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This Par t I of this SAI should be read in conjunction with the Fund’s Prospectus and those","page_number":17,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"56244fe8-2b82-4eec-b4d6-be38ce470871","block_type":"box","text":"por tions of Par t II of this SAI that per tain to the Fund.","page_number":17,"box":{"x":70,"y":143,"width":381,"height":11}},{"id":"a432dfae-db72-4dd3-87eb-ff4a2b36ff66","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":173,"width":262,"height":11}},{"id":"1617a9a5-7803-4c83-a590-a6f6288343d7","block_type":"box","text":"The Fund may purchase rated and unrated variable and floating rate instruments. These instruments may include","page_number":17,"box":{"x":101,"y":196,"width":807,"height":11}},{"id":"20e7d970-28cc-462c-87c6-a5278ba3ecad","block_type":"box","text":"variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for","page_number":17,"box":{"x":68,"y":211,"width":816,"height":11}},{"id":"2d17edfe-f988-4296-a8fc-22831a6d0d4d","block_type":"box","text":"periodic adjustments in the interest rate.","page_number":17,"box":{"x":70,"y":226,"width":289,"height":11}},{"id":"a7acfc6c-2621-4df3-b845-ea1a3dd10b1a","block_type":"box","text":"With respect to purchasable variable and floating rate instruments, BlackRock Advisors, LLC (“BlackRock” or the","page_number":17,"box":{"x":101,"y":249,"width":802,"height":11}},{"id":"c8ef4983-4baa-41de-9225-d97b4d28fbab","block_type":"box","text":"“Manager”) will consider the earning power, cash flows and liquidity ratios of the issuers and guarantors of such","page_number":17,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"4e5026bd-b09b-4b36-b181-6d397baeee2e","block_type":"box","text":"instruments and, if the instruments are subject to a demand feature, will monitor their financial status to meet","page_number":17,"box":{"x":70,"y":279,"width":790,"height":11}},{"id":"779994f5-fe63-448e-9ee8-5db2a6de7ad5","block_type":"box","text":"payment on demand. The absence of an active secondary market with respect to par ticular variable and floating rate","page_number":17,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"5a3fde3c-f834-4393-85cf-5bfeb5a32d31","block_type":"box","text":"instruments could make it difficult for the Fund to dispose of a variable or floating rate note if the issuer defaulted on","page_number":17,"box":{"x":70,"y":309,"width":835,"height":11}},{"id":"2ccfc30d-77b7-4dbd-b7ee-614483296e74","block_type":"box","text":"its payment obligation or during periods that the Fund is not entitled to exercise its demand rights, and the Fund","page_number":17,"box":{"x":70,"y":325,"width":798,"height":11}},{"id":"70836ec8-3962-4ec9-a257-893cdc8b81c1","block_type":"box","text":"could, for these or other reasons, suffer a loss with respect to such instruments.","page_number":17,"box":{"x":69,"y":339,"width":578,"height":11}},{"id":"f9c569ca-33ef-4bdf-9760-702a65f586b3","block_type":"box","text":"Please see the Fund’s Prospectus for more information about the Fund’s investment objective and policies. The","page_number":17,"box":{"x":102,"y":362,"width":796,"height":11}},{"id":"ad2c7ec2-cd81-48c5-b420-b9a501e353a0","block_type":"box","text":"Fund’s investment objective is non-fundamental, which means it can be changed by the Trust’s Board without","page_number":17,"box":{"x":70,"y":377,"width":779,"height":12}},{"id":"3a0f53b9-a89b-4cb4-b272-5b9d2dcc9e24","block_type":"box","text":"shareholder approval. Shareholders will be given 30 days’ notice before any such change is made.","page_number":17,"box":{"x":69,"y":392,"width":701,"height":12}},{"id":"ceebfda4-dc1f-47a9-ac56-b5474fd36251","block_type":"box","text":"The Fund is classified as diversified under the Investment Company Act.","page_number":17,"box":{"x":101,"y":415,"width":512,"height":11}},{"id":"965b8a9f-e720-4a14-ba27-65d777ad8850","block_type":"box","text":"In implementing the Fund’s investment strategy, from time to time, BlackRock, the Fund’s investment manager,","page_number":17,"box":{"x":102,"y":438,"width":792,"height":11}},{"id":"12500c76-0e50-44dc-8252-d129400971a3","block_type":"box","text":"may consider and employ techniques and strategies designed to minimize and defer the U.S. federal income taxes","page_number":17,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"93f0383e-af0a-442c-87ee-3e781a0c157a","block_type":"box","text":"which may be incurred by shareholders in connection with their investment in the Fund.","page_number":17,"box":{"x":68,"y":468,"width":620,"height":11}},{"id":"b2f57f05-4ebb-41ae-9e8a-6cc4b2346045","block_type":"box","text":"The Fund’s primary vehicle for gaining exposure to the commodities markets is expected to be through","page_number":17,"box":{"x":101,"y":491,"width":731,"height":11}},{"id":"c20b5949-1c23-4bcd-b0c0-e70228fb7047","block_type":"box","text":"investments in the BlackRock Cayman Tactical Oppor tunities Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary","page_number":17,"box":{"x":70,"y":506,"width":835,"height":11}},{"id":"fcdd136a-601c-4e95-99cd-e45884f6d01c","block_type":"box","text":"of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary","page_number":17,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"542a2339-1d20-475b-b99e-d3535a08f429","block_type":"box","text":"may also hold cash and invest in other instruments, including fixed income securities, either as investments or to","page_number":17,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"0e1b6bf7-e297-4bb4-b645-7726409208ae","block_type":"box","text":"serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":17,"box":{"x":69,"y":551,"width":495,"height":11}},{"id":"e8727102-2c14-4dfd-b1a6-bf6ee08bad25","block_type":"box","text":"Investments in the Subsidiary.","page_number":17,"box":{"x":102,"y":574,"width":214,"height":11}},{"id":"a5cc0c5f-6e1b-44f6-bfd6-e7884b9bf798","block_type":"box","text":"The Fund may invest up to 25% of its total assets in the shares of its wholly","page_number":17,"box":{"x":323,"y":574,"width":545,"height":11}},{"id":"53d21019-f083-4ee1-87ec-9cb40bb9a5a4","block_type":"box","text":"owned and controlled Subsidiary. Investments in the Subsidiary are expected to provide the Fund with exposure to","page_number":17,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"55ccdc52-3479-4118-93ab-44b54ed2c6c7","block_type":"box","text":"the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended,","page_number":17,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"59fc3a19-6011-497d-922b-932beb2a8427","block_type":"box","text":"as discussed below. The Subsidiary is advised by the Manager. The Subsidiary (unlike the Fund) may invest without","page_number":17,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"ff21b682-7f28-490e-8bed-6ecbbefb2350","block_type":"box","text":"limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental,","page_number":17,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"f041b1de-6d1c-4000-a57a-7c2c405c5b3e","block_type":"box","text":"non-fundamental and cer tain other investment restrictions as the Fund, including the timing and method of the","page_number":17,"box":{"x":69,"y":649,"width":788,"height":12}},{"id":"53591c62-ac54-40d6-98e1-729e2d6105c8","block_type":"box","text":"valuation of the Subsidiary’s por tfolio investments and shares of the Subsidiary. The Subsidiary is managed","page_number":17,"box":{"x":68,"y":664,"width":773,"height":12}},{"id":"bc0f82ae-4fd7-4188-826a-2220fc3b53aa","block_type":"box","text":"pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and","page_number":17,"box":{"x":70,"y":680,"width":792,"height":11}},{"id":"afdad636-67d2-4a48-8243-e79585665a70","block_type":"box","text":"procedures adopted by the Fund. The Subsidiary is a company organized under the laws of the Cayman Islands, and","page_number":17,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"7d9f9bb3-3e4d-4e7e-b7bb-61ada224de4b","block_type":"box","text":"is overseen by its own board of directors, which is comprised of John M. Perlowski, a Trustee, President and Chief","page_number":17,"box":{"x":70,"y":710,"width":813,"height":11}},{"id":"ee4ec472-0e53-43de-8b4d-3df30c16a3c4","block_type":"box","text":"Executive Officer of the Fund, and Trent Walker, Chief Financial Officer of the Fund. The Fund is the sole shareholder","page_number":17,"box":{"x":70,"y":725,"width":827,"height":10}},{"id":"5a7cb4e8-a444-4ab6-96ef-84da761cdaf0","block_type":"box","text":"of the Subsidiary, and shares of the Subsidiary will not be sold or offered to other investors.","page_number":17,"box":{"x":69,"y":740,"width":658,"height":11}},{"id":"2d5eabfe-a107-44c0-9377-b159479e61cb","block_type":"box","text":"The Subsidiary invests primarily in commodity-related instruments. Although the Fund may invest in these","page_number":17,"box":{"x":101,"y":763,"width":751,"height":11}},{"id":"3d3480fe-c8d1-4868-8ffc-19ba76bfed89","block_type":"box","text":"commodity-related instruments directly, the Fund will likely gain exposure to these commodity-related instruments","page_number":17,"box":{"x":69,"y":778,"width":808,"height":11}},{"id":"982eac86-a15f-4970-b77b-ed212f315c07","block_type":"box","text":"indirectly by investing in the Subsidiary. To the extent that BlackRock believes that these commodity-related","page_number":17,"box":{"x":70,"y":793,"width":764,"height":11}},{"id":"0c4c45ac-d270-4224-8cc9-410e852eabae","block_type":"box","text":"instruments provide suitable exposure to the commodities market, the Fund’s investment in the Subsidiary will likely","page_number":17,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"b05bf879-80f7-44db-9a37-6be82085c04e","block_type":"box","text":"increase. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either","page_number":17,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"56906a29-6874-4268-9d26-8b5a6dc5025a","block_type":"box","text":"as investments or to serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":17,"box":{"x":69,"y":838,"width":647,"height":12}},{"id":"a280f061-d5b6-4daf-b009-1cce072c5321","block_type":"box","text":"The Manager manages the assets of the Subsidiary pursuant to a separate investment management agreement","page_number":17,"box":{"x":101,"y":861,"width":800,"height":11}},{"id":"3e4d181d-d986-4eee-a066-cf27061ed3aa","block_type":"box","text":"(the “Subsidiary Management Agreement”), but receives no additional compensation for doing so. The Manager has","page_number":17,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"0dcaa9ae-c4ef-4934-85e2-f931f9ecdd6e","block_type":"box","text":"entered into sub-advisory agreements with BlackRock International Limited (“BIL”), BlackRock Asset Management","page_number":17,"box":{"x":69,"y":891,"width":811,"height":12}},{"id":"84561d7b-2e02-4c48-9924-40638e5dd240","block_type":"box","text":"I-1","page_number":17,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"75e842b8-a780-45d0-898d-ab440854c5e0","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":17,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f95720d5-cf81-4d03-8154-a530e20d318a","block_type":"box","text":"Nor th Asia Limited (“BNA”) and BlackRock (Singapore) Limited (“BRS” and together with BIL and BNA, the “Sub","page_number":18,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"d6c5205a-cdd6-432c-a731-742e60d48fb3","block_type":"box","text":"Advisers”) with respect to the Subsidiary. BlackRock also provides cer tain administrative services for the Subsidiary,","page_number":18,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"15ba468e-91fc-480c-b0fb-deff41261592","block_type":"box","text":"but receives no additional compensation for doing so. The Subsidiary will also enter into separate contracts for the","page_number":18,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"878f102f-3e07-465e-8b1e-62d403204391","block_type":"box","text":"provision of custody, accounting agent and audit services with the same or with affiliates of the same service","page_number":18,"box":{"x":70,"y":90,"width":780,"height":11}},{"id":"42eee58f-96b9-4630-9216-8845e002dc81","block_type":"box","text":"providers that provide those services to the Fund.","page_number":18,"box":{"x":70,"y":105,"width":353,"height":11}},{"id":"9a0d8f95-10b1-4278-81aa-f8a849be2e30","block_type":"box","text":"The financial statements of the Subsidiary will be consolidated with the Fund’s financial statements in the","page_number":18,"box":{"x":101,"y":128,"width":757,"height":11}},{"id":"99399a3f-942e-476b-aa44-baab171553fb","block_type":"box","text":"Fund’s annual and semi-annual repor ts. The Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":18,"box":{"x":70,"y":143,"width":804,"height":11}},{"id":"c2ca12ac-6c6c-4569-8792-f73ce4b54e2d","block_type":"box","text":"Information are filed with the SEC on Form N-CSR and are provided without charge upon request as indicated on the","page_number":18,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"1f432382-4d81-43a8-a4a0-df13fbe38213","block_type":"box","text":"front cover of this SAI.","page_number":18,"box":{"x":68,"y":173,"width":158,"height":9}},{"id":"5045aa33-9546-4b6e-baab-ce50473ea8a5","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in the Fund’s","page_number":18,"box":{"x":101,"y":196,"width":793,"height":11}},{"id":"ca8a9650-ddff-482e-9ee8-deafcfb6bf01","block_type":"box","text":"prospectus or this SAI, is not subject to all the investor protections of the Investment Company Act. However, the","page_number":18,"box":{"x":70,"y":211,"width":806,"height":11}},{"id":"163ae9ff-6a4b-4dc2-ab23-eb9e400845db","block_type":"box","text":"Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock,","page_number":18,"box":{"x":70,"y":226,"width":802,"height":11}},{"id":"2a1ea73f-b963-40e0-b630-6d9becdf7cdd","block_type":"box","text":"making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The","page_number":18,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"53d800aa-ffd6-46af-9b38-55f3c141307c","block_type":"box","text":"Fund’s Board of Trustees has oversight responsibility for the investment activities of the Fund, including the Fund’s","page_number":18,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"07d10edd-409e-45b6-b55d-2946b6fdbeac","block_type":"box","text":"investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. As noted above, the","page_number":18,"box":{"x":70,"y":271,"width":773,"height":12}},{"id":"3d959100-0c27-4445-a343-bfc05deb3c6b","block_type":"box","text":"Subsidiary will be subject to the same investment restrictions and limitations as the Fund.","page_number":18,"box":{"x":69,"y":287,"width":643,"height":11}},{"id":"67f72502-c5c3-4b1a-af2b-1d73b136bb33","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":18,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"521fd1fc-64b9-49c3-b7b2-ea5a023f6534","block_type":"box","text":"respects, as the policies and procedures adopted by the Fund. In addition, changes in the laws of the United States","page_number":18,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"33152ae1-19ae-442f-9c1c-3022b4bc8e41","block_type":"box","text":"and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in","page_number":18,"box":{"x":69,"y":339,"width":825,"height":12}},{"id":"a4e15ae4-ff9d-4b16-830a-697c83b78301","block_type":"box","text":"the Fund’s prospectus and this SAI and could adversely affect the Fund. For example, the Cayman Islands does not","page_number":18,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"f9fabf96-3649-4fc0-adad-d918d0d2cf90","block_type":"box","text":"currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on","page_number":18,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"b0a3becf-471a-4249-8938-94b5de8eca35","block_type":"box","text":"the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund","page_number":18,"box":{"x":68,"y":385,"width":786,"height":11}},{"id":"cd3f2f54-1ba7-483d-8a2b-7a4c39555c64","block_type":"box","text":"shareholders would likely suffer decreased investment returns.","page_number":18,"box":{"x":69,"y":400,"width":448,"height":11}},{"id":"a781d48a-dc2f-4ca6-a12c-855b4f37662d","block_type":"box","text":"The Fund, as a “regulated investment company” under the tax rules, is required to realize at least 90 percent of","page_number":18,"box":{"x":101,"y":423,"width":801,"height":11}},{"id":"7a4fde7e-ae22-409b-9b0a-1c6699d85c90","block_type":"box","text":"its annual gross income from investment-related sources, specifically from dividends, interest, proceeds from","page_number":18,"box":{"x":70,"y":438,"width":779,"height":11}},{"id":"8ea77f72-d05c-4494-b7f0-05c883982b4a","block_type":"box","text":"securities lending, gains from the sales of stocks, securities and foreign currencies, other income (including, but not","page_number":18,"box":{"x":69,"y":453,"width":831,"height":11}},{"id":"d81e9053-57cf-49be-ba30-d9afdc201229","block_type":"box","text":"limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such","page_number":18,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"70561fa8-4381-48c0-861f-b6ff8889987a","block_type":"box","text":"stock, securities or currencies, or cer tain types of publicly traded par tnerships (referred to as qualifying income). The","page_number":18,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"18d966ef-2d14-42b6-be74-b6bdf57e4ae8","block_type":"box","text":"Fund, through its investment in the Subsidiary, invests in commodity-related instruments indirectly through the","page_number":18,"box":{"x":70,"y":498,"width":785,"height":11}},{"id":"faf25b2c-e6c7-434f-958a-52bbe93f6226","block_type":"box","text":"Subsidiary because direct investments by a regulated investment company in commodity-related instruments","page_number":18,"box":{"x":69,"y":513,"width":777,"height":12}},{"id":"8316b062-9bb6-4b2d-a2cd-82a128640048","block_type":"box","text":"generally do not produce qualifying income. The Fund expects its income with respect to the Subsidiary to be","page_number":18,"box":{"x":68,"y":528,"width":777,"height":12}},{"id":"99d4cd19-f1a4-4781-a478-e7aa0bb85ad9","block_type":"box","text":"qualifying income. However, in the future, if the IRS issues regulations or other guidance, or Congress enacts","page_number":18,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"de4f7e4d-6649-47d7-ae21-f24ac58beb40","block_type":"box","text":"legislation limiting the circumstances in which the Fund’s income with respect to the Subsidiary will be considered","page_number":18,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"2baf3467-45a6-4202-a8e8-a44d60e88a9b","block_type":"box","text":"“qualifying income,” the Fund might be required to make changes to its operations, which may reduce the Fund’s","page_number":18,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"8a8b7941-0a3d-474f-954e-049a2402d2b9","block_type":"box","text":"ability to gain investment exposure to commodities. Fund shareholders may also experience adverse tax","page_number":18,"box":{"x":69,"y":589,"width":742,"height":11}},{"id":"3b5d92ca-39d3-4810-a505-3d5d3cf1010f","block_type":"box","text":"consequences in such circumstances.","page_number":18,"box":{"x":69,"y":604,"width":271,"height":11}},{"id":"1e0cb2ac-2d13-4780-a73d-36a0f63b5717","block_type":"box","text":"The Subsidiary itself is not expected to be subject to U.S. federal income tax. It will, however, be considered a","page_number":18,"box":{"x":101,"y":627,"width":786,"height":11}},{"id":"54bcc95e-a52d-47e3-84d7-cd5bd9d2ceee","block_type":"box","text":"controlled foreign corporation, and the Fund will be required to include as income annually amounts earned by the","page_number":18,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"055814e3-2276-4718-871a-ffc7927ba02f","block_type":"box","text":"Subsidiary during that year, whether or not the Subsidiary distributes such amounts to the Fund. (Previously taxed","page_number":18,"box":{"x":69,"y":657,"width":811,"height":11}},{"id":"1c23a41a-7320-4285-949d-543b9a782238","block_type":"box","text":"income will not, however, be taxable again when distributed.) Fur thermore, the requirement for the Fund to distribute","page_number":18,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"29036621-8124-447e-8542-7b33f013e630","block_type":"box","text":"net investment income, if any, and net realized capital gain, if any, at least annually, will apply to such Subsidiary","page_number":18,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"95012044-9610-4f14-913e-e6bfe15e9011","block_type":"box","text":"income, whether or not the Subsidiary makes a distribution to the Fund during the taxable year. 