"57035c5c-062d-49e6-b1e1-26b95560009a","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":93,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"1a4fe3f7-9f5d-424b-aa72-da4bf5d578d1","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":93,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"6b8e27fb-3302-483f-8809-1f5cfbc0a5aa","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":93,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"5773ac81-6812-4552-aeac-b8962a65d5ca","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":93,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"334409b0-77fa-47e5-99f7-02d97b271f99","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":93,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"536dfab1-f4f1-4609-9962-a596bbeb13f5","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":93,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"09e35afb-23b5-4672-92a6-40d73657ce0d","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":93,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"ff78953c-382f-4f0c-9513-37b44ac105b8","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":93,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"41827908-0956-4d8a-9ce6-80a47fb9d400","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":93,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"2330f558-ea53-467b-8028-4652528b0836","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":93,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"7ec985e4-1338-4300-a86d-9c8cca44174f","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":93,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"0e3199a9-93f7-420e-bfcd-090c3cb9f0ef","block_type":"box","text":"company established by SEHK.","page_number":93,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"5f7a651f-b513-4339-91d4-fa2eb538a2c1","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":93,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"97eb2ec7-ab3b-4e57-bbb1-501ac23842f4","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":93,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"61daee93-9a1b-410e-aff2-92b8589516a3","block_type":"box","text":"II-44","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c288917f-1194-4049-8354-6ad37f5f9876","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f5b309e-daa0-4a33-98a5-8737d1446c99","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":94,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"547608b2-fa8d-442b-b750-c200e13d05a5","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":94,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"29d581c3-9cbe-471f-9057-af2962abf2f7","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":94,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"f4ce1d24-c6b5-4f25-a9ad-698450747925","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":94,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"b1ed537f-9d3e-44e3-b57f-4671c6f0db57","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":94,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"b24144c5-4c60-4b6a-b580-fbc59a95565d","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":94,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"5c0239e7-a148-4e80-875c-37bac9196399","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":94,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"0a286861-dd6d-4774-a8bf-a68c00629068","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":94,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"a35d567b-b37e-4402-9060-b2ea94b6e32b","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":94,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"c17a38c7-e3e2-4f9b-a766-5e8caf507246","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":94,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"4f34b318-1048-40fd-87e4-f4855e2a2373","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":94,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"15af15a5-2aea-49d0-92ba-9fc038251144","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":94,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"5772fa07-ab88-446b-a5c0-f6d241f23587","block_type":"box","text":"i.e.","page_number":94,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"b1744379-bf94-4176-a0ed-3fd621d0cbf8","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":94,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"a76ba8a1-2cc4-44c5-bb43-68be91435717","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":94,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"676c35e2-6a50-472b-b353-6154791440ba","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":94,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"c3ba6995-1247-4c2c-99fc-ec7326ccd7a5","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":94,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"ca5e02ba-17ec-4c96-ba61-4edbaccdf3e1","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":94,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"86446807-f515-482d-b68e-8d99651e1fd1","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":94,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"801fbe3d-f249-42df-9ca5-22b99bdbc0ca","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":94,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"d7576c8d-13e4-4cfc-a338-270478022fb4","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":94,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"c891ba21-4c17-4b64-85b8-ad775189573b","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":94,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"486ebd86-e5f2-4f22-9039-1b1f2f12c6ea","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":94,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"082c7884-b4ac-4a95-b052-8c636f989303","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":94,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"f936575c-b8f2-481a-9e07-0567ba0bbc7e","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":94,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"d5729d4b-661c-4dca-a5e6-07b17cae7d80","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":94,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"11b74eb5-bac0-4572-8cff-ec0f2af1fe44","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":94,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"b601eaa1-464a-41b5-9576-5435eb0b2252","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":94,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"52e68888-7294-4850-929e-ca3ef19672d5","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":94,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"7f330f58-a942-473e-beee-da7c02017dca","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":94,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b57dd0b1-b42a-4946-bd30-dbff5625ebdc","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":94,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"3028edfd-a9c0-4de8-a92e-ba672f1681dd","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":94,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"af99d3d9-d33b-488b-9b27-f7bd564b9fee","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":94,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"e7c739c2-dd5a-41d9-b52e-a078f96c63a5","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":94,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"59f4cdb1-b4b9-483a-b7bb-c4efc29a2ba9","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":94,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"71e5eabc-a2f0-447e-8e64-a9d5d06cd57e","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":94,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"adcee070-99fb-4347-9cf2-700bbf630de7","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":94,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"42c788e9-eb62-4770-81f4-09d82e89aea0","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":94,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"9c89eafa-0121-4419-9ccc-6f89355faef1","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":94,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"699ea102-55fd-4f34-b6fc-9f7dc30951dd","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":94,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"240cb27a-b035-42c6-aa48-5b11d0761bcb","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":94,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"6fb24cb3-171b-4a0b-9d9a-3e309f05fb98","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":94,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"3f92a03f-49bd-4456-9b44-bc7379ab7255","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":94,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"81f47435-c1c4-4c6f-aeec-68790b5ddeb8","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":94,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"ef2a1eca-b87a-4d26-9107-11014a21bf0b","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":94,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"a54e20ae-de43-4cd8-8dc1-9cfcf05cb738","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":94,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"eda7d6eb-23f0-4765-b715-af963dc1da58","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":94,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"7b4d3874-5c0b-4432-94a5-ccb5d7e2b1d3","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":94,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"257e5649-fd7e-44fd-9dbb-a9d7de0d369a","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":94,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"7fde3464-296a-4ae7-a617-99b9914d86f3","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":94,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"b3edab48-359c-4565-8a5e-008b7d7b09bc","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":94,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"f64cf01c-2382-4747-ac02-6c515c8ce400","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":94,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"adad90b0-f2d0-49ae-be68-bcf15f2ab246","block_type":"box","text":"PRC.","page_number":94,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"417590db-743a-4c88-8467-f9b0365d43c1","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":94,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"33ef9a92-0aaa-4bb2-abf1-0c0c3af3aa5c","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":94,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"4bb072ca-ae63-4796-b0b0-52b99966050c","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":94,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"5d99d646-255b-43fd-b7d5-55d4dfee9f0d","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":94,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"8d698d8c-e4aa-4fb3-8c96-c14c70f35b1b","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":94,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"c026aade-ea38-4e0f-8e1f-8934ac3675b7","block_type":"box","text":"II-45","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2e54d2b-579e-4fce-bd5a-5dac025a9e70","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45eec0f5-7fb6-44ca-b632-21b93762d1ed","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":95,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"7985eb06-5906-410a-8432-dc74bfaf1a2d","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":95,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"fe11cd70-a19b-480d-9ef7-c2ebb98079a5","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":95,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"3b973c60-fed2-47da-93f3-e597a2498361","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":95,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"acbd9888-23e2-4a58-a772-5e01b781d484","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":95,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"aefb4d3d-67c6-4ea8-836c-81decd8f1adf","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":95,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"319546bd-80f5-4c38-b285-1fe6594235df","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":95,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"291befc2-36cc-4f19-8001-b4e87ab99e3b","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":95,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"884ab025-36b0-4dfd-b705-a720b568e94b","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":95,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"02ff3bcd-b100-45f0-8a82-1b8245e1b08a","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":95,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"497c4d5a-d893-4c60-bfbc-27e8a570d3f2","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":95,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"aeaae1d7-ca6b-4682-817f-1cac9efea666","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":95,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"e219ff5a-324a-4e41-8606-baad4d6cfb11","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":95,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"9b033ed6-c976-4598-a2c6-f81a3daf8034","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":95,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"9478ed9e-d593-4543-8fd2-a8ad66219bdf","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":95,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"48768b1d-4977-4715-a81c-17cddd984923","block_type":"box","text":"Suspension Risk.","page_number":95,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"c890ec0c-b56a-4fd6-93aa-639d3bcb3909","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":95,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"1dbe1e32-7932-4aa1-ac02-c89f117f8c51","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":95,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"3ed75ff5-3848-4174-9166-7a541a8aaadd","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":95,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"a6c30653-250e-4704-9725-db8684ecb9ed","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":95,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"07e4124d-8b72-406b-b965-b0f7f41872bf","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":95,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"a8e98fbc-0c41-48a7-ba48-edb9772ce0cd","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":95,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"2660d2ad-3809-4677-bac5-1bd185d5094a","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":95,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"742125d6-9a38-4307-8cea-726710d26630","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":95,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"ac5eb736-683c-48f6-9fda-866ed867c008","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":95,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"e8fa0d1b-c7fc-4f1b-bf8f-80d2b78569d0","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":95,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"c348d230-b229-40c3-a82a-aa065263e06d","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":95,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"37902b6d-b211-4ba9-9db8-d7d0508d7551","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":95,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"aa1c92c2-7955-47e6-a793-4510ad0f8b32","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":95,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"91176468-415a-460b-a3e3-dc7379aba43e","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":95,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"1567505f-b786-4d67-bbcc-3c78e8c1a153","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":95,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"d0ece75b-073a-452e-b37d-251be461fc74","block_type":"box","text":"A Fund may invest directly in the","page_number":95,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"eab05ce5-d914-4eb2-9f27-b679f046367f","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":95,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"5b0e3dc9-496a-427b-99fe-d9043a8ea274","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":95,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"6dcc86fc-adae-4965-b61f-9d617fd79df1","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":95,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"0e7eb722-ddc7-4606-8e1f-9c006b42d6a8","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":95,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"f35b9642-a0e8-46e7-b5c1-4ed41609a665","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":95,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"49c64afa-42ec-4ae2-89e5-679af55f943f","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":95,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"88014330-70ff-454f-a4cd-d4630a7e1a04","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":95,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"1cbac7b8-ec2b-4a5e-b573-326e9283e65f","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":95,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"6def1fe8-6c6e-461a-92aa-771c98baa554","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":95,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"89eef11b-06ce-4658-b7c7-b525f063f087","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":95,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"bf45b5f7-230f-436c-a233-1b2f0df6d7c7","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":95,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"ee903d86-0de0-43d2-9993-c6dfa06927c3","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":95,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"6bb2918f-e15d-49fb-b67c-42674f862c75","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":95,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"78ac09d5-cd66-4795-9779-c97e8e5825fb","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":95,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"c4034959-0566-4382-a49d-a674239fbd1f","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":95,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"826c7e27-6059-4ea5-b4d2-3cdf19570d42","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":95,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"c9fad6e7-10c8-44a9-9c8d-93532600344b","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":95,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"0166c3fc-2509-4a1a-b2fd-fda21e116132","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":95,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"fbb15104-dfa8-4a30-90f6-4843e47236ad","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":95,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"ddedf167-320a-4130-a11f-66f04e8bb6c7","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":95,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"9c73317a-a1b4-4583-aeee-cdb4986560ca","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":95,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"9629c3a0-4799-4b31-8644-9cea4835e9ca","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":95,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"25b62a6a-a2bd-4eb9-88a8-e0e166d95374","block_type":"box","text":"i.e.","page_number":95,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"9221142a-e3b2-488d-a8cd-e074be6e220d","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":95,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"0130120a-0b7c-46ef-bd39-ff9295d620ca","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":95,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"5984add6-81a5-43e2-ad9b-ba3b7ee26f88","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":95,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"0cb901ee-3e84-4d85-bf24-d3a0494467b8","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":95,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"8dc150e0-deff-453a-9792-826310acd1ba","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":95,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"34d7a63f-6e0a-469d-9086-077d346a2f76","block_type":"box","text":"II-46","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d0e4824a-6932-4cde-b001-6ce7baee230d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71fe7529-8dc9-4865-a138-e9ce0aa8b2a8","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":96,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"171e7438-3dd1-4c8c-a3e9-40666ea78f51","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":96,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"d19030a5-f284-4cc2-bbec-66460b7b6a72","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":96,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"564865b9-69af-4940-9ca9-c68895af8e58","block_type":"box","text":"parties.","page_number":96,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"553bd449-3b47-48f5-940c-edd65a228d1a","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":96,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"d729461b-7079-4dc1-b418-b51fc8706bd7","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":96,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"1c818b6f-9b83-4172-bd50-a84af5f8576c","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":96,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"5baaead9-8297-480f-9307-9b3aac311a9a","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":96,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"96f68bac-2568-4ddd-86cf-8d60a5b9d98f","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":96,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"d87d7507-eecc-4d81-ade8-0baaced6973a","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":96,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"8055511e-4db6-44b8-921e-33fc4bf04ad1","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":96,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"1c83922e-f88f-48aa-bb7d-ecd872a193d2","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":96,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"9f0989d2-6004-4187-aca9-3f60a7c3ae26","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":96,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"be55024b-a6ed-48f7-86c3-f3cb54a28971","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":96,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"f591285e-3a27-4587-b085-9a2047dfff90","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":96,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"3ce7725f-f738-4f2a-a566-5ad12be3b9a9","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":96,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"56d2c090-55d2-4999-ab83-3640a99a0c49","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":96,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"66ef23b7-3d10-4d3d-9d45-306beecf0fe4","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":96,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"e1c00873-9ecb-45e8-97e6-14688f4b1872","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":96,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"0926ac70-9ce8-4d26-b3e6-e0ece73a9443","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":96,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"038d9d70-8d3e-4097-a7c0-e909dfece208","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":96,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"5814f851-c989-4e7a-a6a1-c83cfeac26a0","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":96,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"1c0c8f23-6594-49a6-9532-21bb02de697e","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":96,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"8448fc6b-c4da-434f-8c7f-246544fe6589","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":96,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"874a401f-705a-45ee-a342-9949a5fe5133","block_type":"box","text":"performance.","page_number":96,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"8d51368e-8b63-447a-8222-bcd836de4662","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":96,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"14c03b2f-c4a6-4ac7-86e6-bbce009c07df","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":96,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"24ef7562-ae37-4b9d-9d1b-4396cb40df76","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":96,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"9f726847-1c4b-4daa-a5b9-fcf8695caaca","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":96,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"a1f618cb-0950-4ffe-8c2f-6548ecd45ca2","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":96,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"86d4a3e9-9b16-41ae-882f-2839b6f4c0cd","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":96,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"fa15a72e-84e6-4797-b5ff-0bce4059a0cb","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":96,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"f5aad711-53d8-44fe-b1a8-ee22758e80e2","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":96,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"8e76e9f0-2bf4-43bd-90b7-e3acd331ed03","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":96,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"54250d32-7353-492d-bff5-4d53b6aef3ff","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":96,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"b9d00424-b1a1-421d-a459-4d7fe0650113","block_type":"box","text":".","page_number":96,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"3f2904b3-57ba-4fb7-8697-b45ca0c6d5f4","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":96,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"05b82b44-f686-4cfd-b15d-dec079af2d06","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":96,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"7a57cf1e-9c61-4da3-99d4-f2601ef798c8","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":96,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"620c7237-8d74-4d6d-9aea-241daa33e281","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":96,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"b29e5b26-0559-48e7-9ca8-1b84361465dc","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"9591e833-f1b1-43f8-8b07-442a7deb587b","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":96,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"c2ca289f-83a8-4561-bd1e-e7381d72df1f","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":96,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"856cb8fc-dbb8-41db-98a2-85941318906f","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":96,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"f732f9d1-96bf-45c2-a139-b72d5cdc66cc","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":96,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"3d5e3314-6de5-4b16-9e02-15e5871a2871","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":96,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"18a9ede5-160f-4285-9f5b-695e5abf5aff","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":96,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"c4008781-8d5f-41ef-a114-6741aa237b28","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":96,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"1b9db807-964e-4fa2-988a-ef6441c0925a","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":96,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"79446bad-a990-4d80-a20a-43988afa8f59","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":96,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"bb2e8ceb-fdb3-46d2-8ba0-a7d20eda7309","block_type":"box","text":"without notice.","page_number":96,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"b48e7d41-8206-4fce-8e87-217a5fd80f88","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"15eb9b8f-5cd4-488a-a6e9-7f1f16c705df","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":96,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"7776c118-d8d5-408a-99c1-5a9b03b8f370","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":96,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"225a069f-be97-45f2-b34f-bd41c407620b","block_type":"box","text":"II-47","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e80bd1cb-9adb-414a-bdb6-d5a337e832ad","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9deac54e-bc8b-4e84-99f5-45e1c287773a","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":97,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"3eaec2f6-97b8-451c-8d0f-e9b8bbdb5951","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":97,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"2e1d6e69-117b-4aa7-b019-ef5c61555877","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":97,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"dabff086-a927-43bf-9a55-51a2bdd8f85b","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":97,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"8285ebe7-007b-44f2-9e7d-5fb56e07b96c","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":97,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"b6863a74-2340-4ef3-945e-cdd7bc7d5f25","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":97,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"23d1fd95-2d45-4308-b432-eb2f5e4dfe14","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":97,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"fdec2a8e-c9d9-4d4a-ac7e-0280984b0d32","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":97,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"8e1f042e-e0af-4c77-a3e6-c8a0ab3f8bb5","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":97,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"e3d42cf2-c9d2-4587-bc27-25f415dbac61","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":97,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"2f90ba24-9f42-4bbc-b8f2-cf4f9245a341","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":97,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"0e66af85-9293-4729-9414-22a51f6b22c5","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":97,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"0e1f0f64-5742-48f1-bc79-83209ece2c29","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":97,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"da3e3a36-f5ed-4f39-9c6e-cf32680f64c3","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":97,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"8ed05212-a490-4834-885f-c876adb77f95","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":97,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"9de4047b-ab15-4031-9903-057e2843fce4","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":97,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"dc75faab-195d-455a-8966-ea547ddaeb09","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":97,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"3fe03d03-0a58-4fe7-b1ae-396f1233d817","block_type":"box","text":"issued before August 8, 2025.","page_number":97,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"fd35ee19-f1e4-430c-8801-223589c4cfba","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":97,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"dac30c43-d4e7-466c-9414-28243e3971bf","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":97,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"4a38772d-9e07-411b-a957-aa3ffe266f36","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":97,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"ba2effb3-ff4d-4cb7-9d02-7799b2c9b851","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":97,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"ffb629fa-7cf6-4691-ba9b-06c555575feb","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":97,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"60502f05-d76f-43c1-9849-aa43f71b51c4","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":97,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"4af28120-2b07-4a7a-b272-1ad755b956b2","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":97,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"f2366dc6-f6a7-4453-a71f-0c83af6ec726","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":97,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"04d915fb-66b8-4dce-9cfb-49a170c8e777","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":97,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"1da729de-f8a7-4ad0-9d7a-9adbc7070aff","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":97,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"b442f55c-751f-4ec8-85b6-48a47458bfa5","block_type":"box","text":"the PRC in notifications.","page_number":97,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"f0365d80-5d6e-464f-bf29-80b6c676531f","block_type":"box","text":"Investment in Other Investment Companies.","page_number":97,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"0149e666-dad7-4240-ae69-80f16787e282","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":97,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"9f4977f9-bbc6-41d7-bfea-e4fd1e377530","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":97,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"67b5af9a-0ab5-4713-bd5f-b7cb1939840a","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":97,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"d82035bd-d952-4fbd-9a42-ba3a1cef667b","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":97,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"40000ecb-9358-4ada-bab0-038249f4214e","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":97,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"b60bb6bf-2c1d-4a17-b289-e7a994018ba5","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":97,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"cb5e6901-88ff-4406-9285-87894b55fd47","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":97,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"3df62516-a522-47f4-bbc3-b8fc22d4b5cf","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":97,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"6a47a589-d0ba-4f43-859b-280fbc7f2f01","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":97,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"1ca54266-f48b-4d2f-ab4e-b615b6485b67","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":97,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"a5f16a08-d3d7-4e8c-8ad1-6feab621e780","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":97,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"1726f1a6-18f2-4a3c-9757-3c669a3710a8","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":97,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"71d8dfc3-37e7-41f7-88c6-83dbd5badf77","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":97,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"a0bb2792-5f61-4864-9b03-2a483e2093cd","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":97,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"e47d653b-8e38-4232-a375-2a402cd748c6","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":97,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"0c68bf23-a681-41a2-99b5-f9f9066739a3","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":97,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"c82040c5-2652-459a-bc4b-bb307c12bb0b","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":97,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"1da171dc-92e2-45f8-b71a-05a83e7ced65","block_type":"box","text":"subject to certain conditions.","page_number":97,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"6ad68e60-a5e6-48df-89cf-e3beeca97488","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":97,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"c216c9ee-7c4b-4f87-ba3d-e2ae1f7f24c6","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":97,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"d60e20cf-20ad-4e14-8e48-1c82e33df767","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":97,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"8c7fb213-ddbb-497c-8c03-46436d8e77ff","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":97,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"fb07c47e-66d5-4244-a87b-398520e343bc","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":97,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"470c530e-39a1-48cb-bb3f-3584eda3e154","block_type":"box","text":"II-48","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9bd5917-d5ce-4445-a48e-620ba80f29d0","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5b722c7-1180-481e-8342-2e3410b5068f","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":98,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"46873acf-479d-49f6-8b39-d9af130fc6df","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":98,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"ba8d13a7-656f-449d-a8d4-058442b0892a","block_type":"box","text":"loss.","page_number":98,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"5de197e0-26c5-4666-92c1-c9988732d198","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":98,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"d6efddf2-d4b2-47d3-a811-fe427a7a41db","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":98,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"1e694ae8-7c1a-409c-bde1-0cc83d9f69e9","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":98,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"9a077059-ea9c-4ad7-96e2-e2131718c6ec","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":98,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"c115fe46-1455-470b-bb83-fbc20a475e7d","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":98,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"4c0d8807-c37c-4bf2-9b00-a3a38e197179","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":98,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"aed7fae1-80b5-4f04-b445-a7ea682ace4c","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":98,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"a5f6b651-2bac-4467-8150-606cdf041cc5","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":98,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"4b7dbb52-205e-4171-a0a5-f501379391b2","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":98,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"f4834a4b-38d0-4e7e-be23-2e8f0a58f78a","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":98,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"e85187aa-bcb8-445b-842a-13ad7622a4b6","block_type":"box","text":"assets.","page_number":98,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"4f88a2cb-714e-4d82-bfb0-b9e3ccc7c7f9","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":98,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"8f1029f3-ac13-4674-aac9-433001695172","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":98,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"a9fe2284-4bfc-460b-bac2-0c57686189fc","block_type":"box","text":"e.g.","page_number":98,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"bd1627a2-8a22-48a9-b1de-e0ea400b964d","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":98,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"b96b563f-b858-48b3-b995-c3e231383496","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":98,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"4c710122-764f-4215-8778-4192c9ca3f8d","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":98,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"44bc4fde-12a6-4cc2-bd51-4d8a7b2d62fc","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":98,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"13ecd6a9-9f98-4c65-9d1a-47650714a9b7","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":98,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"44f9c742-4fcf-44be-8faf-247940613385","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":98,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"750b4040-9398-4689-8d43-3bea4faf7be2","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":98,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"ab4589f9-e48f-46bc-bc60-b5d05ec89666","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":98,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"5b4b9338-4b75-4958-99d8-3b4229bfaaea","block_type":"box","text":"countries.","page_number":98,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"05134dc8-2d4f-45a6-9d7c-db433432af91","block_type":"box","text":"Issuer Insolvency Risk.","page_number":98,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"91d12164-52d8-4b60-8adf-f13038df232f","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":98,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"c0c4c139-a3a9-4603-8d4a-378fc0e72cdb","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":98,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"4197e1ee-f020-47d6-9520-c23751dfae63","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":98,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"011c87df-1da6-41e1-8f15-9148a7b99d81","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":98,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"c4634d20-1976-44cf-8701-778f86fa52ba","block_type":"box","text":"issuer uncertain.","page_number":98,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"f014e75f-de5c-4ebf-8577-0feb5b1a733e","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":98,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"11286dea-295a-463c-a15b-1371cdfed227","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":98,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"df3ef41c-78dc-4b70-90c8-9e5af5395aae","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":98,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"51c6a655-0841-4b27-8f73-19e0a6ffc94c","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":98,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"72ba38f9-194e-4948-9723-70b76091bc10","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":98,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"63e9ccf0-87c7-4b07-af8f-13e722b0534e","block_type":"box","text":"eventually be satisfied.","page_number":98,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"763298a0-a48c-44df-a34e-a6a63ce8bc6a","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":98,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"4993f60f-4004-49ac-bb60-6cb79f9743c8","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":98,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"1f6804df-0bac-45c5-92e2-88d3e4840263","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":98,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"9d06c96f-24ed-427c-8458-582084502334","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":98,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"78b54470-f514-447a-bf8b-2f41dfe72715","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":98,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"812920fd-b2c5-406e-a0c3-822b7e58bb94","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":98,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"92805633-bc73-45bd-a9c9-e22c87631f53","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":98,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"6f6a07f1-8f09-4431-b789-148a3aa3322b","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":98,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"cc53507e-ebd9-4342-ab33-3ea7242da91f","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":98,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"6d68a704-0a44-4cc3-8ab6-429a7dc957f0","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":98,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"966d9121-5359-430d-8296-f37b4a408e83","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":98,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"24767d0c-5116-4bd6-bcbe-e7480cbecbc3","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":98,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"7d5e330d-7790-4871-aca9-5617dd1850fb","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":98,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"d0cc3956-9cb9-4f78-9253-684701f49bfb","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":98,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"42031369-6ee5-4237-9903-143583e49e16","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":98,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"562b1930-3504-4f5a-9a51-441af5d8f3b5","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":98,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"6290a8d5-5191-4a93-b0df-94988cd0da9e","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":98,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"f1a93e57-562e-4012-93e7-95c29d9a35c4","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":98,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"c478fbe4-0b8d-4809-af2e-718d17bbbae1","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":98,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"cce7e3c0-135e-4b83-bc0b-6e7e1773e5d6","block_type":"box","text":"II-49","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cb9247c-b85d-4b5a-b86d-6fc8ed9c08ce","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"479a347d-ba2e-45a9-9a53-508fc2d14887","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":99,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"78a3b15d-a1eb-4c3d-be9b-c5956983d856","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":99,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"62d4a2af-54c4-4ea3-ac58-58f85a7d7876","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":99,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"90119c7d-9ce9-43fc-890b-dd083a44edb3","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":99,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"71fe1cf7-dbb6-436f-87a5-d00d7f310a6a","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":99,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"97e3eb41-931a-480f-ab3a-e13e28b91ade","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":99,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"beee1ea3-5237-40d4-914e-0461422149ce","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":99,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"bab281b4-4c06-4794-8914-225eecbf84a1","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":99,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"6facf03d-6c65-4c15-bc8b-2325923297ce","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":99,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"f52022e6-096a-41b2-b332-5e7a54964743","block_type":"box","text":"that assumed generally by an investor.","page_number":99,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"a14b53af-d35e-4265-a0d1-8f7a1912fbc5","block_type":"box","text":"Lease Obligations.","page_number":99,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"a05a0263-feba-4eef-9afb-a397f74a04be","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":99,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"6e338177-571c-40ba-930d-0ffd12cc2fb7","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":99,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"bc66275e-74e1-48ec-a685-079833c91e86","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":99,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"58b56e8c-0c7f-4567-bfe5-7209e8d60526","block_type":"box","text":"Life Settlement Investments.","page_number":99,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"5e65a3a3-0c5a-4611-809b-298b046f69db","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":99,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"c97949eb-1565-4fae-9a8a-d892a74502c5","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":99,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"170b00c8-16c7-43d5-86d3-70596174e8ad","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":99,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"4fda416a-2f41-41f2-8b50-eab40e6cd70a","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":99,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"85df0446-6b78-46c9-9e1b-c700fe126e07","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":99,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"17e3b9a4-5cee-4c72-b877-f30996697e95","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":99,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"3f2f4531-1359-4ac3-b014-254cce21bcc7","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":99,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"755e35f2-ed1a-49d8-9de5-01d8be7418be","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":99,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"d18793bf-79fc-4866-8343-028c03fe0ece","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":99,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"62e4ea46-a609-471d-9354-c400bfd89ea8","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":99,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"16f11c70-47a6-48bc-a60b-f9ddc399b969","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":99,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"d98575c4-6fd1-43e7-838e-a72cce9cd53f","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":99,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"7d907ffd-13a6-433c-9bc7-5656dfc51f6a","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":99,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"4b7f4384-7e8e-454d-a137-7091e7a25e8a","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":99,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"cd65f023-0119-4225-97a9-18023a19469e","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":99,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"bb3b1f42-8501-4180-a2f7-a99d029b3308","block_type":"box","text":"regulated investment company.","page_number":99,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"4a39a764-e9e1-4523-9042-7b3d4905fc89","block_type":"box","text":"Liquidity Risk Management.","page_number":99,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"1a30a52c-8c10-486f-a83c-3dcb244021ca","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":99,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"a31c0f11-3003-4b33-91c3-7123818bc6ba","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":99,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"7182ad18-a199-4e3a-8d24-84e2ffd70b9d","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":99,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"83c381ff-45aa-461d-9972-93c8e746a08b","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":99,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"0ed1158d-98ed-4b63-819b-90971897c4b2","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":99,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"6c028ba3-2aa8-41ee-b544-ba7b4cacc91b","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":99,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"9bf7125b-4be2-4a1d-9a4d-4fc152d68720","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":99,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"91f68fbe-e407-4966-b6b8-4de3bf841871","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":99,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"2c0ec209-fb1b-41dc-9931-5e1c6fd92d88","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":99,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"29465b5b-ca0b-4e40-97f8-8bacd8ec9b9d","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":99,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"762232d5-25d0-49ba-942b-5d885dc43b85","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":99,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"ecd91df3-dc60-4093-93ac-fd534a01d417","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":99,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"92d82814-f1e3-47de-829f-8918e146105c","block_type":"box","text":"Master Limited Partnerships.","page_number":99,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"7fd98148-bacd-420c-91e2-86a88222cfaa","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":99,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"22a1f042-5539-40c1-8444-03944601ad1d","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":99,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"a72114ef-1817-4ef3-89ef-5c32aa45af85","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":99,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"0ac6da7e-68f0-4554-b56b-c2787d31fc49","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":99,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"a87d0cda-41f5-4c4f-a26b-c4e865f926cd","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":99,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"d058147b-c679-4310-a83d-6acea5824ab3","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":99,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"cffc3050-984a-4b1e-841a-03f7735a94ea","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":99,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"412f5457-869e-4511-8bc4-119929bd83c5","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":99,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"42f89861-5eb2-431b-b2aa-ea8472114760","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":99,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"881068dc-2a95-4de4-a3f7-7c498f5c192a","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":99,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"c139ef29-fb43-43e6-9bfb-c4f38aa42382","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":99,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"b2b53a57-6d6b-4f20-a68d-3611a9941c71","block_type":"box","text":"in the partnership’s operations and management.","page_number":99,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"ef928673-0104-4463-b6a8-40d16c18c9b7","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":99,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"18f9b939-35db-4595-9a70-d65bb0b2d633","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":99,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"aacafc55-7706-4abb-8fbf-67abdf2afe23","block_type":"box","text":"II-50","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6d8c23a-8eeb-489f-ac80-434121266700","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b3599fd-d117-4659-9aca-252da09d25b7","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":100,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"24ebdc8c-ecab-495c-aa1e-5f565df8e0eb","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":100,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"efedfcb5-de64-4e90-9aa3-86f08ab843f3","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":100,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"fc27c992-8be0-461a-8beb-ed08c0ace946","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":100,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"437728c0-bda7-4bb7-8cfd-e2a0b038bb8e","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":100,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"db10bd57-1fe1-44e2-aa54-8cd7760edc4f","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":100,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"b0bfe40d-d9a4-4f5f-8bdd-91a9a1608168","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":100,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"f2c17672-b6c8-4c77-a3d5-ad1e02d00a47","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":100,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"4bc4c957-787d-4f26-aaa8-ba7126ff05fc","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":100,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"ac36a4ed-c69d-4f1b-87b7-552b07bc9dac","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":100,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"c962bec7-e386-44bb-be78-ed6007b81093","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":100,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"0c88436f-2519-42e5-8f05-765369d2d848","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":100,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"a478694f-1377-48ba-bda2-a345a035ec1e","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":100,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"6d41a4da-7dba-4243-bedf-3d4fb2686d9b","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":100,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"9e37f038-bd37-417e-aa0d-3405e278a3b6","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":100,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"1744c44c-c584-4de5-8556-136f807f7401","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":100,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"bb0b0677-25fd-4221-84f6-c534583490bc","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":100,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"37af7b06-ffc0-4e84-9a63-049252e13c28","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":100,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"ced6e717-a777-45ec-a70b-d2628245847f","block_type":"box","text":"Merger Transaction Risk.","page_number":100,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"fe22f0e7-df26-4e6a-b75b-c9087f0cad4c","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":100,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"acd47042-99ad-40d3-bb6c-d7f8970fd2fb","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":100,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"81305e1f-32b0-42ec-9fc1-1e6ba6a781f7","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":100,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"ef613166-ba97-4276-9527-60442c968ccd","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":100,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"05eb9c24-600e-4e68-bae1-494073519a3a","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":100,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"80a65b9e-925b-46fb-bad4-f6a6a5b1ec4e","block_type":"box","text":"the Fund and may lose significant value.","page_number":100,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"b4ed1450-dd55-432c-8491-52d50eb94af6","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":100,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"3ada9e5b-01b2-49ab-ab1c-923422d5538f","block_type":"box","text":"Certain","page_number":100,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"b26b8366-315f-4089-a83f-f8e21182e74d","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":100,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"9515e6ee-b989-4944-9409-5611b9385d10","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":100,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"18ca163a-f075-4103-a58a-cd3268f18b74","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":100,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"876fdf48-1202-4399-bd9e-4e63305de5d1","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":100,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"cd10c053-e008-46ba-8756-0258f9146b09","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":100,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"51c8d89c-6503-4ceb-be71-841ffb10773e","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":100,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"9fc75585-f5de-40bd-8044-8e6248e990e4","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":100,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"38608247-d619-458e-a5cd-a07b5e55291f","block_type":"box","text":"branches of domestic banks.","page_number":100,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"4a5d61b4-5a98-4527-893a-e8d30e40ee72","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":100,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"1ed3fe72-4215-4249-baed-0d8149a6cf80","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":100,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"b5c9ffe1-d1bd-468a-9dc9-b887cceaf861","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":100,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"96f57f09-3a2e-4719-94cc-cce2887919df","block_type":"box","text":"paper of a foreign issuer.","page_number":100,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"25758f86-f45f-4c0a-97d9-552d2d5a2977","block_type":"box","text":"Money Market Securities.","page_number":100,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"d518be99-bcad-49a2-9b92-ecb2ba0e9f44","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":100,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"c3bb08e2-4af1-42be-9e1e-94289d656c7f","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":100,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"cf245a25-6148-4340-80cb-07005d9e5f6a","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":100,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"a79d7b5b-d133-44a8-8a94-2eceea72d833","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":100,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"d93a14d1-9a68-4298-b14c-8d734abd3c7a","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":100,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"db654ac1-7549-4161-a5b2-fc4463c7a276","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":100,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"86e8b0b7-ebb2-444e-8872-2f83bb011c52","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":100,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"b5e952b9-b950-42ee-b1e0-15a7aa7a5f00","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":100,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"3872fc92-830c-4436-8234-ca2e39e47148","block_type":"box","text":"agencies;","page_number":100,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"6476d018-60af-49a9-afd6-8c73974acf5a","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":100,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"74be6aa9-271e-48d4-9961-dd4d5c836fa3","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":100,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"3d955526-a3cc-4a29-9f2e-68eb4bba1490","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":100,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"9eb78170-a7a9-4b54-8672-f00b26a3229d","block_type":"box","text":"obligations and credit card receivables);","page_number":100,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"12972d79-a458-46fe-a5d5-a59ab6a60305","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":100,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"7779f0eb-2ecc-44d8-a6fa-91231a5b88a6","block_type":"box","text":"authorities and related custodial receipts;","page_number":100,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"e0f6ec76-a33a-42d2-91d8-51499662c981","block_type":"box","text":"II-51","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e6a064c1-1a42-4c73-bdf0-fa8dc2484e88","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ad84914-b304-4147-83dd-7b5510ad715f","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":101,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"f0349504-8b1d-46ef-ae0a-7de6aac4dfe9","block_type":"box","text":"agencies or authorities;","page_number":101,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"49ef5b18-c939-4305-b529-cebd3133c4ed","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":101,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"e2f3b2e9-a1cc-4d20-9465-07870b2d2358","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":101,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"c1adff6e-0639-4d55-b830-8db67bdcc6e0","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":101,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"ac66397d-e4f8-4d18-a353-61b4942c08cf","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":101,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"b6fe816e-2fe9-4fda-862e-54fdb05db26d","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":101,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"35efc90f-a0ae-4b7a-92aa-a6e0792583fa","block_type":"box","text":"States;","page_number":101,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"22595d08-e55c-4f42-8e88-72bb1ea7a593","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":101,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"0d90f744-43ac-463f-b2bb-edb3d2ea537c","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"1d561f76-177a-4ca6-a4d6-f19f07bd859a","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":101,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"22e0fc4a-4107-4f0d-b3f3-24c70177a939","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"f5e0005d-309a-4b64-9c2f-a08d1dbe784d","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":101,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"f954042a-3ebf-41fa-9603-e09288498006","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":101,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"3b970c87-c10f-47b9-8dab-0c729fe1976f","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":101,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"a7184889-f01b-41e8-80e4-fdc669390703","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":101,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"ffd2a006-9dd7-4f90-8ee9-7891316561d1","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":101,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"a8a216ed-8730-4233-880a-ce6ef0a27784","block_type":"box","text":"States.","page_number":101,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"a80a228a-ce8b-47fb-9456-92a210de1075","block_type":"box","text":"Mortgage-Related Securities.","page_number":101,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"7e0bb400-4e51-4939-99d8-a19c24259640","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":101,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"bed5d328-1243-40bc-957c-b2aeec48eca8","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":101,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"8ae92eeb-2587-459e-ba82-71714f7db3f9","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":101,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"55ee8368-3777-4be0-b5b9-f528cabf4e17","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":101,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"1848a6d2-10f5-4b18-8342-a51074ef4e4e","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":101,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"5e8ef408-3ec3-4c4e-b464-705c7bb60968","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":101,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"3669e1ba-04ed-4750-945a-9f32bf60f133","block_type":"box","text":"maturity or specified call dates.","page_number":101,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"cd335c65-d245-418e-af6e-e7d1e9230e31","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":101,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"a461e010-e059-4972-bbb8-fc37c7044265","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":101,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"4b3b48a3-f11a-43fc-81ea-1a0a0acb04f9","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":101,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"44372acb-6ae7-4b35-ac0d-330def089a06","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":101,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"857de7eb-5fb8-4080-8500-e51e8ad8f1f4","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":101,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"7c4963db-f291-4b53-a116-6f4f4465af99","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":101,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"6d2b3a24-f2c9-4417-8243-541a1b2f69a4","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":101,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"c5502f50-2bce-41dd-943f-fb34e3866a05","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":101,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"2d0e10d1-c555-4ec3-ad1e-2fc543094d89","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":101,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"05e65dd5-4ed7-489e-accc-3a60d1a5202f","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":101,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"c4e2882c-ae92-494e-a5be-ac736b060753","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":101,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"d656891a-91aa-438b-8504-808de33ee6f5","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":101,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"0af1164e-f98e-44bd-886a-fd452d486baa","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":101,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"f6c97f20-3679-4d8d-a386-44247cc80197","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":101,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"ccac5d3b-9f4b-4c91-aad4-a57f322cc5fb","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":101,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"846b44df-1fdc-42ec-a126-8c241422a1e4","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":101,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"ef57819a-4e17-486c-a3a5-674e9e3e956f","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":101,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"616e26d4-8cff-494e-a84a-a14020510102","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":101,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"bb8c8cbd-324b-43d7-bff1-f4b2b85d0fb3","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":101,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"b573499f-5f4a-4723-8b10-afc256974d94","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":101,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"9f9e22c7-1d59-426f-992b-f4f7b7121d97","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":101,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"79064f68-2841-4c0d-801c-dc35d91fcb78","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":101,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"9d39aff8-039e-4ad4-8d83-0e8d566c0116","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":101,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"92016d57-9fef-4b91-9c37-c92883e04347","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":101,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"29112f2b-2ab4-45ac-973c-43ea0e3ba417","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":101,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"82e0acb8-4b67-4067-b00b-ba1e4f902ee5","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":101,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"7661fe02-8ebd-46a1-a260-82fdfda3e62a","block_type":"box","text":"II-52","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a1e3ac1f-3101-4a36-9799-17f867a54476","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7bfd5f6-fdb0-450d-86dd-377dc4ee096f","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"4a8cc2f2-e8df-481e-b7f2-5b37c0225262","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":102,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"6ea3e2ca-59f6-4d9a-bc80-f482a603bc28","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":102,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"61e000c8-313b-4495-a3e6-e2a3de5e3586","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":102,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"1b8b6a01-4684-4605-a546-b1f20daf3af5","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":102,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"0ff98466-80d6-4a71-84d1-153bbdc4df6a","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":102,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"4079c9fa-3876-43b4-98b2-f63f79926c94","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":102,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"f476f22b-0beb-4e05-9f1b-149555843028","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":102,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"ade4a74f-1f28-4c17-9390-e519b37c4bee","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":102,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"ebbd8902-ca1c-4afb-aa04-8144d5093483","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":102,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"7b7b6b25-f961-4d62-a62a-25e09a19f7cd","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":102,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"91bb4222-8213-45dc-a629-412acd42d54f","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":102,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"731ca20b-c0c4-4b74-874c-3c9b3f6ca9f8","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":102,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"3d63ec5a-2c1b-4013-bfb6-69b66a82ea55","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":102,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"19e28fea-12ed-46e9-b94b-7151f89c53b0","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":102,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"b19f01d7-ae0e-4ab4-9b0c-6d73b41588c7","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":102,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"f18cba95-d88c-4e43-ba5a-19800e45346b","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":102,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"92fa10d1-026b-4fc4-a9b6-0018168be852","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":102,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"03669111-ed41-48c0-8101-6e62e32fe0c6","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":102,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"3d7f5994-3df6-4b8f-a535-c416e4f0463b","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":102,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"72426cf7-1bc2-41f6-9da0-3eb5d6f4e4dd","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":102,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"60f24f2a-055c-4bcd-9cc0-74e31417fda7","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":102,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"a1fb232d-f035-4144-88f3-1162c12ff1cc","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":102,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"b8d03a44-28bf-4b72-a286-eb2570aa445d","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":102,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"ce03fead-e109-4b32-a440-52d368cd8b39","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":102,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"44f7adda-8664-4e4e-ae23-86ca886514b2","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":102,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"75e23f72-2517-4f73-aaba-04dc066e845a","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":102,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"ab77e909-f75a-498d-9d62-6e49ca69a466","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":102,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"b641ca12-e332-41f1-9e7f-a3186773a928","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":102,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"b43f01e7-bd61-4287-a7c2-c86171a0bce3","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":102,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"12c3f7cf-1580-46ff-817e-b002fbfc4c05","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhart of the","page_number":102,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"4e227945-7eb8-4dc2-b6ae-34bdd5038365","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":102,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"57eb7971-3b02-48af-84e8-f31d20013340","block_type":"box","text":"addition the U.S. Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":102,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"fb0c23a1-93b2-45ad-88de-64c4c7ecdbb3","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mortgage markets.","page_number":102,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"f8cb6439-abd7-4105-bd0c-03699f6cc529","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":102,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"44c673bc-7c5f-40c0-bfdb-7722b2b6bdc9","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":102,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"523d086b-af5d-41f8-b50d-2584cbe5396c","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":102,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"26c7f7ef-a3b5-4def-a537-f7393ac053e2","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":102,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"d9c73f91-3e9a-4954-b034-149b93805597","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":102,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"7504deaf-0c86-4f82-a1f2-c3ed2928c944","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":102,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"9f5b6bff-e170-45f5-bd2a-817f3dd210f6","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":102,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"976d12d5-701d-4e55-8dd8-9e458c41f6c0","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":102,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"42019e8c-2277-4eae-9d2a-32f52f4835e3","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":102,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"f6950cfa-b37f-47d0-b418-c428a76fcc2b","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":102,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"a793b5e6-a9b5-446b-9f7d-91e4d4d4768f","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":102,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"6426062d-1551-4791-8e92-82d62513d9f3","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":102,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"95845327-ecc5-4200-aa47-ea2529ed399e","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":102,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"69b04a67-ae30-48d6-80f6-bab6f8f4e582","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":102,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"93b21319-1385-4d1d-a673-bcdc7bbb3f50","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":102,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"a57545c7-0ed7-4fcf-8cc7-d0042161bb8e","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":102,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"77edeedf-04be-4d0c-af4b-bad6c25ab000","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":102,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"828951de-bf36-4f23-9508-30f385309542","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":102,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"c1c97407-4e06-4e4e-9c8d-d751c3dc777c","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":102,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"80f3a870-01a4-45c9-8804-af7feb199ea0","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":102,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"56b6241c-8d0f-45b2-a526-e318c814ab18","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":102,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"d031a77b-6fe1-4ca6-8401-963c985f4366","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":102,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"8fcda4ff-d97c-48e5-b0c4-41ad9cb39f70","block_type":"box","text":"II-53","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6de9c833-8176-4b8a-bfde-a2dedaaced87","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26abc8e8-e39f-419f-bff0-6de99e4abd48","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":103,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"28a6d178-c622-4e84-b294-2784e373be7a","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":103,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"0fc12280-7f16-4c2d-9cf0-2f0858546d09","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":103,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"7ecd3a6c-3aa0-4f56-80fe-5f5dcd063008","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":103,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"276d774a-5a51-4c7f-9254-d49796dbe22c","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":103,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"153dc9f7-d87c-4e59-9e63-b7f4b1041a9b","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":103,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"cf356ea0-cd96-46fa-b5ac-5accfeac1b08","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":103,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"ab052e40-c69d-4265-b1ea-1d5291b408f0","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":103,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"9631e0bd-3554-4e85-aa11-4066eabecce1","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":103,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"338248d2-c9b8-47e9-a1ca-d9806ef76ac1","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":103,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"f370ea5e-f03b-4b1c-b861-1df34668d9e9","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":103,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"f61a0c3f-fb9a-4f47-9f41-2601758bd137","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":103,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"25ecc1c5-fbca-4e35-baed-5a62d411bfb4","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a fund’s portfolio may be particularly difficult to","page_number":103,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"80d80f42-84bf-4c7d-93de-4bcb13e4dd85","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":103,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"0ff1cfca-acb4-442d-a7dc-19293bb403dc","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":103,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"1fed149a-004e-42ba-ad2a-712d306bbe81","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":103,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"00d57b59-4c46-4f24-b3bd-896bd04d201b","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":103,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"56d1fe60-14ac-4fbc-8ddd-ba0bfa2872e9","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":103,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"0e5bd253-88af-4942-990e-f15d9405b5a8","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":103,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"48d702b4-f7aa-4e70-937c-7297c190e125","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":103,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"87abe8d4-3db6-457b-8bb0-09fb96173258","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":103,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"cc1ef7d8-6289-49a4-9a03-d8d2274ceb68","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":103,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"ba8c4ad7-bb66-4810-9c42-d3b23f42dcb5","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":103,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"578ff346-e118-49f5-b030-5de588def09c","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":103,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"ad51ce1e-841c-428f-978d-4a8ffa366539","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":103,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"9448ec3b-5362-42f2-b80d-b3b4535dae15","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":103,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"5b3bf04b-b23c-42af-b147-4eb1525d1c0d","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":103,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"f9c93968-e27f-48f1-b392-5df908cd2eda","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":103,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"9351bbd5-aab3-4680-b588-313de0cd08eb","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":103,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"00645951-7956-4cd2-adb3-f17eeae23122","block_type":"box","text":"of principal because of the sequential payments.","page_number":103,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"d1abc720-44e0-4bff-bc34-1fbb84c56e07","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":103,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"3d4af757-845d-4f36-8f98-587e918825a5","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":103,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"5c31775a-2ddc-41a4-bc7b-9e77344765eb","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":103,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"a0a32f8c-7c84-41d4-9aa9-44168e70e3b6","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":103,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"b8a5cb82-3a77-4253-9280-7bcd3fd5495e","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":103,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"d37a36ae-78b8-4e3e-a133-f2ea817a3d9c","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":103,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"06131681-860d-402d-b6cb-9609f90f9d14","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":103,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"f4809590-c7bd-43d3-bef6-ea5b49d5fb15","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":103,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"13f980b1-b267-4e46-8377-f30165ee0c81","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":103,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"b57fac3c-01c7-4b36-92b2-619da170736a","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":103,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"fa0af0ac-59c2-4f06-a0f8-7d235d0d5a23","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":103,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"ce361e8f-0b18-4e2a-877b-8b78430c6f1e","block_type":"box","text":"securities of any single such entity.","page_number":103,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"6f39c428-5360-40d7-a53b-9defd95adea8","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":103,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"a95fad30-bf5f-46cf-bd2f-dcff4973cb5b","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":103,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"a548f76a-2d7e-4c46-a37e-8fa401960c34","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":103,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"7bd3c48b-d0d8-4b0b-865d-fd62e0ce65e3","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":103,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"d332c227-548e-4f77-9e11-cb9ae2cf8d3e","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":103,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"7d6083a1-c0e5-4526-b739-4cd5439a8082","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":103,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"7f7445f4-4184-4a62-8255-a11d4c58d07e","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":103,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"ee27983c-d472-431b-bff5-82f8f421ac96","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":103,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"b88b18d6-bd9b-4354-b08d-96863e5cb718","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":103,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"ceebf4e1-14e8-4233-9a0f-0bf896c486ef","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":103,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"bad18bc1-e31c-4244-9707-5660bdf832b6","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":103,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"90e78966-45dd-4ee6-9066-83fe1127d173","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":103,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"730df597-5bf4-4c5b-baf4-86f93a6b0350","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":103,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"933cfa34-f6cf-49ac-88e3-919b335ac868","block_type":"box","text":"II-54","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ce9daf78-e432-415b-b6ca-407dd80056f7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4bdcb5e7-7e4d-436b-858e-64dc00d115c6","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":104,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"e5539e5c-09f2-4af0-8f24-d99bd252c934","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":104,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"ab671004-56d4-4ca6-a065-542f90410224","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":104,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"9c389c40-555c-4208-8936-40e6462b72de","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":104,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"1ed6a97c-a49d-448b-91b0-fa9190328cb0","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":104,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"5dd9d6fa-ce72-4d19-ab79-5601edf1882e","block_type":"box","text":"classes.","page_number":104,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"f252d410-e0b2-407e-995f-ce0d8b0875a5","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":104,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"5a8f2526-7ebb-491a-8d4e-41e2941a4094","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":104,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"dfe11d63-043a-4f84-9733-5a95910882e6","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":104,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"bb122457-65f3-4621-986f-34bb4fbaa062","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":104,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"be605445-ea57-45d5-abea-5e738c10e5fa","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":104,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"0aab152b-40dc-4cb7-bd6a-eac0ed0fcc20","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":104,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"77eec2c5-1d5b-4e97-b2b5-dd817ffc01f2","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":104,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"f6869532-9a60-43f4-babf-ddb6b5a58554","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":104,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"9505279f-de8b-4fbd-87a8-b86248023cce","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":104,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"85ab53b1-b2e4-45c1-89da-849145b3dd09","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":104,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"e9cac436-7337-4e08-a9cb-f10e469c43d7","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":104,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"cdf37f73-4c9f-40bd-b470-446e83ef7e8f","block_type":"box","text":"to a designated benchmark index.","page_number":104,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"08af0194-dde0-4d9f-b5ae-f00439e13711","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":104,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"cf45772d-d677-450f-9208-83360e474f1f","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":104,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"38def9fb-8c64-44f8-a011-15d4ee0e300d","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":104,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"8c0a8563-afa7-497c-af34-8a00ce6e8197","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":104,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"f75280da-5f81-4292-97ac-4c922db94d76","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":104,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"291a9fe0-5f1e-45c3-a993-625781e7436a","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":104,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"248dc796-4d39-4af8-b460-35519ac475a1","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":104,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"390fc7dd-cdb3-4078-a247-2bd6fb1b872a","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":104,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"2487bdb6-ee24-452e-9872-838760a13e54","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":104,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"199b08eb-5800-4b42-9c1f-e0556d6e5534","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":104,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"39165ad4-59ec-4390-9093-56ae02901221","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":104,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"beed4c47-dbfa-4e24-b325-d6729ca7efaa","block_type":"box","text":"CMO Residuals.","page_number":104,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"dd41014c-b87b-4e85-bc90-7dc37b592f69","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":104,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"3fadb7b0-aa0f-413d-a369-888b54e6d0d0","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":104,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"dd0e8a21-6352-466f-80b1-ebbfe0d2aa43","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":104,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"4b6b5330-426c-4723-b68c-ed3faf9df3c6","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":104,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"ac045498-0660-4d4a-82bb-0e84a81b86ed","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":104,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"21c20fbb-7cf1-43ca-97dc-e6adbc294d0a","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":104,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"b2417d1e-ceb4-4640-b875-fde4581a08bb","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":104,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"608879bf-dbdd-4394-a91c-3973633d0c53","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":104,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"010c8b5b-726c-4ceb-8c95-a954f796be95","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":104,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"10c55ab0-12d3-4b29-af6c-fb2aed49d1ab","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":104,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"11d17f00-f4c1-4161-9ace-3133ebf75890","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":104,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"c5285b59-55ac-4ca5-a612-82925cbdc212","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":104,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"93385f4e-57c9-4b26-8bf9-ca6847ecb2c7","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":104,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"1db7ae9c-4a40-4764-9390-8c2dce983107","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":104,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"1f956b85-11b4-4f94-b48f-2fdf40e5a944","block_type":"box","text":"adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":104,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"01634d06-48c8-4a20-9bb4-b71c25d36335","block_type":"box","text":"residual.","page_number":104,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"f7e5bdc9-d325-43c9-8e35-e73c79cfa624","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":104,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"b9e3d634-2909-4795-b983-004818b2787e","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":104,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"358a52ec-63d7-44a0-b9b4-7ed8d40ae452","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":104,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"0e8533c3-ba12-47ad-ab3f-5a7cb51515c6","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":104,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"c682d4aa-bc6b-4316-863b-79e8893df86d","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":104,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"1a5fe915-b5b4-476c-8d69-6aeaf2d0f983","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":104,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"cd15b421-75c3-423b-8ac8-96376d80f2fa","block_type":"box","text":"and REMIC interests.","page_number":104,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"206e9f91-25f1-4054-9313-61a1e67d40d6","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":104,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"f6da8d77-8bc6-479b-bda5-f23260ae31c6","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":104,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"658bbb4c-70a8-4530-af32-0a0730f3d0fa","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":104,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"ac73f6e7-b1d6-4a96-bb31-cadf4de0afca","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":104,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"2512d116-412f-48d7-8e98-bef337da68de","block_type":"box","text":"II-55","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3829224c-9570-4b01-a2fd-3902c2ee376a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"066ce490-32e0-4063-82ea-00ec91e5d4fe","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":105,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"c99b99f6-3cef-434d-a068-a220a1670ddf","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":105,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"efe2ed84-eb2e-4e91-a90e-e4459b46c5f9","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":105,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"acc3b549-eb19-4a41-8464-b3e3991be146","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":105,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"d2c06ab5-1858-4469-90ee-66dc256bb0dc","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":105,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"5e2559f0-a6c6-469c-a26a-ee305ee12f3a","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":105,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"a61a35e2-8cce-42b2-bedf-3f531ffd98d3","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":105,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"e5a52f52-13d4-44d8-91ae-7ded8bdbc532","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets experience","page_number":105,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"31080ca4-9d1a-42d6-aa29-fa501303a8a2","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":105,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"4cf222d0-cd45-43ba-8779-ac84fed69603","block_type":"box","text":"there are certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":105,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"937489ae-e80c-4767-8265-45a2a5307774","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":105,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"b87930b5-9b32-47b2-b18e-eb28a3f165e5","block_type":"box","text":"the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund generally will","page_number":105,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"ff1368cc-962f-4a61-a9c9-3fe1a9c1d2e2","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":105,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"2ae4cc2e-409b-4cab-b72f-9b3f8d812e9a","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":105,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"4ad54a48-b73e-4962-a62c-af22dcdb56ec","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":105,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"736d5eb1-8d7d-4245-8953-319d548b0d1f","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":105,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"cc5e4444-2f02-4373-ac8b-babaa30ca254","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":105,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"e15f30ba-a0e7-4344-b98c-926607cf9eeb","block_type":"box","text":"Tiered Index Bonds.","page_number":105,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"5cb29ae4-e6cd-4343-8653-f6f89898b3e1","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":105,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"cd8aa60f-2ab9-4998-acdd-2a77bbf921be","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":105,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"58c86ebd-5ee1-4a10-ac47-935612e96e3a","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":105,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"aa1ace64-885c-42d3-a6fa-5edd8d10f85d","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":105,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"8208d7a3-a786-4e1a-b9ca-a1e22dc96e4c","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":105,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"70f7be59-8c5a-4254-b84e-121e0911a389","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":105,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"5463c9dc-ca51-4d03-a2d6-7239faec8967","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":105,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"26ec9e05-6125-40aa-95ff-288e7f6ba837","block_type":"box","text":"TBA Commitments.","page_number":105,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"15ea49c0-af4c-4e56-a5ac-335f4567fcca","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":105,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"6a322020-e451-445d-956b-5b1fc9588a70","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":105,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"3166255a-865a-46a1-ac14-0e0b84cecc9a","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":105,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"3c3142e7-4a26-48bd-ba2e-8e0f85462418","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":105,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"751bfd23-3ca2-4180-b437-770f7a10f7d6","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":105,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"4fd4341f-d5e0-4762-bd2a-cfa13813830b","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":105,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"9e718bb2-a58b-4769-95f4-0e7593ca9dc4","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":105,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"c4e9ce71-d37f-4f49-bdf9-12b9a6d9c0c1","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":105,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"40976191-43bb-4f9f-b869-48e39080469f","block_type":"box","text":"below.","page_number":105,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"008dd692-8a15-4316-aba6-20c19bea15fa","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":105,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"925b231c-650c-4a2c-ad12-39be35ed4d80","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":105,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"4dea5e87-656a-4104-a6c8-f70c232dc6c8","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":105,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"cb9c6e6b-7127-47a0-b764-75deef09d78a","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":105,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"cad386b9-7705-47d2-a3c3-2829c2d27df7","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":105,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"a613631f-7977-443f-8af7-8c23103943ec","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":105,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"70604f78-cfcc-4b9d-988c-8ef2c3816cbf","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":105,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"c84cad44-7df1-4e5e-aad9-7a345521f250","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":105,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"7bb6b840-cd12-4217-8672-f327fe2b6a34","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":105,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"84db37b1-e9aa-4ff2-96d1-638e681cc17b","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":105,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"eb05b164-5465-4504-9c9a-42931095dfd1","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":105,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"8fef3fd9-83f6-428f-8521-d25565b29058","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":105,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"7082ff0c-68dd-4261-97a4-08e6832df8a3","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":105,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"278e4b42-4ca4-414c-b97f-847e37f4a460","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":105,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"7fe5fcba-f46a-4d7f-9df1-d28a37010853","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":105,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"aa48bfc7-dddd-40f4-b5f2-15ab3c5659aa","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":105,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"e75d38db-869b-468c-b212-72bdec8e8238","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":105,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"2b027e7f-8d6c-409e-a524-9f9388448619","block_type":"box","text":"securities in the forward transaction.","page_number":105,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"1e7dae42-e11c-42bf-b843-c75af84e26d7","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":105,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"111e60f3-e23e-4c9a-b815-33c1a3a37fa8","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":105,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"15426b3d-d35c-4d15-9c3d-36441ac23b6d","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":105,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"776d5a9a-7843-45aa-89a0-da697ca5bdee","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":105,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"96294468-919a-48d5-ba71-9215ede88438","block_type":"box","text":"II-56","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6929db4-2d8b-4743-a46e-994032e11ff3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"acef5890-efe9-4c12-9758-4cb5a768fea2","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":106,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"8f39d181-f805-40d9-a10a-9ca85c02952d","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":106,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"9e41eacb-89b0-44d4-aeb1-bba70a28b8b7","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":106,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"5f1ee6de-2ea0-4d3b-92bd-b65c4e7c72d2","block_type":"box","text":"securities (","page_number":106,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"4086789b-14cb-4612-888f-62248ba3eed4","block_type":"box","text":"e.g.","page_number":106,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"2469bcc1-a409-410b-8bce-de400800cb1a","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":106,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"66c52ae5-1f4f-4a13-9009-0d1f0b8f9b70","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":106,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"1e38a0d2-e5b2-4a66-8d6b-f95a68dc4b5c","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":106,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"f2ac913f-2deb-4eee-9604-b82588e04368","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":106,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"4e341033-9634-469c-8641-e046f130d01d","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":106,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"83079dc6-0f40-48c6-ad1f-eb63f5d4ea9c","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":106,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"350a7f7c-8d74-4d2e-9175-1f0943e0c28d","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":106,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"f721b8da-6133-466e-83a1-8dab772b20e0","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":106,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"8aec3da3-1db5-4ac0-ae6d-78bf9417b4c6","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":106,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"0a4d4960-f57b-421c-8455-f89472b4e0df","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":106,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"98c00e0b-c8ac-456a-a0cf-3d92684dea0a","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":106,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"3acae078-61d5-4e43-8344-62b2880afe92","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":106,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"83bc088d-4950-4c57-b365-4253f2a2e2fa","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":106,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"438d580e-8ca8-45d1-bb29-d96db3e79a19","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":106,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"de45f7e0-5c5b-4184-ae59-b92cdedb0fdd","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":106,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"c4ec22dd-e5bb-4f2d-8029-30d8df10b72f","block_type":"box","text":"Municipal Investments.","page_number":106,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"d6385cd3-e5a7-4c63-9e19-09b5602e5374","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":106,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"0a54135f-b6fb-4750-b3fa-0afdcef67c57","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":106,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"7c52a49e-b0c4-4e4c-b7f8-5164ea8996a7","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":106,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"ace1f2e7-a86d-4f92-86dc-397209254204","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":106,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"b02c2451-ecc5-42e2-aac3-54e6477b1480","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":106,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"0b46ddfb-022e-4c4a-8496-9a89bb03503f","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":106,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"bfce0035-5100-45e1-9530-8f362f57ab0d","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":106,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"22c06e25-ec4e-4db1-a0c3-6fd2dff5805a","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":106,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"af439c34-8195-4184-bc48-730bfe9caf9d","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":106,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"df91b245-3ee1-443d-91a9-979e6605fbba","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":106,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"46bc5680-9261-4ec3-96c6-a78deeb9342d","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":106,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"0bbe3707-2895-4155-a89e-625f9ee6f196","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":106,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"2f2cd70d-2128-4da7-b783-eeb29f1a9092","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":106,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"318756cd-6219-4c5e-bb58-7fc91ba4babe","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":106,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"f3aff163-0195-405c-a8a3-a063782d67f3","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":106,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"ef296a6b-9304-4796-94c1-a4a30b345abc","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":106,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"fde73edb-63a8-4b59-b77a-4946641c2177","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":106,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"9d616d59-40e0-4b5f-aced-c8caf69b1fc1","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":106,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"be2ec289-7fa0-470d-871a-407ec050a00a","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":106,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"c81fe14e-2dca-41e7-ad5d-3c72262c14d4","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":106,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"4c5742fa-ec28-4435-96d8-20fe25735e2d","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":106,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"cfe845ef-c9d1-45fa-998a-9e045ed79e35","block_type":"box","text":"The risks and special considerations","page_number":106,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"5395421a-c914-4c19-992d-ce02e17d1fea","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":106,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"b3373a32-765e-46f5-82c4-9383da177488","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":106,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"e5f42650-ce34-4238-a38a-c4a57632d61d","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":106,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"e19efb3b-8d59-4f34-9b34-309f71202971","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":106,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"a04e4b4b-4b40-4ad2-bce3-84ace1e50e82","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":106,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"0f1261ce-8a22-4d92-a4da-a42779be9f51","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":106,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"a75502b2-7990-48a4-9550-309613cdf000","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":106,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"4934df25-952e-4655-afe3-1f82162d3e1c","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":106,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"50aff5c5-d706-4f94-b021-b37321c45104","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":106,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"94d4daf7-028d-4676-b3bc-ea417c2d9fb6","block_type":"box","text":"II-57","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf985c67-c02a-4841-a953-ff4eadcd030a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6dfbdad7-0aec-4af3-ade6-da6b491c07c1","block_type":"box","text":"Description of Municipal Bonds.","page_number":107,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"8eb4f9e5-d018-42eb-97ef-8b4449ca96db","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":107,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"22bad246-0d0a-4b98-bf04-ef98e0eba253","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":107,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"bcdbb66c-7d0a-4b56-90c5-1d5c293ffd69","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":107,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"7129af50-85a1-414e-a330-7fb996760d41","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":107,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"1b05f916-e5d0-4bf0-bb58-d4e466f7d527","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":107,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"53a36492-f13d-4602-bb7e-3ccc74ac7fb4","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":107,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c9803b98-65d6-444a-8ced-8769cb91364e","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":107,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"3b0671e2-4753-49f9-9a97-943d61c10801","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":107,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"8526d402-a772-4adf-8279-bdc4c19ab74f","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":107,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"3dd457a0-2379-4421-a7df-3e24be337891","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":107,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"b9458ecc-c416-4a88-9494-ce7fad9397d1","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":107,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"f6390080-fd5f-4507-93bf-b609b61f7d39","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":107,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"5cc434e0-379a-4829-a194-c308afc38310","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":107,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"fac9af7d-e7cb-422a-bca2-8f6cdc5cb7e5","block_type":"box","text":"General Obligation Bonds.","page_number":107,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"6a3fcb62-8fcf-47d9-8397-067ffff44e69","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":107,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"b0f306e3-d206-4573-8155-cf04ed7d794b","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":107,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"6ecd2fd3-17f8-4d2c-af43-99db60a5a0b6","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":107,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"4a8061cc-b8a4-4ee9-9e61-c7ae59d80a47","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":107,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"d4eb734f-2282-4b7e-aa2e-7f0b34470d15","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":107,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"a8b14af0-5693-4b90-99f3-d9f44af3358e","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":107,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"b9eb5fe3-5818-4f60-9c76-78ff9acd653b","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":107,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"6b9c0d21-bd20-431a-b2e4-4e016adc1d84","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":107,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"1a858006-9164-42b9-b248-700637baf3fb","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":107,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"fde5c1a8-c90c-44df-8205-a4478efde10c","block_type":"box","text":"Revenue Bonds.","page_number":107,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"45c738fc-d53b-43ad-a2b4-b9d900ec84f8","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":107,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"ddd31ee7-2686-4160-8181-508094ed9bfb","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":107,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"aee60ec1-48be-46d9-a6ca-120bc8e18f73","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":107,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"aa3d9117-f2fd-4014-a26e-8ebc6ad171b5","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":107,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"20c55400-316c-4146-8e8f-64093bc77727","block_type":"box","text":"viability of such facility or such revenue source.","page_number":107,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"b720b8a7-3aa2-4d4f-aca8-449fcc692527","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":107,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"4b47469b-3939-48f1-b9f6-fe632da669e7","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":107,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"344a2b13-7d3e-4e1a-ab10-ea38ef404e6f","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":107,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"a4aba3c6-f4ec-4265-8e99-a83bb5d26b78","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":107,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"57212c01-c2df-470f-89d9-451da02a6dad","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":107,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"6d2bbd95-19f2-468f-b038-f7a744baedcc","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":107,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"c00f6cdd-12ee-4a8b-8f03-a58c6dfdfb77","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":107,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"9c03b113-07b9-4a6c-a395-dc9e88acb564","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":107,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"9d5ab14f-8776-4baa-b0f9-bd4e308beb38","block_type":"box","text":"PABs.","page_number":107,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"62aad71e-4776-4eb0-ae47-470ce2a81cef","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":107,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"8f6b969b-bb71-4b6f-852c-a6fa9f2ec003","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":107,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"9d8a6dca-3d47-4458-aacc-bbe38d05487b","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":107,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"7dd58ebd-f097-46d9-b756-6a451e5e6e11","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":107,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"1d8e0f67-d452-4429-a3f3-b7df2469d3df","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":107,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"1008e951-9e1f-4ba0-88fc-79d8d93e9219","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":107,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"cd27cda5-59ae-426a-8027-2d7438d585ff","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":107,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"88aecd94-6768-4248-8721-303a8f1c7d19","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":107,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"a01ce1f4-2142-4996-8daa-ba6c0318d945","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":107,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"56d230e8-f539-483a-9e95-e80833465260","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":107,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"b858e7d1-5298-444c-9e0b-fa72f2f0fa21","block_type":"box","text":"the particular facility being financed.","page_number":107,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"d79c8309-02f3-4ae3-80d7-4713d7426f83","block_type":"box","text":"Moral Obligation Bonds.","page_number":107,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"f20ea2ff-0258-49a5-8a14-9075d4a77f95","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":107,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"bde4dde2-7d91-4e30-8737-066cc86dda1f","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":107,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"53746538-8cb9-4d44-a53d-a18e1f48202b","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":107,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"8748e4a3-cfae-42c2-b0af-921586c274ab","block_type":"box","text":"that issued the bonds.","page_number":107,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"d4f6da39-c370-487d-83a2-a70e07bf3670","block_type":"box","text":"Municipal Notes.","page_number":107,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"de8b99b1-33f9-4ce2-a327-611964d42abe","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":107,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"9435ba8d-e11b-45b9-835b-a1bdfc8021b3","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":107,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"ec78ec11-bb22-41bf-bd94-2a8cd46f1a24","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":107,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"8bc7b7e7-a287-462d-a7da-ff4f7522876b","block_type":"box","text":"II-58","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16ebec95-3213-420e-9a2b-786cd06094bf","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f15f4a1-d124-4f72-a6bc-673e2b64815f","block_type":"box","text":"Municipal Commercial Paper.","page_number":108,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"55ee1df4-4869-4813-af23-0c5f2150247b","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":108,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"9d484861-12d7-4c08-bcd5-4771c0bebaf3","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":108,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"625ce93a-edd1-42a6-b0c1-e6d27fb116af","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":108,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"8d1ce0ad-df60-4254-9e95-ff2180dc2e02","block_type":"box","text":"Municipal Lease Obligations.","page_number":108,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"19cbd7b2-dc06-4e59-b16f-d5e8ba2b6d51","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":108,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"8571e571-b0c8-4591-8813-6b67d618f415","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":108,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"d9fc452b-d6bd-4b99-9390-795f028b1b68","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":108,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"fda38812-2553-4cce-8aa4-b0fd1ee3d325","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":108,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"3ebf31b0-e45b-40fa-865c-9852bb3ca9e5","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":108,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"8d024ccc-58b1-44b0-9b4f-8a30dae1740b","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":108,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"fcc87b3e-9ec4-458c-b4fe-7ac3e6f278ec","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":108,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"7a0722ff-dae0-4172-aa69-2e517316c7c3","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":108,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"82cd59ce-1c43-445e-a958-e217d756746b","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":108,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"03f37c6c-f761-4060-8a30-8d99118d1a92","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":108,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"e6429c1d-f082-44b2-9e13-c465fdf8b61e","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":108,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"bd775842-9f90-40e2-99de-bc154450e5f6","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":108,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"6c4d88db-8134-4ec9-acf0-920a6dfa47df","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":108,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"5abca193-3a54-4263-b36a-f2e3485e9a6e","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":108,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"538201ff-9dfb-4351-9353-31a5d0a6e8d7","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":108,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"70115397-8749-4bcd-bed6-bc82dd7c4c6d","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","page_number":108,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"814f2a9d-06f1-46dc-b3aa-364d6502471f","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":108,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"f406f24b-a7e6-4996-9889-069f9ea92b54","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":108,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"2fc55cf8-d601-4b3f-8107-376ebaa37298","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":108,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"60367e3d-fafc-49a3-b312-ca33cfbe6541","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":108,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"b1f931c4-9b54-4576-a273-14292405d95f","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":108,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"927c73d2-fcce-4a1e-ae8a-855a9731c8ac","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":108,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"d0fb3145-f7e9-475d-aacd-c348036a6c6e","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":108,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"61667cb5-c27d-4480-9104-eb00d67d8d80","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":108,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"be8d93b1-5805-4e5b-9daf-d0e7369bfa3b","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":108,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"a77b0462-df8c-48b0-861e-c8dba736b747","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":108,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"d65b8af5-1887-4aae-86ef-109943ed3d2a","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":108,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"603c642d-7620-4ed4-8bb9-f052657ad48f","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":108,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"527ef18c-87a7-4d1b-b252-ee8786cb39ca","block_type":"box","text":"Tender