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Investment Restrictions","page_number":23,"box":{"x":69,"y":274,"width":194,"height":9}},{"id":"bb724154-06bc-4584-b57d-964f9739ca71","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":23,"box":{"x":101,"y":297,"width":800,"height":11}},{"id":"91c3aeb1-e895-48dd-9521-64bdfcd12b1b","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":23,"box":{"x":69,"y":312,"width":825,"height":11}},{"id":"91459e3c-364f-408b-8b4d-23081e782c62","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":23,"box":{"x":69,"y":327,"width":809,"height":11}},{"id":"1f4d8696-4492-4f6b-8ac3-b491bcfb31e7","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":23,"box":{"x":69,"y":342,"width":803,"height":11}},{"id":"40bb0502-730e-4d45-b9f9-efa3bf8cf675","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":23,"box":{"x":69,"y":357,"width":608,"height":11}},{"id":"52dc6bef-5cd6-4224-b116-ad067f7e4b12","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":23,"box":{"x":102,"y":380,"width":485,"height":11}},{"id":"f1d60b61-ab44-4c47-96de-6662b85cb236","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":23,"box":{"x":135,"y":403,"width":770,"height":11}},{"id":"6269ca2f-526f-4cb7-b1e4-01f1d96a490c","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":23,"box":{"x":134,"y":425,"width":529,"height":11}},{"id":"5f6f421a-be12-47b2-ae62-d8950b1b7150","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":23,"box":{"x":134,"y":448,"width":694,"height":11}},{"id":"822bd01d-7325-4117-ad0e-c7652258716c","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":23,"box":{"x":134,"y":471,"width":774,"height":11}},{"id":"825ebb3d-f853-4333-a51e-8a79cc5c2866","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":23,"box":{"x":102,"y":486,"width":736,"height":11}},{"id":"b8358115-ab12-47aa-b2e3-579a72a0e0de","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":23,"box":{"x":102,"y":501,"width":775,"height":11}},{"id":"c1d7e675-7c46-48f7-8cdd-7f0cbf83a958","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":23,"box":{"x":102,"y":516,"width":666,"height":11}},{"id":"a7418207-675f-46f8-a759-84f0f9c28ffd","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":23,"box":{"x":134,"y":538,"width":746,"height":12}},{"id":"ec95f9a3-7e9d-4a3a-876d-edb9d28749b8","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":23,"box":{"x":102,"y":554,"width":627,"height":11}},{"id":"64155f3e-5d9e-4927-9f79-1bd9ba5eb500","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":23,"box":{"x":134,"y":576,"width":757,"height":11}},{"id":"2e0da179-c245-49f5-9c80-217c362bc0c3","block_type":"box","text":"Act.","page_number":23,"box":{"x":101,"y":592,"width":25,"height":8}},{"id":"fc099fa0-e764-439c-a123-69102362f702","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":23,"box":{"x":135,"y":614,"width":506,"height":11}},{"id":"6c54da8f-824c-46db-9ef9-3dd256bf2199","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":23,"box":{"x":134,"y":637,"width":729,"height":11}},{"id":"69d61b54-4c56-405c-a42d-21161582634c","block_type":"box","text":"Investment Company Act.","page_number":23,"box":{"x":102,"y":652,"width":179,"height":11}},{"id":"6e92a5c2-bd62-4d19-a833-e5b7ce654597","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":23,"box":{"x":102,"y":675,"width":494,"height":11}},{"id":"6c30c20e-0406-4655-88b0-253b152594b8","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":23,"box":{"x":101,"y":697,"width":799,"height":12}},{"id":"6624f927-5de7-4244-86ac-2a1804487856","block_type":"box","text":"subject to change without shareholder approval.","page_number":23,"box":{"x":69,"y":713,"width":341,"height":11}},{"id":"6ae8271d-6a65-42cd-97e8-05b1374d8e1c","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":23,"box":{"x":101,"y":735,"width":796,"height":11}},{"id":"a945bde1-b495-46b4-92a8-f4d82677404f","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":23,"box":{"x":68,"y":750,"width":811,"height":11}},{"id":"a0e87f5b-83e3-442b-aaae-1e37b19f684e","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":23,"box":{"x":68,"y":765,"width":833,"height":12}},{"id":"c55e8cc6-9648-4e01-8fd6-e0d6eae4bf15","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":23,"box":{"x":68,"y":780,"width":836,"height":12}},{"id":"6b1366b3-9eed-4b15-8021-cab0fe67391f","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":23,"box":{"x":69,"y":795,"width":815,"height":12}},{"id":"194dfb96-2e81-4629-b226-fddc30338ea5","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":23,"box":{"x":70,"y":811,"width":813,"height":11}},{"id":"4f4a3612-d31f-4749-bb49-ec2b1cf2634b","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":23,"box":{"x":69,"y":826,"width":820,"height":11}},{"id":"7207e295-14b1-467e-924a-0542c22c585b","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":23,"box":{"x":69,"y":841,"width":809,"height":11}},{"id":"fd60123f-224a-4d5b-a572-6ac106992ffa","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":23,"box":{"x":69,"y":856,"width":772,"height":11}},{"id":"e43a75d9-fedc-430a-a275-08a3a76a710b","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":23,"box":{"x":69,"y":871,"width":824,"height":11}},{"id":"6fc63968-953b-4b80-a74f-a9203898883c","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":23,"box":{"x":67,"y":886,"width":829,"height":11}},{"id":"7e9d4378-cf5b-4cb8-9d12-383e530c2e66","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":23,"box":{"x":69,"y":901,"width":805,"height":12}},{"id":"e0990e5f-a2fe-4ada-8532-e71743fbedb9","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"7e0c5e5e-af17-42eb-97f8-e4e4973aaab5","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6848571-42b9-44a2-9656-e0be1596134c","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":24,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"742d53a9-6d87-4a2d-a188-9eef1f4b2c4a","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":24,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"d4ca633e-8c99-49e4-821d-fe87873e54b8","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":24,"box":{"x":70,"y":75,"width":807,"height":11}},{"id":"8efd1231-27f6-4a77-aff4-a8d2be6de3b1","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":24,"box":{"x":70,"y":90,"width":438,"height":11}},{"id":"6026fd7c-e491-4e9b-b7ba-2df34c3c6711","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":24,"box":{"x":101,"y":113,"width":750,"height":11}},{"id":"789ae61a-4f7b-454b-ac8b-d24032036b39","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one–third of the Fund’s total assets from banks","page_number":24,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"ae28d126-9c22-4bd5-afd3-2d53eef10adf","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":24,"box":{"x":68,"y":143,"width":781,"height":11}},{"id":"3c3314cd-603c-4a0e-b6a9-1aa2e2f3bd80","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":24,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"957cc645-983b-4fe7-933b-4b877822484d","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":24,"box":{"x":68,"y":173,"width":825,"height":11}},{"id":"e630e592-cc15-48d8-a981-7727bf3737c3","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":24,"box":{"x":69,"y":188,"width":777,"height":12}},{"id":"be35ec56-988f-44f9-ac26-77bb9e7e9ed6","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":24,"box":{"x":69,"y":203,"width":776,"height":12}},{"id":"58d08665-b9fa-4dae-9fac-bf178d193995","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":24,"box":{"x":70,"y":218,"width":828,"height":12}},{"id":"30b4872a-b323-4091-b276-c2647e37a515","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":24,"box":{"x":69,"y":234,"width":788,"height":11}},{"id":"0f6f0df1-fec0-4edf-896d-77fa922488c6","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f–4 under the Investment Company","page_number":24,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"1a18c94e-7965-4b0a-b3cb-134a90be2862","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":24,"box":{"x":68,"y":264,"width":802,"height":11}},{"id":"9e57f3fb-188c-427a-ba8d-7dab93ac32c3","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":24,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"d0608c12-9bef-489d-8293-aa5e1e7de12a","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f–4 with respect to","page_number":24,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"c39af32c-afe2-41c9-ac59-00f1b77ad882","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":24,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"d0048f14-c5a9-4363-bf50-e511ec8fb8ae","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":24,"box":{"x":69,"y":325,"width":835,"height":11}},{"id":"11afd12d-665e-48fd-9311-d16a29b61358","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":24,"box":{"x":69,"y":340,"width":643,"height":11}},{"id":"08209500-d907-45cb-bbb3-f59f63d5aea8","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":24,"box":{"x":101,"y":362,"width":788,"height":11}},{"id":"3171b050-54ee-4b87-8f7c-8d795450fc5c","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":24,"box":{"x":68,"y":377,"width":840,"height":12}},{"id":"ed43ddf2-7a49-425d-89f4-86c372ccc67d","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":24,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"7c5383b4-bef5-41f3-8e13-7e80c8e9b3fb","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":24,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"df91e48f-4f00-46f1-8453-b81014d2f069","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":24,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"6f03586a-2c4c-46e8-9716-8b799818f061","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":24,"box":{"x":68,"y":438,"width":818,"height":11}},{"id":"afa75055-ef20-4b54-a2fb-8d0161648acf","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":24,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"9f1efd2c-c791-408d-97c0-a11e6b270399","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":24,"box":{"x":68,"y":468,"width":831,"height":11}},{"id":"003b728a-fdf3-4d4a-b14b-71e05572ad96","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":24,"box":{"x":68,"y":483,"width":799,"height":11}},{"id":"3eae2f11-0570-4648-bed2-bcf8aa88f123","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":24,"box":{"x":69,"y":498,"width":769,"height":11}},{"id":"5e86429e-b619-49a2-92e8-e37db012dbe4","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":24,"box":{"x":68,"y":513,"width":811,"height":12}},{"id":"03b25d66-7ca6-466e-9d50-faf3af7cca18","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":24,"box":{"x":69,"y":529,"width":834,"height":11}},{"id":"cf43d54e-797c-4bb0-a92c-dc4c5cd04f81","block_type":"box","text":"extent permitted by applicable law.","page_number":24,"box":{"x":69,"y":544,"width":245,"height":11}},{"id":"5797e2d8-ad75-428e-8310-2bb525057620","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":24,"box":{"x":101,"y":566,"width":778,"height":11}},{"id":"b6ac2908-e9b5-40ac-8099-159b5f0d65f8","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":24,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"cd49205f-aab1-40b1-b433-603ec15eaa89","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":24,"box":{"x":70,"y":596,"width":807,"height":12}},{"id":"a0fdda79-4735-47e7-b416-3fe99674cc21","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":24,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"72188445-f04b-45ec-9179-0bda89cc89aa","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":24,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"ba880774-636e-4259-b1e4-d0efb3dd4cb6","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":24,"box":{"x":70,"y":642,"width":803,"height":11}},{"id":"076f9837-7eaa-4e07-be26-7454e553e565","block_type":"box","text":"loans.","page_number":24,"box":{"x":70,"y":657,"width":40,"height":9}},{"id":"864a8bc3-3163-4aca-a591-4c0c11af7170","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":24,"box":{"x":101,"y":680,"width":777,"height":11}},{"id":"076e5b47-ddcb-4102-bf26-d7371574dca4","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":24,"box":{"x":70,"y":695,"width":751,"height":11}},{"id":"792d8637-1b2a-4760-9cb9-8f73fe29728e","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":24,"box":{"x":68,"y":710,"width":812,"height":11}},{"id":"e4ca53b9-9387-4d35-9e12-0249a3cc67db","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":24,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"4827cb7c-383f-4da1-9aef-3c1cff2e0011","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":24,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"56aad250-e177-4fbe-88c7-83f9818b7b6c","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":24,"box":{"x":69,"y":755,"width":759,"height":11}},{"id":"6a176222-b0e8-4158-9c14-ef2a161136e2","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":24,"box":{"x":70,"y":770,"width":774,"height":12}},{"id":"c50402b3-19c9-48e0-9433-2935612faf82","block_type":"box","text":"shareholder approval.","page_number":24,"box":{"x":69,"y":786,"width":153,"height":10}},{"id":"e3e1b2ab-00dd-42a7-9368-a56473f29c81","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":24,"box":{"x":102,"y":808,"width":764,"height":11}},{"id":"e901b637-806d-4a7b-9367-5f64cd246729","block_type":"box","text":"shareholder approval, the Fund may not:","page_number":24,"box":{"x":69,"y":823,"width":286,"height":11}},{"id":"d1049285-01b5-4e9f-b777-69f51acab21d","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":24,"box":{"x":102,"y":846,"width":742,"height":11}},{"id":"aed159b4-b1aa-4638-b8f8-6a0d9afd810d","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":24,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"19c37867-67a9-410c-afe7-d02efa28de95","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":24,"box":{"x":70,"y":876,"width":829,"height":11}},{"id":"c6756771-d915-4752-a478-8bb7f7c29681","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":24,"box":{"x":70,"y":891,"width":808,"height":12}},{"id":"f7ccca7f-b786-4811-9ae5-e090b8758d6a","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":24,"box":{"x":69,"y":906,"width":763,"height":12}},{"id":"39798676-8904-44c8-b91d-93fe038c0a93","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1bd9b550-1042-47d9-a0ac-8ea438520caa","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee433d32-e359-4a53-8687-b7f2733053f2","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":25,"box":{"x":102,"y":45,"width":765,"height":11}},{"id":"eee7f64d-ea8f-4157-830d-7a66a653a9c2","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":25,"box":{"x":69,"y":60,"width":741,"height":11}},{"id":"456ebd17-c634-45c0-baad-5f31b38e3f10","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":25,"box":{"x":102,"y":83,"width":771,"height":10}},{"id":"2ddb47ce-4885-4b56-88a4-0cedd2d8ea0a","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":25,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"8b4abcdc-52d8-4fc3-b100-f3de385e5e6b","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":25,"box":{"x":68,"y":113,"width":803,"height":11}},{"id":"fdd51d4b-37d6-494a-9652-8635d04fdb81","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":25,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"f9e7dea5-7ddc-4f15-a2a5-d8c7cc139fda","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":25,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"8a3d83c6-7555-4f85-b819-4d32e1098ef2","block_type":"box","text":"investment