Option Bonds.","page_number":108,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"5c8d3727-b291-4930-ae0b-1c4f3a6a2017","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":108,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"539dd58f-7782-46b6-bb78-baba9c31c4a8","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":108,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"1554e7b1-1f57-438a-aa72-8ff57ab3d475","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":108,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"f00e0a1b-ca10-4143-8511-3d4875256768","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":108,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"e929c1f2-ca1f-4736-9695-d91467d8934d","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":108,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c6ae9a48-ae63-4636-8e1c-62858110d269","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":108,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"06799cb2-1745-4bcf-9fe2-03bda836b27b","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":108,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"14bb7b63-2231-49de-b9e5-052466dcd9b2","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":108,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"fc6a1fd5-e426-4208-a962-3c15d332afe6","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":108,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"d90c8820-d0f0-4942-ac91-66211bbbc762","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":108,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"c3961769-012c-4903-8a8e-8cf7c1cf81e6","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":108,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"25def76c-34cc-4431-9126-3ac070ecc0b9","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":108,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"bada8efb-cf40-4a59-99ab-a41eefb16293","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third party","page_number":108,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"49296dfc-0f35-4fb9-9b43-0ec25de59058","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":108,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8706aa0e-3e33-472e-a3aa-b0c20b17f6f0","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":108,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"94d00a01-a3b3-4180-af66-d41baebad64c","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":108,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"782a7323-d279-4ef9-8c6b-4bc9b67369bd","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":108,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"f3262812-9a6b-4e61-b61c-ab74a8d713cd","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":108,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"3b287879-03d0-4aca-bab1-27386dbef860","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":108,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"f2da3dcc-1f5d-483e-a19b-7ed3d99f96b9","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"72426fa8-b01d-4913-b77b-9ce67dc1c0dc","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":108,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"70decdbc-44e7-43ea-acfa-1e8fcdcb1f97","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":108,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"d100f275-c227-4bf1-aa94-15738794da57","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":108,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"1ea70add-aff9-4c05-a4e6-3891f01d3294","block_type":"box","text":"participation in the TOB Trust.","page_number":108,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"b44891b3-2f69-4279-a334-e2c1e3d90f08","block_type":"box","text":"II-59","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab83eff4-a662-40fa-b888-1efb7626a185","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f8bd993-66ee-4dae-8050-8e053f67acbc","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":109,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"084b411c-32e3-4dc1-bf0e-b0eaee1126ae","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":109,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"446c11d7-6177-434a-9b49-bef43650bcc2","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":109,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"fbce0565-76e9-47b0-b786-0a22c484c391","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":109,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c6607a0c-5dcf-4884-98b8-f7dba36af381","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":109,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"4e0536f9-fe38-4f46-aa8d-544f174a744f","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":109,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"8a207588-57fa-4e56-8dba-bda224dd02f4","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":109,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"18a5b0a0-575d-4cb0-90df-35a326db60ca","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":109,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"dd4483d5-05c0-4789-bfce-292833d58aee","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":109,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"4cd860f3-438c-4c24-9ebe-98fc6c23380e","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":109,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"0cbe1bea-636d-4c11-ad8c-18c4ac694857","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":109,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"e05ff817-578b-4973-b083-00e9a06df4ef","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":109,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"ede1f5f2-9050-430a-8b68-09bac234016c","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":109,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"96faa7a6-1c1d-4cdc-8b69-e1bfad52a6c6","block_type":"box","text":"issues.","page_number":109,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"f866434b-6fd4-4d9f-bfb0-322a51b13810","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":109,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"45dec9ed-7733-4a49-a1a2-4f8fecf5b96c","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":109,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"52ac713e-c1c9-4370-a7c5-617cd3ed6d45","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":109,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"0f13fd47-dcbf-4d9a-a71f-a5df477a94be","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":109,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"5acda249-98eb-450a-95a9-5e3bc4b263a1","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":109,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"e8fbb907-72e3-4e97-b4f1-d9516dac1372","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":109,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"51ab705d-d5ad-4f86-96f3-d736bd30bd9a","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":109,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"26010626-6d8d-44e1-a2c6-ba6203aa5e93","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":109,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"a186be7a-7757-4a30-ae6d-c56fe809c8d8","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":109,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"f6a10fc3-32fe-4133-a10e-75f1d7de34b2","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":109,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"78e9ff7a-a383-4b50-bffb-3cb03379af5d","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":109,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"b93a9710-685d-4a8f-bad5-3125bb121d25","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":109,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"ebfc5971-b2a0-4f47-866f-f2932db98d0a","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":109,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"940f3efb-b695-449a-bb5c-2125220e7701","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":109,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"6a67e189-9fe3-44a3-b24a-9bef64fa41cc","block_type":"box","text":"i.e.","page_number":109,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"114e8fe0-2a4b-4ae6-ac44-bbb4112f9a9f","block_type":"box","text":", the Fund). In contrast, in the","page_number":109,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"caa92b8c-545a-4981-be2a-9c1801990bd1","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":109,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"a8daa92d-9db6-4798-b442-1e0d23109130","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":109,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"59e79a5c-b657-4ae6-9b0a-5ba724c25c9e","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":109,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"b253c004-e109-4412-888d-38260f35cd62","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":109,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"93d55756-bcfc-442f-a9dd-ca0d932d61fe","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":109,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"67f8041c-f7ca-474c-969c-bc74c28dca97","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":109,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"55175a4f-fe7a-48d0-b558-27463b5c52b2","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":109,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"df31e9c5-a1d0-4305-86b2-6fa3ea8ca50d","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":109,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"21f96853-678a-48a4-9593-1e9df7884831","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":109,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"2b86fb2e-d320-4621-80e4-4c95923957f0","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":109,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"f476c93b-a6d5-4340-a9a5-40e55e1e63b8","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":109,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"7fd1466c-fd86-4dfd-b510-d85445975720","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":109,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"747a4739-77f0-452b-b081-f0ce07a45ad2","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":109,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"56319624-0f5e-43f9-b0f4-d90291d3b127","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":109,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"4360951f-2a7a-44c3-9467-e233709136e1","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":109,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"d3f5d752-f850-42fb-b9e3-cda706c128c8","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":109,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"14ba1ad7-d044-48bd-9e26-79dccac954f2","block_type":"box","text":"Trust.","page_number":109,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"4b6d52c1-a852-4536-a429-849cd3a4b0c6","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":109,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"f0674703-4235-4e19-b3f1-476324cb840d","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":109,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"0b36c626-b522-460f-8d0c-1c6dd26920ad","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":109,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"f1601ce7-97f9-4d38-9a33-0d1c00294cb8","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":109,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"3729a5a4-8003-449f-8562-f75c30bff736","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":109,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"2b58d044-8d72-4f57-a602-20533606427b","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":109,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"35f9440d-f1bc-4862-9692-0a3d1d4970bb","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":109,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"6e150818-05c9-4000-8cc2-620cc991dfaa","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":109,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"6644d05c-c0c5-456f-9ec5-9cbba8565cc7","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":109,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"0f464d77-48e6-449b-9295-0e9de5f3f9bb","block_type":"box","text":"II-60","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"352da903-d705-46f3-b91e-beb727a9a884","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"caee202f-9a06-4aaa-8c52-12a69e5adf48","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":110,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"52c13c94-dae1-4dc1-9716-c33b27efad39","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":110,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"cb81e539-9b81-459f-a7c1-89acc81cc91f","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":110,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"6fd37038-9e65-4e6c-a4fc-ae41ce80cdad","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":110,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"bc540edd-2ed5-4d51-bb45-cd83a5c18455","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":110,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"bd78a653-822b-4657-8352-99df249e5747","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":110,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"ea785c0b-e6b4-43cc-9e5c-471d8f9c17af","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":110,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"8521c159-095e-49a7-bced-b2b7bce298d2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":110,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"039e6561-6c3b-41ee-bbe5-bb5b0fdcbfaf","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":110,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"9adee52e-7d37-4e61-a64c-828d8ef67ec3","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":110,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"2b2f5565-3bde-4074-baba-9a17b9d5f021","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":110,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"105300c1-33d4-4c8e-becd-c43be60c07dd","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":110,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"6a12ba2f-83e5-49a7-ae3a-fdd7ff3be088","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":110,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"7d6c1563-1e88-456e-9a2e-1e33d54b7b03","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":110,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"49920088-2bfa-4f4a-b142-44eed69fb7c1","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":110,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"4ec55abf-3971-4bea-9531-c9029f03cc82","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":110,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"75d01b10-2a58-4da5-a985-b59c5235e7c3","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":110,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"f73a9779-df6b-44b5-b59a-8766bb6a5e0e","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":110,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"7683cfcf-e294-4021-b9be-d62848ecd8bb","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":110,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"1dabddef-1ba3-4022-81ab-350a7ec834cd","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":110,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"cfde3dd2-73ef-425b-ace9-1032be51cb2c","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":110,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"edac9c36-9a1e-47b5-b0a4-6981a419646d","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":110,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"b627041d-9e1f-42ff-99a9-9910d1eb889f","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":110,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"ee116f1a-f74a-41dc-a270-bdc35156974e","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":110,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"6d662f5e-1613-4114-be49-e3903cc94e9f","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":110,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"a325fea8-cbd6-4698-aa92-3908c22b21e4","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":110,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"47767449-02f8-4e51-a482-265fb4589424","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third party investors, and the proceeds of the sale of","page_number":110,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"01932795-100a-4984-b5fa-c0948f22f565","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":110,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"d66fbdb5-06b1-45cc-9e43-77120528e79a","block_type":"box","text":"i.e.","page_number":110,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"9aad23cc-3317-4e81-b00c-86d0a55561df","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":110,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"8a37ba09-3490-43ba-85d5-994a05a4101b","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":110,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"0742720f-b206-4123-803d-81c1b4c39b02","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":110,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"e44caba4-b8f9-4c06-8837-9e6646683c5b","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":110,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"8a59b72b-b371-4538-99a8-1d257b85aacd","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":110,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"1889ca33-dd17-4db6-9d52-ffd42501bd85","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":110,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"6f055919-ebba-45e2-b83c-93e715cef160","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":110,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"7cbba235-9a25-4dbe-833b-74567f504bc9","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":110,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"3fcce51e-e012-4a26-a7a2-f40470f3522a","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":110,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"98b1629a-2586-4d67-8e37-cc4717903eea","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":110,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"5b308cd1-9b1e-4b24-be83-36aa077799e3","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":110,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"2db063b4-7da7-4088-b838-967f4d666ba8","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":110,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"6d4377fa-7c60-4079-bae8-2215cab567ac","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":110,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"8b5f2814-edae-49fe-9775-d1373e72c1af","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":110,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"27825ecf-0d12-4cbe-98aa-bb52685143a0","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":110,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"7dfe9dfb-5347-42d1-9dc4-95c9d9186ec0","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":110,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"4638b368-970c-48ae-ab8a-784ed3577c6e","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":110,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"c0b4b6a9-2eaa-4521-be42-054b89fb6955","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":110,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"cc018add-bc77-4db6-bf15-f2af86e799ca","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":110,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"21cbbc3d-06cb-42a8-8eab-ae42e313d874","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":110,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"352e1fbc-7e5d-4bcd-b810-1500871a3733","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":110,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"cdf3496d-33e6-4133-9cfa-c60d9124496f","block_type":"box","text":"market is not yet certain.","page_number":110,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"6e8e3ed3-4b55-4f3b-b913-9c3922a3e302","block_type":"box","text":"Yields.","page_number":110,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"798f3af0-3805-4cc4-8026-786bbb6525ba","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":110,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"78e15371-c69e-424d-bf45-6d4207140aee","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":110,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"dcf8ef30-73bd-4046-9200-90f64b71c06b","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":110,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"841098cc-1c85-4812-bf7a-1997bdbcad3c","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":110,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"d3f36a66-7087-42c8-b640-f9694259d791","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":110,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"94f8711f-8d2f-4a00-87c5-6f2af35302f3","block_type":"box","text":"II-61","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8085edb-9c54-4a63-a7fe-d31933d97c7a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31cc5580-4796-40ae-868b-db8de4c70af3","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":111,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"d7214ad2-838a-403e-be30-42f0ad93246e","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":111,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"a1c6a916-5b31-4861-adfa-544068040ad2","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":111,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"a61d5948-ccac-4adb-9d3f-38d1c1c5e400","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":111,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"cb9b53eb-d680-44ca-80a2-6d606621fabe","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":111,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"551536a7-b45e-401d-a865-cf3dfcbf05a5","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":111,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"c57563e3-d833-4160-ab7d-c6c955b596ba","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":111,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"c91d534f-59fc-4761-8a3c-1fe94b1706bc","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":111,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"f9d2f98b-3c55-413b-bc5f-2dc4330f2f76","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":111,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"743ad28d-4df0-42da-8970-a9fedd4e97f4","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":111,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"e81cdc0a-a2f8-4b25-ac8b-71fe53e32a3a","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":111,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"29bff928-d27f-4228-83d1-5418d12e15b2","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":111,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"6e0ffb7a-27c5-4535-83da-b470e96d8645","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":111,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"f6b14703-f2ba-4d42-b222-cdc5e247acf4","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":111,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"1c725cdc-8e04-4d76-915a-af1ecba2e6a2","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":111,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"64b4d29c-dae0-496a-80be-9a0f9fe0bc77","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":111,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"d9c4b73a-098f-4096-8fae-511b64d6c99a","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":111,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"463784db-cc01-4456-bca4-0d426266e065","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":111,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"2728a982-11d5-4cfb-b4e6-436f8923f810","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":111,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"fb4a366d-2e69-4387-9d85-9e3431e26d80","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"1c619c84-c68a-4d57-b588-86ba1b185be8","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":111,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"549dca4f-a402-4336-a4ca-65df49071e29","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":111,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"58e5cc0c-6fb2-496f-893f-f6065ebadceb","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":111,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"47d6aa92-eb5d-4e83-b548-d30a48195062","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":111,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"811a4404-5b30-48a8-a359-a6b49552bdef","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":111,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"64b6f38d-2c37-4abe-87c1-c5f1664de968","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":111,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"818b5298-b18a-46d9-ad84-df3e9515031f","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":111,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"fc49350d-e0ab-44b2-8600-f53df248bee8","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":111,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"20e60846-ad6f-49a9-b214-e4c6b027559b","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":111,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"4ad0a205-729f-47e0-854b-38b3aec28a96","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":111,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"1dc6fe41-725c-48eb-ae41-d3e17851fe3e","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":111,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"db38492c-bab0-4fd8-9492-a21aaf3c36da","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":111,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"e2121bdd-20f0-4fb4-96f5-fd320faa2099","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":111,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"5c68dad3-5b1b-497a-a577-8cb491362d49","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":111,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"646b2821-b350-4e22-aaee-b4b731ab3d07","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":111,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"68975314-03d5-4e2d-bf92-459f92d0ed0e","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":111,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"30bb6bd5-eafc-49b1-9f2e-16d0725a604b","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":111,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"788f7bee-ca18-4e0a-8582-6af61845db24","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":111,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"19800a58-2a8c-45ac-8523-4cce6c271ed1","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":111,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"5eb4e0ad-f039-4f65-a596-62527e20b345","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":111,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"8cb5aeb5-7aa6-435e-a642-05af1bfbc4db","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"d0512a27-2825-4470-b08f-2620134acd66","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":111,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"1fcb959e-1503-4b41-a9df-42b80f8445fd","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":111,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"13b82fd5-00d8-476c-b2b8-bda9abe33c92","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":111,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"2fa92786-4fc4-42bc-bc2d-988e339d9dc0","block_type":"box","text":"Call Rights.","page_number":111,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"688a8188-49ae-496d-b532-79d7e91864b4","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":111,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"2ad5b583-c41f-4939-bd7d-631f6c219d9f","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":111,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"0fab5971-8946-4dd3-93e1-794510433d96","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":111,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"66970a26-5395-4977-9a0e-b6e38face1ef","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":111,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"f9d69efd-6cea-4899-9646-31654046015c","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":111,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"4ad862b4-bfc4-4edb-a1b4-79b8f557b98b","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":111,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"03a931be-c074-4acb-b704-0c4c1cff7630","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":111,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"5c6890fd-ce1f-45a6-aab7-6deddaaf2670","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":111,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"2bf758f2-27ee-4e7d-a8e0-983b07f517db","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":111,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"8ccc6db1-9a4a-46de-9e81-2a199028961c","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":111,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"64b1cc6d-4dcb-42f3-9c9f-dca9ba0526e3","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":111,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"d7b0f968-c817-4586-9f09-7c303534ef9a","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":111,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"17cc5b53-31c6-4fef-9c96-50653762a849","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":111,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"c0cfab88-c738-49eb-b5a6-0a0218e1f809","block_type":"box","text":"II-62","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9bda1307-447f-46f6-bf6e-99bc86c7c74c","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffecadcf-f3fb-456b-b1aa-2dbd0630272c","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":112,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"afadaae8-c33f-4017-9531-aa30c448623f","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":112,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"f8082fa9-abbc-46f6-ad90-d6739efa0c07","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":112,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"189ea89b-eb9d-4477-9bdd-6d27ab6f844a","block_type":"box","text":"i.e.","page_number":112,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"025bafed-f064-472c-be0a-5751955d374c","block_type":"box","text":", wide differences between short term and long term interest","page_number":112,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"0ac286be-21f4-4c0f-984c-3af6085f70be","block_type":"box","text":"rates).","page_number":112,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"f3b52376-ee2d-413c-9341-39dcee0905b1","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":112,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"2feeb859-0c52-4a14-b6a9-148d7a4ef112","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":112,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"9bd559bb-b207-4bf2-9516-7818f86b1e65","block_type":"box","text":"e.g.","page_number":112,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"be10dfe9-ce58-406c-87f0-acd1a3911da5","block_type":"box","text":", an exchange of fixed rate payments for","page_number":112,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"fe624fa9-05cd-468c-9e51-d6d32868c035","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":112,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"bbb24824-cbd8-4684-a0df-b16b949120de","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":112,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"64f0dfe8-3029-44e1-aa65-ff7771709633","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":112,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"0597150e-f8de-4a28-bcf4-8e4410c2d84d","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":112,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"6dd06cdf-2a3f-4b0c-a237-1679e6382172","block_type":"box","text":"with the same attributes as the swap (","page_number":112,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"3a918268-d2f0-4e4e-8111-0d0915a7038a","block_type":"box","text":"e.g.","page_number":112,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"b3d10e97-2e8c-4d5c-b7d6-5ee466d7b557","block_type":"box","text":", coupon, maturity, call feature).","page_number":112,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"2e0cd2f5-63f5-410b-895b-10dbbcf8d80b","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":112,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"c0cb2a35-6b7a-4b2b-bbb5-2d1c7b9d6c95","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":112,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"609ed341-7701-46fe-a8bd-07746cd0505e","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":112,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"4aebc366-53c5-43c8-ad04-2981e19c1a01","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":112,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"2609eaa3-b44d-43fb-b413-f93874e50e28","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":112,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"b762995e-9034-42ae-b08c-b58b122a36fc","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":112,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"21efdd74-654a-4fd8-a0f5-a46527410bf2","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":112,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"36d81f08-f389-4a4f-9a9e-5ccbdfa2bfaf","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":112,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"69c1d19c-ff9e-4190-bab3-c4c5c45e7ebe","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":112,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"ee01d848-50f1-49c7-b283-e50896d85556","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":112,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"ccbf44ab-d9d9-461c-8821-6204161b0e62","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":112,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"d0f6eb14-1a42-4a0f-b6c1-42bc46443ec0","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":112,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"553584f5-796e-42cc-87f7-009db2e9bce5","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":112,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"7279a174-6b46-4fc9-b250-62a05344290d","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":112,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"eff69d72-7479-4898-be24-8abdcc9170aa","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":112,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"5918e4e2-7cb7-460b-a264-40285871b110","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance. A Fund has no obligation to enter into SIFMA or","page_number":112,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"bb241101-35af-44b3-bfc3-0a16937ba248","block_type":"box","text":"MMD Swaps and may not do so.","page_number":112,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"7c6368d1-283d-4b42-9926-38942c80e3db","block_type":"box","text":"Insured Municipal Bonds.","page_number":112,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"2778212d-3284-4421-bcb0-c8765f3b40be","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":112,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"c5b2c84d-6346-488b-a3b8-98f39872fa69","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":112,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"922571a4-2d3d-40e9-8cec-312efe5b4d72","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":112,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"41d7db4d-52de-4e7e-a066-36d485376907","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":112,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"1e7ada49-19c8-461f-afa4-bf2e15fd0d52","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":112,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"7955660d-45c4-44d3-b577-8a31f4bc50ed","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":112,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"1e7eaba2-424f-4172-9b05-8891cc486672","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":112,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"34d87ba2-d140-49c3-a1d6-832e7eb08fb7","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":112,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"5e12054a-cdf7-4e86-81ee-734bdb14b0ea","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":112,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"6892c5a8-9fc1-4bfb-8092-da37614fad46","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":112,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"09dcbda3-a786-47bd-a1b5-838ea29fcd90","block_type":"box","text":"bond could drop.","page_number":112,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"d9848211-9d9f-4c77-b451-a5a1450bc1c5","block_type":"box","text":"Build America Bonds.","page_number":112,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"08787607-2c30-4a2a-8bc7-2f055580560b","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":112,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"3c7e0603-e64c-4e23-8173-ac7e9ab53384","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":112,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"16d4157a-6981-46fb-b130-bf721acafc90","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":112,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"e3e1d040-a2fc-459e-8e72-25445a63c4f6","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":112,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"f7b9fa12-8a2d-4bf3-b6ad-0186d79cc167","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":112,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"0518f827-557f-4e3a-b9e4-2d9ff6a971c8","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":112,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"ba1b8735-8211-473e-babb-a7e11d92745b","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":112,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"f2235e05-5e8b-43df-a092-5bd6fc4789fc","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":112,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"fa5715f3-7952-4212-a501-b0c1febbbbc8","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":112,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"185c6ed3-5e3f-4e20-ab75-2f3b75bdc430","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":112,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"ff931185-6b7c-463a-9c63-c3c21e3877d0","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":112,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"35c15f19-306c-4429-8c77-a35464b0bc2c","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":112,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"30dd70ed-7cf3-4e33-8478-47d4657edb25","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":112,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"20118c42-4235-4e58-bf34-6d047ae034d9","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":112,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"9ce71d04-a040-4829-b381-7b095de4d8f1","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":112,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"6cdd470a-1e6c-4389-b761-706f4f5e5b83","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":112,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"50619062-4351-4d53-b8e2-b62d13bd5681","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":112,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"06a2babe-d1e6-46c0-bb4f-359689485228","block_type":"box","text":"II-63","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86365dab-e1c4-49fd-8805-56bd7bec99c6","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80688df7-17ea-4e6b-84a5-39e895025ca0","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":113,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"89486f4c-1497-4534-88b4-f0772edd0098","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":113,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"41281163-03d0-49d0-b367-6e9c9744821c","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":113,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"4cb3930a-ff7a-4708-a09e-1be2db714ca8","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":113,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"3c0adaa3-af03-4e1f-9cd5-0b235bc77953","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":113,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"1e5171c2-b423-452b-b0cf-540eb85b31a7","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":113,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"e4f497bd-0149-4a45-8f85-5ba4c0d9aa7b","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":113,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"4daec547-3bf5-4912-b80d-7c5d38f79617","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":113,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"bfe7f7b7-dffc-47a1-857b-c5df7eefeee9","block_type":"box","text":"their face value to the sponsor (","page_number":113,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"91fd89c9-77be-4a80-9022-0b2d6e8b1d5d","block_type":"box","text":"e.g.","page_number":113,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"17d40e57-e4cc-4bd5-978a-a6f1efa7bbd9","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":113,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"abbcf7e5-c358-4a02-8960-a136c31996fc","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":113,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"1ad79547-2685-4632-b3bb-0e92ae11faf4","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":113,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"763afa81-c0d6-4590-aacc-8338193d6a51","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":113,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"78787e10-8b70-4c68-8828-684d1f0f1ed5","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":113,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"12f637da-b969-4d62-9dde-a137f6c4b23d","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":113,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"1a1ee76b-4136-4512-99a1-3df1a165da93","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":113,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"0bb58cd5-cde9-4550-8581-7fad1789c699","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":113,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"5bd7e610-d968-4c46-9dbc-049cae62aa43","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":113,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"fc2ddec5-0238-4ad3-b819-26dafa0963c1","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":113,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"dee00326-2dff-4a21-8b4d-b61f54a23493","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":113,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"d753a1a3-67ee-4211-a45f-33ab6b01e115","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":113,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"f3e6411a-ac2c-452d-a765-f3fd59ab5988","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":113,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"cf3eb34c-5ea5-423d-8d81-0d2e402d2043","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":113,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"8f4402ca-c169-40ad-a4a0-3ed3c9e3cc6c","block_type":"box","text":"such opinions.","page_number":113,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"7f342f10-b6ed-4eeb-9c0c-42c26716fc32","block_type":"box","text":"Participation Notes.","page_number":113,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"5d343410-943e-466a-a021-b9c516d6e2bf","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":113,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"ba05c759-4c15-4aa8-854a-28d88bae0e41","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":113,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"2dce5f8c-fe3c-483c-85cd-a8bb2f6d86fa","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":113,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"6786da01-83d5-4531-b146-65e90ae1505a","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":113,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"0e169022-0923-47d9-a18b-215042124f15","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":113,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"1f6e2f92-df85-40be-9916-a164009560bc","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":113,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"6fb7ddbd-c489-49f1-871d-0bd97ecff089","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":113,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"7b0a13ac-d511-4147-a4aa-503c1c30d920","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":113,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"c194f8a8-4e1a-47de-9f14-902e65279221","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":113,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"acb8b2cc-b59a-4162-8172-97396da14057","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":113,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"46d1653a-2389-45dd-9bf7-f23665767f5f","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":113,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"b2dffdf4-1b9c-4fad-828e-c40bea9d1850","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":113,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"46a4e447-85ac-4837-aeba-b180eb725d79","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":113,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"0164304a-c9b7-41fc-b12f-c53b533c8c2f","block_type":"box","text":"creditworthy.","page_number":113,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"a76c7f42-b52e-4c66-8435-2e07af6a3e67","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":113,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"82adba3e-94bc-4833-a32a-706afcde2a55","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":113,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"ecb936e3-6e00-4b65-8b7b-9cd3e5d614a0","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":113,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"c2c6eda2-4eb1-4768-922a-fe8d04aa7904","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":113,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"9a199aec-ecd6-4957-9053-abbd29ba2135","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":113,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"490e1616-4236-4cce-bdd6-32e2037acdad","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity","page_number":113,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"05118d43-a839-4504-ac06-2991388ee405","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":113,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"cd050995-67c4-4506-b59b-e6322c4c95c5","block_type":"box","text":"Portfolio Turnover Rates.","page_number":113,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"3257f38b-f082-456b-9bf7-32605831dea4","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":113,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"115b646d-e1e4-49cd-bee4-575a1542a283","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":113,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"b2b358eb-d81e-46fc-bd9b-246618ee8d67","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":113,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"868ecfb0-ed1a-41ac-8624-926748869a21","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":113,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"97db8ecf-8e39-4c39-837f-336efab7fe4a","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":113,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"3cb65ada-5db7-43b2-84e5-1e521474cef7","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":113,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"d101160c-d10e-4c67-a3f2-d4b213f02d4d","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":113,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"d20d7560-6647-4124-a4d9-48c23fc8da86","block_type":"box","text":"i.e.","page_number":113,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"98eddbf7-b8df-4dfe-85be-0cde6f2a7a90","block_type":"box","text":", 100% or more) may result in","page_number":113,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"b4ecb284-36f3-48a3-bf8d-895b64a248e2","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":113,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"6ec2595a-5724-4939-8e82-d00fceaa95a3","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":113,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"b73b50a8-08dc-4475-9b7a-817fae64d159","block_type":"box","text":"II-64","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef2bd988-9c99-4430-950b-ed26e6af0377","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79d97faa-ad6a-4079-94e6-21c4f74e21cf","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":114,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"9b03343c-f63f-4252-bc49-adbddba69d11","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":114,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"dc4e2f30-52cb-496c-96d9-fc201b9b6a97","block_type":"box","text":"Preferred Stock.","page_number":114,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"02d3da41-55de-473a-8d10-10588a788413","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":114,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"6a34d09c-beea-4f65-9bc2-841e0520416a","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":114,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"eeb20776-88cc-4a03-a3ec-6a370b2557e4","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":114,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"30a835c3-5a63-41cb-863d-5090b7c9d47f","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":114,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"56120e91-aebf-402a-820b-c588f6a18fe5","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":114,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"371aab1b-c142-4014-b7cf-4ad4a2a99087","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":114,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"fcc7fae5-39b3-4a36-9a9e-b6bb15f0d188","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":114,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"117dbe2b-f347-4072-8954-b9e6cfa43e67","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":114,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"c9b39973-bdff-4737-87fc-0eaa140212da","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":114,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"9c3d50ce-f1e1-4e92-bf89-deb03834d336","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":114,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"dc358c91-738b-4e3c-ae22-a1664916ddfb","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":114,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"8bb2a4b1-2c61-449c-9e33-e2b81bdf80ba","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":114,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"22d2e103-effd-4869-81b5-8b12ba22df17","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":114,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"1b235564-adcd-4a00-b2df-0d7e8323177d","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":114,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"313f9eab-34d8-4b63-a047-8b40884cdc0a","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":114,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"e1c57561-17bd-4596-8a6f-70d3f2547199","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":114,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"ad38ae1e-6579-4616-8777-0dd338342a99","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":114,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"16ac9d61-8250-4e7c-9db2-53f539f2ef2a","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":114,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"b69599c4-27d6-42db-a339-1b75d05bea51","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":114,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"5890c60e-7ece-44a3-8196-dfcb8ed1a1a8","block_type":"box","text":"Trust Preferred Securities.","page_number":114,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"c8750a7c-3318-4cd0-b665-7e753fbf5823","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":114,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"6d6ffc5e-771e-4c4d-a0d0-fad22488cba9","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":114,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"8eabdb2d-e44f-445a-b449-9d8bf1680062","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":114,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"2b07ddee-8174-49a0-917f-3826d3e50ddc","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":114,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"b2f5577c-9582-468f-a4a6-3369a2e342ff","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":114,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"aa64fb04-9a05-4316-bf40-977bea6ad089","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":114,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"0ab09d87-ca11-4524-abf7-9019efadd204","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":114,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"b47ef8a8-d151-4b13-be24-c296fda1ff3c","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":114,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"e65e8b6f-7da8-4b45-86ca-21550cb7a690","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":114,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"5324716a-8768-4415-897a-3138249d9f4b","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":114,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"9bc26435-81c3-4046-b006-46055ce051cf","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":114,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"a72adb65-5043-44d6-a79e-8d4d2b801fa5","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":114,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"617c3eac-87f7-41dd-b44b-a72db2ff3d17","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":114,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"828bfe1d-707f-44b6-b404-d46a8e3c85cf","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":114,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"68d6573f-7281-4270-b0f5-5ab107d8cb22","block_type":"box","text":"®","page_number":114,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"fc441763-a864-47e0-869a-843c0488e33d","block_type":"box","text":"”); monthly","page_number":114,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"fc201ef9-106a-4475-9b19-24070d9572e9","block_type":"box","text":"income preferred securities (“MIPS","page_number":114,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"42a50127-63f2-40c6-8204-836ae1c01f4a","block_type":"box","text":"®","page_number":114,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"4838d484-d5c4-4e42-95f8-b94d73fbd004","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":114,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"9bd71361-233d-4100-a1f2-2d15048f2a13","block_type":"box","text":"®","page_number":114,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"386d9172-bf9b-438f-9152-8ed30863183b","block_type":"box","text":"” ); quarterly income debt securities","page_number":114,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"aa11be85-b9d4-42cb-96f4-50a588f5a1be","block_type":"box","text":"(“QUIDS","page_number":114,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"c46220f3-e630-4b36-8436-b147415a3e29","block_type":"box","text":"®","page_number":114,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"6117587c-d131-4c59-93f4-2c967a582c69","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":114,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"8ec470f1-c1dc-4987-9b06-34876c77029a","block_type":"box","text":"SM","page_number":114,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"a4df93b9-8025-4464-8deb-315f00ebf3ea","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":114,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"e4ecf847-a442-4841-8e98-8c8888a91b64","block_type":"box","text":"®","page_number":114,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"cf9c8f0c-d56d-481e-9173-de551926bd0a","block_type":"box","text":"”); public income","page_number":114,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"c14fa715-de24-4f88-95d5-c299616fb781","block_type":"box","text":"notes (“PINES","page_number":114,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"06a65dde-39bb-4564-8c6d-036ea42dc8d3","block_type":"box","text":"®","page_number":114,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"453ec376-9aef-4bab-81d4-1d47db228b97","block_type":"box","text":"”); and other trust preferred securities.","page_number":114,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"0e3f4918-c3cb-406d-b7e9-1ea435b7268b","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":114,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"2735b5e7-d3b8-4b0a-9680-977e062ec400","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":114,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"95b408c3-7bff-4a2f-8017-f07205a51949","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":114,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"5f4665ad-6eb5-4e39-830b-8f3ef7bcc0a0","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":114,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"751a167d-956d-4469-a24e-a70176aa3749","block_type":"box","text":"regard to whether all payments have been paid.","page_number":114,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"7b514f1b-a4da-4b57-aa1a-905d72612410","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":114,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"44d94ac3-2be1-402a-bdb9-7ecbdc6cec95","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":114,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"e45255e4-b2df-46ee-b50c-683cfc2a6636","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":114,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"1a2c627b-05b7-4c56-93b9-98b3f2b4cbdd","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":114,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"0d38c844-e0fc-4a6f-951f-6dd2680145fd","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":114,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"41890950-5af8-4c2f-928a-7df4b83b5de8","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":114,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"5b8da9f9-1283-4540-8975-c9d40f6d248e","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":114,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"0dbd80d5-4447-4138-abbb-6b560a12a706","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":114,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"a8d9cdfc-6e40-4313-84ea-3fc3e0dddd0b","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":114,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"9d31dc04-7adc-4ddd-81f8-06b2ec7476f7","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":114,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"60e5339e-ab31-4c86-af84-fd559e7fc949","block_type":"box","text":"II-65","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3dfeb758-0fee-4517-b354-fb4df2497f0f","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78271dbb-a76f-4d36-ac64-1b5ddfe51c4f","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":115,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"2e19b78d-060a-47da-8b02-5ad660685106","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":115,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"c1f92f8b-9d37-4c00-90ad-63d9dfc5812d","block_type":"box","text":"debt securities.","page_number":115,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"936ca1c4-f785-4278-816e-b07b9d2bd235","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":115,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"f06c1d82-7272-4e96-9d53-c179d3fd02cc","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":115,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"203fd073-0958-4af8-bfbf-b6c77f7d341c","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":115,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"7e880dd2-d869-4ea3-860a-d2fa0c9b9dbd","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":115,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"b2c17ff6-c7ec-4053-bbc7-232adb75903a","block_type":"box","text":"geographic areas or in specific property types,","page_number":115,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"52b11e4d-7d77-4573-8a75-14fd568ee860","block_type":"box","text":"i.e.","page_number":115,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"55df8b08-c792-4f71-aca8-d50005343faa","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":115,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"8e785098-d7a7-4f78-aebf-8f5a32b548a6","block_type":"box","text":"buildings.","page_number":115,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"45c6fc46-6c7d-4932-ba71-0adc0c546eac","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":115,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"87536c62-061d-42e5-b223-d871272ba0b3","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":115,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"3d9b83ee-baca-44bd-8fc8-62eb8d01b99a","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":115,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"3a9a16a1-a8a3-4bf2-a9f9-4be0256e5bed","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":115,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"19558958-bcde-4c0b-b8a3-6ff1e72aa0e3","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":115,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"f17fcfcb-b308-4c27-b692-fc0547150da6","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":115,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"6e805d84-0328-4b72-868b-b62e98fcd8a8","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":115,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"c1821987-f965-402b-9f14-2ef8d05e08c4","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":115,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"dbcf766c-42ef-494a-83f0-57a00767ac16","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":115,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"a77c3cd8-2fb2-49a8-bf34-b0afe43b41db","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":115,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"f37b313a-6dda-4f56-b4eb-84fa11eb6da7","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":115,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"910454ad-2e36-442c-82ba-0c71735dc3e3","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":115,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"0c150f9e-b63f-4c0d-a6ea-577cb77d21f4","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":115,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"5d374419-1422-4d31-b33f-e6be360035bf","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":115,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"519e3b92-19a7-469a-a6ad-88ae62dfbca4","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":115,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"916985ce-b1bf-4a46-99ff-6883ed5592dd","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":115,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"d5b72632-b618-480a-a436-72f5d59a0757","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":115,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"dc7b5a47-1b3a-48c1-a6ef-d01ea88ba7a2","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":115,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"4d465f2b-e78d-4afb-9414-ad97eb36d15d","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":115,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"e6809a98-624a-4f15-9a79-aed4f69f549e","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":115,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"86bf983c-c6d5-4962-b17c-a0610b2719dc","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":115,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"71d4303a-4150-4026-b806-f2ea727a4683","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":115,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"5209b623-633b-4840-81a1-6cc69d575ae9","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":115,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"1e993069-edc0-484b-b933-9c1e77575b00","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":115,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"c4cad3a2-7a83-4e3c-9de3-b26c4cc76ab5","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":115,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"b1b2d7d5-f51a-4e5a-9d5b-cdebf6c33b1c","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":115,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"e3b7b792-d156-4541-85ca-76421b90c3f5","block_type":"box","text":"holding period requirements.","page_number":115,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"263dff33-3347-4ecf-806a-c7db4aae3497","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":115,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"940f8a54-5dd6-4547-8821-39a8ae5c110f","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":115,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"f53068b3-a0ea-46b7-a932-32f42bafc713","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":115,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"1084ed85-81ed-4a64-9e1f-40c3e8aea27c","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":115,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"c609447b-7136-45e7-bd2d-ad6cbe624bbe","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":115,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"991a9603-b517-4dc5-b496-972ffd3e834a","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":115,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"7ae69d9c-50fd-46b0-859c-dc93e575bf1e","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":115,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"55542ea6-baaf-4f61-8a93-743f044b95bf","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":115,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"261027e8-01bb-46a9-80a2-afea6a7cb39d","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":115,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"5a93a95f-8018-497a-a070-8e819bd45b91","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":115,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"80944b68-5eb4-4ceb-81cc-97809c3520a9","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":115,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"bcbcc18c-7531-4399-b0a0-33a557ec2593","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":115,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"36a9fd0c-af33-40ff-9143-e8a564dfbfe4","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":115,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"a5ca56a6-9494-4e32-97f4-76ac01029e83","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":115,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"e00d1273-aff5-4e06-bb68-0a79cec3bd1d","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":115,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"8e20656d-4f5b-43a4-b67a-6508b6624b38","block_type":"box","text":"Recent Market Events.","page_number":115,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"27fa0ae5-1182-4c12-9216-bd2a9b27cb6a","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":115,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"1348523f-b116-4774-a71b-65b5cb702cfd","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":115,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"a8d85348-d508-45a7-ac01-320ec161ba09","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":115,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"f9564cf1-72a3-46b9-bb75-066903427548","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":115,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"5d46b7c6-5d94-48f4-adc5-e598455cc4f5","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":115,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"40be42df-2da5-46ca-9e97-2eca51d044d3","block_type":"box","text":"II-66","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9ea19fae-bb47-48fe-89e5-3a2be4ef3739","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01bd2d55-3ea9-4743-a4b8-08245cc8d93f","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":116,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"41ae6d2c-e496-4b4f-b5c9-2360bd2c7f82","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":116,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"0e249cf3-0041-4e22-af58-67284ee24356","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":116,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"9d47b6cb-6c3c-460c-94a4-fdff62557587","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":116,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"6f144bc3-724a-4102-83f8-2677a79276ea","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":116,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"efe757dc-d3f8-4c41-b88a-bd9888d83328","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":116,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"3ba19067-5237-459d-bb76-b89abaa5df4c","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":116,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"964fe6be-7390-4239-957e-6e1a9667f95a","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":116,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"1d754898-dd82-40cf-a48f-ebebe7a35770","block_type":"box","text":"negatively affected by such events.","page_number":116,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"e716870d-e89b-4b7e-a6d4-81119ef29098","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":116,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"4632ebfb-6052-4df5-b7fc-89964ceec974","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":116,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"5e2601da-b6b7-4753-a069-020ea4ea6c2d","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":116,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"8ede0083-5516-4759-9bf3-3afa274b0c2a","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":116,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"90c8d251-969a-4c95-906a-e0f4179a5d0d","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":116,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"1f7df228-3ec8-44d3-bc4f-060e51bb7e6d","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":116,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"38a4eac4-b802-4a77-8371-e7a550629043","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":116,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"92432099-ff9c-480c-a4ec-e9a10a0a55ee","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":116,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"558ede5c-f578-448d-bd77-5efada62989e","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":116,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"e0f5897d-266b-4694-b9bc-57d4320710be","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":116,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"a9519fb8-c4aa-4440-b0d7-446934ee1080","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":116,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"7106c1e4-8440-40b2-83c4-1974db5e5fb1","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":116,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"0dbf58d0-f3d8-49ea-b151-95fe97f85752","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":116,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"7c8b881a-d89e-4339-990f-54f434ea89ae","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":116,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"59e4f4db-d604-420f-aa2e-7bf255713441","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":116,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"66eb9591-b8c7-480a-9543-1602cbeb597b","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":116,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"3f349582-8c23-4b8b-8a34-e81c41cc5df9","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":116,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"0529154c-156d-4e8b-adc2-0142fb5a06aa","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":116,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"385f2d7a-4be8-4d6b-ae6a-a7354df25118","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":116,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"35df0a68-e444-4506-b49f-20b7ed2170ac","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":116,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"74804519-8aec-4ff4-afdb-d18337ff188f","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":116,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"39ce8571-c778-4608-b6d9-f1ca4483c1c3","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":116,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"1e7eea50-c99c-4b57-b159-6d433bfbda97","block_type":"box","text":"investments.","page_number":116,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"ceaf8342-96cd-4952-a804-b11ee3bba2d4","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":116,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"2cdacb69-e329-409d-8729-fe3a0d3e7e17","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":116,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"99c270d5-b6d2-464f-9294-e91930b90e82","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":116,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"18726851-da0a-44a4-b6b5-e05e676e0cb5","block_type":"box","text":"customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak has","page_number":116,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"68628019-a1a0-4201-ab4d-f042cfcd0b83","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":116,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"e1bb57b3-929b-4113-abe2-f4ad22ea5297","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":116,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"9af7cf97-1569-4690-8503-9954dab8269f","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":116,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"c2b57b5e-c224-44e5-96d9-eb317322a3d5","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":116,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"9ff1d79a-b13a-4cd0-aa22-7a8e5fc6b0ab","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":116,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"5cebe3b3-6db1-49dc-b10f-bd0f14d6bf52","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":116,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"591102ed-37e5-4f24-9554-72b4d6c94ca7","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":116,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"c12576f3-f9e1-4ba5-8a3d-7da0c2ab9b3a","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":116,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"de8793e2-8e30-44b0-80b4-5689ca9fe211","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":116,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"edd94bb3-86d0-4850-a62b-3836d8c6263f","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":116,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"15c30230-a483-40b3-8ac2-26a17508887b","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":116,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"0d60fd3a-75c8-4c49-aa0e-8e27600e05a3","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":116,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"3a65509a-3a44-4072-8183-d616d074e6f0","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":116,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"cde8a9dc-a225-4b36-81ab-bb9f2d5ec0c6","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":116,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"0d797938-019f-4072-b540-a028c81145b0","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":116,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"21b678e4-fd0a-4bc4-9034-df842be66ae2","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":116,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"b882f088-948f-462d-a1b4-f3ca822a3464","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":116,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"282a1852-6dcb-410c-aee6-ff2bda670bb3","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":116,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"abfcb2d7-afd5-4004-abe6-6dc3f7fa86a0","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":116,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"63d0b2f2-1031-4b42-8014-9a34e7a06f78","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":116,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"59dc90f7-c31e-482e-917d-e3ada0b56244","block_type":"box","text":"II-67","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d4cdb1e-2604-4578-b9cd-53133e7fd0d4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f1c14df-982d-4be5-ac1e-5ae27ad97c59","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":117,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"3577210c-dbee-49f2-80ff-dc1888df60d3","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":117,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"11edc231-6a96-49df-abd5-17d7a7e63b76","block_type":"box","text":"that may also cease to be published in the future.","page_number":117,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"af16ae44-c337-4b07-b5d2-962d191f67a7","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":117,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"eb7a6bf9-ff0e-457b-af70-2a9405a4e578","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":117,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"15dd735e-2b2b-4470-ad01-0ab4771c9fdb","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":117,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"42e16960-01f7-46fc-9113-29e0d270dbae","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":117,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"cda6396c-9b9c-4aba-a4b5-251d5f9c920e","block_type":"box","text":"term of the agreement.","page_number":117,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"c0f9d62e-7ef9-45a0-b72c-39d54363347f","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":117,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"3c0ea0de-899a-4d12-8d90-676f7c170326","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":117,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"4cf6e9b9-ca1b-4446-9d41-b9dc868edd60","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":117,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"a97b17eb-4f6f-43e0-8911-00105e81615c","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":117,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"7f78a201-8e5f-496b-ad60-116fa33130cd","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":117,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"482efe4c-e5ea-4218-a1cd-d9ebb64654af","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":117,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"9b953ad1-cd1c-4c79-abf2-499483ffa4f0","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":117,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"4ed7676b-f710-4a47-9a41-4bacd62a4e6b","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":117,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"cb8a3d7f-2b85-4b20-8303-0a5c0288fe0b","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":117,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"7a046af6-351d-46e0-a89f-09f8d19a7fea","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":117,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"3dcbf292-d715-4b27-88a4-f5e93619dcdb","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":117,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"fd992eed-cbe8-47ad-957c-7a60e95c6578","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":117,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"29cfe678-7f40-4bc2-a3ca-8eb4f06e49f7","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":117,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"4aa9407c-a93c-4bce-ab92-ba814c747c38","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":117,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"01baecaf-706d-46e3-827f-c5dbec9b09e8","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":117,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"8a4b4285-011a-4905-9474-fe5995d03541","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":117,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"1ce53360-2c44-47b9-8dff-09e7e0b6f8c8","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":117,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"c6580648-d6ac-4916-bafd-b2b4619bf12e","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":117,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"bc470808-3ce0-41fd-8a3a-94f22fdcb7d0","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":117,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"544d242c-694a-4d28-a4f1-d6ed9072efe8","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":117,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"bd5e3f1e-70c6-4b53-8a2c-b553196c386f","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":117,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"bb682129-ab2d-463f-a628-4aec9f32c3e3","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":117,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"d7fb2693-7eeb-4437-8faa-0c5c8e303066","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":117,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"52a3c7f5-bd0c-4334-ad20-cfb4fa66aa88","block_type":"box","text":"or by another authorized securities depository.","page_number":117,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"3d431fa8-40c0-404c-ab78-09870957987b","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":117,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"57c73f52-7954-4421-8e23-26c15fe48aa6","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":117,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"980048d6-1aba-4d9e-bf15-716593bc1373","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":117,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"b8c00940-c6f1-460b-acf6-ef2c3f833321","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":117,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"b28f18d9-6b6e-4f44-af1b-c1c246484ef5","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":117,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"45c78706-9108-4ce9-8681-fe47cfcf126c","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":117,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"772056fe-2664-4e38-bcbb-0d9bc4ad3e4f","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":117,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"892f2d90-ee16-43fd-b59c-69804330abcc","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":117,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"425f1d8d-5707-41bf-acbb-23acb66e119c","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":117,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"c1221922-8eff-45ff-9d56-7987af345764","block_type":"box","text":"the repurchase price.","page_number":117,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"0e095dec-27de-4926-9a8a-c98b00709565","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":117,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"7f8b4e6d-f776-47c0-88ae-4c520ab5540b","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":117,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"5cd965a6-3ecc-4ddd-9f50-5c51e8e7c6b7","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":117,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"d337f4b0-5287-45e8-9869-baac989c2987","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":117,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"38c60365-18ec-4e6e-8c43-0a2ed1d56b73","block_type":"box","text":"strategies without the repurchase obligation.","page_number":117,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"8424a925-ead3-4479-b88f-346360971557","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":117,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"a4712425-a4da-4d93-ae30-2e86509702ac","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":117,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"c5adf124-23aa-4653-af97-f1c24bf3e78d","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":117,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"329ef53e-7e35-43f2-b840-90488b5366a9","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":117,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"55a7eadb-13b4-4736-a22a-f1e04aa4405c","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":117,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"c6dd9926-07ff-4614-ab01-ee9cc773e25e","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":117,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"e8a3d27c-5c9b-4170-9529-ecd9dae14d73","block_type":"box","text":"i.e.","page_number":117,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"429764cf-a683-475b-8ea3-75445d6e3ed4","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":117,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"d301bd65-8264-4849-ad71-940def683917","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":117,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"bcbe95e6-1179-4900-a0de-fee3be1c1a95","block_type":"box","text":"II-68","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05d00ac1-f115-4128-9564-4d01635bbbe4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e86f4fb2-9f2b-4c43-8d49-26768877b466","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":118,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"0205fa7d-abd7-4b10-b7e7-84c58b2f783b","block_type":"box","text":"and income involved in the transaction.","page_number":118,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"c91b4cb4-8774-4b13-89f5-cc59b6ee57dd","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":118,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"df1a69e1-cd1b-4341-bf07-3ef2388122b2","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":118,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"f445d418-9b7c-4d94-8726-577ed8d0fa31","block_type":"box","text":"$50 million.","page_number":118,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"3c8c0005-6222-4a57-a971-accf51f9121c","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":118,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"1234224d-b59b-40b5-b78e-4fed03e508f2","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":118,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"361003f7-ccd2-4797-b4f3-3906fbbf3e32","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":118,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"e231a83f-352b-45fb-972b-c9a8b75b7ca1","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":118,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"346629ef-fb14-4716-b9e0-4a91cbe9d833","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":118,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"eb38eb1c-7161-409b-a8a3-46fc1dc69bb7","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":118,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"d1aeb1ad-9d71-47c6-9c34-89cf0a7e1565","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":118,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"f7532a78-46ef-4f3f-ab63-d6ebb94f1a83","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":118,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"a9b6137c-71d3-4e7e-8189-ba3d8e2db05d","block_type":"box","text":"agreements.","page_number":118,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"d75dcf14-7366-4b04-8f24-55684445dca7","block_type":"box","text":"Restricted Securities.","page_number":118,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"68b9147c-d569-473b-b45f-d3ccb9bac994","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":118,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"375c3682-aaea-4cd3-966b-9b65b0b4a52a","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":118,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"5e5d5a43-561d-4c47-84b4-16c43d769032","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":118,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"38ed4b7b-4828-4967-af59-d49e56354b90","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":118,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"cc65d3af-6ecb-4ff6-be27-4bc3765bea63","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":118,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"8c87a6a8-7f5e-4181-8b90-ae469182009e","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":118,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"676b1c02-2d38-4c1a-a1b1-b7f91cc8c1ee","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":118,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"0b2ff842-515f-479a-9dfb-3e65097a0941","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":118,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"f14b932d-e8ec-481d-9de9-f2749c099ec8","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":118,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"37dca2cb-13a1-4a37-b1d9-88745f826ce6","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":118,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"fe54f684-47d9-430e-b04a-f721508cbeed","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":118,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"dc42fb5b-ad90-42af-9d10-a1dd1f5dad0a","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":118,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"24842a2b-bdbe-4655-b0f4-ee9cf9de37fb","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":118,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"39ff804c-1015-4f36-b26f-03f2ecbbae04","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":118,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"5da04e5c-5dfd-41e3-a2df-7d5ed82d942c","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":118,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"2ed3acfb-41ce-411c-90c9-95e0a6fa1d36","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":118,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"5c5223d2-510b-4f1d-9138-3ead561b4565","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":118,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"cd2b2586-ff6b-4e50-bc17-88c5999b255d","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":118,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"fd286cc0-d061-4c17-a944-924d18a6cad9","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":118,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"94c149a0-ed0f-4224-b7a5-76b5c81dba7c","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":118,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"7e149926-3d96-46c4-aeae-f783b83fd9a4","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":118,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"6f33ef58-43d2-4834-9c16-240e7de58e95","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":118,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"c92fc5ac-cc2c-4191-817d-14c6b5a5dd49","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":118,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"c76f30e7-7d18-4c87-b36d-e995e0474bef","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":118,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"f212869b-8c27-4426-907f-86d183676c8d","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":118,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"5acdc387-b20d-4938-90c8-6a07111e594d","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":118,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"2d181e18-e7b2-412c-973b-4d8d51b483e7","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":118,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"c389d530-b4d8-4c09-86ff-c8f687c27da0","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":118,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"777aca92-963b-4299-a290-5727c271f4e0","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":118,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"75b26aac-c7c0-4679-bbbc-ac0b868d2b6d","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":118,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"18342ff2-b6d2-4bac-ac71-711e07e2703f","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":118,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"cf47028d-3d63-44f4-921d-2fb0e71c3155","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":118,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"3f65c065-8dd4-4c67-b3ed-5e34348ba9dd","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":118,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"8651e597-2cd6-4a82-a87a-1fef4bdf1749","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":118,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"ee04998e-0f71-4acf-86b7-a7a338dc5767","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":118,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"9307096f-6b54-43ea-bff9-e7fa2d0b1abb","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":118,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"32618491-c636-439d-91df-580b1aa94bb6","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":118,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"0bc30627-6122-4728-b24e-ce4f2973cf15","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":118,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"1d932388-c5c2-4d1f-bd65-92942acb8a95","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":118,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"8a705014-adee-45b7-bf6c-1499e2dd80ea","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":118,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"330fb055-0251-484b-8f27-4b3962e78a43","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":118,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"a09a1611-fa44-4fef-8d0a-b18b2325ba4d","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":118,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"2cdb1f82-6d12-41f6-b809-ce0c6cf60711","block_type":"box","text":"II-69","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b72be81f-a6b8-4ac6-b4dc-9ccdba386838","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13999f56-6ba3-49a5-b329-d7cf8a7892a3","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":119,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"0268e613-14f2-47bf-bb54-efd739517a94","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":119,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"d1e7460c-23af-4f75-b633-f6deae244a89","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":119,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"17e0cdce-2433-4318-b89f-b823e974704c","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":119,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"4098a772-b2c4-4180-b6ed-e441ddf6110c","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":119,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"2dc612b4-88bb-4ecc-9f15-250f908e77c1","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":119,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"a1624107-b2eb-4b92-9d2b-4298f21ece51","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":119,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"d83a3731-4f6b-4e88-88c1-b50b3e338ce9","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":119,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"ff9275cf-307c-4f1f-b91c-cb6b7fd1badd","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":119,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"872152ed-6ae4-442a-b2a9-85a1ee66272e","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":119,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"30c3c269-5357-4505-a5a1-6f2d1868c1ae","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":119,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"ca56fb6c-84c9-480f-8513-f8a54d2d32af","block_type":"box","text":"especially as that Fund grows in size.","page_number":119,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"1a623ae9-b53f-4888-97ca-04a59fe8d4ba","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":119,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"d59d6ced-bb0a-45d1-a1ba-9ca28cad6209","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":119,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"99fce673-21fc-4c9e-9254-f4516c4be292","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":119,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"c86e3f4f-3d80-4321-b291-fee1016d219c","block_type":"box","text":"value. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":119,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"c9808d63-7579-4e5c-9eb3-b152bb79bd12","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":119,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"2b024da2-c3f0-47a0-8e9b-8d65e0b8a131","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":119,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"07ccef8f-4f0b-4e5d-85b8-50aee79578cc","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":119,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"0efe5891-0ab1-4a92-ba1e-cf50279715c4","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":119,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"f8968104-e860-4a44-b6eb-8936c1e9322a","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s portfolio, potentially resulting in the dilution of","page_number":119,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"f3da11dc-6fb3-4ea1-b266-93a757a181a6","block_type":"box","text":"shareholder interests and increasing opportunities for shareholder arbitrage. The values used by the Fund to price its","page_number":119,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"1556be31-6d3a-425f-9087-6d83ef9c7435","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":119,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"52a9bdf1-e3a6-4211-adbf-352f0b94b2a5","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":119,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"83552b25-cd9f-4be5-9717-3e120c30114a","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":119,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"bd6c551a-c720-430b-85ce-3979daea9f1c","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":119,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"e0eb7f8b-ec0b-4965-b0af-ed3d0914bda6","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":119,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"843e8638-8b69-422b-8e9e-f3e60574e7cd","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":119,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"8af66f4e-419c-4ea7-8257-3b2c965fcd43","block_type":"box","text":"investments.","page_number":119,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"dfe3adb4-bffc-4683-ad8e-13e0623441df","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":119,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"4597b704-04c5-4ea6-b093-71f9fcddb8c0","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":119,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"475bd20c-1f76-46f6-b989-63d016760efd","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":119,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"c0d8de2d-fd7f-4500-9a7b-aebf5eabfe65","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":119,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"0bd3d46c-52eb-4ede-9862-5b9db353ed1e","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":119,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"4500a31f-873a-43f5-8951-aac40575ce8f","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":119,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"342cfd3a-2d04-469b-9409-7e619bfcb6dc","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":119,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"ee6e425d-2f6f-47dd-a89b-57e4d0fab2b1","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":119,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"4a3eb2c9-c382-4ef1-9d81-ff2e687a74d4","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":119,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"18cc3ea0-b304-46cb-a6c7-6176a8436a97","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":119,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"46ffa996-9895-40a2-b5e4-1e84b24369fe","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":119,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"8beba00b-3d4a-41b8-bd15-0a83b9299588","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":119,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"2c5873f5-3cc0-4d69-874c-b858c47ff2fe","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":119,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"b162889c-f9a9-497e-be71-60f64e4d3cb4","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":119,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"77634c71-61b2-46aa-bd0f-e27d2ae4c9bd","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":119,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"7b173d9c-56b4-4bb1-93f4-e8eedbe334da","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":119,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"fd725eeb-7ccb-49f2-a572-e141d7b72367","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":119,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"34e7ef89-d5bb-4a00-863d-a70bca8d6789","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":119,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"8902cab4-0ae0-43f8-81fe-b29aa51b4391","block_type":"box","text":"similar financing transactions (","page_number":119,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"4f95fbb8-b2c9-4e52-91a7-d222c7a13a81","block_type":"box","text":"e.g.","page_number":119,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"6f3e5174-1593-4a78-bc6e-12cfa6bdf014","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":119,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"851b4e5d-4653-46a7-9248-7caf75d1ebb1","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":119,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"854238be-f201-44a0-91fb-e0ebbf0fed98","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":119,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"47d1e4b3-6f47-443a-a999-d2fb48cd1dc0","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":119,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"8ee065f1-ff82-4cee-b33c-7086d14fb17a","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":119,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"a1e6bb03-9ec8-4ca6-9d4f-23004723b690","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":119,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"efb87f32-ebfb-40dd-bd0c-b9bf7066f36b","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":119,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"173fdd16-5947-4b9f-b19a-e4d95fee4dec","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":119,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"c9d1aacd-becf-46e5-bf98-20c19f40b6ff","block_type":"box","text":"II-70","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"000ed575-4259-4db1-958a-d40724318551","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c8143c1-24fa-40c3-b685-c9cc433dad62","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":120,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"3747a6f8-d091-4774-99fe-2beed8cdb4e6","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":120,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"4518af9a-059e-4176-af19-e092f5f84c8a","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":120,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"6d0bb695-a781-4724-a456-0e5e0c6ea4c7","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":120,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"b5fd5b80-36db-4336-b8fc-8301084e8eac","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":120,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"1fec9a51-bc2c-4984-bf29-a869062ccef6","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":120,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"7d33210f-8494-465b-a4b4-a0b9ae34c185","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":120,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"f24356d6-b2ff-4150-a84a-fd4d634851ce","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":120,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"badee8ed-3d91-4d64-bfdd-1795a32fdc0d","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":120,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"78aac673-b148-4696-b7c4-29d7087a42ba","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":120,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"a8605dbb-97e3-4ab8-9606-09dc85041c5b","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":120,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"292edcad-58ce-40ac-b0ed-a53f368ea74a","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":120,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"4d01a1c6-8138-4968-bafd-46a7abf6b06c","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":120,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"f6f221ae-1168-4e1e-b697-26def21aeca9","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":120,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"85adfa41-8389-4a9a-aff6-37a3c9068b79","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":120,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"68f3db88-4e43-4662-9c4e-8e9908e5e0fa","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":120,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"ddc43ef5-cb95-46c1-aa5c-28ed8c3467b8","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":120,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"233df981-6f2a-4495-9dfb-f543e68d3cac","block_type":"box","text":"Rule 144A Securities.","page_number":120,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"98aebee2-19ba-4582-876b-1b6c22568796","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":120,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"27528c5e-70ac-4812-ae17-6f46d9f6e167","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":120,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"4846f712-5099-4fe1-9dfe-bb2d9c2d5145","block_type":"box","text":"Securities Lending.","page_number":120,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"0ad25761-7177-48d9-ba17-b01a27828c38","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":120,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"2454460e-681b-435b-8047-9466c1267314","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":120,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"4c459264-29eb-4d89-b2a2-c8202c8a7400","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":120,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"f9cd4ed3-c778-4555-84ce-608ca25072f2","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":120,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"4c23110e-4e0a-4505-aa3c-0ffabd24edf9","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":120,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"44fe3309-e9d1-4fc1-aeac-5646eb3558a8","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":120,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"39d6387f-4e98-41c3-840e-776e3861b230","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":120,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"1e495c14-56b2-4b15-93b8-8b17d697d85a","block_type":"box","text":"the securities were not on loan.","page_number":120,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"04c0af1b-5175-4123-a566-d711d3a31aa1","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":120,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"c7c7de92-d95a-44e2-bce9-0e3f609979ca","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":120,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"fe039b13-bbaf-43d4-be2a-f3348c3f41f4","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":120,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"e32c09ec-9ae2-439e-8433-6dd65c19a8a2","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":120,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"3dac95d1-cf76-49f3-80e2-23cbb5ae17d9","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":120,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"2cbef442-8cb9-4584-a790-e762dae9bd8e","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":120,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"ccfcd8b3-7ccf-48a0-86e8-dab837f04a2a","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":120,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"2ad83f3f-5442-469f-b62a-862c8be294f4","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":120,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"7236af72-7f82-4af5-8988-7b77e01fe1dd","block_type":"box","text":"i.e.","page_number":120,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"ea89e578-002a-4883-b7ae-9ab3cbadd3a6","block_type":"box","text":", the risk of losses resulting","page_number":120,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"50ea1b99-d6f4-439a-b444-57f71dca25df","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":120,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"58cf4d6b-8535-442a-85c9-684a1385a07d","block_type":"box","text":"i.e.","page_number":120,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"0ba36b25-2514-4eba-ad04-249c0137ce9a","block_type":"box","text":", the risk of a mismatch between the return","page_number":120,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"c3a8fa3e-6840-4389-8c6c-3a46ca58a0db","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":120,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"b5952177-67a5-4500-bf1b-bc41f41195ba","block_type":"box","text":"i.e.","page_number":120,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"01b88fa5-2e27-41a7-9ab0-6076778e7823","block_type":"box","text":",","page_number":120,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"833fe527-8579-4161-b99a-cc739e7ebce7","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":120,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"0c6a7595-748e-40b5-999c-c67288d07ce0","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":120,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"d0511e64-de7b-4632-a7c7-3749b176422d","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":120,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"0e2369f7-a9e1-4381-8057-25be03b34b85","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":120,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"675a0443-a1a8-4d7b-a31d-1a33dbe43702","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":120,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"7bec74ae-afc7-4d92-8fbf-4dd8f986477f","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":120,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"eb1ba53d-2199-4f7a-b4e3-e4c4f378f420","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":120,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"c2dad7af-334f-4340-9477-e258584752ac","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":120,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"0007cf43-977c-4686-8e79-d8defd1d0aa7","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":120,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"a5e6509c-b0b6-4f08-a810-8ea28df074dd","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":120,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"12cc5c7f-a1b2-4b38-a475-61d603dbd1ab","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":120,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"4abbaf57-292c-4770-94ff-ae2cde3d443e","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":120,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"1602c933-2034-4c5b-9f09-c56d3eb6cd92","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":120,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"659b428b-938c-4468-9e27-300ec6d940f2","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":120,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"babf0b94-8e06-4517-b177-4c30fe3f74c7","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":120,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"fead4d44-17f9-461f-9753-ee3322be20ef","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":120,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"186d8777-f695-458d-8d42-8bdf655ec047","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":120,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"a2275e03-fd2a-42a7-8edb-76869e2cfafc","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":120,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"e2da3d92-2c2b-409f-9d21-44be9f96b5fe","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":120,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"ea261f5d-4a94-43e3-9cf2-19729e778075","block_type":"box","text":"II-71","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"294ff167-eb44-4922-b366-59ebae1a322b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52ced1ef-7d9f-4c7a-a019-fa15e2281e4e","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":121,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"98214a67-3723-423b-b5f3-4640b6c0fd94","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":121,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"d0ce2c6f-2ae4-44d9-847c-cc3fa54f8cb7","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":121,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"e015c393-ab69-4ba7-b803-101b20040a78","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":121,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"9af7df46-d962-46a1-b274-bb7801daa800","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":121,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"e1ed9e19-d80e-4b40-8676-73134c499133","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":121,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"da54312e-3c45-4b31-8261-452867bf8ca8","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":121,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"e7ce3ad4-6d28-433a-8724-94c5c4b59d4b","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":121,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"93af9e4f-e239-44b5-9969-ab2eaa9449c0","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":121,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"b692287e-b02a-4ef7-a50f-d64efba248fb","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":121,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"42922e0b-4c7f-43e4-af39-1e129f87cc60","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":121,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"85bc85f8-4f32-46a4-98ac-6b654fa82610","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":121,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"fa6e4cf6-9832-49d2-9017-99e30165e089","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":121,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"afe50bd6-0c23-4aec-84b9-fb72b0445473","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":121,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"7f69f3c7-69d2-4824-a1a8-5e30050b616b","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":121,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"a5ad2019-2393-497c-9c9e-2e3d1c703df2","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":121,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"e4b8fa33-c739-4a4c-8278-1800f28cc35c","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":121,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"dc3658f4-53a8-45e2-830d-0516c022aad0","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":121,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"db5edf72-aed2-4ac9-90ff-1e0ffe26f50e","block_type":"box","text":"Short Sales.","page_number":121,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"7a8d0c1b-9ba0-41c0-a408-c97e13459927","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":121,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"fec9a00b-0382-4019-bf70-90cfe92be203","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":121,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"03a745b4-cc0c-4134-a39d-b70e565f2309","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":121,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"c64301f7-0d53-4972-af11-1dc57d11a60b","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":121,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"8f804035-4322-4995-8b2f-a0a1fdec217f","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":121,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"ba0c5f4a-695d-43e6-928c-e7385578485c","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":121,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"9f95b0cb-e972-41c6-a771-4ec974d04b14","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":121,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"b6a40681-f3ed-495a-9264-28a7d9643e86","block_type":"box","text":"securities to the lender of the securities.","page_number":121,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"2c45c6b6-bc91-443c-babc-ca1544f547c9","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":121,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"1b416b56-bfcf-4a9f-a303-ee3c934993b8","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":121,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"78cba8d0-7195-4cf6-a834-9e9b3fd11d02","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":121,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"3204fc09-ab8a-49a3-a82a-f36f3de44d51","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":121,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"f2da1eb8-aeb6-435e-86e2-6f1916360271","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":121,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"494cefcc-9f0a-4c93-a055-2bfcdb4b1c5d","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":121,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"445251b8-24fa-49c0-9f97-a1c062dc89ce","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":121,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"06b8a4c3-744f-491f-98fa-d799bffd0c61","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":121,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"eb2bc114-97dc-4874-81e8-c1282be459a2","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":121,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"6dd1841e-15bb-4a2b-91aa-ff2cd7ac127b","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":121,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"fd613577-6af2-4ce5-8264-28daf7bb4f44","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":121,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"8b73a17b-02bb-421a-b04a-9d1d0e058184","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":121,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"6e91ab6b-2fec-4311-aeeb-cf2fd8041b05","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":121,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"19f8ed97-a5d2-420d-89fb-35a35a5e553c","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":121,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"08573b0c-395c-4d46-a805-dd346feec984","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":121,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"99986d7d-71c3-40de-958e-dd0db3499d0b","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":121,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"7933db31-50e0-4644-b669-3d894841a55d","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":121,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"56a24cac-9188-421d-956a-2a7a083ea74b","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":121,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"32765ac5-1fda-4f64-a55e-d5dd3c67e681","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":121,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"a2257213-9186-45dd-add4-44dccfc88762","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":121,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"0354cce4-c01f-4ee7-9ef1-bffd8c5bc913","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":121,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"3bd61f80-b08a-4846-8c7e-b95d8f897a41","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":121,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"82491ae7-2b91-4383-98b9-3550f2b5a0c1","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":121,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"71cb5b30-b87e-43f2-a8dc-7d222e38551a","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":121,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"4210bc1d-24ba-478a-ab5a-9678fc005f21","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":121,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"a415f7fd-9f32-4aef-8431-15d364a3a13d","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":121,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"3f749c1f-f5fb-4aea-a019-8d51abe7cc37","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":121,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"d9357d59-ea9b-445a-8059-ca0dc1f7773e","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":121,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"e7ab8818-f539-4ba6-ac81-aae71d4a35ad","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":121,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"d67cf54d-db27-43b6-b407-1cd37ab1eb2f","block_type":"box","text":"II-72","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3dffbac-9de3-4d16-a120-414b34fbae9e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1018dc1-c2c4-485a-80f0-ed23ddb0b72f","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":122,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"0c25e76d-bf4e-4828-9302-bd1c7365ecd7","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":122,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"2f40f24a-a8fb-4137-8bf0-eb38bb669202","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":122,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"7dd14c70-cb54-43d2-b110-6594f58013d0","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":122,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"bcfb746e-69eb-4ec8-9888-11785b972908","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":122,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"5cdaf532-52c6-4d48-8070-ca23f2dc24c0","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":122,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"fb8340d5-ebc3-4bdd-9593-d3e19981dcb0","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":122,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"ff50030e-7731-499b-9f7d-23245c979fbc","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":122,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"fa086895-465b-4836-ad4f-f4a46ad8cbfc","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":122,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"89097ca8-ae45-41dc-89b1-85c9aacf9ecc","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":122,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"83f49abb-b0c4-450f-b240-107a400703fb","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":122,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"965448cf-f151-4833-87af-12b0d8ab2e11","block_type":"box","text":"Standby Commitment Agreements.","page_number":122,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"bd1ca727-6f0b-41cd-8465-0e54ea3fa49f","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":122,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"6514bbe0-1dcb-4b86-ae77-e32e59040e43","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":122,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"b94eeb5b-55fe-44df-8c23-3f2147ed82cf","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, the Fund","page_number":122,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"2964fcf9-9ced-40f4-ad3b-ff55e63ec091","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":122,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"5af80093-652c-49ab-a8f3-c64dc0337bb8","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":122,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"9957bb95-36b2-4072-8ae5-ee9d62b21ff1","block_type":"box","text":"advantageous to the Fund.","page_number":122,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"c43aae52-71e3-4bd6-8a26-53640106646f","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":122,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"1d3c57a7-210a-43ce-b921-b2cd6b30c11e","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":122,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"b6c8bcff-9c2d-4b04-9e4e-7989db234e76","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":122,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"0a6eb10c-da91-4628-91d9-e2cb0153b576","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":122,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"51681d66-438e-4340-8be1-5ee7d6d877e2","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":122,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"18a58665-e0c4-4822-88b7-4729a5161481","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":122,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"0fbcde47-f599-4fbd-ba49-cc3ee0b41f92","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":122,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"b6d7be21-f4c5-4f2b-95b9-8a6ca813647b","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":122,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"95190653-131a-48b9-9365-bedab52194dc","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":122,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"37d82b8a-8068-4178-8a97-f048e2d4a88b","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":122,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"150c92a2-b905-4574-8b3b-8647fb9d7ced","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":122,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"8a5e7ae3-d9c9-4323-95ff-bc433dcb4c02","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":122,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"b7fe627f-bfa6-402e-b929-ab65d2c3e571","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":122,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"3bcc34aa-9459-44da-9249-c734458be4cc","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":122,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"11c72cb4-fa3f-44d0-9b88-b6b9be70b2fc","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":122,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"5b41db0a-9c57-4726-a0d2-c3797388de26","block_type":"box","text":"Stripped Securities.","page_number":122,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"6829c8b4-8e33-46a5-b17e-e6f296f348f6","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":122,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"1c1ba318-8ccf-4f58-bcfe-5334246bd49a","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":122,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"46ae7c45-875b-4567-a093-57296925fd47","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":122,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"25d6457e-741b-4919-9781-803ee69e6e7c","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":122,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"73275252-a85e-4808-9d87-58c1493296fe","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":122,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"f13bfcab-d6e2-454f-af09-85d38495a365","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":122,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"c6c8b3bf-6071-4a93-9e1f-1c8bbd26d908","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":122,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"1b88ad1c-df90-40c1-81b3-f85df4fb86b8","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":122,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"dd9cba80-c3ad-4c8b-8e7d-8ac84a1263cd","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":122,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"242d3158-9ffe-438d-8603-b7910730be47","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":122,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"7815da44-dc6f-4954-a2c7-a11ec47b1106","block_type":"box","text":"Structured Notes.","page_number":122,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"0a057bb4-0063-4b72-8f64-c4f4fcd74592","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":122,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"d6a586e1-cdce-490b-abb7-3e802b6a166c","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":122,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"e057f050-dc90-4bf5-b882-f61553b8cea2","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":122,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"4f5621d3-ec7b-41a3-80e6-576c08ea0fb3","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":122,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"74c7c353-87c1-4eca-875d-e6516121054c","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":122,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"084a902c-f5b4-43a4-b9e2-016586a5d0e6","block_type":"box","text":"provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":122,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"f41d3b4c-7836-4f35-afa7-8f47cc45b080","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":122,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"5b9a9698-25b5-415e-a054-1d7d0a71009b","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":122,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"1486b51c-1e2a-4444-94fe-f55c4a563a17","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":122,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"b67fbc29-4656-49b3-bd3e-aeed4281f3fd","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":122,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"830d9744-ecc4-4562-a988-997b9f14fd10","block_type":"box","text":"II-73","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"882e05b0-dae9-481a-9a7e-2798f5580115","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"700232f9-6e21-4565-875c-4b1c285f441f","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":123,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"f99c2626-e0e9-45c3-8951-a1728153b3af","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":123,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"1a1f2344-d057-4ea5-b0fc-f9a6ba1f19e7","block_type":"box","text":"the risk of loss.","page_number":123,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"396fccf6-3f7c-4cee-a11a-25551fbc0a95","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":123,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"5cd92fdf-1949-4ce9-8c64-ad0ea1bd7e03","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":123,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"c25055bf-766b-4ecd-b50c-dcc2ad8cba77","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":123,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"bd676e38-df25-44c7-aa84-e59da6672199","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":123,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"0f8f3e7c-673a-4c50-9d1f-2c9c5839a453","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":123,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"5a2f91d2-4db3-42c1-b796-916ec22d90b3","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":123,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"558ab392-c454-487a-8221-66279653171f","block_type":"box","text":"Taxability Risk.","page_number":123,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"39277911-8508-4f6c-986d-3b10baf8f9ee","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":123,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"099c36f4-d747-417b-ae1c-ebe36c4d28ec","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":123,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"17c178cd-3190-4597-b2f1-99289f19055b","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":123,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"932db39f-562c-4144-b404-4bbe8bd34873","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":123,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"ff6a07b1-3838-4db2-a895-4b61e0529a7a","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":123,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"2d62f624-1978-48c7-bde3-b4101381a6a7","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":123,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"2795a17f-76d0-4546-a018-e7cdf6b96b9e","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":123,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"ae37e64a-911f-4cd4-ae04-3297295b1ef4","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":123,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"d16aa99a-b463-45a7-87ff-83dea6526f9c","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":123,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"96466a6f-ae75-4a2e-a070-b74f5faf1625","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":123,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"4c00b774-d446-4e07-bdce-bc26057479e3","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":123,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"4c60b426-3f12-4b9e-b869-66afdff4b4f2","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":123,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"5bdfe7e8-6e7b-4263-b10f-d2eddb58d6b7","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":123,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"0d2908d8-96e3-4f4f-88c7-f19676aae80a","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":123,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"edc9f055-6ee2-4f23-9098-a62535d9df6f","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":123,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"38a7dda6-78ae-4f3c-9f5e-e734106a7d62","block_type":"box","text":"the value of an investment in the Fund.","page_number":123,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"130b0666-b075-493f-8544-1534e9570975","block_type":"box","text":"Temporary Defensive Measures.","page_number":123,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"5265956f-7019-43ec-ba12-0a3ac947bd37","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":123,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"7ff3ebf0-05d8-4879-af0d-709794de4698","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":123,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"2e0bd9b8-b05d-4df1-b48a-a011d97b28d2","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":123,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"94dd0735-c21f-4d57-9a50-b056c8cdb67f","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":123,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"c698e905-7a49-4eff-9be4-dacaaa43e743","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":123,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"b068a697-53b9-47da-9189-d5ea88fbd522","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":123,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"5c007b2c-e5b8-4e43-9cda-11270bddf50c","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":123,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"2d5b2bc3-77f6-4131-9ce6-9bb76f7e62a4","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":123,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"9d54a54f-dbad-463d-87ea-58e26e08748a","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":123,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"e609105f-08d8-4ceb-b1ca-a020ee170a11","block_type":"box","text":"to achieve its investment objective.","page_number":123,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"d238c82a-b530-4b69-b02a-511f8aa642c6","block_type":"box","text":"U.S. Government Obligations.","page_number":123,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"3047efe3-2933-417f-9eab-fa21e3d2c505","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":123,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"06aeae9e-49ea-43ad-bf09-619f5d85a983","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":123,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"122dbb74-89e8-4fec-8fb9-97ac19c50a85","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":123,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"3c6f511a-ff04-4c3c-ae93-14a8f8c3d9e4","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":123,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"fc2ab52c-36ee-4c5a-9ece-902f8389dfe1","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":123,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"cf158901-4f3a-458b-8ef6-e0aaf98983af","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":123,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"f879d51e-de4e-4cf5-91c1-296b04145993","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":123,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"53afb40a-d20b-429b-b936-f7721fff6201","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":123,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"b19d3ae9-033e-4dcd-9780-d195b28d4b8a","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":123,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"bdcb1bdc-1600-4754-b33a-9d4e1fedc8b4","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":123,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"e9e4a4bd-da70-4434-bf7c-c74b0999b396","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":123,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"29b75f3a-d497-4ea9-b3b1-266675f8467c","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":123,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"93046b68-3c80-423e-bec8-4d979efa8cd2","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":123,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"0c3565bb-f054-4cc0-888a-82f9e7628ac8","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":123,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"acd5b414-c2a3-4705-a8cc-49b0da796c14","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":123,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"eb32dfd8-9f75-45d3-a730-e3bd8a748ef5","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":123,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"73201d9e-2345-4abd-be57-f4796c4f81a0","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":123,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"9a06f583-4253-4022-95ca-c4b770229b9d","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":123,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"150388f4-fdbd-4813-a97f-566d37042b32","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":123,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"1206003e-6d04-475c-ab21-5de7d938de1e","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":123,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"65ea0574-ed9a-4259-951c-aace046d5cfb","block_type":"box","text":"II-74","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8352105e-ca09-4391-9876-d4c36149040e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74f4512c-873f-4713-a2ed-446f5c0bcb15","block_type":"box","text":"U.S. Treasury Obligations.","page_number":124,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"58510504-1e22-4819-8716-0cd84d4127e0","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":124,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"a19fed2d-4ac5-4df7-95a7-e018966793ef","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":124,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"778ad62d-34bd-4499-b275-c015156a1bd1","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":124,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"40de43dd-c7d3-4b6c-8c58-a756621a7c01","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":124,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"f2e53393-874a-4d96-a7c8-70b76b29b242","block_type":"box","text":"do so.","page_number":124,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"135a940f-d388-471e-8987-6c9f14b8063b","block_type":"box","text":"U.S. Treasury Rolls","page_number":124,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"6f340d4d-995b-4dd7-a284-db92e727e9b8","block_type":"box","text":".","page_number":124,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"7cbd3556-e0a0-4a17-90ad-46d0a41c76ec","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":124,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"4e7c41d2-e260-4ac3-90e3-0774b90c56eb","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":124,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"2d74c746-7bf5-4de5-b6c4-f9f15ad75bb0","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":124,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"75840c5f-1812-4f4b-8960-b5b3addc64c1","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":124,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"cfb4eeca-240e-4b9f-8d63-8c0765924dca","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":124,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"ca9ad407-4b80-45df-8305-06ca329cf2e2","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":124,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"830e8e34-64b0-42c9-82b3-7b2376d97217","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":124,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"abaaa63a-c38f-4416-ba89-ee4053cc9264","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":124,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"c5dc05a7-5b4c-43b9-b94a-8cfd119399de","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":124,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"29cbe10f-0cda-4b5e-9c8c-ccb4a9b1b271","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":124,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"312ea7b0-016b-4aba-aaba-71612fa8a1a1","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":124,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"74a3577f-de27-4987-b8b6-1d243c605203","block_type":"box","text":"Utility Industries.","page_number":124,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"5be9a349-ca02-489f-9cf9-d89fa8b34121","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":124,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"e47aed1c-2af9-49f5-b778-3f68acde87f7","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":124,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"f7660d59-a257-477f-819e-b96e3e29e3f2","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":124,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"e4e09987-8d6c-45fa-9864-450f71464d1c","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":124,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"36cdeea3-fcf9-4738-a60f-82577378e5e3","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":124,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"72e12487-1780-453d-bdf8-6f6286e0cbd0","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":124,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"c931b773-d0be-47f6-845f-9669f4c515be","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":124,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"a735b3e6-d4c8-4eeb-9453-f2e6246669bd","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":124,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"4880159a-83c3-40a8-9567-8a06ceae1664","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":124,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"b46806f2-35be-4dc0-846c-0daf3873e145","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":124,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"8408958a-4eb7-4c09-842e-3d6da6f23c46","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":124,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"ab90f618-9cf9-4870-b8ca-7bf3e9604bed","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":124,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"48e246f1-4f08-4306-b80c-73870db1f4c7","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":124,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"8eb93f9c-1e92-4dda-bd64-86fb7e9eac01","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":124,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"0e47cfb3-cc26-4aaf-a9ef-f7b7f5cd6e45","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":124,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"e608a825-0676-484d-ab95-1553e3374156","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":124,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"db9744e7-e5c0-4340-8741-27f7cc04d437","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":124,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"4ded4a96-f6a7-4616-af2b-7fd76463cdba","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":124,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"c129fb5c-2bef-4144-99f9-0ac4d9937497","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":124,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"e7066029-2821-4faf-b61b-a4784814e48e","block_type":"box","text":"utility.","page_number":124,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"f4dcd8eb-eb78-48fc-ac53-944e006457c7","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":124,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"55f840fa-2a41-4a8e-a69a-f996f3aac137","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":124,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"6b67d1f8-6c8e-4bfa-9e38-24a77af159f4","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":124,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"bb85c474-5b77-4beb-abbf-de2003c2b2b3","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":124,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"02916af9-cfdd-4f08-be3f-8ab044de3f93","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":124,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"660938c5-5adb-4ac6-ac7e-e61cbe06fb73","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":124,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"1395b363-ea2e-4946-8a63-7c2d95ebdd5a","block_type":"box","text":"continue in the future.","page_number":124,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"0196d394-f62a-46c3-bed5-a170994bdfe2","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":124,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"4b81f7fa-add5-4a68-a8ea-b567bc82d0b8","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":124,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"8cde44d2-7277-4290-8beb-20da89a75873","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":124,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"f00432b8-6553-4fb4-8ddd-e0a31e796bee","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":124,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"8f635206-0a93-48fe-80ba-74db63bdb360","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":124,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"54fd434e-7309-4169-a5f8-7d7dcf4eb33d","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":124,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"3fd863c2-9f3e-41c2-8e5e-22eba06e5269","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":124,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"6c3f9fdc-e5c1-457f-9010-615149973d3c","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":124,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"e3e651a9-0bce-4cb3-bb53-2a73ecf90160","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":124,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"43419c7e-daeb-40cf-a21e-84da3fed08c4","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":124,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"7a14725d-c993-4708-b3d9-1cf07f87014c","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":124,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"96655674-a68f-46d7-8995-fef875347599","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":124,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"345fe86d-da54-438a-8ee0-e6975fda6ea6","block_type":"box","text":"II-75","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c334d81b-85f2-4d9d-8ffc-09df56a6583b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c6bbcab-a552-42f9-a9ce-5fc20762291b","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":125,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"efc256a3-2d53-4411-8f5f-fe7da2322fcb","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":125,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"5dcc8221-f3e9-4c79-a937-954711a08355","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":125,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"73155151-7ec4-44ad-8273-86d1f4e9d714","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":125,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"adace060-6283-4336-9e94-ccef1d98e01e","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":125,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"e4094194-70bd-4520-91be-b2c798967c95","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":125,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"c3dacb80-4b96-4988-8be6-f30be8406e76","block_type":"box","text":"ways different from regulation in the United States.","page_number":125,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"a7569fea-7e5a-4a65-8176-d575aebe2696","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":125,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"25bfc85e-0520-46a2-8c5e-4b52fd36c62c","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":125,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"11f7572a-5860-4f29-ac6a-f6eb194941b5","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":125,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"fe615346-fcc4-46dd-8dc0-a9ab304e6261","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":125,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"b3b1e374-f278-48f7-bcdb-2f97c147ed2e","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":125,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"19a662dd-ee7d-40cf-80e5-0647f453a297","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":125,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"4a4de99c-2036-4544-9723-a0aa527c5b5d","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":125,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"2e89d4ff-2485-4c9d-9ed5-5f910453609e","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":125,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"ce743d7b-4794-49bd-9673-ddcd62d5d3ac","block_type":"box","text":"increase.","page_number":125,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"ec4f2174-8811-489d-bcb7-aa7fddc9d51f","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":125,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"8a8351d7-cd0b-41a0-8f7d-d7b24ecfa34d","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":125,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"a00df36f-15fe-46a7-a187-1c5e33f82262","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":125,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"a10425eb-82d4-4946-b895-fafb05865fdd","block_type":"box","text":"Electric.","page_number":125,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"b7e7f8e7-67bf-4ead-94b2-0345b6e0b739","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":125,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"8c72b16a-b134-4e42-88c3-de9267c9fa1b","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":125,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"6a5fb1c7-cf12-4b4e-b628-10ab69cae589","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":125,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"213b2990-5d3f-4a7c-a62b-5a298827a675","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":125,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"dab18688-4015-47ae-b216-000d4bfbd213","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":125,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"0f452388-7a05-4ae4-896d-a5ccb401abae","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":125,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"fcaa5618-a1de-4081-8f8c-3f5f79f0a6e0","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":125,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"c5e05a08-8646-4a6f-b64e-69f052e977d9","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":125,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"ef087634-cd72-4421-b53a-5a0e6a41d2a9","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":125,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"8dbb19a0-a723-4796-82ba-24adf5c66092","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":125,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"31e403af-e7eb-4997-987f-9311034db93b","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":125,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"7ccae054-babb-41a7-a827-e4f2fc15e1d6","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":125,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"0205a6ba-e7df-43f6-a06c-e45e5fadfdb2","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":125,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"303f0fc9-2838-47f9-b955-450619e82e92","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":125,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"a391fada-a651-4755-a8c6-76ea1b586c87","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":125,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"063fca25-47af-4cf7-a4d1-ca3ff4df7233","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":125,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"deee7160-7ecb-4e39-913f-f576e2c776bf","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":125,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"434e2aa9-aafb-48a4-996e-802a6262b385","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":125,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"ea6734fc-07c3-4e45-9eac-05c9ba410e38","block_type":"box","text":"and for decommissioning such plants.","page_number":125,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"ca76b18c-3853-4b7c-b590-3ca6a0942f30","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":125,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"98cc1d3b-adc7-4fcb-bfab-ec3203511d5f","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":125,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"a21dde01-8b50-4faf-b617-2202d72dc1c4","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":125,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"8714f1e8-0247-4291-948b-d3c122de9659","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":125,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"ae0f3a53-4458-4cd6-88c6-4935546f3254","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":125,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"17177f0a-e311-4938-89e5-be9bf519a9f1","block_type":"box","text":"greater predictability of cash flow.","page_number":125,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"ec854c0b-ed64-410b-a6e4-21eed4e7a770","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":125,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"e10f6bf3-0cd1-42d6-926a-b6a23b76c5c4","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":125,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"c5ab2cd7-7490-42f5-a3bd-d46f817bb4bf","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":125,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"2da4d7c8-7ed3-4af0-82e5-9705c4598a36","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":125,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"d7cacf72-d0d5-4db6-8f8d-ca7818a7ef31","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":125,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"1b4b0bc1-5517-4079-b78a-b87b92e0a863","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":125,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"72271670-cbbf-406f-b4c3-865e6c1687a3","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":125,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"ffb6d5bb-ee67-441f-ada3-3c13a8fea834","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":125,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"cca8b236-e568-4b10-a3a7-6bb75f5b76ac","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":125,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"a11b8db5-87d2-4146-bb25-8908e92cdbad","block_type":"box","text":"Telecommunications.","page_number":125,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"6ca25854-e492-4a70-922c-37d942cdf24e","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":125,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"f066fba5-9e1c-4db6-8ca8-7dbf1f432005","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":125,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"dc81894b-942d-4308-96c5-37616c3c7008","block_type":"box","text":"II-76","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53acc8b0-24ea-4247-829c-360b55e308df","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5feaf233-4568-4652-a06e-097174260eb7","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":126,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"13e2519b-38c1-4e16-b268-81697f4988b6","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":126,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"de0aab0c-d86e-48fd-93ec-d5d81fcd500f","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":126,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"bdc34909-4320-460f-974b-ce0e77d2326e","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":126,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"9a6be107-5d4f-42a4-ab35-6a6bae4e1515","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":126,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"3afffcc3-c46d-4127-bc3d-631d360180ff","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":126,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"0c872977-9af1-483c-8712-2ec00835f855","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":126,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"df36e3af-9a17-4234-a7d5-0b72d224ded0","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":126,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"b28218f8-d41c-410e-b3fe-d778138aa32a","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":126,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"4cbafb14-179b-4f17-8417-9097cd97a590","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":126,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"783b14a8-8a4c-42f0-ae94-12ab466267a4","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":126,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"114996bc-a481-4970-a000-a76cb3d2790f","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":126,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"cb2ec410-42e2-429a-92b6-d7cd8bcd0af8","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":126,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"bd21da57-cc02-43ff-a35b-24805a084f1f","block_type":"box","text":"residential, corporate and governmental customers.","page_number":126,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"cda8fd52-4b68-415d-ab12-e0be916278b5","block_type":"box","text":"Gas.","page_number":126,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"0bf2e526-a98b-4cb9-bdd5-3a17b7be87da","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":126,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"6f0061af-2296-4e16-8cea-bcb117d6bf53","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":126,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"76b7cc52-7e95-41dd-9948-cefa44f1ac30","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":126,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"486d1d89-a437-4299-808b-adab9a4dfd6a","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":126,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"6ad6f383-7bcf-4795-9030-8b27f9133e61","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":126,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"4f2aa8e6-7660-4c9f-914d-088dab851292","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":126,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"b48ee09c-c5a1-48fd-aacd-f68646da5363","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":126,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"6b4ab0a9-9ae4-46cf-b3a9-12320388346a","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":126,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"b338f1e9-7133-4230-8a6a-deb177b83d04","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":126,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"ade1b325-ed18-47d5-9603-59ac90bb3147","block_type":"box","text":"Water.","page_number":126,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"ae96ca96-a99f-4211-9bc6-1eb135595f05","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":126,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"d4cd6b39-46f6-419f-8e5c-b7c0891d1c6f","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":126,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"28a1d2cf-8d4e-483e-adbe-6511cf61b62c","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":126,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"f8c6349d-6063-4b5f-a687-815ab9471781","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":126,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"73763698-aca3-4560-a155-4a37742e33d4","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":126,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"588aa362-072e-46b4-8ceb-bbfba9d25b77","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":126,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"beb52583-a669-490a-a3fa-e646dd2e805c","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":126,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"54a76862-9b2b-4d08-b8f5-e387634ed8ed","block_type":"box","text":"Utility Industries Generally.","page_number":126,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"19ad0668-a722-4aad-92a4-bae110709011","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":126,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"7cc1df6c-2deb-4151-989f-a801f798f578","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":126,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"3243697d-1ffa-4779-8dca-26f15168b83b","block_type":"box","text":"not develop in the future.","page_number":126,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"33d2d28c-d810-41ed-9478-96caa0c7107a","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":126,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"6dc1a975-cb6f-467e-a4dd-ab1f8232dea1","block_type":"box","text":"A Fund may purchase or sell","page_number":126,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"a2656dff-a4c5-4e8c-a1cd-05709e2f8759","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":126,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"41aab2d9-9a78-4200-aa80-09492fb75e7e","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":126,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"cd635ddf-7115-494a-a932-409210c625ce","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":126,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"911ad9be-5541-4519-a96f-f0301976d6d9","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":126,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"14d3f467-2b76-4f70-9121-476054120f87","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":126,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"755bcc37-45e8-4351-bb22-f0e6afcd3d7d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":126,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"2711c6bd-9081-45fc-8a98-d80ab4fc5c71","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":126,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"7e499b1e-139a-4421-8f26-76f40dfa855f","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":126,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"8a00600b-55b2-4c32-9334-aec427573d1a","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":126,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"4deaad20-2822-4a59-bfe2-5c46cc9329df","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":126,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"da11f5ae-e0bb-4851-9bad-8d9e5ea8e0d3","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":126,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"1b8c4a90-21c3-45f9-9ff7-45e159da8aaa","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":126,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"e9a042fb-7f0e-42da-8fb0-81f908b4535b","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":126,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"cd644418-1935-4331-b85c-98f9cf357512","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":126,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"ad356263-dc55-41cf-9048-acb738607f4a","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":126,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"4b5116cd-b0f8-4966-9631-0ba983a1cbac","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":126,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"cb9c6a7a-679b-49e4-83b6-1795150e0905","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":126,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"b70aa9e4-9c71-4b66-8b34-9d2064ae1899","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":126,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"41ef0c38-6e3c-45fd-9c38-99528f2b2f52","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":126,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"e5f95ba2-72d4-4017-940c-11d73a88e26f","block_type":"box","text":"II-77","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ccc8810d-1146-47f3-938a-ab7353075d6c","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05498891-d396-40bc-988d-6e287057117f","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":127,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"d74b820a-e412-429d-a107-5d78e57f5d8c","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":127,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"0d8017fb-e204-493a-82ca-1923a30b3220","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":127,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"47cd4aff-a197-4179-b7d9-1a2111b74a48","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":127,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"9d7bd767-0f70-4a46-94ed-b18ba891338c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":127,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"85e1a59e-ca29-440f-ada7-98dfd90b2be1","block_type":"box","text":"securities (","page_number":127,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"51602ef4-9bea-4389-94ac-6f2f4fd9c65a","block_type":"box","text":"e.g.","page_number":127,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"51cf464e-7999-4a6d-a14d-c256cdc84afd","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":127,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"524a34f7-fb2a-48e8-8583-4393632160b3","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":127,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"6ce55f03-28f5-4006-941e-e7f89385a562","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":127,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"1f7a717d-a31d-415b-a8f1-18ef70f1d0a8","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":127,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"532a09a9-f984-4184-828e-9974decd5d0a","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":127,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"07756927-0702-451b-beb8-334f5fff050a","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":127,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"af519f85-7306-41ae-bac8-adf1fba4f01d","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":127,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"f22edcb7-3535-4c79-bec3-30c5d98c37e9","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":127,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"ffc81696-7d5d-466e-b8cf-181ad64dcfd2","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":127,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"2d5426b7-b164-47e2-a78a-30ca0bc11b97","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":127,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"c1c7cd21-aa3f-48c2-9f56-245a2c50e7d9","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":127,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"ab3ec8dc-4c5b-49f0-8e74-a50e9fc15df9","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":127,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"c8774ada-b74a-4e18-bdcb-8cb1dbb23e7e","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":127,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"724280f7-73c7-4713-9261-d56c75eac0f0","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":127,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"6be70a20-0a59-471a-bd50-14417a34ddad","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":127,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"11811163-d137-42dd-9f25-d2f1d5be0019","block_type":"box","text":"agreements.","page_number":127,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"1bb30c9b-310d-4b0b-a9a6-c0f36a7b929b","block_type":"box","text":"Yields and Ratings.","page_number":127,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"ea4c7498-b63d-4edb-906d-e0a320a61cc6","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":127,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"c781f36a-0c87-49de-b6f2-7a75a3a628bc","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":127,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"e4ae90c7-b3ea-438d-99f2-26f8dc897a11","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":127,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"0321e102-1415-4a41-8ebc-85f4c423f444","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":127,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"33111eab-4621-41d0-a439-0341726e79e6","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":127,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"f01ed19e-0899-43d9-ae5c-70d68bd65ca3","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":127,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"6ea3452f-2e2b-446e-809d-cb2dcf172c28","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":127,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"85d28d7c-8ce2-4f83-810c-64260bb04119","block_type":"box","text":"continue to hold the security.","page_number":127,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"6fc67172-d176-408b-8571-2477ea921117","block_type":"box","text":"Zero Coupon Securities.","page_number":127,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"d1ca4997-675b-4945-881a-b2b995dfb337","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":127,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"e0184332-fe79-40cb-94bd-acd1cba8c62c","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":127,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"1280ee88-e100-4865-a1a4-bf3fbbb183e0","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":127,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"a9e13d3c-de79-44ee-9a4d-773a3b400473","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":127,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"88fa6e23-9b2c-49e9-b744-f9c38b4d7917","block_type":"box","text":"security.","page_number":127,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"1323d9b1-a5aa-4be8-b9e3-66d7e8545790","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":127,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"91bf20b9-c1f5-4cb0-bce3-214299761232","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":127,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"1fc80284-d85f-49b9-85e3-9161c59e0cbe","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":127,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"7acc69d2-3c51-4183-aeaa-9d8bac769035","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":127,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"491f89a9-471c-4f0f-841f-990b12f61839","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":127,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"6814e0af-bfec-4ffb-ba5e-3a947cc9f577","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":127,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"f29ed965-b87d-4497-8cd5-5c5ae4017dbe","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":127,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"a7c6ffab-558b-46cd-8638-5a56b0900121","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":127,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"45706d07-2d08-4db2-ab11-c82bdd8af525","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":127,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"c3c437e3-b987-4f26-bc63-1882b677d3d6","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":127,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"37005694-ffa6-485e-aba7-f67ab45c4e94","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":127,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"74211bf8-369c-4aca-ab92-20adbb567053","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":127,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"d4f5d04a-c531-440d-ad3f-e61df541e07f","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":127,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"c5e23dd2-d91c-42e5-9d9f-e20acaf2d9f3","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":127,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"35c43e85-5b4e-4c26-addc-e06ae671a9e5","block_type":"box","text":"intervals.","page_number":127,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"696e9b52-8a5c-4f75-a4ea-d2b6b956ccef","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":127,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"1ad5c8ec-5be8-4ecd-bda3-c832a8d38e34","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":127,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"0fc54da3-2523-4239-a64d-541a949a10ea","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":127,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"764dd38d-1729-4d9c-8fd2-87d5b538fb8b","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":127,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"1e9ee93b-699a-4883-9b17-61fa6b5b185b","block_type":"box","text":"exposure to zero coupon securities.","page_number":127,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"e5c7e9cb-0694-4e1c-8d76-ab5eb2c5e1eb","block_type":"box","text":"II-78","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ca733d1-3d32-481e-88fa-4733aab2f24d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8b53935-6ff1-449e-80cb-3d4214eb1846","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":128,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"3eaf3c70-163f-46f1-b1ea-3a768d612172","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":128,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"873de07f-7465-4e72-b6b4-386281350ce1","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":128,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"0e79e3c0-ef64-475d-990b-17dfff9d9571","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":128,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"3029d4bf-0319-4e09-9c17-8a741e4e73ac","block_type":"box","text":"Suitability. (All Funds)","page_number":128,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"1e8b2113-a086-4479-ab3a-f96139fcffcd","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":128,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"611e5192-a1dc-4731-a4c0-2d00a27c8625","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":128,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"930d430b-e624-4c63-a355-b78b343b0559","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":128,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"e22f56e8-26f1-4106-b49d-bfcb5cdd93f3","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":128,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"95930973-f67a-4dcc-9e4e-bae65dc75ea1","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":128,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"a7f02cbc-4ca9-47a9-9cfa-99308f42f144","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":128,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"b91f5b96-d18c-4a4e-906a-4ad712efde52","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":128,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"cd524380-8eb4-4ddf-b0ba-18dba5630de9","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":128,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"a0f4be7a-877a-4201-ab31-941637cc29af","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":128,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"791e54a1-d16f-4864-a9a0-2affb33d6ff6","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":128,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"88c9f5fb-00c3-4d58-a4f0-155960785f1c","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":128,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"2e8e8413-e5d3-4046-9ef4-a66d77483cf2","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":128,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"45006874-6893-4ec0-817a-9aa891e6db45","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":128,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"6e80519c-dd2b-4f07-a54f-3b23bafd3ecf","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":128,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"f7a53867-7f0c-4af4-bb89-4fe87f922868","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":128,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"40ecd750-236b-4a6c-8a79-7e6ed8933587","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":128,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"70f19732-eede-45d3-82cc-7a7b5c57f7b3","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":128,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"3fadcbca-a961-42e8-b2fc-1eebecc8cb49","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":128,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"ec9140ab-c04d-48f5-ba6b-6d1ecd74c6ca","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":128,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"a5479fca-071f-4ad6-be39-f16b6e7d04f3","block_type":"box","text":"(","page_number":128,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"b1a1ce78-b4a8-499c-9541-8692ef15df85","block_type":"box","text":"i.e.","page_number":128,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"97413d5f-23be-4371-9994-08eda3637a5d","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":128,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"c9a877ed-a9a4-4d54-9b3b-6074ad982213","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":128,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"ccb12887-88d6-4f14-ac67-748176f2c338","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":128,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"8fd06f77-c850-4726-913f-f24cfbc6a59e","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":128,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"ce7bd737-7df3-49a0-a42d-ca7ebd5ecd6a","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":128,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"c3d61441-f194-40e2-83a8-b85f21139e45","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":128,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"481b8ea6-bc40-405d-b2b0-ee32ffa5df62","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":128,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"3c9bafa0-73f4-47f1-bd84-2ed3efc8a7d7","block_type":"box","text":"regarded as the sole issuer.","page_number":128,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"572e4b9b-de52-4bc5-a231-cac901acddff","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":128,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"8d0aa0ee-206d-4e42-a74d-4ff591af80e5","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":128,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"8ce61f87-345a-46f0-acd0-c4ae77f3e652","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":128,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"0c7751e7-8e90-46b9-becf-40b56fb4716c","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":128,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"e298a040-917e-48a9-8764-79958097eb9f","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":128,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"844e413b-1560-459f-a171-e2f7428797b5","block_type":"box","text":"75% of its total assets.","page_number":128,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"f1295497-7df9-4c22-afc5-14bfd12ed784","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":128,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"8e869105-ecc3-44cf-81c1-69c3e8149f67","block_type":"box","text":"Directors and Officers","page_number":128,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"cdc1c56a-b608-49a9-af72-13f7d853af00","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":128,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"b3aa93c3-36e0-4982-9ead-302a6aa0a7c7","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":128,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"ac1a5ede-3c43-4850-8dbf-0894bb661c10","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":128,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"36077db2-acae-4804-899f-5fa6919aaac4","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":128,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"27f28dcb-6214-455d-bd71-7214f85ed8cd","block_type":"box","text":"Management Arrangements","page_number":128,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"5d711f90-2b12-4a74-954b-9cdc3b2fbdcb","block_type":"box","text":"Management Services.","page_number":128,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"5bd48914-579d-4c5a-9e51-0e5e65754f78","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":128,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"3fcd817a-7e15-4ef4-aaf1-10d1e1ba5eb6","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":128,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"ba004623-e941-442b-9193-f99bf52f0555","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":128,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"a2f497b0-6cee-4bb4-9cd0-4651db1e4136","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":128,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"2204e73d-622f-4f8d-b2d3-6c7d318e0e99","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":128,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"c58e9a69-b8f4-44a5-841d-c762d8530188","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":128,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"cc52f93f-a840-46dc-bb17-6e1dce6a0c5a","block_type":"box","text":"II-79","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0fc84a14-92ac-4b83-b04d-a82c25233e16","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee37d2b7-e626-4664-97c6-6a6f9cc30a85","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":129,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"ac47555e-a3f6-4daa-ad79-705a028bf8cc","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":129,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"b30f9cf8-9083-4b32-be37-d5aefb03e7fb","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":129,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"4f5217f7-9ae2-47ed-a250-a0a6289c802f","block_type":"box","text":"Management Fee.","page_number":129,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"a940f0e1-d516-4546-9e73-baaaafbb1504","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":129,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"f817b9f9-d14e-4507-9eb3-8be4dac5195d","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":129,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"42a9022d-258f-4d37-8431-64786554043b","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":129,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"62ef9f57-1061-494d-acfe-72f39e5d63d3","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":129,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"9b5854d7-37f5-4cb3-b94c-937cc73e5632","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":129,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"265c4f8d-3bf7-4260-9f68-d031959c7a5e","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":129,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"618320a6-8e21-48be-9473-77e955f4e23c","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":129,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"0f00a19b-c10d-4106-a8d2-5db3129f5d72","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":129,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"d03b5e5c-ad2f-410c-8b31-df533da4f0a2","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":129,"box":{"x":68,"y":226,"width":797,"height":11}},{"id":"bd2555b7-46a8-49e2-9b51-a1fb816f2aac","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":129,"box":{"x":70,"y":241,"width":830,"height":11}},{"id":"303ce66c-d002-4538-aefe-df2509548747","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":129,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"27e4348c-9a63-4085-ad61-5cd2fefdfcb7","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":129,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"379f13d8-8ce0-47e6-83dd-7fc1d884f832","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":129,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"957b6fe3-0ede-4c06-8cc5-c640a193f23f","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":129,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"cda7af80-e400-42d3-970f-d66a44001ccb","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":129,"box":{"x":70,"y":317,"width":784,"height":11}},{"id":"039dac80-4ff0-4e32-a37a-4dba47deffdd","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":129,"box":{"x":69,"y":332,"width":767,"height":11}},{"id":"cf924f2e-6ae9-4257-ba55-bf0246bb6cfb","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":129,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"82a9ada3-6da7-4df4-a799-bff6baf21b09","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":129,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"d2775687-dad5-418c-866a-d57937c7a16e","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":129,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"a0482179-014e-491e-ab6e-cb08b228f27e","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":129,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"824f3db0-d0d4-4074-bd9c-9234a00da20d","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":129,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"5fb89bc2-5dc3-46b8-93b2-27880e2ae5bd","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":129,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"3aa4bdca-6086-476a-9199-d15b15dfd864","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":129,"box":{"x":69,"y":438,"width":767,"height":11}},{"id":"0bf5cd65-d0b4-45f3-a163-053a4021e19e","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":129,"box":{"x":70,"y":453,"width":743,"height":11}},{"id":"92f87c46-093c-40c5-9569-165c7e4baf15","block_type":"box","text":"Sub-Advisory Fee.","page_number":129,"box":{"x":102,"y":476,"width":124,"height":11}},{"id":"f6a5f660-c360-4df7-b7cb-119f50292e75","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":129,"box":{"x":232,"y":475,"width":643,"height":12}},{"id":"44798c37-694c-4574-baad-28473c9c04f8","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":129,"box":{"x":70,"y":491,"width":839,"height":11}},{"id":"01f24123-c7bd-48a5-bb11-de7afb25bb22","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":129,"box":{"x":68,"y":506,"width":830,"height":11}},{"id":"b9b3a95d-9fa6-426b-bd98-ae1e7c2cde9c","block_type":"box","text":"Organization of the Manager.","page_number":129,"box":{"x":102,"y":528,"width":204,"height":12}},{"id":"4f3af1f4-ebf3-4d8c-b947-ee0236559650","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":129,"box":{"x":313,"y":529,"width":560,"height":11}},{"id":"82ded8fe-cc30-4b01-8d60-ec2badf96096","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":129,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"fef1780e-405d-4d9b-85fc-72de4764e1b1","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":129,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"ba75fae8-fde1-4787-bdee-c4b37e011ab2","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":129,"box":{"x":69,"y":574,"width":768,"height":11}},{"id":"172f30dd-9050-48dc-8b1b-cca6d22b23df","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":129,"box":{"x":69,"y":589,"width":821,"height":11}},{"id":"e1173ffc-4655-47d4-a399-5d8a9e645df9","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":129,"box":{"x":69,"y":604,"width":517,"height":11}},{"id":"60d84fc9-e2f7-4e84-a20e-07dcfae6c2a8","block_type":"box","text":"Duration and Termination.","page_number":129,"box":{"x":102,"y":627,"width":182,"height":9}},{"id":"c00986eb-e7ef-45e0-8ed7-87cbd73efa85","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":129,"box":{"x":292,"y":627,"width":613,"height":11}},{"id":"fce3e1d2-5be9-42e2-801d-63d240ae6f6f","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":129,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"fa6e3d10-3fa7-4659-b51f-0334ba498e43","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":129,"box":{"x":69,"y":657,"width":803,"height":11}},{"id":"bf833af0-1251-4855-8a44-44ee5fc85eb2","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":129,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"b45efd97-51cb-4273-bda7-1e4d49fec8ae","block_type":"box","text":"in the Investment Company Act) of any such party. Each Management Agreement automatically terminates on","page_number":129,"box":{"x":70,"y":687,"width":778,"height":11}},{"id":"7bbb77e7-f392-4bfe-9344-52251bf08a60","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either party thereto or","page_number":129,"box":{"x":69,"y":702,"width":832,"height":12}},{"id":"79a17761-bad3-4eae-9c37-da0f53e720cd","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":129,"box":{"x":69,"y":717,"width":388,"height":12}},{"id":"c7e60bc4-2465-4158-8ef7-34b242e05e4d","block_type":"box","text":"Other Service Arrangements","page_number":129,"box":{"x":69,"y":748,"width":205,"height":11}},{"id":"a2ef8535-2273-4ea7-b9d7-31ee50b2bae0","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":129,"box":{"x":101,"y":770,"width":338,"height":9}},{"id":"a29f8919-da26-4983-8b9d-e1068185048a","block_type":"box","text":"Certain Funds have entered into an administration agreement","page_number":129,"box":{"x":446,"y":770,"width":439,"height":12}},{"id":"ec5480c4-9758-4ad3-b81b-d80c62ae639b","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Part I of the Fund’s","page_number":129,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"a1af3dcf-7f80-4bd1-8c9c-6e1840a8f002","block_type":"box","text":"SAI (each an “Administrator”). 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Such contract is not assignable","page_number":130,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"d1a2ddd4-c242-48ad-97b1-fe6c90a007c9","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":130,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"3dccdc71-2a95-482f-86f8-6121478d1aed","block_type":"box","text":"shareholders of the Fund.","page_number":130,"box":{"x":69,"y":188,"width":181,"height":9}},{"id":"d4f670b9-20f8-4a43-9b61-ee8de356dd0e","block_type":"box","text":"Transfer Agency Services.","page_number":130,"box":{"x":103,"y":211,"width":180,"height":11}},{"id":"37281f93-8924-49eb-a3b8-27df6e36cec8","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":130,"box":{"x":291,"y":211,"width":595,"height":11}},{"id":"9b2babbd-62eb-41e0-8e74-70c77b8eaed5","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":130,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"0836b127-5ae1-4887-b41a-b39d3cd59197","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":130,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"14387108-5e13-4ba1-8904-72b18d38f9a5","block_type":"box","text":"with the Funds. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":130,"box":{"x":68,"y":498,"width":802,"height":11}},{"id":"59c640d0-d9dd-4a26-8fd1-b8fd245990c8","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":130,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"b1e8dca9-ee5a-4961-aeed-eb9315d54bf5","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":130,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"1b872e7d-f857-420e-a389-bddbe5c42930","block_type":"box","text":"certain assets.","page_number":130,"box":{"x":69,"y":544,"width":106,"height":9}},{"id":"cdf0221d-a264-4f9a-9ad2-7151e385283b","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":130,"box":{"x":102,"y":566,"width":716,"height":11}},{"id":"5b00e713-0b20-4631-a0e3-16c43439f4ac","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":130,"box":{"x":102,"y":589,"width":803,"height":11}},{"id":"31919994-8dd2-46ab-9808-d71e33efbd14","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":130,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"4c7c521c-dde4-4b1d-ad55-5fb6dbc28351","block_type":"box","text":"credit”) or a charge based on that net amount. 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Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":130,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"e4232d2e-4275-439d-b8c2-b5864aefcfd6","block_type":"box","text":"Fund.","page_number":130,"box":{"x":70,"y":680,"width":36,"height":9}},{"id":"5b61d7f5-085f-4663-9205-2417e1c9666f","block_type":"box","text":"Accounting Services.","page_number":130,"box":{"x":101,"y":702,"width":148,"height":12}},{"id":"aa8771e2-d7a0-44cc-8e22-2e8a1ad06611","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":130,"box":{"x":256,"y":702,"width":641,"height":12}},{"id":"b39a60cf-f07e-4abc-8ae9-0cca2672fe27","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. 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The Distributor also pays for other supplementary sales","page_number":131,"box":{"x":70,"y":45,"width":799,"height":11}},{"id":"6c094538-1474-4b50-ad99-24717a131d5f","block_type":"box","text":"literature and advertising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":131,"box":{"x":70,"y":60,"width":788,"height":11}},{"id":"b9f7fa3f-e0e9-4923-8d65-08f92fa223b7","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":131,"box":{"x":68,"y":75,"width":513,"height":11}},{"id":"cde845e4-9b26-4731-9a87-e51c9dc4f46e","block_type":"box","text":"Code of Ethics","page_number":131,"box":{"x":69,"y":105,"width":105,"height":9}},{"id":"fef80f5a-264f-460c-be8b-7f448c1b40b0","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":131,"box":{"x":102,"y":128,"width":780,"height":11}},{"id":"60dfd9a4-1c4e-4198-b4aa-5c8bf8d81361","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":131,"box":{"x":70,"y":143,"width":794,"height":11}},{"id":"2f64db85-d245-4ec1-86d2-c4f5d3c2d13b","block_type":"box","text":"restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal","page_number":131,"box":{"x":69,"y":158,"width":803,"height":11}},{"id":"5468297a-ba77-4614-9e16-9be716423e70","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":131,"box":{"x":70,"y":173,"width":593,"height":11}},{"id":"403a04ab-3d69-456f-8f5f-ff3e301f8cd4","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":131,"box":{"x":282,"y":203,"width":413,"height":9}},{"id":"034a1fba-5702-4a7c-a493-956d18583f77","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Portfolio","page_number":131,"box":{"x":101,"y":225,"width":777,"height":12}},{"id":"e1e130a3-fe03-4c1a-9afa-ff1db0af82e9","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":131,"box":{"x":70,"y":241,"width":788,"height":11}},{"id":"6e13be2f-8cab-4357-aa24-62e169625111","block_type":"box","text":"portfolio securities, as applicable, and other portfolio information. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":136,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"22aa7cb7-820c-4b1f-98ce-8850256e13ef","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":136,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"8c70edce-7806-4280-9c79-a1479d9158c0","block_type":"box","text":"13. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":137,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"6ce9102d-5b6b-4655-99ac-c2dc8dc48e0d","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":137,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"64099332-8a78-4986-a2dd-a88476be9d3e","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":137,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"d1b2aa91-e4bd-45b6-9e43-946e7b9d700d","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":137,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"cd2e6e0c-0fd2-433b-a080-6bf157557e06","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":137,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"1efa2c07-e21f-4eb8-ac92-6521c2dfaeaa","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":137,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"01fb7d7e-aa7c-44b6-b962-415b98a2c333","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":137,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"d32d0b8d-519e-415c-9a58-beeb4fa59b12","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":137,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"6aaa23b5-c15e-4856-9553-76badd751ced","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":137,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"3826de90-93a4-46a8-b020-c06a7b5899e8","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":137,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"d1688ccd-7105-4b9e-ae1d-7d5e15ae4e3c","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":137,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"65822167-65f8-4e93-b91d-472ee8903d6d","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":137,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"ad32e9ec-0da1-4565-8c19-eb17f7138298","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":137,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"e3abe3d7-c7b0-4823-ab1d-0ddf0f91a5db","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":137,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"94251ef2-aa57-4e00-91d7-fec4c61a2b9f","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":137,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"04996ee6-d7f4-4087-8af6-f4b14365b46a","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":137,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"15f2ded4-03e7-4c28-857f-31e907da39da","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":137,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"7be1ed91-da13-4e14-ab3b-9af2ab1aeb3b","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":137,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"8438adb9-9e8a-480f-b759-649193994a03","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":137,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"73e5246f-b0e6-45fb-8d39-7111c88c183b","block_type":"box","text":"Funds.","page_number":137,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"13cc8949-2bf0-464d-829e-efbe303e913d","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":137,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"c73e6173-c241-4c25-bf1b-ec309854e85b","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":137,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"ef88cc3b-6090-4211-9691-b6e49608c87a","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":137,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"e4d5bfe9-1947-4f90-9b60-1858ce16d406","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":137,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"98472322-499a-4f40-b905-7c06e58ea1ad","block_type":"box","text":"II-88","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35032a36-03bb-42e5-9bec-816a5a4a17e9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45d93c46-09c9-4e93-8542-eb198c249f55","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":138,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"c46ba3a2-0201-4430-bba1-b40205fec99e","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":138,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"3c8664da-ae6d-4627-9c44-05130558e1f5","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":138,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"f6adcda3-45eb-40dd-9433-8a3da92a42af","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":138,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"0e0ea653-1c73-4c1c-b600-82a01f7c97f9","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":138,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"5f100676-3e2b-4f73-9b98-3276203580a2","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":138,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"13f4a3e6-ca05-47cb-a422-378e09e2e987","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":138,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"007a8b12-3f28-4c66-a0f6-916860dab476","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":138,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"f9621a6f-2f7e-4069-b6a7-74c0a97b818e","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":138,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"13bef7c3-b783-4ea6-bb44-8ac9fe3bf414","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":138,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"f843adf6-ca2d-481d-b410-52ec84b0c395","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":138,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"3eba9354-2afc-465a-a3c0-4ab237e45833","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":138,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"7aefd601-e29c-4d8c-994d-cb08dbc668b1","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":138,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"cacbb956-fe93-455c-9b2b-443b087256de","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":138,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"8cb4fa0f-21f5-47c4-993f-574816b1d3dd","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":138,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"df82bef6-8fef-4a70-b056-60659c1a09ce","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":138,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"b554e1e3-4de4-4bc7-b5ac-04210317bdba","block_type":"box","text":"case.","page_number":138,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"429eb3d0-4782-4e4f-aba3-4002f70ca291","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":138,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"193aa42f-adbf-4248-bdff-a5ee7eb0fed6","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":138,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"42f93aeb-fd04-4f54-932e-ece9b41119c8","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":138,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"b6a44163-2abb-456b-8b30-d95987e599c5","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":138,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"06b01f0f-1631-4ef2-8ee2-594c194033cc","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":138,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"8c133150-fca5-4364-820f-f10339244e49","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":138,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"5ce8611d-d687-4da3-94fd-f958605dba2e","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":138,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"94a24350-5d95-4359-86e3-c75e45ec3e51","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":138,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"c05c1299-7a8d-4b88-87e1-c8b89ad7246e","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":138,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"f595c82e-3476-4f35-9510-9b427f077dbb","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":138,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"550e15ec-d9ea-4a53-9601-08f938a2f1c6","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":138,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"a2ef1c62-42b3-4569-88f9-20d5b07ecb4c","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":138,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"874c88e6-6041-4b38-b6a7-63c6c6e50a02","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":138,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"c6462a25-4bc4-4b2d-8789-aaae202591d1","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":138,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"77d8f2dc-0639-4308-b356-07c3c8640cbd","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":138,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"25966ec1-23f2-42ae-a1d8-a10e93c4355a","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":138,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"88a43ae1-02c5-4412-bebb-45a98f32ce12","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":138,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"2f34c8ee-84ff-48d0-983d-941c8ad4cc72","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":138,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"19efc794-5226-4cec-8bcd-c9b5f2c56766","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":138,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"3d8c3f5b-ca60-4d3f-ab22-1af8d52db08c","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":138,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"5c2b24d8-cf39-4cef-ba36-098657aea6f4","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":138,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"bb659eea-2064-4622-9437-b74f7376cab1","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":138,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"32a85eee-a7b3-4823-925b-98b73eb5dd53","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":138,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"5e54602b-3066-4421-b126-2d5e1ce1b41d","block_type":"box","text":"managing a Fund.","page_number":138,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"75ce750e-0fd1-4c86-a670-fe1451f2053e","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":138,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"c940d7cb-cd38-4ebb-831b-506894b498ea","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":138,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"5ad9c988-35ff-4b88-ae98-18258a5f1941","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":138,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"4a196f99-6777-4f3f-9ca0-60c013452852","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":138,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"efbebd45-c2f4-4ba2-a344-d357d0e8a951","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":138,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"7cc4230b-4fe4-4a69-8b66-561e7aa92fa5","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":138,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"a4be7771-4bb3-468a-89aa-8f7e3b7c4756","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":138,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"66dbb5dd-52c5-4cdb-b934-5ab12832decd","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":138,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"b4a52f13-e6f5-4f05-894f-c2bc4fdc504b","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":138,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"7c31b624-5716-48f8-90ab-306aae3f1574","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":138,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"860805a7-cb2f-4e89-b8ec-f0011fd5bb32","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":138,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"cd4822ce-57ac-4b34-a1c3-ab4fab5cad75","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":138,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"2a14328c-78e4-41d9-8fe0-ec64b8680d85","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":138,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"30a42620-1f0f-4a15-a04a-9ff9fdd74610","block_type":"box","text":"II-89","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f362593-cf11-4f10-bbb8-ca871cc8e09f","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea235954-a738-4c3c-a536-2fcdf9eb15a0","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":139,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"b20865da-7911-4680-86f3-551d53a01433","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":139,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"36a3eb56-734d-4bca-929c-51e645fcb12f","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":139,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"c112cd3b-931f-4906-ae89-f35f0e1af789","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":139,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"f8eb606b-c1b8-4bcb-9f45-a4423163e7c4","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":139,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"c326f70d-6905-4884-b15b-edc09c738d02","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":139,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"188b4cd4-aa1e-4db9-a5e0-d074310e6550","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":139,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"b7ee2202-d899-4d08-9abc-4e0f2ae61b0d","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":139,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"ef985a8e-a1e1-4437-92d4-17472f32e312","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":139,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"7def7805-1b38-4f13-a695-d75533d02535","block_type":"box","text":"under management for BlackRock.","page_number":139,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"e4476cee-834d-4201-95f8-4a6919fd3648","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":139,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"2fb620f6-839d-4567-85f2-0405b775b6f6","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":139,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"6032b1b2-6b8a-441d-a4f5-c4bea56aa4cd","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":139,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"3913ffc6-0b5e-43aa-aa38-170879a33aa7","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":139,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"f06f210e-288b-4c54-8978-3d9768bdd77a","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":139,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"d4a5b0fc-9338-4119-88af-0f15ca295b80","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":139,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"9d2cb591-1e9f-492e-8ed7-64321299a103","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":139,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"1acb4426-a06d-4f59-ad75-f93bf70740d3","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":139,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"ec7e238b-8222-4eea-a449-dff9f8aa3464","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":139,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"ab799f65-b3d3-454b-ba9a-e575c358dfff","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":139,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"1682e4c0-2f99-4563-878c-8497c2bb5cd6","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":139,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"0ce39aa3-4f95-46ed-a48a-3a180f235788","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":139,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"87ee8f3c-df11-411f-9f99-26dead03e2e0","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":139,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"66b4c189-2e7d-4cd1-99d3-93c997c88d7d","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":139,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"4cd78606-e2ba-4833-b0b4-08b15ee67d92","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":139,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"d7800b1d-64a9-41a2-affd-14689af8b24e","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":139,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"4d7a20ba-1647-40a5-b020-90f4cf35dae8","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":139,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"aa6cad14-3056-43cd-a5f8-944276ccb113","block_type":"box","text":"any such fees or other amounts.","page_number":139,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"8f2c6e38-e655-4973-a3d5-9d16e4a3a624","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":139,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"b06a82cc-01bc-477d-ad20-9becff347348","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":139,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"bbd1c3fa-f0b0-4cf3-930c-1d8d5b04d887","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":139,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"7bba3ac4-308f-4352-a6ec-da0a03a38593","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":139,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"feb89126-c4e0-4445-9c8f-6f1a47c381ad","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":139,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"5f1ace58-ec6c-45e2-87a5-712570894869","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":139,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"4b733e9c-2d3b-4b54-b9d8-864ab9b5b433","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":139,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"11c2a269-ebe3-4db0-a6b7-f565e2e40ff0","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":139,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"e0a6502d-9672-4213-9b84-f87a142fdd97","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":139,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"fe8215f4-380b-4878-a28b-89fec26adb62","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":139,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"87345015-d675-4d38-b10c-f05de6e3f018","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":139,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"634b2183-86f2-49e7-a851-fe328a040e32","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":139,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"cf6dfd69-b221-4a07-8233-e059a3935aed","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":139,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"e45b1853-8a26-44f3-9bd8-27a6a3ef1af9","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":139,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"cd556028-1eeb-4892-a748-15cb776cce09","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":139,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"cf2092fc-b2a4-410b-8db1-27d69f560dc5","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":139,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"8f8087e5-16fa-4aeb-8479-d72498104d66","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":139,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"5a7351f9-8340-4bbc-af13-26e0669cc306","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":139,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"996a8a06-cf42-4d4c-a6a9-86a4237d1dd9","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":139,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"565014ac-7029-4390-9a86-68cb6d7b2513","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":139,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"99187c16-53ea-45f3-b633-8d113078ee00","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":139,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"8f65e883-f6e3-4fc9-a1a1-0ab907b2443e","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":139,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"b141a794-b89d-4242-971b-7a9855ba3e09","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":139,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"fa39d94c-cc7c-415c-8e4a-c8d80025aaa3","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":139,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"c520e6fc-5911-40e7-9b91-73a8b67f1d16","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":139,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"f6fe2aba-9572-4230-8676-9257902ff930","block_type":"box","text":"II-90","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94b7b3fb-ae83-445c-b61b-c8b8feef6949","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"decf7649-fae8-40fc-9310-a0cff2b150e8","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":140,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"4c1a4349-cdc7-4dff-b8d8-3482349c745c","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":140,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"a26ab7dc-7de8-426e-a7db-59ce4527a26b","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":140,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"a24e9efe-036a-4842-bf5e-41e49d9452d6","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":140,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"d59e46ce-12f9-4574-95db-9dd30d588793","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":140,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"1b9f5447-9222-405c-8075-6686e75e94a5","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":140,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"a8b06b09-6c19-4968-8e74-9036a6e893a8","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":140,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"ce35ccca-b974-40ef-b543-b3108328d762","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":140,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"2f39db3f-9d4e-4d03-b2a7-2753ffd6509b","block_type":"box","text":"regulation.","page_number":140,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"a254e695-cacc-4e6e-b7cf-5816c82184e1","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":140,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"5c700335-9820-4861-88cb-ee2783ae1976","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":140,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"d70bedb6-817c-4f6b-bb6f-20e830e82b64","block_type":"box","text":"various program limits (","page_number":140,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"f108662d-359f-4831-873c-6e6735457fa4","block_type":"box","text":"i.e.","page_number":140,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"6904711b-b85f-47e6-8bc6-3d93de721e95","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":140,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"55d3b1f0-f182-427c-9d42-dda6dd814fbb","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":140,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"9925d1fc-07c0-4d8b-8fe3-ba345273d68e","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":140,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"96f190c8-acf8-4c4c-9f4b-c7c84eb6b0c3","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":140,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"ba4ec470-c447-4678-a76d-027c4cc5f5e3","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":140,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"b512215e-205c-45a9-9504-2e7cad2aa358","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":140,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"0df84604-04d0-4af1-9c5f-c14d025d1189","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":140,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"37eb248c-0b2a-4f42-8df4-b92d915c6d28","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":140,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"3c7b93da-ec8e-44ad-8a86-d7d41ed48b5b","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":140,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"8dbc0926-68b7-4e1f-9786-687cc7f79e8f","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":140,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"9b99a5e3-d3af-40d1-a03a-c9115a582785","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":140,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"44209ea1-9184-4481-bc43-68b2747e1e2b","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":140,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"2d084984-c436-42e6-8f2c-92e741de1335","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":140,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"5c6e22b3-3a7c-4585-afb6-e574bf916fb5","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":140,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"ad035eb9-984a-47c0-b12f-ae9ab9fc3dd7","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":140,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"fb3b1d9d-fa36-4db4-840b-34b8e0852e0a","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":140,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"286fecfa-8758-400d-8fab-50ebf2339915","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":140,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"e4111cbf-c976-4713-8ce8-3200b50a48f5","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":140,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"c103203c-cf64-4aed-be93-68877835a738","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":140,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"17fc66d4-e9ca-4f84-b3a9-4b791828e1e8","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":140,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"3b1651ba-28bb-48af-ab5d-5a1f90d618a7","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":140,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"765e1024-2069-4ed2-9dee-d8dd3414bc9b","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":140,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"896128a9-7fb6-467c-a608-e1ef9b6ea7a2","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":140,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"85b5188e-c077-4c9c-927d-a78c3c0ae5b3","block_type":"box","text":"than through client commissions.","page_number":140,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"3284f39d-26e1-465e-9172-f6436a172f20","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":140,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"c84182a4-ae17-41c3-9cca-83c31ad75fc0","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":140,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"e6e66746-a9b9-457f-9a89-b69c72a8f43b","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":140,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"ac31b9ec-0eaa-46ad-9eba-ae7d93ce1d5a","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":140,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"59af0ed4-ee75-4a2d-84a1-22a82c43ed6b","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":140,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"f56e4038-e535-4cec-a551-8d3dc3a34754","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":140,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"b4875318-9a6c-4752-9feb-3b7c9ba5513e","block_type":"box","text":"research-oriented software and other services and products.","page_number":140,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"8bfb7253-33c1-456c-b0a0-7b1cf29bd573","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":140,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"0b70deed-c52e-4d2d-ad85-69586cd5ce41","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":140,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"69b80a7d-cb06-4dee-a819-5c11dfac449f","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":140,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"7e8e5d63-a6a7-482c-99d7-763456cc8ddd","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":140,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"dad74542-9c09-4469-90c3-146881bbfe2f","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":140,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"c1e77e18-475e-4372-be21-0f34a2e563fe","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":140,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"a4909223-176d-4430-8364-7b742578f6f9","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":140,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"f2707dda-8e40-47c2-848d-13db8e441046","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":140,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"a1639171-4688-47a8-acb6-89ace14ec0cc","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":140,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"e8b4a02a-2805-4f00-ab82-0c2c9455491f","block_type":"box","text":"and services itself.","page_number":140,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"aa6aea97-e05d-4163-bef4-0f59594aef65","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":140,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"fb45fd28-f1f0-4291-bf6e-043676b0cdb1","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":140,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"7ff055b0-102e-4b26-affb-9fb70beb8457","block_type":"box","text":"II-91","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8975bdbf-f6e9-4896-a7f1-1af084df5990","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edd5d3a2-8c7c-4791-a94a-bc1f5d0204f9","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":141,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"011c1dfd-8211-48c0-8c75-17536cf1cd49","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":141,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"5e27b80c-dcd1-471e-ad17-635cfb51e15a","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":141,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"c867bcc9-cf9e-42f9-9cd2-fbcd2d52da07","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":141,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"91c498b5-651f-4d87-9e47-8e9a70cd2b93","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":141,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"91b9bd96-fbf9-4dea-87a1-634e48e23e69","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":141,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"11cd394d-0bfe-4439-8eb8-188e81e23226","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":141,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"b1088181-f7f2-41df-9797-9893869c6c75","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":141,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"57563ebd-24e7-42ae-9d12-67af168c765e","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":141,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"6a449c53-f489-4a9c-a259-2dde121eff7a","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":141,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"569fdaf9-ca39-4d42-bb84-55682977ae18","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":141,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"a41abe11-7a8d-4f98-97be-664e8a5b9c1a","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":141,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"bb9a66ca-e100-4ce0-8be8-73e4e55df3d2","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":141,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"5ef49f29-0af8-4612-bb45-7366551f109c","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":141,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"c5db865a-dabe-4d94-ab22-ee9387a0906a","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":141,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"f842639c-f63b-488e-8464-f6b234525990","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":141,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"bd7d938c-0180-4235-afee-5053dce7d9db","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":141,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"996f0f23-f83b-49f7-8088-349bde470e18","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":141,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"33cd6283-b8d8-45bb-ac05-43bc6558fc73","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":141,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"90f524ca-eb66-487d-890c-d88287cf7293","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":141,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"4235e220-b676-433f-aa17-6bfda313eff8","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":141,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"3c4ebeeb-60e2-49e7-9b5e-39a36bb34809","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":141,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"7d61ce7e-a026-4400-83c5-e019c961fffc","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":141,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"8b93db71-3b53-4c3c-bfcb-c23b5347922e","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":141,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"c27f9009-5966-445f-8637-eaa6b14cc437","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":141,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"428421cd-ca69-46f3-8ece-81d9b41f6f81","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":141,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"1050be0a-ec1f-4bd0-8532-910bc16f2e4f","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":141,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"a9fa82a9-d62b-4e2f-8ffe-fbada8f97d99","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":141,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"106b2b38-0e28-48f2-85e5-b37fa5301f34","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":141,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"4621e28f-8c4a-43da-9aeb-c66225e6c10f","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":141,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"257a1deb-3a37-4700-8f13-fae5773349af","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":141,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"e399bc4b-af1e-4426-83f0-7797b307b015","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":141,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"5c8e0ac0-e39e-4e1b-84c0-6dfce8c32fc4","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":141,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"2600c004-dbdf-46a8-90d4-8d9f2fb91966","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":141,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"1a8bed27-c9b4-4b6e-9857-ea5085615749","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":141,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"3bcc0ede-326e-4859-969c-b0480dd2588e","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":141,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"373d5861-8ecc-4193-b00a-12bb250351e2","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":141,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"4cdacdc9-5243-4f28-a361-b9f9c008ef4f","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":141,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"47dd2193-35b0-42dd-87af-4b7d3cc7cc5f","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":141,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"8691d3b4-bc3f-48c8-86c1-9ea84aca9b5c","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":141,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"5fd6d2ff-81cf-443c-b5cf-d6fa5c67c71f","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":141,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"db79b6f7-370d-406a-94ab-5d6b83ebc6e7","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":141,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"7241bddb-dce1-439f-8056-725f2a375682","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":141,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"b1fdd624-3383-47a8-ae22-ea4476cad4c8","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":141,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"00550aec-8c89-45a0-9495-8b37f1c06535","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":141,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"5b9c9178-5247-4b38-ac7d-519fd7913074","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":141,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"c98449f4-e97d-48a1-adf3-036b8422453e","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":141,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"4715160f-48c9-4974-878e-5b99b9f8a3dc","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":141,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"22328823-31d6-4f02-890f-fbae50380608","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":141,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"68b61d19-870c-4eb5-b5bd-19d45236569b","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":141,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"8e01dd70-b709-4c91-91e1-660c8e8613e4","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":141,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"ead0d544-b887-4430-a9c6-147e6694112d","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":141,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"7d187e38-1998-465c-b2ef-9f00d3528563","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":141,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"6e5ebff6-5dda-4303-9757-cabc6014475e","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":141,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"03510bec-87a7-4f6e-83c9-51845f5ac5c2","block_type":"box","text":"II-92","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2de40c2e-323a-4514-96dc-b7d6c807240e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a37d5ad3-eeb9-4b36-ad84-2a452009fb4c","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":142,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"27c7a301-a43f-408f-9437-2a15d7903bcf","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":142,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"0427d198-0b37-4e8d-8b7e-775b02f9ef6f","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":142,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"3dfa2f10-de83-4243-bbbb-d90a99e5d0ca","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":142,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"39beea62-f85e-410f-84a3-0902b5eeac9a","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":142,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"c9b0978c-ac98-4328-bf5f-1f7ee11d951f","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":142,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"3365360b-2989-4955-bb18-008766aea1a2","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":142,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"ba2edb7f-b964-498e-aaec-76b722739e97","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":142,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"0ad4af93-4c5e-419e-ae38-a229240625da","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":142,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"f330100b-0a7e-4e7a-bc20-75b79c7774dd","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":142,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"166eaeed-3497-426d-b61a-d0bdcee364d2","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":142,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"21fe4178-ec68-4ef7-95de-66af076b3d12","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":142,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"afd4da3a-06cb-4e34-96ec-6d1655a46851","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":142,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"757e95f5-4ca6-4067-b63e-69ad794f49a8","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":142,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"cd070925-9388-4177-b76d-1fe98ee57a1f","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":142,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"00914cf7-ae4c-4d88-8350-b1d7b107f490","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":142,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"77ee3e89-83c9-4bcf-9702-058a1c2376a7","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":142,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"7386b5db-7f42-4653-99d9-dfd5be000835","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":142,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"21a78fc7-4aaf-42aa-b0f3-f96d1d636550","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":142,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"2c94a244-dfc9-44e4-8fea-ccd56bd32238","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":142,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"bf01c327-95cd-4d7c-bf3a-5e9a90886f92","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":142,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"c4de80ba-3b8e-41c1-8b5a-589f701b12c5","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":142,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"d878594c-d563-4918-b04f-008f066a1e42","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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As a result of","page_number":142,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"9d16e8b8-faa0-4277-9564-45a6ce90eb32","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":142,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"61873d74-d600-4214-ba9b-ef509e6b414c","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":142,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"79d686fa-89e4-42b3-a647-b0df411a008a","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":142,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"edb3d71e-3e53-475a-9da2-6b75bac69fae","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":142,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"eb4f8ac3-c8cb-4541-91a9-a69a3b994b04","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":142,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"224b2ec3-320d-4530-b785-737cae38645e","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":142,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"7a8f604b-aec7-44c1-91e7-a988177d00a8","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":142,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"30b5f830-d19e-4542-9e61-6e2f7f2ba6a3","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":142,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"24a28018-ede2-4f7d-9314-559709102e42","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":142,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"365479ec-5f65-426c-9eaa-fe2e0ef9dce6","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":142,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"a1d254ce-6a7c-4811-ad8f-2bf1784919ab","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":142,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"1cb09e1e-5d2c-4dd7-a614-5a605c49b2d9","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":142,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"2905a23f-15d5-4c79-8216-53528e15bf7e","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":142,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"b16e6048-0167-4f3b-85f7-e2cd143e483d","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":142,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"3cfe7ece-a061-4c34-bf47-fa06e7eeca45","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":142,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"0eeed15d-377f-438e-bdca-865781a1866f","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":142,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"e95696aa-2a8a-4119-97d8-698c2bc7fb6a","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":142,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"4669dc42-cfd6-4016-924d-e0029707554c","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":142,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"ea0cab8a-97ef-4ff3-920b-3f5c5a019f83","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":142,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"dcfc82ef-b634-48f4-a4f3-c3d4bf9023f0","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":142,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"34d0e5f6-fc35-4998-8c57-ef7486867c70","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":142,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"6ee619bc-dd02-47d1-b66b-3671c18b7c1e","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":142,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"c1545385-eaa4-46ac-aee9-9d388d2dbbc1","block_type":"box","text":"of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":142,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"ae783edc-1c30-4a86-a607-d8442389d1ab","block_type":"box","text":"company (","page_number":142,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"835c4d68-4ec8-4196-847c-419a10ad26e7","block_type":"box","text":"e.g.","page_number":142,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"06a6ab3c-7190-4352-9538-0416ca1ddccd","block_type":"box","text":", in connection with participation in a creditors’ committee). Similar situations could arise if personnel","page_number":142,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"dc2fd579-971e-4bf9-b421-9972d17504b0","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":142,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"f7b61960-a1c4-4fa3-b733-6baf399733a4","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":142,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b1f5f706-9775-4a8b-b381-267a2da33e1a","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":142,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"b9262ed6-397f-48e6-b41b-6dcff359fed8","block_type":"box","text":"II-93","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e86b7944-1568-4b8e-91e1-84e75408e272","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffab74a3-f349-4713-899f-ce7c29647b3b","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":143,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"e00ce4e0-0d71-4f85-8ceb-9bf9e4f14afc","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":143,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"a4142622-99db-48e6-9b5a-7994411fe298","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":143,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"8832c163-86ba-4bbf-9949-78d63e7e2fdf","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":143,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"9225546a-3101-40c1-9aa2-ab4715a406b0","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":143,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"527992bb-d978-4e3f-b134-ed21bfba30d3","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":143,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"ae632b5c-309f-4a05-9bae-32a4675f84e8","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":143,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"07d427e9-8070-4e0b-a967-572128429ead","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":143,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"b42ed4aa-1bd1-4fa1-8ae6-9474ecf58f90","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":143,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"5eb1176b-3c20-49e5-8081-9d791d6d3cf6","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":143,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"43880874-70c7-44cc-87b0-70c741a19a50","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":143,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"f67d9c26-f6fb-4e40-80ab-4998266e41c2","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":143,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"fabb023e-f6fd-46c5-b13d-c5fd4d0cceaf","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":143,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"3b1f099d-c060-4443-96cd-418c95447d26","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":143,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"aa25a96a-64b2-4a40-9997-3d915a40853d","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":143,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"3e220e8e-34a4-4fd0-9555-4bb6d492d01a","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":143,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"5f62518e-97da-4d8c-8325-988cf8858703","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":143,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"9274b708-2637-420f-8a4d-dfe7788d40ba","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":143,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"34d1ce52-a0aa-4b20-881e-0072164648c2","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":143,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"4f2d572c-dfc2-46de-a393-60de10c73f4f","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":143,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"eddd27ac-c5f3-436c-8617-33af89e06a78","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":143,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"65ddaa78-0897-45b6-92f4-2c0c0d57f583","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":143,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"a2495bfa-ace5-4f78-9ebb-80e7e5fd1038","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":143,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"604a0f23-0142-4fbb-9b3a-f707e6b542e1","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":143,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"c059d2f6-e262-4eed-8ab8-970c801ad236","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":143,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"14e884bd-2935-4b7b-9c75-89b3f809af56","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":143,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"7945942c-ede3-4f0b-91f5-6a906b7e512f","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":143,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"925a3cff-8b0a-4ce7-8ccc-e518fce00c18","block_type":"box","text":"a barrier.","page_number":143,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"ce374085-a69f-4a8d-88fa-ea6f6d2eb738","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":143,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"f7405045-bc98-4c55-9d5e-ba848d2603b4","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":143,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"bf4460f2-0b0d-41ac-ac5c-13c6f16e935b","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":143,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"449c5941-59ec-4789-9c13-395b37ae3753","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":143,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"2d9cac49-564b-46aa-b6d4-698fe5388d32","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":143,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"25a9b0d7-e612-4055-8a4c-24593b6ca3a9","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":143,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"a1849f6c-4061-4281-a26f-7161af343c07","block_type":"box","text":"that operate in certain industries (","page_number":143,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"c777c2d3-23f0-458b-bddc-742d18b1550c","block_type":"box","text":"e.g.","page_number":143,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"f9c8a42e-89b8-4c60-a64b-8bd54f8e8099","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":143,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"5c7e962d-53cb-46b8-868b-7add31bd3fac","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":143,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"ab2c93d1-30fa-4d69-8169-b97fbba25f95","block_type":"box","text":"e.g.","page_number":143,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"bd344063-fd21-4749-b46c-bc7dcf89be31","block_type":"box","text":", with mechanisms such as poison pills","page_number":143,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"d7cf7275-0f54-4a2b-bc17-6b6bbaafb75d","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":143,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"88e12cbd-11bb-4f4b-bc30-391a0ae94cc0","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":143,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"a36c4c01-e638-4500-9e91-c49d183fa438","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":143,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"9e0c0947-0823-4817-8dcc-55f8ee03e82f","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":143,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"c592c0db-8562-4895-88cb-a7accd45bbb2","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":143,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"042004cf-d853-434b-953c-b753e30ab301","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":143,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"69cb7c2b-76c5-4b0f-b215-a8c281001d69","block_type":"box","text":"seek to make indirect investments (","page_number":143,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"75f2e8d6-8453-473c-b0c5-6a734dc98cfc","block_type":"box","text":"e.g.","page_number":143,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"d15a7fed-53d6-42e3-b27a-5c03d4c92d53","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":143,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"35458aef-8e54-434e-831f-845c3f0667a3","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":143,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"3a753647-f4f9-4b73-9a97-f0c5119d4c23","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":143,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"aff96184-5939-4921-9bea-5ac0af2dbe69","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":143,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"2cf0c3bc-7bc7-490f-8a53-32aa61f4bfe1","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":143,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"cddb6918-ee7e-453e-8db3-280aac9589e1","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":143,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"f7360ad1-2791-431a-9e31-4d8b0b37e9dd","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":143,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"9a26f8e5-3dd4-45e6-bad0-37bf34812c01","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":143,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"b43ec724-654a-4fd1-a6d6-fbcf16aa2d10","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":143,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"b0a19225-0ab6-4b3d-a793-add5f56c6277","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":143,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"8069e81d-b3fd-456e-a304-0198b44a370b","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":143,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"181754d3-fae2-4136-ae1c-571f48c2e7a7","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":143,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"60e80673-bc6f-4131-80bc-d015c82440ee","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":143,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"b9435986-236f-4d1e-967e-66af95d24df1","block_type":"box","text":"II-94","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2463f1f-46fa-4ca3-9953-54f421787c16","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57bcfd29-de5f-4bd4-aab7-da3937106225","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":144,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"a976b7ff-6b01-4a0b-87a5-8915037b2ead","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":144,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"72eeecee-d947-4654-91f9-cbefc45a6dae","block_type":"box","text":"amount of the impacted security included in its index. 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These types of","page_number":144,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"556c63ef-2f32-46b6-9974-04abc5ccbd12","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":144,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"68bbcc48-1744-4ea3-864f-b7b0f510d8f4","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":144,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"527bcc93-9408-4248-b634-64c1a0ede8e5","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. 