without undue market or tax consequences.","page_number":25,"box":{"x":70,"y":158,"width":393,"height":11}},{"id":"0337ee5f-7b97-43a4-beec-76c2a8a87025","block_type":"box","text":"III. Information on Trustees and Officers","page_number":25,"box":{"x":69,"y":188,"width":290,"height":9}},{"id":"88eac1b4-43d3-47f5-9d9c-bf93aa489176","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":25,"box":{"x":101,"y":211,"width":788,"height":11}},{"id":"52888709-2848-41d9-8a5c-9edfa1f41978","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":25,"box":{"x":68,"y":226,"width":779,"height":11}},{"id":"9b89f2f5-45c0-4a4a-99cc-881192949813","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":25,"box":{"x":69,"y":241,"width":837,"height":11}},{"id":"f07065b2-8a87-4f5a-af2f-dd4f7b1c10e7","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":25,"box":{"x":70,"y":256,"width":793,"height":11}},{"id":"84a3cc36-dc24-4175-b148-67c85f225bcf","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":25,"box":{"x":69,"y":271,"width":822,"height":11}},{"id":"a3e13a0c-e784-459a-a7a8-59daec6f22b2","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":25,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"99b8fb9e-2449-4ab2-90f4-9dfb5cd555c9","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":25,"box":{"x":70,"y":302,"width":335,"height":11}},{"id":"1e226733-e06b-4d98-9bab-3634d3356103","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":25,"box":{"x":101,"y":324,"width":769,"height":12}},{"id":"ee40bdd0-cba8-4e83-a653-faafccb3d3af","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":25,"box":{"x":70,"y":339,"width":827,"height":11}},{"id":"381de281-4f91-46b1-a146-0c00d95a8ac8","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":25,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"b733392e-45f4-46bc-be59-4546e4d78673","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":25,"box":{"x":69,"y":370,"width":835,"height":11}},{"id":"af733727-5068-434f-b341-e5b8cf10310d","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":25,"box":{"x":70,"y":385,"width":830,"height":11}},{"id":"4fe9c169-2358-4dcb-9821-f856d086796b","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":25,"box":{"x":68,"y":400,"width":789,"height":11}},{"id":"4ff5bf4b-280e-4c1e-9d53-ef9c21cd8e29","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":25,"box":{"x":69,"y":415,"width":810,"height":11}},{"id":"1fd45f88-d2ae-4054-afe3-d897e09de44e","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":25,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"8c6a3f56-d25e-4912-b7a7-00aa551837c9","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":25,"box":{"x":70,"y":445,"width":794,"height":12}},{"id":"bdf59470-b1a5-4796-bf1d-b6afbbba97a6","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":25,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"2dbbb31a-a560-4303-b2c3-6af52f35b293","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":25,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"42a737d0-516c-456b-a7c1-b4d2b2950025","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":25,"box":{"x":70,"y":491,"width":811,"height":11}},{"id":"55fa8ffd-146a-49f9-923d-64eea58e87aa","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":25,"box":{"x":68,"y":506,"width":809,"height":11}},{"id":"541dc7a6-52fe-4df2-a664-adb3aea4e8b0","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":25,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"d1f709d0-13f4-4913-a408-d7ebf176c381","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":25,"box":{"x":69,"y":536,"width":441,"height":11}},{"id":"581b600e-09f5-4688-b212-80e8fc4bd85b","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":25,"box":{"x":101,"y":559,"width":777,"height":11}},{"id":"37e68472-47d8-4649-91c9-3ce1b6e31600","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":25,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"c0c4f6dc-1fc4-4144-8313-3c458160a3d6","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":25,"box":{"x":68,"y":589,"width":820,"height":11}},{"id":"9ef99679-592e-4a35-8677-99e75f5b1da7","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":25,"box":{"x":70,"y":604,"width":812,"height":11}},{"id":"e94cb375-92c2-4838-8503-84b6ed3a8a39","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":25,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"b4b3597b-632b-4fa3-a8e6-7a4a4722db64","block_type":"box","text":"the operations of the Fund.","page_number":25,"box":{"x":68,"y":634,"width":192,"height":11}},{"id":"78618501-bac5-485a-aa45-1935f62cbe1f","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":25,"box":{"x":102,"y":657,"width":785,"height":11}},{"id":"53b8e949-16ec-4003-93fc-e6cf767f5257","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":25,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"0f9ad18c-980f-4e2a-bead-7f81217ea73c","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":25,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"975a0377-63a4-45a4-8274-e83049df8f9b","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":25,"box":{"x":68,"y":702,"width":820,"height":12}},{"id":"a3898743-bbed-4a4e-8b73-4b7433b1c4bb","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":25,"box":{"x":70,"y":717,"width":811,"height":12}},{"id":"3aafc01c-71c8-41e8-be93-20c6d6ff8165","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":25,"box":{"x":70,"y":732,"width":767,"height":12}},{"id":"afadb84b-8179-4664-b95e-883ad322c178","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":25,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"22aaad66-9803-490a-bc57-d58cab4af320","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":25,"box":{"x":70,"y":763,"width":803,"height":11}},{"id":"142c6507-558b-4e79-bb91-0f91682b3b19","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":25,"box":{"x":69,"y":778,"width":840,"height":11}},{"id":"a4b449c9-4750-4647-aa40-18d658fe09e1","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":25,"box":{"x":69,"y":793,"width":812,"height":11}},{"id":"95249f4f-6262-4851-8162-736634a1b8b5","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":25,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"83c5ef52-5053-4bbe-af9d-880488d8be6c","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":25,"box":{"x":69,"y":823,"width":812,"height":11}},{"id":"ef0271d8-8b5a-48d5-980c-fe14ea4c53f9","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":25,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"434420c5-4053-43f5-8d3f-d2e7c8901df9","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":25,"box":{"x":70,"y":854,"width":759,"height":11}},{"id":"4f0c6c75-a083-4c7d-80f9-c9b3751e6e1b","block_type":"box","text":"per forming their oversight responsibilities.","page_number":25,"box":{"x":70,"y":869,"width":299,"height":11}},{"id":"11c85b5b-1b6d-4127-bda4-c0488fb2b2dc","block_type":"box","text":"Audit Committee.","page_number":25,"box":{"x":101,"y":891,"width":122,"height":9}},{"id":"b696ce19-3ca8-4626-9b9d-ec39724799dc","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":25,"box":{"x":229,"y":891,"width":673,"height":11}},{"id":"c9bd5747-9abc-4aa3-8228-45e98aef6ddb","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":25,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"dcf13084-272f-4a57-98b4-452210e8487f","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"54566fc5-c9f6-45cb-aa1b-47c8a70ed679","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5efaaee3-c171-4b04-8574-49d3765baa88","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":26,"box":{"x":68,"y":45,"width":820,"height":11}},{"id":"b3022bfb-018e-4685-adb8-729cc3804cf0","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":26,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"50e48cfd-666b-4285-80e9-45f5b8fdff92","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":26,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"cb9ad1ad-1d6b-47a8-a5c1-ac8bd969818a","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":26,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"f2a354e5-0653-4427-8345-ff78c336358f","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":26,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"1769fb0d-9807-45ec-94cc-ea69cd4e9441","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":26,"box":{"x":68,"y":120,"width":781,"height":11}},{"id":"c2ce3d3d-37c4-4b2c-9d24-494249c43bb2","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":26,"box":{"x":69,"y":136,"width":834,"height":11}},{"id":"37a43f15-4b14-4ca0-94df-3717eebd879a","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the and","page_number":26,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"6b0c2a2f-6e39-4851-9a09-355c3056ae65","block_type":"box","text":"cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting Firm;","page_number":26,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"1e1914e4-70a4-47ad-8466-aaf8b62434ff","block_type":"box","text":"(6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":26,"box":{"x":69,"y":181,"width":770,"height":11}},{"id":"82d548d9-bc32-4698-84a4-e9fb80ed2a66","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":26,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"5cc3ce15-6e37-4043-bd79-2ad75cd45847","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":26,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"c43814a1-6be7-4e14-b74e-2e56a0da09b0","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":26,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"c141b521-7226-45a0-9e7e-a23793083f8a","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":26,"box":{"x":69,"y":241,"width":819,"height":11}},{"id":"663ddadb-ca58-425f-86ef-e0cd15c2e448","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":26,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"2184d7c4-b339-45dc-b15e-76a0e80b3e50","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":26,"box":{"x":70,"y":271,"width":576,"height":12}},{"id":"f29e4585-1dd0-4de9-9e29-baf704d4eed2","block_type":"box","text":"Governance and Nominating Committee.","page_number":26,"box":{"x":102,"y":294,"width":286,"height":11}},{"id":"1e668572-33a7-492f-b606-976de4d9055d","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":26,"box":{"x":394,"y":294,"width":464,"height":11}},{"id":"d53be04b-5d1f-4772-8465-9ed7792df8d5","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":26,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"2d71dc1c-ae62-4320-bd39-bfedaa6d7826","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":26,"box":{"x":70,"y":324,"width":784,"height":11}},{"id":"4ff85e22-8219-4f64-97d4-2c6abfdfd24a","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":26,"box":{"x":69,"y":339,"width":803,"height":12}},{"id":"f1290e03-3d9a-4c2d-8339-4b85d6ff5561","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":26,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"60066b0a-3154-460f-9777-a62cc6ce94bd","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":26,"box":{"x":70,"y":370,"width":828,"height":11}},{"id":"9b729877-d373-4aad-876e-3d4a4341f664","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":26,"box":{"x":70,"y":385,"width":809,"height":11}},{"id":"45bb8bff-eee4-4124-99a2-4be8fc66f253","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":26,"box":{"x":69,"y":400,"width":838,"height":11}},{"id":"2b823315-0d60-436f-b8ce-97fcfffccd72","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":26,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"82c9728f-dc5b-41e9-8123-e76636153541","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":26,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"72a2490f-5a93-461a-a303-60f61b1d23c4","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":26,"box":{"x":69,"y":445,"width":829,"height":11}},{"id":"a043289d-69be-45b8-ad81-063c4ccda616","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":26,"box":{"x":68,"y":460,"width":804,"height":12}},{"id":"fbab16b7-4427-476b-9c08-ec004058238c","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and","page_number":26,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"77b07a49-46a3-4e9e-a597-7bf322fcd084","block_type":"box","text":"Restated Code of Regulations (“Bylaws”) , shareholders must follow cer tain procedures to nominate a person for","page_number":26,"box":{"x":70,"y":491,"width":806,"height":11}},{"id":"c94b7732-3857-4df2-b155-2e6a281a066b","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":26,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"8066dd21-5f0a-4c43-9512-1e69d90bc23f","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":26,"box":{"x":70,"y":521,"width":776,"height":11}},{"id":"bd5dab9d-ca56-4324-bc7b-11b4f3e882d0","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":26,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"0a0fc791-9042-49a1-9627-5c6a06808dee","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":26,"box":{"x":68,"y":551,"width":812,"height":11}},{"id":"cbe19d62-a812-4227-b6b3-7551ea57b27a","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":26,"box":{"x":69,"y":566,"width":823,"height":11}},{"id":"4d5125f5-7d22-4d91-89ad-01e55b72927e","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":26,"box":{"x":70,"y":581,"width":832,"height":12}},{"id":"cd6962a8-bcff-4cb4-883a-1cb5b138454c","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":26,"box":{"x":69,"y":596,"width":811,"height":12}},{"id":"d9c841ae-0e2d-4cfb-901d-a13624af2908","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended April 30, 2026, the","page_number":26,"box":{"x":69,"y":612,"width":785,"height":11}},{"id":"024f05be-000a-4346-beee-83a630aae9c0","block_type":"box","text":"Governance Committee met eleven times.","page_number":26,"box":{"x":69,"y":627,"width":297,"height":9}},{"id":"79a21893-b555-42b6-aa38-1323f37dd9f7","block_type":"box","text":"Compliance Committee.","page_number":26,"box":{"x":102,"y":649,"width":168,"height":11}},{"id":"3a2a2a29-ecbb-41ed-a94d-f5507afb0b79","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":26,"box":{"x":276,"y":649,"width":629,"height":11}},{"id":"5ec13373-3bbc-4a89-8e5a-ece83ab0b31f","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":26,"box":{"x":68,"y":664,"width":828,"height":12}},{"id":"357f7804-e237-486b-9907-a1649682f27f","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":26,"box":{"x":68,"y":680,"width":771,"height":11}},{"id":"6854f015-1fa5-436e-ad98-6b27643cacb9","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":26,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"dcec6f26-098a-4e81-ba59-97dc5065a82b","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":26,"box":{"x":70,"y":710,"width":754,"height":11}},{"id":"114a1340-ac49-4263-83b7-081041ac4692","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":26,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"63c61633-b30d-415c-bd4d-e6ec06e1dbd8","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":26,"box":{"x":69,"y":740,"width":815,"height":11}},{"id":"0bc4ed96-6333-4353-9178-9629d7b11924","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":26,"box":{"x":69,"y":755,"width":785,"height":11}},{"id":"665d1429-dfa0-4d3b-828d-e077e00ba87e","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":26,"box":{"x":69,"y":770,"width":811,"height":11}},{"id":"6eac003e-e599-452a-a977-1e5737943e0d","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":26,"box":{"x":69,"y":785,"width":812,"height":12}},{"id":"f5e6bf47-6e7a-43c1-ac7d-064d9cf023fb","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":26,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"82d598a3-9ec6-4016-8a3d-257175ad3c3a","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":26,"box":{"x":69,"y":816,"width":825,"height":11}},{"id":"82ef82c2-0c42-4fac-add1-e57c97df83cc","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":26,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"b4feea4f-02c1-4d11-be1f-94d9d25d9503","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":26,"box":{"x":68,"y":846,"width":504,"height":11}},{"id":"2dc00597-fe2d-4d5f-9ff8-5a990bd47182","block_type":"box","text":"Per formance Oversight Committee.","page_number":26,"box":{"x":102,"y":869,"width":248,"height":11}},{"id":"7bc9632b-77a7-4a14-8a92-61d0653d111f","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":26,"box":{"x":356,"y":869,"width":531,"height":11}},{"id":"439d323f-45ac-472a-8405-2b01ba554151","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":26,"box":{"x":69,"y":884,"width":829,"height":11}},{"id":"4493b038-13bd-45bc-a1a1-00e69703ea9a","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":26,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"7bb25e87-d679-435c-be40-cdecaa993344","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"99b69786-4936-44df-81ee-150ca3b023bb","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"368a8bd9-7896-4783-a753-70049c194b7e","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":27,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"f09433db-bbc8-4a52-a58b-dfb686fd9573","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":27,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"9a0cf5fe-8510-47b5-8108-a3c499805268","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":27,"box":{"x":69,"y":75,"width":782,"height":11}},{"id":"45581e57-af22-4b18-9313-51bf90c9884f","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":27,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"0aefb396-8dca-4a10-9cfc-c08889787b1d","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":27,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"9c78fdd9-628a-4a19-a0ca-63c4bfd0cb7f","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":27,"box":{"x":69,"y":120,"width":803,"height":11}},{"id":"3ac9d433-d7a7-4c25-bbd9-a0510a8d8ded","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":27,"box":{"x":69,"y":135,"width":827,"height":12}},{"id":"3dcf3d43-b67b-4091-9fce-685567d10707","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":27,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"52b5ba42-d5b6-4c96-92ad-29ccd4ed2f8d","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":27,"box":{"x":69,"y":166,"width":757,"height":11}},{"id":"adfca599-6128-4e27-9175-c2a4b15721a3","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":27,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"6dec2770-3e99-473a-9bbf-fa8959550997","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":27,"box":{"x":68,"y":196,"width":800,"height":11}},{"id":"e10bb8fc-4f84-42c7-8a32-6a29f30465c0","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":27,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"47e0dfa4-ddf2-430c-b04a-d49220f26ef7","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":27,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"994009a8-999b-4ff8-881c-7d132af0063d","block_type":"box","text":"ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":27,"box":{"x":69,"y":241,"width":546,"height":11}},{"id":"b288c785-22f8-45ab-b0be-0743c33e81a0","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":27,"box":{"x":101,"y":264,"width":186,"height":11}},{"id":"5b13303f-a7f3-4c07-a0cc-b0c9bd5b7079","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":27,"box":{"x":293,"y":264,"width":598,"height":11}},{"id":"8cda0b5a-3f73-47ed-9408-b02da868ee62","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":27,"box":{"x":70,"y":279,"width":817,"height":11}},{"id":"1cd11597-c5b2-497e-8468-874bc75ccc8a","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":27,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"99b3e942-e703-4237-a07c-13159516abd6","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":27,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"9d889b59-d9ff-4737-97f6-f66f3a7466e4","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":27,"box":{"x":69,"y":324,"width":813,"height":12}},{"id":"4d324f16-a958-4c1c-885b-99268103905c","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":27,"box":{"x":68,"y":339,"width":816,"height":12}},{"id":"b5e40b02-895a-4f75-bce0-44af1f6532f4","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":27,"box":{"x":68,"y":355,"width":577,"height":11}},{"id":"151b8e02-251d-4494-8bbd-2718596999ef","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":27,"box":{"x":101,"y":377,"width":771,"height":11}},{"id":"2821c081-f0d8-4d79-bfcf-a4c75aa202a2","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":27,"box":{"x":69,"y":392,"width":827,"height":12}},{"id":"ff6babe1-68e8-45ad-b3e9-96efcee37338","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":27,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"909f78f7-f83b-43e9-862a-1566a7c8a7fb","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":27,"box":{"x":69,"y":423,"width":825,"height":11}},{"id":"b2886ab0-1009-4bfd-bfeb-75818fdc52d2","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":27,"box":{"x":70,"y":438,"width":807,"height":11}},{"id":"83e3164f-c1f6-4fe8-88a4-ecbb3f31fb23","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":27,"box":{"x":70,"y":453,"width":787,"height":11}},{"id":"443226d3-fe0b-4c47-8849-b10297e92a8e","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":27,"box":{"x":69,"y":468,"width":805,"height":11}},{"id":"49230c13-a353-4dbf-80e0-90e474a666cf","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":27,"box":{"x":68,"y":483,"width":794,"height":11}},{"id":"f33fe9ab-62fe-4580-a750-3884ac67e1b1","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":27,"box":{"x":68,"y":498,"width":829,"height":11}},{"id":"734be428-cb8d-407b-8392-5c88144f3bdd","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":27,"box":{"x":69,"y":513,"width":823,"height":11}},{"id":"5d64c99f-3d56-4203-98bf-a6e2a8ae1444","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":27,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"313bf941-c9fa-4b2b-ba73-81a4da2a69ea","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":27,"box":{"x":69,"y":543,"width":473,"height":12}},{"id":"0ecc5825-573f-4cf8-a2da-aace6eab17c4","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":27,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"829cfda8-68ad-45a1-8814-9e5ea0444f12","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":27,"box":{"x":69,"y":581,"width":807,"height":12}},{"id":"7f67f8fc-e265-4d69-aef2-eb42a304387d","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":27,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"9804f755-1b1d-4cf9-89f2-0f2e33545f5c","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":27,"box":{"x":70,"y":612,"width":759,"height":11}},{"id":"9e79a91a-da7e-4c8c-82ea-295c4253960f","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":27,"box":{"x":70,"y":627,"width":685,"height":11}},{"id":"5b83d478-cecc-4708-be93-0675e8ad47bb","block_type":"box","text":"ad hoc","page_number":27,"box":{"x":762,"y":627,"width":47,"height":9}},{"id":"42f3e4eb-565a-4343-97d3-f9ebf66198b7","block_type":"box","text":"committees","page_number":27,"box":{"x":814,"y":627,"width":82,"height":9}},{"id":"43b40acd-bd4a-4719-b617-ccaa5b42e238","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":27,"box":{"x":68,"y":642,"width":395,"height":11}},{"id":"c44195a6-c80b-422a-abbc-bd8280b27440","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":27,"box":{"x":101,"y":664,"width":751,"height":11}},{"id":"740758f5-e4ec-4864-bd4b-6b091bd703f7","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":27,"box":{"x":69,"y":680,"width":492,"height":11}},{"id":"6206fd83-6e0c-4acd-b2e4-f9d311575870","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":708,"width":409,"height":9}},{"id":"4adcaafe-4324-4688-85f4-a16532f06cb4","block_type":"box","text":"Independent Trustees","page_number":27,"box":{"x":70,"y":725,"width":154,"height":10}},{"id":"6c6f5829-e34f-43de-ae0f-b496e5f6c336","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":27,"box":{"x":69,"y":739,"width":781,"height":12}},{"id":"6471e22b-1dde-424e-bbc5-a8de68f928da","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":27,"box":{"x":265,"y":755,"width":604,"height":11}},{"id":"375792c9-7599-4b1b-ad5b-a941f3201ea9","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":27,"box":{"x":265,"y":770,"width":623,"height":11}},{"id":"9763a67a-1b8d-416c-85a5-0cef45972d97","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":27,"box":{"x":265,"y":785,"width":637,"height":11}},{"id":"6c535f5e-2403-4d5f-b2f0-b64ada459704","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":27,"box":{"x":265,"y":800,"width":631,"height":11}},{"id":"d0b275b9-430c-4485-83b0-5be87260a368","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":27,"box":{"x":264,"y":815,"width":626,"height":11}},{"id":"73dede88-a517-4505-a194-eb738a5db868","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":27,"box":{"x":265,"y":830,"width":639,"height":11}},{"id":"b94b850a-2014-4c6c-b99f-d2f17471f904","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":27,"box":{"x":264,"y":845,"width":637,"height":11}},{"id":"2a1cc2ab-4a86-44f8-887b-69f21ad7869c","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":27,"box":{"x":265,"y":861,"width":586,"height":11}},{"id":"e337de12-010b-4f5b-8293-ff01a152970a","block_type":"box","text":"markets and the economy. 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She currently serves as Member","page_number":28,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"3a928afe-1beb-42da-8af7-812b146cc4a0","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":28,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"ef9e9ee5-5be2-4b7a-b552-d7a37db3c5c6","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":28,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"dd73cca1-d957-4b4c-95c1-8b7c31c751ad","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":28,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"7cdb4088-00c1-4390-b65e-e18cb675609c","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":28,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"1c6f4530-0fdf-4cce-be6c-13f84f6cf2bb","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":28,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"a41b505d-4aa9-406d-a9e2-747aee5c15b9","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":28,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"3fa33e02-2554-40a2-a3be-10a8a244032f","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":28,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"872cca0b-30a3-4dad-a55e-5d64164467fd","block_type":"box","text":"perspective on the markets and the economy.","page_number":28,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"a5762214-f187-4e0d-8577-d000d88c2036","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"3f830c8e-6f35-4d4d-ad13-5dea0a7a53f0","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":28,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"28986675-7d9d-49ba-a2c7-918f5772a616","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":28,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"eea79092-1366-487c-b39b-d0d2e38dbad6","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":28,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"364496b3-0dea-46bc-9a4b-7a5ea8a8af47","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":28,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"00296882-1d2d-4ee1-86a9-f60772be6af5","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":28,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"988ccc87-37b5-423a-8de2-70984847ae71","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":28,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"9e99a203-9a98-469c-9081-49d01cab6977","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":28,"box":{"x":69,"y":481,"width":777,"height":11}},{"id":"8871ef94-447c-473d-b23d-d1095b3d9a7d","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":28,"box":{"x":265,"y":496,"width":613,"height":12}},{"id":"cce56212-1135-48a0-a8c8-86b7410a831a","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":28,"box":{"x":265,"y":511,"width":563,"height":12}},{"id":"d0964e76-2113-46e6-8714-55f7357fec28","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":28,"box":{"x":265,"y":527,"width":607,"height":11}},{"id":"24480658-a867-42d3-9c19-71eea11fd776","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":28,"box":{"x":265,"y":542,"width":638,"height":11}},{"id":"99a27b78-74d2-4bb4-bd2c-397a87fa6ad2","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":28,"box":{"x":265,"y":557,"width":626,"height":11}},{"id":"976b0759-b451-4f5d-9095-05b00f84a861","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":28,"box":{"x":265,"y":572,"width":563,"height":11}},{"id":"01d48af8-a751-461b-b027-d4089dd18d91","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":28,"box":{"x":265,"y":587,"width":625,"height":11}},{"id":"e2cacb78-dc4a-4b79-a906-63b797c8ca65","block_type":"box","text":"Independent Trustee.","page_number":28,"box":{"x":265,"y":602,"width":149,"height":11}},{"id":"e017f00a-de1c-411e-802e-40fb6d66fd52","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":28,"box":{"x":70,"y":625,"width":806,"height":11}},{"id":"b7762fa4-a24d-4dd4-9aff-c51dcc9cfd9c","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":28,"box":{"x":264,"y":640,"width":584,"height":11}},{"id":"82b56ee2-9195-4453-b0c6-8e76f962d9b4","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":28,"box":{"x":265,"y":655,"width":622,"height":11}},{"id":"9f563aea-8629-44fe-9217-2edff5411e74","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":28,"box":{"x":265,"y":670,"width":638,"height":11}},{"id":"1900bd57-375f-4ca3-890f-f6251e128ff0","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":28,"box":{"x":265,"y":685,"width":570,"height":12}},{"id":"571216a5-e885-4694-b72b-f2deb355e292","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":28,"box":{"x":265,"y":700,"width":642,"height":12}},{"id":"6a7470b5-1d02-4cfe-a339-61bef710dae4","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":28,"box":{"x":265,"y":716,"width":626,"height":11}},{"id":"c4c67b89-8ca5-433a-bd32-836a034062e3","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":28,"box":{"x":265,"y":731,"width":630,"height":11}},{"id":"cafe8847-7949-46b1-b375-47cd861c5d51","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":28,"box":{"x":265,"y":746,"width":602,"height":11}},{"id":"388b6115-3219-4b8c-ae91-bea98ee391ab","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":28,"box":{"x":264,"y":761,"width":643,"height":11}},{"id":"05c35be0-0a83-4e5d-ba71-87671c4bd040","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":28,"box":{"x":264,"y":776,"width":639,"height":11}},{"id":"937b218e-0e3e-4a6b-8387-5420d6d78d4e","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":28,"box":{"x":264,"y":791,"width":641,"height":11}},{"id":"10e568a4-be75-40db-8552-43cb89c7116f","block_type":"box","text":"applicable Commission rules.","page_number":28,"box":{"x":265,"y":806,"width":208,"height":11}},{"id":"633915f1-f8d8-459d-a35b-7fdf4fbd1164","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5cd81e95-63f7-4723-a85c-07315ec6d8b2","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29777c25-11d3-45b6-b68f-bda8caa8f1a3","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"e6ce98b8-0207-41c9-963c-2372e28a3600","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":29,"box":{"x":69,"y":65,"width":769,"height":12}},{"id":"ea16ebde-1bf4-458f-85ca-7d8a4e132420","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":29,"box":{"x":265,"y":81,"width":621,"height":11}},{"id":"235691d9-e7ae-477a-82af-ea87449e241a","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":29,"box":{"x":265,"y":96,"width":599,"height":11}},{"id":"6f3026d0-853c-4f7b-b5f6-1cb70bf968d4","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":29,"box":{"x":265,"y":111,"width":641,"height":11}},{"id":"404962f1-c83b-478b-bc66-e6a25f2857cd","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":29,"box":{"x":264,"y":126,"width":602,"height":11}},{"id":"60a6efaf-cf72-4c8b-932c-dabcec1bb449","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":29,"box":{"x":264,"y":141,"width":617,"height":11}},{"id":"5483abb5-a0f2-4761-a042-b4711371639f","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":29,"box":{"x":265,"y":156,"width":629,"height":11}},{"id":"3b9fb1eb-6145-405c-86e7-ccf3ed1b6e78","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":29,"box":{"x":264,"y":171,"width":628,"height":11}},{"id":"5567b315-e707-4767-80cf-3b1e9c2768a5","block_type":"box","text":"ar ticles and books on these topics.","page_number":29,"box":{"x":265,"y":187,"width":251,"height":10}},{"id":"8279f173-c978-42a6-85d7-80d510823d2b","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":29,"box":{"x":70,"y":209,"width":764,"height":11}},{"id":"49903b17-a7b0-4f36-ada2-7bf6c323c8c4","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":29,"box":{"x":265,"y":224,"width":642,"height":11}},{"id":"481d059b-9c1e-4452-ace7-f840392b747a","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":29,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"591e43e2-9853-49d8-8f6a-493453a04cb2","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":29,"box":{"x":265,"y":254,"width":603,"height":12}},{"id":"824b92e4-d7e4-4a86-aacc-6b81d5e442c7","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":29,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"65346556-e9e5-41f4-8ad8-0312f4690ea4","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":29,"box":{"x":70,"y":292,"width":804,"height":11}},{"id":"dd19cc0e-7766-4be1-b9e1-33521eda3fea","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":29,"box":{"x":265,"y":307,"width":552,"height":11}},{"id":"65e0d75f-d115-4243-8435-fc752f24bdca","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":29,"box":{"x":265,"y":322,"width":636,"height":12}},{"id":"68d5bbd8-c02c-4347-831d-31f8e3f087f1","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":29,"box":{"x":265,"y":338,"width":639,"height":11}},{"id":"bdb67333-06d7-48e5-b653-4bf67a59960d","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":29,"box":{"x":265,"y":353,"width":576,"height":11}},{"id":"f8efb319-0084-445a-83fa-38e21f112f8a","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":29,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"d6d1681b-ded5-4885-a939-b6975411e547","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":29,"box":{"x":265,"y":383,"width":592,"height":11}},{"id":"c72ca31b-5d91-490e-a498-3c8441f70c44","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":29,"box":{"x":265,"y":398,"width":629,"height":11}},{"id":"ccfda1d1-c794-4bb0-ae68-9e015af21bf4","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":29,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"c364f1e1-7a4c-4dda-a18b-827ad60543be","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":29,"box":{"x":264,"y":428,"width":608,"height":12}},{"id":"d8bfbb53-75fb-4fe3-8958-d6621909acf0","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":29,"box":{"x":265,"y":443,"width":575,"height":12}},{"id":"e091f885-1a71-4204-afa8-2cb2791a5b1e","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":29,"box":{"x":264,"y":459,"width":591,"height":11}},{"id":"9b91069a-f78e-4266-b07d-72b5221b1214","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":29,"box":{"x":265,"y":474,"width":627,"height":11}},{"id":"32a41d12-7261-4870-88b3-64de70d2af46","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":29,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"9c87347e-62e3-428f-b31e-f2abcc4a717c","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":29,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"ffec625d-389f-481d-a567-1373fbaeda81","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":29,"box":{"x":265,"y":519,"width":615,"height":11}},{"id":"39cca869-c950-49d4-a48f-3559999c1b90","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":29,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"6ed55972-03dc-4745-8265-c605636f8a22","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":29,"box":{"x":265,"y":549,"width":635,"height":11}},{"id":"5f5452ba-2d94-4d6c-a185-289b58ab2983","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":29,"box":{"x":265,"y":564,"width":642,"height":12}},{"id":"ada53c85-fc72-4ec6-a9c7-af05ea0be4ee","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":29,"box":{"x":265,"y":580,"width":627,"height":11}},{"id":"3656ac06-43b4-40f7-94dd-7190c7615220","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":29,"box":{"x":265,"y":595,"width":628,"height":11}},{"id":"e46ccbf9-26c5-42fc-80f5-119833f70723","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":29,"box":{"x":265,"y":610,"width":460,"height":11}},{"id":"e0c84041-57b0-4c26-a91d-928f7ec6dcb8","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":29,"box":{"x":70,"y":632,"width":818,"height":12}},{"id":"4274ef49-b882-4414-b79f-70e8f00af75d","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":29,"box":{"x":264,"y":647,"width":603,"height":12}},{"id":"655cb203-7a87-408b-8e24-eeb498462307","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":29,"box":{"x":265,"y":663,"width":606,"height":11}},{"id":"e4fd3949-49a6-4a22-84d5-960ebc6ecc14","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":29,"box":{"x":265,"y":678,"width":608,"height":9}},{"id":"32a34f07-722d-4ceb-a26b-3114ec42c1f0","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":29,"box":{"x":265,"y":693,"width":626,"height":11}},{"id":"59a72127-f060-49bc-84c8-76270be2a1f6","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":29,"box":{"x":265,"y":708,"width":591,"height":11}},{"id":"d3cfb31d-f179-4bca-8c64-7d5931eb858a","block_type":"box","text":"various private and non-profit boards.","page_number":29,"box":{"x":264,"y":723,"width":265,"height":11}},{"id":"093c6829-1146-4ea4-8fd5-2e43c3df675c","block_type":"box","text":"Marc D. Stern Marc D. 