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The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":144,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"607dbb45-beb7-4259-a316-87efc0c14b10","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":144,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"ab651916-8771-4b6a-8acc-3d7687447111","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":144,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"6b975cc9-4ad5-4d7b-a584-e1deb0852d0c","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":144,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"2d14a069-3f36-468b-bc4c-70c503057fe2","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":144,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"e238e852-9c61-40dc-bd87-5c7f8c09d676","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":144,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"91d308c2-88fa-4cb9-aacb-acc1444ae5a1","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":144,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"9d2cce74-d9de-4d21-b079-aa4e7d244913","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":144,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"ac22ba79-e96c-4b20-914e-52828646910b","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":144,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"25de9f13-8c41-4917-880f-6bee2989b0ee","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":144,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"27c478c6-58c0-4c02-bc0a-7d6f67c0dde0","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":144,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"0613046a-a715-47d3-aec0-31f33f9607ec","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":144,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"1c19bcdd-2c28-498d-bfb0-eb0d505fb08f","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":144,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"fe345b1d-f76f-4231-bdd0-35bf0dc4a7f3","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":144,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"dc7d4581-a72b-4ea7-b077-c2c09fd6b64b","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":144,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"d638abdc-9cde-4af2-ab6a-8dfc5732b45b","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":144,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"cb197ae7-bf59-4969-aaba-f7b244f05c73","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":144,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"df416eb5-1828-40b3-8b5a-7de48f213fdd","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":144,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"f552cabb-b3df-435e-9bb0-30b1be554af7","block_type":"box","text":"strategy with respect to such security or asset.","page_number":144,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"7bdb5e05-0a47-4a32-a7bd-2319775b1f0d","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":144,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"e3308cd6-e99f-4630-9499-3a65c22beeb0","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":144,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"6973e1b4-48de-4f72-9b51-0d7b0f135d8f","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":144,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"7e94285c-bcee-479b-a4fb-62773d6ae2e7","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":144,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"92385f8d-0bb0-47fa-a7af-ccac1ca17d5c","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":144,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"35dacceb-d902-478f-9d5a-aaef0e95952d","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":144,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"efb0519f-a264-4a69-90a9-c01b5cb8f868","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":144,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"a8cb6a27-aa5b-4f31-92a3-b651a547533d","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":144,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"5306225a-7fcc-4ef9-8c11-17b414f9feca","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":144,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"c789f1cf-ae3e-4abb-95b4-890c3718d9ac","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":144,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"c590cee6-981e-4c9d-ab6c-644da66d88ce","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":144,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"48839f26-2bbf-40fc-8783-2c301266b298","block_type":"box","text":"e.g.","page_number":144,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"e1b1cf5d-fb3b-4890-92c6-6236762b1a38","block_type":"box","text":", custodians,","page_number":144,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"9b831370-c89d-4dee-90c5-3248e50e8e46","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":144,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"1975711f-8faa-4e75-8af8-95639fd8e107","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":144,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"e1c9f734-916a-4140-950b-921d7f26aa55","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":144,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"9ae178df-a211-4823-ab25-efca3bf56b52","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":144,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"0b1e288e-74cf-4425-ad01-369c5de142fa","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":144,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"d25a4a8e-25b9-4fdc-9adf-49b2a74522f7","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":144,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"07742367-bb0d-4e78-8410-f43b3fe2681e","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":144,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"e082e7de-d193-47d6-abb1-0370553f9b52","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":144,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"41a4a2e1-f9e3-4e4c-9b11-5f61a44bd36b","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":144,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"f7226f50-c8b7-4253-8560-8cb445ff5d63","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":144,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"a1480762-a43e-4fe3-aaaf-83af5c9330ee","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":144,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"94ec64b7-eded-4be2-a8e3-562c5af2f00a","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":144,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"2e03cf8a-05ed-4c2a-baa9-36e558d1bbf5","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":144,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"d3a2804c-2e6f-44dd-bfa0-98117e432f7c","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":144,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"551abeae-db56-48a0-b05a-e221fadc7d33","block_type":"box","text":"II-95","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6895048d-7144-4575-bf3d-7cda3923266e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff236d51-ec09-4bab-8f06-c647c695fe71","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":145,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"8a04dcc9-e8d9-40e4-bc65-8c49fc5e411c","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":145,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"efdec9d7-a768-43d0-8973-310b71e2beda","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":145,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"1c0480b5-6de2-464f-8a66-b31e9dd31d87","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":145,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"ac7f6d61-e12d-4af6-88b5-c645873e48ea","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":145,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"bf405942-d9cb-42c3-84aa-21a6ce086997","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":145,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"9edb755b-846c-4a08-8c0f-c4cd115430bb","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":145,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"77e8e44b-9260-42e7-8f8d-11c25fef8151","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":145,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"76162457-cef7-4e13-a406-d36913f39bde","block_type":"box","text":"provider.","page_number":145,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"e275b067-6e87-4f31-8b57-43c071544c0f","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":145,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"87a3c716-d4c0-4998-abc5-38b5463177ef","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":145,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"21dd6fa5-d6b5-431f-ad35-b0cde078e5f4","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":145,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"c9290bf8-e7d0-489e-b3e7-62080cde8f4b","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":145,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"43a395b6-3f24-463a-b0cd-fb9acf931f55","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":145,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"9531ec54-4741-4867-99ee-fca86792bde7","block_type":"box","text":"PURCHASE OF SHARES","page_number":145,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"00ed35cc-78c9-494b-b136-dc73f2c3828a","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":145,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"926141a3-b304-44bc-aa0e-de60cf0d1307","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":145,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"0d621ce6-6fad-44b8-bd0f-544b833b96a8","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":145,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"0969594e-b123-49da-948c-752ca1ff09ec","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":145,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"acb1925c-d613-47c7-8601-825481435ee2","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":145,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"d128a9c6-227b-49e9-8e6d-9c48b6e8b28e","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":145,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"16393c07-85f5-48c1-bd9a-d67940ce0d53","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":145,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"1ed28fc5-f85e-4306-8db6-cfdf8e6c6c73","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":145,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"d973db1c-fd1f-4131-ab6b-b54b705c4b37","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":145,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"895a7d06-31de-4d69-8db2-60d4bcc1f603","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":145,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"6759ae9d-1d91-4e99-be44-8321c6bac9fc","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":145,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"6100f4b9-af3f-4394-b271-a0f238e207c1","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":145,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"5dd92235-b766-4323-9d6b-ec429a4fb3d6","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":145,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"b84a4b4f-86ea-4ac2-8a1b-03687bd3bc9a","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":145,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"be3ea50b-3632-477a-bf4c-b6d0ef71f461","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":145,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"df0e1c73-b04a-46b3-bdf6-77c3bee17b10","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":145,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"d3ab8392-80c9-4bf2-a1b3-9289d89396a2","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":145,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"16400484-8101-4b95-981a-9ad98b679d23","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":145,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"e404ef89-8276-412d-91ba-a96c9905fd71","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":145,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"4460e201-7aaa-4447-bbdf-0f70d9add5d4","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":145,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"bde7618f-5f05-46bd-846b-26744e83d0a3","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":145,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"e0eb4db2-bcaf-403d-ab16-e58fdd227cf0","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":145,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"8f301ca4-d08a-4050-aa58-c74fdaa9368e","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":145,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"105734bf-fa91-4ae5-a58f-1e71a65d3093","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":145,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"b6a54d01-2796-4909-a396-9e34e023fd35","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":145,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"188d2af6-5a95-431f-9550-2f797f01ef58","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":145,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"86e60347-5be6-438e-ae9d-417e0cc61715","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":145,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"1efd029a-802e-4bf0-80d1-861fdf77087b","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":145,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"7e1579d7-6b93-4beb-b610-baea7b333dda","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":145,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"d55daad3-4378-4707-b416-f0f539e7eef5","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":145,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"02406faf-bba7-47fb-a092-306fc51d0f22","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":145,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"aee34eb8-a889-4a52-ac48-e68164aceb9c","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":145,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"ad4e6810-1eb1-4722-80f7-3a9084a696b5","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":145,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"19e8ca3b-30d6-437b-b7e9-a08e41fea048","block_type":"box","text":"investment is $25.","page_number":145,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"fc1aa127-5f53-453f-ab68-312e473517d1","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":145,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"9db74c32-f121-466c-8b4b-7db2ea9f3d96","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":145,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"6dfdc144-9cf1-4004-a2d1-a58864fe2308","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":145,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"13c57e9f-b26a-43b1-b313-eb1284e12c6d","block_type":"box","text":"II-96","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6697b3f7-03b6-4f38-befb-d83157b10007","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfd9f2d8-d738-4665-8bb1-34bfa9660bf6","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":146,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"f13d2ddd-880f-44db-bd5b-c2f054b3bfd3","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":146,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"1b56465e-c866-42da-b0e9-98cb8b776e1f","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":146,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"2bc9899e-8fcf-4e44-a649-8e310ee39748","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":146,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"854a983f-2ee7-4cb7-a2ac-b941d4490eae","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":146,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"e391d8cf-852c-4345-8ad3-4ffec88e66d3","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":146,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"872e5d30-2c5d-4ee6-b124-fca9eab954e1","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":146,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"3f59e399-802f-46f3-8439-2e08d6125157","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":146,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"87bf2a86-d897-435a-aa75-165bf62be930","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":146,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"a2833e61-d97a-4367-b5de-1f3c3a892ddd","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":146,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"491199d6-9686-4db1-a0ff-a73f7e4e90c3","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":146,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"3df29954-d06b-44b7-8b38-dbafac03e89f","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":146,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"fb07e62f-164d-4346-8dc1-62d00cbf6f15","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":146,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"9153d552-0357-4d65-acd3-ada768f47e84","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":146,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"1bca4d22-e060-4519-9d19-974d8a5ae4ee","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":146,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"895d4f0d-fa9e-45d6-97de-f5175bbc21b8","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":146,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"51d8b130-ca42-400c-a84b-c368a6aa1ad2","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":146,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"e44034d4-fc6a-44a9-b25b-b183f0a79e7e","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":146,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"ca8e903b-0559-430a-839c-a258fc1847e8","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":146,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"a6c5132f-755f-490c-9692-e4650e7aea4c","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":146,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"de0c44c0-3b54-4cb0-9fa6-e886021a1aad","block_type":"box","text":"adviser.","page_number":146,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"56d0bc3f-38a0-4d8d-9c60-62ab5c5410f0","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":146,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"a26f1309-8c5b-4ad1-bb53-5345820b4239","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":146,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"607029b9-0fca-4bc7-8525-c738ce3bc2c6","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":146,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"b718489c-5f4c-4c34-9a43-bb3158906f03","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":146,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"22ddd230-f0ab-430e-81b0-c85203530613","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":146,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"8a876be3-982b-4666-ba89-d3cc36b3b146","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":146,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"dcc87d17-92ff-4576-b312-3d0735d91b77","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":146,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"a2c127d1-4f34-4f8c-9309-17ca7b7f38b5","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":146,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"be749c4d-06ee-4d83-ba50-1798b885c859","block_type":"box","text":"also be restricted from making additional investments.","page_number":146,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"d8daff71-5671-4bbe-ae34-5715db2c2a43","block_type":"box","text":"In-Kind Purchases","page_number":146,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"30c6f006-e504-4a88-be11-605179d6166b","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":146,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"406c9e26-77ee-4944-8ae0-a68b0a98efb4","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":146,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"3ca4d190-1e1f-437e-946d-8658350f49d7","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":146,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"1f2f3f80-718b-4711-9cc3-47eb4a0088e7","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":146,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"6b2e3e38-1f49-490b-ab86-4b501b04d788","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":146,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"682d1d13-ccad-46f3-b190-605ac15d19c9","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":146,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"1fa319bc-c66f-4d40-8741-7d256ee5b6f7","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":146,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"46e01fed-6187-4594-972f-63c5c499b644","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":146,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"27d39467-7919-47b9-9310-fc9d9f16fd62","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":146,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"1827bbe5-49dd-473d-a016-106c4b64077f","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":146,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"e3fe2e1b-2bba-4470-9c40-18af7da482f7","block_type":"box","text":"has settled.","page_number":146,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"a357b40c-94c9-48df-ba39-d936420c78a7","block_type":"box","text":"Institutional Shares","page_number":146,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"61fd93e4-e189-4137-a0b7-9e11fb9df8c5","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":146,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"018c06bd-84f2-42c6-8896-b1855b7829b5","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":146,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"29d2810d-9f9b-4d9e-a254-4311af8aa2c2","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":146,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"66fdf579-cfd2-4756-9916-970a2c58db96","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":146,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"76241f88-f233-443b-99c7-0f937b1bd661","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":146,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"d9ca843b-48ee-449c-a27e-c36758c4429d","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":146,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"82dcf024-1e2f-4f6e-ad92-ef26bb6c598b","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":146,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"72312b14-8d30-4edf-99fb-4410e44bf29a","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":146,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"f2e4c76b-b5ef-4cef-b6dc-33fedb63f565","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":146,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"03297f96-68de-49a5-9ab3-c75496664116","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":146,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"8f28250a-7770-47c1-8483-c6696b01ebd1","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":146,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"7981ac3e-efe4-488d-8a16-719459495c5d","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":146,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"7e466ae1-8c31-492c-abf0-f19c402039d7","block_type":"box","text":"II-97","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b0057be-6b5f-4ca2-b60a-c448f32513d4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9627ad3-b39a-4960-9a77-ed77556eb5db","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":147,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"012ddbb7-33b6-4766-8d2f-d741a9d541b7","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":147,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"ab4c169f-88ab-4bcc-8472-43753c19e7a1","block_type":"box","text":"these fees and conditions.","page_number":147,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"950b11ce-303f-4c7c-a5db-70f9375e5969","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":147,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"dc60e317-a898-4fa1-ba4f-2bef4459a941","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":147,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"c12af314-b016-4870-a28a-b9b4feffe50e","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":147,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"16569972-c281-43ff-8bc2-7496e44189f0","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":147,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"d90d826d-46f2-4d70-a4cb-7fb9d8f16c95","block_type":"box","text":"incurred by the Fund.","page_number":147,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"4ddb7c7c-f7cd-48dc-8aaf-c9b145622c4f","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":147,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"eba27c9d-472c-4b3a-98fb-273e1ba88176","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":147,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"73689c50-bebe-48ed-8c80-0b39d50e11b7","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":147,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"0ec8c840-05c7-459d-ac39-b47a93961c9d","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":147,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"0639f7b1-7dcf-4889-960c-4dc818051aa2","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":147,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"9ec33675-b723-4620-a93d-e36c6f0e7f19","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":147,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"10bb4ee8-5181-47b9-a07a-ed7a9e4307ca","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":147,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"d7be24f4-3c95-4b1d-885d-0df81f35ad5d","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":147,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"09921c99-7b6c-4420-92fa-0caf4105976c","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":147,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"6c53a279-6bbe-40d5-b2a8-aad3beec8733","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":147,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"fd34c6d5-918e-49d8-bf40-f33e4488609f","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":147,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"e20a2c0a-be68-4a87-bf62-1ce06209f7df","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":147,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"f48afb02-5797-4503-aa4d-75748814c191","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":147,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"d02c3be2-9f79-4ba0-a8fa-98ac5fcaf3c5","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":147,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"08db4137-3aa3-46dc-9e35-aead62a45d87","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":147,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"0d8543f3-af13-4114-98b8-14ae276f9a11","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":147,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"e949fd4d-5323-44ca-b685-eb90d4167c37","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":147,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"2985c57a-1aab-4485-8fc8-7ba0ede8eb1e","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":147,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"c00902bb-1c92-48c9-940a-460b6cbba20d","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":147,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"e472bb8d-8043-4906-b8f9-42513ac5b2b1","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":147,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"b4587971-b9b1-4353-a60d-2198c569176a","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":147,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"1c0a0a15-b61e-44fc-899b-4c4b160aeae7","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":147,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"2489bff8-fb74-4e24-a75f-713bcd7f0489","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":147,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"8cf32e83-0a85-41e7-8344-d522066500ae","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":147,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"e0573641-6a9c-4648-98d4-e528dec46a4d","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":147,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"fb56c6e8-53f3-45c7-86c4-496bad878afc","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":147,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"07643c15-1d70-49e9-a859-cc810dd93f6f","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":147,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"ae509832-eed5-499b-8312-319b0fb1581e","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":147,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"a98e0f5b-ab1b-4bb0-88af-cd8d260f23bb","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":147,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"9ec2912b-8a12-4f3b-a038-ab5e1e07ede3","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":147,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"83aa4f37-fce0-4da8-89ac-97ea4004a0d4","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":147,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"ab30aced-37b5-4ded-927a-210255f14b8c","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":147,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"53205ba4-90ed-41b0-8730-3ee29c1ef83f","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":147,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"4e901faa-748b-4478-9390-4e1ea96dd520","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":147,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"ec14aab5-0522-49e9-8fe4-e47391677617","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":147,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c03d81be-d1c6-42b3-bc01-ee654c364e25","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":147,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"6890e999-3030-4a53-9fec-ca4c7d19be08","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":147,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"fdf9c045-b671-4f5d-917e-963631d2266d","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":147,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"55fe9a75-4505-4890-b96c-0717b4c5ae89","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":147,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"e0cb67d4-7288-44fa-9232-f99004394707","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":147,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"fe5f8934-d4b2-4c1b-a1b4-1f1bfd0638bf","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":147,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"a290c630-70d7-4031-aaf6-a303ea853432","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":147,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"543c68b9-88e4-43ac-8e7b-77e38a6e388d","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":147,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"5cb1bcd0-9674-4ffa-9c90-06549247cd63","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":147,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"344fd1e6-8400-41e3-a10a-bda622f7906e","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":147,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"151098ad-6d73-4988-8694-a36704dd11bd","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":147,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"e8600fa5-3853-4f31-abda-7b1b20dcc639","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":147,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"41ab6e4e-ae3e-42a3-b808-02cc5a33a9d0","block_type":"box","text":"II-98","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a22d1cc6-f430-4b12-828b-a64370df3787","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79b6aec2-85dc-452e-a4b4-92fd1f2f2c69","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":148,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"9de3e709-d3ae-4d39-b01b-b90fd31a2820","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":148,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"e281cd57-6a43-4897-93c8-69e871326d14","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":148,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"69a37e28-5780-4d42-a7ab-3946ad8b0c70","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":148,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"62cad560-0aba-4041-925d-7b5b25d2a2f2","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":148,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1cb81128-8fe8-4b1b-b440-03b10d21b5d0","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":148,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"0b652949-c6d0-4b86-bfd2-1ce6b279e017","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":148,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"4125255a-d03c-4ed4-b43b-56a8ec3f344c","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":148,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"60d56a9f-5248-4f68-9e91-09de2463d150","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":148,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"7f462e3f-a6e2-45c6-912c-2fc93a6c4f86","block_type":"box","text":"periods indicated.","page_number":148,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"b6574ccd-a536-4007-9995-524e45f9ca68","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":148,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"558abc92-e92e-4350-b130-038bf5adb9fa","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":148,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"bd5c400d-6901-4f0f-aecb-a414e1b7e12f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":148,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"e4114a25-ecf0-4214-b939-6c61969f186b","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":148,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"4fd00122-8ed6-4d28-825a-7dd0de626d98","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":148,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"eaf9a7ed-f84e-4279-adaa-d878d56849b0","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":148,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"978c8f90-547f-4884-b03f-9c638d1ef6e8","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":148,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"2556a38a-98b8-4af2-8ed4-cbea580cff24","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":148,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"e4085191-7abe-4778-a1ef-f2f1b3a5bd4b","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":148,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"e69c141e-9d69-4e23-92db-afed6bbe52ba","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":148,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"dd7f4054-c44e-4453-9eab-a0890884c42f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":148,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"b56bf587-afad-42b7-99d6-9777c9cc46b7","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":148,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"0bd7bdd4-d6f5-43ae-920a-0a717275e88f","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":148,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"ca215683-7681-4972-b008-a18d37b68a53","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":148,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"8b06f6ba-330d-401a-9ff5-da503c4f76f1","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":148,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"005298f5-5160-49b6-9d5c-ccad0ef9313e","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":148,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"8b090601-49a7-4518-8adc-44c36a070b9e","block_type":"box","text":"Reduced Initial Sales Charges","page_number":148,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"9b61532e-c67d-4a9a-94c0-1efa0e7faaff","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":148,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"0bb4736e-165e-4a1e-8de0-bea73969935a","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":148,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"f49b0e14-5328-4d04-877e-1810ddc5a2ed","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":148,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"aecba973-ca57-45e5-9cde-d3f90520c64d","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":148,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"06a5e41c-2019-41a1-8571-4c80b3e41547","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":148,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"551c27be-daae-423a-8f5c-a0d74dcb9780","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":148,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"aea41a63-97f7-4843-976c-80450b1e7f7e","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":148,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"dc1a0f22-ae69-4d57-89d9-331dee260cfa","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":148,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"aba0f3bc-d2b6-4d78-bb0e-ee05a32e4d45","block_type":"box","text":"Reinvested Dividends.","page_number":148,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"9fd92419-1407-4b7c-8574-421660a6a707","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":148,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"24b87fab-0cb6-45d6-ab01-202f88f275a2","block_type":"box","text":"reinvestment of dividends.","page_number":148,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"b5875d1b-b753-4b5d-aba4-6a8e1ef8f051","block_type":"box","text":"Right of Accumulation.","page_number":148,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"39b83a42-75ee-4885-b0c3-f8a2f9259efd","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":148,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"3358e00f-b668-4d88-b8cf-4272af419c53","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":148,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"9478bb1a-7bda-42ff-bb9d-5ce1104dd2c1","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":148,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"4853e2dd-e72b-4ee6-96fe-5c5fa2b6f366","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":148,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"36366350-8dd1-4ffe-a543-ca702001efaa","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":148,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"a21b02d4-c76c-4db9-b8c5-a2c908bf874a","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":148,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"d85f7e4c-8b3f-4d4e-be3f-750756c6708c","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":148,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"3722a59e-ac6d-4589-9f41-8e96707b93fa","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":148,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"f72e7276-a2dc-4605-bc00-e77170351819","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":148,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"6a7698c7-6b54-4595-8c5b-637599e3a05e","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":148,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"1c4f3d91-4de9-4d12-aa05-4f53ae433430","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":148,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"8a2804ac-00c4-4b99-9ed9-cb8fab89b2d4","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":148,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"1df708b9-9943-4a02-bbb3-91d4002ed302","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":148,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"8c749a27-7888-4707-afa9-4dda7358f912","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":148,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"9a7bfb4d-aef5-47a6-a7a0-054ee1c44ae3","block_type":"box","text":"II-99","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4607085-e8a1-4817-9dfb-b6ea0e871a4a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05ca4426-5f5b-416d-9fb3-51e67d49405f","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":149,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"8020e494-fe3d-4677-b869-8c82c3031184","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":149,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"344c98d1-1c6d-4f3c-b117-505f5a71601e","block_type":"box","text":"Letter of Intent.","page_number":149,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"46fe7007-0aca-403d-8b67-185a9df2c3a5","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":149,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"7befd10e-2d54-4457-8e51-66b0112a44cb","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":149,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"8442af62-72e4-47db-ac25-7cfd0f6c9cc4","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":149,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"7d4cbd54-81ba-4ddf-944d-9555e472f235","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":149,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"9850b142-f5e3-4766-9380-81b4f871a1c4","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":149,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"116013db-52f1-4a03-96c9-1d71c7a45014","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":149,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"7ba82e53-7dd2-4bd4-b942-925d1375e22c","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":149,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"f7135483-9804-44ef-bd48-752be0f03e58","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":149,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"8f7fe6b8-874c-4fa1-b803-a251e2c29574","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":149,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"b879e3c2-2148-4213-9910-e1f72ed71a4b","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":149,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"bfe2027c-92fa-4b19-97d9-6690174e7d99","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":149,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"475c65bf-c040-4563-9dfb-4231f85b124d","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":149,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"30c71f63-4bbd-44af-91a3-93c436070f22","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":149,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"f310436c-8d08-4182-9242-4599489a24d5","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":149,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"e413501f-48d8-42b2-8cff-8064de7ca908","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":149,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"a9829325-7579-4c96-84b6-19e8fb9b3343","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":149,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"b7e2b187-6f70-45a0-97f2-e7529cc21d7c","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":149,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"dea7ea87-e46f-4448-acff-c5ec20fa1dc0","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":149,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"5f354285-5ef9-4bd4-ae06-b43124a11814","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":149,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"00c6aee2-2eb8-4c83-92c6-41039007b23c","block_type":"box","text":"Placement Fees.","page_number":149,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"0736a593-6131-4858-9b62-d7727269f755","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":149,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"3c8f7a7d-587f-497f-8479-f6d917a782d2","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":149,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"a200a592-0ec8-4b39-820e-a61774865a98","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":149,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"14376f02-f447-4924-b3b1-836df902c73d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"30d7aa5a-2277-4b62-b9a5-e4731d70f1c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"65d730c9-16e7-4612-840f-307cd7b5bd3a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"f8add8d7-e71a-489b-8c79-2c3a753e0adc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"dc45f2a8-6b42-4cbf-8743-cb1b41c7096e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"825ce8f0-2091-4034-a3c4-af277ca5c52c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"68372c7a-18d6-4e16-be77-77627a4ba327","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":149,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"fa2d18a2-e3c0-4bc7-bb47-1e6f4a9fb483","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":149,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"78cb9c74-0a39-453b-b74b-98a1f54070fc","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":149,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"51adf0cf-78f4-4bca-8f3a-1e3e4597f870","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":149,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"73e9e37c-6214-4473-9270-721cd29bdeb8","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"37e80f12-e8e1-485a-92af-150ab3701306","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"ce5691f6-5a8d-4f0c-b3b9-1a29edd4776e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"9956e088-68a3-4aee-83f9-c81c54dd0b97","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"def7b818-2437-4468-97b3-981c1c1b6a92","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"d2eec933-c45f-4a0a-bc11-be2b294be028","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"1bfd4753-50d2-475e-b5f6-cf44bf265f4e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":149,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"0a0e02a9-9ad5-4cb3-aa78-946353386022","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":149,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"ff74ccb3-18f2-40b2-b358-7f270f5f5610","block_type":"box","text":"SM","page_number":149,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"d5d65435-e7a7-4be3-8462-afabbb916e91","block_type":"box","text":",","page_number":149,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"7602a4d7-1f3e-46fa-aaef-30f264459e51","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond 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0.75%","page_number":149,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"72fd03d5-f6d7-4968-9796-e993f4dd631f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"71c024eb-7c10-4f94-a265-9d8eb1522377","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"3cf0cde7-2855-4725-b8d7-39eda42bb022","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"4b356cda-a8a9-45fe-adf6-53c86697b6d6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"4aac3afe-687b-4f7b-9803-057c9e8d5588","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":149,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"1700e710-ebd7-46ed-acc7-7f6a16e3eda7","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"bc1d1f23-a801-4423-8636-c9e98bb32a69","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"d402184e-c052-4367-9ee3-c83cf6674b51","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"cc9910a9-792d-4f5e-918b-f5d682cfc63c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"53baf03e-c154-4a40-a6a4-7ae94d83b46c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"0d3be709-671f-4df2-97d5-2e333c877579","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"8ae86e19-54d0-4d54-8c87-8042447cfa7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"b26a6be9-f656-47df-88fb-1ffcfb8ad490","block_type":"box","text":"II-100","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"85ea2563-0a4c-4454-8b81-ea73eadefd8e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de69b1ee-cccf-4d69-b422-f4321ca6d93a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":150,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"ddad833d-e2dc-442f-92d5-7f98723db92e","block_type":"box","text":"may be up to the following amounts:","page_number":150,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"0fd40815-ef6b-4ca4-b687-0ca7ad71010b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"5a31f5df-9b6d-482c-88f3-02a52cbef048","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"874e7f7e-917f-46a7-83e4-78402df186c1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"4b709691-4683-4157-bc62-37a6ec793bd3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"839b82dd-26bf-4e0b-8b28-d4c1e0f5f632","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"9bf47d42-4985-4805-a6cf-6fcb4629167b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"87fa9a12-e4af-44c4-891c-780aedb9fe7a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":150,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"7f3c4f83-9b5e-4aca-8d4b-fc545c7c9435","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"28237c3f-fd09-4edd-b620-c4b9c9acd146","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"3d4ebb79-08df-4c6a-9740-a187ba7a826b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"516c0467-07f2-498e-8639-54fef2837331","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"96f61df3-63ff-4708-9f32-2818c3e4769e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":150,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"df485186-de4b-4998-9ae7-bbfbcc60af62","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"aba1e9a1-add0-45f0-8d22-594525fb468f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":150,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"43937086-4c4a-4cf7-bcce-2e67eb78f6f5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":150,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"e1f4d93b-4fed-4fcf-9b59-4acda614ba5a","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":150,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"60c7189e-5a10-41dc-b568-e0690572f17d","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"11b2db0e-5e2d-4dff-a230-c04f0015ab23","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"4087bb4c-8957-4a3a-8cd0-c993e2b15b95","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"8d13cc17-e468-40b3-928a-9120499d1250","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"ced9cc55-0e0d-4814-ba15-6277a2f05a7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"3f72a3ed-998b-43e7-b8ec-5c7a49222a8d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"2167419d-6b71-49aa-8f1c-38c4eef58e43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"d803cf2a-4c84-4ed4-bbc9-3a011d1b7848","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":150,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"8cd8a985-77ba-4073-afc6-94d8ab8807ce","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":150,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"5ac45e95-3e96-403c-a033-8c235815b2f6","block_type":"box","text":"$250,000 and above . . . .","page_number":150,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"13c1bc2a-6cd5-4492-b5f0-a4ab7102b11e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"9636493f-c263-458f-ab28-0892b093ab8f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":150,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"a5233933-b4d4-4dac-a8c1-b867231f5d96","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":150,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"1bc07c9a-7d15-48cd-b981-9c46dde8e9c4","block_type":"box","text":"the following amounts:","page_number":150,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"5501ce0d-f9d3-470b-9bb1-b5dadf0795c1","block_type":"box","text":"$100,000 and above . . . .","page_number":150,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"9417c788-3648-421c-b9d7-17bd0a4135e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"e69f4b59-eff3-4a4a-99be-1b6fbe2794d4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":150,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"4514e19e-fa61-470f-a2c6-2cf465af2025","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":150,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"3704bd6d-42df-4639-a99c-228f7315d8a9","block_type":"box","text":"$250,000 and above . . . .","page_number":150,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"204a78e3-1fd2-49bb-a395-bc3f9cda2049","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"b86e8845-e4cc-4dc9-9dfb-0726fef05e15","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":150,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"cc02fb0e-87ca-4dc4-89ab-e7597d7543e0","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":150,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"ea54e092-fe0f-4100-87cc-95123d7060c7","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":150,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"5f067a94-3746-452d-ad65-b68c99abf44f","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":150,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"72b46977-ac11-4d93-9d9a-adafe4576060","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"fa34d85e-e6e4-43df-8173-f06e8f18beba","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"1196b235-96b6-497e-9e79-892bb83c4b56","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"490fee84-8bd9-43bb-892d-b90cb2145233","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"eee0576d-a62a-4dc9-861b-254c03b79cb8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"546048e6-66a1-4c13-9719-8578e527bac1","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"d506704f-cf34-4163-bf23-b316de4a1435","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"8c04005b-e00a-4fc0-b92f-7db0fbbabb49","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":150,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"85daaddb-5d21-435b-b9b1-3c293e59bf25","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":150,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"19ea0946-9e21-4052-bec4-4a3d0529c124","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":150,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"00b090bb-9a01-43eb-806a-9ca808c0e452","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"d43a1a55-9d0d-46fa-bb24-db0ab889391f","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"a9d3fb87-fc8b-499a-a47d-eef62326e490","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"0d839357-b46b-43ad-bc41-f85cae8c02a9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"ce7405de-31d1-40af-aaa6-b1037eadc528","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"a0f06585-59e3-469c-905b-583b9ef5ddd2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"3595ee97-8098-49b0-90f2-5df12d175643","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"87b113ab-48be-483d-a20d-c8e16d17c4d6","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":150,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"215e6b0b-3ec4-410f-bd8f-35995669bdd5","block_type":"box","text":"®","page_number":150,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"93a2c618-0661-4c58-862d-ea168c12230b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":150,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"3b7c3942-7a9a-41e3-a4b8-030c68cfe67c","block_type":"box","text":"®","page_number":150,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"cef8f094-35a0-43cf-a350-750ead97a40f","block_type":"box","text":"Index 2035","page_number":150,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"950f178a-fd08-4abf-a679-a5f03181c5c6","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"a617d9ba-396a-4a69-843b-c45df119e287","block_type":"box","text":"®","page_number":150,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"ce42c99d-e3d2-4020-ad12-35e9d10e1b96","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":150,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"564fc66b-656e-4ec8-a7d2-5fa1b4069d8c","block_type":"box","text":"®","page_number":150,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"172020bd-6969-4cf5-8ee9-d27262a6dd51","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":150,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"9044ae0e-03fb-4002-961e-2b7c5d20b69c","block_type":"box","text":"®","page_number":150,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"f328be9e-0707-47b7-a539-8ca4a0ae0b8a","block_type":"box","text":"Index 2050","page_number":150,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"c7bb4297-54dd-45e8-a3e2-097d86e1e990","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"fa20532a-24a0-48b0-8f13-4a5435043d56","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"1d7c79ef-5e4e-4730-910d-d9c0e3fe82cf","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":150,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"eeaf5771-660f-4ac1-a713-06eba00bcff7","block_type":"box","text":"®","page_number":150,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"abf18812-060f-461e-8d73-65628555e565","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":150,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"e1037ba7-2fe4-4e3b-bd91-40d4c47d33bc","block_type":"box","text":"®","page_number":150,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"cb65a685-bdb0-4e65-9929-c9677db9b830","block_type":"box","text":"Index 2065","page_number":150,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"90a62e0c-9927-4a89-936f-af198d2bd21b","block_type":"box","text":"II-101","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"afedb429-7de5-45c8-b8b8-2057df520740","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a2fc356-1f67-4462-8090-b9f11b5d2464","block_type":"box","text":"Fund, BlackRock LifePath","page_number":151,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"82f3875b-0e5a-4dc6-b29d-70bfcec15944","block_type":"box","text":"®","page_number":151,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"fb1d86d1-18b9-4722-9427-89937d783218","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":151,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"68b13276-0ecf-4402-8433-31c1e131a1f5","block_type":"box","text":"®","page_number":151,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"bada0fa8-a27a-4b2f-8ad2-3a417bab6387","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":151,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"5e31cd37-68ea-4aff-b806-ab04b55bdb01","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":151,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"7ee33cb2-80d1-4f5b-b085-f3b1eb6f8be5","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":151,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"7cf5addc-f7a0-4d2d-a23b-dcbde862eed5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":151,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"8ae99d0c-e16a-4975-91dc-5fc71ce829ce","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":151,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"d4bc5d61-6955-4ecd-aad3-10f762475802","block_type":"box","text":"SM","page_number":151,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"d3f5028d-3faa-4183-9996-297a867706db","block_type":"box","text":", the placement","page_number":151,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"9fc976e4-7d89-4a43-8988-39575593f704","block_type":"box","text":"fees may be up to the following amounts:","page_number":151,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"a19179d5-f07e-42ea-9c4e-0ef55088b7f2","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":151,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"1983ab2f-f092-45f4-b033-fd270fdc6d9f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"d1e305aa-0be5-4e84-b826-ced24b0353b9","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":151,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"911be82e-50b4-4bb5-83a6-1834dbb17832","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":151,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"e19d3f93-c87c-4087-8bdd-7f0377e48c33","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":151,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"9d66ea59-429a-4c88-8ea1-648703a846f8","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":151,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"afef0b8d-5fbe-48c9-8114-5dffdd812e95","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":151,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"d244e0bf-9d26-4e0f-9201-9fc0064cc1fe","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":151,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"fd3d5ab0-0978-4b05-abc8-aaeb6430b4a9","block_type":"box","text":"$1 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has entered into a Class A","page_number":151,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"7b2ecef6-e921-43e8-a155-9618337a59c3","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":151,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"342f0ae8-492c-40d2-9aaf-c406280fcea2","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":151,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"a2f26f8c-cff8-43b7-bcfa-e210a439569d","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":151,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"6490d97b-8e2c-46c3-a836-d4d65dc146c0","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":151,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"c7943c2c-826d-4588-83f9-c00ece8a8119","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":151,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"b260a3f8-b24c-4ad4-b825-72adf4bf0ab1","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":151,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"7ef786c6-ac0f-447c-b09b-c3d98cdaddb3","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":151,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"697a474b-3118-49af-91c0-d3774ab5c126","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":151,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"957dae23-9fc3-4a8e-ba24-77ba269b16a7","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":151,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"bd745c59-31d1-4a21-8fbe-d8120473f8d4","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":151,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"c9526f24-8a9e-45bb-9a7a-c0df2e7ef32d","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":151,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"388b01b0-3d6e-4cc2-a550-b3f7269e3e74","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":151,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"1f4fd741-affa-4092-933a-8351aafa22d5","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":151,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"4cacf54d-b653-4f00-9c78-d1fb4ea54e2c","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":151,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"90f785bd-9b96-412b-a86e-f3d24d491464","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":151,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"422edb12-b9fa-4b17-a05c-74447c8c0357","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":151,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"5590d28f-9f04-4cd3-8419-d9042788cabb","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":151,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"c448b12d-7dcf-4165-a386-34226f50c166","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":151,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"2f641b0a-2bfa-4d88-8e48-9964593a6bf5","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":151,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"296f70a9-5933-4dec-9a02-3f61caa40380","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":151,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"3b1631a3-3d8a-4f1d-a46d-a9d45e96a61c","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":151,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"6a355a33-9b8b-4928-a47e-ced555bc055a","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":151,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"5de370cc-972c-458c-9540-18b30c56f337","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":151,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"f85a980b-e86f-44be-9255-837d3208bf56","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":151,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"72df154a-e038-4222-9d64-a611d6a2edbd","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":151,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"359679ba-75c8-455c-8a18-6fdfdbc1a839","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":151,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"32fb4360-dcee-48dd-a2a0-10ad66129ed4","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":151,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"e147e12a-2ace-4741-9a9a-2582c2c58726","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":151,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"80e250cf-a66e-443c-af48-c35a6db4230b","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":151,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"d95a12b1-71f0-45b5-b175-5084ac04d7ec","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":151,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"29a03805-2345-4961-b0cb-8e9e8e5b2a99","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":151,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"ef8fd5e5-a34c-48e6-b2be-b5802dfbcace","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":151,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"412cd1ac-cc89-4b88-b2e1-add01a83faa5","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":151,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"29251e42-b9e1-4d2e-a01a-1a32b35288a2","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":151,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"3d27296f-8f83-436c-be99-f0714a8f1017","block_type":"box","text":"II-102","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d213f0da-27a9-4e7a-b293-7788771e4b6b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59497867-b27d-4cf3-86da-23042bf6e1de","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":152,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"22b578f6-c077-44aa-a03e-1436492dd869","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":152,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"7d1f18d7-8fc9-4dca-810d-533c56a9198f","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":152,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"602d686f-15dd-4243-b7a7-4d1126e6f0ea","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":152,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"c65a8726-41cf-4996-b857-72db72503c90","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":152,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"b461ee90-6da1-4385-81fb-cb9b57ac2c37","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":152,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"30d1856c-911c-4bfa-ade7-38b9daa5767a","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":152,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"dbbe7964-c027-4e5f-8976-fa9abd4d2c99","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":152,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"a2008449-e52c-4186-8314-d56ac69aecbc","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":152,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"e8441e3d-d0ed-48df-bfeb-b10297c61597","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":152,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"c5a6cd33-bb10-401a-a9af-67d202498d77","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":152,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"6ed3db49-a50d-4244-8c6f-0eaf17e441ed","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":152,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"2182966b-5f6b-4bbb-84a6-cc46536d783b","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":152,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"e1370e48-ffa2-418d-9223-3e6527b8a5c5","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":152,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"cbfbe67a-f571-4e8a-a7ad-47fc2e095575","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":152,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"2bbd7ce6-deb7-4cd6-8b6e-f6c28d1128f2","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":152,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"c4399079-94cb-42e5-acf0-0e1841db57ef","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":152,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"df881b48-9bbf-4c06-ba7f-a5f1a2fc897d","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":152,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"b2125e54-a97d-4dfe-8017-4399c566899f","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":152,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"b4b863e8-7ea7-4e80-af06-de9e2dd2bfb6","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":152,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"3082d28b-7538-4832-a8e5-832be8f3ed99","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":152,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"3b164ce7-887d-41d1-b130-cbda5e2cc3e7","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":152,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"9e3093bd-9969-49b5-8fb4-b29f800d7a0f","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":152,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"27dd9d72-16a9-452a-be58-1a574e22633e","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":152,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"27699238-23fc-4074-a797-a8aaa97df268","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":152,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"f739b7cf-6016-4b35-ac14-3931df92dc4b","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":152,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"c9a3402b-10d5-48a9-9bff-05448ab838f0","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":152,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"428380a2-04bc-412a-bdf2-8ddaf0971b09","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":152,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"d569ab61-aeec-4a28-b8f7-194e91f98bdc","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":152,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"4d3ffa9d-3053-419b-a843-c041181cc5d1","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":152,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"ad5aaf5e-188c-4322-a4a5-4fdf80e3ce05","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":152,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"802b6d50-0fbe-4c86-8e4c-e7f6c5e52ff9","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":152,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"edf3b4ed-4a96-4024-a915-8e07232b27f7","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":152,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"ecc14934-2e78-465c-81f0-e1aff6df0a2e","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":152,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"999c2883-acb5-40c2-ae49-73de0823e32c","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":152,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"ccfc6ac8-1e72-42d3-94ea-2f4a8a7fd5e7","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":152,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"a50c6030-8701-44a7-b1da-fbe00192c66d","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":152,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"dc219372-75f5-4ce8-ae9a-0e18dd50a8f4","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":152,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"827f7f20-8b1e-4aa1-afa2-36f98ec7e117","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":152,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"b5e50996-fa86-4650-9cd7-3f0c6e818ef3","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":152,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"80ce5d7a-33bf-4766-b99e-30fe137d8131","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":152,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"dff00a2b-aff8-4c88-98bc-e58314914cb5","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":152,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"b5e9658e-d230-4528-a03b-f99b0d0fe36d","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":152,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"cfcd6ea8-72ef-43ee-85e3-71a867bf8c77","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":152,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"0fd50ee8-7643-4f85-a35b-89918fa4c958","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":152,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"aea75a61-fbcd-410f-ac64-a48648fa7ced","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":152,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"722f3c63-0e63-4009-be48-7dead6ba67a8","block_type":"box","text":"public or private investment company.","page_number":152,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"dfb6e355-6219-48bf-8dcc-c1467b5625c7","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":152,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"8a7f5bf3-b97e-4500-a243-db9ac6bf6eb3","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":152,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"6ed2a932-5ab5-45b9-b36f-2d01d08c5069","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":152,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"e6cfb647-0a9e-4a98-affe-d3c1da29f6cc","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":152,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"cf74759d-ee93-4b61-8196-45d472fd6e05","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":152,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"92833c85-6d2f-4b95-afc0-5b7b84050918","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":152,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"04f1251d-b123-4298-9a91-65a1e02df637","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":152,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"1b935b53-d9f5-400d-945d-e64ae224d490","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":152,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"58d26568-b735-460a-9baf-dd4fd1032603","block_type":"box","text":"II-103","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e7021baa-4b72-4e0c-b5ef-885c76e29e97","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ea05a95-0bba-4580-9624-f8a291510830","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":153,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"c53dcb8d-8e30-41ef-bc05-b2bfd759e9d4","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":153,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"ccfaa78d-7b98-4c3e-a459-2af3e97b34bd","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":153,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"1c3bbd13-d396-47e1-a213-172d60d85d10","block_type":"box","text":"intermediary associated with the account.","page_number":153,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"ca0dc420-325f-4ce2-a38f-f2c08902fd2d","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":153,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"84a49639-1ba7-466d-bf18-2e6b7eba816f","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":153,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"39a882cf-6cb0-46c2-aab9-01861e7be904","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":153,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"0a5ee024-003f-4435-83f3-89fe98080ad5","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":153,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"23ea61dd-057f-4fae-bcd5-096aa9cb724d","block_type":"box","text":"CDSC shares.","page_number":153,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"6157b1ec-c417-476f-94bb-d8ecffb997f1","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":153,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"52225b4a-3b3a-4eea-a2d2-88ed4edb2dfa","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":153,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"cd0cbb11-8b91-472c-8888-6c167d4e7148","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":153,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"9eceb71a-ff10-4186-8cf8-519fda454a09","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":153,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"61cacc6c-df86-465b-9a69-4e02105a9230","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":153,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"c38e5225-e3e7-4e02-ba5c-fa1f88794642","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":153,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"3afb037f-3dd0-4549-b5c2-87adb16ab26b","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":153,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"54590165-4f2c-4b55-8eff-6b122216a292","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":153,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"c40a6eac-98bd-440c-9974-0d98e29874d3","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":153,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"b4204114-be1b-4449-bd16-b90171a40496","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":153,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"6d261427-4341-419f-9e3a-be933130c0e7","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":153,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"ff94edb8-5a3a-474d-aa68-feb69aab8a2f","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":153,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"ddcb8a75-53a9-4158-9b4b-e3bc74713d56","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":153,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"c06feb4f-6a4e-4fd4-a2aa-5573a4674909","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":153,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"51159653-0db8-4954-972d-658b362f0f95","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":153,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"fa160e68-3d05-42c6-9f2e-f018e9d1ef0c","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":153,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"ba8df591-664d-49e8-af27-ff0cd2149dd0","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":153,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"fc3fdfa5-539a-4622-9013-813924dff310","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":153,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"42fc4a61-b16d-4d30-8f48-bc109b4f8639","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":153,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"2fd5f977-3c27-4b34-8864-8005107a30aa","block_type":"box","text":"Investor A Shares.","page_number":153,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"abfe2cba-2de1-43b4-ba9c-c6c199f407cc","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":153,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"f679d14f-25dc-44f5-9a34-bc3e7016f291","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":153,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"149e40bd-4618-46ff-ae2e-71cd54454206","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":153,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"7f4e4b7b-aed8-4439-a956-e313bb64042a","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":153,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"ea2a5349-9801-4179-b9e8-96002dec6fe5","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":153,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"d4ac7acd-103c-4464-be1a-5823ae61c071","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":153,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"16b8e871-0a14-41cc-acba-575e8843865c","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":153,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"e974dddd-8e14-4c7d-8daf-4244efd98f97","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":153,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"d8a9841d-03e4-412f-ae9c-ba67baed4c11","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":153,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"c54c2b4a-b025-4930-9913-56ecffd2f1ed","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":153,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"b5a76921-5b10-4d7f-89fa-073938ade195","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":153,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"b4bb5350-9566-40b3-94ef-0fea229507ad","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":153,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"2b4087de-7d78-47f0-a5d1-1e69e51c8fb8","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":153,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"bfcbc0bc-46af-4c6c-b88d-daf670b25022","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":153,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"acb6f483-6fbe-47e3-8136-7d46ceca5423","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":153,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"cc96451f-2ea8-4d10-ab36-924c7022c1a9","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":153,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"a038a13a-bf1d-471f-9aae-0970425375fe","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":153,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"1828ec81-2da9-45aa-8f46-238fbd1d01f0","block_type":"box","text":"“Investor C Conversions”).","page_number":153,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"c6fe335b-1f58-4b05-a9d1-cf3eca322b42","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":153,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"9fcd6b9d-e34b-4df2-ba0b-198fcd34fdd5","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":153,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"0598c665-3f90-4d6e-a402-16f3c66d0710","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":153,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"59d3ee18-7442-499e-8058-528dcca2b729","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":153,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"f29ae5a4-9bb3-401f-b4cc-4afef5c6f2c3","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":153,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"5aadd708-4a79-4e39-b907-4f54754239dc","block_type":"box","text":"II-104","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e7c420a2-0bb4-4e9a-a8e0-a2bdcc84a4a9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d82cae42-fa23-4883-823d-c9d9d622c065","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":154,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"4cfa9ce4-81f8-4daa-8820-7d2130103308","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":154,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"1e4423d8-bfcd-4787-b4cc-219183a33cfc","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":154,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"f64873ee-6402-452e-b2ed-43963899505e","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":154,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"accbc530-1ea3-4805-b2e9-a0aee835e2de","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":154,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"9a4c967f-bf80-434c-af32-1d63bcc7b113","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":154,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"52e19621-a37c-4e2b-9340-da7072f13fe8","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":154,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"fc2ad4aa-83dd-4c7f-9f30-428f7cdbe02a","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":154,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"ee91addb-efb0-4ed3-b8e5-a91499e2bb6f","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":154,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"78fa8ad8-be6d-4306-b333-c5224f8f6ca2","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":154,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"e1cbf2d2-d65b-4c4b-bf67-2d63a9de9ef1","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":154,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"7050cfec-b884-4b0a-883f-608f8f280c6c","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":154,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"4991a5d8-f2b5-4c9e-a119-a492380d57b2","block_type":"box","text":"redemption.","page_number":154,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"b29410bd-a158-4d09-8e2f-3ef1533aebef","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":154,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"c2ed5c7d-4703-4c0d-aca3-1106781ae9ea","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":154,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"b54f5a31-4e0e-4ca4-beb5-f028f036c3a1","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":154,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"8f2640b8-9fa4-4f01-ac2c-b13a562d2fc2","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":154,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"49b4ea69-b3df-4f05-ab0b-1e78207f2288","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":154,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"c4975670-c5e7-4695-9b7a-65a54f1f7b66","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":154,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"6a46b81e-04a0-4ec7-95fb-f263a24a17bb","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":154,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"50dacdb7-0d4d-449e-9e6e-b9e8092ad0a8","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":154,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"99f4f41f-482c-45e4-984c-c54196c086b7","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":154,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"70aafb78-189e-4274-8be2-cc1133531c79","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":154,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"a1844af1-b6f1-4031-b64c-30d46bbc8200","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":154,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"dc44b8ec-7b0c-4070-83e4-6239db54ae3e","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":154,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"b31b6409-acba-4e02-acbb-5314b694ebd2","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":154,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"4d6fa41f-fb2a-4642-bff1-0b9f068eac21","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":154,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"0237039a-782d-4e6e-b0d3-499ed2483a6a","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":154,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"19197b9e-99ae-4382-ae62-a53baf35a3de","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":154,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"a5e9fb66-5b79-47c5-8281-542e6a4a0680","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":154,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"482cc45c-d975-48b7-8a87-fa723b6a1d65","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":154,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"ffd398f7-a6c3-4f8f-8512-3e63a663e759","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":154,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"5fc0fc61-ac4d-4179-99c8-d2c0bfe6525b","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":154,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"4ea6183a-fd61-49f3-ad93-c4226953f5f1","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":154,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"d2283732-2da8-4e03-afd7-7438e761c9c1","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":154,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"3ac3219b-1d0e-44df-8d68-44de664ea26f","block_type":"box","text":"Class R Shares","page_number":154,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"bf5e86ed-3994-4d42-994f-7104ca789057","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":154,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"5158296b-0f1f-4f2b-9bd2-0b87c6a22c97","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":154,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"2d51e5ae-d087-4156-96e7-191d414721a3","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":154,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"e757037d-a286-4594-b917-1a2cd3e3655c","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":154,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"26895289-c28b-4598-89d2-d6d68fe833e0","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":154,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"fd572833-a80e-4dd2-a5a9-237b37189c10","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":154,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"f12ba18d-ee69-46d6-b4da-0e9815d8463c","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":154,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"21491f12-6e9a-4716-bb99-4c176c641eb1","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":154,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"5775da79-e424-489e-b607-93156cfb7411","block_type":"box","text":"Class K Shares","page_number":154,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"793a732f-892b-4e68-9e86-0fc9c938dbd5","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":154,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"42b06adf-8043-4d88-a72c-13e64f166024","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":154,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"11de1c95-a606-42d1-a757-c13bcfce7f9d","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":154,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"fa776530-4b7d-4d34-aaa0-7f264419d5de","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":154,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"e048b9ba-3d6a-4c6f-a25d-0abb74b8bb08","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":154,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"cb610134-1f0d-4790-bd2d-af5bce2510c1","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":154,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"3cee4002-1dc1-48c8-9354-4596ae23e123","block_type":"box","text":"II-105","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0a4a68f7-e0ef-43e9-900e-f37ac559ecb7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6f66eb5-5f3c-492a-a8ab-dbe78e3b6fab","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":155,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"0404d60e-c771-46e3-8470-08fc8af1500b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":155,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"c66f0772-d2a0-4e60-ae39-dc2ca436ed01","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":155,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"9527eda4-0b50-414b-a408-b34c387e98a8","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":155,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"24346588-95eb-4167-b6af-d9aad0f51374","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":155,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"98c1a97c-295f-42c9-862e-73c62583219b","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":155,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"c997a70e-c368-4865-9094-ac0d580195d7","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":155,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"191039f9-2975-45e9-938f-44d515756e21","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":155,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"7fa4bcc6-5e53-42bf-923a-3d0d6141a0ec","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":155,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"c9d0064e-f061-4303-9dd5-555464254964","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":155,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"ea04d619-55e2-4d04-9d7e-cc21685a0afe","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":155,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"8793273d-e8f6-45a3-b596-07153d6e55cd","block_type":"box","text":"distribution and marketing agreement.","page_number":155,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"f551f13f-0dee-4c83-9af2-18199ef94c1e","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":155,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"7d811083-ae04-4dc0-b03f-7796fca4dce3","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":155,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"26215866-6062-4e57-87da-07b3267f7e59","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":155,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"950071b6-9f10-4a24-b70e-f6bc99c34c9f","block_type":"box","text":"Class G Shares","page_number":155,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"ba660ef7-e634-4343-9d41-af95fc05f34a","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":155,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"b8afa96e-9b9f-424f-b1b8-c36259d6ecc0","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":155,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"c6ca60fd-b23d-4be5-b329-2bf325f3a12f","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":155,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"87af8b0e-8ad5-49db-92bc-0160673d6308","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":155,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"4a3be912-32a8-406d-b0b7-7978075dadd4","block_type":"box","text":"eligibility requirements.","page_number":155,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"04e6dd11-b44d-4f48-91eb-8f782264d830","block_type":"box","text":"Service Shares","page_number":155,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"251fc9f6-8731-42cd-bf54-8ea31c4fad34","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":155,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"7f8aea89-2346-4a4b-a1e7-5870751b1688","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":155,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"e3207b3a-2281-41fa-92de-adea26b4bbc5","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":155,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"9d6fe0c9-ca9c-4535-8079-044567e2d279","block_type":"box","text":"®","page_number":155,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"3037d891-47f4-47d6-87af-39754445de16","block_type":"box","text":"Fund in 1996; and","page_number":155,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"b4dcf32e-29d5-42a7-8ac7-24497a990a2f","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":155,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"43191949-eef0-4a4a-8d20-255667bdb1af","block_type":"box","text":"SM","page_number":155,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"505674d4-587d-4fe5-9035-88e0d3b67fef","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":155,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"c916c9e5-757e-40ec-ac54-08505bdbf99f","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":155,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"10cc5cd6-3350-41f4-b769-a01d95657ac0","block_type":"box","text":"BlackRock Shares","page_number":155,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"66b62b1e-909d-4bad-be2c-d92d4587338d","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":155,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"2c2764fb-45ef-4805-bf44-44ff49ffc205","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":155,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"b1f530e8-3418-4521-adba-3bd753285f11","block_type":"box","text":"fee-based programs.","page_number":155,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"aedcb65e-b696-4198-956e-b72751d5fd05","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":155,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"3d0294da-af64-4250-8fe8-64cc6fae493b","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":155,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"3514ee10-b899-469c-8fc6-afcb20089969","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":155,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"d60becf2-ca84-42be-98b8-06617cd7375d","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":155,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"006a4fe7-990c-4464-8ee2-5287a385043d","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":155,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"b5659982-a274-45af-a0bb-a0ff7cb458f1","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":155,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e68f5772-7b2e-416c-b284-aece83eeade8","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":155,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"31a5935e-c709-48f4-b1c8-ffc4437b6fc1","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":155,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"7349f271-2edd-4d61-98a1-9a427763359c","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":155,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"b61eb336-8539-4adc-b366-495f4caea595","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":155,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"53f15fdf-6353-4a6d-bb14-14aa0f190477","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":155,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"952c27a5-b4e2-484f-ab19-f498dc9e4664","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":155,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"28dec05d-0084-414c-91dd-3407693a5604","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":155,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"3a7ec198-e586-4644-9194-dbc0fb708949","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":155,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"31b08f9e-f1b9-42e0-afa2-ae1a6952cf18","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":155,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"ad147e05-7acd-4d27-a536-bce63a760c06","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":155,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"e6946596-bcf0-4067-9dd3-ba57a0c0691a","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":155,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"046b3959-b272-4909-91b2-5ca79975b3fd","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":155,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"c19f0879-cc50-48c4-b15c-4eb43af0d031","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":155,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"f6f986ed-d331-419b-8b95-1f4ce3543993","block_type":"box","text":"II-106","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6031e2db-b91b-44c0-a072-a9b4a1e68dfa","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b46e6f1-3bcb-4658-a631-223c401c58e3","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":156,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"52514342-fc58-498d-8634-879342a9a910","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":156,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"c2fbbbbe-20b2-47d9-80e1-f3d890da044b","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":156,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"4db399a8-e497-4c45-9fab-151d639e9dd7","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":156,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"c58ca6e1-5849-4601-be6d-7274671491ce","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":156,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"a42c088a-b169-4eea-a60b-0de11a165355","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":156,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"160d248d-c4a0-4de2-bfaf-38ded1a80731","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":156,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"9e52e6b8-9b4f-4e09-bef9-834b3880d30e","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":156,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"fa0ac2da-dc6f-4bc9-846f-4c8c1addaa6a","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":156,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"6ec7ff70-f58e-4847-b133-f4084924f2d2","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":156,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"5118c955-5b82-43fd-883c-6941bc6eeaef","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":156,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"7f0126ad-2240-4a4d-b20c-f72e52370d73","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":156,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"02eb4719-2a20-44e1-b27e-51ec746ff571","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":156,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"00a03482-a496-4cb7-a942-1ee577efbcb9","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":156,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"79ae0efe-e413-45a7-991b-c84256624352","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":156,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"d6afc06f-ed31-4716-a427-5f89221b6d58","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":156,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"37243224-fa41-4686-8ef4-9acbe8c40731","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":156,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"03cde175-8c02-44ea-a58f-b66692dba5ce","block_type":"box","text":"compensation for selling different classes of shares.","page_number":156,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"75d0f969-158f-41ad-a3ed-6b4c84dab9f9","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":156,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"e8e4ee64-4640-41a0-ae33-ce7a20a90ade","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":156,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"b7097051-063f-49d2-97ee-a19ebbdc802f","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":156,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"2a2b5754-2e8a-4281-a565-5ad9c250d1b4","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":156,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"e20f0a6a-8dc1-4d63-ac84-7b5df82a792d","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":156,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"41ccab9f-0443-4f2b-998f-9e4801c84e22","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":156,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"33f3162e-f680-4650-8bab-660976e296bc","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":156,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"ca2a0944-004d-49b1-902e-83d39f1a97a0","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":156,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"46d62f1b-1a48-47d5-8726-35ff43e4c6b9","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":156,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"fb1fb869-0563-4c61-9712-1f15d63cfe72","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":156,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"e7f2dead-b890-4e4b-b9e7-31db70e89037","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":156,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"f24ebc54-8d26-4768-bd91-24668b5b38cf","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":156,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"caac96dc-70b5-4afe-9bdd-939e2da11265","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":156,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"2b57c505-a068-4c9d-9f9e-180ce72c66b7","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":156,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"c4a5f133-e113-4964-a012-62759f81b6a7","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":156,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"89350020-847c-495f-a709-a4d9a5f1c973","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":156,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"3b39daca-efc4-4cfb-95a9-4d404ab05373","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":156,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"3156ce83-257f-44d9-ab7a-66cdcd6bf4b1","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":156,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"ad5bda02-8f00-4e69-b543-f1c45e286e20","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":156,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"e787aa27-c100-4615-8244-313e82dfcf54","block_type":"box","text":"easily accessible place.","page_number":156,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"b0c6d525-b181-4298-865b-d138693be6eb","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":156,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"f749100f-b605-43d2-b85b-f47079eeea25","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":156,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"5716a08c-65d6-43bc-bda3-5da5c9fdf550","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":156,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"c4198f0b-c28e-4822-82f0-866ea28c636e","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":156,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"45e9e7fb-4089-4661-adc6-6496d0e7b540","block_type":"box","text":"fiscal year.","page_number":156,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"24aeecf0-c1b6-453e-87f4-52250e919f7e","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":156,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"fbd1d564-5fc4-44b2-94fa-b26928cbbfea","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":156,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"376fe5c1-d9b8-468b-a1d2-315a924d83dd","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":156,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"dcb1321e-7cdf-4acb-a7bc-5e0957306537","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":156,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"29425b69-40a8-408d-93e4-28ea03f8ef5f","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":156,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"842a920d-8e15-4905-b86d-e4e3558b1753","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":156,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"da089bfb-13c6-4711-8fc8-53f98ff2267b","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":156,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"eb6bacc4-a10e-4c80-83ad-c3268270821f","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":156,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"7e758e87-641c-4f1b-8114-55b8688fb579","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":156,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"63983f2a-48a4-4b94-ae25-7ebb5a7bdd56","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":156,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"0b236764-a916-47f9-8386-99fa8fcae149","block_type":"box","text":"II-107","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"206b0c0d-cd47-46b4-a942-3413d3e9be87","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"848f03ea-5cb0-453d-be4d-15f6d7369974","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":157,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"f87982b0-03ab-4a38-bb58-a172c6f5073e","block_type":"box","text":"and Class R Shares of your Fund.","page_number":157,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"2de1fe8f-dde6-4a3d-a08f-59720f509397","block_type":"box","text":"Other Payments by the Fund","page_number":157,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"ae6331c6-a32b-4342-933d-bb14ef742054","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":157,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"bee888d5-8cda-4843-bfbd-91edd4cb6c4b","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":157,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"ad7911cc-aba4-4f99-b5d4-ebc9922deab4","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":157,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"2b191842-9414-49af-8be8-0695615c28c2","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":157,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"6c7b32a3-1558-404b-9ae5-331eb1960862","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":157,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"4eafc4ba-0e05-4c0e-bf31-ad30745977d4","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":157,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"20cc279c-1551-4266-bd0d-ef8695ba8a18","block_type":"box","text":"of these payments may be substantial.","page_number":157,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"d3e3e8f7-b9ea-41d6-94ff-6fb34a554ad3","block_type":"box","text":"Additional Payments by BlackRock","page_number":157,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"0b5ec72d-5557-4ed2-a66d-4258f4ec7fe9","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":157,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"82741a1c-51ca-4049-8a80-3f372f095eec","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":157,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"c81270d0-f5ce-4db1-b6b2-26da3d663085","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":157,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"7b45599f-04a6-4bb2-aa91-dc13a4dafd79","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":157,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"9c2d2f73-c55e-469e-8ea9-17a9f9567ec5","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":157,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"4da6306e-9b8d-4811-a1e3-44bd21e0a2e7","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":157,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"c90df7e6-36d4-4f52-83f7-36f99521a946","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":157,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"d3788717-e30a-4f6a-939c-83c64e82e4f1","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":157,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"a6848a46-a751-4771-a6b0-c18dadd2db06","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":157,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"f07628f2-0536-4af7-a308-95ad9153f421","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":157,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"1f51b422-ec0a-49c4-ace3-d681d0497da8","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":157,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"48da6ed2-c6ad-4ee8-8ffb-d697e49bdda6","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":157,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"bfa4d23a-b90c-41d4-ab4c-ce442476955f","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":157,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"276b8dca-69d4-4f31-a568-c3ba8b6b5378","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":157,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"2adce7f7-eb70-4304-b819-85a76d0b8b7b","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":157,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"0bdfea03-3d77-4f1a-8b99-730cc8c9e292","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":157,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"aa79d098-ea5b-42f3-bed4-d1a7318e42d2","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":157,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"d0c81f11-0758-462c-94e3-6dbdc4a80add","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":157,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"614095e8-9617-48f6-9e8a-1fc627bd208f","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":157,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"f87e6984-46e6-4ba6-8109-92c2ec25b33e","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":157,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"8d10958a-98f9-4295-847b-b93ed51ee33f","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":157,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"975361e0-dc22-46f9-92c8-bfcaed459d84","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":157,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"69ed31f9-4198-4d54-b8db-c2e1d0c7e9ff","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":157,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"da5aa161-5b1e-4f82-85c8-874501cf2d7a","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":157,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"70f22422-792d-4319-983a-c3b81372d8cf","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":157,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"298e9c07-d612-4254-88f5-b8c7a01bb274","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":157,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"a2ff950d-87d7-4cf2-a47d-b672ef6906b0","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":157,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"cc7042b1-9b2a-4d8c-806e-f2e2a99713a9","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":157,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"d4647618-9ab8-44f3-a8b9-4b7e2ff22994","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":157,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"3282a086-9854-4d86-9ba9-7d04b3c7a138","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":157,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"35d8d4f8-d88f-4278-b2d1-7b42e41807d8","block_type":"box","text":"Funds.","page_number":157,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"ba4e41a5-887d-4d5c-9fee-285432aa0c35","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":157,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"d8c562dc-d0e9-4fd0-94f9-1405162d4195","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":157,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"0ed6e1aa-6f0d-45c1-b2f5-6db097495a2b","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":157,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"20fe7a98-4986-4ef9-b00c-f5dcc8210645","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":157,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"f1bfbf57-0676-41f1-80c2-13825cbfd757","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":157,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"ce810652-0e2f-4bd6-ae98-ece12296d62a","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":157,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"be8c94c9-38ce-46a8-aa6f-f8726f751532","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":157,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"fcb5b86f-7fc6-4aa7-ace3-b04b9d42cf7c","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":157,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"9badd0f8-acda-4a91-9891-64c497a3bd69","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":157,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"2bd874d9-e207-4089-ac92-4afad1f0e625","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":157,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"71e81ff9-95ee-4dda-8637-c4363afc1454","block_type":"box","text":"II-108","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d6fd49a0-62e9-45bb-99b6-35475f385daa","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a861ec97-47b8-40b7-9424-388fde62963a","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":158,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"15aef5d3-a5dd-4f25-9286-6db224273695","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":158,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"dcce7be4-8439-40a1-8e34-e208433ce64a","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":158,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"61c76c59-75f7-4f8e-9871-5b2c12f2788e","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":158,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"74fb5f0e-2a72-4345-b52c-be5ada757fcc","block_type":"box","text":"B. Shareholder Services","page_number":158,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"52a9f173-a9a8-4f29-a510-9780b9a011f1","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":158,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"d51ac3bc-04ae-4993-a236-af0efac1a50f","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":158,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"9af5a20b-dd89-426a-bdbd-61df44cbcb6e","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":158,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"8d817d5b-437a-4ea0-bf6f-01770fb4683d","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":158,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"cf702fd8-2660-45f3-ae02-b0a3deff0a8f","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":158,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"dd89313e-ae6c-4c62-8f00-20851f980ee1","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":158,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"d6e0d92b-234f-45a1-8163-4c398323e8b1","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":158,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"b786a8ee-bd10-4ff0-bf46-885bd8a15f98","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":158,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"59c7ba87-0cd8-4774-a421-1829fb5817f1","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":158,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"4ccaf9ca-ca71-4247-acbc-a9be3378d29f","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":158,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"1ff4318f-0390-48df-ae5c-7c9c488ac310","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":158,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"7bbe764f-b240-43ee-bf99-3cdb6de1fd11","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":158,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"792c8197-25f4-45dc-8211-debf78be004c","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":158,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"c6b7ac10-0aa2-45d5-a0ff-de12d2e1633b","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":158,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"3268e1d4-79cb-4402-a36d-b689b839dfa6","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":158,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"0c679437-b32d-4086-919b-434374f997bb","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":158,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"99037a6a-62d4-45fa-904d-2a7353652973","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":158,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"5f8519c4-67ac-48f6-98f6-8af0f9780fba","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":158,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"2d8c7379-d381-4875-871b-958fdd568bf2","block_type":"box","text":"payments and to obtain further information regarding any such 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BlackRock may pay Service Organizations additional types of incentive compensation","page_number":161,"box":{"x":69,"y":651,"width":823,"height":11}},{"id":"9522a621-bfbd-4576-bbf5-739debd5be45","block_type":"box","text":"in the future to the extent not prohibited by applicable laws or regulations.","page_number":161,"box":{"x":70,"y":666,"width":526,"height":11}},{"id":"773dbaf7-d252-43a3-8eb2-c55d13b80fdf","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital content that","page_number":161,"box":{"x":102,"y":689,"width":797,"height":11}},{"id":"0676462d-8291-4305-a845-20e6e2ff5548","block_type":"box","text":"is made available through the www.BlackRock.com website at no additional cost to Service Organizations. 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To","page_number":161,"box":{"x":69,"y":892,"width":835,"height":12}},{"id":"7e9e8342-1c08-40b7-86bd-ec07484402a2","block_type":"box","text":"II-112","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf901c83-fa5f-469d-93a9-68a4984db4cb","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60fc39f0-1aee-4a68-b11f-71c7f7fb7086","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":162,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"50c2a837-c8e8-4db4-8258-456b59de801f","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":162,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"6e7c91d0-18e8-4c25-bf69-94165f09204a","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class or fund","page_number":162,"box":{"x":102,"y":82,"width":774,"height":12}},{"id":"2e4997c7-1316-4b0b-9640-eb457e2178df","block_type":"box","text":"complex over another. 