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Stern* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":79,"y":147,"width":517,"height":9}},{"id":"439692f8-7f2d-4029-ad14-b3609da02df7","block_type":"box","text":"None None","page_number":35,"box":{"x":666,"y":148,"width":192,"height":8}},{"id":"cb0f98ff-0de4-47fa-a5e3-657dde6fdd7b","block_type":"box","text":"Kenneth L. Urish . .","page_number":35,"box":{"x":79,"y":163,"width":142,"height":8}},{"id":"ffe795dd-0d3e-4e0b-bf1d-17f433d1a0ed","block_type":"box","text":"..............................................","page_number":35,"box":{"x":227,"y":170,"width":369,"height":1}},{"id":"07196e51-f4d6-4c4b-8765-a5bf6d778947","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":666,"y":162,"width":228,"height":11}},{"id":"5554d204-36af-4a1c-88de-c7bc25f5633e","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":79,"y":178,"width":517,"height":9}},{"id":"c216012a-1593-4027-bedf-606b790e4baa","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":666,"y":177,"width":228,"height":11}},{"id":"35040f32-8c35-4682-b68c-bdd2ae5269c1","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":193,"width":138,"height":9}},{"id":"f6e9f4ab-ff93-4b15-bf15-8ac7e88f52aa","block_type":"box","text":"Rober t Fairbairn","page_number":35,"box":{"x":79,"y":208,"width":113,"height":9}},{"id":"fc726561-c916-485d-9850-3453205351d6","block_type":"box","text":"..................................................","page_number":35,"box":{"x":195,"y":215,"width":401,"height":2}},{"id":"661a7661-a006-4a0d-b925-00f9cd44167a","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":666,"y":207,"width":228,"height":11}},{"id":"b695bf3f-8251-4e5e-9b49-83d1268e3b4e","block_type":"box","text":"John M. 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As of December 31, 2025 (and,","page_number":35,"box":{"x":69,"y":283,"width":809,"height":12}},{"id":"5df3dbc6-4669-4076-bc0d-3792419d361b","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Trustees of the Trust or their","page_number":35,"box":{"x":68,"y":298,"width":836,"height":12}},{"id":"2154af9c-c799-418d-88f9-3de346aaf65d","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, sub","page_number":35,"box":{"x":70,"y":314,"width":795,"height":11}},{"id":"15d5506a-d219-4060-bb67-3653981e85a9","block_type":"box","text":"advisers, principal underwriter, or any person directly or indirectly controlling, controlled by, or under common control","page_number":35,"box":{"x":69,"y":329,"width":829,"height":11}},{"id":"6c8c9da9-fb55-4dbd-9211-cac4ce174432","block_type":"box","text":"with such entities.","page_number":35,"box":{"x":68,"y":344,"width":129,"height":9}},{"id":"8479d158-9770-4f1d-8978-c4be5d319c72","block_type":"box","text":"Compensation of Trustees","page_number":35,"box":{"x":69,"y":374,"width":190,"height":11}},{"id":"69e28da0-43bf-4274-802c-04320e066e66","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":35,"box":{"x":102,"y":396,"width":791,"height":12}},{"id":"54ec7032-d89d-45a4-81a2-04b0880271dd","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":35,"box":{"x":68,"y":412,"width":810,"height":11}},{"id":"39c2a261-be89-424a-87ba-3b0e60c9e6bd","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":35,"box":{"x":70,"y":426,"width":838,"height":12}},{"id":"2a358dce-7427-49fc-b474-a88e19ce3496","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":35,"box":{"x":69,"y":442,"width":807,"height":11}},{"id":"358a4062-2cbf-4618-8d0a-a5b3a3966daf","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":35,"box":{"x":69,"y":457,"width":791,"height":12}},{"id":"c3e53766-7ba6-41f7-9791-423d5ff6b597","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":35,"box":{"x":68,"y":472,"width":786,"height":12}},{"id":"b26b69c4-482b-402a-9cb5-82628f2744e3","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":35,"box":{"x":69,"y":487,"width":769,"height":12}},{"id":"1edd9ad9-44bf-4c38-979e-c336f051efed","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":35,"box":{"x":69,"y":503,"width":778,"height":11}},{"id":"ae51958e-f779-405a-8f85-d4cdfbff2c63","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":35,"box":{"x":69,"y":517,"width":689,"height":12}},{"id":"1c17db2f-60ea-493a-8348-32edbfe3867d","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund for the","page_number":35,"box":{"x":101,"y":540,"width":771,"height":12}},{"id":"2502c64f-297e-4c16-9c4c-dcd1cf58b7f5","block_type":"box","text":"fiscal year ended April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for","page_number":35,"box":{"x":68,"y":555,"width":816,"height":12}},{"id":"6c3b35be-52e2-4dbf-97de-cdca78d8663d","block_type":"box","text":"the calendar year ended December 31, 2025.","page_number":35,"box":{"x":68,"y":571,"width":326,"height":11}},{"id":"d8f5084a-ca73-4c1b-b47d-200ee3651cea","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"b07ea26a-572d-4a1c-8cf4-fd81195e2477","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8901d382-7e9f-4720-b2be-b8fa7e2faf41","block_type":"box","text":"Name","page_number":36,"box":{"x":69,"y":108,"width":32,"height":7}},{"id":"0c14108b-c9a3-42cb-acb5-e15e3b6b6857","block_type":"box","text":"Compensation from","page_number":36,"box":{"x":547,"y":98,"width":112,"height":9}},{"id":"b1ee2054-732e-4702-97d9-3f33249231e5","block_type":"box","text":"the Fund","page_number":36,"box":{"x":577,"y":108,"width":51,"height":7}},{"id":"81d2e100-c2d2-428b-a244-284e30062401","block_type":"box","text":"Estimated Annual","page_number":36,"box":{"x":690,"y":88,"width":101,"height":7}},{"id":"0ee79441-4806-4907-a287-a62486a9c8cb","block_type":"box","text":"Benefits upon","page_number":36,"box":{"x":701,"y":98,"width":79,"height":9}},{"id":"bd8b75f7-c3ae-4077-baf0-b3aa0f706acd","block_type":"box","text":"Retirement","page_number":36,"box":{"x":709,"y":108,"width":64,"height":7}},{"id":"deb5931e-9b1e-4394-bfbb-1652f1613755","block_type":"box","text":"Aggregate","page_number":36,"box":{"x":835,"y":58,"width":61,"height":9}},{"id":"1ce02910-765c-4087-85f0-fa2174dbb857","block_type":"box","text":"Compensation","page_number":36,"box":{"x":824,"y":68,"width":83,"height":9}},{"id":"1f7a0472-8d7f-444b-b92d-0951ca2ef4c5","block_type":"box","text":"from the Fund","page_number":36,"box":{"x":825,"y":78,"width":80,"height":7}},{"id":"fd7cb7dc-64b2-4ce5-94e5-608c412d9dc2","block_type":"box","text":"and Other","page_number":36,"box":{"x":837,"y":88,"width":57,"height":7}},{"id":"f0c82d62-8bce-4b15-bf10-a5d01355ada1","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":833,"y":98,"width":66,"height":7}},{"id":"93a8f8b7-0268-497b-a2f0-19ecb48d9063","block_type":"box","text":"Advised Funds","page_number":36,"box":{"x":821,"y":108,"width":84,"height":7}},{"id":"7b691441-71aa-4f94-ae7d-00eaaecad7e9","block_type":"box","text":"1","page_number":36,"box":{"x":906,"y":108,"width":4,"height":4}},{"id":"ce7a206e-b859-484f-a7a0-3bcb970c0bd8","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":70,"y":126,"width":154,"height":11}},{"id":"726401cf-1a14-4198-bb09-6643e9b55025","block_type":"box","text":"Christopher J. 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Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,621 None","page_number":36,"box":{"x":79,"y":186,"width":679,"height":12}},{"id":"137b27e1-dc89-40bf-b8fd-b8be719db12a","block_type":"box","text":"$467,500","page_number":36,"box":{"x":830,"y":186,"width":72,"height":11}},{"id":"73bf50b7-d40e-4ac1-9f5d-bd8e4187811b","block_type":"box","text":"Jeffrey Jarczyk","page_number":36,"box":{"x":78,"y":201,"width":103,"height":12}},{"id":"86361e9b-3faa-462a-bf84-8fca9ca9e7e6","block_type":"box","text":"2","page_number":36,"box":{"x":181,"y":202,"width":4,"height":4}},{"id":"9ee3ef32-ea78-437f-b397-d9e29a1d03e3","block_type":"box","text":".........................................","page_number":36,"box":{"x":187,"y":209,"width":328,"height":1}},{"id":"f9a47796-0ba4-46b9-b116-f332a014362a","block_type":"box","text":"$392 None None","page_number":36,"box":{"x":584,"y":201,"width":299,"height":10}},{"id":"ef16bd73-7c48-4a2c-a0ab-6750154e459d","block_type":"box","text":"Henry R. 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Perlowski","page_number":36,"box":{"x":78,"y":368,"width":127,"height":9}},{"id":"0f007488-b8b5-4455-a298-892a9fc062fc","block_type":"box","text":"......................................","page_number":36,"box":{"x":212,"y":375,"width":303,"height":2}},{"id":"6b1eefe8-7ae6-4c3a-a1e9-739e8c032083","block_type":"box","text":"None None None","page_number":36,"box":{"x":586,"y":368,"width":297,"height":9}},{"id":"c8743b2f-7c20-4455-a5dc-26596c773c72","block_type":"box","text":"1","page_number":36,"box":{"x":69,"y":392,"width":3,"height":4}},{"id":"5130e276-27ac-4154-ab7d-cbf85b1f4196","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":36,"box":{"x":94,"y":392,"width":786,"height":9}},{"id":"a363c893-31cf-494a-96f9-07de8e069e59","block_type":"box","text":"page I-14.","page_number":36,"box":{"x":94,"y":403,"width":55,"height":8}},{"id":"4a7e4340-0927-4779-8472-5ff38a0cbc37","block_type":"box","text":"2","page_number":36,"box":{"x":69,"y":415,"width":3,"height":4}},{"id":"2b11780e-ac9b-4ca9-9b14-1eecabbaa566","block_type":"box","text":"Compensation includes $392 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":36,"box":{"x":93,"y":414,"width":724,"height":10}},{"id":"9113f558-835a-4bfe-b943-f14819f3182c","block_type":"box","text":"3","page_number":36,"box":{"x":69,"y":428,"width":3,"height":3}},{"id":"2936de77-9659-4b1c-9478-215e0ecbaa5c","block_type":"box","text":"Chair of the Audit Committee.","page_number":36,"box":{"x":93,"y":427,"width":168,"height":8}},{"id":"22ff8449-a17c-40db-9db7-7c8ba9caa446","block_type":"box","text":"4","page_number":36,"box":{"x":68,"y":440,"width":4,"height":4}},{"id":"84e37e74-2b7a-4d53-8fed-b6dcbb8e52f9","block_type":"box","text":"Chair of the Governance Committee.","page_number":36,"box":{"x":93,"y":440,"width":206,"height":7}},{"id":"c3119836-5cc3-4ee9-bd09-9921f39ed409","block_type":"box","text":"5","page_number":36,"box":{"x":69,"y":453,"width":3,"height":3}},{"id":"265a9eb3-8a72-4f63-87b9-94ef687cb033","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":36,"box":{"x":93,"y":453,"width":269,"height":9}},{"id":"2844cdea-8fbe-4e22-8c85-f939f47f3144","block_type":"box","text":"6","page_number":36,"box":{"x":69,"y":465,"width":3,"height":4}},{"id":"f2ef602f-1ba5-4558-a9d6-ad858060e59c","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":36,"box":{"x":93,"y":465,"width":352,"height":9}},{"id":"e902ffb2-db6d-429d-bd8a-e81a35af56a4","block_type":"box","text":"7","page_number":36,"box":{"x":69,"y":478,"width":3,"height":4}},{"id":"e8bc0d62-0f29-4fb8-b5c4-a218a674d1fd","block_type":"box","text":"Chair of the Compliance Committee.","page_number":36,"box":{"x":93,"y":478,"width":205,"height":9}},{"id":"e1b78647-f9cc-4763-86f8-628fadf145c4","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":36,"box":{"x":69,"y":506,"width":432,"height":11}},{"id":"9a3b405e-1b44-4de3-adf6-89146f5aab96","block_type":"box","text":"Management Agreement","page_number":36,"box":{"x":69,"y":537,"width":180,"height":11}},{"id":"267e0fe1-65d7-4eaa-ab69-daac4e5a43eb","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":36,"box":{"x":101,"y":559,"width":805,"height":12}},{"id":"8733baad-580b-42f6-a081-a9e404d47333","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":36,"box":{"x":68,"y":574,"width":736,"height":12}},{"id":"7bfb7b24-0181-4b88-9c1e-c79a8e294945","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":36,"box":{"x":102,"y":597,"width":762,"height":11}},{"id":"d1b28bc5-4ae2-4cfc-ad57-53f0c0252d7a","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":36,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"e9dd91cf-8f70-44ed-87a4-46500b590e9c","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":36,"box":{"x":68,"y":627,"width":726,"height":12}},{"id":"af24b4f7-9a62-4d24-8777-bddd8939024b","block_type":"box","text":"June 30, 2028. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":36,"box":{"x":69,"y":642,"width":797,"height":12}},{"id":"2cf15642-fdc4-4034-8527-a393497e8624","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":36,"box":{"x":69,"y":658,"width":789,"height":11}},{"id":"0c5e75ee-18ce-48bc-8f8c-16ddaa4b4ae9","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’","page_number":36,"box":{"x":70,"y":673,"width":810,"height":11}},{"id":"1a3e32d8-e533-4b78-93e6-ba24492258f0","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":36,"box":{"x":69,"y":688,"width":827,"height":11}},{"id":"3340bc36-b744-427e-8177-d8aae6a024f0","block_type":"box","text":"Fund.","page_number":36,"box":{"x":70,"y":703,"width":36,"height":9}},{"id":"63eadf06-43c3-4a00-abed-40fe4dce8df6","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with each of BIL, BNA and BRS, pursuant to which","page_number":36,"box":{"x":102,"y":726,"width":739,"height":11}},{"id":"229be6a9-cd52-4713-8909-4df51092ad30","block_type":"box","text":"BlackRock pays each of BIL, BNA and BRS for providing services to BlackRock with respect to that por tion of the","page_number":36,"box":{"x":70,"y":741,"width":801,"height":11}},{"id":"019de503-430c-4e84-933b-79b3c5ba9b12","block_type":"box","text":"Fund for which BIL, BNA and BRS, respectively, acts as sub-adviser a monthly fee at an annual rate equal to a","page_number":36,"box":{"x":70,"y":756,"width":781,"height":11}},{"id":"778387f1-6504-4e5f-b704-bfe48e2c6d3f","block_type":"box","text":"percentage of the management fee paid to BlackRock under the Management Agreement.","page_number":36,"box":{"x":70,"y":771,"width":638,"height":11}},{"id":"b7bcd9f8-f110-4feb-8501-1035caff195f","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":36,"box":{"x":102,"y":794,"width":773,"height":11}},{"id":"0763f612-661d-4910-b2d3-948b983db4a1","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":36,"box":{"x":68,"y":809,"width":787,"height":11}},{"id":"79302b0a-d9ed-4360-88b4-1a7cede9f651","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and cer tain other Fund expenses (as defined in the","page_number":36,"box":{"x":70,"y":824,"width":811,"height":11}},{"id":"f2af7bfd-4a18-4aa7-8398-29d256ca83cc","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 1.37% for Investor A Shares, 2.14% for","page_number":36,"box":{"x":70,"y":839,"width":779,"height":11}},{"id":"5ff4a1d0-bbb3-4a3b-bef6-1e0ef5afd84b","block_type":"box","text":"Investor C Shares, 0.89% for Institutional Shares, 0.84% for Class K Shares, and 1.17% for Service Shares through","page_number":36,"box":{"x":70,"y":854,"width":825,"height":11}},{"id":"cee6e891-0f80-4242-ae60-27e8379f52d3","block_type":"box","text":"June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent","page_number":36,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"f30cac1b-b25c-479b-a8a6-ce24f7079e79","block_type":"box","text":"Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":36,"box":{"x":68,"y":884,"width":588,"height":12}},{"id":"74915f45-7656-46d1-a412-2d2e732aa4cc","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"52cd2ded-b413-4c93-a732-7ef94d5a35e7","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"114370fa-6c70-4ffe-b3d5-8c4c70c69491","block_type":"box","text":"The table below sets for th information about the management fees paid by the Trust, on behalf of the Fund, to","page_number":37,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"85bc2681-b915-4ff5-9462-087d50d5c8b9","block_type":"box","text":"BlackRock (which includes amounts paid by BlackRock to the Sub-Advisers), and the amounts waived and/or","page_number":37,"box":{"x":70,"y":60,"width":773,"height":11}},{"id":"22b2d938-d5c0-4547-b15a-cdcf0c39ee1b","block_type":"box","text":"reimbursed, for the periods shown.","page_number":37,"box":{"x":69,"y":75,"width":248,"height":11}},{"id":"d7d8d643-b4ec-4f69-994c-f8651e4f7049","block_type":"box","text":"Fees Paid