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Such charges may vary among Service Organizations but in","page_number":162,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"11bfb16e-cffa-4cda-be6e-c086975f507f","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":162,"box":{"x":69,"y":143,"width":723,"height":11}},{"id":"aa08b9b8-3d14-4b29-9284-7499281a5169","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":162,"box":{"x":102,"y":166,"width":759,"height":11}},{"id":"e1d7a146-acc0-45eb-a039-dda927a6c03f","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":162,"box":{"x":69,"y":181,"width":760,"height":11}},{"id":"b1cce53c-c724-4945-b7d2-d59a4db39094","block_type":"box","text":"appropriate.","page_number":162,"box":{"x":69,"y":196,"width":84,"height":11}},{"id":"4c8a6653-ea45-4bfe-ad0b-a31a8cbfec5d","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":162,"box":{"x":160,"y":196,"width":738,"height":11}},{"id":"3d27e061-b073-4478-b46c-2b4ca0afaa1b","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":162,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"88a10d78-d4c6-4a24-afe3-0c887ba430cc","block_type":"box","text":"described above.","page_number":162,"box":{"x":69,"y":226,"width":122,"height":9}},{"id":"cc8b05ef-8418-41cb-9780-980ce3b83b02","block_type":"box","text":"REDEMPTION OF SHARES","page_number":162,"box":{"x":385,"y":256,"width":208,"height":9}},{"id":"ee494614-dd3b-491c-9177-b1dec910635b","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":162,"box":{"x":102,"y":278,"width":798,"height":12}},{"id":"02763aaf-6b62-4dae-881b-56c90090e4eb","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":162,"box":{"x":68,"y":293,"width":817,"height":12}},{"id":"1dd7fabf-3543-4c06-a42f-4682be9fbc2a","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":162,"box":{"x":68,"y":309,"width":840,"height":11}},{"id":"a6b0ef52-e7d7-4aad-8ce3-0f139322a4c5","block_type":"box","text":"or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining","page_number":162,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"a73cb113-46a5-4d20-9560-bdc47d689b2b","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s portfolio holdings at its discretion.","page_number":162,"box":{"x":69,"y":339,"width":829,"height":11}},{"id":"43a31102-5c47-4224-adcf-4b3212d902ed","block_type":"box","text":"In-kind payment means payment will be made in portfolio securities and other assets rather than cash. If this occurs,","page_number":162,"box":{"x":70,"y":354,"width":834,"height":11}},{"id":"8f70386c-8040-49f7-b1a3-4ae6530c5481","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to convert the securities and other","page_number":162,"box":{"x":68,"y":369,"width":793,"height":11}},{"id":"09c09e34-94c3-4ec5-a763-efb47312958c","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata portion of a Fund’s portfolio holdings will generally be distributed","page_number":162,"box":{"x":69,"y":384,"width":834,"height":11}},{"id":"d2d2522c-ee42-46ee-9761-383d12a06279","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under certain circumstances, deviate from pro rata redemption","page_number":162,"box":{"x":68,"y":399,"width":838,"height":12}},{"id":"9cd84d8c-5b47-4e24-bece-c1f433d5c7b0","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of portfolio holdings and","page_number":162,"box":{"x":70,"y":414,"width":818,"height":12}},{"id":"adf28e29-2834-4243-8851-72f79a8fbed8","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":162,"box":{"x":68,"y":429,"width":831,"height":12}},{"id":"3b0cf3ac-e9f2-4556-8ffc-e78f3c682f14","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":162,"box":{"x":68,"y":445,"width":828,"height":11}},{"id":"f486d742-4be8-455e-9ed4-a85466248991","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":162,"box":{"x":70,"y":459,"width":826,"height":12}},{"id":"8136e0f7-160a-4926-b05f-4d7d99738324","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":162,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"db03a230-26ff-49f4-b9c7-e9bb95805789","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":162,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"6fd2e8d2-819a-41ff-b168-0078e8923893","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":162,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"5fba4f26-7288-47e4-ae69-92e81037b104","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":162,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"f25d0750-b702-4dba-af3c-96bd21202a89","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":162,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"273eb124-e633-4eb1-b0de-987d47d700f9","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":162,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"e5d812f6-f63e-4dc7-8fa2-f592e027a503","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":162,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"952f9547-cb59-49d7-86b5-71c47ec812d7","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":162,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"17987c98-fcd0-4572-86fe-147632b58b9f","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":162,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"1eadc33c-cd96-4782-b7ab-c93542de8a43","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":162,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"d57fe131-0d60-434d-b8e3-6a609fc497ea","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":162,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"5a78f21b-30e4-43a2-9ada-b6b66e0ac9dc","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":162,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"c83a8bd8-c509-4c18-bd98-2a20ccfe8511","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":162,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"ff15075a-193d-4a58-8097-214a478b5ab4","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":162,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"5360e0b8-1e33-4b83-bbbc-4fff8c7c6b3d","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":162,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"4d5da119-5b16-4569-ae35-72ecccc84a30","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":162,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"a054e1ec-51f7-452d-aa63-2f41f78ea886","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":162,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"63a1f48c-9174-40d8-b329-a163e2f97d47","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":162,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"134074f1-5598-4c98-849d-052353767d1c","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":162,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"39908fb6-b968-44ed-91e9-ee4f35cad8d7","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":162,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"dcbd65de-b9e9-4475-849a-8dc7c015119b","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":162,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"136b43c4-2a77-46db-b9f2-e90b016992f6","block_type":"box","text":"Redemption","page_number":162,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"1db0b47c-70b3-4542-96a6-3b9c828cf27f","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":162,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"ba8033f0-74b2-4167-908f-e60969d200a3","block_type":"box","text":"Redeem by Telephone:","page_number":162,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"33ce4d92-bfec-414c-a4f7-16e791a066c5","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":162,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"3dc84fad-e287-4d6e-9165-1a912429d417","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":162,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"3507b504-3bba-4d12-b15a-efc3fcd09083","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":162,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"17fcf015-bbf3-4cf6-a76b-228e12728c29","block_type":"box","text":"II-113","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4ee2f63-5172-4583-aff7-a68b5c3b56ea","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"456db943-5c54-47b4-a6e3-03aa186045c0","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":163,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"c2aca2a1-2d71-4145-8058-e3b67aaf77ce","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":163,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"1da5cd22-ba4a-4ff3-bca4-336d117d76ac","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":163,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"70a9578d-079f-4bb8-b4b6-ccbf74f8b67d","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":163,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"ad463ce7-ff0d-46ef-bb62-6f21f1d1bada","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":163,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"09a8092e-47f7-4b2c-8cca-a5782593908e","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":163,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"109c4ea7-b722-4d8c-a606-05125d0f3a9c","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":163,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"78b9e277-b25d-43cc-a7a0-58a419cef5ee","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":163,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"0242e5a8-6c83-426b-8ab5-2a7be35854d2","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":163,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"e0c2cc2c-f1e7-450b-9a67-fd40403288df","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":163,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"90f48a3b-9f2b-45ff-8649-54e7cf93c323","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":163,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"e82fdffe-6ba2-4f2d-b826-10a8fc0f179c","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":163,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"8523ada5-cb33-4725-b106-51c0bca72b0d","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":163,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"1143dc74-96c3-42d2-97f8-282803cf76ad","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":163,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"65613004-d696-49c1-aced-0eee179dcb20","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":163,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"0486f8dd-5281-4443-a9b6-b77e2779cd5a","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":163,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"7a371225-d304-4407-be9b-6644a2f163ce","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":163,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"5681643f-3685-4f8f-9d01-74852e0435a2","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":163,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"88ed4bac-d110-4896-b5c4-a3ddd55d07e8","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":163,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"af9585f7-7315-432d-97dd-f1a27f43c9d7","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":163,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"3b80a5c1-d2ab-4f63-96c0-4d743e2154fc","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":163,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"67972d4d-9009-46c5-86a5-f394693d18b8","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":163,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"c1389e71-39dd-49da-a365-9ded551d6992","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":163,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"72aea285-b5cf-42db-ba27-095e9e7f9040","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":163,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"3de5a0db-bdda-4fec-856b-d8253a5131d5","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":163,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"c130c264-1e70-4be9-8d88-0c0a1c3ada94","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":163,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"da19ae12-2ff5-4aa7-86b3-238501b557cb","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":163,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"85b688ef-432b-445f-9016-892d0de4f7a4","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":163,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"546d7616-1e13-498c-a2d8-7c3f2360788f","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":163,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"941d4a78-9834-429d-b007-97bd018501b0","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":163,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"abb97082-1fe3-4544-9ba4-b68d19ac6e80","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":163,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"a7ddec16-2740-4a6c-9427-c054cc0f5679","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":163,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"9b30dbab-31f5-4e1a-952b-7a10b750a02e","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":163,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"fc3b5200-3e7d-4a7e-be54-658e9fbf9d55","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":163,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"936dde01-98f3-40d2-bc2a-3d4c1a2fb5ae","block_type":"box","text":"Redeem by VRU:","page_number":163,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"c8173d0e-d97e-497a-86f1-4411dbaacb4c","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":163,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"1b1e34a7-6633-412e-aa5f-4e3324d67051","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":163,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"74b5c741-e942-4174-9c4c-a895d6ff25d4","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":163,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"ae934696-c3de-4f81-89fb-1930958790f7","block_type":"box","text":"Redeem by Internet:","page_number":163,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"832d32ba-5096-41d0-9dfa-03f9c24024a4","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":163,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"a58f9d4a-b91b-4216-b1ff-01ec910c7624","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":163,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"9c3f676f-7477-42d4-85fd-7f1df2f0aa32","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":163,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"19d9a910-53ea-43d2-b001-8d265fdbbb3e","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":163,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"5ea2c154-f2ac-416a-bbff-5de22f58d7d1","block_type":"box","text":"institutional investors.","page_number":163,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"5af4702d-b6e6-47ad-bf4c-9fd3dfe53993","block_type":"box","text":"Redeem in Writing:","page_number":163,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"24fc7916-c2df-4f44-97bc-de32be50634c","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":163,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"c4fa9e17-f7fe-43c1-9b35-27c749894eb1","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":163,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"fe44cdb2-8caf-4fe1-b5ca-42fd727b0ce4","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":163,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"52779bb3-615d-460d-a856-977c4495c2f4","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":163,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"8fe02ac3-7891-4e54-9e2e-8e434ea739c6","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":163,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"b53eb570-c10e-468b-a52b-1e373d8f3a29","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":163,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"dd9e6b07-f313-4637-bd18-af3ac654ef46","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":163,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"c1dc785a-240f-4add-9a6f-2bc28bb0206c","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":163,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"581f9428-d524-4d67-9b19-2a25a431673b","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":163,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"3865f43b-41b8-4d0e-8325-6b3c8fbe9468","block_type":"box","text":"the bank account of record.","page_number":163,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"0e9aaf59-62ff-4fb1-918f-d14c7bd6ced2","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":163,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"f5f876b0-0193-4b76-bf5e-a08174859261","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":163,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"2bd803d8-7b08-49de-baed-6dd8642d016c","block_type":"box","text":"II-114","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e205b32f-eb2c-4d79-a611-c71a223d387c","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"190a490a-444f-47f6-ac56-863a4d060d02","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":164,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"3ec26687-865e-4d52-b4de-3d4f074c2c2e","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":164,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"ddd69ec7-2044-4f2f-a6f8-e9243cd520ee","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":164,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"391b122b-50b8-41ab-a929-724b0c90e55b","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":164,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"692bb053-835e-4bb3-9dd1-c5347e28cd96","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":164,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"540b3103-839a-478d-a2c0-3edc15bb4d37","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":164,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"0e5cc218-3afe-4e1a-8730-b929428079d9","block_type":"box","text":"redeemed by the Fund.","page_number":164,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"29bbc3e0-8ff6-4da3-84f2-f9256e703a4c","block_type":"box","text":"Note on Low Balance Accounts.","page_number":164,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"063dfe0e-a78b-4e54-b509-e3813728aa08","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":164,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"b048624f-4f4c-4592-953e-90d11fdd01e0","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":164,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"1dcffd2e-2a70-4bcd-ac18-ab28d22986c8","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":164,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"9ca01ed7-a359-4538-9905-fef45b5a1275","block_type":"box","text":"for any reason, including market fluctuation.","page_number":164,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"c062062a-941a-4103-8d7b-94d58c82381f","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":164,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"907b7735-134d-4299-8a48-75f88c539f04","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":164,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"a3d41889-8449-473b-82d8-6d5d529d8e34","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":164,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"e4f1cb9b-fde4-407c-9045-e4e6e362fc7e","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":164,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"7cc812a4-ed3d-44c6-9dad-bb2cf1bfe0e9","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":164,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"60a89ebe-a7d5-4aa8-a48b-867e122c830b","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":164,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"d6ef3ef7-5954-4a71-8f25-451766ceace1","block_type":"box","text":"Repurchase","page_number":164,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"04561122-a75d-4eb5-bc78-ed1c56855125","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":164,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"7053ce13-f0df-470e-95aa-20b575da0ddf","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":164,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"77a1a599-6c82-41b4-858e-cdfd21800316","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":164,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"c13b3b03-726f-444f-996d-36fe77b6d478","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":164,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"ecc50580-468b-4a95-aeb6-6eba6a3780df","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":164,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b34182b2-19f5-46fd-bede-2017e603d505","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":164,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"d33e74e6-83c5-4c7c-bf07-5d320444d297","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":164,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"65e1ec60-bd49-445a-a4a3-eb636a6596b4","block_type":"box","text":"next business day.","page_number":164,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"54162bd1-032c-43a6-b466-a40cfc9f274e","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":164,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"f6a3a0fa-a9c3-4c9e-bafd-377925d17161","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":164,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"5554de0c-bf9c-45ac-a177-8c96e331a1ac","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":164,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"28e36dcc-166b-45ff-abe3-6bea05fac903","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":164,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"fdb57d74-f473-4ec0-9e0e-572f3f3432ff","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":164,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"f79c3aa5-5753-46a8-b341-6f14d89a2834","block_type":"box","text":"redeem shares as set out above.","page_number":164,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"02fa7e10-cf07-41b5-93f1-43988b04725d","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":164,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"e4954303-b210-4652-9a06-f7158257ff08","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":164,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"e4eb1f77-114c-405e-935c-4291f891f335","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":164,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"aa07544b-9076-43b1-a8b0-ae332ee22f99","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":164,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"58f9e0d3-e4bb-4b15-a1db-5fe0a0ee02a9","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":164,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"e69ad4c6-e901-4802-853e-bf92a5fbbbb5","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":164,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"a9cf7179-d025-45c2-883c-d5d8b08c07ff","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":164,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"ae19c359-ff02-4f93-832a-ad5e1279b69a","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":164,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"560baae7-b604-44c9-ad69-c07509f4a6e8","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":164,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"d7d1e36a-3465-4461-845b-96519e0fc98d","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":164,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"90cd575c-cb1a-43ae-89a8-992f48559b86","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":164,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"66d875db-a26f-4668-ac10-962f3ed40fb5","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":164,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"941ba6a1-5d6f-43ab-bcf6-2f792230c27f","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":164,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"7d7cfe1a-7819-4fcf-b465-42e0ed8b20c4","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":164,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"d07556bc-1ae1-46e2-8943-8ad32ce9b134","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":164,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"3702bb07-1145-43e1-b23d-dbed51d02660","block_type":"box","text":"II-115","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ff036091-76e7-4aa6-afa5-19eabc9ae609","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97ea72d5-cc75-4ae9-97db-7b8276625fae","block_type":"box","text":"Investment Account","page_number":165,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"670a3a4a-39d3-4edb-a8b0-bfbddd2af3d1","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":165,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"0d284f13-4dab-47ed-b181-dbf9a0cdae1a","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":165,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"9283433c-3122-458e-b47b-00a20d30f928","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":165,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"aca632b3-1b8a-4bb1-9f17-7bfd73db19bc","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":165,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"84d559c6-a7fa-4e35-982e-a8ec4bea33ad","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":165,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"0e94cdb6-5c97-4129-adae-e63a91509aa2","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":165,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"e0f8bcf6-df46-45af-93b5-31c6d239523d","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":165,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"a561121f-f671-478e-b049-1a9f0eb6c7c2","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":165,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"e8daa2a3-5c22-471d-a0a4-597469865013","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":165,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"151c58b8-7d6d-40b8-a78b-da0053c153b2","block_type":"box","text":"automatically at the Transfer Agent.","page_number":165,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"50747b6f-d17a-41b3-b6be-51c28fc6ca9d","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":165,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"422ae247-9390-4334-84a1-6405e706efd3","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":165,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"109c6dec-889a-4832-b9fa-84318a9a4d68","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":165,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"0faabacd-0ea7-420e-9cd2-b16554736920","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":165,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"354bbd87-aefe-4817-8775-d1c011b48125","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":165,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"ac2a485a-7727-4d0e-988a-474a27d4f842","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":165,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"48f0953d-3fb3-4bb8-91df-0a44d9a0b55d","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":165,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"f170908c-2091-4f17-a110-86a5cebde8be","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":165,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"97b8bb01-3391-48d2-8d6d-53d5c8ee48c6","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":165,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"c1828650-9c03-4b28-8ab3-a57a9e75794d","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":165,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"0683d805-1ccd-427c-af24-056c7764c24d","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":165,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"7e615033-9635-4a2e-ae0d-8f46304bbeb6","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":165,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"5be50fc8-4078-4191-a509-c103ec6f91f8","block_type":"box","text":"issued.","page_number":165,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"6832ffd4-17e6-4213-8473-a41b5e4aaa2a","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":165,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"7d524887-1e97-4b9e-963e-4cd357597d05","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":165,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"ce22564c-857a-4277-88af-5fc079eea14b","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":165,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"e5c1596c-1bb0-400b-828f-de4916b89205","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":165,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"04695b17-0c0f-4278-a6c2-ddcfa6e11ba9","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":165,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"2db8a2cd-3920-40fb-a35a-0b76e59da5db","block_type":"box","text":"Exchange Privilege","page_number":165,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"e5e45b86-63cd-4457-87e6-efca0ff0196a","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":165,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"428660ab-26f0-4521-85ea-a4a93991e24c","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":165,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"dd0279ec-3e85-42a8-8e91-edccfb27d898","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":165,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"0af42f19-2849-49c4-aacf-7cc11a50d764","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":165,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"fbb575fc-28b6-4bed-8937-6480b46b6b20","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":165,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"bed5fecf-40e3-4ad1-9924-984c8bd5e4c2","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":165,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"eea41646-a27c-473c-b86f-6c5f1796bdad","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":165,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"019be598-895d-46ac-a6b1-3e0c4fe8c225","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":165,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"053f75cf-765d-4f13-bec8-bd8d80ec2535","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":165,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"15272d94-19a2-49a6-9c13-17f2077918c5","block_type":"box","text":"Institutional Shares","page_number":165,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"a9765127-964a-4b89-af7c-7b378937ec70","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":165,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"f5810259-1d78-4fce-bd75-330131a3e845","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":165,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"489bd25f-0fa5-451d-8676-d574aa74f7f3","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":165,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"b03e7877-75fc-4c34-9680-64443927c8f3","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":165,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"830de5db-bc14-4005-85d8-d27f3549a842","block_type":"box","text":"for Class G Shares of other Funds.","page_number":165,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"8f1c5936-9b0b-420f-b2cf-a7d96ae6230c","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":165,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"3d7d9ea6-e796-4ac1-874d-015842546348","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":165,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"f984c7bf-ab63-4fe4-aab8-40d490cbdaf6","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":165,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"1f4085b5-ee21-4871-882c-ffe1eb26dc62","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":165,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"ec47f719-1555-4490-9ad8-f1a2e270b60f","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":165,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"bdbaad10-9a93-4e5c-b840-910c760bd800","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":165,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"fdaf15e9-afce-4a7f-9458-0ff49dccbb7f","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":165,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"5129b3c0-8b67-4814-9906-7a5643da5939","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":165,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"057edbdd-11fb-4dff-b693-369915c08764","block_type":"box","text":"II-116","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1057dc6e-a3d9-40fc-a0fa-ff7c68678aab","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"429cb3d4-1534-46d7-8629-860011a0cbd8","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":166,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"3d629728-4f95-49f9-853c-f9d0d0342565","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":166,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"18de9662-93fe-42de-b9ef-cdb5443317c8","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":166,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"f3bcf99b-77ba-4066-a629-116659ad0b16","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":166,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"fbb53464-a8a9-42a7-b893-fa6e409db6eb","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":166,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"cc1cf49e-518b-454d-b2c7-89c12a446b33","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":166,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"f2053e56-0bc2-4255-b432-4d116c3e6bf0","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":166,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"61ce9976-8690-4fad-8c35-7276edba890f","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":166,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"0793d1bf-d58c-4c2f-89fa-0a8ee5133e8b","block_type":"box","text":"Exchanges of Service Shares.","page_number":166,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"8e41198e-e05b-4b2d-8323-8d025c82652f","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":166,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"d687b375-f0b6-4dc7-b02e-78cc2139d6dc","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":166,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"9cdc99eb-dacc-4257-b384-718eed780979","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":166,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"83326584-21bc-4254-b96b-dd19bec5647e","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":166,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"5d8b7274-9d87-4772-8206-788cd90b159f","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":166,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"0ff013b3-45ff-49cf-aa79-f5e720575d86","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":166,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"21bf71cc-0640-4b19-b5ce-b4ae1f686e41","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":166,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"7ae4cd96-def5-415f-a67b-aeddc169e83c","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":166,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"c7deb1de-9c18-4b8e-bdfa-8bc6fd897c08","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":166,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"e87d70f3-0ec8-466d-9654-612df722bbd4","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":166,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"67820fc8-27eb-46f3-b1e5-7a87126386f2","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":166,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"338b6d7d-6fc6-4889-8383-e58d6811ef92","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":166,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"dfce4ff7-3fa1-4d50-a71e-333854a98537","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":166,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"b7fdc802-0350-44fe-b2f9-c0c7c3e4d4e7","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":166,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"00504b30-87af-46db-9ae2-e6e603a9f930","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":166,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"4ba26bba-064d-4b08-90a1-04e305ee3f26","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":166,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"9715ae19-9997-47fe-b08f-1ba82a774c63","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":166,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"1f2171dc-f4ba-4a49-bd00-5836a46a1e1f","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":166,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"6932604f-135a-4f6d-bf8e-3026f49b14f7","block_type":"box","text":"exchange.","page_number":166,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"7d5088b5-7538-4435-9bc5-36e2ac385d27","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":166,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"b114d6a7-0de5-48e5-9952-43d921871049","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":166,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"72dbe573-8a45-46c3-9772-a2d94a4808c8","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":166,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"ce3e68c0-b0b0-4def-a3dd-c10056129fde","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":166,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"b5fb0b78-b0ba-4ad3-b336-192765fb6268","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":166,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"047e8b6c-3ee9-46bc-8ded-2cb2700aad52","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":166,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"e90c0d75-5486-4693-80fd-99f468610f77","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":166,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"403ad3e2-73ff-422a-84d2-32343637a0f5","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":166,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"8aff5842-cb08-46da-b11c-f401415790f9","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":166,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"d71cad16-0505-4e89-9372-1c6515c9fce9","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":166,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"5f49a5f6-403e-4d92-a61a-6f9e98df8a76","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":166,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"a2c2d0fa-5626-408f-97a7-789eeb243723","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":166,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"adf197b1-7f1f-405b-96c8-3f5a0875bf5d","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":166,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"afee01c7-0d43-4def-9182-332e82964af5","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":166,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"85ae08c8-1dc8-477d-ad06-8f62f148151f","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":166,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"53599330-c732-4225-b099-dd093c3f535e","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":166,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"b9f9aaa6-ccdc-4fa0-af68-3ad93d6d301b","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":166,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"a0f9e882-6b27-4f9d-91bd-058c42d2da3a","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":166,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"8156ff84-2c02-4095-9ff1-76ac7cdf953d","block_type":"box","text":"Transfer Agent in writing.","page_number":166,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"39c799f6-c93f-4f43-8522-b430f2452331","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":166,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"0d9292f7-391f-48a7-aa6d-3ece7dd68d72","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":166,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"63347835-96b2-42fa-9a94-9bf57de2adcc","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":166,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"069bb7e2-21b0-4b29-85d6-cd347bdb2051","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":166,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"4d113e0f-bc1a-467a-b15a-5f07c012c562","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":166,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"20c3f80b-48e4-48e4-9986-7a40e0fe0d3d","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":166,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"2eb9be04-a4dd-43d8-8ee3-5ae1c0a88edd","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":166,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"ed63ba15-8fc4-48ce-946d-da4bf9f6c8d7","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":166,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"f1588baa-c718-43e0-81de-9dce3d5f02ee","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":166,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"6477c5eb-4390-4931-86e6-8b8b96d577a1","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":166,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"90600fcd-56aa-4408-8b36-05618d1c6bde","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":166,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"f6de8db2-7d18-4e96-895d-1c69e524a5de","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":166,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"01b3b638-83fb-476c-8b74-91a1a2a0702d","block_type":"box","text":"II-117","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c714f714-2399-4221-8e4b-ebc0545bd350","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22a21975-b3a0-47fa-b7b3-2130744e89ec","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":167,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"e51765a0-d695-402b-bd5f-bd71a88d48b9","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":167,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"872fecc5-a8b6-466c-b831-483471ad6b20","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":167,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b82f0468-a1a9-4954-9b0d-a3b8750521c5","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":167,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"bd9dfdcd-3814-47a9-a6e6-2444440db7d6","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":167,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"aff4cfca-d09d-4975-ad95-b5233fe25f96","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":167,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"a5ed5a61-ac8b-48c8-ada8-848bac0276f1","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":167,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"a7cd1fbd-067f-4fed-b30c-25f4f8185ba1","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":167,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"9fd28b22-8212-4152-a5f3-292b6813eec9","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":167,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"68520ea7-ba34-45c3-8986-b310ec9bd007","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":167,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"34d74061-cb4a-407b-b89d-e709b4f791aa","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":167,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"151314a6-26c4-4c64-abb5-b30f02a184ea","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":167,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"5115f3bd-cbda-4d57-8dbe-f97bdc0d4f91","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":167,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"171350fe-01c5-4894-ac53-aa4cc0c09d5b","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":167,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"18bf60dc-9b2c-4e6a-963d-6afb3e7c31a9","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":167,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"492d8b41-2fcb-42d9-87e9-dc54e9307b85","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":167,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"c5151343-9f15-4eb6-9047-a5595276a902","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":167,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"54bea465-d0be-46f6-b2ec-abcf6a00b622","block_type":"box","text":"may be distributed by the Distributor.","page_number":167,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"1c86aebf-3074-4f42-8a1f-6f0608dca1af","block_type":"box","text":"Participation in Fee-Based Programs","page_number":167,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"f9b5481a-1484-44e1-a894-8a77c5bb102d","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":167,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"da9614c5-9518-4751-978c-0b58dc00ffdc","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":167,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"346f998a-1f80-4856-bc5b-ac2ce54b6c98","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":167,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"e8458ed3-8554-43e7-b6d9-8d31308c7f68","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":167,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"71273ce5-8567-4b1e-a411-714c2bebee33","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":167,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"f011bf50-6a7a-43c9-8530-2d4e49605489","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":167,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"4b6158f0-2b3b-4d60-a87a-212c041ccb9b","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":167,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"d5f0b441-dc6a-446f-bdc7-d8cd21c3c7a2","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":167,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"c2fa3bfc-f00d-4cc9-a398-826b276beb97","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":167,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"0b09fdea-b731-4c10-9d22-fda1b36040c6","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":167,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"f58445f2-7080-48b6-ada4-6b517f254105","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":167,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"e85bfdfb-ada9-4f2d-82a7-571c3db10087","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":167,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"dbe695e2-b85e-404f-b64c-b4403eb753ea","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":167,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"1fbd5b6b-4325-4c05-a5ef-4880071abf61","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":167,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"673f2944-9cb9-487c-b1fa-2a841dacec1f","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":167,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"9bc9cd86-c3b7-4762-a3a8-56fdf59bda68","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":167,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"06026cbb-700d-4cb6-926a-a2c307905ea1","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":167,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"396c1491-fcca-4c92-a829-35338c21eafe","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":167,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"12988ac9-a922-46ab-a02f-e928bca940bc","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":167,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"6ad57eef-1ee6-4329-9c60-6038f7d0b393","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":167,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"f4791663-6012-4689-b49f-e708e4ecdd22","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":167,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"6e7eda6c-f1ac-417a-a4d8-eec9b3b760cd","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":167,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"76915f3c-e73a-48de-84d5-b0b5947e74bc","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":167,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"f97a5dcb-b6ef-4c12-bb31-cde9f29f3d1c","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":167,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"c1daf4b3-018d-4321-afac-9ea907cc33d4","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":167,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"dbce986d-5f0e-4509-b5ba-1482653e0e06","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":167,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"b0b2688e-f839-4bf5-9e2e-34c52f895043","block_type":"box","text":"information.","page_number":167,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"dc7194d9-893a-495e-b270-2fb3eaae3d79","block_type":"box","text":"Retirement and Education Savings Plans","page_number":167,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"a9dd8cfa-e6e3-4588-8d6b-ff7468b45a74","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":167,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"786ac5f6-6b80-40bb-82df-4861ebd7a5d0","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":167,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"1e6b956b-f33a-4d7c-863c-e5abbd4ba9eb","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":167,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"3dc1f213-d373-46c6-8ba9-f9d8f9666540","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":167,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"cdba44c1-8d24-4e02-8a86-4812df15c18d","block_type":"box","text":"your financial intermediary.","page_number":167,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"4b6c1bf0-a143-4458-857b-05f21d5632e8","block_type":"box","text":"II-118","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"10ebf618-d855-4e95-a5d9-c7552772d3e6","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac2e2082-1bd0-44e8-a813-176a266fc98e","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":168,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"194dfe1c-ff24-4b9e-9f06-4fc3887c5951","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":168,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"ff62fb81-e574-4222-8e2b-eae243c0b602","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":168,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"2e632172-3fb2-4964-a2c7-7f57405486b7","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":168,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"15d5e666-f383-4360-b46a-750d081f4605","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":168,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"5cdd7a50-a6a9-43f4-9103-1e76c30f0f3d","block_type":"box","text":"Automatic Investment Plans","page_number":168,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"9b33af62-764b-4397-bcff-2a5ee6910053","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":168,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"f547ad6b-12ed-42c0-bd0c-f524c81f2d8e","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":168,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"9e2a80ca-86cf-4fb5-9e6e-17af58c2a6f7","block_type":"box","text":"®","page_number":168,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"72509371-ecf9-4a29-8f45-d29163d94fdb","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":168,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"4dbe15a9-0fdd-41f3-9c85-d1d6f2b759c1","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":168,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"6e1741e6-e462-49b6-9fbc-3ca753830399","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":168,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"a2c1a337-baf6-4fca-af76-86487469aaa2","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":168,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"c5f9650f-df63-4dad-a327-09db0a19ca35","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":168,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"2a000d1e-2177-4a81-bab2-1c91dad810ca","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":168,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"016aa3b0-0850-45ff-87cb-b1549d279edc","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":168,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"d3a644f3-f149-4970-b6d9-a50de0baec61","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":168,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"3dd082f7-913c-40a0-8193-bdb081e138da","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":168,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"e59cd003-ae18-4908-a4cd-857b2ac0fbce","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":168,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"ca421b4b-ea47-4e2f-b0de-68d6440d55ab","block_type":"box","text":"Systematic Withdrawal Plans","page_number":168,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"ed432244-a4e5-43cc-b353-1c2eca98dc91","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":168,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"7cc98900-5c56-457a-9318-634e1c0a8cc5","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":168,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"012e1cab-d1fb-4c64-b993-4376dca24f77","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":168,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"54dc1a26-c16a-4160-8473-db7a364eb88d","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":168,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"f511bb50-f239-44af-92e3-edfa47740faa","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":168,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"493f9893-4de2-40fd-bf17-4de8176f0f91","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":168,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"6d8ec6a5-49fb-4948-a9ba-7aea76401744","block_type":"box","text":"www.blackrock.com.","page_number":168,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"251cdee6-e30e-42db-892a-8c8e87d59ae8","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":168,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"4bc54569-96a4-4b5a-8df0-4da79f323aa4","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":168,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"2faa5b0c-b4bd-4f4f-97c0-8300a98fed01","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":168,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"46bea872-9952-4813-8e7f-3f9b858d11e8","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":168,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"092c0784-92a1-4df8-a566-4a0bb792534e","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":168,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"ba2e1673-23df-4910-8426-270714f30869","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":168,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"042c86a9-d08d-40a1-9aa7-fad5ef342c04","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":168,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"d2a38364-b6dc-4a5f-b5b2-5ef622230c73","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":168,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"df6fbcc7-d757-4ab0-a345-4835a6a013ee","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":168,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"6f856c91-cd75-4250-8cb6-cc63aa610eb3","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":168,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"f3fc1c5c-2dc0-4018-97fb-4be80cea4366","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":168,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"2d08d5d0-fbdc-470c-bb35-7b2134cd6175","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":168,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"2420969b-af5e-4fbf-8cd2-1b40a3cbdad3","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":168,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"8a587c15-092e-485e-a010-5b92bdd1c8a0","block_type":"box","text":"Dividend Allocation Plan","page_number":168,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"3113ce59-bdbb-4593-8235-90b43f3c7196","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":168,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"3a0563a0-f1a4-4399-a03c-fca7d01c1631","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":168,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"54b6c40a-cc09-4a9d-b18d-8008c5dd2d6d","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":168,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"a174969f-5e9c-423f-a9a3-a61cc740d2e9","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":168,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"53fd0f4b-5090-4e1f-9fc7-5baedf8d9acf","block_type":"box","text":"PRICING OF SHARES","page_number":168,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"5b30d052-1e62-461d-96da-48b109656b62","block_type":"box","text":"Determination of Net Asset Value","page_number":168,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"f1f7064a-1f36-4dd9-a81e-4be2cc486729","block_type":"box","text":"Valuation of Shares.","page_number":168,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"9fc2a261-0c7c-4b22-887c-790740f27b35","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":168,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"66dc349b-df78-4543-89bd-81fa41ad0085","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":168,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"394f1af0-5edb-48d8-a00d-b61958c4504f","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":168,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"a7d43220-e7af-4ef7-8d45-c36bb751ff61","block_type":"box","text":"II-119","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bce62746-b7c3-4496-9e79-454d3a9db5d4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc730ce9-1ff9-48c2-8c48-de98a3c53428","block_type":"box","text":"Equity Investments.","page_number":169,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"14c775e9-6ab1-4a48-95da-266f61b8e264","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":169,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"dfde59ba-aa26-4ec9-95e6-9e03af487b74","block_type":"box","text":"e.g.","page_number":169,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"8227b7c1-6b12-4e6d-8093-cf7bd33afdd8","block_type":"box","text":", NYSE), on separate","page_number":169,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"d20573e0-4cea-4093-bc85-3885d5d93a02","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":169,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"513cd209-0e1d-4c3e-b869-def06e81079f","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":169,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"bc3c9913-add8-4343-9f6c-a23dd51b41cb","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":169,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"c215e001-8c26-4d3a-bc29-18521b0a2387","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":169,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"8f112a01-3550-4e8f-a006-91738d58f38f","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":169,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"1f641a89-9286-484f-8b6a-a6c7367e6dfd","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":169,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"f1c18b7c-5e78-408b-a91f-c88cc24bc5ec","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":169,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"f80caa88-0786-4fcf-b4af-7ed805bef709","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":169,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"f7c315b6-6bcb-4285-badd-9b9d465cd675","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":169,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"5494d956-74de-4bae-873a-e4099084d766","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":169,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"efb05489-ae75-49f8-8446-b83b223166fb","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":169,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"8c3c0c42-6b2a-4af3-b728-f9e94d0f1aac","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":169,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"d1e23d4b-407a-4f22-b354-2d0a3f51e37e","block_type":"box","text":"defined below).","page_number":169,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"9924fade-c1e1-4618-ad03-0fde979897ed","block_type":"box","text":"Fixed-Income Investments.","page_number":169,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"d5f507a8-4fad-440c-8480-8c6d767d350e","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":169,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"8f3f768e-04ad-41a6-877e-baca125783f1","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":169,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"f941eb04-62b8-4394-9a7d-1ea67bf7666f","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":169,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d096b25b-4c41-4f32-8afa-5a9b821cd873","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":169,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"ca23d47f-c5f6-499b-a704-a525198aaa33","block_type":"box","text":"e.g.","page_number":169,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"65e2afbd-7c63-4aea-9cbe-f9c9bfc9e29b","block_type":"box","text":", recent representative bids and offers), credit","page_number":169,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"d90c4a42-ace0-43ab-b48c-4db8b2dd8fed","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":169,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"e732de3f-306e-4a74-b9f1-2f5187c00ac1","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":169,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"ff1e2976-35fb-4d04-ab37-6bfed33ad7c5","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":169,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"26c32b00-9a74-40ae-b5ef-a941b35058ec","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":169,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"20fd6ede-15cf-4279-adc6-3ff1ca27ffdf","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":169,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"c2dc2103-12c6-4169-bb1a-0cb002e68e46","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":169,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"bc7eea47-d116-423b-a592-ba558a9e7940","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":169,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"38c9f613-b421-465e-a294-d88d19a6b454","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":169,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"f42dd975-9218-408c-b8fb-87ddec34424d","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":169,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"3358368d-c861-4b06-b294-4b989cca3e46","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":169,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"3949a4ab-df04-4011-845c-6194f7c22527","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":169,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"b446eadd-1760-48d6-b3a7-7d6aaf74aeda","block_type":"box","text":"attributes of the tranche.","page_number":169,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"f525a180-6434-49d7-a95a-89384f1d9b3a","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":169,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"7d8ef415-0582-47da-8508-ab8047be00c0","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":169,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"1217b5bd-4e80-4427-a5b8-d593621cb52b","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":169,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"be5b1203-55da-40e2-93da-3198c68d61df","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":169,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"aa8f102b-1608-4bd6-9760-808385511077","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":169,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"9324b4ab-227b-41a8-9baa-5f8c7e316b3b","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":169,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"b3d3abb1-a672-4373-9442-90c2a88fef39","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":169,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"ff5e43b6-3da4-4b52-95ff-2eb321d722f9","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":169,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"6be29f6d-d5b8-4221-aa94-6b808bfa2c66","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":169,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"06772964-84fd-4861-baca-609503d15cbc","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":169,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"ef848a65-bd86-4c21-afc4-d235287807a5","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":169,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"4bcd889a-627f-4cb0-839f-2ad5c81dbfde","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":169,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"8dc0f83f-088a-4ae9-b96b-9331516ece8f","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":169,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"4dd0f5ca-b265-4ab0-a4f4-1e73c8ef2358","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":169,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"965a7873-0286-4d3b-85b8-5fb447d313c1","block_type":"box","text":"Underlying Funds.","page_number":169,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"7a31fe5f-b428-468a-bfa7-c4aec1f805b0","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":169,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"ffa2a48d-82a5-406f-812a-f4aaf21c4761","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":169,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"84291c3c-d534-474f-942f-0b2efa1ae33a","block_type":"box","text":"General Valuation Information.","page_number":169,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"d1950e78-49f6-4984-87e2-63088111d68c","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":169,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"59eb7923-52ba-42bf-9aaa-0ea709ca72fa","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":169,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"32272e49-29c3-475e-a66e-d48b8954b954","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":169,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"b8bf2e56-11e5-41f5-9119-1b65fe205d81","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":169,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"59fd6668-5f9f-465a-bceb-135bd1007f51","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":169,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"ac294358-039a-4cca-9adc-b1d72337f77c","block_type":"box","text":"the revision.","page_number":169,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"6620a262-229b-4ba4-a6d7-df1489701f23","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":169,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"ec193ef3-a9a1-40f9-bfef-09b25d180a74","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":169,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"2e28e88b-8e02-4650-b8a1-368c090faaab","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":169,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"f5ccf01d-23a7-4262-837f-635895449542","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":169,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"fbc1056b-33ac-4557-b796-c04d33c2bac6","block_type":"box","text":"II-120","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"34999804-0c9f-42df-bd88-b6c3236dd13a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4562ebd7-e790-4a2f-9688-8a1a3eefe224","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":170,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"3c6b5c18-dc9c-446a-b32e-49190075b8ff","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":170,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"688c1c2f-2eb0-4732-aac3-296ad1aa7e5a","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":170,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"3d2089d7-8a23-4a3d-a446-801965558236","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":170,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"86fdb981-bb74-40cb-b3d6-dc238fa23257","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":170,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"a6f7ece5-4924-46b2-a74a-7e009bab535a","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":170,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"f83459c2-9422-442b-ae49-bff7baf792f3","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":170,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"211b13d5-d6f8-4e2e-b7f7-02d69a628202","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":170,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"accb9520-36ef-453f-887f-ae0042a82750","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":170,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"ce0389a4-d9ae-4975-9457-f34b30ddf215","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":170,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"84fde697-0efb-4544-805a-c22cbee85c26","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":170,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"c0ec0943-e507-4445-ad2b-86d5d1b93127","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":170,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"523deb99-4c96-4246-9a07-4b8b397dc891","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":170,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"f914d95b-e083-4338-9c9a-8158a1a7b88c","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":170,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"1f25537b-1f9e-4010-9453-dc9f8f071616","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":170,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"a59aadc1-060a-43df-b952-2cf96d690c8e","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":170,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"add77e57-a914-4701-ab22-d58f1b958618","block_type":"box","text":"Fair Value.","page_number":170,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"f7a5dd67-ce19-4b6b-9935-f0a34d233a0b","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":170,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"db131d68-0c3b-4ad6-bd92-43a6a5a8e173","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":170,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"764eec20-91bf-4707-a5f5-cfc2162c31a9","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":170,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"6cf63da7-b80e-450c-a1a0-6a9d2179f6d0","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":170,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"d1764589-aa2d-4e6b-94ea-2c6217dc5703","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":170,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"9e23ece8-66ca-4087-aa65-ee723b122443","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":170,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"418e6d06-7d94-429e-9ee4-8df015cc1a7d","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":170,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"2e32648f-677e-4c43-b62d-9e5f55e512fc","block_type":"box","text":"(","page_number":170,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"812ad97f-ba09-46a3-b5dc-ccd8536aa801","block_type":"box","text":"e.g.","page_number":170,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"367bc6c0-f13f-4bde-934d-b408573158d1","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":170,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"bd21186c-f11e-43bf-a6de-8168438b89c8","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":170,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"cc0de365-3c05-4799-ab91-97251fa57d1d","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":170,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"50063865-3822-4934-9e1f-6d96df65ca9f","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":170,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"3b5e201a-cf6a-486b-9e7a-b7f34127efaf","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":170,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"f2d7700b-6299-4287-9257-79f4f55c99ab","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":170,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"f88592ea-73a1-42fd-803f-afee9516272b","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":170,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"c8a1f4fd-73d6-4af0-8b29-24f35b2b779f","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":170,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"f1740c52-feab-4787-9c4c-c17fa43032fa","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":170,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"6d49fbb7-a13e-41a8-ac79-24dcc000e032","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":170,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"7fcdc4e5-28f1-47b2-ae63-8b4808efce77","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":170,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"75b911da-d910-4beb-a50c-6f22f7209348","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":170,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"e959ae75-aa6c-40a5-859c-c893e27c628d","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":170,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"ad14eebc-6ed1-452f-b7d1-1632c1b409e5","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":170,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"4a121304-0968-4a61-9e31-5716dfec21bd","block_type":"box","text":"pricing time.","page_number":170,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"87cd8f08-accf-41a2-ae4b-c8a2a10505f2","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":170,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"8120e4b1-6569-4211-af55-9bb3d18adf66","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":170,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"c6331b82-8611-4d28-849a-c4ba77734476","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":170,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"48724941-70cf-47ed-8edb-dac56d84fdd1","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":170,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"4e212f8b-1439-468b-84e9-c62e355d7402","block_type":"box","text":"assets and liabilities of the Funds.","page_number":170,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"6746ce1f-e9ee-47bc-9361-256d66b01c6b","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":170,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"e74917ea-bc1a-4993-86de-948f63866470","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":170,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"ff861792-18b9-440a-b711-4e8863033d29","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":170,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"fc39d141-7892-4896-8262-bd24001c00b6","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":170,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"1d0589c7-eae5-42bb-9d7b-5733f428de59","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":170,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"2c49c3bb-4886-480f-b5d5-2241d989e26a","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":170,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"4e01c191-e25d-4b78-84cb-6334f1ef8718","block_type":"box","text":"valuation models.","page_number":170,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"f92ddaee-0d4a-4c4c-af26-380154ce9a19","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":170,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"e1d7abcd-a37b-4f4e-8525-af9da68cf199","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":170,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"c34fc7ff-7f8d-495b-a396-9012ff1000f3","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":170,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"97b39417-9aec-4fd0-8bc1-2a4aea22c12a","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":170,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"1f2de7b2-3ac9-4494-8112-fbc5f3c0b0af","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":170,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"af3b6e77-4ddb-4180-95c4-74bf86e9234d","block_type":"box","text":"II-121","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad06d91b-57a9-4daf-b9d6-616c38b74eff","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"603da9ef-fdf3-4d7a-b208-9087b58cc04e","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":171,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"a1002cda-6b19-4b99-889e-6d462499063b","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":171,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"5649eca9-5fd2-4dc9-86ef-7a3b7e2f1c4b","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":171,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"8b5294f2-2bfb-4e19-ab06-a3731f9e95cd","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":171,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"feb3627a-3db9-406e-a8d0-dcb5935e636a","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":171,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"4b0d5f9e-e2f1-435e-b19f-fd435012233e","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":171,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"5848ee4b-9d58-4106-b136-0fa1bc4f960c","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":171,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"2556796b-3196-4cf1-91e9-b565e193ad31","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":171,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"9c874296-5443-49d8-b8c0-3b65862cc840","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":171,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"75f5a383-7e5c-423f-921b-13d80de4298c","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":171,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"895774d3-b6fc-40d4-9447-d1c47b9fd4ed","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":171,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"f2c5b313-49d2-43eb-a0e2-3a78c2922580","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":171,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"e96101dc-45b8-428f-8f40-2b4c8a9a6f30","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":171,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"100ceed6-d5b6-486f-aa54-2f16a3848c47","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":171,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"584a176f-f061-4754-8856-44e1fa97a154","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":171,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"723c6b2d-7ab1-4f38-9521-7780fcfbb952","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":171,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"08d9b936-144c-4ba3-ad15-e06ddc616e67","block_type":"box","text":"party determination of fair market value.","page_number":171,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"d679f131-8951-49c0-85a0-0773a17ee56e","block_type":"box","text":"Computation of Offering Price Per Share","page_number":171,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"fdd4dc0e-fe14-4436-82d6-836b178dbc74","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":171,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"74a846a0-2c92-4a89-b732-dfefa12af689","block_type":"box","text":"the offering price for shares of your Fund.","page_number":171,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"42b9999c-67e3-4f95-ad61-419fb2a3f803","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":171,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"c04b1705-86c3-4e5f-b03f-b62193c5cbf2","block_type":"box","text":"Transactions in Portfolio Securities","page_number":171,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"d6908ad3-be8f-4cdf-8707-96013cadc47e","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":171,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"82ce4594-4ce7-4ccc-aa41-a4bf71af7e68","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":171,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"fb62ea6b-79d5-4a44-a684-7bfa89f003db","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":171,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"7c2af6ab-c897-4ed4-96af-c2adc429086e","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":171,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"2b6ec86a-779b-4560-aa6a-abe604a76590","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":171,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"582f35f5-5baa-41a6-b318-820c9b46439c","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":171,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"6cd7ebe4-84de-416b-9a82-d5f8e0d265d7","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":171,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"874075f8-f808-412b-ad42-d7b89972191c","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":171,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"b2fb55bb-dd4e-4f31-ad75-d3bb26626142","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":171,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"536a025d-d2c0-4aa7-a47e-ec15fcd94b36","block_type":"box","text":"reasonable in relation to the services provided.","page_number":171,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"dce34cf9-9a88-4b47-aae1-d222622c5a31","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":171,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"20dcb90e-9553-4077-92e9-96d878fcca5e","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":171,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"84648179-e63a-4d89-9c52-964cfcb90fd0","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":171,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"2880bd53-1cd8-429d-a8c9-31fbd75b807c","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":171,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"c4ad4a4f-3755-43cd-8b46-d6f875c806b2","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":171,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"7cb28bd3-6158-4729-a8ae-92d40d0b18ec","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":171,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"a7e70f2d-5672-47fd-a1f2-8f8c313afa01","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":171,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"01ffbb8a-7285-416e-a9b3-d06ff5dcc017","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":171,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"becebbf4-4c76-480e-b339-aae59d44ebbd","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":171,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"0cabbb28-e9cf-4461-b35d-f1d2c02c22e1","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":171,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"0efd4afe-79d1-4cd5-bcae-100df9b81070","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":171,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"652768e0-4ce0-4db6-9eeb-e483601ae1ee","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":171,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"26d44700-1e9c-405a-a2c1-843686385775","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":171,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"1fcb520a-63a0-4ebf-8c15-42e82d8d6cd2","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":171,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"3c84d745-bb84-43ad-bcb6-a1c9122edf42","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":171,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"d0dda876-8ee8-4f4e-b4c4-b6092d2b1993","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":171,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"f1867d6d-2954-483b-9b41-00bd42dcef7b","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":171,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"496cb32d-255c-45a0-987b-da2b95dd9c10","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":171,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"9d0bf813-4e69-4f97-bdda-aa8cd0b2db23","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":171,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"6907314f-f063-480f-b20a-ac4c6dbb58c3","block_type":"box","text":"II-122","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7d838b95-815a-4e49-80ea-8f2f4e518663","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f0d4245-c922-4504-ba97-4582d1f8504e","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":172,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"22038abe-c2ed-457f-876a-c83e5309be79","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":172,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"5801f810-fc24-4a7c-867e-d936bac43fa3","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":172,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"2d953c94-0a49-4ee9-88c9-f7f297ece5bf","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":172,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"712bf0ee-5a7c-4976-ad75-8053f3bdd3b5","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":172,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"49bffb77-955a-4815-a5ab-dfdbfafe31d9","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":172,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"acaa9616-1a5f-43f7-824c-7816b6e72e54","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":172,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"e06cb3d0-c75c-4fb4-bc9b-55a64ed8b06b","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":172,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"b30cbc21-be0b-4b43-a75a-811d4e1f424a","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":172,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"4d33a874-d348-481d-9b1b-09f1a23789cd","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":172,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"13932f0b-f8ea-4629-bde5-67475baaba7a","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":172,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"da2292b2-4700-40c2-a539-dc6fb35380d1","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":172,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"881b28fe-5340-4b47-a0e4-eaa1ea57a093","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":172,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"d0bb520a-13b3-4b29-89f3-8b289c0c2f12","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":172,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"b079c1a4-d132-4607-81da-89899d0b048e","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":172,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"aadfa70d-7581-4c47-a42e-9a9d1539862d","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":172,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"a72e619c-9605-4cbd-8f16-52ed76ce4d7f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":172,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"cb54808a-8fcd-41ef-9d15-fdf8d54a92c8","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":172,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"f094c4d8-cf5d-4931-969c-3cd6f404da41","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":172,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"c1633874-767b-4960-835a-3506d0ed3c73","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":172,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"3a5e80d6-b143-4167-8949-460c8291602e","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":172,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"58e06502-a4e5-48a7-a048-a679be7d7ae1","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":172,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"761d4a9d-207b-49b1-b96a-293ad4af0ec0","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":172,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"850df9e5-4108-4363-bea4-7dc471e37df8","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":172,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"77ef9cfc-c8a4-4a04-878e-5c557ef41481","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":172,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"e5d48aeb-e453-47f8-b22f-86a49797a799","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":172,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"88e3213c-5ee4-4707-ab54-2c0fd3b2cf69","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":172,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"7418880e-d358-4a46-9647-ba37de7d747c","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":172,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"64a8f6e2-22ac-4bdc-829b-e44f26010728","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":172,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"b0f988e9-1bb0-4148-90fd-d70ed9f2e473","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":172,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"1abf0c44-5516-4f19-9c58-2eb3fc7cb090","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":172,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"69739727-500f-46c7-90b1-4f0eb9923b50","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":172,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"8f78f219-8476-47e3-9554-d97f18b64ca9","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":172,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"f289fcc9-d21d-45f6-888b-f29d5b640892","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":172,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"ee6b4706-a6e2-4d53-bbdb-c6692062985e","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":172,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"29cae8ee-bbaa-477e-994d-fbd60ea99f95","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":172,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"4b8c0bf9-5937-4a69-891d-507bf8ef84c7","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":172,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"0aa7293e-2bdf-4399-853e-06e22c921d99","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":172,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"07da2d27-5dac-4d64-9357-78ceb49d78b1","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":172,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"bbb26741-e40a-4c87-96b9-f1410f955cfc","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":172,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"40e8d973-38a6-41bb-a78a-93f17ef50fd4","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":172,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"f3dd6e11-40dd-4590-9017-450da858f206","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":172,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"ac705242-a582-43e3-8215-816805a7b218","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":172,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"29007d36-1568-42dd-b507-614d863f743a","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":172,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"ca788e82-9970-4085-833b-6a4738834ead","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":172,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"2405b370-597d-4453-8c0e-c47d6b705d4e","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":172,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"3bcb88fb-31da-4c4b-a54c-7038958773df","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":172,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"60bd50a6-553b-4f2d-8ccb-7d379001e34c","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":172,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"098ebcf4-1a70-41d8-ad99-b939e894bb03","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":172,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"408cc4f5-6f2b-411d-91d0-068d865ff801","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":172,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"b58c4fe0-a5b1-4f68-a2b5-684ff677e2e4","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":172,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"cdbe2288-2a40-40b0-beff-f851af9ffbd1","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":172,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"e0cd16bc-da53-45a0-8ad0-fc30691280e4","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":172,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"9daeb394-af04-48fd-8310-d9161759e38b","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":172,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"aded2889-dbce-430b-b12e-e666ed254f8d","block_type":"box","text":"brokerage.","page_number":172,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"acdc1290-319f-489b-9f63-2d28c5d5e432","block_type":"box","text":"II-123","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4516f515-0275-49f0-a0c8-07f489b1e2e9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d021d079-4da3-4d10-8838-c091fdb0f8d3","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":173,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"8eaa9e42-dc40-4a33-a6a0-57c68f6be06a","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":173,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"2750fa94-0d90-4ede-8aab-23eab968a533","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":173,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"12caac37-6552-463b-8bc2-5e3d2635f3a6","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":173,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"504ca18b-6284-4c0f-a49b-698c3e2bb56e","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":173,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"cdda89c6-52a8-4866-bb55-eb7d4d3e477b","block_type":"box","text":"Section 28(e).","page_number":173,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"9256829f-c719-4b62-8044-cc8651f673b8","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":173,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"f9340fd8-5017-4f5c-9063-54c9bd1ef5fa","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":173,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"5cf34e4e-1441-497b-b363-3bdd221fcaef","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":173,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"3fa9429b-4da5-4c3b-9d59-85ace2216af2","block_type":"box","text":"execute transactions for those mutual funds.","page_number":173,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"23d616d1-c736-4b9c-ad7b-3cd23f57839e","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":173,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"9b05453e-1e99-4706-b148-0c743bb49e48","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":173,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"4eaeba87-ed4c-49f9-8ad5-ee10b1205673","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":173,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"4113c0d7-8ca6-4973-96a3-dd33c6f734b4","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":173,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"b010dc1c-44b5-4d6d-af85-1c59025bfd9c","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":173,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"4f498a58-399f-45d8-a6f1-1638d6df5b54","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":173,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"d44ee830-261e-4e28-ad7e-b451161d0020","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":173,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"cb9a5ab1-a080-4538-8b42-a78b8d5e04b0","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":173,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"6cea2c86-9d82-4ab0-89df-9442f33dbe14","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":173,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"7ab99db7-a81d-45b8-9fc3-1123007404fc","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":173,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"21b3c609-79ee-422a-8f7e-18f96a44415c","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":173,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"dc269658-083f-4751-affb-011218519b3a","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":173,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"2045b45b-960c-4bfa-8e8e-7f9cff40b64e","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":173,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"4be1dd7c-de3e-4f58-a634-26fa870bcd0d","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":173,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"0cb8a07f-2b56-44bb-9068-f97df81486f3","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":173,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"96ea612c-329e-4a42-a020-31c12c998250","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":173,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"e17f201e-2588-4ddd-8a8b-215da396d9bd","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":173,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"58670f9b-9171-4c0e-ae45-3a9d3e11b079","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":173,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"f57e38f8-8eb1-4c19-80d8-c909b998f3a1","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":173,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"3e1822b8-205f-444a-a48a-6d024f15d468","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":173,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"213a908f-38f7-4de1-97e8-4113054c7564","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":173,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"0e28032d-ac3c-4cdb-88f0-3f43b515658a","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":173,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"c50764f9-4886-4cb6-800b-7684ab3013da","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":173,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"87ae5d20-6c4a-4612-83de-981ed7457fa0","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":173,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"b65e8981-f069-4ee8-8eb7-b11a8cde7446","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":173,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"ca48ab40-3098-47df-9013-efcc2b1374e9","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":173,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"ce34caab-393a-408c-a5f6-629947d88fc1","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":173,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"f88c42b0-6172-45bb-a8fb-bf1d234e0518","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":173,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"75b1b571-2954-4ec4-9c7d-daa90f88e808","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":173,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"a01e517e-2bdf-4e98-a92c-2594dea766b0","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":173,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"5c606885-6687-43f5-b5d6-df964ce900d3","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":173,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"df24aff0-4d7a-4a53-a1e8-b5a6d1b3aec4","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":173,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"449deb3b-8c82-4746-8974-51c4d7b9a535","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":173,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"97060779-9121-45a5-815b-18dbd4b87ed2","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":173,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"36da3589-848e-4dfe-b5e0-0555cacb9ec5","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":173,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"d0106f62-7ea8-4e15-9002-c57bd9a6e100","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":173,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"17781cca-16c8-459c-8962-43de05d8b141","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":173,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"8ae5d2e7-d528-4e33-a8a9-a4a74c3e4cde","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":173,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"78ef946c-d4f3-4d9e-a015-200ce8c2c5a1","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":173,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"f902e647-30ad-4496-96d1-9e48977cff84","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":173,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"f5ec2a14-65be-4719-90a0-bd86f8b0cd62","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":173,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"21030f03-0d01-4bcc-8ee3-3f8ecef74921","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":173,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"d38caa6c-2d23-4387-9a60-9389bbabd5b7","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":173,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"f01958f3-ed63-4bac-8f43-a5b305508b8a","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":173,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"937a1756-9b82-437a-8944-cd55fa37a4e4","block_type":"box","text":"II-124","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f375ebd0-5c1d-48b6-b8f1-4931a47f4e4b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85933c6e-3798-4b2a-aecb-62ae115e64dc","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":174,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"d27ee578-22d9-4557-9083-ee662ef4aa7f","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":174,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"19f7e8dc-ad52-41b9-aa6a-be90660fdacf","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":174,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"62940962-0b67-4df5-b3a9-b743146a05f1","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":174,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"90661f35-1244-4b0e-873c-04822f1e392d","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":174,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"d38debe4-72ec-4a91-be26-b057ec804e61","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":174,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"8cebe6ca-f610-4a19-a0b0-7420d73a4390","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":174,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"4a287406-6f5f-4e09-828d-dec9225815ef","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":174,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"75465d6c-0184-4413-9322-b960ccd524f6","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":174,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"901af263-e94d-4784-9484-3e35bb84985c","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":174,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"db849dbf-191d-4a23-a762-06a78dacc2fe","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":174,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"c3deeee7-6506-4a43-8891-f4517d24ce48","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":174,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"c4ee1c3a-0745-4fc4-b9bb-e9beb21ce385","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":174,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"c1a837c4-06de-4dc8-8e9a-6c39cf2f83a2","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":174,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"431e746d-c954-437d-97b9-5f51dea94627","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":174,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"370899da-42da-4b76-a866-6cf884decee3","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":174,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"08c0562c-e092-4bea-b2bb-a74b6a9eac0b","block_type":"box","text":"accounts and compliance constraints.","page_number":174,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"efa52f55-3a91-4c24-a8b9-f882a5b8f6b0","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":174,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"a8ce3ec2-21a4-40dd-98e8-e31f0bd131de","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":174,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"0dcd01cb-8cc9-4bcb-83dc-e25cc77196a4","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":174,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"723b4187-b443-4638-b585-f5d5d935588d","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":174,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"751ede3d-3756-4d2c-89ed-5159dad54e90","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":174,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"41644c72-fe92-4513-ba8b-4eaaf4c1f944","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":174,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"ef6a8a68-e2fe-460c-a867-7f4cdfc5edbf","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":174,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"1b529e70-362a-47e3-af9f-a58f647917a4","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":174,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"89e84e40-ee04-494d-8991-65fc2fea6f47","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":174,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"d19e8734-e524-44f0-9edf-1abb8f692205","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":174,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"5a663815-1921-40c9-b21b-0800ca1091b3","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":174,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"461d746a-daf7-48aa-a24f-f72e029bf907","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":174,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"cca1d75a-e1ea-4a1f-892a-dbdc425dfda4","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":174,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"dee700a3-3f84-496f-8436-7859a8cfdfb6","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":174,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"ca9971ad-f889-4b1c-9b2f-e575907a9a41","block_type":"box","text":"clients may be used as well.","page_number":174,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"9bc4f7be-4ac5-4e1b-a0ac-f0749a75d2d2","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":174,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"e0133ac1-8836-4906-b419-f2a8effb7c2c","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":174,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"8bbf8b80-cb5b-4c72-8850-5a2c10a07ad8","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":174,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"24956acd-f3ab-4864-9f35-20337632137b","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":174,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"75feabb6-e2ac-4bdf-ad59-cd16377946fd","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":174,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"1e2516b5-64e0-496f-9c08-e2cb7a3a1b7a","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":174,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"6101ae63-b3a3-4213-b2a2-a7f45ee6d94c","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":174,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"56674d13-bced-4197-81ed-752fb123e35f","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":174,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"24b96ecc-c2e2-4001-9c8a-76fd56add875","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":174,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"c585c22b-971f-4f58-9bad-1fe3c7e1fb26","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":174,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"d1306533-0135-40df-8782-c66f96ab3057","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":174,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"7319af50-4056-48d3-89e4-ed101323f4a2","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":174,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"0ee29082-5423-4e3d-a84e-621fc8379aaa","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":174,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"d9cb49b9-709d-4d92-8b5c-3f24dbb9d009","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":174,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"0fc7c2e7-a254-48f6-9699-50c929b03ea1","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":174,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"23fbbf39-f41c-4677-a0e9-e7e5622619dc","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":174,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"3d76fa21-693e-4b56-9833-fcaa73b498c3","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":174,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"ad895431-6b2c-40d1-a4d3-45e5f4f90897","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":174,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"5df97adc-5b30-4fd8-8ed5-0aabfeadc7f7","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":174,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"d6aca623-28f2-45ca-b6e4-c9a41dd9ba5c","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":174,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"5451c647-b5d1-45f5-8db2-39790bce18c2","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":174,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"0a863d7e-a13e-49d1-961b-70d26948c8ee","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":174,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"ff6f8511-6984-4dee-93ea-18733e96518f","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":174,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"74b03b1c-7034-4270-a5aa-8bf027a19cba","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":174,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"2173a40f-83b0-4405-9544-105fc2299083","block_type":"box","text":"II-125","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e25bb664-624e-418c-8a47-c6d5c95159e0","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b9d2afd-27ff-4c55-8897-98e1da4af26c","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":175,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"0baf2aeb-a3ee-4d66-9176-522bd937cb7f","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":175,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"077a046a-6286-494e-84ef-526575b7fa5a","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":175,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"5bf59090-daee-4dd2-9c29-eaf6a0d553a1","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":175,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"f2c26bad-84ef-47ab-8157-1364510c7ec1","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":175,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"1d3bc138-8076-4e58-ae15-3daf64d958c5","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":175,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"fb06daa2-c2a0-4ca7-9833-195e9af8f228","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":175,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"38756916-373e-4181-a2e1-7f59870c7fb6","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":175,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"3a78403e-230c-403b-bf6a-49e5fb53dd8f","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":175,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"6fd00b29-1ff1-4973-a5cf-97ef36c4a008","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":175,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"e5e08b76-c9a4-408f-b1c1-7ba815bf54f6","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":175,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"bb40f01e-a3e3-485a-b2a9-d15a58cc10a8","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":175,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"2cd40270-c700-4cc6-b44d-5e01fa99123b","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":175,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"c5d1ddd0-3921-4776-a398-e335c1a1b927","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":175,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"b3e5bdd4-7496-44a8-baee-3970e02e9877","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":175,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"526ac375-855e-4456-ae49-0ff00ac11dc6","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":175,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"c5889f99-661b-4c76-86fa-7000ba690d8c","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":175,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"182279f1-960a-4b2d-8a5f-2f41b0a9d75d","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":175,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"3b832e46-63dc-4196-b0b5-8f030d3e7486","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":175,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"3c5d9d52-72f1-4a6e-89c0-d1ebf9e68e1a","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":175,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"ccc3eefb-a40d-49a6-89ae-3bffd66356b3","block_type":"box","text":"Portfolio Turnover","page_number":175,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"e0267e35-8645-4907-af76-a55609f6fc20","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":175,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"d225e47b-cc47-46bd-a9d3-5cc75d545761","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":175,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"daef55da-8994-4fb0-ae36-30b472a800e9","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":175,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"632a3183-2898-4de9-b699-2a87f89ce4ed","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":175,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"f741ede9-6347-4979-b492-a5bd5ae70b3b","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":175,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"d08a9257-e80d-4bd4-9362-780427f7312e","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":175,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"a54c8dcb-62a3-4ed8-87ea-dc37e8d2a2bc","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":175,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"1d4e37e7-b8c7-4f5e-897e-f5257a0c2a90","block_type":"box","text":"Dividends","page_number":175,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"3f9e928f-eee5-4384-a4a2-87eeafdbd8b9","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":175,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"ef5887e7-207a-4725-be47-278a57c0f10f","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":175,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"40ade6aa-5d4a-47ed-becb-fc8ded95be20","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":175,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"25131bb6-5344-475a-b27d-3752444de1bc","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":175,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"beca4a9b-0a48-4554-bd2f-11d16af66988","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":175,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"9e39e313-5d5f-4a21-bc9a-a55e7d02fc26","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":175,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"a9a880e9-0aca-40da-ad57-b43686fa317b","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":175,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"92223ac9-68a8-4a91-bf3d-a9bf87e4973d","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":175,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"846becd9-eaed-4119-be82-a8f11bc36beb","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":175,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"43bfcb94-cccd-4ed8-be46-8f7df3b0c9f9","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":175,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"46441550-a592-4027-ac3d-93edb5323093","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":175,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"2f3eeb38-3004-4303-93a2-74c2dba48933","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":175,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"e47d4ea1-e38f-4315-a6bc-ee890ade1265","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":175,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"7c6ab8ac-6c01-4b5b-acbd-9d7a12680594","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":175,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"8929179d-b73b-42bf-9631-d7e44d40eaeb","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":175,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"7c5dc48c-0a79-4773-80ef-a539f241d85e","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":175,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"3729ae82-c8ec-4fef-ac4a-c45eb6e7b6b4","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":175,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"1b574593-1bd8-4ba4-bdca-29f16e170a53","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":175,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"ce88fcac-36ea-4332-bd4a-0588ee917032","block_type":"box","text":"Taxes","page_number":175,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"e3ef15dd-40a5-4d2a-a258-2cca051b2e3c","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":175,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"d558a917-75c6-4d03-9c6e-00f8920a88ca","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":175,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"5ac09249-cfc7-4261-b0f5-231288d9ce1c","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":175,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"81e5c1ef-4e31-4805-8a91-248b9379cedb","block_type":"box","text":"II-126","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"157431f9-b52d-40ab-9807-0d80aa14aa67","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6298463-244f-44d8-a48e-2b0d24c580fa","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":176,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"43987101-1bf0-4f46-a181-a6affed04d5b","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":176,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"d2c1932f-8ad6-4f25-ab8b-90471c7f9162","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":176,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"ae507f07-2469-4e23-a9dd-f1b5d4c36ee2","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":176,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"2c357a57-c5ee-4d0f-8436-e0477d42796a","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":176,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"c5ffe00f-e9d5-4673-87ac-c05c9cf29890","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":176,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"8f40acf3-d342-4b7b-8ee0-a81382778f58","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":176,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"59860b7e-2a76-47b2-a56a-4b7c27695db6","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":176,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"58f0a169-c566-492c-9c32-b80f4b466ea2","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":176,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"8f591900-3118-40ba-8e64-790a7d35d1fc","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":176,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"6719aca8-3f66-40b7-96a7-3c2f3bb07191","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":176,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"cedef94c-cc23-405c-a1d8-aff5baf3c551","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":176,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"0d80c0a4-5d3c-4de7-8e4c-120f6d20d7c5","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":176,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"d7c6e0de-8bea-49d9-949b-e72a7631c352","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":176,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"64d94e19-36ab-49c4-98d1-8565a6926650","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":176,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"87d400cd-52de-419a-a5ad-8523492a754b","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":176,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"2e3fe3b4-a8ff-4320-9cf8-1f77a83fd35b","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":176,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"abbc9326-7ac4-45f4-a74f-5a685d77d77a","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":176,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"f7c0c9c5-1b6a-4a83-aa76-96f54bb24faa","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":176,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"3d006423-aa8f-4cad-88b2-c95ad0bf5e94","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":176,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"19ab43e8-b7ff-40a3-a275-a905d4286d67","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":176,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"2d10ab28-11ff-4dfe-98fa-67b38afbfe7b","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":176,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"8518ea38-e720-48c2-8d7c-dd4b069322d5","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":176,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"d01c0cf3-466b-4555-a99d-a75977728c3d","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":176,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"f847927c-558f-444c-bbd4-4902b91981c1","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":176,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"af4206eb-9b60-4553-acad-1c7292053770","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":176,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"acfd0d9f-9c66-4c4b-b69b-b2a7b134bd32","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":176,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"98a57837-2405-4c3c-a4cd-370e822061e1","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":176,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"b348ce6b-78e6-4f7b-b552-2feaa3ec4124","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":176,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"06f76842-ea6d-4418-956a-356d483dddd9","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":176,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"011c5890-0045-4479-9bf6-80a26bb2f267","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":176,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"e7d579aa-035f-478d-9cda-5472a4877798","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":176,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"06fe96f7-0eae-47fe-b752-1186b075787f","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":176,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"4eb59273-83ce-48e6-812b-75dc731ea148","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":176,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"b6b3f34a-4e1d-4382-a15b-15c21d86b632","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":176,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"ffcb3106-f067-4711-b8c5-ce957e21b08f","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":176,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"4e4154cd-8afb-47d5-9225-35da6b3af010","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":176,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"457d471e-2bef-4f4b-a311-7c6a3c857f60","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":176,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"a7dabd80-092e-4380-a0f2-011065ab25af","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":176,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"7591075c-4c32-4190-b26d-0c5c182d9dd7","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":176,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"c28ec0bc-b5c7-4445-af98-0d76ad5c1883","block_type":"box","text":"limitation.","page_number":176,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"35f919db-fb53-4397-a7f9-882281753a4a","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":176,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"ba02a725-49a8-41cc-a992-c9b31a63764a","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":176,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"2eee3b12-21c3-44ae-a2d4-0a6185c9d46f","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":176,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"175850a5-ec41-4226-a6f8-c2b78b059102","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":176,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"60d45dce-e35b-4868-9408-feb821c6097d","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":176,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"8ebb005c-5d9f-4f75-8aea-29d2bc035de6","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":176,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"c4ce0896-952b-4cf8-b79e-447c73c98af2","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":176,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"b1310c54-242a-4b0a-b90b-bc05b2fe2200","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":176,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"0501da6e-96bb-4b3c-8810-2940a75e7e6b","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":176,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"e6c4c278-97b0-4586-a897-4d5c8f5b90d8","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":176,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"905d3e9b-fa62-402c-8736-9a0396ea478b","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":176,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"fdb5a23c-92ed-4cbc-9776-b7f4345e516b","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":176,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"999d4a09-490f-4dba-9ae9-b556a73e2288","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":176,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"6df60d85-fada-4c05-bfee-356294df09cc","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":176,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"29ae8572-3266-421a-b5f2-1d46c61b64ea","block_type":"box","text":"II-127","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"259fd1f7-a0da-47cd-adea-b0a2d4dd3ab3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c99b1710-6016-4c18-8f40-c9ad2bcae6ca","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":177,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"4da76e07-eb1d-45ba-b04f-043569273959","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":177,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"4a78b377-fb5e-46c6-b15e-dcfc0aec3410","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":177,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"b4070159-e013-4cf4-a653-998b710dcc59","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":177,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"60a805a1-f721-4ee6-b6c5-1489d22d77e9","block_type":"box","text":"constitute “qualified dividend income.”","page_number":177,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"5dd5baa6-a24e-46c4-afdf-bd86aaf316c8","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":177,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"b2d014a3-b03f-45af-8c88-5ce924c1cce9","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":177,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"9a17b066-976b-47c5-a304-4e13490ef58f","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":177,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"484ec05d-cec9-4d64-9867-a5c3d4951f5d","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":177,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"baf750de-4d02-41fd-b1ca-7e7b67ffc80a","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":177,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"e6e11ba1-bb28-4b1a-9fd5-91f824d2f3fd","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":177,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"d907523d-9f29-4f35-a42b-0d8f11c90b27","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":177,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"e82edad2-481d-41b0-976b-ee45bb467172","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":177,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"6f4d24d5-2f22-4f0f-8f61-8ce92768de2a","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":177,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"8b145810-5041-4e9c-9988-185de3bdb590","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":177,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"8d4d5f30-4470-4171-8aaa-2440c459b7fb","block_type":"box","text":"against their taxes.","page_number":177,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"aa6a1a5e-037e-45c4-bed8-8bf453f358db","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":177,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"e28765e9-ca2c-403d-9f08-c86f554db995","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":177,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"09939170-9d29-4a37-b239-5d590e84971c","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":177,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"1db33364-bcc8-45e1-8014-fe59f9b5dd1f","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":177,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"1a8a9561-b556-4b3c-a077-977fffb27876","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":177,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"0642b523-7cef-487e-b13a-c9f83ac3f123","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":177,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"03268a35-a546-4e8b-9e74-4cb109d123f4","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":177,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"f2785339-044d-4f7a-b68f-4f4eb250880a","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":177,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"9791aeb6-6f3c-485e-9c0f-817fcd6e393a","block_type":"box","text":"dividends received by the shareholder.","page_number":177,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"5ba48f6a-6031-4d89-af0a-3120c7f9a74a","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":177,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"1deb3e3e-5aba-4a75-877c-be4f5a859174","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":177,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"02c0f5a2-e54b-440b-a59b-fbce2986f0f9","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":177,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"7e73ad80-5722-4fc2-9252-abb669fe4611","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":177,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"f0ca41ee-0a63-4872-aa2a-77618d74fe0a","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":177,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"0651489a-83c8-4138-b993-4c52cff1bfdb","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":177,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"d6f8dbf7-0c14-40c4-8538-74ff07b517be","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":177,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"00dc85bf-129a-45df-ac53-5b7301da3abf","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":177,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"41dac99c-7a1a-4b11-bb8d-bd133423a201","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":177,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"0ad6e788-3be5-4b14-8313-fff31a32437b","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":177,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"2d3510a3-b8b0-4392-a6d5-b077fdd528d2","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":177,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"65dccee3-c0da-4a9a-b796-eb802bf1bfa5","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":177,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"ebd800f6-efb0-4fe5-aea7-43d6af0aad2a","block_type":"box","text":"taxable year.","page_number":177,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"fd477193-10ac-48f7-b228-9208a725775c","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":177,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"6fb8a1f1-84a3-4f64-8ea1-9de701f20158","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":177,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"7510f5d6-1642-4184-8472-8016cdf81f60","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":177,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"e8af48b3-6503-43b7-a76a-7fc3af39e0b7","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":177,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"7063eec7-52fb-4160-9e24-21b1afcb7f93","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":177,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"011b0c89-ad97-49b5-877d-3fc48d0ba08e","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":177,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"3bd36f93-7712-4465-805a-22586525c1d4","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":177,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"6443cb9b-8f25-40cc-a5c3-c6760a881313","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":177,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"7596ddd6-b184-4d48-9523-79fbf66809a5","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":177,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"0865b975-f8d6-4d52-b1b2-b8f4c1381e6d","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":177,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"800d06c7-afd3-41c7-9400-f2f8e3b67e33","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":177,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"d838b009-7704-4fc3-9848-bf02cc8cd182","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":177,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"2f909b67-133e-425a-92e2-21c72cf57c7f","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":177,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"586c4a3f-bdb4-400e-b7eb-1bf072af2a5e","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":177,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"ad4dc83d-74a6-43b8-ac43-5d223792cc98","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":177,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"419a1450-4d28-4719-a559-83dd22a11b8d","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":177,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"11a12f78-2070-44b6-9704-7cee206d760c","block_type":"box","text":"II-128","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1912efcf-60a3-4a07-bb00-722573ac0735","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9d5bae2-c8f8-493c-95c6-ec2c4eba65e3","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":178,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"aa6e8ba6-f172-4114-9f63-d9101eee1317","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":178,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"6d1073af-49ed-4f45-924b-ba94c847a112","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":178,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"b0f69995-5692-4697-afbf-5a35d4ba9db2","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":178,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"a9127aa0-4f1f-4d46-9920-e997aea5fcf4","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":178,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"d0eb9c64-b742-4e20-a437-5ffa5a12db02","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":178,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"cae2b46e-c4e6-43bc-935e-1900fc878946","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":178,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"31042466-a1ba-47f2-807a-2155a1d203ad","block_type":"box","text":"redemption of such