to","page_number":37,"box":{"x":585,"y":103,"width":72,"height":7}},{"id":"170bde2b-a510-4f87-a8e7-2cc18a39e2cf","block_type":"box","text":"BlackRock","page_number":37,"box":{"x":590,"y":113,"width":63,"height":7}},{"id":"5190987d-2e19-465d-aa2d-451de56aa727","block_type":"box","text":"Fees Waived","page_number":37,"box":{"x":704,"y":103,"width":72,"height":7}},{"id":"757c776c-14ae-4b53-9b5c-72ff18cbc6b7","block_type":"box","text":"by BlackRock","page_number":37,"box":{"x":700,"y":113,"width":80,"height":9}},{"id":"68eaf68e-659c-404f-abbb-fd6acdbfba79","block_type":"box","text":"Fees Reimbursed","page_number":37,"box":{"x":810,"y":103,"width":99,"height":7}},{"id":"6c98b82c-a928-44b1-b4e3-04a96488abf3","block_type":"box","text":"by BlackRock","page_number":37,"box":{"x":820,"y":113,"width":80,"height":9}},{"id":"a7539a17-0c81-449e-8fd2-47256f82e4f9","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":131,"width":325,"height":11}},{"id":"fecaa9a8-b855-4d1f-85c6-f0302609d721","block_type":"box","text":"..................","page_number":37,"box":{"x":401,"y":138,"width":140,"height":2}},{"id":"80877f96-d136-46ce-97d8-c200f5256a63","block_type":"box","text":"$18,610,415 $84,232 $0","page_number":37,"box":{"x":573,"y":130,"width":295,"height":11}},{"id":"61f4107a-a0f7-4ce7-9fe0-450016fd19c8","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":146,"width":325,"height":11}},{"id":"aebff8cb-7999-49e3-b425-54f135ce8fd2","block_type":"box","text":"..................","page_number":37,"box":{"x":401,"y":154,"width":140,"height":1}},{"id":"d72e6341-33ae-4821-8a2b-517b28223d22","block_type":"box","text":"$11,382,359 $68,858 $0","page_number":37,"box":{"x":573,"y":145,"width":295,"height":12}},{"id":"7235a3af-27d3-4362-bec2-ee05014c1976","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":161,"width":325,"height":11}},{"id":"3bd1e65d-95e7-4fc1-b482-17f77a6810bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 8,","page_number":37,"box":{"x":401,"y":161,"width":204,"height":11}},{"id":"b133d07a-995b-4a69-810f-7268247ca078","block_type":"box","text":"220,953 $53,174 $0","page_number":37,"box":{"x":607,"y":161,"width":261,"height":11}},{"id":"0e7547ce-1588-431b-b1e2-6ebc12ce7413","block_type":"box","text":"Administration Agreement","page_number":37,"box":{"x":68,"y":193,"width":191,"height":11}},{"id":"6e6952d2-c6bd-4cee-b61d-6d8105cd0693","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":37,"box":{"x":102,"y":216,"width":711,"height":10}},{"id":"da768ff0-000e-4521-a7cf-76a28e6fbb2c","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":37,"box":{"x":69,"y":230,"width":838,"height":12}},{"id":"658c2235-12c1-45af-89f5-b1bf51eb0267","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":37,"box":{"x":68,"y":246,"width":830,"height":11}},{"id":"19e51342-e9e7-4131-ab28-c8f9f3093505","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":37,"box":{"x":70,"y":261,"width":813,"height":11}},{"id":"df54e50c-a359-4ece-8b22-88af05c81068","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":37,"box":{"x":69,"y":276,"width":837,"height":11}},{"id":"a0b85e20-76a1-4599-ba17-6631288414e9","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":37,"box":{"x":68,"y":291,"width":836,"height":11}},{"id":"c72a320f-e4ce-4e94-8c66-5384a774168b","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":37,"box":{"x":68,"y":306,"width":785,"height":11}},{"id":"b9115875-78c0-4d76-9227-8f4952550194","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":37,"box":{"x":69,"y":321,"width":765,"height":11}},{"id":"41a115a4-f9ac-4978-82ef-6c4dbab153a4","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":37,"box":{"x":70,"y":336,"width":819,"height":12}},{"id":"76a49f0d-e748-4965-b5e7-f07e66922e08","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. 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The Trust, on behalf of the Fund,","page_number":37,"box":{"x":69,"y":726,"width":824,"height":11}},{"id":"edc05f1c-94d3-4eca-8593-5f74bac69b84","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":37,"box":{"x":69,"y":741,"width":787,"height":12}},{"id":"9ac61d2e-5e5d-40be-80ca-d81da2285831","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":37,"box":{"x":69,"y":756,"width":531,"height":12}},{"id":"8bcf8437-e3a1-4790-a65f-706b0a1d3493","block_type":"box","text":"The Trust reimbursed BlackRock for such services to the Fund for the periods shown as shown below.","page_number":37,"box":{"x":101,"y":779,"width":724,"height":11}},{"id":"52a5f4d9-cfcd-4a10-99a9-186278651ee8","block_type":"box","text":"Fees Paid to BlackRock Fees Waived by 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Pooled","page_number":38,"box":{"x":725,"y":227,"width":75,"height":7}},{"id":"529495e2-ed3e-4a28-8ae5-15a6f4f550f4","block_type":"box","text":"Investment","page_number":38,"box":{"x":731,"y":237,"width":64,"height":7}},{"id":"6fb21a27-d9f4-4501-b22d-abcf9e0556fe","block_type":"box","text":"Vehicles","page_number":38,"box":{"x":738,"y":247,"width":49,"height":7}},{"id":"039e7d62-be65-4e5d-811b-da854e0f4bc3","block_type":"box","text":"Other","page_number":38,"box":{"x":845,"y":237,"width":32,"height":7}},{"id":"d832e1b6-1402-47c4-a345-8ff75342218b","block_type":"box","text":"Accounts","page_number":38,"box":{"x":833,"y":247,"width":55,"height":7}},{"id":"bfed6281-06e5-4868-b2c9-beaffece404e","block_type":"box","text":"Thomas Becker 12 33 2 0 6 0","page_number":38,"box":{"x":73,"y":261,"width":791,"height":7}},{"id":"bc29f502-150a-41cf-bf26-dbd21e02c62a","block_type":"box","text":"$4.51 Billion $11.17 Billion $915.50 Million $0 $3.13 Billion $0","page_number":38,"box":{"x":325,"y":273,"width":543,"height":8}},{"id":"58d7fb70-db76-42fe-8550-1af9102301a0","block_type":"box","text":"Philip Green 27 55 16 0 6 6","page_number":38,"box":{"x":74,"y":286,"width":790,"height":9}},{"id":"d44801a1-183a-491f-b5aa-2d3c12c0c8b3","block_type":"box","text":"$17.41 Billion $32.56 Billion $13.63 Billion $0 $2.92 Billion $6.56 Billion","page_number":38,"box":{"x":321,"y":298,"width":576,"height":8}},{"id":"2cddd5da-6573-4f63-9150-3668d48d1f8c","block_type":"box","text":"Richard Murrall 3 22 6 0 5 2","page_number":38,"box":{"x":74,"y":311,"width":790,"height":7}},{"id":"8ac52a3c-8b50-4823-b011-7ec06a23b27e","block_type":"box","text":"$4.08 Billion $20.50 Billion $8.50 Billion $0 $2.95 Billion $2.86 Billion","page_number":38,"box":{"x":325,"y":323,"width":572,"height":8}},{"id":"e46e6967-6c0d-492b-80c3-357d2b647e73","block_type":"box","text":"Michael Pensky 27 65 6 0 8 0","page_number":38,"box":{"x":74,"y":336,"width":790,"height":9}},{"id":"0c5b1695-84d7-453d-bb6e-0d7ff1e9bb6a","block_type":"box","text":"$17.23 Billion $25.54 Billion $1.12 Billion $0 $3.49 Billion $0","page_number":38,"box":{"x":321,"y":348,"width":547,"height":9}},{"id":"0cd92bc6-d7e8-4b33-b2b3-d476195484bc","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":38,"box":{"x":69,"y":383,"width":304,"height":11}},{"id":"3ce53ba8-65e9-43cc-b021-72c4ebf1c86c","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of April 30, 2026.","page_number":38,"box":{"x":101,"y":406,"width":658,"height":11}},{"id":"8a65f9ab-f58b-462c-b691-69c41dc10d96","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":38,"box":{"x":102,"y":428,"width":774,"height":12}},{"id":"1f4a7855-c0a3-417c-812d-94e6c02ffd74","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":38,"box":{"x":70,"y":443,"width":837,"height":12}},{"id":"489ccda6-18f8-4394-ab85-798c8a52fff9","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":38,"box":{"x":69,"y":458,"width":823,"height":12}},{"id":"fa58c645-ce19-4e58-82e0-3b2d6ab5c3a1","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":38,"box":{"x":69,"y":474,"width":799,"height":11}},{"id":"e44733ff-95b1-482e-baca-1d319344dc4c","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":38,"box":{"x":70,"y":489,"width":670,"height":11}},{"id":"10173b59-ce1b-4c22-8598-8cd5eab3d658","block_type":"box","text":"Base Compensation.","page_number":38,"box":{"x":102,"y":512,"width":148,"height":10}},{"id":"fab06290-be7b-4faa-bd50-a68fa608ca83","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":38,"box":{"x":257,"y":511,"width":640,"height":12}},{"id":"33cfda27-dc18-41a5-ba41-c3e07a845423","block_type":"box","text":"firm.","page_number":38,"box":{"x":68,"y":526,"width":32,"height":9}},{"id":"915c36e5-14f6-4ddf-a346-8c32942b8267","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":38,"box":{"x":102,"y":549,"width":281,"height":11}},{"id":"c13f2a22-1ed9-4de1-a157-3ef49c132fc3","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":38,"box":{"x":391,"y":549,"width":432,"height":11}},{"id":"eafd619c-f159-453e-8fbc-f9d1bca0cbfc","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":38,"box":{"x":69,"y":564,"width":759,"height":12}},{"id":"b4f8dbec-65a1-4889-b944-e7af983c02b5","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":38,"box":{"x":70,"y":579,"width":821,"height":12}},{"id":"f9bf07bb-d8fa-4001-b12a-9b771dfe2d38","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":38,"box":{"x":69,"y":595,"width":819,"height":11}},{"id":"96dc1a83-c809-4519-a4aa-2e10a2083b30","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. Among other things, BlackRock’s Chief","page_number":38,"box":{"x":69,"y":610,"width":811,"height":11}},{"id":"13965284-3702-4888-8ef0-697934263503","block_type":"box","text":"Investment Officers make a subjective determination with respect to each por tfolio manager’s compensation based","page_number":38,"box":{"x":70,"y":625,"width":824,"height":11}},{"id":"9035fd00-b65e-44eb-9047-4304184d545f","block_type":"box","text":"on the per formance of the Funds and other accounts managed by each por tfolio manager relative to the various","page_number":38,"box":{"x":69,"y":640,"width":798,"height":11}},{"id":"542eb9c0-7cd9-4e15-acc9-4b39ca1b4bcb","block_type":"box","text":"benchmarks. Per formance is generally assessed over trailing 1-,3-, and 5-year periods relative to applicable","page_number":38,"box":{"x":69,"y":655,"width":766,"height":11}},{"id":"ddd2f031-c7b9-4b19-9248-fe82cb141711","block_type":"box","text":"benchmarks. The relative benchmarks for Messrs. Green, Becker, Pensky and Murrall are:","page_number":38,"box":{"x":69,"y":670,"width":640,"height":11}},{"id":"7268d24c-f5f7-4fc4-b132-a3971b9ce279","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":38,"box":{"x":69,"y":698,"width":267,"height":9}},{"id":"d1d1f67e-80ab-464a-9b75-2eaf4aa4ba4c","block_type":"box","text":"Thomas Becker A combination of market-based indices (MSCI EAFE, ICE BofA 3-Month U.S. Treasury Bill","page_number":38,"box":{"x":68,"y":715,"width":822,"height":11}},{"id":"025fd7b9-049d-468c-8efb-e4fc82f6dc28","block_type":"box","text":"Index), cer tain customized indices and cer tain fund industry peer groups.","page_number":38,"box":{"x":265,"y":730,"width":521,"height":11}},{"id":"98ddf5cd-c7f6-4b05-96f4-008750364d6a","block_type":"box","text":"Philip Green A combination of market based indices (Russell 1000, MSCI All Country World Index, ICE","page_number":38,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"9b067386-e330-4f7a-833a-dec72cb0bbed","block_type":"box","text":"BofA 3-Month US T Bill), cer tain custom indices and cer tain fund industry peer groups.","page_number":38,"box":{"x":265,"y":768,"width":616,"height":11}},{"id":"8244cac7-a527-46b2-8668-92c555c8d94f","block_type":"box","text":"Richard Murrall, CFA A combination of market-based indices (MSCI IMI, BBG Global Agg, ICE BofA 3-Month U.S.","page_number":38,"box":{"x":70,"y":790,"width":834,"height":12}},{"id":"7e46fc3d-2ac1-4425-9cf2-b595a8eb72db","block_type":"box","text":"Treasury Bill Index), cer tain customized indices and cer tain fund industry peer groups.","page_number":38,"box":{"x":264,"y":806,"width":615,"height":11}},{"id":"ca6ba6b6-19df-4a1d-8000-647d10ed093a","block_type":"box","text":"Michael Pensky, CFA A combination of market-based indices (MSCI EAFE, Russell 3000, Bloomberg U.S.","page_number":38,"box":{"x":70,"y":828,"width":785,"height":12}},{"id":"883e4fcc-2e36-4830-b8fc-a7d24671aad2","block_type":"box","text":"Aggregate Bond Index, ICE BofA 3-Month US T Bill), cer tain customized indices and","page_number":38,"box":{"x":264,"y":843,"width":590,"height":12}},{"id":"84970c1a-8418-4127-8b47-eeecc1a53a96","block_type":"box","text":"cer tain fund industry peer groups.","page_number":38,"box":{"x":264,"y":858,"width":242,"height":12}},{"id":"af21773d-e31f-4504-98e1-c500865e6d1a","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":38,"box":{"x":102,"y":882,"width":389,"height":12}},{"id":"385444ac-fc4d-4fb7-927b-07e99b989d5e","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":38,"box":{"x":499,"y":883,"width":383,"height":11}},{"id":"ad9aa4b4-a628-43ed-8515-55f64dacfb25","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":38,"box":{"x":70,"y":898,"width":815,"height":11}},{"id":"dcf8e074-0e00-48da-9c52-83a979a02a89","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":38,"box":{"x":68,"y":913,"width":522,"height":11}},{"id":"cc3798de-eed1-4b27-a227-18b631815921","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"45d15427-be8a-4a8d-8952-28da688f4439","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74511a02-69fd-4822-bf5b-67d77da124d6","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":39,"box":{"x":102,"y":45,"width":760,"height":11}},{"id":"1fa09573-2878-44fa-bfb5-771ece121aa3","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":39,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"d6d7837c-f15e-43f7-b712-777fef8d76f1","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":39,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"11498348-ed9e-49f9-a26e-75c3520806e6","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":39,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"c2272ecb-6dfe-4d19-b9a1-44230c9576f5","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":39,"box":{"x":68,"y":105,"width":839,"height":11}},{"id":"4bbdc530-b6cb-4f67-9a9a-c1a103d947e7","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":39,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"84195a89-a86c-4266-905c-e43a26b04558","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":39,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"70942b9c-ba33-40a2-a861-010f3e96558a","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":39,"box":{"x":70,"y":150,"width":801,"height":12}},{"id":"5de4b244-a444-4e17-bf1d-5983895bc7d3","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":39,"box":{"x":70,"y":166,"width":831,"height":11}},{"id":"21ba48f3-35d7-4d37-a7a3-d65e0243d911","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":39,"box":{"x":69,"y":181,"width":479,"height":11}},{"id":"98c17ac1-3738-4193-93e7-ba6546169b80","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":39,"box":{"x":102,"y":203,"width":785,"height":12}},{"id":"432e77a3-a0ed-4ce9-b493-4ee281fe86cb","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":39,"box":{"x":68,"y":218,"width":836,"height":12}},{"id":"9b5f8d7e-e626-43a0-812b-e842d857efe2","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":39,"box":{"x":68,"y":234,"width":821,"height":11}},{"id":"e1c2a645-65db-492a-a584-9ddd4f28c9cc","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":39,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"57869745-9acb-4c23-8154-c2ddb2c75f27","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":39,"box":{"x":70,"y":264,"width":835,"height":11}},{"id":"9e1f007d-0d07-4669-a5a5-3d9f36bfbb20","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":39,"box":{"x":69,"y":279,"width":414,"height":11}},{"id":"413f602e-1ae0-415c-aefe-3c81138c48ee","block_type":"box","text":"Other Compensation Benefits.","page_number":39,"box":{"x":101,"y":302,"width":218,"height":11}},{"id":"154a2362-71be-4321-8c29-5bbb70f8685e","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":39,"box":{"x":327,"y":302,"width":552,"height":11}},{"id":"076a811f-cd6b-4d67-b752-736dffb3f426","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":39,"box":{"x":69,"y":317,"width":582,"height":11}},{"id":"5e760d82-8696-495c-9167-11e2703b70b4","block_type":"box","text":"Incentive Savings Plans","page_number":39,"box":{"x":102,"y":340,"width":167,"height":11}},{"id":"eab9ea15-f501-46fb-a139-4eb88e5db28f","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":39,"box":{"x":274,"y":339,"width":614,"height":12}},{"id":"23dc1215-a4db-49c6-9757-b3554e8e2e5e","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":39,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"af1bb720-180c-4ea1-b29e-f35c7ec32836","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":39,"box":{"x":70,"y":370,"width":785,"height":11}},{"id":"f1b1f152-f42f-4a86-8da6-5d13cdce7fc7","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":39,"box":{"x":69,"y":384,"width":830,"height":12}},{"id":"96910122-4a7b-4c59-9333-8aa58bf81d35","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":39,"box":{"x":69,"y":400,"width":799,"height":11}},{"id":"335125e5-67d1-4ee1-990d-b474469600f5","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":39,"box":{"x":69,"y":414,"width":831,"height":12}},{"id":"148b1eb2-0be7-47c7-9e8d-0b258d654f87","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":39,"box":{"x":69,"y":430,"width":798,"height":11}},{"id":"9345dd04-96ad-4568-a6b6-6b1993683c5d","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":39,"box":{"x":70,"y":445,"width":809,"height":12}},{"id":"90fadf0d-be55-4ac2-a56b-57f978decd6e","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":39,"box":{"x":68,"y":460,"width":793,"height":12}},{"id":"30a7eff6-0beb-4b92-95e6-59feb4d8a887","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":39,"box":{"x":70,"y":475,"width":832,"height":11}},{"id":"47623c1e-c85b-4bbd-9894-01344d4ebde7","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":39,"box":{"x":68,"y":491,"width":805,"height":11}},{"id":"94212add-5fd1-4515-ba54-d593e5c117c7","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":39,"box":{"x":69,"y":505,"width":808,"height":12}},{"id":"2792e5b1-0b84-4379-8dc4-b7ad8f11d37d","block_type":"box","text":"par ticipate in these plans.","page_number":39,"box":{"x":70,"y":521,"width":185,"height":11}},{"id":"b964c106-8466-4286-9a30-39e12385948f","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":39,"box":{"x":69,"y":551,"width":268,"height":11}},{"id":"9a65dca0-6f95-4a83-9726-cb7aae67f7ff","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":39,"box":{"x":101,"y":574,"width":733,"height":11}},{"id":"9483bf60-8681-41f3-8a57-100413187221","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":39,"box":{"x":69,"y":589,"width":519,"height":11}},{"id":"4ff8eb5b-8d71-4a61-8847-6079f4e0c265","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":69,"y":627,"width":105,"height":9}},{"id":"e02f1195-3f6a-48bc-9822-d0216a994ee6","block_type":"box","text":"Dollar Range of Equity","page_number":39,"box":{"x":759,"y":617,"width":129,"height":9}},{"id":"e67b9db5-da0f-435a-8da5-74719e706839","block_type":"box","text":"Securities Beneficially Owned","page_number":39,"box":{"x":736,"y":627,"width":173,"height":9}},{"id":"a23c78c5-8838-41d4-a5aa-322dd99a146e","block_type":"box","text":"Philip Green","page_number":39,"box":{"x":69,"y":645,"width":84,"height":11}},{"id":"19ed2041-56cc-4350-8c6f-4e908022a14e","block_type":"box","text":"....................................................................","page_number":39,"box":{"x":157,"y":652,"width":548,"height":2}},{"id":"d122714e-c140-42f7-b363-28ed653e8439","block_type":"box","text":"$100,001 - $500,000","page_number":39,"box":{"x":744,"y":644,"width":158,"height":11}},{"id":"1564e885-8d92-4786-8058-b63cffa118a8","block_type":"box","text":"Thomas Becker . . .","page_number":39,"box":{"x":68,"y":660,"width":132,"height":9}},{"id":"441063ee-e421-48a3-86ff-0a0a0ebb8dff","block_type":"box","text":"..............................................................","page_number":39,"box":{"x":206,"y":668,"width":499,"height":1}},{"id":"4c79bb93-0bd8-4831-afea-05558c7bc03d","block_type":"box","text":"$100,001 - $500,000","page_number":39,"box":{"x":744,"y":659,"width":158,"height":12}},{"id":"00259b6b-5117-4457-a3f5-981b3468a27e","block_type":"box","text":"Michael Pensky, CFA","page_number":39,"box":{"x":70,"y":675,"width":144,"height":11}},{"id":"0aac3b08-79ae-48fa-a985-3b19bc838d26","block_type":"box","text":"............................................................","page_number":39,"box":{"x":223,"y":683,"width":482,"height":1}},{"id":"e5ce5b5c-b4af-4803-8a40-50cb34383056","block_type":"box","text":"$10,001 - $50,000","page_number":39,"box":{"x":754,"y":675,"width":138,"height":11}},{"id":"4700a1bf-7b4c-4037-9377-379c4fe8ceb1","block_type":"box","text":"Richard Murrall, CFA","page_number":39,"box":{"x":70,"y":690,"width":143,"height":11}},{"id":"3ab29205-be75-4473-a496-c937e0c1abbb","block_type":"box","text":"............................................................","page_number":39,"box":{"x":223,"y":698,"width":482,"height":1}},{"id":"3d09d73a-c212-4cbf-9a58-9522f8b8144e","block_type":"box","text":"$50,001 - $100,000","page_number":39,"box":{"x":749,"y":690,"width":148,"height":11}},{"id":"3f267a12-08a8-40bb-97b2-eb17de0a2d8c","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":39,"box":{"x":69,"y":722,"width":403,"height":11}},{"id":"9f35e9cd-bd44-4f6a-b5dd-0ce3477288f9","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":39,"box":{"x":102,"y":744,"width":727,"height":12}},{"id":"a0d1d420-1efe-4365-9e09-bd76876ea42f","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":39,"box":{"x":70,"y":760,"width":814,"height":11}},{"id":"5186dd5d-f46f-4148-8889-30bb070d5296","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":39,"box":{"x":70,"y":775,"width":837,"height":11}},{"id":"37e523fc-b22c-4fb3-a7dd-217e605264ad","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":39,"box":{"x":70,"y":790,"width":810,"height":11}},{"id":"d0f9e4e9-c3c6-425f-b078-2a0ff1da5eb2","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":39,"box":{"x":69,"y":805,"width":782,"height":11}},{"id":"89a86698-ba51-422b-bb8c-cc008d22722b","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":39,"box":{"x":69,"y":820,"width":830,"height":11}},{"id":"14ddf1f7-19aa-4493-8fec-cbcc34b5930e","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":39,"box":{"x":69,"y":835,"width":828,"height":11}},{"id":"e92fd13b-b5e2-4438-ade6-ed05e5f0f3fe","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":39,"box":{"x":68,"y":850,"width":834,"height":12}},{"id":"4b4b3272-17f0-455e-b527-d0c82cc2a0cf","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":39,"box":{"x":70,"y":865,"width":777,"height":12}},{"id":"33e33863-4471-4477-9d75-cddef13b9ec6","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":39,"box":{"x":70,"y":881,"width":821,"height":11}},{"id":"6ab12d3d-029d-4e89-be8a-6abaa4b22885","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":39,"box":{"x":69,"y":896,"width":819,"height":11}},{"id":"32b5e5ea-5c2c-4806-8f63-2821da39934c","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":39,"box":{"x":69,"y":911,"width":831,"height":11}},{"id":"3d476a54-188a-453b-890b-7c3f6aa2edd3","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"278ce9ee-b1ed-47a4-8a17-aed0b79fd3c5","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74aa4eae-1ecd-42f3-bfe0-ebdd4f584ee9","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":40,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"3534b089-e89c-4951-b42b-25e03841c7a4","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":40,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"c7ae5b2f-f607-4f53-b450-e4ac04c306e8","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":40,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"fc9fe31a-35c0-443b-9bbf-dd6b8e863dbb","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":40,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"fac87767-35b4-485c-bb30-7dc1f7eeab69","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":40,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"00e7c975-abdf-4769-95be-e990a4ecb939","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":40,"box":{"x":70,"y":120,"width":835,"height":12}},{"id":"d6667c42-0cb0-4db2-8806-38edcfe0b847","block_type":"box","text":"be opposed to the strategy utilized for a Fund. It should also be noted that Mr. Green may be managing hedge fund","page_number":40,"box":{"x":69,"y":135,"width":819,"height":12}},{"id":"c2590313-76e2-4d2f-b11d-65a9d5397c4c","block_type":"box","text":"and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts, subject to","page_number":40,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"ccc49e07-730a-4ebd-947b-c731cd78aef2","block_type":"box","text":"incentive fees. Mr. Green may therefore be entitled to receive a por tion of any incentive fees earned on such","page_number":40,"box":{"x":70,"y":166,"width":773,"height":11}},{"id":"3c1d92dd-b9e1-4803-a75b-a81320c5703e","block_type":"box","text":"accounts.","page_number":40,"box":{"x":69,"y":181,"width":67,"height":9}},{"id":"c9bbf382-7b05-4c31-b9bf-f47043a86e3e","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":40,"box":{"x":101,"y":203,"width":788,"height":12}},{"id":"c93f7dee-e867-4157-860e-8935cd3b6646","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":40,"box":{"x":70,"y":218,"width":839,"height":11}},{"id":"9c0045f6-558c-442a-be47-14b9e1aa033a","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":40,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"ed54bc3e-cd70-47e7-b783-f97fd51bc137","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":40,"box":{"x":68,"y":249,"width":812,"height":11}},{"id":"0ecb8070-384e-4ed4-9e69-f177c25ff57a","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":40,"box":{"x":69,"y":264,"width":777,"height":11}},{"id":"96cf5e7e-350c-457f-8738-10a03efa3ab1","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":40,"box":{"x":70,"y":279,"width":826,"height":11}},{"id":"ee59a099-5215-4318-9074-1858607a5c97","block_type":"box","text":"Accounting Services","page_number":40,"box":{"x":68,"y":309,"width":150,"height":11}},{"id":"60719102-cea4-48e9-821b-0c348c93af4b","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":40,"box":{"x":101,"y":332,"width":761,"height":11}},{"id":"765f9a6d-0fe4-47f2-b3a9-34cbf6b8f77f","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":40,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"2c5a3f06-7929-49f2-9ab6-63d321bacfc5","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":40,"box":{"x":69,"y":362,"width":813,"height":11}},{"id":"d5971fdf-04b0-4f45-8768-98faf8b2f738","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":40,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"1ae467b3-ad85-42b3-9fff-f27f6cd7dfbf","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":40,"box":{"x":69,"y":393,"width":792,"height":11}},{"id":"cd404398-d52b-402b-ba0c-04dde457ad88","block_type":"box","text":"positions with the Fund’s custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":40,"box":{"x":70,"y":407,"width":839,"height":11}},{"id":"0205681f-4d2d-4878-9a85-689e07f43487","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":40,"box":{"x":68,"y":423,"width":754,"height":11}},{"id":"f3a9c3ce-21e2-4450-b54a-cabf62d222be","block_type":"box","text":"The table below shows the amounts paid by the Fund to JPM for accounting services for the periods shown.","page_number":40,"box":{"x":101,"y":445,"width":766,"height":12}},{"id":"7a2daaff-8797-41e5-aa18-a4881f6ba238","block_type":"box","text":"Fees Paid to JPM","page_number":40,"box":{"x":809,"y":474,"width":100,"height":7}},{"id":"6ce7b20a-da23-4c42-a6a2-938e5e24c4e6","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":491,"width":487,"height":11}},{"id":"025e8387-b19a-4fb4-8c2f-cc3173a7f7a9","block_type":"box","text":"...........................","page_number":40,"box":{"x":563,"y":499,"width":214,"height":1}},{"id":"58b72ee1-b598-4d1c-99f7-5ad1b77030ea","block_type":"box","text":"$333,484","page_number":40,"box":{"x":823,"y":491,"width":72,"height":11}},{"id":"2b07e0fe-a3b1-4bb6-97c0-1c03c186ecd7","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":506,"width":487,"height":11}},{"id":"2202a53b-2b64-4707-9722-96db66a3d35b","block_type":"box","text":"...........................","page_number":40,"box":{"x":563,"y":514,"width":214,"height":1}},{"id":"51c49068-c64b-4b5a-8f26-bb28bb75b009","block_type":"box","text":"$211,727","page_number":40,"box":{"x":823,"y":506,"width":71,"height":11}},{"id":"e268c6bc-a741-4205-b551-97b4203b7e2f","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":522,"width":487,"height":10}},{"id":"4f250060-6cf6-4cde-a359-7b81abe6d891","block_type":"box","text":"...........................","page_number":40,"box":{"x":563,"y":529,"width":214,"height":1}},{"id":"a680e0a1-ddb2-44ef-bde0-724d8d52701b","block_type":"box","text":"$245,040","page_number":40,"box":{"x":823,"y":521,"width":72,"height":11}},{"id":"4c223c88-0483-4355-a054-f376a1b0aa6d","block_type":"box","text":"Custodian","page_number":40,"box":{"x":69,"y":553,"width":72,"height":9}},{"id":"da8a460e-25b5-48d9-8b9f-7024dcc59822","block_type":"box","text":"JPMorgan Chase Bank, N.A., which has its principal offices at 270 Park Avenue, New York, New York 10017,","page_number":40,"box":{"x":101,"y":576,"width":773,"height":11}},{"id":"2cff5063-6cea-4681-811f-d149e02b4190","block_type":"box","text":"serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities, maintains a","page_number":40,"box":{"x":69,"y":591,"width":810,"height":11}},{"id":"2af52bad-a3c5-43bd-83d6-8cb5bb2d3e9a","block_type":"box","text":"custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase","page_number":40,"box":{"x":69,"y":606,"width":815,"height":11}},{"id":"2dccf070-ef8d-4f49-84b3-c856967255d2","block_type":"box","text":"and upon sale or maturity, and collects and receives all income and other payments and distributions on account of","page_number":40,"box":{"x":69,"y":621,"width":824,"height":11}},{"id":"63c1f5f3-6af1-4f08-8559-c191876772c0","block_type":"box","text":"the assets of the Fund.","page_number":40,"box":{"x":68,"y":636,"width":165,"height":9}},{"id":"1a1aa9a3-59a9-4a8c-9d6a-10ff058ff001","block_type":"box","text":"Transfer Agent","page_number":40,"box":{"x":68,"y":666,"width":107,"height":11}},{"id":"7aff94f8-c62c-4eaa-9f5d-d48ba56939d4","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":40,"box":{"x":102,"y":689,"width":764,"height":11}},{"id":"32167c6d-0557-4b3a-a860-7ed5b34bfcd1","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer agent and dividend disbursement agent for the Fund.","page_number":40,"box":{"x":68,"y":704,"width":816,"height":11}},{"id":"287aafba-fc9f-4991-b8da-c8a79b69f644","block_type":"box","text":"Organization and Management of Wholly-Owned Subsidiary","page_number":40,"box":{"x":69,"y":734,"width":428,"height":12}},{"id":"b0323386-d861-4dca-91e4-ddb28ac5aaf0","block_type":"box","text":"The Fund intends to gain exposure to commodity markets by investing up to 25% of its total assets in the","page_number":40,"box":{"x":101,"y":757,"width":751,"height":11}},{"id":"0edb35ed-4959-4db3-b11c-db2c4d1f6a67","block_type":"box","text":"Subsidiary. The Subsidiary invests primarily in commodity-related instruments.","page_number":40,"box":{"x":69,"y":772,"width":557,"height":11}},{"id":"b7f541f6-61e5-4efd-9727-a05c35f764e0","block_type":"box","text":"The Subsidiary is a company organized under the laws of the Cayman Islands, whose registered office is located","page_number":40,"box":{"x":101,"y":796,"width":803,"height":11}},{"id":"ed2cc3bf-e4f3-4bc9-9526-8a5595428129","block_type":"box","text":"at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KYI-1104, Cayman","page_number":40,"box":{"x":69,"y":811,"width":831,"height":12}},{"id":"650d0f57-91b0-47da-bb79-48a225e01b62","block_type":"box","text":"Islands. The Subsidiary’s affairs are overseen by a board of directors, which is comprised of John M. Perlowski and","page_number":40,"box":{"x":70,"y":826,"width":821,"height":12}},{"id":"2cca014d-1720-447a-ab97-ee58ea30406e","block_type":"box","text":"Trent Walker.","page_number":40,"box":{"x":68,"y":842,"width":91,"height":8}},{"id":"9aebfeeb-808b-4969-ab22-0ea7ea5f3d90","block_type":"box","text":"The Manager provides investment management and administrative services to the Subsidiary. The Manager does","page_number":40,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"abe991b6-7059-49a8-b695-de55783288a7","block_type":"box","text":"not receive separate compensation from the Subsidiary for providing it with investment advisory or administrative","page_number":40,"box":{"x":69,"y":881,"width":808,"height":11}},{"id":"7755ffd0-4886-40d4-8ddd-8a0a8531de85","block_type":"box","text":"services. However, the Fund pays the Manager based on the Fund’s assets, including the assets invested in the","page_number":40,"box":{"x":69,"y":896,"width":800,"height":11}},{"id":"4845e3ad-7f60-45f5-9665-f41ecf8ca959","block_type":"box","text":"Subsidiary. BlackRock has entered into sub-advisory agreements with each of BlackRock International Limited,","page_number":40,"box":{"x":69,"y":911,"width":788,"height":11}},{"id":"b668324f-9108-431f-bf11-6610b1b192ec","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e759a518-3f09-4403-8e93-cb1e63ea8a35","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efb2dc30-88cb-4bff-ac14-4d0dcf688bd5","block_type":"box","text":"BlackRock Asset Management Nor th Asia Limited and BlackRock (Singapore) Limited with respect to the Subsidiary.","page_number":41,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"35fea1aa-c740-4ee3-b4af-382df02ab6c5","block_type":"box","text":"The Subsidiary entered into contracts for the provision of custody, accounting agent and audit services with the same","page_number":41,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"07523f55-fdf5-4f90-b420-4935ee938f27","block_type":"box","text":"service providers that provide those services to the Fund.","page_number":41,"box":{"x":69,"y":75,"width":410,"height":11}},{"id":"c96e10d0-d3cb-42a0-9cac-b77643276a73","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":41,"box":{"x":101,"y":99,"width":780,"height":11}},{"id":"65ba03be-b5a4-4a1c-a1a4-2ae0a80edc82","block_type":"box","text":"respects, as the policies and procedures adopted by the Fund. As a result, the Manager, in managing the","page_number":41,"box":{"x":69,"y":114,"width":750,"height":11}},{"id":"852c321f-adab-4015-85a3-23470cd65f7f","block_type":"box","text":"Subsidiary’s por tfolio, is subject to the same investment policies and restrictions that apply to the management of","page_number":41,"box":{"x":69,"y":129,"width":820,"height":11}},{"id":"caf9b801-29ec-4189-beb5-2b8f598209f0","block_type":"box","text":"the Fund, and, in par ticular, to the requirements relating to por tfolio leverage, liquidity, brokerage, and the timing and","page_number":41,"box":{"x":68,"y":144,"width":836,"height":11}},{"id":"0510bd3b-83ab-4f1f-9fdb-86329ddb8945","block_type":"box","text":"method of the valuation of the Subsidiary’s por tfolio investments and shares of the Subsidiary. These policies and","page_number":41,"box":{"x":69,"y":159,"width":818,"height":11}},{"id":"11f6ee66-5d4e-4635-96cd-1207aef8b32a","block_type":"box","text":"restrictions are described elsewhere in detail in this SAI. The Fund and the Subsidiary test for compliance with","page_number":41,"box":{"x":69,"y":174,"width":787,"height":12}},{"id":"28e3f970-d1c5-401b-bb3d-2eaf9f1b7b72","block_type":"box","text":"cer tain investment restrictions on a consolidated basis.","page_number":41,"box":{"x":69,"y":190,"width":397,"height":9}},{"id":"67ef743a-76f2-4909-8dfb-93fddadd4088","block_type":"box","text":"Credit