shares.","page_number":178,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"5e412f1d-b491-4ee3-928f-0270c90cedcc","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":178,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"b8828a4e-4df3-4749-8d8d-948d23c67ae9","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":178,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"1e44adcb-b34e-4c84-9e57-0b760175dcc9","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":178,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"d9a119dc-4a0e-4305-a146-0852364753ed","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":178,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"e0b4df4a-95b3-4a53-8166-945b25d34a70","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":178,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"cc386439-1bab-402e-a531-990a4308b2b7","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":178,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"167bee2a-9643-4318-b54a-c5e08fd66d65","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":178,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"47984033-41f7-404a-8510-18ecee4d4bf4","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":178,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"3783207a-8238-4354-b730-e6cce590839f","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":178,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"8ea7ebb4-21b5-4b33-a31f-c0cbb268aad0","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":178,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"bcb9ff19-01b5-4d66-8a7b-9cca1332af52","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":178,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"70e1ee67-43c6-4398-901f-eaa0e08474e3","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":178,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"a9e45f16-1e43-4243-8ce4-8b1714f4917f","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":178,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"4ff6eee7-e0a5-4a8d-bad1-feee9ca22a9b","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":178,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"4d9e9f41-9f05-465f-834a-75e6a267fa33","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":178,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"1ef9ca44-8593-4bbb-8d2f-b69170a06975","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":178,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"e876680c-0a56-436a-b616-56f774e5b9a5","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":178,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"ae65a881-a959-4f16-b8b7-95ca3a2dce5b","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":178,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"28546df0-6404-4808-9600-148952286d02","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":178,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"5a6391f5-e88f-4f93-88b2-5db0802ce3fc","block_type":"box","text":"gains.","page_number":178,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"8b96a280-05bd-437a-a3d7-7e402c1bfecc","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":178,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"4ec104d6-59ed-44f8-9597-dced5f0cf957","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":178,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"4b9d2134-f9f5-4429-a822-227244cd7351","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":178,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"5bad10c7-3895-4815-a5b4-c2375ee16f99","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":178,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"85bec965-c1a2-4387-8e82-a0d0df596f74","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":178,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"b2e52c71-62c6-49d0-8fd9-8c79b363f3a9","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":178,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"a22736a4-750e-4ce1-9c10-9a9a97018597","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":178,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"25bfd4f5-a102-40c5-b2be-10c5bb6e8aa5","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":178,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"3739be0b-144c-4f93-b2f5-caa8f97b1470","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":178,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"f1682988-a76d-4eb0-bf4c-bb0db495bc54","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":178,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"6e7878d6-87bb-4e49-a865-0c4d336c44f5","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":178,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"1ef620df-75f4-4fb4-b799-32d5874bb226","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":178,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"b6d2c856-ebef-46ba-9ecd-e7efac155d93","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":178,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"b7314127-c841-4b02-943c-036e6fccd03c","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":178,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"968441e8-b9fa-4515-9577-6b1976666b32","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":178,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"8740dd48-ee83-4298-9e51-ae78b0392bb7","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":178,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"e869c75f-c342-40ff-b740-af0e010d5f66","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":178,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"ded44fe3-ff1b-4593-ba11-863985e7ec59","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":178,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"7e7ede6b-9d8b-4d94-9d38-a37e0669115c","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":178,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"63fae64a-827a-44fb-94e8-5bc37e0f024d","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":178,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"38634678-67f9-4b24-9695-69d623875f70","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":178,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"7387835c-cb7b-420e-843a-fc509cd40ffc","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":178,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"b15fd434-96b1-4cea-a403-eb6f07b292bc","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":178,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"d46094cd-1426-4b6b-940b-07d265b0f4da","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":178,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"f10e0e0f-19aa-4724-bc3e-532230c73f1b","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":178,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6c14161d-1ffa-4cc3-837e-c65d5abe6859","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":178,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"8f1f8701-f573-4674-afc8-f9ac7f6ba293","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":178,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"412de712-afe4-4ae3-99f7-bf7470f9f837","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":178,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"331d5918-e85e-4820-8b28-39c6f4230bc0","block_type":"box","text":"II-129","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbbba394-d515-47b0-9acd-efc0f3892a99","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23db6218-a74c-4ac3-ab98-e1c6a69a1a8c","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":179,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"57a103d5-13e6-4ca6-86d3-4347b613c540","block_type":"box","text":"dividends under these rules.","page_number":179,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"8059ecbf-3b72-4115-ab85-d1b77572a162","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":179,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"de94b57c-74dc-418c-8068-26257ebb0e2c","block_type":"box","text":"assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding","page_number":179,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"11ea9d60-152d-42d6-9416-fe97c635d3f6","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":179,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"de6b7000-22ae-4b98-a5b3-fe7329b09a23","block_type":"box","text":"attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and","page_number":179,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"499ab9a8-a51d-49e2-a85b-380c7ab267b5","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":179,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"0af51f3e-836e-4017-8039-fe38e658fc94","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":179,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"d2c0da0b-e1d9-4411-b39a-950466c0b8ec","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":179,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"3e8068b8-7fd8-435d-95f8-e0e32a7b9ccf","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":179,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"a0bd6b22-eb6e-45ab-8f3c-b8161c033407","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":179,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"7db31dec-ab76-49ee-8896-b825bc154bb6","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":179,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"2ebceaff-3398-4415-b0b1-28ede9e24970","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":179,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"a2fe7e66-3118-48bd-9876-885f1975b6ec","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":179,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"bacddf2c-5d64-4e4d-b9fb-5fc2a245253d","block_type":"box","text":"controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real","page_number":179,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"80b4a837-ead5-4212-93a2-706897f01a62","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":179,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"b365210f-ff36-43ad-b6c6-40ec97e1eecb","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":179,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"1f64a06f-4e74-4f94-ad0d-52b0af4fe1c5","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":179,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"cdd71cc6-70b2-41e8-8d56-b6d3e66a137d","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":179,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"09cf1d44-82d3-46c2-9858-be319ab90298","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":179,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"a4d498cf-9707-40d8-8d28-d3395d981bbc","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":179,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"334ffd57-691e-4b97-9648-6deefaa8b2a4","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":179,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"30deaa32-2725-48b8-9f3f-9f3f673ab5ab","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":179,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"a0b7ee41-a097-49d9-a89d-e5a84047e22d","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":179,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"e745d7d3-bf2e-41a0-abd4-b7322192f2c1","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":179,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"fed8f637-a376-45c1-ada7-d3f104a37223","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":179,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"20e09f14-4712-4abd-9c2d-1192db858ade","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":179,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"d656331f-b56e-4f92-bf77-c0c88f2c9cd9","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":179,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"d184eaf0-4cee-4b61-ae49-7f3e4e69bc79","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":179,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"d9ef231b-f710-4f4b-9131-de782b180481","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":179,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"2995a0ec-11e3-4c2e-81b7-d99e23aa0055","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":179,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"e61e346b-3319-4abf-a31e-e90d015ff97c","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":179,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"fd19db1c-b457-4781-910c-3837342ff9e1","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":179,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"0fb36245-7c23-4c41-840b-5b3c4ceaaf60","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":179,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"50ac66a6-7ba4-4bba-a4ce-5fd928b87620","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":179,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"f854cc5b-17b8-440e-a0d3-a071b8404197","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":179,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"8fe4a6b7-4219-4d7b-b136-3507df664321","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":179,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"35c964ed-732a-4603-8f43-e07577d82915","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":179,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"d604e2ad-ce1b-49c6-aa2a-42086d071365","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":179,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"c62d48f8-119f-42c1-be56-15678cb4b500","block_type":"box","text":"individual circumstances.","page_number":179,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"c61b4cc1-dc9f-43dc-aecc-47837b847230","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":179,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"ffdbd523-7908-4749-a2bd-5cdefdbe259b","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":179,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"5efed7dc-6848-4be6-99ae-91c5844ba556","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":179,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"14c3b8e0-6066-445f-b0b6-9560ff4b62a9","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":179,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"4bc1b164-f136-4f4f-9e43-3c8862f2d035","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":179,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"34451c41-7bef-460d-bfde-00f54c0ea2f6","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":179,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"255f0b21-e230-4bc7-b188-b634a6c196aa","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":179,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"49ae954a-f089-4263-93ab-e5989aca18ae","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":179,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"0d1f1d95-f55d-41d7-a5ce-36058c27c80f","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":179,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"93b87896-5c04-4c90-b615-d4911a1f2c8b","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":179,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"a28583d1-fbd7-4f19-8c7e-ef1962da15f0","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":179,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"acf160af-48e4-41c1-b1fb-8a5f2e920350","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":179,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"ff4f3b29-39cd-46b1-975c-1fe6d4d4393c","block_type":"box","text":"investment opportunities.","page_number":179,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"f8b9697b-d83e-4cf4-8aa8-01d2b7f33e07","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":179,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"fc69117c-ded5-433c-b4fb-a87d82196abf","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":179,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"fcb0826c-5850-40c1-8e5b-db50de5f85cc","block_type":"box","text":"II-130","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d9ca0f7-3493-44de-b85f-e8ac5119f72e","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5df494b1-c95c-4152-9903-fff3ffb7ad13","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":180,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"1f203b35-39df-4ddc-a2b2-6b08caaede17","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":180,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"57f8330e-785b-48a2-b9a5-1ed1f5640181","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":180,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"486633e8-3b2b-4e0f-bf2f-01525b31b486","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":180,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"2c3f14a0-06c5-4f11-b3c0-eb6bb22db304","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":180,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"7535be0b-9c48-4964-9dc3-8a929427bc01","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":180,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"33a300d8-4004-4903-8d25-10434d6b9b6d","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":180,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"a4cbf902-0d70-4c25-9ce5-17b34b137f9f","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":180,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"0376c406-4d59-43bd-bf6f-8e42e13d5c13","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":180,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"682354c9-1a81-48e5-b9bf-7fa24fc300d4","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":180,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"f86bcf2d-50b3-4ad3-83b6-eff5d85980f9","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":180,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"735ce94d-0b34-45e3-84ac-0d1a5940e69a","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":180,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"79beb6bc-7d45-49f8-82a4-473e8c3fe528","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":180,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"0a59c7ac-fdef-48e8-8312-b3bff4b9e83a","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":180,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"3932277d-cd21-4936-beb6-4ba38a9dab0a","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":180,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"9d56d1e8-d84b-470b-b294-9c4e94d9d52a","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":180,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"94edf58c-69d5-494b-844a-881bfe3de409","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":180,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"1fd58222-465b-4094-a56f-0e65cee56134","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":180,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"b68171ab-4bec-4f23-9da7-a1f67b3f7157","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":180,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"60d83e4d-8225-4920-840e-76fca2391d9c","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":180,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"081a4f20-cd98-48c5-be9e-40713bf36563","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":180,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"8d4dc87c-10bc-49e2-b49e-2063e1f7d339","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":180,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"73cad11b-2ce6-4e64-b680-dcef3c154037","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":180,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"f8dcaa9a-c8d9-4b9d-a34a-c108deaa1749","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":180,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"30ef165c-9515-4df2-a3ce-abd76c74e643","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":180,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"42d70c03-3c98-4f7b-a2b4-ad1b5bfb4bda","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":180,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"79148198-2e6a-413f-b055-e418abd9852d","block_type":"box","text":"positions in its portfolio (","page_number":180,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"38f8f63b-5f6c-4dc0-a42e-8c84d6397c79","block_type":"box","text":"i.e.","page_number":180,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"419d8593-6fed-4160-822d-37b49bf2c054","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":180,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"5ee8fed5-3279-4564-997a-e4eb7eed998c","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":180,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"4a1c8747-031a-42d5-8dbd-f9e363cf2552","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":180,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"81f66339-c3e2-491c-a839-b0bede271d1b","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":180,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"a0cc6175-d4c8-44e0-9265-1d8bbbb91800","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":180,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"2998b6ab-1dcc-4bb2-8f58-56733e07f941","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":180,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"bb74b9c9-0032-45f4-99e9-53c5352c4491","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":180,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"5c62eda9-ad7d-40ea-b767-bb55be560bfb","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":180,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"24f0c5a1-44d6-4ea4-a88b-46fd780d2606","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":180,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"4ac3e054-4fcc-46e9-8c86-fe9ad39352d6","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":180,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"64878fd0-3e52-4e1b-b770-fb5df4ecba13","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":180,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"0b2984f9-8f0d-4a49-922a-b3f90ee40757","block_type":"box","text":"Fund were to invest otherwise.","page_number":180,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"b3dbc5c1-2391-4f71-bd90-94785fbd5224","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":180,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"7c01f5b5-c588-42c2-bd76-a06071ff95cc","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":180,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"5212dd27-9667-41ba-8a43-6132e9457eee","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":180,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"ecff2b94-6128-4b28-979a-c293a3e4c9ba","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":180,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"1fbe933a-bbc1-4d31-88d8-1589270db19f","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":180,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"d0d53a11-1df9-48c4-8cac-d802ba223cbd","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":180,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"10274b06-1d73-4876-9f91-1e33c7158809","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":180,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"e661aa43-a73d-461d-b4fc-b2348ae3354b","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":180,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"01a462fe-cc8a-4574-b6e6-86d03237f092","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":180,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"58cd452b-86a6-439b-ad58-75c522099fa9","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":180,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"55203ec0-bb45-4744-a9c6-c091d2eca248","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":180,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"0331857b-e15b-4f3d-81f0-97f22964d254","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":180,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"ccf9d7ef-ef38-4b98-a142-01776acbfc7c","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":180,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"a15b6bbb-1fb7-4ec9-80f1-bf62e78c068e","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":180,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"472e4583-5fb1-49b2-871f-14c1b0f51544","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":180,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"1d2f5572-ee6f-4d04-bd60-6c6d5090c195","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":180,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"9ceb9729-7b31-4520-bab3-3ab37789b996","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":180,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"8709a943-4711-45d3-9c66-b17eb32cd329","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":180,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"cf32daf2-2bcb-4f84-914f-2bd1d8928435","block_type":"box","text":"II-131","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0aa7d9e-93f3-4026-a6cd-663a1f53e4e3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8dc712a-6f31-444e-bd8e-195a9bfe5091","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":181,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"493474a0-d97c-4355-9472-ea93f0e40350","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":181,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"013c4e0e-6f59-4052-8fce-4fbf7d424b58","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":181,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"dba60332-d9f0-4326-948f-39df382a23e0","block_type":"box","text":"PFICs.","page_number":181,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"4f89a8db-ce8f-497f-b61c-7431e50e84f5","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":181,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"ab827874-6e25-4053-b94f-c2d2377a6092","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":181,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"5df487dd-a45b-4b13-ab19-01777499b2c3","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":181,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"af15fd7d-89d3-4978-ada7-deab37d47b69","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":181,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"8b0766f1-adb6-4172-854d-b511a72ce57f","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":181,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"3cc10241-6dcf-4cae-9a18-f3f8833d6113","block_type":"box","text":"difficult or impossible to obtain.","page_number":181,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"8be32a46-11f4-4806-a06f-ef8a7bc9d5d0","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":181,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"29e99553-b4cb-45e5-ba91-3be3dfe01b07","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":181,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"91a1bc47-a59a-42fe-997b-4d142bf7df44","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":181,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"ebedec5b-f7f5-41c5-8bfe-8725dec0faeb","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":181,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"57e07039-6175-46c4-b51a-8844fba1d6db","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":181,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"178000d9-3bcc-4bbd-920c-77cc086e9498","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":181,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"7178a815-e134-43e6-9c2f-505bb325a09a","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":181,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"0881477a-9d47-487e-836d-4ad02d4f2dff","block_type":"box","text":"Municipal Funds","page_number":181,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"ea8c4c20-79c0-4423-80ae-1e7634a75997","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":181,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"87d4f1bf-272d-4188-be1c-7fc5b60c01d6","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":181,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"21c8d340-e7be-465e-b27f-4a09d3f6e82d","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":181,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"569c0744-b7de-4152-ba39-d38ec99af246","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":181,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"250ad8de-f055-491d-b714-49eb56455f6e","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":181,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"ffb55d03-751c-46e2-bde6-03dea3434ece","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":181,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"7dbcf376-def3-4a85-8907-3e48c22f9e45","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":181,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"3de4af8a-93d9-4180-b107-61fdda66f1df","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":181,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"fa677f69-8282-449e-ad17-aabbfeed6533","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":181,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"5d3a4654-2c41-4ded-b981-a5a8805bff12","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":181,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"d74223b0-641d-4f20-aefc-21a4e848ab01","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":181,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"753a9ac6-a5a6-4549-af6c-0d0ddb0a8227","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":181,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"95d738ec-5154-402c-a5b5-43a72774f596","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":181,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"857b3d9b-9950-465d-bcd5-3abe9c08a37b","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":181,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"855f470e-f5cc-4802-8dad-6cf820b9fc63","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":181,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"6326b762-86d7-4668-98f6-79653c1b663e","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":181,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"f41c5d0a-934b-429c-ba6b-e7506c09ee9d","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":181,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"2f9a5155-7e3e-454d-b442-4739fb5504d3","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":181,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"93119e0a-3d6c-4583-b81c-c8dc7527d595","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":181,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"55fe8807-9b0f-49d5-92c7-eeb42d8d0cd1","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":181,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"79d55be8-7ccf-45ed-b73a-6614debc7935","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":181,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"1d809735-5a50-4829-bc34-48b4f1f01cdf","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":181,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"37fbe12f-7847-473f-b521-2db7573c82cd","block_type":"box","text":"constitute exempt-interest dividends.","page_number":181,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"7556b8c0-99ba-4569-a33c-ca4766e76a88","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":181,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"d9b2f316-24b8-4e7b-b808-79fb73d2fe60","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":181,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"c0d4ea01-4a1a-4380-bdb1-7e6ff121d922","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":181,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"acc2c2e6-2048-459f-b3e5-c7866ba3e3d7","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":181,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"ed9df1ed-5dd2-4f13-aca5-5e51e0c2cf1f","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":181,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"cad33d41-0b5c-4ff7-a612-0f8290626b87","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":181,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"bc96d0e9-3abe-4dcb-8fb6-f722fd1efed9","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":181,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"9dafb7f4-b66d-46ff-b21e-b5b6ac92b1ce","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":181,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"23dbf7b9-3450-4fd4-b1c8-2422a177ca6a","block_type":"box","text":"income dividends received by shareholders.","page_number":181,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"81a29f40-bc8a-42b8-8c97-f8774af14dce","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":181,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"8568b449-ef89-4240-8c27-6ce58d8d5c5b","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":181,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"71ca437b-a456-401a-95c6-6591f423e137","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":181,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"63474780-a60d-4fd2-a051-b371ba159a6b","block_type":"box","text":"II-132","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d74fce15-109c-4e30-98fe-25d874ee7227","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"744be544-11f2-44fe-895d-1d503be26711","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":182,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"93584120-04d2-4298-8a1b-1e0b777080d8","block_type":"box","text":"the accrued market discount.","page_number":182,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"f80207ee-31a1-4c62-bfbe-58623e6bcb1d","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":182,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"72768985-b1ed-431c-b593-665568138e63","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":182,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"98fce674-e3fb-4721-aa33-259e84378a67","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":182,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"6e111e25-edb8-40c4-9887-909386425357","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":182,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"1b092b80-f082-45f4-a2c5-e6b8f4a58d62","block_type":"box","text":"e.g.","page_number":182,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"1723e666-cfe1-4042-9c60-394994822ff3","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":182,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"5b8e255e-6a88-4138-93e1-9c2c220f71b3","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":182,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"e9ae76ab-7d12-4e72-a6cd-aca93422b1dd","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":182,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"33fa3677-4658-4c6f-8f92-3c6c1fefd4d1","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":182,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"f4329670-6005-4473-9702-8e64b4960b4a","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":182,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"2dda7350-040c-4b60-b544-9303119b80c8","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":182,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"b45ea770-dc2c-4a27-94f6-458ff4017eff","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":182,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"21678b42-5945-456a-8348-bbdf998c74d3","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":182,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"55786884-6827-4c9b-946a-d4a3aafbe138","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":182,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"8941b776-07ce-46d2-ac81-e86e6ace8a24","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":182,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"09c74828-1070-4965-9664-942b5608a6bc","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":182,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"b30f0b30-c7c8-43df-bfe0-b95123d4c29f","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":182,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"a7c889dc-e2c8-43d3-8073-b25377be6e2d","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":182,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"76b96d56-b6ef-4666-bb8b-a51ff2effadc","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":182,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"2a76e8d8-e4a4-4aae-a788-f27e3e080e36","block_type":"box","text":"within each applicable state.","page_number":182,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"d118dc8e-d71e-4fe4-8ab0-b3d6a698041a","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":182,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"b46b8c66-d43b-4536-a80b-2d97027486d4","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":182,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"98c44b17-eb47-4dc7-937b-c9fb178212bb","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":182,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"040ecc8f-285a-4475-94c2-d0e3ca331982","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":182,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"96473762-7384-48fc-9f57-3ad21fd87ec1","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":182,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"279782e0-c1f6-40c3-ae91-71558d52e491","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":182,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"29bcb7ee-9aa1-48c0-8d83-389f626623b9","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":182,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"09d2359c-f7bf-4871-9f17-6b8c0a1148c2","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":182,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"14059daf-a411-488a-8a52-b89da5544b1f","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":182,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"2dd64b50-2ce3-4c4a-a5f1-4990d5b7a6b8","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":182,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"4ba8bcdf-5e30-4a81-b525-ab33b832f3ff","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":182,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"5c308a61-c12b-4f5d-836f-791416bf5a5d","block_type":"box","text":"exempt from state income tax.","page_number":182,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"5b997dbf-1831-4caf-9b7f-2b7942a4e332","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":182,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"b586bbff-8677-49e4-9aa5-acf437cc6b9a","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":182,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"3d634910-141f-4cf0-8ee0-d684c8660f95","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":182,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"8744656c-2af0-4e0c-817d-554f334f60ce","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":182,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"5e71c275-4cd9-4389-a81c-6614de110375","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":182,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"c676b97c-bf6a-4408-8269-8bad6527b656","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":182,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"19a1cc74-1c7d-458d-87b6-32d09e16d870","block_type":"box","text":"decisions may have a retroactive effect.","page_number":182,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"1120b453-42d5-4c15-b786-adb322a4ef28","block_type":"box","text":"PERFORMANCE DATA","page_number":182,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"142e17bd-db22-4f3e-a689-537830530bc9","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":182,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"acce7bed-1f62-48f9-9f8b-ae2f19cda058","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":182,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"41337f94-e281-4c9c-914b-26935b4b51f1","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":182,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"a8ce5756-aa89-4588-a106-952246e79f41","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":182,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"94117d8a-6dd5-4c6b-bd20-1d4f13998ec6","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":182,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"46f2d89a-afb5-4423-b7d5-765a0b168848","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":182,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"f0f81fcb-48a4-446d-bbcb-aadbaf529220","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":182,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"3402e490-66fc-4ac9-9024-47590702724d","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":182,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"1f5e0b7a-f2d9-48ac-9c37-b01569c32bda","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":182,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"4c2c3721-d15c-402b-9330-f09541c069cb","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":182,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"bc4d8cd8-70ca-452e-aaaa-05b6bfdbdc03","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":182,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"6f51aeb8-98d6-4ee6-8262-622905020c4b","block_type":"box","text":"II-133","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dfa960b3-4f37-45b3-b426-cd2d5df60068","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"812b4238-504c-471d-9c3e-2028a0ea708f","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":183,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"4f27d593-1462-4533-b3ab-36aa97e68667","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":183,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"4ac67afe-ef23-48b9-9c0f-8e347242bcfe","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":183,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"4abd0c53-d7f5-4d67-aae4-667b42bbca45","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":183,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"04cdc8a2-c180-45be-a040-a13d323dd26b","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":183,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"fdac5acd-a36c-4435-ac6c-206f6c3212e0","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":183,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"9344a43d-ce0b-4991-b3f1-5cf0bec7813c","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":183,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"bdb1bf72-cba0-45b6-a2fd-b45002e14b83","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":183,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"66d07455-2f14-4661-bb5e-6ed2a2285813","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":183,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"b86bd33c-66ab-47f5-9d65-78f01d5e514b","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":183,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"7965a376-2698-4e04-a827-5c4206ca2a49","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":183,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"763d55c0-6a69-4774-b1d1-5cc50d83f6d0","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":183,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"1a6c6f83-975e-48b4-820c-36754548a7bc","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":183,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"1bacb049-6b15-4543-9919-c91d9904ef47","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":183,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"f76e66fd-0ff2-4992-98d3-da74ec072ebf","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":183,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"3c5a0125-5455-4f41-81a3-2057084fefe0","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":183,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"846304ce-b667-443d-8875-16681927e45d","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":183,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"5720cec5-a084-417a-87f1-48b1b89a6426","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":183,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"a435e153-0774-4e71-b186-8f1bf4643ddd","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":183,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"5293d769-9f7e-46d8-80f0-90158ac9b39d","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":183,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"7cb04a4d-dd80-42e7-a3f0-58b356d5f029","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":183,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"01bc49de-4bb2-4c99-b5e6-fe3669096716","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":183,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"d2a816a5-40f3-4a72-b02b-e0f3a47b4f86","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":183,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"c9d74e03-7d9a-42fb-8cd5-757503251581","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":183,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"44d42db3-2ca2-46b5-8cad-ed61cf72bd39","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":183,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d351f94d-bf57-4c0a-8987-39932e551aa6","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":183,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"59db44f4-51d6-48e6-80a5-b91e23a40de5","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":183,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"755cd546-1f0e-4f75-8c4a-a513f17543f5","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":183,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"104e3ba9-c670-4242-87eb-c148ad97f4d4","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":183,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"6f31a120-e4a8-4aad-b2b2-216422a47d01","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":183,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"6cee7c76-7810-4322-9e06-9c8b0093ec31","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":183,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"4f889265-7397-4e6d-8c44-a82b2a8ac7f6","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":183,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"2ff3825a-83ef-4e5e-a42a-c6c0195e9691","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":183,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"12a63373-cb3a-4605-8b95-333da35f24b1","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":183,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"680a43d5-0e72-41ac-bf17-4bae497f9299","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":183,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"cd545d5a-df92-4605-9507-ba5beabfc232","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":183,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"2ae4aa2b-ee09-42d9-a05b-b62967b4404b","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":183,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"7fc4d7cb-37f5-40bd-9c6d-0a8884158553","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":183,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"4d2b94c8-faf4-4355-bf90-1d7ce82cf7fe","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":183,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"c59b91e8-55dd-4cd2-a0df-b379c8398bf8","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":183,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"9bd5a4dc-e27e-4209-a444-39c937191f30","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":183,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"d12f317b-43a9-477d-9bdc-469c30e7da80","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":183,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"27f32cf4-571f-44de-93d7-408c620ae9fb","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":183,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"84ad614a-7ea7-4d30-878d-e60dee419f18","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":183,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"3b1a4e0a-da2a-447f-903d-7ee230704f5a","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":183,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"5e186b21-7924-4d96-addc-2cf723735b7f","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":183,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"e234af87-8caf-4a65-ac96-82ef3bad207b","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":183,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"57ac9202-0193-434b-a1df-940e2f2db3c1","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":183,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"2ccd91c0-8fdb-4eff-af47-153f96e6ba9b","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":183,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"df52b50c-81ae-4f60-a773-bc596efc234f","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":183,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"c63f36cf-eae9-4ddf-9f21-3bf0248cba89","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":183,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"6957afd6-540d-419c-bee5-b8912277bb14","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":183,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"44e3b17d-aea6-4690-8b11-294395d41d63","block_type":"box","text":"less than their original cost.","page_number":183,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"405f72eb-fda0-46f2-b150-9ef794d55c00","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":183,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"f49c106c-85f5-4d17-9f8b-46a2f6e772e3","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":183,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"ab4929b1-6e65-4b91-a36f-796dd0a8755f","block_type":"box","text":"II-134","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0b3dc8d3-9896-4503-bbc4-00c12886e324","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c0dfcc7-7f7d-496b-a682-c57cb3e7d350","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":184,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"1f0a1a02-76eb-4747-a7da-2b24746e3256","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":184,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"0185593e-7f1e-447f-b23e-5244f8da4d38","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":184,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"bdeb11e1-9cad-4451-b52d-3f6bfa22e418","block_type":"box","text":"lower amount of expenses is deducted.","page_number":184,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"8f8e03ce-8ce6-45ff-91c3-a54b6e2b3d60","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":184,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"1fdb47c2-1bc4-4e02-8de3-a9924b5ba22d","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":184,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"e8185547-cb02-4c55-ac00-259c6455bcd7","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":184,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"7129ac64-5189-4f3c-b95c-5ed4273d1399","block_type":"box","text":"Money Magazine, U.S.","page_number":184,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"aa62e393-1b7d-4151-be8b-75fca1e90d3b","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":184,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"68b1fad5-1d1f-41a0-ab3b-e0fa6bc0f20d","block_type":"box","text":"or other industry publications. When","page_number":184,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"91ce5c96-5b05-45c5-a1ff-f8da22718889","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":184,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"262e0cf2-9381-4c3e-b0d1-c0c2f0e21932","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":184,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"03aa43fb-f034-4341-8499-823650cd7482","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":184,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"a781fe4b-8604-4b1d-8b20-cefc79b50d9f","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":184,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"92dc98cc-f823-45b6-b7d3-6f0956872a1e","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":184,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"08edec8f-d164-42f7-a5c2-fc39e2ad031b","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":184,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"434b65cc-1145-4dfd-adf1-c0b6c3b50f2a","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":184,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"e7644b54-0ab4-489c-a776-5c2db2c72bc8","block_type":"box","text":"developed by Fund management.","page_number":184,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"9c392450-a6e0-46b0-8d31-6801e0e5135b","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":184,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"eb5d7694-6398-4d56-95b9-78105729e6ca","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":184,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"6123d605-a631-4526-869f-e479b3da3562","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":184,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"37d0ff32-488b-4938-8077-d999d4a967bd","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":184,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"943aaa19-a40d-46ca-ac31-7e03d0255529","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":184,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"03e4c098-1fc4-419f-9eb6-4cff00a87526","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":184,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"582b4715-b57c-4651-9237-85610320fe2c","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":184,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"71374a51-a6ae-4cc7-afc8-e94df1f240e7","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":184,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"ab7f58b1-cb89-4d5b-94f0-10204cf7e707","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":184,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"a7c61a62-7e3b-4f7e-944b-216d41f1c214","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":184,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"cb7cac7f-3c0b-485a-9cdd-83caed354976","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":184,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"12359b9d-d0f3-442a-a861-c2683ad6988c","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":184,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"c2cfbf50-0df9-4a7a-988a-e8807aea43b1","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":184,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"a1351995-c936-466b-a4f3-af853f4f900f","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":184,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"5cf9342e-9c73-4d0c-80d0-0f485b96035d","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":184,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"ac7ac0c5-d8cf-4be1-8856-08b7249505e6","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":184,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"e7ed34a8-3550-45a3-aa49-a89e29eb2261","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":184,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"0dc44f59-aef3-4c0a-81f5-8cbf8068599b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":184,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"4b16bb09-74a6-4025-bdab-ff42ca97481f","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":184,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"de2704ab-6a0c-46ef-9ac0-a9ef01dde814","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":184,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"dfe32bd5-bd9f-4ef0-9d05-e193f740ef9a","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":184,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"fa5567af-9eab-46a1-b6b0-6352287eb5e3","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":184,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"c469585a-a55c-493b-95af-4177e56a3733","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":184,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"0b2bc656-95d6-4d92-9dde-ad976e5717f3","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":184,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"c3006e33-f82b-4aef-991e-31f6d8d18eba","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":184,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"e72b9820-1e75-4235-a507-1dcb328e731d","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":184,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"d1037a56-6616-4467-b04a-0c92ddec599f","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":184,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"80957934-345e-463a-a379-6675e37054b8","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":184,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"dc12d944-3940-48a8-a024-e5009613911d","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":184,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"e4d92ff0-8e77-4071-853d-0d6ceb31c114","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":184,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"642f3b64-c8dc-4329-bcc9-2d56fb7a758d","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":184,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"7969e0fe-da84-460a-8e7a-3dc87bfc7fda","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":184,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"7aad658b-f0f1-4cd1-8dcf-9718163c0475","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":184,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"414b5aab-6273-49ac-a4ed-ef1b0bbe12a7","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":184,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"b0183b6e-08f2-43cb-94fe-e7359643aa33","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":184,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"a6df787a-f650-462a-b305-64d22dd894df","block_type":"box","text":"II-135","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"367c9dd8-4184-4db6-ab59-0734e4b7596d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2dd32bda-989e-4fd8-8813-505406a451b4","block_type":"box","text":"GENERAL INFORMATION","page_number":185,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"7a0cffe9-b045-410f-84d4-1d317b02faae","block_type":"box","text":"Description of Shares","page_number":185,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"3564f9bf-8863-4773-9f2f-0463794381f3","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":185,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"e875d920-6392-4637-81d0-3a33c99e10d2","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":185,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"43db9b53-a255-4941-b2dc-f6ee75d9d5fa","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":185,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"0244c93d-1c4a-41c4-929c-0aa0ab98bb40","block_type":"box","text":"matters relating to such distribution and service expenditures. 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Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":185,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"13be1814-1596-4822-b9e8-0919a0c8131b","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":185,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"e0128f23-ce91-402b-ba73-8c87e7414a3d","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":185,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"39bfccbb-d1fa-416f-95da-d0140e609b4b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":185,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"28ba7810-c900-47c3-a4c3-84ddf88dcfe2","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":185,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"1a154f45-65aa-4e21-a181-1e5239823af9","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":185,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"983d00ac-def0-46d5-adc3-ae528b0e022d","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":185,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"7c4abf8d-37a6-4bab-8241-77b5a70ce326","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":185,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"3ca5d8fa-9a31-490a-8a6d-6f4fb4230baf","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":185,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"ce1f7e9f-e5e3-45ac-a871-9cc1f07629a3","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":185,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"a1836ddf-b218-45ab-b660-c9c43fbf82ca","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":185,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"14348e29-ee86-4999-8a15-5508e62af07c","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":185,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"9a1cad82-b3d7-40ad-865b-ad1631e4ef17","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":185,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"9f48e645-5b0f-40b6-a8d4-72ecb17cd999","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":185,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"3c44a30d-edd2-4179-b379-3a54698fcba3","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":185,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"fefca100-45a8-4843-b45d-a1e266eb6e0f","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":185,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"714df6c5-b0c2-40b3-8d1a-7fb1be55f488","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":185,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"51c24042-5b6f-4d31-9c4a-0301ddc8ea9c","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":185,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"41353223-bd41-4889-b38f-8c901d289d55","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":185,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"ba6acf86-587a-47de-9533-d4f759646563","block_type":"box","text":"Additional Information","page_number":185,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"f2f33773-17e7-4096-8237-7cd7a1db32bb","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":185,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"6d778f0d-052f-4bd6-9a96-618602b8e4a0","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":185,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"fac2d095-e814-4795-9884-f55db0ae1d3e","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":185,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"8542df9c-868b-49df-a020-b8b351e1c9ed","block_type":"box","text":"such name to any other company.","page_number":185,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"0175d81f-a9e9-4011-81dd-a864bcd2e2d2","block_type":"box","text":"II-136","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8e8e9bbe-1a48-4d8e-be91-9081622840d9","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"890c8167-4abf-41fd-a2f1-8550f8f2a019","block_type":"box","text":"APPENDIX A","page_number":186,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"7a3c9ea1-9618-412d-92e9-00c4a54d8eff","block_type":"box","text":"Description of Bond Ratings","page_number":186,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"5ca14621-56b9-4cc0-8b7a-5ad84bbe882a","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":186,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"88f5519a-ae35-40cf-bc90-6d557635dde7","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":186,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"23127806-8213-424d-a0e9-dd263f429108","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":186,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"b7b89a4a-cc85-47cb-852e-ef0b354b4f05","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":186,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"95298c76-e707-4df3-be20-5e1fb0631689","block_type":"box","text":"date.","page_number":186,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"55dd34eb-b158-4c85-a934-d4cc315e173e","block_type":"box","text":"NRSROs may rate specific investments (","page_number":186,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"07572cbb-d84f-4a72-91db-6e643bd69b02","block_type":"box","text":"e.g.","page_number":186,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"396211d9-68dc-4f09-bf97-f7ac744cf730","block_type":"box","text":", bonds), issuers (","page_number":186,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"bd3c4ca4-b4e3-4f9c-892f-e7047c084b41","block_type":"box","text":"e.g.","page_number":186,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"224ed0f9-5dae-4de6-ad22-4a57ddafbe89","block_type":"box","text":", corporations, governments and financial","page_number":186,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"f989d49b-e9be-4989-891b-3353d7e99522","block_type":"box","text":"institutions) and/or programs (","page_number":186,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"7819de9b-2649-4058-addb-23d31595f13b","block_type":"box","text":"e.g.","page_number":186,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"7c4a50ea-6edb-4140-96d1-fa183bae4654","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":186,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"a70ec4c4-cf51-46fc-9f2c-9462d03c41d2","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":186,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"83896be0-defc-498b-ab33-940eb8e4face","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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Further, the fund may","page_number":186,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"ce79c2df-16d1-4b5a-8e85-78681a61bb7e","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":186,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"79030b80-01bf-4f82-9695-4b850fed1da2","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":186,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"34fdf0eb-7449-4c91-8b46-91f91beb41d6","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":186,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"aaceb129-762e-4e2a-9cd0-532d09a359fe","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":186,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"214eaefc-7ce0-4698-adb5-7c8125b9119c","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":186,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"c5d9ff74-5cf1-4245-963a-803840d218dd","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":186,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"0b523453-7de9-4b74-9d09-978fe15a5a17","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":186,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"6980015a-c7ee-41d2-9f83-6ec4167ffc75","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":186,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"43ba2ac2-fd4a-464f-a061-ef9bba68e703","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":186,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"c1ed4396-90d5-4a1b-833e-98d0d97eea80","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":186,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"a5bfe5a4-bdd0-4846-9cfb-3892c290fc30","block_type":"box","text":"Fitch.","page_number":186,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"1cafc20c-4311-47a2-ba58-699afb5d1150","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":186,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"1f92c3e4-f5da-4fb8-bc28-0e142dedcfdc","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":186,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"e4265c5c-4ec2-4c03-834c-be9ee192886f","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":186,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"3d8fdc5c-86ba-4846-9f0b-9aa3fc879296","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":186,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"e3b6080a-7ea1-4eef-9b51-ef57c489fa8e","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":186,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"2ae8b621-7eee-49a7-8de6-245f40f37b67","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":186,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"f7a48dc8-dc04-4b5e-afcd-486a7cf7d113","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":186,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"cf03d86e-b5e9-4370-bd31-e730b383283c","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":186,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"5ce2c131-11d7-4056-b3c4-1f6f944a14ae","block_type":"box","text":"sources of variation (","page_number":186,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"94baf056-da91-4226-ba67-88ae53eb6268","block_type":"box","text":"e.g.","page_number":186,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"7015a4d1-3b8b-4030-9711-fc93461dbaf3","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":186,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"b1e18830-6ed8-45be-b956-ab485c4bd21c","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":186,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"16858bdc-e65d-48d7-af92-3b41004bd5c4","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":186,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"82e0c28c-0d09-467f-907e-659ff9ed5e26","block_type":"box","text":"e.g.","page_number":186,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"1dddac05-4b77-4880-9963-d8011ad4d0a0","block_type":"box","text":", equity indexed), absent an express","page_number":186,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"2dd25329-f4fd-4f7a-8e62-e11edf66cc0e","block_type":"box","text":"A-1","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"22421353-e2ec-404b-b249-d9f2c3eadc62","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c1f51b5b-4169-491c-a349-3ef5e114c42c","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":187,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"04a72da2-971e-4f23-943e-2bdc01628286","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":187,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"b199c471-9857-466c-9b0e-d58b669f18b7","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":187,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"9287e3ce-00a9-4c9c-92b4-1a491df3d84f","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":187,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"14db5d36-de9c-43bc-9e81-157250ac1e03","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":187,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"b7b4bcfd-840c-4045-bd19-a4af53dd21a6","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":187,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"6cbd3210-4612-4162-b5bf-b610abc56c82","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":187,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"a04b942d-4ae3-46ed-8a24-591e1b2d4ce2","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":187,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"49256af3-7020-4ff6-bdce-d80f4af67eb0","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":187,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"cf3c9dd1-abc6-4b10-b9cd-43a0ff27c1b8","block_type":"box","text":"i.e.","page_number":187,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"be40a2bf-ee02-456b-b40c-6098497fb3cb","block_type":"box","text":", ratings on nonfinancial","page_number":187,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"4122a02f-278d-4462-951e-4cf81f1c138d","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":187,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"085a66de-be7e-4808-8212-daa98a2f5f0b","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":187,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"beecf52d-8f89-4558-9c4d-3cfa79705814","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":187,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"f4acd9d9-4166-441f-ad10-e1cc6b717857","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":187,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"eb3f3279-df01-4981-872f-ec9b65f13ffd","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":187,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"d8aa8420-c95f-4dc9-979d-e243ed927780","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":187,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"c241d116-0808-458b-bf62-14d081da55ca","block_type":"box","text":"of time.","page_number":187,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"7128ed7e-e937-4fa0-8a43-f8a0bf38703b","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":187,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"7fba4093-88e5-41be-8e52-722e2ad7c725","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":187,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"fcb51014-8992-40ee-9571-3dcee923b3a8","block_type":"box","text":"risk.","page_number":187,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"d6e90c7d-088c-4eb2-9ab4-0a4a15371b54","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":187,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"d55cc2ff-78ee-4be9-a656-011733e24378","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":187,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"16004bfb-e599-4487-a82b-50efb4abb0b9","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":187,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"864e985f-aa9e-4c54-94ca-4591821bcc30","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":187,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"fb573c20-1027-4bcf-8780-4a2321d36bda","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":187,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"16d09fe2-3a01-4303-b207-4e88f422207d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":187,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"09809460-5cdb-492f-8ecf-b726de63a03f","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":187,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"e9a69be7-f9b9-45ef-b99b-ae7d83cb0758","block_type":"box","text":"credit risk.","page_number":187,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"4e43e62a-bbbd-48cb-a145-5a8dab3c70d8","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":187,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"fe4f2ff5-e280-4b6e-9ea1-24b9863df5ef","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":187,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"074f4760-bb16-40ff-b648-cf33ae671f5d","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":187,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"10ed9081-a387-4f75-b957-7becdfe7b445","block_type":"box","text":"of principal or interest.","page_number":187,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"43a872cd-98e4-4751-a4be-5cd2a2ec5612","block_type":"box","text":"Note:","page_number":187,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"5846f173-8caa-4549-85e3-bd39bb4662bc","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":187,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"8adae3a6-d008-4607-b20d-6079cfc0442b","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":187,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"e282b89c-c991-4653-99fb-f5d10ee3ecf5","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":187,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"12b2ecb4-af82-449b-9569-2747ff4c5a99","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":187,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"dcf9353b-8ec3-4dfe-99e6-662c508d03fc","block_type":"box","text":"companies, and securities firms.","page_number":187,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"2b08006c-7806-4291-8eb8-fcaa2cb9570a","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":187,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"012230ef-0959-4fcb-b595-02afe8858e61","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":187,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"3e59e481-cb07-41e5-8768-89cc0c48e5e8","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":187,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"02b6b270-b08e-419e-ad2d-3b611a4c9c63","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":187,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"4f8300e6-9888-4002-bb3c-b1a8700b01f3","block_type":"box","text":"that security.","page_number":187,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"f4589895-f174-4c35-98a4-9ecbc9545332","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":187,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"544ef439-5cc7-45cf-a136-ebeb520338b6","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":187,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"dbabec12-5046-4d8a-9f51-32f964fee1e6","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":187,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"d9994b37-bd50-4065-8589-6a3912a2ef53","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":187,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"fd61bb19-9d78-4216-9345-dc49d691f72b","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":187,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"1d8d7f66-5202-4565-9dda-c5eb8f05f9ac","block_type":"box","text":"categories.","page_number":187,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"6a25af8f-109b-400c-afff-6500bf8935f4","block_type":"box","text":"A-2","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"d98cc15a-70e1-48d9-9763-a638738e75db","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc81a1aa-1b79-4f73-9670-c416e8cd25b2","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":188,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"e37a5f34-323f-4261-8a4e-3dba57c67bf8","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":188,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"4d3dc10e-01f6-4525-b224-bc437802572e","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":188,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"ecd20ae6-1ce8-4a59-be9c-cfc84b3bded9","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":188,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"59e8cb12-e086-432c-9863-9ee4836c2808","block_type":"box","text":"an issuer’s self-liquidity.","page_number":188,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"509f06db-c9a2-4f51-afe5-adde8a14befa","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":188,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"dfc89732-8584-42ed-8575-90eb82d34a6d","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":188,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"49a6480c-0eda-4653-a636-89da7b1aabe9","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":188,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"7192a23c-dbff-4544-a20b-36c1bb18ef9f","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":188,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"4065f5a8-e9d7-4c8a-800b-88eaaf857d06","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":188,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"35845d6e-7aa7-4d9a-8238-f127eb1fa28b","block_type":"box","text":"MIG Scale","page_number":188,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"d17fff9d-f655-41b5-ab11-bff127168ed4","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":188,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"0f62afef-06bd-46c0-9086-2c25d55bd9c7","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":188,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"6aa489f8-5360-4286-a3b8-3c590e928821","block_type":"box","text":"refinancing.","page_number":188,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"ceaaefe3-bcd8-4134-a5de-2e250b12bbfa","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":188,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"ef8ea8ff-42bc-463e-a0fe-3ec8be2ced26","block_type":"box","text":"large as in the preceding group.","page_number":188,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"40ae9344-b97b-4026-9067-e5ac775ee529","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":188,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"22dff86f-07a6-4cfc-b622-8ee9bae2eca2","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":188,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"2eca990b-a07d-4a74-8a91-8e06b76f3f18","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":188,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"4b9954b9-f704-46d6-907a-241def06e79d","block_type":"box","text":"lack sufficient margins of protection.","page_number":188,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"672b9b22-6b9b-4e2f-b14d-fc313e984ce2","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":188,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"f55e6eb8-eb67-46f8-94e1-00a6322a1bfd","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":188,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"a2d08049-1637-48ea-959a-7975486bac79","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":188,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"bb37567d-b93a-4c32-bb6c-f99576124156","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":188,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"aae593b2-e44a-4cea-acfa-cf14df2dbbdb","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":188,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"68d52bd0-3ebd-4365-a3dc-cd470377ed2e","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":188,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"46de18bc-f617-4354-819f-d02bddf272ad","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":188,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"24e475f3-66c7-4818-a248-70855bd42de6","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":188,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"0d4d043e-9ca1-4b39-ac10-bd99c66549a8","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":188,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"878c9fad-833a-48b7-ac3e-8cea4f33dab1","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":188,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"5bbccae2-aebc-4e0f-8901-ef63f2228f74","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":188,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"58e2e2be-3d18-4321-af79-aecef6e9d8fb","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":188,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"412e2bdd-f1c8-41ac-b26d-fed915e8e5ce","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":188,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"55c37e4c-81d5-4310-aeb3-9f7e94f1fa32","block_type":"box","text":"VMIG Scale","page_number":188,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"5f9787b9-4b10-4a36-8ce9-d57ae0c21077","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":188,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"2d76b4ea-7ae4-40a2-ad0b-5981f85e6c71","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":188,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"38569fac-7319-4a4b-8afa-daf71874cfde","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":188,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"14828a5f-271e-4d7b-8c87-102df329cb70","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":188,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"470b7ce6-dac4-4f9b-b08b-229a2a282ea4","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":188,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"2ca5c4a4-24fa-4611-b46f-b50eecf55274","block_type":"box","text":"payment of purchase price upon demand.","page_number":188,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"8235e1db-171a-4b26-b2dd-0c9558cb5837","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":188,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"5508e6f0-d669-4a24-a69b-b88cf4e452e9","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":188,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"33c72342-3d7c-4d35-9caa-935e1e056564","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":188,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"4426c25d-d5bf-4b19-8b63-5ff8d63c7f74","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":188,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"ee018d10-6b56-44f4-8520-9f8ca995394c","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":188,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"3537e2cb-3797-43b0-83fb-d974e6020b80","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":188,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"1bef1530-617a-48a9-9170-644d2b9a4203","block_type":"box","text":"price upon demand.","page_number":188,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"cccca87b-bec9-4b02-b175-bb4412cdb11e","block_type":"box","text":"A-3","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"77cabc94-77bb-4212-96a7-d6c742065b0b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"097377a5-825c-4134-8ec3-4058cb9cc9b5","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":189,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"ddb84beb-907c-4041-8d66-a0cab83883a0","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":189,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"17faaa7c-fa78-4566-8dc8-249671728520","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":189,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"f092b635-54d6-47d3-934a-a5185821000e","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":189,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"b2a9fbcc-8c9a-41c8-82f3-d0b08eb34592","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":189,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"5ec6b52b-5064-4fb2-b310-23f2fec00808","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":189,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"e0fe1553-cc4f-4a9d-bb1f-45e51d46e25a","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":189,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"d2481a67-a8ec-4511-a255-cc63576d8351","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":189,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"e01a6c5b-ab17-4bc6-a3ae-8282f39259dc","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":189,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"46f020c5-14d9-4b25-825a-79afd61ce5fe","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":189,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"f4b2c853-b00c-4dc1-b0c3-693190e35544","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":189,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"63c94eae-d63f-4cb9-a3fe-a2efcf43c376","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":189,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"646f5017-044d-4114-b3d5-0245091e3e03","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":189,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"17882999-84cd-4926-a62e-3c953f020977","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":189,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"83882b49-4e87-463c-9af5-88c550f0940f","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":189,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"4ff73f3b-a6ac-4031-a973-089d0b7a905b","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"d8931a2a-8c5f-4140-b366-bfb74418caab","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":189,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"52b5214f-a6f1-4b20-8c62-1ad83a4d3a95","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":189,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"cbaf836b-e31d-443e-80dc-6cd5d6e74d03","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"5e7b6b4a-67e3-4e0b-aedf-5736e2577f11","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":189,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"e55eed52-1db9-4a75-87ba-ff0830d67af4","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"a233312a-04f1-4b14-8827-58882401a533","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":189,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"e48ea914-7c57-4598-8363-2690fecca691","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":189,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"edf0b246-4b6e-4273-8b20-00c113b27157","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":189,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"4e3cada5-9683-4d72-9067-fb3790a13cd2","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":189,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"92f387a5-001a-4e82-aa84-5f886d961269","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":189,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"2a7d1e3f-f5ab-4ede-bab6-667913ac8c79","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":189,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"b1dc4e37-e6b3-4038-a6c4-fc256068a30c","block_type":"box","text":"obligations.)","page_number":189,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"edbea420-962f-468d-bc61-8f3136bf9134","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":189,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"5ee93498-6fd2-4d5f-8281-76b0c3b35760","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":189,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"50daebd9-1ac8-4255-abf9-a06c5d74db52","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":189,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"4200e129-7f3e-45f8-807b-307bf190cda8","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":189,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"4193b82a-3ac3-44a0-b459-c4be00b972e5","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":189,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"7011974e-947a-4d90-87e6-c39e31a74e34","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":189,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"91edfa78-0d79-4915-8168-3587e0dc2c0b","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":189,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"8a31a716-cf92-4d51-81d9-23ea19151ead","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":189,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"0c9305f2-33bc-4e0e-b68c-4813a1baded7","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":189,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"ef3c8b7c-f04e-45fa-a435-412a99c29c73","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":189,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"25c66556-1551-4d0e-9444-e4faed008f59","block_type":"box","text":"financial commitments on the obligation.","page_number":189,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"c760c144-2a77-4893-862c-afc36e2355cf","block_type":"box","text":"BB,","page_number":189,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"4ad17b31-0efa-4060-8eb4-c7f9de6d5e9c","block_type":"box","text":"B,","page_number":189,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"9a6bdaf0-6154-4235-86df-90f8b6795e97","block_type":"box","text":"CCC,","page_number":189,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"8417fda3-fec7-43f7-b478-f85504079b05","block_type":"box","text":"CC,","page_number":189,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"a82f5645-9655-4e9f-9fe6-3f7cbd835709","block_type":"box","text":"and C","page_number":189,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"ebfd8d84-c96d-4897-80c5-a9ec37cb0fe6","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":189,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"05838ffd-3ec3-45b9-9ce9-c353d9622563","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":189,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"7cbeba79-c10b-49cc-b182-0d3f2ffebd1c","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":189,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"68fc656b-260c-494b-bd67-239575bece7b","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":189,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"6436571e-d3a6-4eb5-8c1b-178356047623","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":189,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"fea8b0b2-d0b7-48a0-9e45-16b1c726c9c6","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":189,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"9f45348f-11b6-4616-aa82-ef965270a1ad","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":189,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"ff0d65b6-ab14-4dee-bf76-e5e0b2cbc65e","block_type":"box","text":"on the obligation.","page_number":189,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"0effc541-3c74-4311-90aa-1448f40373cd","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":189,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"a501a4c0-fff8-442a-993c-e856f8b63473","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":189,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"f21987c0-af7c-4281-8055-96636e3af652","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":189,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"b39bd21c-b3f4-4f5d-9ccd-935e387db75f","block_type":"box","text":"financial commitments on the obligation.","page_number":189,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"6e247a98-ae11-4200-b0f7-433992f07163","block_type":"box","text":"A-4","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"61166003-b5d4-495d-b5dc-eb2616e4216d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4f29d93-ea85-4e6f-8905-d5c068944a66","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":190,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"b78f8ef2-dd73-41b7-a592-f958776fad20","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":190,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"da036ffc-35fa-461e-9150-b2f47a5f5f55","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":190,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"630e57bb-ffd4-468e-92fd-31d0b268d059","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":190,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"12a34935-bf22-4369-9b51-ca9597786c35","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":190,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"b50f6468-eacd-4776-9dae-847b3e5e5e60","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":190,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"f046739b-7635-49c3-88a8-164d49f4e274","block_type":"box","text":"anticipated time to default.","page_number":190,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"7360d7bd-a317-4086-b35f-0b1008f87b32","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":190,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"d26b5283-f82e-4d96-836b-ffb3082f70bd","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":190,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"2ec3e218-67f1-413b-b1ed-813c86fb5813","block_type":"box","text":"higher.","page_number":190,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"4bb88e10-77a7-47fa-b8e3-0162b8ba62b5","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":190,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"7b24e316-8be9-4aef-b5a1-f289cf284fd4","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":190,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"0724a11c-5a44-4d36-9aab-9f04921da0b6","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":190,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"987d71a5-a5e2-4003-9df7-eea849f81c7b","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":190,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"6c5edb13-c0ba-4767-9b4b-d127f5359828","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":190,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"5489f2a1-f413-4386-949c-a49869213308","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":190,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"12d10db6-a834-4af5-a6fa-d6fd2f411018","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":190,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"923425d2-4025-4a2c-9744-4baa5fe5b392","block_type":"box","text":"restructuring.","page_number":190,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"0af77f48-7e69-4a82-9e16-618272047acd","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":190,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"73888ea5-6a96-4340-bfbd-da9ee28e5ec7","block_type":"box","text":"standing within the rating categories.","page_number":190,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"67c5d7a5-5899-4f54-826f-6f62767cf5fc","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":190,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"543ff661-fa20-4415-bca8-c7e449a8bf77","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":190,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"a4fb4df9-e25e-4430-abab-9f950e919354","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":190,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"2c63699f-1a5a-40fb-99aa-135395aa68fb","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":190,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"48df6169-7cc5-4d34-bced-fbeb379cde31","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":190,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"c5b5761f-2556-41eb-8612-ed4846359607","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":190,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"49cae74a-c722-4014-9ce5-009c2da602fa","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":190,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"d720681a-1454-466e-8b67-3c27eaee464c","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":190,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"f36a29de-fa2f-4cf2-b4d9-0f635f6494b6","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":190,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"e3634dfb-d2c6-4639-82bf-3e7a56cba6be","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":190,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"64b88f17-ecc6-4ad3-86c8-a84a5c70d323","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":190,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"37a23cfc-5dc7-45f2-aac5-a1af77e382c6","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":190,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"c7de88c5-9c1f-4bb6-930d-9b54ec5856c5","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":190,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"e63d5c4e-e394-45d8-9bee-27c87d22265a","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":190,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"64239cd7-57fe-4bb6-842d-d753075fceef","block_type":"box","text":"financial commitments.","page_number":190,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"3cc9c6fe-a8a2-4faa-ab63-a672c2f2baa1","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":190,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"6ffaeeec-0e83-40ea-8a7e-37d14c43e609","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":190,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"5c965b34-2252-41d3-a49a-2c9d206531dc","block_type":"box","text":"commitments on the obligation.","page_number":190,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"ee4fe697-8b7a-4cf3-a8c1-03839dbbed72","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":190,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"fc02590e-6b74-4d89-817f-dba582b5b88e","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":190,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"74b93dcf-08f5-4ef0-b43e-3232ddfff0f3","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":190,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"261d6cc0-dd7c-451d-8d0a-3bce4e61ddb3","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":190,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"a57f88ad-e341-485b-8512-8a2933ae4b33","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":190,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"b48cb1cf-72ec-43e3-aff8-952ab07cf06a","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":190,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"32fb4743-5add-4cf8-bf3c-5429b9344ff9","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":190,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"28ae8504-93c2-44a3-a548-672379e3beb6","block_type":"box","text":"debt restructuring.","page_number":190,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"1a724e32-32a6-4dd4-95a4-eeb018acbc77","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":190,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"faabd000-e961-4267-9388-c8de56ffb9ec","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":190,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"db5dd19e-af46-4c7c-9f40-5c1d8745b1a1","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":190,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"95c4d623-7b4b-47a5-b5e2-e738f6954ddd","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":190,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"8408032e-f5a3-481f-924b-33fac05649da","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":190,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"be3586b3-d2b3-42b9-abe0-faa4ba8c71ad","block_type":"box","text":"A-5","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"85a13237-3213-49a9-b3bc-ee6d7b3c9b42","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"735dc662-8b3c-4738-b0ca-be82fb304080","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"7ab48959-2bcb-436d-b164-d77ba5c725dc","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":191,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"43559140-24f6-4a4a-9897-f6ea4556899a","block_type":"box","text":"as a note; and","page_number":191,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"286f2fc2-ab4a-4af1-85df-422f58c3fdf8","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"653aab0b-4120-4a08-83aa-56299c58c29c","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":191,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"630eb0b1-afc8-4816-ab22-de9bdb2111e8","block_type":"box","text":"treated as a note.","page_number":191,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"bd64089c-b6a6-4071-b481-fce137b3581f","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":191,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"802fe949-1bd3-44f3-9517-b9c9d6f6a4fc","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":191,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"3edf0c66-22fd-4718-b280-8957a20a8c13","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":191,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"056d4216-78f2-451e-a4b7-41e82b486230","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":191,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"471d206d-d033-446e-a0e8-70d46e0ff20d","block_type":"box","text":"economic changes over the term of the notes.","page_number":191,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"096bf1be-3a3d-4093-9229-332d93d9787e","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":191,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"3007da02-e952-456b-a15d-4bf6e08b509f","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":191,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"9ad116c2-fae3-48fb-95b5-19ce8c621a06","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":191,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"97b96f52-9aa7-4d18-b14e-8887ea6a4dac","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":191,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"58f4967e-891c-44af-ab1f-97a2a6533662","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":191,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"69a186a7-4aa2-4123-8671-e9a7209d64cb","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":191,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"ddeef96a-4fa4-4cd2-a2b3-223bb09d910e","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":191,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"a4107839-0d1e-46be-a803-71ea894492dc","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":191,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"673ed3d7-4568-49be-8e0e-737c316e0e6c","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":191,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"a7eaa89d-3ac5-48e7-b471-f5c8bda074bd","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":191,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"df046d20-6a30-4892-a783-8f8f2c27f46e","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":191,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"5c7d89cc-00a4-4ea6-9b12-de4ccad900be","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":191,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"95fef91c-5d1b-45ee-9697-b3f2e90d4829","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":191,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"f89ad997-dfc7-4170-8b4a-8d16b308b099","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":191,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"63f56c7b-f28c-4d6a-8fa9-07b1546b656b","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":191,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"30a1545c-d8b8-40b6-a6d1-52708602ff3b","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":191,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"55575727-3fb1-432d-87a3-9a1f4b9fce21","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":191,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"413097d7-41f5-4f14-bfc4-37178eb53925","block_type":"box","text":"receivables or other financial assets.","page_number":191,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"637ad816-8d5a-4203-9179-edb2c973c5ac","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":191,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"46401a48-4309-447f-9d33-8721fe1127c0","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":191,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"7deb6036-7883-44a7-b2aa-bfe0797ffd50","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":191,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"e5c41a31-f109-4b83-969b-1ddf286ac106","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":191,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"24680a90-740f-47ce-883a-a109244a6e3d","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":191,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"12145236-df15-44e9-99e1-314101b27ace","block_type":"box","text":"occurred.","page_number":191,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"33265114-5f16-4f0e-a91b-8da556cf9998","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":191,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"69b9bb18-dd5f-4b79-ab2c-679f63cc25c1","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":191,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"e0a1587a-bb7a-4ac8-9aa6-5ff25e76063d","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":191,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"df105ce8-ac28-491a-807b-82d5c8f704c0","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":191,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"0737201f-4a6e-451c-a83b-0036b6822bc9","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":191,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"c6605783-7367-4aeb-bfcd-f7874f5e8297","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":191,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"8cc2e960-ab93-465f-b7dc-39cb6048bb28","block_type":"box","text":"rates.","page_number":191,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"79f0f005-a5e7-4c63-bdfb-e22634d77218","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":191,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"fefe996c-e2c0-4627-9bc0-38c101d9f14a","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":191,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"260bc582-c11e-4183-90d5-51a22903e47d","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":191,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"ed494615-9dfa-434f-945c-abe8639037cf","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":191,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"90830e2a-aa63-4865-adb3-b586206c0ac2","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":191,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"648f0c8c-3f7c-4ee4-a64a-a0c76a403797","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":191,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"1de130b8-e6b9-4d1e-a0ca-d80b2fdc7be7","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":191,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"5f92561e-3028-4ca9-a949-bc9b5f5a2f51","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":191,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"21ec8d62-66f4-4e32-818b-1e9b15ee21ea","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":191,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"6772288b-0066-445d-884d-1e29887d4039","block_type":"box","text":"i.e.","page_number":191,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"a41cb138-0562-46de-b199-5cf0d2f6603a","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":191,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"fcb3c815-f254-4343-bea1-e34b89e94576","block_type":"box","text":"the obligation’s documentation).","page_number":191,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"e0b4d1b3-1a42-4748-8259-dbc6ceb9912d","block_type":"box","text":"A-6","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"023d6a81-495b-458a-9cc5-5e7ce4ee6fcb","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af0530c6-0595-4875-b061-8b0c15022a64","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":192,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"34aafaa8-4138-46e2-8708-2fca76a3ef36","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":192,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"e82177e5-353b-4bad-9d34-3d0c2f2a7ad3","block_type":"box","text":"agents in the form of a rating letter.","page_number":192,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"64e27300-6dfd-49e3-a5a5-b3b9e2c58c6f","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":192,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"f8b8367e-40b0-4079-bead-b903e1e18143","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":192,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"391342ba-ba88-4e25-8606-0c72eb5f47db","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":192,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"44c9dd6c-b13e-43f1-a280-909b068d5106","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":192,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"b76146f0-1c43-46c5-9064-f40900644c04","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":192,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"44ee69f1-ebdb-4f11-add0-66c500b01f52","block_type":"box","text":"e.g.","page_number":192,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"840b9761-00ac-4701-aafa-1f4e4235397e","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":192,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"8b1bb97c-c363-4536-b902-7b089bfa054f","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":192,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"b9f374d5-6d69-447e-8d8c-9fbffc47b446","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":192,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"6257d025-812b-4a88-8419-95975580f979","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":192,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"5a2bf83c-7190-4d50-9af2-1c149676b4d7","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":192,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"7bcb70a5-2779-434a-8bb8-f687f017f174","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":192,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"223015b3-2108-4e49-85a6-c85d3755e9c9","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":192,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"aac346b6-6889-45cb-8d78-d70882f3f5d7","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":192,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"d960b367-d196-4a64-acdd-8f62d8313a52","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":192,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"7f032adc-04d1-4baf-a862-029b88d5904d","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":192,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"d8fb99a7-d445-4e43-943e-3345af29055a","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":192,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"c3465ac4-566e-4ea8-8829-da50bc12f8ce","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":192,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"d744e358-5603-4938-97a4-138d21cf58e0","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":192,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"28831123-cffa-4277-b22e-93aafaf3675a","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":192,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"0af77e29-c877-4be5-8bef-178afdae548b","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":192,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"e3db4540-c00a-49b8-91dd-44cd1d2aabd5","block_type":"box","text":"Ratings.","page_number":192,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"0b4d9fde-6aab-4287-9c87-19d584ad34c6","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":192,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"3075daf4-1a95-4549-9fb4-e55450ade458","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":192,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"e3786551-0c2c-4092-87b8-219d7a55ce42","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":192,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"59ebfdac-7aba-4923-a134-a4b88c5d274b","block_type":"box","text":"obligation ratings.","page_number":192,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"c0dc3c41-2b86-42f9-a0c8-53bc24ba6e78","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":192,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"ef1e3ecf-3b41-4ff8-be6a-4f35dc0c4a0e","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":192,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"5f5f63ee-b21a-446e-8149-00be741028ba","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":192,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"70774074-85ee-453d-8977-f900608fd39e","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":192,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"a8529655-34cd-45cc-b99f-6d429b5271a9","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":192,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"8ffd07a9-83a2-4c3f-ba8d-260a7464ba80","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":192,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"53be6a88-f1e8-4aa9-8f68-111dc93c4858","block_type":"box","text":"to foreseeable events.","page_number":192,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"88410d40-c879-4033-b2c4-ac70a9de7436","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":192,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"efee4580-ec50-4171-8350-e8a762d4f9fb","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":192,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"913fda86-7812-4979-aff7-bbecfa3147c3","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":192,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"719a259c-3e19-4c80-99d8-7da5a0e5c0c6","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":192,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"d3cace17-3b79-40fd-918e-f501823ff0fd","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":192,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"7042d12b-1baa-4fb8-a7b6-4bcb088ccb49","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":192,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"9ea3f235-3e7b-4a6b-8a3d-83a9a22198db","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":192,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"b8c65097-be9f-4b0d-8759-89e9b996a844","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":192,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"305ca1ea-9f2f-4034-9494-55428450b33f","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":192,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"0d7c3779-3193-45e4-baca-9a7803f85248","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":192,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"a148a5bd-2f9c-43fe-a8fd-9acd09f482b5","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":192,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"9c787599-16df-44a0-b30a-7986d397302a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":192,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"3bb43446-8451-4a0c-b347-eb1d951e3ee0","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":192,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"16562330-cbc2-439a-8c00-14204b01bbea","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":866,"width":808,"height":11}},{"id":"c4b146d1-ae15-481e-9f2d-e7e14edaf65f","block_type":"box","text":"relative status within major rating categories.","page_number":192,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"d70a21f1-9750-4389-89b3-67c1b4ce2d41","block_type":"box","text":"A-7","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3ce1b9ac-38c7-487b-a10a-c535ee350ce7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f9d2e0e-29b1-43b2-a38a-00213430ac3e","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":193,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"f5e320cb-5a09-41d2-b356-1a7acddc1660","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":193,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"90f61b3d-2188-40b7-9b22-d2389cb5ebbf","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":193,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"d5dcb3ef-2489-45d5-b241-41a54e06f831","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":193,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"ebfe7c1c-afe1-4f7f-85f3-0dbf93a2186f","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":193,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"d58f2fcd-b045-4e64-82aa-f976e3ebe71b","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":193,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"42311f9e-5419-4b3b-90a9-4c4e85505066","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":193,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"6bb27e09-ade3-4f6e-ab1f-f4f80e73f1dc","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":193,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"287ae080-24c6-4ccf-8074-ecc60bda22ad","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":193,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"0b7ce3c6-91c1-4ae3-a9f1-ad4a69763e31","block_type":"box","text":"finance markets.","page_number":193,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"5e3f28db-bc5e-4052-9d4d-d996e49a7907","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":193,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"c3724d41-73f5-4a12-a446-bc9a4930e0d0","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":193,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"8a76fd0f-afc6-457e-b898-daa28f9fa1a3","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":193,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"2cd6b0ad-89f9-4a8c-a3e1-a6fc3af38e95","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":193,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"14406306-3b96-4d60-b376-7c59defa43e0","block_type":"box","text":"commitments.","page_number":193,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"030b3bb6-8252-4705-8313-466a76c976ba","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":193,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"feb8b3a9-0572-4e1f-97f0-7387ec4e22e6","block_type":"box","text":"adequate.","page_number":193,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"200f6794-d841-4276-bce0-5ef74330abda","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":193,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"31dd9811-3584-45a8-ad9f-8b40ad8fc682","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":193,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"41b1920b-b3f8-46b2-b3b7-fa26769a8903","block_type":"box","text":"economic conditions.","page_number":193,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"fe85e620-ec70-4866-a7f8-4e743de44fa7","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":193,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"bd6e4db1-5d6e-4714-8164-792c466030d2","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":193,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"1c4a35fa-0217-46b9-b2fd-052e08279b93","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":193,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"9dce28f0-d787-49c6-b542-2137688624f1","block_type":"box","text":"ratings only.","page_number":193,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"6b95e92d-9f8b-4726-a182-13555427f138","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":193,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"4c62dc75-a695-4723-b0af-2b05ec3f32c3","block_type":"box","text":"obligation.","page_number":193,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"770217dc-691c-4c63-ac3c-50b20f8a762c","block_type":"box","text":"A-8","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"540bc7b0-2944-4235-aac1-f2f15dc01310","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34a655ef-2b9d-4cc0-a0e2-2a00013ff7fd","block_type":"box","text":"APPENDIX B","page_number":194,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"aab72e5f-d854-4eec-9c61-6652bdb374ee","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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to the","page_number":194,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"d82880df-3420-4b86-9c33-f210649b1207","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":194,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"7b31a11e-0d35-4f5a-978a-25ed123a1fe5","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":194,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"b3337256-8026-4443-88c4-cc4c9485e4e0","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":194,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"a49c39ff-36bd-4876-b9d5-639129afa4c7","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":194,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"3567930b-62d9-4ced-8c0c-64a4b2a4ed5c","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":194,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"a0056d36-c3d6-45cd-b628-47e68f70e5a7","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":194,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"3a5855d4-c747-4dd8-a77a-17d77c2ba1f0","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":194,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"be91a94d-247a-4ee1-933d-86d9ecd3bf20","block_type":"box","text":"Conflicts Management","page_number":194,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"72e4f98b-5d6c-40db-94c4-f6244470c82e","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":194,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"808a2081-8010-450b-bd37-3cdcd65c7eec","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":194,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"a0fbd323-55a1-460e-8530-3e145c1c972b","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":194,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"515fd55d-bfa9-4cc6-9946-753da6742d0f","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":194,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"2a7bdd09-4590-416d-9e08-f92f3cff6e1e","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":194,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"24440e2e-d131-4ce7-af27-362c10b93183","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":194,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"45071257-95ef-43f5-ae47-22e81d9f4c5c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":194,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"27e24aef-3f46-446f-9704-e0c6b34e117a","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":194,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"909daf3f-bf55-45c9-b707-587b0d3f7c65","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":194,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"5e33f3b0-ef7c-479a-99a4-ecb020aed0ee","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":194,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"fb2ce3d1-4d12-406d-966a-2639193c2367","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":194,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"3892413a-aa69-4832-a304-83be31cd7f68","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":194,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"e3a86113-4ea9-4483-a20d-c655a5aee75e","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":194,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"821c80f2-55b3-4654-a832-485d87e74c80","block_type":"box","text":"connection with proxy voting.","page_number":194,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"df5d97a3-8bc4-49f0-be79-3a7786a97f25","block_type":"box","text":"Reports to the Board","page_number":194,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"6c55eb69-42d6-4803-80df-23ad333a9be3","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":194,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"c2204b1b-882c-4548-951d-d153c2866d45","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":194,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"5601b0c7-de32-478a-805a-f037745bd496","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":194,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"929987d4-783f-41ba-82b4-6d23403cebb4","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":194,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"23c6b263-bfb5-4240-b4a4-c7352c39bfd4","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":194,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"279a32e1-0493-4852-9e06-703b5307c3f3","block_type":"box","text":"BlackRock","page_number":194,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"af60a586-2eda-4b93-9051-bcb2c314d78a","block_type":"box","text":"Public Page 1 of 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3","page_number":197,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"bdabc6ef-609f-44a9-8d2d-f48a5744907e","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"b7409f69-b522-41a4-942e-5118e8e52c9e","block_type":"box","text":".................................................................... 4","page_number":197,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"96e2c45e-0239-4df8-aa2a-d8bba961ca7a","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"48b95606-7801-419c-ad72-da83fa455872","block_type":"box","text":"............................................. 4","page_number":197,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"cf8cbe2a-7651-45bd-a747-218a55578905","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE 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. . . . . . . . 10","page_number":197,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"1810f692-d936-4ecc-a4e5-c705d0443f44","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":197,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"c3b0b888-b3a5-40b7-967c-a6e5e53f46db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":197,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"01180c3c-59b9-4d2e-a9fe-233b11abf17e","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":197,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"076ddd8b-a29d-47c8-8864-bef50c567cdb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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STAKEHOLDERS","page_number":197,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"2e26a1ec-953b-48f1-a289-1e2650ea004f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":197,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"babe8963-d28b-4116-b4fd-633c46ab5053","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":197,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"e1f9bb09-5509-4232-8bd1-daa8ca0f803a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":197,"box":{"x":528,"y":346,"width":376,"height":9}},{"id":"ceff4980-0f2a-4f8e-8bb1-879f980d7112","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":197,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"2c05054c-24ab-4570-9750-97fc85695154","block_type":"box","text":". 15","page_number":197,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"d9202e90-363b-4c56-94a1-2d72dd4e6c3c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7ccf689d-431c-41ac-abeb-0a4f9ab34734","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fbea9716-1245-4a4e-a236-304673fbfb5d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d49b014-16f4-41fc-92f9-4b1b47edd889","block_type":"box","text":"OVERVIEW","page_number":198,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"cd602626-bdf1-4ef9-93f1-dcec0af85d89","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":198,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"d237727d-309a-46ae-ba7c-f6d1b6329b9b","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":198,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"ecd2149f-45bf-4cdd-ae08-9036aa658051","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":198,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"6abacf16-94cd-4f1d-a14c-2d2f5d562cf7","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":198,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"c5cf3163-df2e-4488-a718-34b58bb66d22","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":198,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"9d6eed43-3259-48ad-bcf8-07061b86b602","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":198,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"0d7bafb8-45ec-4816-b895-ffecd772eeea","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":198,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"228cc002-ddfb-43f4-979d-4028e8820309","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":198,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"c54d9678-11b0-4405-9f66-990763a34128","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":198,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"33b746af-2636-428d-8d27-5a5bc6ca2858","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":198,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"6629558c-649f-4785-9efb-af228d4f7848","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":198,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"7b366741-97fe-4cfd-9d4c-944f0c77419e","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":198,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"2eaa3a3c-0f60-4d71-a0bc-2096e9ff355d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ccb7b4e1-8f96-4136-b535-053fd70f8064","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e562750a-b4c0-43ab-8332-e319f6e0e610","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d9be649-b444-4d50-849d-a69b8b9d90df","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":199,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"807dd987-4044-469c-a009-65af77d03a6f","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":199,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"cc4a06a9-f234-4c12-bcc3-3593fe588067","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":199,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"ac239442-852a-404e-b9b4-6e71227d7f2b","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":199,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"5bab4c42-713a-4969-9bd4-0ead2c3a278f","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":199,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"a1c98e27-6adb-403a-a099-f9082448d9d3","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":199,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"41e0686f-76ec-4c68-b39a-1bdef420ac4b","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":199,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"44f7773a-94b3-480d-9d6e-e478f068ab1f","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":199,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"114bf4fa-5607-47c3-9661-cd8a3a4e11c4","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":199,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"f6b61bb6-acff-4d10-8680-f4d4f80625cd","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":199,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"952a1d72-6eb4-46ab-b914-85ed1ad57c5b","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":199,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"6fd10fd4-8041-4ff6-8214-eb830898127f","block_type":"box","text":"shareholder meetings.","page_number":199,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"a880b296-5ea9-4d34-b394-2f5244a112e2","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":199,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"1d7c5aee-0b2e-4693-914e-aa5384834bd0","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":199,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"6321582d-5d4b-4d73-ac5a-fe84abe8037d","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":199,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"082e79f5-5955-49b4-943d-d39af77a3451","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":199,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"ff63702e-9eb1-4d66-ad75-597ed746409e","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":199,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"b83d83ec-f451-4141-b909-2b3df5891a74","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":199,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"8969c91a-7e00-4ea2-a53f-b1ccb3f1433c","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":199,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"73d54c12-3804-43be-839c-269c6feda016","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":199,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"fb68fe18-aa66-4571-b601-4c6a5eb0be3b","block_type":"box","text":"on open dialogue and mutual respect.","page_number":199,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"58d60981-0946-4c75-bb2e-e86674f16518","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":199,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"f9eae4da-fcf7-4ea7-af28-acca93cd7040","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":199,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"19021ecc-121b-472f-8f90-306f03937477","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":199,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"4786ecd5-8220-46e6-975b-4b6f7ce5a089","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":199,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"e3860a00-debf-44ab-b144-86c34b8baca7","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":199,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"696593e6-9ab5-4acb-8054-9a419e89495b","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":199,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"95d390bb-29b9-4500-b7a3-7f13511a05c0","block_type":"box","text":"board directors","page_number":199,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"e2aac3fb-b328-4f6f-882a-883b187f87af","block_type":"box","text":"1","page_number":199,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"1c4a837b-d967-4e9b-8cc5-91d70efee7a0","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":199,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"0397ae85-2628-4f8e-8102-2af03d35b5b6","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":199,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"59f9d4a6-b7e1-4e38-8e04-f1d0fd776048","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":199,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"a77627d6-897b-4d67-a8a9-391a0f844f72","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":199,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"36279832-50db-4127-a31b-7d407971e340","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":199,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"e885a97d-f109-45fd-9587-309cc8251238","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":199,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"67236502-0b36-4114-ab84-705c028f3c26","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":199,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"7ed7468d-6150-4419-90ac-da27e7127c73","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":199,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"db299089-ee0d-4b62-8b14-11803fd1468c","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":199,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"bff4b238-925f-4b95-91a5-2429a4b29105","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":199,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"16849893-b060-4d4d-9c39-7c9562d3be5a","block_type":"box","text":"vote on proposals put forth by a company’s management or its shareholders. The voting rights attached to these","page_number":199,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"b9d0b119-407b-4c25-a915-460e1d9d8a6b","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":199,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"b154821e-f800-444c-b024-5fcf41095eb3","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":199,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"9330ab66-5e49-427a-b931-50ed7e3f4fb2","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":199,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"c4c6adb3-654b-4f6b-82fa-6cdcdb0bd5dd","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":199,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"a3ae1ca8-24bc-46f1-b3d7-052bb9b81116","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":727,"width":788,"height":11}},{"id":"d7053bd2-176f-4d64-8917-ff53ddcea739","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":199,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"bd8391f3-969d-4aa5-9c62-84561be6bbc0","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":199,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"1e860220-3e30-4f61-8c6c-a78ad6d2bd00","block_type":"box","text":"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":771,"width":800,"height":11}},{"id":"a56b5448-d06c-402d-bf5c-f319cba77768","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":199,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"0267ce1e-cad5-42c7-815e-4bd778318664","block_type":"box","text":"stewardship responsibilities.","page_number":199,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"4bd774fc-2864-4245-b318-b7abfe86a9b5","block_type":"box","text":"1","page_number":199,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"c5a3e763-dfbd-44a4-9189-1c6f131af68e","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":199,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"56b83b88-1f03-46d6-b044-869ee0b12dc5","block_type":"box","text":"boards and their members, where relevant.","page_number":199,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"3f7bad2d-0351-4a69-a472-bded6c5d3478","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"881f1a29-e57c-4d1c-8648-dd834b745de3","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a4469efa-798a-4145-ab30-99f9e743db20","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2525bb1c-1c48-4032-a962-82e662d37d63","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":200,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"b9e3a3b9-cdbb-450d-804b-5d7b2cb4ec2c","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":200,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"c90d7457-17ab-49ba-b9bd-16e7201e6fc1","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":200,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"150eca25-6349-4620-a95d-72df51cf15fc","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":200,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"3746dbb5-6d65-4025-aa95-58e981ad63bf","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":200,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"50d9ff3c-4588-4c75-8278-d443e2a47fd2","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":200,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"c610843f-5b70-4404-ab61-3574925798c0","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":200,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"33ec7e73-7108-4f19-8227-a17873611f94","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b1b122c4-a5f8-4458-ad5a-99ee8e677fce","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bd61ae6c-5532-4ba9-8336-f4b8245bf08d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"022475fb-ee34-4534-8939-d045634b7602","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":201,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"821f7cc7-4bfd-4c0c-973f-f51b807f6ed4","block_type":"box","text":"Roles and responsibilities","page_number":201,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"36e9bb14-b476-40fd-86f3-b1d24cccf768","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":201,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"40b95156-01ac-43b3-b36b-611e21e0dbfd","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":201,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"fc6b120e-f56a-4e91-b6fd-fcfa0c4bce79","block_type":"box","text":"2","page_number":201,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"f8f9b913-81b8-4876-ad50-adf065f5b022","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":201,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"f10735ff-37f4-45f4-be0e-cb19f628b43c","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":201,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"fd886bb8-cb54-4eb9-b9f2-263e08725263","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":201,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"dfeafc07-4c74-4afb-afa0-816ceaa4e0c6","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":201,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"b00585dc-bfbc-4413-aa3b-7845cc52bf1a","block_type":"box","text":"performance over time.","page_number":201,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"4ea222be-804f-4633-aeb5-67626f07c905","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":201,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"1800c766-bd8e-4099-a5ed-20d346e00237","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":201,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"6d71a0c3-c5d9-4670-a229-d0050b6247e6","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":201,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"f3467023-db57-4f0a-baeb-dbd5749d2205","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and","page_number":201,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"3317f471-3e52-4c83-8255-67f3e9c1ced9","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":201,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"9ffb417c-b755-4bed-9933-4d6d5e6ee253","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":201,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"28407e6e-1049-4de6-a585-0021c90bf11d","block_type":"box","text":"Composition and effectiveness","page_number":201,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"9519c853-ff97-428e-b909-53cdcf74509c","block_type":"box","text":"Appointment process","page_number":201,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"188f6a32-65aa-4c85-900c-b4b475d5caa8","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":201,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"92a433b8-c784-44f9-9740-88a3c6755a34","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":201,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"ecc573d1-3c6f-46e9-a736-8ecdce6eae1c","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":201,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"a5bc0268-5c6e-41db-a57c-ba874be6c0bc","block_type":"box","text":"e.g.","page_number":201,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"ca49d0f3-4119-486c-81b3-45b9c916137a","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":201,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"7f1c060c-efaa-44bb-b414-4ac89cdbb4dd","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":201,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"0402db9d-1722-47f5-99b8-78e3562a4126","block_type":"box","text":"e.g.","page_number":201,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"1c19b016-c428-4c70-9337-fddafc18ee2c","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":201,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"0762aa06-0c99-4381-b117-74c9deabf20a","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":201,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"3ad1413f-4dc9-4c2d-ad78-ad032a5781c2","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":201,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"302e4d92-3fa6-4654-a038-87f1e70f4bb3","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":201,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"1849da7f-5a89-4c3f-98c9-276d914dd8df","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":201,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"9b9a72b9-1bd4-4f5f-9cc8-b716652d2dee","block_type":"box","text":"market requirements.","page_number":201,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"915dd786-d58a-4c9a-8662-b8b1a3cdee0d","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":201,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"b9b397e2-e86f-481a-a071-0acff5e36e3c","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":201,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"cc6a4e33-b8ea-425f-9174-c1743c40db5b","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":201,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"5001c411-f540-47ec-a85a-ece27ec45189","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":201,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"42e851c9-7b49-431c-a45b-fa5601bf9969","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":201,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"3309829b-aa60-4ca9-b61c-0478c8627dc8","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":201,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"498365e2-4c2f-43e6-8db5-ff13e3d55222","block_type":"box","text":"Independence","page_number":201,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"0f9e2c44-589e-4a71-9ae3-9ac464684362","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":201,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"fb0ab468-1055-4a21-a471-225260bbf2c2","block_type":"box","text":"e.g.","page_number":201,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"a63469c7-32fa-417d-a0c6-6673d497ec98","block_type":"box","text":", government or","page_number":201,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"59cbf2bd-a69e-4b0e-863d-3a22043a12e5","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":201,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"f4fd6be3-d4be-46fc-a6a8-0a2a27a7664c","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":201,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"ef24ed92-0f8b-4c4d-b22e-9e11288a0ec3","block_type":"box","text":"influence.","page_number":201,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"21eca403-a715-4404-8f46-157f135d4cc8","block_type":"box","text":"3","page_number":201,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"9fa97b51-1bc2-458b-a5a1-68a3dbab8d70","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":201,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"add46734-3362-426e-9308-16a4e593307c","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":201,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"9f5f5d88-13c3-4483-8e69-0caea39ce97e","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":201,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"ef6d911a-bd4d-42f9-9936-92514d14c2ec","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":201,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"13fe7825-2f9a-41dd-9784-ce8f88104704","block_type":"box","text":"composition if this is a perennial issue.","page_number":201,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"27be7259-fbfd-4cd8-8bc3-ac7ea4b8e303","block_type":"box","text":"Independent board leadership","page_number":201,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"da4f25e6-27b3-44d8-ab17-1f7993966550","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":737,"width":784,"height":11}},{"id":"77807ad6-868c-4b2e-8d30-6cf64ce0f951","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":752,"width":827,"height":11}},{"id":"4330554a-3d21-4e51-89cf-19f5f5922cd4","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":767,"width":774,"height":11}},{"id":"a96a16b4-53d0-4539-a2d9-2838d077ae20","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":782,"width":826,"height":11}},{"id":"dee1e34c-efc5-4bc0-a9d9-65af2fedd0f0","block_type":"box","text":"2","page_number":201,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"c622004d-0105-4253-b8ea-605e474bdaeb","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":201,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"5e106ad6-0df2-4869-97bf-32973f37bad9","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":201,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"0cad454b-fe66-4fd6-ba5f-545f1708e236","block_type":"box","text":"3","page_number":201,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"3ea0e113-fc08-407d-9849-550f38468ce4","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":201,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"d34dd397-1d00-4e3d-be62-5b2d5ad8263d","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":201,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"c4ebafec-6d1a-4aa9-bf21-11bec0a86982","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":201,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"ed7d4a37-96a8-4dd0-a943-5ab20cb6f834","block_type":"box","text":"or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the","page_number":201,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"1e29119a-3ed4-46b4-91ec-a874f30439cb","block_type":"box","text":"company and shareholders.","page_number":201,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"23730a54-d143-481c-b9a8-8b30a4aded29","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d90bde5e-8fd6-4839-859a-4adb2ccb55ac","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a84f3d58-5f9f-41bd-bb40-2ba58b230c1d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"206a0809-909f-4dab-b325-276031d45699","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":202,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"a418cbe5-50e5-4886-9276-3f6df8b736c7","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":202,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"a517ad76-efd2-470b-a347-18bc0c006a9e","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":202,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"f7fed999-3b05-493a-864c-4cdb268288a9","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":202,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"8bdb97ae-d6be-4bf5-97c3-d640edfce0cc","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":202,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"40a196d0-f406-48be-ab9c-9c9b83d51a0d","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":202,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"28e52c5e-1ffa-4b60-8146-cffc44631f72","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":202,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"dd651229-7267-46ba-8d08-2bdf92d9fc52","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":202,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"5647c722-f1a8-47d3-b803-4304378503d8","block_type":"box","text":"Tenure and succession","page_number":202,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"31d487ad-c9c9-4fcf-b16c-4bbbf1ffb3b1","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":202,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"892f25b3-2803-4f55-bc11-48e8cf26959a","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":202,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"0be74df6-60d6-4ce7-a5ba-00c2e08570f6","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":202,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"be79106b-503b-4ce8-8ef8-a2ad4959efc8","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":202,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"9f4fbd57-0487-4b4a-88b5-019a11343371","block_type":"box","text":"management and involvement in past board decisions.","page_number":202,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"cd6d57e3-8d6c-4448-8e7d-53225ff0311c","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":202,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"b06fa3b8-5067-475b-b3a7-a312c27b76ad","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":202,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"5c8ed4e7-0062-4837-9ecf-b7473736b145","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":202,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"27978a27-4334-423f-88ac-21c68682af69","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":202,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"6d75b86d-104d-4e0a-9e4b-3e6895685d58","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":202,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"7c7a7aca-d72c-4618-9823-fbf38f1d3487","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":202,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"819ddb52-7475-42f2-ae76-f87cf1aa6a93","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":202,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"977008a4-dde1-48fc-bbd3-e4bc9f725486","block_type":"box","text":"Capacity","page_number":202,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"b5275aad-596a-43bc-89d6-56add04f924f","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":202,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"c064b7c7-837f-464e-8ace-5597c38732ed","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":202,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"3bf8dfd5-4120-4201-aa99-01e6836558be","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":202,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"1fe6a062-e0ce-41b1-83c5-de41901bf6f8","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":202,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"3eac703b-e441-4259-835b-93ea653c691c","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":202,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"10b36b23-007d-4df8-92ca-9a9caa6d1f53","block_type":"box","text":"markets.","page_number":202,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"defeaf01-cba1-4a0c-a536-1f1a60a691fb","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":202,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"9259b0af-db2e-4cb7-97ba-e87f5770bab6","block_type":"box","text":"their duties to the board and company.","page_number":202,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"b34054e3-fd7b-4cf8-a768-f03dcbab9611","block_type":"box","text":"Director elections","page_number":202,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"3254294b-e64e-48e4-ab35-c88a6e54ac54","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":202,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"4c80fdd3-da13-4815-b624-42b371e7f67f","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":202,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"1b334ccb-5653-416e-80c6-b8e260e54a15","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":202,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"f6349068-ca2b-45b9-8bc9-6ed804229445","block_type":"box","text":"e.g.","page_number":202,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"4cd34306-6561-4390-b7d4-a43e2b743902","block_type":"box","text":", a non-operating company such as closed-end","page_number":202,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"c7ba75ce-fbc2-4ccc-ae82-967cdcb90ed1","block_type":"box","text":"funds.","page_number":202,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"c8bf5dfb-20f2-42f3-800c-0311de8cf5e7","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":202,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"1aade5dd-49c7-4da3-8006-80a68fcfc421","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":202,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"fdd21ad9-a747-4ca0-9a2b-8e41f76f8521","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":202,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"be60489a-5d4d-4b65-b0dd-a21d2d5dc6fe","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":202,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"03125576-2514-44be-b07f-e87c7018e92f","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":202,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"85057bcd-f28d-465e-b49e-c4f5be81fc22","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":202,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"3b123663-ec98-4110-9d07-3a8e6cd7ed85","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":202,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"8268f00d-29ba-4762-8246-7a62eef2c3a4","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":202,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"a4acca35-7bc7-46e5-bf53-8b7750fc1255","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":202,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"9116ee47-0753-4f7b-abcb-431bd59789e5","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":202,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"8e1fea3d-8339-429d-9074-aa0fb47a1cd4","block_type":"box","text":"Committees","page_number":202,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"35f788ae-b58b-436d-a323-57fb78cd0268","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":800,"width":766,"height":11}},{"id":"50c425a8-bd0b-479c-a649-2ee00e58cc6e","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":815,"width":776,"height":11}},{"id":"0d183ea8-7a92-426b-9376-72c7bc668cc7","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":830,"width":762,"height":11}},{"id":"c6e292a5-189c-4d7e-8f0b-dd5dc301e74e","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":845,"width":759,"height":11}},{"id":"e49b4b43-f04c-4685-960c-4c3162fc922e","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":860,"width":804,"height":11}},{"id":"01c69bb8-83ac-4e3d-9be2-b2ca2c0a7398","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":202,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"2c6ce57e-a6b7-4221-bf8d-deeda6c30e4b","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":202,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"438ac538-4849-4951-b6b9-28bdc235a25a","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":202,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"31e84e5f-c964-4992-98bf-7ae9d1577a82","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bffc9f42-6e59-4840-bba6-6a9dec7fa1d7","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8c74b0d8-8b12-487d-b6ac-bb75a32f8813","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcdd4632-fe50-405b-95a4-f9a039b8cd7d","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"85165342-a7e4-433e-b401-75b2fdaa0bd6","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":203,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"fd311f52-7913-4db8-8755-8e4515e5b5ac","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":203,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"6465b3bb-6e0f-42b9-8f96-c7b87d318b8e","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":203,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"2426d619-5477-49ac-86ef-be35e8f8c7d2","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"6a8dddca-fbcf-4ad0-83ed-e0e465d28c82","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":203,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"e99b0b2e-88e1-4b20-ac12-d97cfb6744e7","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":203,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"ff6eb237-9c12-4a90-b018-ad38156d75bf","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":203,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"fbfd5371-0932-4e4f-9d9c-549e5cd0adb5","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":203,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"46505623-3788-488c-92b0-f8366cf325c7","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"170be646-e57a-4426-80cb-0f66e144685e","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":203,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"d9c25d49-2c5c-4a36-9623-196fcc237734","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":203,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"758879be-4d15-41fa-8c97-1572c1001ef9","block_type":"box","text":"firm-wide compensation policies.","page_number":203,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"4f1355f1-92d3-460f-9218-05c944fa19b8","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":203,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"2a978813-7f04-43c0-8f16-cbc09f526e42","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":203,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"3ce478e0-1c6b-4db5-a667-7612769a89c3","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":203,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"6ef8c7bc-7015-420a-94af-f9edf5a86a67","block_type":"box","text":"committees.","page_number":203,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"3c2a7bc4-02c3-4afe-be38-b7f74560f1fc","block_type":"box","text":"Board and director evaluation","page_number":203,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"083eef2f-3837-49be-adae-92c33295745a","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":203,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"84eac9f3-5293-43af-9107-9ffa9e29600f","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":203,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"eb6db9f1-2a6c-4bd2-8479-2d8f53cb1461","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":203,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"ce4814bc-3f4a-42f7-aed6-348a43ca432e","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":203,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"1b9cd7a4-144f-4cf9-b2a6-4ba5dff1c126","block_type":"box","text":"result.","page_number":203,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"6d19af8e-7f0f-4484-acb0-5f33b4810f98","block_type":"box","text":"Access to independent advice","page_number":203,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"3e95b67d-712e-45b9-80f4-026f211749ee","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":203,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"8a7a853e-7e93-42b9-8983-ff3f901af480","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":203,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"7ad98ce5-a33d-49b7-a995-08a95f78870c","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":203,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"52e1d6db-65f3-4146-ac21-e2c6d9dc0191","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":203,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"dc9f2c97-dc1c-415f-a049-6363a47c9f98","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":203,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"adb28aa8-195d-4231-ac08-98c16c614137","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":203,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"16149722-51a9-47a0-a87b-eb6d66568c80","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":203,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"2ca2d19c-c0ad-46dd-82db-42eaf2a2dcd2","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":203,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"02fd2cb0-43ed-41da-8582-66f6987a11de","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":203,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"ce4a50be-9647-4cb3-a9f1-5cb2a029aa41","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":203,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"ea566a00-07cf-4297-9a15-3626cd53c9ca","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":203,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"e5346dd4-767f-4999-b6af-bb61427b3ad8","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":203,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"7731a4ea-328d-4661-b77f-9301c911869e","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":203,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"49fdbd29-f10f-48ce-af48-0f4eaffde3e1","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":203,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"210bb13c-42cf-42c3-8aac-54822d853eaf","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":203,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"d1b094cd-bdeb-494c-825b-202333168a54","block_type":"box","text":"motivate.","page_number":203,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"3f2a9026-c440-4f43-92d8-5d338ed3f63f","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":203,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"1a9c0bf3-1742-4c1e-8b45-d8299488f182","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":203,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"cdbbd429-4f04-496b-a779-8ec16572dd66","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":203,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"ed802382-58e6-48c8-83e7-f2dd4113ac6e","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":203,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"537262a6-ad49-4516-8a85-2c5933b49505","block_type":"box","text":"arrangements include:","page_number":203,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"0be275f2-f8b6-400b-b20d-edb67c75ae95","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"7cb50ca0-ea56-425f-b626-f878c8ae4374","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":203,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"68fdaf0e-74c0-4c9e-89aa-f3acf0bd8c66","block_type":"box","text":"the company’s size, sector and market.","page_number":203,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"452712d1-2e29-4b56-951e-4a72c5396dcf","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"29fc63e0-75e9-41c9-98e9-af479bc3980b","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":203,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"ce7901fb-7a2d-4ece-8847-5d7e49d5a00d","block_type":"box","text":"strategic objectives.","page_number":203,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"298d1233-7447-45b9-9eb6-55bcdf636c13","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"76d6ba52-83df-4dcf-973c-fefd727da374","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":203,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"ca472eaa-8e3c-48a4-8212-2bc1862df1d2","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"d08faef5-7acc-43a2-b04b-0406eb99ffbd","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":203,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"5bf33151-dc24-4291-b3e9-d21ff9f3a3a4","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":826,"width":790,"height":12}},{"id":"c026e5c6-b1c2-4759-99b9-1a0593192e47","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"eba21674-7c11-4468-b63e-52a82e403c8b","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":203,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"74eb0812-2654-4c01-80d6-ec86585273b3","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"185939bb-2ff6-4cfa-a952-a991063f3e2a","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":861,"width":735,"height":11}},{"id":"eaceb26d-70f9-4cd0-9534-48ac79d52199","block_type":"box","text":"transparently.","page_number":203,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"833dec95-52b3-4ef7-85af-5f7c846635bb","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"8cb12ce0-6a6c-4c5d-a868-c275ed68ae5c","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":203,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"6764b8a9-8e98-40fd-af12-6ff1c2ffd72d","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":203,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"b080c3f0-04be-4a43-bc03-b126f0dfb113","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ad80d557-bccd-489a-b70c-92ecefc5f66f","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"dde972d0-fc4b-4548-8b2a-3a2457e59fc1","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b27808c9-0dcf-41a0-a6e9-0c00d5b69264","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"ea010140-e3dc-4944-9217-2fe7a3b0506c","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":204,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"5141638e-3523-4012-817b-60a8058d6b3d","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"0daef331-a915-4545-a261-9e1a61520092","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":204,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"3cda7540-eb4b-46ea-9459-16dbc720b993","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":204,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"279e5c6b-1c32-4b15-b0a6-b5377bbe3db2","block_type":"box","text":"misconduct.","page_number":204,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"78dead4a-8522-40c4-a803-999ef5a24cf6","block_type":"box","text":"•","page_number":204,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"12884595-2dc1-4698-a06e-0f7f0745020c","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":204,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"a06fb6f3-ed7b-49be-afa9-66e75db144ee","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":204,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"436dee9c-7190-4dc9-bbf8-9a70cf4b4117","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":204,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"268429c7-9343-4b56-a319-1b4a8315aaca","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":204,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"41562cb2-5b79-43d7-b40c-138c49719763","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":204,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"1207f12e-fed5-493a-8feb-672a47646914","block_type":"box","text":"committee, or the most senior independent director.","page_number":204,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"90ab1cf6-1dc9-4dae-8fe1-e98a3a3d9101","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":204,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"da03c748-f3c9-44b5-8e1c-702c90ec15f1","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":204,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"570eb68b-0430-411b-8c66-701330e25967","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":204,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"c8062312-5301-4eba-bf14-3ac25f294e74","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":204,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"a40b4e71-8f23-455e-88dc-5674e976d57b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":204,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"1ddaff36-259d-430f-a26f-41e846b7cce2","block_type":"box","text":"CAPITAL STRUCTURE","page_number":204,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"9638adb9-551a-4ea1-8e70-70ef158a88e5","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":204,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"cbdaeea1-0a15-4da0-8cbf-15fdd12964e1","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":204,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"74e33e28-29e2-4c08-83ca-6329df989c42","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":204,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"7426f2fb-4869-4192-8871-061839194b3b","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":204,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"96e6e1b9-6d21-41cf-9e71-ce6881d5664b","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":204,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"2e24dffe-bc37-4ee9-b020-eaa66c5dc92c","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":204,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"f85efda0-fd2d-40b3-b406-63b77e0a2209","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":204,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"0c5ff0bc-40ff-4c5c-a81c-62a24dcd35bc","block_type":"box","text":"Share issuance","page_number":204,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"09dfecf4-272e-4307-a60b-c1c2e021439e","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":204,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"d9394310-9af9-4dff-8d1e-ddfd6a91e62a","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":204,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"0a85ecab-34e9-4509-8c77-3f829fe6ddb4","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":204,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"37e8a10e-d9f8-42e3-a82f-47633e3c88ff","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":204,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"65b3f6de-335e-4343-b0bf-a2e4d25bf2fc","block_type":"box","text":"Share buybacks","page_number":204,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"924a783f-8dcc-430a-9340-3910f91953a6","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":204,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"a89d7f81-adaa-40d3-b68f-46a8efb64f28","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":204,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"07972a16-73a0-430f-86bc-88fed94fcb2c","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":204,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"60fb8c3a-0a0d-46a6-bb16-3f724660fdeb","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":204,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"8ebf5a49-04ce-4c41-9b6f-ad560346f588","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":204,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"b0b80222-a3f4-4cdd-a6cd-0dae101ef3cc","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":204,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"b1008a69-4417-4b52-9c12-0c90c88617d8","block_type":"box","text":"market environment.","page_number":204,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"9e709a0e-355e-4c20-9918-b801009473df","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":204,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"f7b9aff6-f9aa-4e53-b12c-ae9ca93f8f5d","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":204,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"eec8b898-1561-43ea-bfcd-d8f30a649af7","block_type":"box","text":"strategy.","page_number":204,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"dcf30214-b2d9-4f95-8328-ecac00c46977","block_type":"box","text":"Dividends","page_number":204,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"7ec04bd9-47b5-4e35-a697-25d1fd2836dd","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":204,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"1bd85b4d-ceea-47ba-baf8-d7386cd47a6c","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":204,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"45bbc6c9-2a88-4ebe-9cb6-0a4e9d616ff7","block_type":"box","text":"Differentiated voting rights","page_number":204,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"7dfd6c7e-1328-4b5f-b30c-3a706ea5f396","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":784,"width":750,"height":11}},{"id":"cf2a44d7-53ee-455a-989a-f159d8f12dcf","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":204,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"6f079eba-c4ba-4d41-81d0-3ce5ac4fb886","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":813,"width":819,"height":12}},{"id":"866db37d-bea9-4005-9bdf-2b187947c9fa","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":204,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"f1b4344b-69dd-4b21-bcd3-5fcfb36bac40","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":204,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"9658209f-4c53-4380-b03a-c8b56039459b","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":204,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"3014848e-16ea-4136-a59e-6a6435d682f4","block_type":"box","text":"analyses of proposals.","page_number":204,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"7d70c0a1-bd56-4e1e-b6d9-58310922d2b5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ccae19e7-e88a-40f4-bd96-94feaa6b3d69","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"88247138-ede0-4d64-aaab-85382c6096b4","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"340c2078-151d-4828-9f69-99885226428e","block_type":"box","text":"Mergers and acquisitions","page_number":205,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"3a988be4-e523-47a4-bd6d-6a70898618c6","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":205,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"f3bece22-ed55-4572-a83b-fd078f770c9f","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":205,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"c6279cc3-a62f-4cf4-afd7-3f4b71a3de81","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":205,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"d9010a62-1ae0-4e03-9380-929e8ddce0c8","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":205,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"b60a29e3-77e7-4e42-8bdc-6b89f305c307","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":205,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"a75850e6-082c-4bc6-9968-e894e8017e01","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":205,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"97abb221-07b4-464c-9e7f-8bf82594093e","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":205,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"567a1fa6-e97b-449b-8217-9f07c7cc00bf","block_type":"box","text":"Anti-takeover defenses","page_number":205,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"7d863fee-e2f1-4c79-ae03-ee3297483330","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":205,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"165b81ad-8f77-489b-acb2-c197cbdb7c78","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":205,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"dcb80203-1c77-4d93-9ae6-04ccab74c7c5","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":205,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"6c3dbf94-a2cc-4230-aadf-1956b1d30466","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":205,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"bf5d7079-4b3b-484b-9364-f5b45d83cc51","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":205,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"bc16ca9a-0394-4022-bc35-260c848fafb0","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":205,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"37a42c0a-c70a-412e-bd01-9ae23dbd1d56","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":205,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"9454bf3f-1e9d-4314-b63d-8e4e6f600ba7","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":205,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"2b376e79-423a-4604-8a5b-96b51efbe0aa","block_type":"box","text":"Shareholder activism","page_number":205,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"04d4ec36-ef64-4e3d-859c-45cac448cd4d","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":205,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"f18a607c-9968-46ba-b4fb-377a31b43520","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":205,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"ed9f07fc-8b89-4092-bb9b-6e91fc232088","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":205,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"30aedc3c-af62-43b8-a3f0-66bbc87e572c","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":205,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"a0e5aa36-3727-4bfe-8a11-288e0546fe84","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":205,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"e09f46bb-6757-496f-9e62-9104cc6afc8a","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":205,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"b2c88bd9-4ff7-4348-8171-8bcdeef294ae","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":205,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"a55c7f5a-b309-47d0-9fef-8d1b9a4bb0d2","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":205,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"67ca095f-5a2e-48dc-80e2-fea0e18c1e63","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":205,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"5c42bc9b-6ff6-497e-bf93-a554e32ce1d7","block_type":"box","text":"Significant shareholders and related party transactions","page_number":205,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"fbcef0ad-9c31-4f06-b1f1-518312d53b32","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":205,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"3d3f0fb7-0d31-42f7-884b-1a609c187240","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":205,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"37ac3cdf-e93c-4380-9edc-97e01fb6b476","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":205,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"892a0cfb-b695-4d70-b466-801b9e5f8fda","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":205,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"b7580235-3702-40fa-a6c0-cfd33662dfc3","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":205,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"0886805c-5566-4501-aafe-09859bcff0bb","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":205,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"874456e9-dcac-4685-aa6c-1ae1d4496184","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":205,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"91bd9705-8d97-4736-9314-368e83c016d9","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":205,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"73b3f681-806f-4109-94ce-c651725dfe9f","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":205,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"00be06b5-217b-4b3e-9f0d-423d054b09c6","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":205,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"8a6273a5-779c-4ad7-8160-483580b595a6","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":205,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"8130883f-5b40-4a74-91a6-a3357ab521aa","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":205,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"613d7933-0212-4f59-bfef-aececb925e3d","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":205,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"53b60e61-34ee-4229-857f-ee279aa0c407","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":205,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"2adce7c0-4aff-41b3-ab80-2ca510eb7750","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":741,"width":817,"height":11}},{"id":"b1fe9acc-b528-49e0-838b-aacc1c116540","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":205,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"c01e510d-8d3f-4009-9ce3-be1fa9eb2d08","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":771,"width":796,"height":11}},{"id":"d2c3598e-0fd7-4343-a9fd-d7d0ca3ba14a","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":786,"width":788,"height":11}},{"id":"5a9c1dd8-2ddd-44a2-b9af-371069d97dd6","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":205,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"3f051437-ad0b-4a91-b16f-a51472a92905","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":205,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"7db0a810-0414-4b42-8422-343362987016","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":834,"width":787,"height":11}},{"id":"f5f232e9-4f13-4221-897d-ed26df733bb3","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":849,"width":795,"height":11}},{"id":"f0f8805b-0cd1-49ca-9804-42e8dc723c97","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":205,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"c9456c64-7592-4beb-8627-4bb798c18883","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":205,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"d9043706-ef29-42f7-920b-4ed90aaab9f6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0232c926-896e-46d5-83d7-a69bf8ecc31f","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"805067e4-2284-4c19-ac78-be7d9c42196a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95c71b77-4aa0-438d-b07f-f9923a3b41b8","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":206,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"be309323-a468-48ce-9f64-4bef75750222","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":206,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"371697b0-d4e8-404b-8667-b3f007c76788","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":206,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"fed8e134-9dcc-4dca-a7ef-6ecec03b6c23","block_type":"box","text":"4","page_number":206,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"01623ee2-79e8-4bbd-a7d6-9f2384b4af66","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":206,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"771c143d-a33e-4dcb-8179-11404b0b6b6e","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":206,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"35f2d17f-8571-4af9-aa9e-1aad7193c181","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":206,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"9e3bc0fa-0f7f-46c0-9805-7e442db27dca","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":206,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"70e63c90-7fba-4918-afa2-4b71d128524a","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":206,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"e76d91b2-33dd-45fc-a73b-52a628cee45f","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":206,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"8c3fb094-b53c-478d-a72e-3661cb17899a","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":206,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"3d07943b-d3b2-4484-8c26-d81438852dbe","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":206,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"6f6d46e2-80af-4b2f-b7d1-3ee54cfcaffa","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":206,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"12185941-0492-4394-baa2-8d1279c632c3","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":206,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"31a29107-ca7a-41ed-aee0-ed11582268d7","block_type":"box","text":"remained independent.","page_number":206,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"b3b9f8f0-1bce-48c4-9f29-888ab8693f92","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":206,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"6f01af81-b7ad-4ef8-baa0-5e876383ca94","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":206,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"4d043867-94b1-41ac-a8e2-ac16edaeaf67","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the reporting or","page_number":206,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"0431b7b6-7fa1-4b0c-866c-61078d74d5d4","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we","page_number":206,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"52fdff8b-9cb7-465d-ae1b-7c3aec501024","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":206,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"a136b136-239d-43d8-bf08-968fba05ea0e","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":206,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"bf916860-532c-44a0-9ce2-600949764d80","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":206,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"0df8c919-c687-4754-9c11-d5196a13bc7f","block_type":"box","text":"General shareholder meetings","page_number":206,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"fb506691-9d41-4a9d-8b08-94bc65a78f6f","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":206,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"9ad6ee93-0fbb-49ed-9d4b-d4100c4fb971","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":206,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"194d3f86-fc95-40c4-8c24-182f7b4b6216","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":206,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"c6382700-fc60-43df-861f-8bc8e65495ce","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":206,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"5204e946-8fb8-4a9c-859c-96abd259512e","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":206,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"2a814eea-6b15-4028-9dce-271324db491d","block_type":"box","text":"an in-person meeting.","page_number":206,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"29fb3e93-2f8c-4776-8492-d50f7a70fe5f","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":206,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"f5e4a491-74d4-4fc1-8cb0-1efae85c1342","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":206,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"30eaf584-3b97-4623-a3d5-eb95c039f973","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":206,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"11a8d19f-1281-444d-8b45-d9a617e363a2","block_type":"box","text":"participation.","page_number":206,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"b203bd10-b093-49f6-8e62-2afe2659b7d6","block_type":"box","text":"Bylaw amendments","page_number":206,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"beed12eb-5868-4e0e-a5de-0584d61ce684","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":206,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"ec2e8c28-5704-4723-8b28-85592e161028","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":603,"width":800,"height":11}},{"id":"7f15e32b-776d-4943-84bd-639548624c88","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":206,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"b52671c1-36c1-4f34-aa84-898932f9ddb8","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":206,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"79d82fd8-5550-4a86-9717-bb79761ac058","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":206,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"c97e74bc-43c1-4b1a-aa1e-e35c4da17a65","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":670,"width":790,"height":11}},{"id":"5d0427f8-d63f-4389-83db-5f339492fac4","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":685,"width":826,"height":11}},{"id":"0eee87fa-55e4-4a62-8f91-cab44b8be180","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":700,"width":740,"height":11}},{"id":"0e4c4ebd-526d-4482-9d0c-57e6bf941aca","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":719,"width":790,"height":11}},{"id":"b85a7b50-ea92-47ba-84ad-fcfb3625c06a","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":733,"width":829,"height":12}},{"id":"237e8731-a429-4422-a681-c152e3fd97a7","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":749,"width":758,"height":11}},{"id":"d6bba6cd-e6c9-42e4-80ed-5a60f48f0ce8","block_type":"box","text":"nomination process.","page_number":206,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"6af7ca87-85e5-455e-9c70-4696ec790fa6","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":206,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"8d4958d9-1945-40bb-b016-40777bdd86c7","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":797,"width":810,"height":11}},{"id":"9fb07410-8ae7-48fc-b302-57c1b26499df","block_type":"box","text":"4","page_number":206,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"37771f76-0775-47e9-b64d-3f006e3b3a6a","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":206,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"655e8108-3914-400d-a4e2-f0277a4c9c2d","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":206,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"2ee1f223-a18d-4030-85bc-bf5ea330af66","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":206,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"f0160906-0982-4eff-a1ad-ca9de22039b2","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":206,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"038564dd-4231-4c35-a21d-8aa1e180f30e","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":206,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"d91e83bb-df14-4909-98ea-2969e406e9cf","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":206,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"c9f7285b-0067-4262-9583-a878f02a663a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ffb528e3-8067-4c42-95a7-783a50646fca","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d3bb8a6f-20d0-4767-8d18-e6a92498db6a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8bc50b9d-b51a-4d90-8bba-d6d527d55210","block_type":"box","text":"Change of domicile","page_number":207,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"5a4c766a-f20c-426c-8ffe-054123c1a29b","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":207,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"4ba4348c-0424-4878-81b2-664cdce1d283","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":207,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"f142043f-9e63-4bf6-a83f-bc07f4ed3502","block_type":"box","text":"immaterial.","page_number":207,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"576e49be-f40d-4f95-b60d-52bd5068f858","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":207,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"3e0321fc-f885-4620-92dd-3040644fdd53","block_type":"box","text":"with our clients’ financial interests.","page_number":207,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"2eaf6f8b-9ac0-4f09-ae98-61fdf568e466","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":207,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"d893d98f-be1b-414b-83ce-fc8901fcd7aa","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":207,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"14416605-5e36-47ac-b283-79e7d955fd85","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":207,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"4e1b4998-1acc-49fe-9f7d-15dceaede22b","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":207,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"fc1f3944-f7e9-46ab-b608-52d2ffdf9c3b","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":207,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"c5f8742e-9ffe-446b-a750-0c3d20685754","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":207,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"9de92330-42fa-419c-8c7e-ff749566d081","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":207,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"ea57e9c3-9511-4b50-ab14-bae1e1c31d7f","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":207,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"c4813196-757c-4a62-98e9-0aadc73f3fac","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":207,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"b5266334-41ba-4b8a-9962-3d0ceb9b5689","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":207,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"c26e2a33-7a60-4342-bb69-ebc161850c32","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":207,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"ea70ecfa-c8f9-4e8d-860c-b8b2414688c6","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":207,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"c863f80c-f537-44da-a170-46732fb70b5a","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":207,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"35389222-4386-4ff3-9e0b-f627c4f38903","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":207,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"7a79f6ec-fdf5-4613-acd8-a25e89dc20b8","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":207,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"a17f53e5-47c0-43ef-8aab-df3f07965937","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":207,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"3c649229-1af1-4168-ae3c-5b8ad9e8dae3","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":207,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"4a616f60-24f0-42bd-bd15-5df17501f8d7","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":207,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"a5cdb9de-c456-4b22-95b3-9d0b5ca1518a","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":207,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"36f017c4-b099-4ecf-a1a0-b68cc4a47890","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a","page_number":207,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"58c5cf3a-00b2-47ab-92bd-cfb642ee7867","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":207,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"90ce0f96-0585-4b24-84bd-0646ec9446fe","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"fdb0f43b-89e1-4786-be82-ff5c88d18646","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":207,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"557d8454-b935-4dac-8ef5-4588b75d95ee","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":207,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"cdd0c039-67a5-46d8-b7ab-4a85edd3b337","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":207,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"d4fafe6a-a2a6-48bc-a089-e441495d1305","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":207,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"83c398e4-af65-4260-9f49-646392d64e78","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":207,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"8710903c-c4ca-47c2-8b56-1e570a5d0898","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":207,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"088e017b-84a7-4d7f-8eff-a045b8258ca7","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":207,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"3076d18a-db48-461f-95bb-b9c0b945dc3a","block_type":"box","text":"arising from inconsistencies. 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In our experience, sustainability-related factors","page_number":208,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"5e1b26f1-b6d9-457c-95d3-3db3bec77977","block_type":"box","text":"5","page_number":208,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"f70a3023-38c3-4e32-80ff-9a6c6d0957d1","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":208,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"b6aa0c1c-f0f1-4bdf-a4a0-bee90f08d44c","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":208,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"349cf6fc-403f-41eb-8aed-60299bdc2741","block_type":"box","text":"Certain 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":"af6dedec-a8e6-4688-a670-5c3ac1bb22c3","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":"6f53824b-924d-4fa5-93cc-20a50318f9ea","block_type":"box","text":"regulatory requirements.","page_number":208,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"0490d73c-63c2-4433-97c5-cfeaf83ab9a6","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":"0eaf1723-f9d7-4a54-806f-85c9af932f7c","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":"d3e9881f-3932-4da4-824b-cd8edbff5ad1","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":"69283fc8-4203-4773-9f64-00050771ab2d","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":208,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"4850aba7-b30e-4a8d-9e95-830af39463a1","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":208,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"11e9b6fd-81cf-43fe-bc2a-0ccb52032a7e","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":208,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"9b0a3afd-2a67-4a77-baa9-a362ce1506a6","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":208,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"2c422dac-b6c3-4a1f-bef8-cc1cecdce925","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":"0e59da7e-05c5-4a9b-acac-5cfd0ab4b938","block_type":"box","text":"returns.","page_number":208,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"165f5a6d-9ac2-46e5-ba21-22e738733421","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"140d426d-3bd0-4fb5-87a8-a56037acb992","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":208,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"a4688e64-9741-4a92-a3d1-ae4bfbdbe9f4","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":"97cb5f0b-5339-4c8c-801b-ddf93469f4c8","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":208,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"6265d48b-ebe0-446c-b1b8-5d311d9a26ab","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":208,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"d113b77b-1864-43fb-b2cc-5b370268cd68","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":"1939cf7f-37c1-47ce-b930-5b0c8f49b6f5","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":"53ca1037-ff10-4a66-8148-83c45228aeae","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"8926ad96-5bf4-4798-8ee5-c80fb1cf8948","block_type":"box","text":"Certain 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":"19fe94e7-b660-423c-9587-d8df4e5c8b8a","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":"c151d42d-6115-4d84-a32d-d0066ad41f9d","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":"8a7bd0b3-ab7d-471f-ab93-e4a03b88dbad","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":"786d44d2-b053-4376-99e0-356e70f5947d","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":"33f49174-52c9-486e-bfd5-5f82dd377949","block_type":"box","text":"i.e.","page_number":208,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"85e53b35-2438-4542-8012-5318be9b4038","block_type":"box","text":", one in which global","page_number":208,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"11ef4d7c-cda3-48d7-add0-1a52dc7fbdc4","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":208,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"84ac0694-f9a5-4802-8f6c-2437784fd4f3","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":208,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"e5788f15-2763-41cd-9244-4429960690e3","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":208,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"56d37f75-b893-41c3-8fe2-2f92582e30d3","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":574,"width":821,"height":11}},{"id":"cccf5265-5ede-4066-8aca-e9d55efd4e6e","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":208,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"52b01c93-84d0-4b2b-9e51-6b258a349e90","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":604,"width":792,"height":11}},{"id":"8b179e88-255f-4f02-81ec-d4af4bca2861","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":208,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"851e308d-d661-499d-bfa4-278965ce7f16","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":208,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"77d4148b-4613-46dd-81a4-8ecc2dcc4dcb","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":208,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"15c52856-6744-4b03-87ba-0d4c2bb3f3d6","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":208,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"668ad5c2-e0b0-4407-a1e4-62fdcf35d81e","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":208,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"91416d61-974f-4324-b345-67ee98733c59","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":697,"width":788,"height":11}},{"id":"375b0c7b-23d1-4e81-87d4-f644161735a2","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":208,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"02f608d5-249f-4d9c-9a39-997c7ecf5507","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":208,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"a51de55f-f6ad-411d-960f-532891cc8df2","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":208,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"c7c713b7-0a2c-423b-8372-9bb828086ba2","block_type":"box","text":"5","page_number":208,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"d7ee801f-e3fe-4bbf-b95c-c0c2011ea31e","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":208,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"5ae7a6ac-f0a9-4d61-9ef6-47d9f9b3d4c8","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":786,"width":835,"height":11}},{"id":"e2512e56-b52e-432b-8702-7e5600df6d07","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":801,"width":827,"height":11}},{"id":"429a50ac-a9c9-45d6-84c3-8849dab89c60","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":816,"width":826,"height":11}},{"id":"9d0f8193-4698-478d-99cb-f767eb024838","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":831,"width":774,"height":11}},{"id":"8ba04faa-5c79-4612-978a-d20225eed766","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":208,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"904a346a-9af9-4411-b443-debc2be43d47","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":861,"width":777,"height":11}},{"id":"78f0bc6f-7e89-4610-8a14-5cfd2c769f48","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":876,"width":833,"height":12}},{"id":"08a60dab-7a61-4afe-9b48-481ceb8b5e6f","block_type":"box","text":"sound governance framework.","page_number":208,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"f4849fbf-d4a2-4c4c-8008-77e5287b0d0b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"98137149-92bc-4b5c-8bff-2b01866339f2","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3d596896-1be5-4564-9f26-73bb90534ed3","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe42a774-58ee-4160-9c56-b8f7aac90480","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":209,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"eb07ff32-44a1-4fb9-97a2-590dff608480","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":209,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"d42eb343-b5d1-4373-9a61-2850939e6137","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1cd6939c-98a3-48de-874d-d5c85d3f3d38","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5542013d-b786-45b7-902c-4b74d3d86e4a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d059b135-936e-41fc-9ab3-0b3b75cb68e5","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":210,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"7429949c-f6b0-43a3-bd54-928ced3c645d","block_type":"box","text":"Oversight","page_number":210,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"2e1d9d3e-84c6-453a-9d08-c816e8d7df9c","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":86,"width":793,"height":11}},{"id":"67d9181a-d7dc-46c0-bae8-b763c0c4cb3a","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":210,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"349da914-7836-4d97-a8be-abc19155979c","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":210,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"894f0300-8d7f-4b29-a875-6772740bf159","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":131,"width":825,"height":11}},{"id":"d93f2c62-558f-4ea8-8150-6d73d67028bc","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":210,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"7b3b69ff-1728-471a-85ea-ea6a9e303e5c","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":210,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"74fa12e1-b276-4434-a977-efebb24e56d5","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":210,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"fb028039-a822-47ff-a029-da1f8bcfe8d9","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":210,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"1aa7ba49-76c6-47da-a643-4989db6dff91","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":210,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"9da63607-6ef5-40c9-87d7-daf5a3bbb63a","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":210,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"a6ee5ef9-f09d-4887-bdec-93431719a598","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":210,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"11d7519d-5a0c-4346-862e-e7c17abd2ea6","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":210,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"286c70b9-4e03-4451-8eca-173d3d4dac82","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":210,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"ff323380-b11a-4cc9-9d24-e53c0c3bd16b","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":210,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"edf568ad-0cef-4081-af16-1791992052f9","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":305,"width":797,"height":12}},{"id":"b700075d-8ab2-4e60-8de1-ad9f41a4579d","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":320,"width":810,"height":12}},{"id":"6ea0251e-ca8a-492a-9965-6dc36686c21b","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":210,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"c58677ae-7074-43f8-be0f-60baeb05d778","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":210,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"d3427eaa-d097-4606-ae68-ed1a9d5f6ce8","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":210,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"36507784-6bbc-4e50-a8b8-8ca78d8c9c85","block_type":"box","text":"third-party vote services providers” below).","page_number":210,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"a7f696b6-2369-4841-8d5d-10ce66182d32","block_type":"box","text":"Voting guidelines and vote execution","page_number":210,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"71103609-ad3f-4a96-a2ff-90c909a176c8","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":421,"width":790,"height":11}},{"id":"ea299a0c-5946-493c-82d5-df2325451ec3","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":436,"width":838,"height":11}},{"id":"b5a14c37-86a7-4e00-9f1a-6f7ed3a45453","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":450,"width":831,"height":12}},{"id":"85981ee7-ff3c-41cc-bcb1-66a2aecc7b3d","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":465,"width":809,"height":12}},{"id":"7d8dc8c2-21e4-4aec-b51d-ab09a573bb74","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":480,"width":749,"height":12}},{"id":"f755d0cb-233c-44c2-87b2-163d54f2373a","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":495,"width":825,"height":11}},{"id":"90008b2b-74a7-49a1-80df-3db0d92e75f9","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":210,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"17301234-19f2-4c5c-b403-c249081a258c","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":529,"width":803,"height":11}},{"id":"a1a6cadb-21ea-4fb8-a980-73b1f5329fe1","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":210,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"af8b6f5b-59e0-492c-ac1c-e6d5e105c579","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":558,"width":752,"height":12}},{"id":"d90fd210-b132-462d-811e-6c82b74b09f4","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":577,"width":782,"height":11}},{"id":"73ce1043-c661-4e9e-a146-2251b57102ff","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":592,"width":837,"height":11}},{"id":"71e33dcd-35a0-4adc-a986-ee23d88c6c6e","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":607,"width":830,"height":11}},{"id":"e450ec56-8bc1-4105-8882-9961d96bc8be","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":210,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"cbf067ec-9d61-45c8-a767-d5ec52f08090","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":636,"width":829,"height":12}},{"id":"06702b46-9956-48a8-a33e-11936c1a683e","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":651,"width":802,"height":12}},{"id":"bb380727-f9b8-41ab-9d6c-1f3030dd2f8f","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":666,"width":718,"height":11}},{"id":"365d013f-8006-429e-a543-b4bf6e1bf7b2","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":210,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"0a45a168-c0bf-4e6c-b293-b99fa1544f56","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":700,"width":791,"height":11}},{"id":"d6469c67-4f75-4516-922a-9add05b89e1f","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":714,"width":805,"height":12}},{"id":"678b0b04-1ab4-4b2f-b4ea-4d8f7b2f7999","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":730,"width":784,"height":11}},{"id":"275a05a0-26b7-4fde-8ca9-70bc0959b217","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":210,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"7e0cce04-1b9e-43bc-8636-976f8a396ad8","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":210,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"11af5705-2cee-47d0-b959-475c39255ef6","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":210,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"3a398957-6b0a-456b-8c57-d965bc6acac4","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":210,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"4edbeeb8-299d-483a-a56e-70af59117862","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":210,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"c0d4afdb-3ec9-4c7b-b2b8-ba867f9fd729","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":822,"width":799,"height":12}},{"id":"ce55dc69-121c-401c-a655-599d40509438","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":210,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"152ae3b1-c6bd-4a4a-a518-8b338fdc5e0d","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":852,"width":661,"height":11}},{"id":"c86a09d7-f00f-421f-9eb6-f26600100cc9","block_type":"box","text":"Voting Choice","page_number":210,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"e4089714-ac02-474a-bd5c-e521c808afd9","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":210,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"f3defa33-f4c7-45a0-9d6d-e1ce1167283a","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":210,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"52d64d7e-1813-42a1-bbf2-5e50e64e1563","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e008ea2f-2038-48cb-a3da-aafd062dc770","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"18e42595-e382-4858-80f2-ceb1580c0492","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed2f805c-54cb-4aec-83fc-fb0fbdfbd0ec","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":211,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"304c4e74-781b-4a59-8eb8-7858993c8e02","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":"e58c1624-094f-42bf-9330-a559530cea02","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":"326dbd61-fda5-4c16-9880-1ad0f0980071","block_type":"box","text":"strategies.","page_number":211,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"58e845de-f2dd-4d7a-9095-96e49d0cea29","block_type":"box","text":"6","page_number":211,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"bc7c103e-c791-4906-be88-e2e7b3a35b30","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":"0365098a-9c31-4d42-b3cf-2a3883551378","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":"84e5a2bc-bd2a-4c61-a20f-e08af65d9c97","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":211,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"83f0498d-e79f-4445-8302-642a23b85acf","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":211,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"6e3ff480-76a4-49f5-ac89-d265cb418a86","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":211,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"55ba1b07-2801-4d44-a93a-f919352e8544","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":211,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"84c4aab0-db61-4c7f-85e5-dc5d288ac7c3","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":211,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"4e8e2ad7-8cab-46f5-af5a-586f3907703c","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":211,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"bfe43ff3-7d85-4bc7-873b-5c88cd2e2bec","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":211,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"226522da-226d-41cd-b099-62b7e834280e","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is important to","page_number":211,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"1250787a-b459-4671-8f85-a2ce19ca4058","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":211,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"8d8bbf62-2696-460a-b611-3ff9de0aab72","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":211,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"31a87d55-8c03-4d55-8a99-6f410d389613","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":211,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"c5925d99-687a-44dd-be6c-30a4ed666cc8","block_type":"box","text":"clients.","page_number":211,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"6a264897-2f71-4be2-9e96-2f5b8a36f591","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":211,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"a60ca070-4a89-48fd-ace2-ecdee36493f3","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":211,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"31c84bc1-26ec-4445-82db-70aefc1087e0","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":211,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"986557c4-0ad2-4710-abdb-5b165ad98ef7","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":211,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"f7f0bfc7-5714-40c8-bd28-ef636d7c9e3c","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":211,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"961d9e0c-508d-4b82-bb97-c38be0665e25","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":211,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"a92ebf17-bef9-46ef-89e3-b9e601b90ae3","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":211,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"252298ec-60c0-45cb-982d-15232615d534","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":211,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"58a370de-c33c-47e2-8c8d-d76c59fc2d21","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":211,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"73c6819e-af80-416c-b874-a696ae4fff01","block_type":"box","text":"interest. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":211,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"05392949-cd3e-474b-922a-a37e50525f72","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":211,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"927839f0-ab6f-4e9b-b1cf-f1f84cb69b5a","block_type":"box","text":"BlackRock employees. 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While this has occurred in a limited number of cases, the decision to","page_number":212,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"c573757c-9a60-4de8-b910-9ef99da80130","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":212,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"ddaa062d-6b43-40a8-9ccd-d6a0f8887a40","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":212,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"fccc5b4a-80f0-4684-a083-1369c6869ce6","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":212,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"777dbcec-9762-4852-9ff5-858b1abd8eec","block_type":"box","text":"of recall consideration). 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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":"c246867e-7ddf-4615-97cb-c8938ae5d397","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2be52509-e323-4885-a0cf-f7adfccb1269","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3db8f7f6-9f22-4c31-9a06-3602775af1b7","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63260844-5533-4391-b5b6-64063b934a5a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":214,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"88a49546-1967-4d85-9c90-9e7928f886d9","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":214,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"05cf7184-3ac9-4a33-bbc5-cac0483367ba","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":"34b06e46-c160-40c3-81ad-da444036ec05","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":"d4b27300-14fc-4362-b0b2-7785b0f6f424","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":"892e4a1e-b962-4687-827e-2d6823dd042f","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":214,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"9a0d34ca-00ea-4360-bc42-0d2f029b5b3b","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":214,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"089a5eef-f862-4494-8de8-7914564dce8f","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":214,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"36d82d3c-c0d5-4c35-8c92-14f6d0bed9f6","block_type":"box","text":"Appendix A.","page_number":214,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"7c580b4b-3bfc-41c7-a198-e9d07fe5f6ce","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":214,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"b4e7f967-4f39-4e0d-92b5-cc2c23855d27","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":214,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"bc9f4467-03a1-4308-a604-6ab4b742e98b","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":214,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"80382d25-e32e-4ac8-ad88-ada9de0d98b6","block_type":"box","text":"Conflicts Management","page_number":214,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"270a3cb2-44d2-40ee-a0e4-bf10c9f43a83","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":214,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"a38838ba-863b-4d3f-bda4-a338c2144c36","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":214,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"b598bc98-4189-424d-a678-f7c9df99f264","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":214,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"cd7875c6-dbcb-43a6-b19b-99a652644d57","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":214,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"0973aef6-366d-463c-bd1c-4b377a2f0d40","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":214,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"405d9ce2-abb6-402f-8211-f5be753b8657","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":214,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"5c3eb5dd-8d36-458e-b0e6-e376d25da9e8","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":214,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"0681b395-b147-4328-8446-49085d45a2d9","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":214,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"38b21dbd-1b09-46c2-b557-01647dd5377f","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":214,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"a321ca9d-2450-44bd-a6f8-e1b1100e1289","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":214,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"377f8784-8e77-4c3f-bb40-a048aa8dfdf1","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":214,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"5ee3fb5d-2b08-44d7-851c-ba95b0e5ea24","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":214,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"31427094-5e22-4dec-b3b0-d80d4f5f6664","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":214,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"9b23ce8d-c300-48d3-a29b-9b1dc1c9f5ea","block_type":"box","text":"connection with proxy voting.","page_number":214,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"54db82b3-6c1a-409d-8a37-37d1080be161","block_type":"box","text":"Reports to the Board","page_number":214,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"8008fdb6-a3b7-40b9-a735-274477f46785","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":214,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"e5113a2a-1afa-4f4b-9117-dfd5fb385da0","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":214,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"b85e40b9-8c72-4db1-a16d-962d454ca843","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":214,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"501d4a6a-4c95-4539-a386-e6d7883d2a33","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":214,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"9ea612b0-af7f-4318-b575-3ca59306e2f4","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":214,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"11289a67-d81b-4218-94fa-a11f35f6db73","block_type":"box","text":"been 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BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":218,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"6e357dba-fdcf-41ca-9ee3-2262dfe6435e","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":218,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"8f66d6a9-0170-4fe4-88fb-9c8445ced694","block_type":"box","text":"2","page_number":218,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"24e78e2d-e8f6-4483-949e-0e1ae05ba954","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":218,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"9ed3e7f8-cf34-40d4-ba33-db0154e7c3e4","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":218,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"3f8ef2db-f382-4144-97bf-adb0b13e6652","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aaf9ddd9-5da4-4f86-a663-ca2bc3c1bde9","block_type":"box","text":"Global Principles | 3","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"81f4e711-7b67-4a64-8526-06b0a5139893","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51f9e202-4723-475a-add0-6069a85f1c0b","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":219,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"d1b8271f-668d-47c7-a8fd-953d46bce689","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":219,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"593df047-16e6-4812-b984-24efe03f24bf","block_type":"box","text":"this balance.","page_number":219,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"ca00c0df-06a5-4b0d-b677-07815cc0ce43","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":219,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"c3dfe4a1-f31b-42a0-aac1-e2cbab6febc8","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":219,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"7fed817b-f03e-44af-8552-c81754941522","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":219,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"76782f30-3407-4c2e-85b6-30e381c8cec6","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":219,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"997d303e-d3d3-415f-b14d-ffb838c324e9","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":219,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"85bae442-cd28-4837-9383-65b377074b48","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":219,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"479904e4-cd56-499e-b06b-5593b7c19ec3","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":219,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"ae29fa08-78d7-400b-86d0-300bae3de6dd","block_type":"box","text":"about, a company’s performance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":219,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"64e458a1-e169-4251-a6bb-1dc2ffebbd08","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":219,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"044f467d-20ab-407f-9aee-27d4b3beb7fe","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":219,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"97aa17ac-d8a3-47c3-a65f-b25e2aa7f128","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":219,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"60732742-d9ec-4050-8a66-9f1395745125","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":219,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"706d63fc-523f-4228-aada-2f31ef07ebce","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":219,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"54b03ed0-8224-4cc6-95c4-ac69a521c949","block_type":"box","text":"industry peers.","page_number":219,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"0d76640e-d7c6-4456-9437-d2928385e9e2","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":219,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"fa3366f9-be2e-4863-9ee4-2bc2340d5689","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":219,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"887d9e36-7c50-4794-9079-da048827251c","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":219,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"da3c097d-0ad2-44fd-af4d-63d36af30ed8","block_type":"box","text":"opportunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":219,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"3d1b655c-7324-4c23-9fdf-de1358b33ecb","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":219,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"b73a3ca3-78df-4e61-9593-89c1d6e77d51","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":219,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"6545a293-c278-4953-9aff-756cef57d231","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and opportunity set, and management’s plan to deliver","page_number":219,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"f37c541a-8f3f-4fdd-950e-630fddb4f607","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":219,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"be8fb24f-841f-4f48-82b5-9fbc99dc58d5","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":219,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"1206de38-f640-4c9d-862f-8df9af4128d9","block_type":"box","text":"drivers of long-term financial performance.","page_number":219,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"27c46bce-4556-4a3c-87ea-4e60d4afe0d2","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":219,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"4cedfca6-abf8-40ab-991a-ed3aa7812f77","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":219,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"c1be2ac3-72a5-4a2d-92a5-f0a887b942f0","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":219,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"c045b4a4-74ae-4102-b673-70966aa599a1","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":219,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"503e30bb-9fbb-47e3-aa2f-4e14028c8ec0","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":219,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"60123d98-4683-443a-b6c7-aad4c05047cf","block_type":"box","text":"KEY THEMES","page_number":219,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"d5739d71-aab0-46a5-87b7-504ce3e08751","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":219,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"5851e83c-b32b-44f5-b2c3-ccf52df7a012","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":219,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"787fb952-e7f9-4b9f-890d-2c25d761087b","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":219,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"b1890006-63b9-4eaf-9172-2c4a7edd32f5","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":219,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"d8515d0c-e2ae-4d58-bb79-5f59c337390e","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":219,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"6e7f3929-d887-4beb-9dd9-f7907106267a","block_type":"box","text":"their domestic market,","page_number":219,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"eb92773f-6860-4b26-b36f-4c938608953f","block_type":"box","text":"3","page_number":219,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"37b5e008-e825-4f95-8fce-17b6caf6e198","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":219,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"45c0e2ea-5295-414d-9e5c-848399c53f19","block_type":"box","text":"term financial value creation.","page_number":219,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"076e9593-c818-4f62-ad24-1bd78fc09ad4","block_type":"box","text":"These Principles cover seven key subjects:","page_number":219,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"c4fcd856-b479-4786-bf5e-d776e4451939","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"7c7fd9ec-c140-4e17-a249-e08033386287","block_type":"box","text":"Boards and directors","page_number":219,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"b7249b1d-7be6-4940-806c-2d0bdb0ef7bd","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"d8c4a375-6380-45a3-afac-bd25b76490fa","block_type":"box","text":"Auditors and audit-related issues","page_number":219,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"03e865f1-b331-4b3e-aa25-1ec74c699055","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"7e725beb-d1c3-4a87-ae1f-1f689dc7069a","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":219,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"a97975b3-b9dc-4c1d-a5ad-fbc2b9c2e70a","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"37ca1d7f-69f0-41c3-97cf-2ac80107ee25","block_type":"box","text":"Executive compensation","page_number":219,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"ad632f69-140d-43f7-9996-09079354dce9","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"ad14a13d-84c2-4540-ab9b-e8aa0f748272","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":219,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"404698be-22a7-4177-92da-58bc2ab6bacc","block_type":"box","text":"3","page_number":219,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"697628b0-7392-4f02-b918-3b80a61597de","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":219,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"a0a7488c-826c-4db9-b647-2e1f7756d437","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":219,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"e6a2cb41-2d0b-4ba0-8462-d708732d882b","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":219,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"9209d518-21e4-4526-98e5-11304095fe0a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ac89cdee-c4a3-44f3-9ce0-75de4f0d3b92","block_type":"box","text":"Global Principles | 4","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ebe80efd-dfdc-4cd2-a3ec-778f137237c6","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97efd539-1d53-4d7e-bb67-b06fb241e8e2","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"550007e4-c6c8-4a0f-b76b-6c56a550331d","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":220,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"d015046d-c019-4fa7-8ee2-f16e36437f14","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"d7604c67-f2cd-4df6-907f-b7e85c7dac60","block_type":"box","text":"Shareholder proposals","page_number":220,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"d9009da3-fc9e-46bb-9902-e5fee441233e","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":220,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"72fd74ec-b17d-4d78-92c4-56bc769fd2ca","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":220,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"67dcb641-d569-4fc9-8045-70d5f03b1f54","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":220,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"06d4e4d5-a88e-4866-8e50-182c85d8df05","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":220,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"0d82025f-238d-4576-9b44-02f2c805cfbf","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":220,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"1e720354-d3bc-42ab-b27e-b6f388faa160","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":220,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"a0f16a1d-6e86-4948-8577-f1256e039416","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":220,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"860b8e54-af5d-41fb-9fbb-b29dc75e1172","block_type":"box","text":"environment within which a company is operating.","page_number":220,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"a39d88a6-b1b9-4496-b489-7685687d0e92","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":220,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"660c0261-a01f-4504-8050-5a79eb6fccde","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":220,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"4aa7748d-8d1e-4c81-a009-12e7dafbbe83","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":220,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"fa7fe84a-c452-469d-a79d-fa2e66866574","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":220,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"bafed70b-e58c-4ac1-851f-18b85310dcc8","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":220,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"28c0b965-816f-44d4-8c43-44a9a0ab36eb","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":220,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"aa8fee6c-2b3b-4c31-94b2-c6dbae252923","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":220,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"0bc47f7b-00d2-4d79-9827-1178a08af172","block_type":"box","text":"have always started with the performance of the board of directors, and why we see engagement with, and the","page_number":220,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"d79c1939-fd2f-42dc-ad34-9994c27ef516","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":220,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"ae8aaa9b-50b8-4f22-82f6-e537e9d7cd39","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":220,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"6e2aa687-2db6-40f2-a688-f9f3d7496e4b","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":220,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"297ffbc6-c55b-496f-b132-89a5dffdef77","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":220,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"dd096b13-2aee-46f4-9f84-9e34b1ae102a","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":220,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"7a3deb9c-d6a1-4617-ae05-e0d7376b1e70","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":220,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"65a344c2-50d1-49fc-ac84-a60c23e9d67d","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":220,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"02abf31b-4d3e-498d-b142-b84e0c9e5cce","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":220,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"e04c3803-1763-45e8-a154-a6e3bfe7208f","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":220,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"56f5832f-a223-4934-8222-55f10cb6f792","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":220,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"19b573bc-e371-413d-9fce-48d0f5467893","block_type":"box","text":"managing, and mitigating such risks.","page_number":220,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"6ecee7d4-1c03-4899-84bd-0862a06072ad","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":220,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"ab5297a7-e80e-4097-87e9-83faa3bb72d5","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":220,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"a11de8d6-bd56-40f2-8a9e-1e367a3a436c","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":220,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"709b0271-d808-4da2-94fa-29138736f651","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":220,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"f210e16a-12ce-4c50-8168-35ccc486ba41","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":220,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"12eb47f6-4c26-4bc9-9863-e7a57855402c","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":220,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"22c56adf-da3d-4445-bd6b-b3555373d5bf","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":220,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"03fe848b-4dea-485f-9f4d-e3ccb63df5ec","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":220,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"64e29285-e66c-4c62-9193-1a1fbff50a50","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":220,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"5a70b6d5-0427-4372-85d4-a679e97abfac","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":220,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"24d03a40-0555-4c01-b6a0-f5cd227d7485","block_type":"box","text":"consideration.","page_number":220,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"33798519-50af-4722-84c5-e78ae9fe572d","block_type":"box","text":"Regular accountability through director elections","page_number":220,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"b0857a7c-6033-495b-935b-20b005bf989d","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":220,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"ba2a1a81-ae79-440c-b09a-1c6422c0578b","block_type":"box","text":"regular basis, ideally annually.","page_number":220,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"364adf8b-9e2f-49e5-9d1b-a98cc94acdfb","block_type":"box","text":"4","page_number":220,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"6a40e14d-6b87-43af-a37e-4c2b32ce939c","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":220,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"6b54da57-1c3a-405c-acce-a621daafaed6","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":220,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"a6bb9322-47ef-43c7-8bb9-92f7f54938e7","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":220,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"d25c3288-5cd8-407f-995e-7f30963a5b38","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":220,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"4cdb7d33-c987-4485-828e-bed858bbb99f","block_type":"box","text":"election at each annual general meeting.","page_number":220,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"3fa894ec-ec65-4717-84b7-afd7c3220cc2","block_type":"box","text":"4","page_number":220,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"38d734dd-ff23-4577-835f-c8beccbb28b4","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":850,"width":790,"height":11}},{"id":"a58d39da-9781-4a3e-a888-ce5920fca5ac","block_type":"box","text":"market regulation or voluntary best practice.","page_number":220,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"924c9e4b-7b2e-409f-a5b8-a5d696ff4798","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b7c09864-57bb-4005-95a3-bf39b1becc10","block_type":"box","text":"Global Principles | 5","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"389bef9e-3fa2-4529-8681-578789e9773b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea40c3d2-1f73-46c9-883e-497dc9a21b8b","block_type":"box","text":"Effective board composition","page_number":221,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"5de3f2b5-62ee-46b0-8b2f-5c501f9f57f8","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":221,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"5aa8e35f-1fe7-4fe6-a530-54933276cc6e","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":221,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"316f9096-755c-4d7a-bc4d-ef16d8b98bf4","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":221,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"dac64c26-b407-4c71-9fe0-48c25502855f","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":113,"width":819,"height":11}},{"id":"83f01e69-9eab-4c1d-870b-5d7105b22680","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":128,"width":809,"height":11}},{"id":"579a9a43-b609-473b-99a2-7f63ddd42268","block_type":"box","text":"recently.","page_number":221,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"4fcf2e72-39cd-4389-8f9e-c7a847b445e7","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":221,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"5c3925eb-282d-4e0e-a23c-b05d9fe4ea10","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":221,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"89769479-8927-40b4-82e0-f9a0acb6cb7d","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":221,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"c3a2607b-015e-4aab-89c7-0226f0c57b1c","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":221,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"f3671cb3-04dd-42f6-94e0-3ec07f423b7e","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":221,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"d9592f8d-3be5-40bc-90a2-8113a297c0d8","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":221,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"127b0690-2d49-4a81-a5e3-3ba1b5ac9408","block_type":"box","text":"of sound corporate governance across markets.","page_number":221,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"7fef97ac-3d3c-4367-9758-b51ad493a42f","block_type":"box","text":"5","page_number":221,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"e4c80e2c-e098-41d4-af46-0f6489d42e21","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":221,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"df3608f8-0453-4681-b81f-577d0d06367f","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":279,"width":825,"height":11}},{"id":"e3aca0b5-b52e-45d4-a931-e3541e687037","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":294,"width":813,"height":11}},{"id":"887f3a32-cdd8-45b7-9dc2-cfa6c02fb00b","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":309,"width":566,"height":11}},{"id":"e9c8d77c-6224-4a56-85a0-7285f40e79e1","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":221,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"ed70f637-75ef-4f42-a321-5c9b07e6ade0","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"2e002a4b-219f-4357-abc9-9457b3637d88","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":221,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"948b589b-4d8e-41cc-8900-0e455149beb3","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"f787fb08-fb54-4706-bd44-d25599e89935","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":221,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"34920883-3a8b-4313-994e-a4f4f747f807","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"3eb3cd74-32f3-43ad-8780-2cefab00ba2c","block_type":"box","text":"Interlocking directorships","page_number":221,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"65cc4f0c-15bb-42bc-8c6d-98587fc6d379","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"dfff19a4-aca6-40e9-b2d5-dda5bfbdc83a","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":413,"width":761,"height":11}},{"id":"ef0a60cd-4b07-4a6b-8d24-f6cc131e410f","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":221,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"772c6704-5935-4216-a1ef-59eed8eda9bd","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":450,"width":775,"height":12}},{"id":"2ed3b222-c046-454b-82f8-8827428b1fb8","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":466,"width":827,"height":11}},{"id":"2890d468-e4ec-405b-aad3-a392e6dd67b1","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":221,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"8915cfac-372b-4949-9364-f388574fc9f7","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":221,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"c5b07688-31c1-488f-800d-acd5738bb626","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":221,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"2b063368-537e-416a-bbbf-6f5bf4b5d955","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":221,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"f008021c-e03e-4da1-bf87-f978fd3245d9","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":221,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"5589f96c-1175-4284-84ed-d9a97dc7eccd","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":221,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"3eca25c4-98cb-4191-bc69-a64f9264735d","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":221,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"5ab1bd27-58f6-4b0c-8e72-d5f7775c424a","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":221,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"9fd3c20a-64f4-4f5d-9127-bd6ca378552c","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":221,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"c37a900d-1df7-49b5-b932-f09d35f1d281","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":221,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"79653b4b-9d9e-4532-a131-5a7b8fba70c8","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":221,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"24be5e38-66af-44e4-a2a3-6555e33d4830","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":662,"width":802,"height":11}},{"id":"d8f5a7b1-f3fc-4abc-87ac-296bf94dcd32","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":677,"width":818,"height":11}},{"id":"f702d07f-faf1-48c3-a912-943287b705ad","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":221,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"b27e11e7-4a9f-41a1-9a2f-777321b87772","block_type":"box","text":"and expertise of the board, as well as the particular skill sets of individual directors, aligns with the company’s long","page_number":221,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"d28a2ac3-8bd0-4e6b-9ba4-659f1c7aea6e","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":221,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"33b9ec01-2c44-4602-96e3-073d68edefe3","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":221,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"2aff040e-e44c-483e-aacf-c103858ee127","block_type":"box","text":"board discussions.","page_number":221,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"9f8dbd85-49c7-4623-914a-5819f5756804","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":221,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"53fa946a-1f75-43d5-b7a8-8ef121dc18e2","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":221,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"7a1fc36a-8df0-4f1c-b2a6-db4a0a35e08b","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":221,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"eaaf40b6-b13f-4f71-b118-d973944646ab","block_type":"box","text":"5","page_number":221,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"7f0aa0e7-271b-4d2b-95d3-e8a528616082","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":221,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"42d54aee-2253-401a-a15e-8b9d3c88cf63","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":221,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"2ac4fb72-76de-408b-a559-9246dccbd3ff","block_type":"box","text":"Principles for US Listed Companies.”","page_number":221,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"e1401228-a4b3-4a77-a383-346680b59c3e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2b60e150-3d2f-44d0-94c2-90148baad583","block_type":"box","text":"Global Principles | 6","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"99b9a66c-585f-48e9-a385-02cea1203beb","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f45b38b-fb08-44e3-930e-989c42359070","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":222,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"aef3b46f-168b-44b4-ac4e-4da83b59a74d","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":222,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"8b593a9d-1288-4f73-a26a-c6e2efd1e0e6","block_type":"box","text":"composition supports the company’s governance practices.","page_number":222,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"410880e3-68fa-4ec2-a25d-68d8412a8ef4","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":222,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"39bffe89-5768-4536-bf7f-5c7e48743d06","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":222,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"24fc2629-d9e6-4ba9-99b5-a94c3c0f7705","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":222,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"d2693c04-2e87-4f87-835e-475584102bc8","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":222,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"61635071-904e-42fa-82bc-9e974d09987a","block_type":"box","text":"6","page_number":222,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"97ffd84a-1912-4fa9-be80-7e96b3e2cdce","block_type":"box","text":"Sufficient capacity","page_number":222,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"4eac7df1-2e77-4dd4-a49b-09ee2b86a42b","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":222,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"0a766d44-2f3d-4ef7-88bd-296aa3d94f19","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":222,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"7ee62fb8-74c9-4d6e-8a21-da3a72fd46e1","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":222,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"9bf4f1ff-6886-4c23-bb36-222f91a3627b","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":222,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"8662a0e6-e2b3-4e48-b474-431d5e62d8e9","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":222,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"49aa14d0-505a-4cbd-912a-fa99a786c393","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":222,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"a35719ea-85a9-47c2-914a-fd3e03f72f86","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":222,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"83a41b6f-260b-4a74-ab78-12ff2d64f763","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":222,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"31ca00df-32f0-412f-b4a1-bbb070ff1ae9","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":222,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"459cc6ef-7dd6-4edf-a8cd-cd5bcb1753f1","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":222,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"cb35b331-a560-48ef-a9f7-aefdffd54940","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":222,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"3d0fb539-c2e2-4c51-b0c5-7c872789af2f","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":222,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"0bfe5303-e53d-477c-bf4c-e946dbeb39d9","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":222,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"f08f9cf0-5926-493f-b018-1dbfac23674c","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":222,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"9997d4a7-c925-4658-9664-d7f885efe5d2","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":222,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"50801bde-4ecb-4ec0-b7ca-f3258542d43b","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":222,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"6ca08ac0-4555-4951-8045-54f0f4921077","block_type":"box","text":"their guidance to companies.","page_number":222,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"c0c80c00-2855-4079-a5ac-fdc954c3e233","block_type":"box","text":"7","page_number":222,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"cced28c5-d13f-4b32-a7de-197b72ffa3d5","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by","page_number":222,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"d2779292-f7d2-4417-9280-7b8bf4c406e1","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":222,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"12073b4b-3023-4459-a71d-01d35d091cf5","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":222,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"3c398a34-19d0-4704-be03-0bd3f1916093","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":222,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"985ab024-6ca9-407f-8e67-609ca5c9b02a","block_type":"box","text":"8","page_number":222,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"8e02b50d-1026-4063-8d88-9b27e73aa9b6","block_type":"box","text":"In our view, effective audit committee","page_number":222,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"e884db1b-bec9-4d8d-acc2-5db77e2e6096","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":222,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"aba60c81-0c83-4008-936a-c3c8487589a3","block_type":"box","text":"of reassurance to shareholders.","page_number":222,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"d5d68764-6c95-4365-a1e0-5cde4a24254b","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":222,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"85b26076-6c32-4556-be48-5d2baa19c6ec","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":222,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"5d151c49-2f29-4d5a-b0a6-5964d8585cc5","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":222,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"c0c4580a-01f9-4a01-a518-7d6aa1fc7646","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":222,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"66a3d7fc-659e-45f6-96e4-6afeeef80f02","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":222,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"e39a5cf6-d85a-40dd-b758-ed626438c597","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":222,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"2ee5b07b-6bd1-4ad7-8be8-7dd348868a6c","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":222,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"a3929106-bd71-4a8d-a655-e586a03f5d6a","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":702,"width":831,"height":11}},{"id":"b01c76d1-343e-4b5b-93e1-d2afed362815","block_type":"box","text":"or internal audit function.","page_number":222,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"590fddbd-9ffe-4b57-b4d3-dad92bad4566","block_type":"box","text":"6","page_number":222,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"e993cb2f-6c30-4347-8681-60d95881e723","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":222,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"3f1b1b90-595d-438a-b696-f9a91755deee","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":222,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"c63bcd7f-9689-436e-989f-c5e4b54de61d","block_type":"box","text":"7","page_number":222,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"22ff0973-760c-4dfd-ac28-35872e6f2ad3","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":222,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"08315f07-4ae5-40d4-a649-57f259c01c4d","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":222,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"db819885-5cc8-4cb8-8eab-eb944a5a4570","block_type":"box","text":"August 2023.","page_number":222,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"102db37f-be5e-4551-9665-9509bfed92a7","block_type":"box","text":"8","page_number":222,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"b61cbd01-b76a-49d6-953d-b521a79267ab","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":827,"width":779,"height":12}},{"id":"10a08a5a-1a3f-4d77-9902-9ba35c96e3c1","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":842,"width":834,"height":12}},{"id":"3f9cd7f5-fbb7-4fab-8c43-61414a93724a","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":858,"width":841,"height":11}},{"id":"a8ac0e57-16bd-4cbd-b074-7361537ac0b8","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":873,"width":763,"height":11}},{"id":"3ef15700-60b8-4dda-a15d-09e8b4079cd0","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":222,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"c598b5f9-0bdb-488b-9507-32f08683b13c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a99b5bd6-a5c5-49af-941b-5dd0e03df7d6","block_type":"box","text":"Global Principles | 7","page_number":222,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"8f0e6bcd-3c52-4bc0-aa8a-93d77fbf7e7b","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edba35f8-70f5-4117-a7b8-04f4f13ab43f","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":223,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"3cbac021-c669-4f3d-8847-5ab4dd3bcb0d","block_type":"box","text":"check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an","page_number":223,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"852279a0-0374-4711-b37e-787939373483","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":223,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"0077c6a2-7ebd-4e3c-bf2a-44511885451f","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":223,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"7dd99a6f-d77e-4831-a514-385122a6beea","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":223,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"1d89f692-c2ef-41c2-bd24-55076bee8ba7","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":223,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"86dbd10e-a4e3-4bd9-a640-1b49e67d0eaa","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":223,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"945642fd-33fb-473f-a1fe-f4f871146594","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":223,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"7121daa9-225d-4910-ba9a-e1bb24c18324","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":223,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"a325c2e5-1efe-48f4-8a44-c73cb678fbd8","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":223,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"1948c6eb-982d-4d45-8e99-68a2550eac53","block_type":"box","text":"adequately managing risk.","page_number":223,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"92ef33b1-5c9f-493a-9ac7-274d2d4e34d8","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":223,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"899055f9-215d-4a55-a2f5-a539e832db09","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":223,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"af89e3ee-32aa-454a-a2bb-4256b2a897c5","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":223,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"4e8770ac-cc12-4033-8f33-d019cbe5e01d","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":223,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"93df4e0b-8930-43d2-a270-f70be37da67d","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":223,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"c2c8f206-d89d-4bff-9fd1-dc6261d1bd62","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":223,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"d75f8e85-da77-45e3-a5af-36e4ef3a42ed","block_type":"box","text":"and voting rights should match economic exposure,","page_number":223,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"48011b24-19b4-4b15-920b-d64eaa3f8bd3","block_type":"box","text":"i.e.","page_number":223,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"6ee5ea03-f944-497a-b9c2-3065972e2c82","block_type":"box","text":"one share, one vote.","page_number":223,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"2fb462be-9821-4835-aa5f-7d055c4311a2","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":223,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"f8893f79-abad-4ce4-bac4-759cd5487d90","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":223,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"c1cd011b-6bb6-44b3-a8d0-3364c9da7775","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":223,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"9b10f51c-6783-4f27-9b49-0a8cbbe0fb13","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":223,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"17127d55-7fa7-48e2-a3b0-db4d40e777ef","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":223,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"273187ab-0823-4037-b1c0-3696f5973602","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":223,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"125f0a06-0ef4-4f23-a4d3-d9057c93b01b","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":223,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"bc4455da-6e77-4dae-aeab-c37fb8787dec","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":223,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"363b614c-26b5-4e96-ab74-e1b5bc7845aa","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":223,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"67b13926-008c-4401-9d86-3ee40fb6eefb","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":223,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"a87547de-224a-4203-a88d-a772e4744a12","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":223,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"cfc2c153-1a8c-4878-b065-6c45a7fa6d49","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":223,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"6f5b3357-d415-4347-be4b-9159fdd6b222","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":223,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"13c92449-b263-4bdd-8117-3c70cdf80bd8","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":223,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"f3b078c4-fb84-4bf5-9d2e-2fbb5dc8019c","block_type":"box","text":"transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek","page_number":223,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"f1b268c2-5209-4c34-9dce-eac445d532d5","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":223,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"3fd5ca4a-26c8-41e3-a5ad-3bcdac206553","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":223,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"9c7990f1-06a2-4227-a351-a2f518ccb7c3","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":223,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"d0d727ea-de72-4d21-9c5f-d9499dad0c77","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":223,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"81febdc6-b21a-4c92-9417-13fdfb978f3b","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.","page_number":223,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"4b17a6d7-f124-42d4-927e-a0b64cc247cc","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":680,"width":806,"height":11}},{"id":"accca13b-745b-4a99-a03a-77c5c96cb5a2","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":695,"width":801,"height":11}},{"id":"be35516d-f576-4517-aeb8-83df3a5d065d","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":223,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"9b3743ba-7059-4d1f-9bee-a3552df7a152","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":725,"width":826,"height":11}},{"id":"8dbb71ed-869c-4129-953b-8f981b9c73bf","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":223,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"be20a279-ebb4-4e68-baef-d0979f565342","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":223,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"fa08a906-e3fb-4d35-910f-f99a7bc80017","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":223,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"243a6b4d-5293-4a8f-a9e1-548fbc0ab697","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a","page_number":223,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"8607eb39-683b-4441-8b60-151500a80ed2","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":223,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"ac6d80be-1c70-4f39-ae88-1baa77513b3e","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":223,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"a6b009a6-7f73-4ac0-800a-7dfdc1857eb7","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":223,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"62810222-6dc9-434b-81c7-5ddf648ba341","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":223,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"73e7b073-1a8d-4505-84ba-c1aacb9c3dbd","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":223,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"9029bf12-15ac-4aef-9b70-a0f75410e44e","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":223,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"a14c2cab-76ed-4a9d-85c9-b305ea2b7279","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6304ff94-8ed7-470a-a51c-5db79ee271a5","block_type":"box","text":"Global Principles | 8","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bd025dc8-829f-44f9-b82b-38803c758322","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c51a589-4498-4667-bb6f-1890c514a27f","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":224,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"6791f2f0-e11f-4994-9039-ca4b20123929","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":224,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"81bfc60b-d631-4ad5-bfe6-961642d8373d","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":224,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"37e31237-7b8e-4d2d-9ae7-ccb545ab6417","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":224,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"04a8eff6-e753-4653-b336-e1f41e1b2584","block_type":"box","text":"period of years.","page_number":224,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"5c31b0f0-4533-454d-8fa1-553aec425909","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":224,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"4873ed18-0d67-45e4-a30d-5dfe70ebdaf4","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":224,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"3cf8329b-ff2b-480f-a491-0a77567a1cda","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":224,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"50e85bd0-ce2d-43cd-b84e-9dd93af2cb76","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":224,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"a5abbeb4-cc9c-4ff5-bf92-42aa8f298bce","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":224,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"681c2f8c-5937-42f6-a8b9-ff86ea30e38a","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":224,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"3808b949-8ef0-49e2-9006-3be8b12f08b4","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":224,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"182f8f6f-05ce-4404-9ec6-3912910fa07c","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":224,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"30d64d5d-8d22-42fe-8eeb-741e51a53e24","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":224,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"61daacfa-2662-4b7d-a8cc-598fe58e44b3","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":224,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"9e4a4a19-587d-40db-90eb-b4ccb1f20fae","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":224,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"3e6926ae-e5eb-4081-9ffa-bf503863bd26","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":224,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"60d789c6-14fa-489a-80e6-ac8c4adcdd71","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":224,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"5d130422-1a3a-40fe-b409-e0e0e276f2e7","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":224,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"efb2cad2-f3cb-45dd-b858-508562bbad85","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":224,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"69bbffab-d276-41f3-927c-58d5a7ec0222","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":224,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"39a3a961-4b6a-4ca3-a8b5-bdd618a2596e","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":224,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"cb18895a-0224-4db8-a893-44515490ce56","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":224,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"7ffdbe6b-3c25-46c4-92b4-1cd4062b769b","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":224,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6fd23d25-5492-45df-a8f9-0990adee59c1","block_type":"box","text":"restatement of past results.","page_number":224,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"da5f3a82-cffc-4c68-8676-8ec725cc34df","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":453,"width":803,"height":11}},{"id":"e9537fde-d10c-44e2-a70c-eaf6539c4d7a","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":224,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"1a1c08f7-bc3b-4a6b-9235-a663f3d62f34","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":483,"width":825,"height":11}},{"id":"dc9af556-cd4c-4b09-82d5-8149e864ebc7","block_type":"box","text":"whom they are charged with overseeing.","page_number":224,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"568b7637-81ee-4a73-9ec5-e54b7c5fef43","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":224,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"a7c30dad-cfef-4382-b032-801c845316ec","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":224,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"04f1f39d-a07e-4e3e-b6d6-de025b6183a0","block_type":"box","text":"for poor compensation practices or structures.","page_number":224,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"51b40d0c-d11c-460a-8464-813554afd02f","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":224,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"9e1adcb5-63a5-45b4-a0ef-c06ef66f60d2","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":224,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"b3ba2770-4e30-42ab-9c9f-a63f9a8a08b8","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":224,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"0f497741-d022-4da2-ab8f-776951c234ec","block_type":"box","text":"9","page_number":224,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"273e2fa8-ed55-4734-9009-e6587542b966","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":224,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"9bda0e0d-8d06-45f0-a674-afd3c538a378","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":224,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"ea660d21-62f7-4049-990b-ada8f590f951","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":224,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"11472dc2-2e7f-4101-b25a-207064a8393d","block_type":"box","text":"9","page_number":224,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"08abdf19-1743-4f3c-8841-b90af8e1cd37","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":224,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"75f0d182-060f-4ba2-b070-899717c120ee","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":224,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"42a84d38-aa67-48fb-98aa-b696f56daaea","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":224,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"ba08c65c-f5a1-4284-b374-e401b8014751","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":224,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"7aeb075e-b9ce-496e-bd93-564f6fca72fa","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":224,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"e14588d9-c9b8-45f3-af45-ab3bd8cc13b4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4f6dd239-4864-4053-9397-acb35ecd6460","block_type":"box","text":"Global Principles | 9","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"0b86901d-30eb-4b44-8d43-7d7754e02da5","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5493d1b9-76d0-4f05-8c91-4043b0a12b95","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":225,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"ce27ab54-fad4-46ab-91d6-695b6200f957","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":225,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"7d2b16d5-c015-438f-97ea-d08dc92e0dff","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":225,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"48fef362-3e35-4a1d-90b4-423019acf84f","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":225,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"84f2021a-65ce-4f6b-9cca-9325439557fd","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":225,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"f69cb90e-21f7-41ac-a373-10eee5c6637c","block_type":"box","text":"10","page_number":225,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"5bcc3c9f-2cf6-4ed6-9bd4-b45bf1ec7887","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":225,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"4d170ed6-60ba-49f6-8732-e04390961240","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":225,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"6daf3912-5922-431b-872c-2ae73415d127","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":225,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"6dda62bb-de93-451a-9b19-6dff9ad2a573","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":225,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"089361a5-4885-4a94-b929-1556a3e163b3","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":225,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"0764704a-162b-4e18-969a-11449a1719bf","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":225,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"264fb529-ac36-4751-9733-028eec905215","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":225,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"55e6bf09-f982-4d53-a95b-6ca87921cc71","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":225,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"82213252-bb41-4ae2-a967-f8f8f467fed2","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":225,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"4f02444c-01af-47f5-b454-3cfc149a79d5","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":225,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"fadc71d7-ac16-4c12-8147-e63af1c6bd03","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and report this data to investors. That said, while we do not prescribe","page_number":225,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"c6a0ab34-7a2e-4023-9b85-df5714962e43","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":225,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"5a144e1f-128b-4b55-b85d-e8a158b3bdde","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":225,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"fac232c5-0c03-44a0-b531-b9ee8b632ebc","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":225,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"8d461219-6558-48df-898c-a5ef0ea2c53a","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":225,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"061f649c-1474-447e-af6d-118f981e3215","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":225,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"f2edc3b6-d90c-4ef8-bcc5-66024bca33cb","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":225,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"ec6d35eb-f0ff-43e6-b7ee-541d00b81eda","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":225,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"22172635-da15-4570-a74a-72da7ff51e6c","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":225,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"5badaf9e-1304-4352-834b-047f7d1c4844","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":225,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"f0f44b80-e8e2-4ffd-9f24-7de5fb6d7bd5","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":225,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"76a0378b-6e35-43f0-aa87-c49daf979a0a","block_type":"box","text":"10","page_number":225,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"409efb42-f8ac-45f2-b352-c0ac6537c52f","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":225,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"1d773265-b973-452a-bd38-95caba5baef7","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":225,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"e1e68eb5-57c5-453f-af3e-891ea4e98ad3","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":225,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"3e75fb40-3304-47af-83a5-c34290982e80","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":225,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"21215ecd-32bf-47ec-a403-a328c15f1674","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":225,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"e6084a77-75a6-49c1-bd30-a6d52a926d10","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":225,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"ddb7f95b-f507-4049-921f-8b746cc5f2e0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"81e76a1b-cfe1-4a9f-9282-360a0e0b3f59","block_type":"box","text":"Global Principles | 10","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e8e851cc-1b29-45dd-bca6-2d3987d24967","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5ca98d0-42e6-4e73-bda9-735db72c7f42","block_type":"box","text":"Climate and nature-related risk","page_number":226,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"e0d3722d-5b0d-4bd4-8616-6acd6f7f32f0","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":226,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"d743eb5b-a97f-46f4-994d-eb43d04f5cf1","block_type":"box","text":"11","page_number":226,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"15ff373a-12f0-40af-a55a-cf0c9f827fed","block_type":"box","text":"Our","page_number":226,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"12b13daf-aa30-4d5d-bd3c-3170d1cd0db9","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":226,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"2de6ae58-4ea5-4403-8b82-60fcbbcb45df","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":226,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"a8a60fb9-331b-4c48-b577-7775df70689c","block_type":"box","text":"companies.","page_number":226,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"95582599-3fa5-41d1-a0a4-9ced2b7710e8","block_type":"box","text":"12","page_number":226,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"9804785a-b653-4efa-a503-b497ceb70e57","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":226,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"d1634e13-245e-475b-8351-87a81a3c49bf","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":226,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"346f14e7-b922-4e40-be7e-0cb274464fe3","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":226,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"6ec3b6bc-08fb-4cb5-8027-5a6ee308e52f","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":226,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"95078bdf-9139-4bdb-a95b-214028cc5f65","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":226,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"585785a6-b136-406e-8c15-222eb32e78a3","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":226,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"bd60c996-7705-4277-815d-3f1edf4f6083","block_type":"box","text":"economy, including where available, their transition plan.","page_number":226,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"d0aa1e78-b9fa-4424-8942-b5d5ce04f38f","block_type":"box","text":"13","page_number":226,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"9fe2de1b-cc31-4315-b662-6db44dfb3883","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":226,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"64c943f5-314e-42ac-af3b-88dda4d294a1","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":226,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"e44e06a9-6bb5-4245-9050-77eb4b33485c","block_type":"box","text":"14","page_number":226,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"41659450-2492-4a23-9f4b-8a5e106ad9cd","block_type":"box","text":"Such","page_number":226,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"4536346f-a511-480f-90bf-3ecc98cd9e35","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":226,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"b3a36c2d-050b-4699-90d3-c1f84a403137","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":226,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"e8a9f5c9-77ad-4645-ac73-b4a2cbe18fde","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":226,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"3a990686-1944-4fd2-8359-dc40403491bc","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":226,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"3f261aa0-547a-4b48-9fca-bffab5312c4f","block_type":"box","text":"as best practice in the market.","page_number":226,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"6c1766b4-7e5d-41ce-be32-1cc124aa2e3c","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":226,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"504c79cf-5b3f-40f2-ada3-273558aeb4b5","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":226,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"3e7f5814-47ce-4f38-ad8b-e7e403691dac","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":226,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"62341e98-8da7-4d53-bbd7-6df965bf6490","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":226,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"56eb3752-40d4-474d-a960-a5e854a22217","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":226,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"1f0f2142-7df0-4317-a79e-cb964a002d7b","block_type":"box","text":"15","page_number":226,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"cd8edc6d-f54b-450b-9457-b8112f9d4cab","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":226,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"c4ef79a6-dc12-49e0-82b3-315f0a4374cd","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":226,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"05086459-4be1-4f24-85ef-971f1be5589d","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":453,"width":773,"height":11}},{"id":"09e41a3f-0960-43de-a55b-04c46027424f","block_type":"box","text":"interests of their investors.","page_number":226,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"9ede3b4c-32f7-487c-8bba-8cef73ac7993","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":226,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"ee348b7c-92bc-4d81-a4c5-5a95edb5914e","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":226,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"fa1c1949-8694-4b44-836a-e1602e06576a","block_type":"box","text":"11","page_number":226,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"458eac54-79b7-4b92-9347-dd8fbe77f713","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":226,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"7b30e959-d8cf-4c36-b1a4-b831f3b7b880","block_type":"box","text":"12","page_number":226,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"2dbb86f2-cf05-47fb-92a8-8d8a7f06f46a","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":226,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"86736918-de79-4491-85c6-e7cefc875f6a","block_type":"box","text":"13","page_number":226,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"e981dbe7-65a4-4953-b892-c4537a5a6636","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":226,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"69b2bbdd-d859-4592-8fc1-5aa87d0c077c","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":226,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"e208fc6c-561b-4078-927b-c1f91d97ef76","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":226,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"1aae824a-8316-46db-88ed-16198139d204","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":226,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"316521b5-0da5-404f-8061-fa30b37ec6fd","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":226,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"93542382-01af-45e8-a3ef-2957793ef6c7","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":226,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"f8d3ce56-6d20-4902-a7fe-c58c19dddba2","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":226,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"42fb31c2-ee2e-461b-975a-0394d1ff02ed","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":226,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"e9540592-a52a-4957-9f8e-a484742f9f7e","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":226,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"fee7eafe-6ab8-43cc-8e97-15c14b8bff77","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":226,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"97879bba-5087-4890-b147-7a8fcaeed168","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":721,"width":813,"height":11}},{"id":"dd1eaa6e-ef39-4cf9-8e33-31bd5c852f73","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":737,"width":819,"height":11}},{"id":"1b3ec9e9-6ddf-43cd-b1bd-d23dc10c93ce","block_type":"box","text":"actions and resource implications.","page_number":226,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"05c530e6-9c35-4fd6-96a7-b0a5594021ce","block_type":"box","text":"14","page_number":226,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"78cf0152-d392-40aa-a09f-1624eac75e37","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":226,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"885d6dfa-8180-486c-b231-ab647e52a51a","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":226,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"20deeb7d-edbf-4095-9002-0647c2b0e814","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":226,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"085b7720-c49b-434a-a769-fa24ef1c7701","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":226,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"f58c0cec-c1c6-43ee-8f16-7e7ebcfe14ac","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":226,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"e4ee76b3-4709-4081-839f-47784354af53","block_type":"box","text":"that are industry- or company-specific.","page_number":226,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"686bcf79-c88e-4bfc-93d0-6724b82b78ed","block_type":"box","text":"15","page_number":226,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"8b8fb2cf-bdc9-4152-90f2-f643f7d80cb1","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":226,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"18494ae5-e534-4539-8ce0-f1b8d610184a","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":226,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"b8af9249-4658-4069-b374-741bac9a513b","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":226,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"7935ec7e-97ea-41ae-9844-5695710d0a86","block_type":"box","text":"about two-thirds of the world population.","page_number":226,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"9472fcc4-8d4d-48f3-9b4d-a3b3453c5e48","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"26ba8166-a282-48f2-aada-6eeac37f5930","block_type":"box","text":"Global Principles | 11","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c7d1ad48-b48f-44db-8897-0b8b5c167af0","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98053423-cdd0-4859-b06f-77defc778c15","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":227,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"5ac0d719-aa58-4607-ac95-1f7191593049","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":227,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"4cb78755-b2b9-4416-8bd6-b9f5e57aa2fd","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":227,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"a367f154-17a3-4100-bb5b-6167a35633b2","block_type":"box","text":"climate-related risks and opportunities.","page_number":227,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"f057220a-a907-48eb-81c4-6e6091380c5a","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":227,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"a176bc42-02d9-4b11-8809-f0c061f184a8","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":227,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"34a5b6ea-50ee-4d17-aa4b-e79bed56850e","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":227,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"38db5d57-d015-48ce-8e54-942c43fadb5e","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":227,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"d12e5fb6-2610-4c1b-81ef-29b47c8ca860","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":227,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"b5b046b1-75b9-48ce-8e7f-4f08b15c7f85","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":227,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"f02e35f7-d020-4a29-96e3-ed0c780cf00c","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":227,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"1ad6e64e-74ec-4b72-a000-4022b19b0a68","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":227,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"24c8b24a-356c-4acc-84ab-691d8065b0e6","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":227,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"9297720f-c84f-4491-93dc-da2c61291fe9","block_type":"box","text":"16","page_number":227,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"4de65f1d-6137-4d24-b63d-99cd96f34264","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":227,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"65a9550c-8d25-4f2d-be14-7d6786a18d7b","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":227,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"6f37a244-e817-44f8-9790-042562ce0726","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":227,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"c0b5d2d1-5427-4156-922f-ecc79e7454f7","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":227,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"1ae28099-ef90-4617-aaa1-4cab5b848e05","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":227,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"721fce38-c417-4858-9df0-02738cc7e8ea","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":227,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"04d63747-9dfa-4742-8efd-f3ebfc2ea3c9","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":370,"width":783,"height":11}},{"id":"1d29c910-e97a-4911-9c9f-f85209368b87","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":385,"width":755,"height":11}},{"id":"92ab13ce-f215-4d08-be97-99553441d004","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":400,"width":831,"height":11}},{"id":"8a862cb8-dbbf-4d4a-8b68-853d889794fb","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":227,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"ff5827f3-ed55-4c4e-8cc2-410947f4d8fb","block_type":"box","text":"understand 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":430,"width":800,"height":11}},{"id":"29714198-de74-482f-8f65-dd321b4a1d88","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":227,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"94cb9395-735e-4196-999e-feaf47e0edb6","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":227,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"b901e3f9-a2a8-49da-bbcb-65074cc8ad10","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":227,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"3bde1a14-a2f2-4237-9c74-a3777529c36b","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":227,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"d77356fe-49d5-40da-9e0a-96244beb06e6","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":227,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"878b6248-c76f-463d-b59d-d438fba9e780","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":227,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"78bfd95e-fe39-4320-a5c6-056cc4b01518","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":227,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"f020b7c0-f613-46b3-a5aa-f44c66ed3b48","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":227,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"4784e7f4-523d-4d64-9337-caa18c9a247c","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":227,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"4fcdb294-20cb-4491-8979-43b6404d0754","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":227,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"f3b5c4d8-d3a7-4e88-8fd2-4dbf87e5d72c","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":227,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"80ff799c-918a-464e-895c-a1e441e6f4d7","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":227,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"9080e370-6398-4aaf-bef4-e65f5554e6ef","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":227,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9849bbfb-505b-408a-b1f6-a26a1f247b9b","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":227,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"656e99bb-31db-43d1-a355-ceb601b5009d","block_type":"box","text":"16","page_number":227,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"67362fd3-4b9a-42ae-b088-67b5ef4d556f","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":227,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"42239fe6-9a9d-498c-801e-d26b8272e1bc","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":227,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"62b196d1-f1c9-42b1-90b8-92c252d72fce","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":227,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"43f92b00-4c53-480f-8a83-cd710e1b791f","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":227,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"4a8cdffc-9b16-4da7-9f87-f3b3fb9a2652","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":227,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"096b5d74-192e-4c5e-ba23-8d3e0a83dc5b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7521d97a-1a15-4273-9503-0ea047b24a3f","block_type":"box","text":"Global Principles | 12","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"11d4a6f3-061b-41f5-aafd-62baaa3aa0c2","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d8eecae-fa60-4dbb-882f-427844147a0e","block_type":"box","text":"Corporate form","page_number":228,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"3174b41a-9763-4dcc-bc24-fc4a5862bef4","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":228,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"ec456f0c-1aaf-48a6-83ef-bf4008366a63","block_type":"box","text":"the company’s purpose and business model.","page_number":228,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"ab3bfc73-a78d-4993-b109-1d4a88a0e561","block_type":"box","text":"17","page_number":228,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"f51d5549-750f-4de4-94c0-2c4ad54336bd","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":228,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"3a32052e-6621-41da-8c2d-6fa7e33925f1","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":228,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"13121700-5ea4-4fff-a2be-6d8fdfbd20bc","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":228,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"0ef63f1c-cc30-4660-b86b-2efcd697a4eb","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":228,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"5f15285e-79c8-4f5f-bd1f-0aa5de938af9","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":228,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"94563372-3893-4383-8658-5d94e8dd1dc1","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":228,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"d75ab038-ac77-460c-b716-b4b8d8b7a2c0","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":228,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"7425a94f-0d70-44ec-a168-a9ba4c6e911d","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":228,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"c6c2b540-71fc-4e1e-9f02-8db478246f49","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":228,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"4ac76aa1-c4e6-46a7-bc64-bb03149e46a7","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":228,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"702e8eae-ecd2-4aab-8262-1dc02d04afcf","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":228,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"514188e7-859b-4717-a72a-807de47f9928","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":228,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"99b9ca90-8f65-4765-92ef-c6c8dc80d3d9","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":228,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"5265ce70-f794-4816-8ab3-dbcc8bc752d2","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":228,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"3b4e71c9-e76b-4ff1-a80e-8026fbac36ba","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by","page_number":228,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"de4a5ee3-cbe8-46f2-882b-179c541ca6c4","block_type":"box","text":"others.","page_number":228,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"03bf84d8-00c9-4a52-a845-a34af866d793","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":228,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"1b536c97-bf44-4320-8264-ef1d5cebf1a2","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":228,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"5a26c95e-ce57-4f8c-b558-fb11fa6e463b","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":228,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"e5b22f64-4aa4-438d-a3f0-5802e34f214c","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":228,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"f4a384cc-6261-48aa-94e7-e6ef7534fdb2","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":228,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"e0d664fc-53ad-44ee-bc05-2bd0a9c837fd","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":228,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"4a7674d5-954d-4e24-b5e0-0f81d535000a","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":228,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"abbbd5e2-7a84-4af1-b5d1-712989097edb","block_type":"box","text":"of their peers.","page_number":228,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"61acdef4-5572-4043-abf3-3ce151e14823","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":228,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"579c85cf-6b66-4752-9f4f-793a71e1b543","block_type":"box","text":"submitted or advised on the proposal.","page_number":228,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"5760b425-80d2-4b56-9ebb-57d66c27206b","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":228,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"6858fea5-ca9b-46eb-aca9-b6ce3bb783f2","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":228,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"1ef92294-a163-40b6-b516-acead6e5fc65","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":228,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"cb84bfb2-e07c-4418-b18c-67d241c62102","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":228,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"0ddfe806-face-40f7-9106-1629d71e80f3","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":228,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"c7f6f8b7-4ab3-4a69-9671-e21aabcb41ef","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":228,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"f86883ae-d57f-46cb-b3dd-93dc1813034b","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":228,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"ae51a73e-fd82-43cf-9463-19921c6cc93b","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":228,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"28b3d11d-8fc6-4e90-9a30-bf5750c1f009","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":228,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"71fd87e3-8bcf-4bea-ba22-c5f077344824","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":228,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"2e0681b2-4d2d-490c-8361-d0033f84e3ff","block_type":"box","text":"supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":228,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"9b36247a-108c-4647-a78a-f9e10d8e2905","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on","page_number":228,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"52e29ffc-154a-4c58-9934-dfe0d1f4f952","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily","page_number":228,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"2a795613-5440-42c7-b9d6-4e7fa6477c8a","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":228,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"3cb75e52-d3bd-420c-afd7-9505b952cbf4","block_type":"box","text":"may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it","page_number":228,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"385c861f-1c9c-4774-b764-14dd876af0ee","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":228,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"c0a93f8f-f446-4e52-947f-e7bf0ca35e5d","block_type":"box","text":"such proposals.","page_number":228,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"15ae88b1-ae0d-4de9-9e4f-f2f730dcb0b6","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":228,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"e3d7d968-19f3-4bb4-8e26-e3c780adf8b9","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support","page_number":228,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"caa7a38d-76fc-4c9e-982b-5ebf718b27fe","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a","page_number":228,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"2d0c7d84-7a48-482f-bd49-7b5c4628f585","block_type":"box","text":"material risk.","page_number":228,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"f433c68e-3a6c-491d-802d-bb5e953d83ce","block_type":"box","text":"17","page_number":228,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"4589bf92-f549-4981-a823-f3b451095468","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":228,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"8e5fbadd-f8de-449d-a155-3269f3a9a628","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"74b14740-fade-4cb7-80c5-12e1aeb7a726","block_type":"box","text":"Global Principles | 13","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"24ab6db2-b0f5-47b5-afa7-c6f6131c9441","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"013d82db-dab7-4b9d-92f7-2e59cd00a007","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":229,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"25b2d8f5-f256-41ab-8e8e-c23563420a50","block_type":"box","text":"Oversight","page_number":229,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"40731750-22d7-4771-ae14-509f21b409a0","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":229,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"20bb4060-ae94-4c2a-a305-7ed9ddbfde0d","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":229,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"4105a635-9109-4958-a859-e7ac0d1876f2","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":229,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"046d5976-23e4-4c74-b5e7-f10b5444ed36","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":229,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"17ab0f4b-8776-4965-8b32-9036fae6299f","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":229,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"140e39b1-e422-434c-9309-71ffcd37bf5b","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":229,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"f5440877-4134-417f-b1a2-93881ca263db","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":229,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"38960669-9d12-4955-94c9-7d9a0e545fe7","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":229,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"fdfee309-dc7c-4f6c-a710-6d252d8078cf","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":229,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"0950c706-061f-477b-8ecd-8c21ce020e6c","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":229,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"acf414d5-1fc5-4b70-a177-7009130c7872","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":229,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"8dc5db40-abcb-44cf-843d-4c0e6a889373","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":229,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"afd2b977-c3a6-4c5e-aa39-2bf7cbb2cfbc","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":229,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"fcdccae6-671c-412d-a6d8-583f51bb89b4","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":229,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"76df5d96-37dc-4230-9923-79796dd5f367","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":229,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"a001782a-9e55-43f4-97d4-2beb0ea7f1a5","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":229,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"600e6948-dcb1-42f4-9892-29bb8198dd99","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":229,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"beab5abd-c832-47a4-8612-038a83a04326","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":229,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"f5c51aaf-36ed-49d1-a169-885ca43a2b90","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":229,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"83ef4569-1c4a-4d32-976c-afc6aa0a2593","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":229,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"fcaafd7e-e768-4307-b174-2f48533e98e3","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":229,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"b8114928-9ea6-4287-8e3b-18480a9e59a6","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":229,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"f365c47b-a604-42c1-830f-3da685da3f61","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":229,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"094179dd-3123-4f4f-ab0d-33a70f05b6c8","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":229,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"39989111-04b8-4782-a04c-26da25cfaf61","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":229,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"72575d47-0df2-4b7b-9790-66c407732bb6","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":229,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"94d612fa-0e2d-4bd8-ab85-c70dce0f4f7a","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":229,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"4c34035e-998c-4cff-9062-78d5b05e4cb6","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":229,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"70b6bbc8-f31d-46de-b44c-7194bf3ba75f","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":229,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"709d9217-c5e1-49a8-835a-a3517989dc89","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":229,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"a00514e1-b67f-49ec-8906-cf429991d112","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":229,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"f59b548e-4724-421d-b25e-7e16e3a22e38","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":229,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"7f2fe447-61ff-4610-b7ad-3bc921b4abfa","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":229,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"8614de88-31cd-4157-b4b1-4a073d21f329","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":229,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"bf938574-da67-4edd-9b5d-4d40d8718d59","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":229,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"ca5adf51-f296-4280-961e-9ff13bc4579c","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":229,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"cf0242b7-0750-484a-8212-b3061f7e805f","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":229,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"570b1151-9595-4c7d-b478-de3189659b54","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":229,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"7afa6b9f-cf1e-4e9e-8288-a9cf8d505d0f","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":229,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"4ba032b3-b0ad-4c61-a119-e936465bfb98","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":229,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"645138d2-17ea-4eab-96bb-5e40a865582c","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":229,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"3a2de767-5a2b-4c71-a867-d032963e2369","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":229,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"9218c9f1-ad35-4aac-a238-e824e66b0198","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":229,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"6aeb6d30-7197-424b-88fb-445fea002dd4","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":229,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"fda19c02-02bf-4fc2-a4c0-5fe84c82b9ad","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":229,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"9d36b34b-2fd4-49db-b740-00182a2445c5","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":229,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"ebfb9072-44e8-4c0b-a83b-d0b750c6668a","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":229,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"d9bfafdf-f61a-4d21-8b63-e29881ab3121","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":229,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"fe26ad2e-35cb-4d6b-b1b4-0120a48d0df9","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":229,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"5738ab14-75bb-459d-a89a-0cf02d5ee5b8","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":229,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"adfdc480-19f9-4c50-a72f-f3daabd719ec","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b51f0f6a-fd8a-4f40-8c1a-113f46d0fbe1","block_type":"box","text":"Global Principles | 14","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1ef9d2d5-5d2b-498c-aec4-14a51079f077","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d579171-fe96-4647-b597-03f3d8e72dbb","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":230,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"43b82713-9a41-41c0-b2f1-e762a1c81fe1","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":230,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"a91d8aee-5415-40a0-a268-5ed5a2ec9344","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":230,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"ea34139f-1be3-40a7-8868-ffb94638f083","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":230,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"23d8e46f-105c-4972-b1f2-7c70810b7d48","block_type":"box","text":"VOTING CHOICE","page_number":230,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"cccbbebb-e71d-45af-aa58-cae2d36d114f","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":230,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"65f859ad-0640-4f39-b118-68dec169bbbd","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":230,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"56ed8bbf-daf5-4d5a-9adf-7157cb0271d3","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":230,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"0b67d556-7847-4d1b-8985-5fd1e694f038","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":230,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"f5cd54f4-9277-4a1b-8c0e-355928b716a6","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":230,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"5e8179c3-75e7-42f3-9dc2-8226d0316ff7","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":230,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"8de09cae-43f5-42e4-acbc-2d0e3fffefb7","block_type":"box","text":"regardless of their investment strategies.","page_number":230,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"f2037bc8-f94a-464a-b33f-334c20f0270b","block_type":"box","text":"18","page_number":230,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"62b9b9c7-ba3c-489e-9307-8e7b5ad7c228","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":230,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"e1ee4b1f-088c-4c79-ac00-5d5c0b07d296","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":230,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"7ae8f506-95c7-4764-8ca8-cb5fb1e9fc53","block_type":"box","text":"19","page_number":230,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"4ffd6ea9-6f82-4bf8-96a9-2e263353a8ab","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":230,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"66496146-09de-425b-9f6c-208ce2ff5292","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":230,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e12a4b24-8e7d-4d66-a5fd-22c6127a7dc2","block_type":"box","text":"third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":230,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"915abf03-6a3d-4b7d-978a-d7a5ea896d97","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":230,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"16cb2b25-04b3-4248-8f7a-1f9a44917f93","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":230,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"b3cd0b6b-49e6-4dfa-a21c-25fdcc1c9cef","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":230,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"dbca78b5-331e-485b-ba6c-a0db3ecf2c4f","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":230,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"f51fc40e-a5cc-4fc7-bd65-e5a02de1ad5a","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":230,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"33a9ef1e-0d7e-4cf6-8f6b-dd0dedfe226a","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":230,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"65391c45-65a2-426b-96fc-c585957f8e19","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":230,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"803c9323-bc2a-4ab4-8602-5c3418f1a1a4","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"71841b36-7648-4c25-a6e1-ff8bc43fe484","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":230,"box":{"x":102,"y":458,"width":660,"height":11}},{"id":"43f0d117-d8fd-4163-96d6-dd48bdc31546","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":481,"width":6,"height":4}},{"id":"2b2235ef-736d-4214-aff5-789c2190cdc7","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":230,"box":{"x":102,"y":478,"width":772,"height":11}},{"id":"0394e330-cd6b-42b7-8a08-0cf1bfcd0500","block_type":"box","text":"resolutions","page_number":230,"box":{"x":102,"y":493,"width":78,"height":9}},{"id":"e85e0a89-9da0-42b9-835b-467f1b4bb476","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":516,"width":6,"height":5}},{"id":"c9ae9e50-493c-4033-9496-4ee44984da5a","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by 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In the U.S., for example, the record","page_number":231,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"3f284835-be1f-46c3-8206-45f5eaab620a","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":231,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"d906b46b-eeb8-49fc-a803-3d3feb3eabb2","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":231,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"86dd44c3-ab65-4d73-b6d1-088408e23861","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":231,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"743c239a-41fa-48a0-b1c7-924197fb2993","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":231,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"00353b53-d3fb-40a3-9c2b-dbecde21b007","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":231,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"422e9bfe-5a48-441a-86d8-b46e457b0381","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":231,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"751de715-5724-4b16-87b0-8142531feacd","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":231,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"9e49f9e2-5b73-4c82-acb3-084374c033ba","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7021371c-7394-4b93-898c-36ae7e0b792e","block_type":"box","text":"Global Principles | 16","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e904cfb5-20d2-42ad-817d-6fac706f5a56","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79fbc85a-72e3-4347-9c37-60815cbe61b4","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":232,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"b4987e04-34a7-4211-96a4-8004d4a94132","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":232,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"0cf1f993-35af-408c-a7a9-bbfe0df276d6","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":232,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"ae96c52e-5237-4a6c-b6fd-8eded1e9bfdd","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":232,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"2adfdf75-4744-4343-befe-2760e3d09fbf","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":232,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"9c441289-d9d3-4c59-bdc8-fe0db68024a0","block_type":"box","text":"and emerging key themes.","page_number":232,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"db6e5bdd-8a84-4e53-a35f-466974acff37","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a","page_number":232,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"cd65155e-d718-47b7-a426-d0e1e9e90995","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":232,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"01fac0f1-dcde-4fb1-9079-589d1163a55e","block_type":"box","text":"votes against management proposals and on shareholder proposals. 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All rights reserved.","page_number":233,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"c9900f4a-fb31-4ae5-b154-50cda2d4acaa","block_type":"box","text":"BLACKROCK","page_number":233,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"8bee1fa2-0cf8-4a7a-9d13-809423020db9","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":233,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"1203c122-15b5-4879-a24d-60278c307714","block_type":"box","text":"United States and elsewhere. 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We consider it one of our","page_number":235,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"81530e63-b7be-436c-a2c3-2947225ab043","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":235,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"53960717-52b3-45b6-beb9-4e6d5332ac4d","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":235,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"52637c51-935d-4c06-95f0-41e42c3a5799","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":235,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"31a6379b-b31f-445e-adc3-9f4cd1cc7580","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship efforts,","page_number":235,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"ff51f8ec-d7fe-4b48-be8d-75d7b45d9f9b","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":235,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"45adc9a9-09ea-4d43-b5aa-08bd1e9f5f13","block_type":"box","text":"1.","page_number":235,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"d3b9f033-237c-486a-9a28-8cc4a5e5f903","block_type":"box","text":"Engaging with companies","page_number":235,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"9bb0a8db-e468-4ebb-a69b-d03f4881c471","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":235,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"5150cf03-0340-4f00-9383-297aebbdcfe2","block_type":"box","text":"our voting decisions.","page_number":235,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"472021c3-a6c3-4e81-8602-8a7c5ee7a919","block_type":"box","text":"2.","page_number":235,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"184828c0-5f6e-4993-8294-f6a1c3009fbb","block_type":"box","text":"Voting at shareholder meetings","page_number":235,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"d9fc65c2-f0c5-402c-a514-af18a0fc35bf","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":235,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"f1deb534-900b-4986-af5f-7d39a725810d","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":235,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"8c2130c4-2e16-4b14-b175-db7bc9d268ae","block_type":"box","text":"3.","page_number":235,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"d1466778-a143-4fa4-a56d-1f0ab7c41a5a","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":235,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"ad6479c5-033c-4740-81cd-df300a5aab5c","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":235,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"aefbd9c0-9c3a-4fb8-84ed-010d561905cd","block_type":"box","text":"clients’ investments.","page_number":235,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"b69a0ee8-8314-403d-bff6-b24569c4a05b","block_type":"box","text":"4.","page_number":235,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"b4be8c28-6120-4c5b-a18b-f3a382e12975","block_type":"box","text":"Reporting on our activities","page_number":235,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"762174ea-9732-42e5-a50f-0ce47441720a","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":235,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"6a64cc34-4424-46ba-b51a-685012ff033d","block_type":"box","text":"publications and direct reporting.","page_number":235,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"69d6946a-20c5-43c4-aab6-7b30d308c364","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":235,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"2ef59d1e-d8f7-4dbd-9386-3a7d2994646c","block_type":"box","text":"2","page_number":235,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"6718562d-2868-493d-89fb-fb001767d91b","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied","page_number":235,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"2ecaca10-68d4-4729-bae6-50b072f8b341","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":235,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"0d32a70b-0b7d-4fec-af29-b2a1cb40758d","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":235,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"48390871-8b66-400d-8434-b6bfa1fa5483","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":235,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"884f5f28-9cf7-4c34-8bc2-baccc27581e8","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":235,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"65bd461a-1b65-4c75-9480-5e6aa0f52c74","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":235,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"528e0b25-0c5b-4df6-aac4-6c3e599238a7","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":235,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"1de40de4-ad3b-4461-8d3f-0d10c6c61db6","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":235,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"309e9045-a55c-4566-94cb-0db4bc18bfce","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":235,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"692de608-cddd-4661-bfc8-bbdf0cab9f22","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":235,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"0ad24d04-17d8-4e55-8b98-26c0b46c26b6","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":235,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"2efb1d16-a2df-4bcd-882d-2721a91f86bd","block_type":"box","text":"3","page_number":235,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"9e8a99b4-b9fe-4847-9dd6-9681328019b4","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":235,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"78ccae1b-acb9-4b40-8cf5-52db14abb7f5","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":235,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"0fdf988c-d9cb-455b-b423-890ed7f1b743","block_type":"box","text":"4","page_number":235,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"2861469a-e373-4236-ae4e-1ede7ea84143","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":235,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"aadd0a47-839f-4115-828a-95aebf74e009","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":235,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"e1a80790-f376-4918-aff5-317a5160682a","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":235,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"03a5dc7f-6630-4b49-9f89-39cad614f46f","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":235,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"473693d5-b941-47ab-b84e-6b48e9f784ad","block_type":"box","text":"1","page_number":235,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"bc9f6e5e-fe9d-4e08-81c4-b4947dad85eb","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":235,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"c3d0cda3-10e5-4f15-b4b5-d34e2ec03fc0","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":235,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"8e921ce4-1736-40e9-b38a-ec501d786c6d","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":235,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"9418492a-c062-45c5-b363-c140c6c07ba7","block_type":"box","text":"commitment to offer clients choice.","page_number":235,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"1e67bd51-516f-462c-baf6-edf3dfe8f491","block_type":"box","text":"2","page_number":235,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"d927862d-80c5-4d79-af68-7840aad934fa","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":235,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"1949f038-2de4-407a-8681-4ba2556d0dfa","block_type":"box","text":"appendix 1.","page_number":235,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"25fb771d-b855-4bc6-9310-37d1dc7f126b","block_type":"box","text":"3","page_number":235,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"dddcbf55-3430-4123-a11e-6d32795610c0","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":235,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"1ff8af5b-9653-474d-96c7-c20d5a83210a","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":235,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"dc511ef3-7320-4577-9270-c96c47c40728","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":235,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"2386b6c3-8aa7-44d8-9899-cfcda0a6237e","block_type":"box","text":"4","page_number":235,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"a0b03dfe-dcb7-4ae6-b2ff-d7d5bb182e73","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":235,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"6f3e1548-5d6e-487d-83f0-18f372b6cf30","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"43b2a10c-58f8-4a3f-af1c-4c8f571db236","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":235,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"c52d73ed-e36c-44a8-972e-f8b06e0c534c","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19c3c098-a9bb-4208-bdfc-859861b9a368","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":236,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"0080f010-a6f3-41c5-ad69-7a820e32ab09","block_type":"box","text":"5","page_number":236,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"b226f8b2-f79b-44fd-bc28-b629c6371f63","block_type":"box","text":"and are focused on matters","page_number":236,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"2880c166-1d67-4fba-b0a3-a64974ef2ac5","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":236,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"84269172-bb11-4e7e-98b7-64914d518729","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":236,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"943bc867-4f7e-4731-9dd6-369ebba667d0","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":236,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"c51d020c-df10-44f5-a66b-7eebe8ff2745","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":236,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"9c5f1c52-e9ea-4c9f-ba3b-f1c6344f2e72","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":236,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"d7cc8572-7646-42ff-8830-a9096d53de39","block_type":"box","text":"Agreement,","page_number":236,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"378ea14a-de17-4cde-80ba-3fae7faa28db","block_type":"box","text":"6","page_number":236,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"15dc5285-bf29-4674-a6bc-321159d04370","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":236,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"a7e74174-0f99-4a53-bf85-a47c7497be7b","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":236,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"be4387ed-6217-4242-850e-c07c8389bd2e","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":236,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"ed3e5d47-6e65-4855-8a4c-b37649064e3b","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":236,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"6d8ad1bf-23d2-4484-8381-bacdeccbbdcf","block_type":"box","text":"7","page_number":236,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"96c29ede-541e-4dd1-9d8a-a13ab94c2889","block_type":"box","text":"We estimate these companies","page_number":236,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"ddedb1e7-b1bf-4a0f-8d92-2f70103d616e","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":236,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"56d2c202-bfa7-4823-b2b8-37838aca14b8","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":236,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"5c66a5c1-bda2-462a-a639-8f71adbb2c6d","block_type":"box","text":"apply.","page_number":236,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"c6ecc809-6aa7-4adb-b519-8842057d5153","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":236,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"eeb9947f-8fee-4e69-82dd-e283b1ad461b","block_type":"box","text":"benchmark policies.","page_number":236,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"b34c157a-c028-4192-9a33-dfb44f0d95fc","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":236,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"20c76c6c-7fba-4a50-a38e-cc52b5eedd9d","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":236,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"d265f3ef-9d49-46ca-902f-1521fcecd0f2","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":236,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"8506aca8-606a-4ce4-a565-cf7079aa25ae","block_type":"box","text":"risks and opportunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":236,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"d35a9666-2121-4338-bd2e-df4111d74051","block_type":"box","text":"financial returns.","page_number":236,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"8873e265-f2fc-4062-b31c-7a7bf84c30e4","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":236,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"a335b475-2c62-487b-aa47-b93b359d1642","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":236,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"9c862f6b-d52f-40bb-b0eb-4d9432dec2be","block_type":"box","text":"5","page_number":236,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"01cafd63-5029-421f-8610-34f52dd9ea3e","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":236,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"e785ebbe-3b27-4f2c-b2c3-229bc8ae9c69","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":236,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"daa5aa4b-02c6-4b04-98db-b5c6a7184729","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":236,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"557bd0f3-fb93-4721-823e-bed64eaa7467","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":236,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"918334b1-1bdb-43d8-bf28-8d258d86c6d7","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":236,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"0713fb94-fdd1-4489-b60e-7830d542b559","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":236,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"ace6683a-09ed-4e07-980c-bad20ba3a131","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":236,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"2d844f8c-07e4-4b4a-9a92-08c7a384b61d","block_type":"box","text":"are relevant, as these can be a source of material business risk or opportunity. The BIS policies are applied on a","page_number":236,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"ea3cf929-cc32-4ee6-abf1-9ebc1787f020","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":236,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"76720b3d-c873-4262-8380-191808482414","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":236,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"578afd15-165a-4cc3-96bb-d8d5b89eb0c1","block_type":"box","text":"6","page_number":236,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"67482efe-5d5b-480a-bc08-d0cdd6f43a70","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":236,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"7877af8b-623a-41a9-83d1-b531a1638cb8","block_type":"box","text":"7","page_number":236,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"da746024-9244-46ec-8b87-1594d045f33c","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":236,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"b924a940-e24b-46ed-b7a8-a5ff88d57131","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":236,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"0f93a6e0-1121-4130-81c1-a133f938c437","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":236,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"b6408e0b-88b7-4f58-bca4-3139fa111521","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c3741cdd-6d34-44f5-8756-7802c34f1afe","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":236,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"e49903d1-fd76-45f6-88d6-175e4cc23598","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb709d0b-ac33-4d28-ae95-9c587f3d4e88","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":237,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"e28d8d0c-4ffa-44dc-864d-4124e636548f","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":237,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"ab2dd141-1b02-4214-970a-65560452f7ae","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":237,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"31c33d67-50da-43d9-ab52-daaed345aea0","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":237,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"be1fdd82-069b-44bd-a1d1-6d80eea33e1a","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":237,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"07fe341b-a213-463e-9101-1fe9eb84cd0a","block_type":"box","text":"alternatives exist. We have heard from certain clients that they see the low-carbon transition as a series of shifts","page_number":237,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"e72cf750-8007-49c0-8324-617347efc8b5","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":237,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"b16e918e-eedc-4277-9333-d25a1e712951","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":237,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"0f2e6bf5-5ae1-438b-8c08-dab4f2e689cc","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":237,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"48815702-72e0-45a5-93b3-a8beb9c7d899","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":237,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"985a8cca-2397-4667-b796-2e68f27eea6b","block_type":"box","text":"by Aladdin","page_number":237,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"6fca2292-21fe-4d9a-babc-3873bf2a4086","block_type":"box","text":"®","page_number":237,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"68398ddb-2d4a-4b65-81fa-168e7cd06007","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":237,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"77c282e0-dd6e-4e14-bcb6-6366f86da57b","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":237,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"446a44ab-852c-412f-ae71-a00750387c80","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":237,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"da6abfb6-4280-4a94-80ab-2f3ca02e7e91","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":237,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"6191b4cd-e0b8-4dbb-842c-7f0df2b4b6f0","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":237,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"da9066d0-ec26-4c3c-8169-77417543b914","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":237,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"bc1f37ba-4b01-43e4-9fd0-68222d943f99","block_type":"box","text":"®","page_number":237,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"62663344-9329-4426-85a3-2d8c61d0d8ff","block_type":"box","text":"Climate,","page_number":237,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"70a567f8-0783-4e37-83ca-c922902dbd4c","block_type":"box","text":"8","page_number":237,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"658aea84-065e-44e7-83db-1453052fc4fd","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":237,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"3580359d-b034-4770-9344-45cfb47ca89a","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":237,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"5baf6ac2-1890-4472-ab7b-c30ff01665cf","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":237,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"b40a55d3-9099-4b09-84dc-c8e64842b38b","block_type":"box","text":"increasing number of jurisdictions.","page_number":237,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"c8efe430-d0cd-42dd-a512-71d5ac5d4189","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":237,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"6a95e497-000f-4ddc-b40b-a80ee73b8d33","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":237,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"4aae054d-e0d4-4b6e-a09b-5a002c318dae","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"f3a7cb40-aea9-4fba-ab19-00138755c881","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":237,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"bd766902-6445-4a56-8a1a-fad4fa383915","block_type":"box","text":"This includes","page_number":237,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"292a7770-671e-4d4b-b051-b35f49cdb506","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":237,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"d80ae19c-c9b1-4ee3-a765-b1a363b2e270","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":237,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"d9c3e020-5d76-453e-9d94-6b3e6d9b6298","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"7098d2af-8f87-438b-9051-f531918e7223","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":237,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"74489d49-a7f2-4e93-8987-55c734dc665b","block_type":"box","text":"across sectors and markets:","page_number":237,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"a4f2b71e-cfeb-456f-b988-adbed23302fc","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":237,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"d7c403df-2064-4106-b27a-9ac98bbb9708","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":237,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"67d379bb-bba2-4e41-b87e-528fa2fa9a5b","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":237,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"830fb901-7e7d-4e2f-b8da-75c3596bc30c","block_type":"box","text":"evolve our approach as necessary.","page_number":237,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"707d931a-4f44-446f-8962-0fe0824e4aa6","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"45ea4a45-b71e-46b8-9487-d5e55ee48bd2","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":237,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"10f2c575-b7bd-4c06-b758-137fe62cfae9","block_type":"box","text":"their key stakeholders:","page_number":237,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"4a4725d4-16c0-47c7-9030-13e94406b0b2","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":237,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"1c52de1f-3978-4e52-a487-cff7ab5c3bc2","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":237,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"a884ae1c-f453-4435-a1fb-3eaaa1109036","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":237,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"8cb19cff-e4a6-4bb7-8b49-317080a2a574","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Further, we consider the","page_number":237,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"6b3e88e8-6538-44fe-abe3-7a715d35f9db","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":237,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"7bd88bfa-1a11-419a-8025-edc252e1b4d1","block_type":"box","text":"does not.","page_number":237,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"19e022d6-1090-42f7-9cd3-4205ee804029","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"3763ebd4-53d5-4695-a6a9-ba693a7c3e64","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":237,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"7a1476af-bdbf-4497-b58a-d5a4a9040d15","block_type":"box","text":"limitations:","page_number":237,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"2ce33b09-8977-4c81-b7d1-45d3af5a0610","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":237,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"ded0b13c-62ff-4dfa-9d97-806bcefb6e12","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":237,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"e84cb820-1f2c-447f-a5e9-03f420daef29","block_type":"box","text":"include relevant data and narrative.","page_number":237,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"9ae5c891-635a-4b81-9a25-094e724836eb","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"94df21a8-2048-4b8d-859f-b6afa961697f","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":237,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"bd94e2e6-0e09-43cb-bc33-f18a5487c164","block_type":"box","text":"The boards and executive","page_number":237,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"316278b9-387d-4dcb-ae6d-68ad536c6f5d","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":237,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"9f8aef33-61bc-416a-8c80-91fbdb87f9d8","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":237,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"15a21bde-64da-4d0a-9dfc-26656d686a69","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":237,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"41fcecd1-77c6-45ef-afc3-106877480550","block_type":"box","text":"8","page_number":237,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"d4cae7c0-6280-4918-95a3-1414360a3610","block_type":"box","text":"Aladdin","page_number":237,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"3dc99be7-12b5-4d5a-afce-e03b24b22b12","block_type":"box","text":"®","page_number":237,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"ff287875-92eb-4fcc-bea1-7503baf01386","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":237,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"8477449d-5367-452c-866a-fb43689a354d","block_type":"box","text":"analytics. 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As a general","page_number":238,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"b40bc08a-dae7-468b-ab3b-c7c01315d484","block_type":"box","text":"point, we would expect companies that have disclosed their aim to participate in the transition to a low-carbon","page_number":238,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"c00aad78-1328-444c-9105-ba56bc2769b9","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":238,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"a57b72f4-753b-4969-a4bd-da992a6ab712","block_type":"box","text":"appropriate, which may include:","page_number":238,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"9a557371-e485-48b6-981d-fb32511a235a","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":238,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"a517b9e3-9a35-4123-b056-19e5713e59ac","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":238,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"25f08d13-0d0f-491d-8fb2-e81c48fd9c39","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":238,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"e791e04d-ad3a-4463-bf36-a8f60044b4ce","block_type":"box","text":"milestones to assess their progress.","page_number":238,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"2beef8a6-daf2-4202-982b-688393b03663","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":238,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"4f14139e-f905-4d45-b2f1-cd5c2a880954","block_type":"box","text":"Standards Board (ISSB).","page_number":238,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"6a646ee5-afec-4802-9bd5-d57244853562","block_type":"box","text":"11","page_number":238,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"478d6117-60c9-4d1e-a7af-3df94cfbe110","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":238,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"06d42bd6-b51b-4f54-aa7f-0548023e284b","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":238,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"efca99fc-5323-4cfd-a11f-fae6ca18a1b1","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":238,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"91fee76b-169e-436d-b12f-52aa537f03c6","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":238,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"6dd0dc1b-6c2a-4c72-bec8-d339af83d76b","block_type":"box","text":"independent, third-party assurance.","page_number":238,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"bc0d368f-24e0-4567-8e15-dc5eac5a2340","block_type":"box","text":"9","page_number":238,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"a947439d-3626-4ed1-ba96-9da752be2c80","block_type":"box","text":"These guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":238,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"b5234640-afed-4a68-ae20-cd575f4f7e43","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":238,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"9e41ad51-6fe2-4120-b3fe-b9b93a9735ff","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":238,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"a2431fac-39d8-4cf9-84aa-9b55d21916a4","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":238,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"50a7e13b-0a90-41a8-9a3f-1df9f63f616f","block_type":"box","text":"10","page_number":238,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"00c4e095-114a-4438-b765-e9b75222c0a3","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":238,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"74f78467-65e3-41c2-a994-0ed42f9d541a","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":238,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"c513d0ab-e1e2-48be-b7b5-43ed9a80312b","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":238,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"ca592f64-e1e6-4d87-b284-b6272c8e2e1b","block_type":"box","text":"11","page_number":238,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"6b87843c-f951-42bd-bfb4-9c3b29839ccb","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":238,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"d9b04ada-082b-46b2-9406-4147e6c26dbb","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":238,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"ba0f8928-5983-4d1c-9fc6-b70ea0314d5b","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":238,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"4c58118d-2f10-4db6-b9f0-df25af2e7c7d","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":238,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"d426f705-e4cb-4c55-a70b-07775face36d","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":238,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"fcdfc47a-8fdc-4f6e-9f91-287c0bb1e755","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":238,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"fc3f45ec-a2d7-4264-ad82-8f27d781d3bf","block_type":"box","text":"their reporting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":238,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"95deb2b8-25da-4592-a86c-9e8900c800dc","block_type":"box","text":"already committed to doing so.","page_number":238,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"0f7ae828-b3e1-4f45-9344-540131a88f8f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"374fe696-40ec-44ff-a011-8229e749e5c5","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":238,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"0ba9e674-6328-4174-8df1-b9c0a314ee7d","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42d97c4f-c9f3-4b3c-a78c-51717be87f33","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":239,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"1285158f-1392-4ac1-b277-2864795a48fe","block_type":"box","text":"12 13","page_number":239,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"30e2dd7c-9d91-480f-b66f-39b8a3fc4768","block_type":"box","text":"In addition, we look to companies to disclose","page_number":239,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"a185778a-7125-4352-9293-1ac7679546aa","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":239,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"f9e19c07-c96a-4ee8-9a2e-ba92bd2f5f6e","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":239,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"91a68ed1-a371-4d59-a714-e13b9076e591","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":239,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"89d6df7a-5605-47ef-b9cd-aaa3f55910c8","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":239,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"d979f0c7-09fd-4805-b36d-4421b667ab9c","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":239,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"a470f847-2df9-463d-806f-c64351e1d997","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":239,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"d9d579bb-328c-4c26-8b4d-11d5c1ba4706","block_type":"box","text":"14","page_number":239,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"950f1144-5915-4498-a131-ccf2733c7ab4","block_type":"box","text":"However, we recognize that","page_number":239,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"55d0460e-1b29-4fce-a169-9fb6ae8084a6","block_type":"box","text":"companies have varying ability to influence the emissions across the different parts of their value chain and it is","page_number":239,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"28ccdcf0-232e-446e-9095-4f11fdf53534","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":239,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"9ef5c3d6-47f8-4b51-a5c4-57c7e6aa5fbf","block_type":"box","text":"Transition plans","page_number":239,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"a074566d-ba83-454e-84b8-16bb45594e8e","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":239,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"e212913c-3917-4bda-a36e-827d4fac50b3","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":239,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"3d28bcec-d649-4eed-b68d-4fcd6081560d","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":239,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"fe776de8-ecc2-4f47-a12e-41ff19d2cef3","block_type":"box","text":"appendix 1).","page_number":239,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"bf901815-8fb3-47e4-981a-53f0986861d6","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market","page_number":239,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"94d9f6a9-dcf7-4e4e-ac00-47fe80905e40","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":239,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"920a8323-8764-4d0b-88e1-88a4cae8ddbd","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":239,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"4ab94a20-b029-4182-a390-16f25c8e00a4","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":239,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"25faf101-3220-4126-9b4e-cdfcb9d2e794","block_type":"box","text":"Boards and directors","page_number":239,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"e8f1627d-273e-487f-8621-45f21e5cc6fe","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":239,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"2eb04e8f-5cdc-42c1-aeb9-208fe7380b62","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":239,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"897db377-8c5f-40ec-a0c4-03a5bcfbfefb","block_type":"box","text":"transition strategy.","page_number":239,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"b1e4b13a-e8d1-4e8f-a6d9-050273a521ec","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":239,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"f5401895-7d67-43d0-a42a-b25a8a2dc1a0","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"8b2aa073-6fb5-4285-ae76-eee4a1f4b95d","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":239,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"1d41c774-2810-4229-a10d-fc9cee70c4f6","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":239,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"d5b26020-09ff-47a4-9907-84e639bd5e2b","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":239,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"e3c9f66e-f6d1-46b7-b856-ce25dc501e0f","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"88feec0c-4e54-40c8-87a4-9454f762708c","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":239,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"2c68ffb0-04d7-4aec-94b5-3e627770d3f0","block_type":"box","text":"accountability for delivery by senior executives.","page_number":239,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"4afa34c7-a8fd-48ef-aea4-af030bf7919e","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"0eefcd56-7c65-4a58-a9fd-c5c6845dce79","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":239,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"812a39f9-30b2-4b82-98b4-a8b119eff676","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":239,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"d67fbc34-7e72-415d-b4e8-2b7052906937","block_type":"box","text":"transition strategy.","page_number":239,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"0a81a782-2c3d-4a20-98df-1a804343672f","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"88fd1b84-aea6-4472-92ad-2260b248330a","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":239,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"c3c39126-8ae2-4d0a-a3e7-de848681bf0c","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":239,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"ad13e4e6-0c01-4546-973a-0d8a174054ec","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"efc22cfe-81ee-4d29-ab65-e0586afc797f","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":239,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"d20a9f46-091d-4345-b057-f208ea6fd0a4","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":239,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"06b7df6d-60b3-4a84-a427-8fec73dba4af","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":239,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"0d425cd3-3cb7-40dc-bd43-f31cc4daa68c","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"166d2fa3-dd15-4721-9db3-c491a0c519a1","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":239,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"d9bcf1e4-d658-404e-92cb-0bea71478dcb","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":239,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"72734ca8-4f4e-43f9-8534-438c9aac66ce","block_type":"box","text":"12","page_number":239,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"7b11ef5d-f5a0-4eb7-85fa-4aa352e7b2d2","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":239,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"fae94816-2b0c-4bcb-804e-e72f4e645c04","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":239,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"78482f29-00d4-439f-963b-02a1d9afe53e","block_type":"box","text":"13","page_number":239,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"e4732f68-5764-4b2f-9c28-b7f55e31e7ac","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":239,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"d8b51d3a-772f-481d-83dd-36bb3ed734f3","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":239,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"05b79e49-65aa-44d3-8a50-08ff13688317","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":239,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"dc088b44-4898-4011-8f61-d2431f4abccc","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":239,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"b05b8dbf-c63f-48da-8492-f19a670141db","block_type":"box","text":"14","page_number":239,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"7cd7f973-f4a3-4197-b026-584f308bef27","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":239,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"dc3dd2c2-2588-4be2-9d20-620e6a66a4b7","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":239,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"465f1d99-ba61-4090-922d-1632a7400928","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":239,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"72bf4115-07e9-4461-a9b8-36077e5368da","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":239,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"627795d4-8412-4eef-a39a-234144a94e17","block_type":"box","text":"business models.","page_number":239,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"f8fd519f-bc4a-48a8-a247-a74606451b48","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e62e2ab3-9fad-41e4-b272-44129072bf54","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"7c50f40c-8256-454a-9f23-e04c1a99204a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccf95f74-b2c1-420e-87eb-30270e9a6eb2","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"31dd670c-7ce2-47a3-b6da-f1902c4627cf","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":240,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"2e35369f-3888-4aa4-bc87-d343b86dce6f","block_type":"box","text":"15","page_number":240,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"624fec11-43f5-4588-9f34-5305f0da2fab","block_type":"box","text":"and disclosing these where it is confident in the","page_number":240,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"03dc0b9f-fbd8-40b0-a72f-d8961f6b6c93","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":240,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"3a9652ab-30d4-4b06-817a-5d7448c0aa08","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":240,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"ef6028f9-8517-4bd5-9990-8e3db4f9411a","block_type":"box","text":"with the different constituents in their value chain.","page_number":240,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"ce5f601e-779e-4488-9653-409e77454ce5","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"b6067d3a-da97-4c6a-acc5-1849fe1fc3ca","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":240,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"6e7c559d-cd28-415c-858c-3a5f9fdc99de","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":240,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"a1457749-ebac-489f-b31e-460d2b05cae1","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":240,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"99cad715-2959-40b2-baef-8c0de69d2d05","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":240,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"700a8ba9-39e0-4677-a02b-af06eb90b892","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":240,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"4ecf8bf0-4a13-4a09-94b8-5c954ce93cc5","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":240,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"24455d76-de6a-4731-a172-09ff2ae2e3a9","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":240,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"974e15ca-f28c-4e9b-ad9a-6faad4716821","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":240,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"ad3850cf-99c7-4a96-b5ab-8c697d014ccd","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":240,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"65fb2546-be84-459c-84af-2774b8835cc5","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":240,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"3d6f3ea6-3173-4403-b41e-3fcdce350d17","block_type":"box","text":"executive chair of the board. In certain markets, we may withhold support for the discharge of the supervisory board","page_number":240,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"9f7efeb7-3fd0-490f-af01-721c9daa97b7","block_type":"box","text":"or equivalent.","page_number":240,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"fc23ed01-e6f5-4d52-8541-35925ad7d8eb","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not","page_number":240,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"766c3f62-e58a-4b7b-800b-bb8a449e1763","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":240,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"73a1c86d-2251-43f7-9095-044423d44ae3","block_type":"box","text":"16","page_number":240,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"f8ea3e7b-e1a0-472a-ac0a-2416a5fc8984","block_type":"box","text":"by","page_number":240,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"01ecfb23-aca0-42bd-9181-309edf6d6327","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":240,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"00659a37-b87e-4055-945a-91bff86e9371","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":240,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"86e660b0-4e3a-488b-9052-ebea6ffbe4d5","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":240,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"6cc74120-11ea-4cb5-8456-6bc9f66476ce","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":240,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"b46d1ebc-2f9d-4c96-9a2e-c9395d0e4032","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":240,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"0fe97310-0c84-40f4-b898-411e625c1e9c","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":240,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"606b50db-d323-4a20-bbad-da4bbdd27f3e","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":240,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"ac5d3ead-301d-44d7-97c3-c4d4007daa9a","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":240,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"bd8b6aa6-15a6-4048-b40c-5615dd0896df","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":240,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"af0d7f0b-d38a-4332-a016-2736d29454b1","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":240,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"9b3e55ac-f923-484e-8f5c-d345a9d66384","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":240,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"8ff155db-d114-4d6c-9373-be53d2167062","block_type":"box","text":"company to:","page_number":240,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"fc35afd7-142f-4ca3-b637-0ed741096671","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"0acf941d-9340-40da-aa33-03f2b187201b","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":240,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"c70ac75b-9dd7-491f-82a3-074f9221d9fb","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":240,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"e6891971-f469-4f47-adee-16ee810c668d","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"fea6c735-69e1-41ba-9369-a17a54f64a9b","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":240,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"c5a78585-4692-4c10-b591-92b96dd2147c","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":240,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"4332c352-03ad-488a-8720-0072c7e81ca9","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"9da9c5c0-a6d1-4464-a0d6-b6f6e53c5565","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":240,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"adf4951b-e362-4c38-a21c-4476701906f6","block_type":"box","text":"•","page_number":240,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"f108c5a9-22a4-4cea-af81-e55128243fbf","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":240,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"f9ad8246-24a3-4fc7-95c7-ce65fbf20afd","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":240,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"40a088bf-2185-4e14-a63d-56ea781bf80f","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":240,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"feec61dc-5dfd-4ec2-b6ae-84eafde8e59c","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":240,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"da140fa3-f893-47a8-b5e0-cbf2a0f19014","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":240,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"17c028df-8ad5-4bc6-add5-1ada296e74c0","block_type":"box","text":"15","page_number":240,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"34a92d8a-cb21-4ed7-9fda-610741693bf1","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":240,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"1cf7359b-b68e-46e8-b158-d05c32a5271b","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":240,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"018d3e5a-2f96-4f15-aa53-726f4c38e799","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":240,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"31dfcdf7-9884-45e7-95a1-506ad55f01a3","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":240,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"da60c504-8bfc-48b6-954a-a4b375d321c2","block_type":"box","text":"16","page_number":240,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"c9847ae9-1da9-4bf4-ab09-d9312afa97d3","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":240,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"316d58ee-7999-4809-9b9e-582ad5b1cf3f","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":240,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"9fbf47a3-dbe3-4240-ae2e-e1b1742691e0","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":240,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"ba6e6523-833c-472a-9d26-3c8040666cc6","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":240,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"7ea1e399-220c-4a9a-9096-f050e43ab27e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1d502a12-4f11-43be-82e8-2ee27ec90457","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"92f77c73-7de7-4aab-a0c9-0f914a88294a","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55eac5ed-addf-418d-85cf-dc220858c63c","block_type":"box","text":"RELATED MATTERS","page_number":241,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"5d52b4c1-d292-41ce-88fb-eef9f9b6f644","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":241,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"6810d9b9-4158-4e86-8f3f-3b9bae802439","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":241,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"d13c6e47-cb12-4eef-8403-a902253ba67b","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":241,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"5d0950c2-030e-4b14-9b7c-8aaea769ff58","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":241,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"4e69130c-827a-400c-b8c5-a187401743a8","block_type":"box","text":"Executive compensation","page_number":241,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"e36e0193-1f74-42d8-b913-8d5b5f9a0645","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":241,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"60b527d8-317f-48c1-b5fc-1373cd68c2fc","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":241,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"113bf461-8fdc-4e0a-8fc0-81d7d86e4949","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":241,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"21d80939-f077-4519-afdb-7efa5eca126e","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":241,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"ba4031a4-5cf4-401f-953c-abfffb564771","block_type":"box","text":"Auditors and audit-related issues","page_number":241,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"830f7afc-e18f-4685-9679-765a8bae8ee3","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":241,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"b1dc5d9f-80c6-43a4-9e51-3f5daf05bb39","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":241,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"71ee666a-ddfc-4625-9de7-175acc8ddc1d","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":241,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"b633898a-1ffb-46af-b9b5-c0cb2966783b","block_type":"box","text":"audit report. We note that work is being undertaken to develop audit and assurance standards in relation to climate","page_number":241,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"0cc0ca56-48a9-4718-b9f2-f97a66681775","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":241,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"be007667-e313-43b0-9cff-96506e62d4fc","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":241,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"9c3320a5-928a-4667-a462-a68169116fe7","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":241,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"1c2d1149-0b1a-4122-81d4-ef1420733732","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":241,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"563f4226-4dfe-461c-9bad-ff53c5770c19","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":241,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"986b30b3-0685-4bb2-b5eb-72f604b9d078","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":241,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"9a6bd91c-44ad-4ab8-851b-206451e544d7","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":241,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"75f19000-a91a-4382-824d-09dd75baf427","block_type":"box","text":"shareholder activism.","page_number":241,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"7ff1bf1d-260c-482c-9eab-a91ad1c94ee5","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":241,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"4ff002b6-40b4-429f-9f43-deec462cfeac","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":241,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"ec88324f-3ac2-4c06-a856-10be720ccbb8","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":241,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"cf4ba3a3-aedc-42db-94c8-3f3431e3a559","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":241,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"95f0a0e0-35c9-4c82-93b3-b8888b2596ab","block_type":"box","text":"17","page_number":241,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"ce478e8e-dbc7-4612-84bf-70ef7b916e61","block_type":"box","text":"In the context of","page_number":241,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"10075c18-aaeb-499e-b3c9-3b9af25b30d5","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":241,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"2f669ad8-f0cc-4021-9a3f-3b23f9be4ff3","block_type":"box","text":"e.g.","page_number":241,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"6a0eee0b-ff47-4679-840f-e481ae260421","block_type":"box","text":",","page_number":241,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"ba4eed49-09a9-4839-b6dd-39b087f5f0f4","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":241,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"04ced2ea-ad79-41d6-96bd-9f6ce55ef4ce","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":241,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"52865805-e16e-43e7-8986-be46aa8d4df1","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":241,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"b6bcd819-c6a3-462a-a86e-b82d19ff074f","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":241,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"a1ec913b-6130-41e7-8b38-4d129608620d","block_type":"box","text":"17","page_number":241,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"752f9002-9cff-4bd3-8acd-58e035349818","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":241,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"afc600ee-4768-44e6-94b4-d4b0a47fbf26","block_type":"box","text":"capital management and human rights.","page_number":241,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"0072b454-edbf-4f27-ac38-5c26f884e53d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d3bafc7d-6a6a-47d5-9757-e596395b8b70","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":241,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"03bc2c13-9046-40a1-b0a2-3e6fd33a4ae2","block_type":"box","text":"BNM1026U-6032956-19204442","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7988fa60-f2a0-47d5-97a4-d030ece8def0","block_type":"box","text":"Appendix 1","page_number":242,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"92bac90d-7ab3-4f45-b8fd-13ca04f46eac","block_type":"box","text":"Terminology","page_number":242,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"fe323a12-f405-4139-9088-92a3053dc60e","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":242,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"b338268a-4564-4510-ab27-655377a50998","block_type":"box","text":"Climate risk:","page_number":242,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"23fc28d2-29ac-482e-a681-c5f00c3f2aa5","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":242,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"9849891d-1439-4060-832c-3f73eee350a0","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":242,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"4c829b32-48ac-4e6e-9bdd-0cf090957413","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":242,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"9be007d5-c163-4fa5-83ed-dcf892bd3251","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":242,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"bbc5a672-48a7-4f9a-903c-0e66e8ec5640","block_type":"box","text":"The global economic shift toward lower","page_number":242,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"a8158dd3-fc0a-46dc-97bc-a5023c272715","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":242,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"544e9c2c-76cd-4117-8d57-54337496d7be","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":242,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"742594be-48a4-440e-aec8-47d84da471a0","block_type":"box","text":"change (","page_number":242,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"da3f07a4-e8d4-4c44-b740-28d3e7222803","block_type":"box","text":"e.g.","page_number":242,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"8de3beee-40d9-4216-a0a8-fc5e6c2826cf","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":242,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"dedfd915-6ff7-4b4a-a5f8-dd4bedc57d42","block_type":"box","text":"Decarbonization:","page_number":242,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"89c21153-f08d-4df9-b021-576aac339d83","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":242,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"640a68c3-1f1d-4b3e-a303-dcfecc82918c","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":242,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"0d8878de-2d9c-4423-a779-f0685afd46b6","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":242,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"7e54fda0-c68f-4841-9551-2b13efd3b9fd","block_type":"box","text":"e.g.","page_number":242,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"8ba277bc-0397-49c2-9648-814f2eeeced6","block_type":"box","text":", methane.","page_number":242,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"e5154456-9741-4533-9e1d-e198ecd3fc6f","block_type":"box","text":"Climate-related risks and opportunities:","page_number":242,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"59bce422-59df-4d7a-9e52-e9b87cf45211","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":242,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"c7dd36b3-e22b-4fda-8f1b-c14c4e3f5c7d","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":242,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"9ddc22a1-4287-413b-852e-879ea138017a","block_type":"box","text":"to physical climate change.","page_number":242,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"d990173e-a06f-4d4f-91af-49abf1c73fcb","block_type":"box","text":"Climate-related transition plan:","page_number":242,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"e2f889d3-5f05-4295-be2c-e8b5efa4893e","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":242,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"47bec616-8cff-4947-a436-b2e69683dc84","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":242,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"e3f9517f-cffa-4a34-b119-b58a8c57fd65","block_type":"box","text":"greenhouse gas emissions.”","page_number":242,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"84a19452-c027-472d-a788-2c3cb8ca8014","block_type":"box","text":"18","page_number":242,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"36ee6858-9082-4921-a48e-42d2d4780b38","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":242,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"66333ec3-697f-4dd5-aa65-2616311dcd41","block_type":"box","text":"Targets that “","page_number":242,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"d8894753-c168-42b8-9021-eeb6efb95778","block_type":"box","text":"are in line with what the latest climate science","page_number":242,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"dfb8a05a-fe9c-42e7-a2f6-e173a729c627","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":242,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"923f815c-096d-4ca3-92b5-657413d8161c","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":242,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"2acb298c-2536-4b1c-be1f-5bdb08dcf942","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":242,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"566cc98e-ac31-4e2b-ae16-c5c770140011","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":242,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"aca30c33-c54e-4a7b-8fe6-c0abf469722b","block_type":"box","text":"19","page_number":242,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"12aac219-7b5b-41a7-91a5-0ef31164dc29","block_type":"box","text":"18","page_number":242,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"698a9683-9978-4bf1-8438-df06b4b815ad","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":242,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"bf729211-d80b-41a8-b64e-ff50d2e43a95","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":242,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"40cb6eab-7c71-4faa-b8ea-ea5a03d6fa0b","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":242,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"2cd14ad7-cf3f-4edf-a201-b618fb31817a","block_type":"box","text":"19","page_number":242,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"2f33b9ee-043e-4a4e-9bb6-d97452835992","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":242,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"cb46a390-0891-4a4f-8a98-0a3dc730f17b","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. 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