Agreement","page_number":41,"box":{"x":69,"y":220,"width":129,"height":11}},{"id":"894677b1-f615-45a2-9f09-4e520a790eb9","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":41,"box":{"x":101,"y":242,"width":757,"height":12}},{"id":"ba7f03e4-73d6-4192-84d5-e514fc82bf98","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":41,"box":{"x":69,"y":257,"width":817,"height":12}},{"id":"5e41f039-82dd-488f-97af-7235bdc9cf35","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":41,"box":{"x":68,"y":273,"width":743,"height":11}},{"id":"7b61b43e-9c53-42d1-8f85-eaf807471131","block_type":"box","text":"commitments designated for a cer tain Par ticipating Fund, the Par ticipating Funds, including the Fund, can borrow up","page_number":41,"box":{"x":69,"y":288,"width":830,"height":11}},{"id":"37d0e1f8-5f58-4707-b9c5-58ea3f9b8907","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":41,"box":{"x":68,"y":302,"width":818,"height":12}},{"id":"64f45fa1-7e93-4f87-b6de-958c59133fa6","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":41,"box":{"x":70,"y":318,"width":761,"height":11}},{"id":"412e7a5b-1793-4f73-8af2-00d76ba10273","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":41,"box":{"x":69,"y":333,"width":768,"height":11}},{"id":"e6292e7a-192e-47ef-b011-4535ab731276","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":41,"box":{"x":68,"y":348,"width":825,"height":12}},{"id":"60f13cb2-f952-4cf8-a7bf-48e8b1069ff5","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":41,"box":{"x":69,"y":363,"width":805,"height":12}},{"id":"8b34d521-98ca-4028-9119-f48113b3edf8","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":41,"box":{"x":69,"y":378,"width":838,"height":12}},{"id":"06903aca-2636-441c-8fa9-135c0c9dd18f","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":41,"box":{"x":68,"y":394,"width":801,"height":11}},{"id":"22437e66-8e48-4e65-b272-ac66e79e3c30","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":41,"box":{"x":69,"y":409,"width":833,"height":11}},{"id":"5c051b9a-2d90-4810-a904-2cbf788f1d59","block_type":"box","text":"charged interest at a variable rate.","page_number":41,"box":{"x":69,"y":424,"width":245,"height":11}},{"id":"9fc5c59d-3cf1-4ab1-be1f-ac5f6014a858","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":41,"box":{"x":68,"y":454,"width":491,"height":11}},{"id":"9b5fda07-45d0-40d5-83cc-d0e7b0379f37","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":41,"box":{"x":102,"y":477,"width":773,"height":11}},{"id":"905584a6-c356-4eb1-977a-4a44b690bee3","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the periods shown.","page_number":41,"box":{"x":69,"y":492,"width":804,"height":11}},{"id":"95555924-e827-491a-84fc-c771dfdcbbd2","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":41,"box":{"x":70,"y":507,"width":656,"height":11}},{"id":"84d745fa-8351-45f3-b4e3-4dd4505ae9cf","block_type":"box","text":"Investor A 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Sales","page_number":41,"box":{"x":518,"y":561,"width":68,"height":7}},{"id":"491d6d1a-6863-4267-ac65-08b72f9d27e6","block_type":"box","text":"Charges","page_number":41,"box":{"x":528,"y":571,"width":47,"height":9}},{"id":"555666a0-b787-443c-9afb-6304e91d84df","block_type":"box","text":"Collected","page_number":41,"box":{"x":524,"y":581,"width":55,"height":7}},{"id":"abaa5808-cee5-4951-8f47-4fd05728cfa4","block_type":"box","text":"Sales","page_number":41,"box":{"x":627,"y":551,"width":31,"height":7}},{"id":"5ffd3b6d-3c2a-47ea-b824-80e7e8ee50c4","block_type":"box","text":"Charges","page_number":41,"box":{"x":619,"y":561,"width":47,"height":9}},{"id":"80b92129-58a1-4666-9c72-a137a3dc9ce8","block_type":"box","text":"Retained","page_number":41,"box":{"x":617,"y":571,"width":51,"height":7}},{"id":"212f8451-8315-426a-be2a-deb64598d72c","block_type":"box","text":"by BRIL","page_number":41,"box":{"x":621,"y":581,"width":44,"height":9}},{"id":"8c51aa80-db44-497a-bfbd-f474f45779a3","block_type":"box","text":"Sales Charges","page_number":41,"box":{"x":699,"y":561,"width":83,"height":9}},{"id":"4125615a-90a1-4918-ac6c-1aee021ce9e9","block_type":"box","text":"Paid To","page_number":41,"box":{"x":720,"y":571,"width":42,"height":7}},{"id":"e4f9d050-ab9f-4b55-a657-bba17011b1c8","block_type":"box","text":"Affiliates","page_number":41,"box":{"x":715,"y":581,"width":51,"height":7}},{"id":"319806bb-51e0-4652-bb97-19b9d8f2506d","block_type":"box","text":"CDSCs Received","page_number":41,"box":{"x":812,"y":551,"width":97,"height":7}},{"id":"303968fb-1b58-4927-a195-f3bc0bc07a85","block_type":"box","text":"on Redemption","page_number":41,"box":{"x":817,"y":561,"width":87,"height":9}},{"id":"c55f7ab0-5fb0-4274-a3da-553046661371","block_type":"box","text":"of Load-Waived","page_number":41,"box":{"x":817,"y":571,"width":87,"height":7}},{"id":"fb19b57a-24ee-4824-9461-00090266dac8","block_type":"box","text":"Shares","page_number":41,"box":{"x":841,"y":581,"width":39,"height":7}},{"id":"7b8c6065-470e-4972-a969-63c5a9cfa0b5","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . . . . . . . . . . . . . . . . $70,678 $5,121 $5,121 $ 20","page_number":41,"box":{"x":70,"y":598,"width":810,"height":12}},{"id":"9b344d41-c429-4b4a-93a0-36985dfeeb43","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . . . . . . . . . . . . . . $63,975 $5,037 $5,037 $ 0","page_number":41,"box":{"x":70,"y":613,"width":810,"height":12}},{"id":"32926086-cf08-42f6-8cd6-8a7f4150cfdb","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . . . . . . . . . . . . . . $62,170 $4,335 $4,335 $241","page_number":41,"box":{"x":70,"y":629,"width":810,"height":11}},{"id":"47b6823f-0bbb-4e28-86b1-d2fa9fb74d0d","block_type":"box","text":"Investor C Shares","page_number":41,"box":{"x":760,"y":659,"width":103,"height":7}},{"id":"911d27a1-7a6d-46cd-8455-d269647b7b2b","block_type":"box","text":"CDSCs Received","page_number":41,"box":{"x":713,"y":675,"width":97,"height":7}},{"id":"d33b4e30-36f5-4092-a387-98d2f8a05057","block_type":"box","text":"by BRIL","page_number":41,"box":{"x":740,"y":685,"width":44,"height":8}},{"id":"a9621b7e-f308-425c-ad9b-35daf338f10a","block_type":"box","text":"CDSCs Paid","page_number":41,"box":{"x":840,"y":675,"width":69,"height":7}},{"id":"955f8ae9-7eb6-442f-9c42-4fccfc9bf584","block_type":"box","text":"to Affiliates","page_number":41,"box":{"x":841,"y":685,"width":68,"height":7}},{"id":"a47525ba-f34e-4567-be04-b82cc6808272","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . . . .","page_number":41,"box":{"x":70,"y":702,"width":319,"height":11}},{"id":"db508c03-b17d-4ea7-8109-0505a29b2d5a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 668 $ 668","page_number":41,"box":{"x":395,"y":702,"width":506,"height":10}},{"id":"2b853118-e5fb-4559-8101-e41833aa3474","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . .","page_number":41,"box":{"x":70,"y":718,"width":319,"height":10}},{"id":"95b74d08-3ca3-4460-a1f5-066cf23ea58e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,996 $1,996","page_number":41,"box":{"x":395,"y":717,"width":506,"height":11}},{"id":"fc20aef5-b511-4b12-bbb0-53d021de1655","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . .","page_number":41,"box":{"x":70,"y":733,"width":319,"height":10}},{"id":"f5cd0e15-e001-429c-9bd5-25a055346b22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 671 $ 671","page_number":41,"box":{"x":395,"y":732,"width":506,"height":10}},{"id":"976fec53-7ad2-420d-8cfa-d09887b602fe","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":41,"box":{"x":101,"y":756,"width":807,"height":12}},{"id":"c49fb9f7-94e7-4bd6-ac6f-243435a75a6a","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":41,"box":{"x":68,"y":772,"width":796,"height":11}},{"id":"a0e78b1c-cbf6-46e5-8e54-3c7641a5660c","block_type":"box","text":"shareholder servicing activities for Investor A and Service Shares and for providing shareholder servicing and","page_number":41,"box":{"x":69,"y":787,"width":777,"height":11}},{"id":"90e16712-5130-4c3f-92f6-03e652ed7a75","block_type":"box","text":"distribution-related activities and services for Investor C Shares.","page_number":41,"box":{"x":69,"y":802,"width":456,"height":9}},{"id":"47806b96-d3ff-4a55-911a-5be7901833cb","block_type":"box","text":"Class Name","page_number":41,"box":{"x":69,"y":830,"width":68,"height":7}},{"id":"7206769e-cb6a-4de2-9e58-6e54a55ececa","block_type":"box","text":"Fees Paid to BRIL","page_number":41,"box":{"x":806,"y":830,"width":103,"height":7}},{"id":"9d38c8e8-f9b8-43e3-8374-7dec184d2286","block_type":"box","text":"Investor A Shares .","page_number":41,"box":{"x":70,"y":848,"width":134,"height":9}},{"id":"50b14912-1c65-45ab-aa1e-3a343795019d","block_type":"box","text":"......................................................................","page_number":41,"box":{"x":210,"y":855,"width":564,"height":2}},{"id":"7156186d-71cf-42d5-be42-094a19d25008","block_type":"box","text":"$454,699","page_number":41,"box":{"x":822,"y":847,"width":71,"height":11}},{"id":"75324fc5-044a-47ad-896a-1c1efdb31ecc","block_type":"box","text":"Investor C Shares . . .","page_number":41,"box":{"x":70,"y":863,"width":150,"height":9}},{"id":"edf4e852-1218-4cb7-aeeb-9a458a1490ee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,428","page_number":41,"box":{"x":226,"y":862,"width":667,"height":11}},{"id":"8c3258f4-4ccf-4589-a903-c5c759aefb62","block_type":"box","text":"Service Shares . .","page_number":41,"box":{"x":69,"y":878,"width":126,"height":9}},{"id":"024b9d2f-90c9-480d-8ba5-de1bf80d6a94","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,214","page_number":41,"box":{"x":202,"y":877,"width":691,"height":12}},{"id":"14b745f0-8dc2-4d0b-b40c-8d65c40f00e5","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d69e28de-4110-4088-890b-d5542254c740","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87e5ff07-d898-4aaa-b481-8d236a34bac8","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":42,"box":{"x":68,"y":45,"width":318,"height":11}},{"id":"7588fb31-9825-4b4f-bcb6-690e298a2fc2","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":42,"box":{"x":101,"y":67,"width":805,"height":12}},{"id":"66ed7059-f6de-43c4-9b68-7d4b41a1d821","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on April 30, 2026, is set","page_number":42,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"288cb266-9d8d-40cc-ab03-3e6cf7bfa042","block_type":"box","text":"for th below.","page_number":42,"box":{"x":68,"y":98,"width":83,"height":9}},{"id":"8c179cba-ce62-4307-ac55-0397658fee65","block_type":"box","text":"Investor A Shares","page_number":42,"box":{"x":805,"y":126,"width":102,"height":7}},{"id":"d63f8879-1f78-47fa-af14-ab3892480dda","block_type":"box","text":"Net Assets","page_number":42,"box":{"x":70,"y":144,"width":76,"height":9}},{"id":"9e7f803e-9888-4f6c-a25c-0ce0b04297aa","block_type":"box","text":".............................................................................","page_number":42,"box":{"x":150,"y":151,"width":621,"height":1}},{"id":"1c7109ad-2349-4efb-9d7b-0844dc1d7fa4","block_type":"box","text":"$190,869,321","page_number":42,"box":{"x":803,"y":143,"width":106,"height":11}},{"id":"171cdf2b-9324-44ef-a45f-1b79b9adbc4b","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":42,"box":{"x":70,"y":159,"width":245,"height":11}},{"id":"875b2af0-ed86-40ef-aa3a-0aefa3cb56f9","block_type":"box","text":"........................................................","page_number":42,"box":{"x":321,"y":166,"width":450,"height":2}},{"id":"676b221d-5693-47e1-9ba6-af891c3c75bb","block_type":"box","text":"$11,396,186","page_number":42,"box":{"x":813,"y":158,"width":96,"height":11}},{"id":"fd62066d-7dda-4528-be76-129c1c51901e","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":42,"box":{"x":70,"y":174,"width":571,"height":11}},{"id":"57e4fd41-2eb6-4ae0-a2f1-dba9e575440f","block_type":"box","text":"................","page_number":42,"box":{"x":647,"y":181,"width":124,"height":2}},{"id":"eeb20fc8-3651-43cd-9fa4-b3a863b7cc42","block_type":"box","text":"$16.75","page_number":42,"box":{"x":857,"y":173,"width":52,"height":11}},{"id":"6f9c62cb-c9eb-4541-b003-47a42b4f6429","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":42,"box":{"x":69,"y":189,"width":534,"height":11}},{"id":"f3f7bace-b4dd-4d4e-b3f1-19654262bef8","block_type":"box","text":"1","page_number":42,"box":{"x":604,"y":189,"width":4,"height":5}},{"id":"2eda6643-21db-41d7-9d08-c203f1c1e8ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.93","page_number":42,"box":{"x":615,"y":188,"width":294,"height":11}},{"id":"66cf4597-9490-4e31-b970-6ccd5c2fba1d","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":69,"y":208,"width":702,"height":12}},{"id":"0943c1d5-1d1d-4456-8ca2-0fa1a1aecf4f","block_type":"box","text":"$17.68","page_number":42,"box":{"x":857,"y":208,"width":52,"height":10}},{"id":"12279cdb-1a8f-43e3-8261-bd9bef36e217","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":241,"width":3,"height":3}},{"id":"9cc900f5-b96f-4e4f-968e-79c6e06cf4a5","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":42,"box":{"x":94,"y":241,"width":541,"height":8}},{"id":"b666e5b9-2747-40af-8934-ece5ba48ca17","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’s net asset value computed as","page_number":42,"box":{"x":101,"y":261,"width":796,"height":12}},{"id":"69755174-ecfc-4990-9b8b-08df6cdf1f39","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":42,"box":{"x":69,"y":276,"width":833,"height":12}},{"id":"b7b4748e-5b81-44dc-aa6a-02251323368d","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":42,"box":{"x":69,"y":292,"width":813,"height":11}},{"id":"4c4895ce-e798-449f-9077-1feeaa1c4e21","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":42,"box":{"x":69,"y":307,"width":377,"height":11}},{"id":"104aeacc-745a-4dd3-8572-d2a523fc325d","block_type":"box","text":"The Subsidiary is subject to the same valuation policies as the Fund as described in “Pricing of Shares” in Par t II","page_number":42,"box":{"x":101,"y":329,"width":807,"height":12}},{"id":"650a2828-ced5-4fa0-91ef-2a71a519661b","block_type":"box","text":"of this SAI. The Fund’s investment in the Subsidiary is valued based on the value of the Subsidiary’s por tfolio","page_number":42,"box":{"x":69,"y":344,"width":783,"height":12}},{"id":"52858f3f-eac3-4365-b558-a09ac24e1d68","block_type":"box","text":"investments. The Subsidiary prices its por tfolio investments pursuant to the same pricing and valuation","page_number":42,"box":{"x":70,"y":360,"width":738,"height":11}},{"id":"6e9d934c-1fe2-46a3-a834-9684c704903a","block_type":"box","text":"methodologies and procedures used by the Fund, which require, among other things, that each of the Subsidiary’s","page_number":42,"box":{"x":69,"y":375,"width":816,"height":11}},{"id":"7e49d7a3-f48f-4c34-8461-b956201b0c3c","block_type":"box","text":"por tfolio investments be marked-to-market (that is, the value on the Subsidiary’s books changes) each business day","page_number":42,"box":{"x":70,"y":390,"width":830,"height":11}},{"id":"fb011647-dac9-4e0b-ad11-b39e515ae0e6","block_type":"box","text":"to reflect changes in the market value of the investment.","page_number":42,"box":{"x":68,"y":405,"width":404,"height":11}},{"id":"4a113aaf-fd80-40e0-a658-dcfe750213a6","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":42,"box":{"x":68,"y":435,"width":302,"height":11}},{"id":"516206c2-da23-4874-a5c6-8d7d72918280","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":42,"box":{"x":102,"y":458,"width":609,"height":11}},{"id":"6d60b20e-b3d9-489e-aed3-327d20c3e9a3","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, if any,","page_number":42,"box":{"x":102,"y":481,"width":795,"height":11}},{"id":"3e251c72-0b5b-4de3-b3b9-4f74d298fba2","block_type":"box","text":"is set for th in the following table:","page_number":42,"box":{"x":70,"y":496,"width":233,"height":11}},{"id":"a49fdad7-16e3-475b-9c8c-3b1ec70fb9a2","block_type":"box","text":"Aggregate","page_number":42,"box":{"x":655,"y":524,"width":60,"height":9}},{"id":"6d805a66-5747-4531-88f7-846f76724bf7","block_type":"box","text":"Brokerage","page_number":42,"box":{"x":656,"y":534,"width":59,"height":9}},{"id":"9248bb16-fbf1-41d7-b429-bb402955b765","block_type":"box","text":"Commissions Paid","page_number":42,"box":{"x":632,"y":544,"width":106,"height":7}},{"id":"12cd4f6a-5f8d-48df-8181-8bfefbe1551b","block_type":"box","text":"Brokerage Commissions","page_number":42,"box":{"x":769,"y":534,"width":140,"height":9}},{"id":"e4005e75-cf50-4e11-9e82-4b529cb0d2fb","block_type":"box","text":"Paid to Affiliates","page_number":42,"box":{"x":791,"y":544,"width":96,"height":7}},{"id":"515a19ab-0957-47c4-8618-1115e500286e","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . .","page_number":42,"box":{"x":70,"y":562,"width":278,"height":11}},{"id":"9a0b4eb4-7747-49f9-bc0d-4b1a8e06f17d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,","page_number":42,"box":{"x":354,"y":561,"width":310,"height":11}},{"id":"8520620b-c681-414d-88f2-1f6fe37b45bd","block_type":"box","text":"288,213 $0","page_number":42,"box":{"x":666,"y":561,"width":182,"height":11}},{"id":"c13cd84f-d4e1-4037-9b51-f071f9bbba6b","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . .","page_number":42,"box":{"x":70,"y":577,"width":278,"height":11}},{"id":"39aae8a2-e3b6-480a-b336-4419c521a384","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":42,"box":{"x":354,"y":576,"width":310,"height":11}},{"id":"57c51bdb-f76c-47b0-915c-c568e3b2abb2","block_type":"box","text":"754,612 $0","page_number":42,"box":{"x":666,"y":576,"width":182,"height":11}},{"id":"bf54dad0-b221-46dd-900f-d6d1f794b03a","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . .","page_number":42,"box":{"x":70,"y":592,"width":278,"height":11}},{"id":"47d52486-8d45-4cae-a451-a9b0e9eace2e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":42,"box":{"x":354,"y":591,"width":310,"height":12}},{"id":"42f3906e-72e8-4b36-b94a-04d235ddb712","block_type":"box","text":"041,159 $0","page_number":42,"box":{"x":666,"y":591,"width":182,"height":12}},{"id":"53047bff-f4c4-4fb6-9835-c92cb9a6abe8","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":42,"box":{"x":101,"y":616,"width":770,"height":11}},{"id":"9169d7b5-1c97-4d47-9f64-f829bdbef549","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":42,"box":{"x":69,"y":631,"width":814,"height":11}},{"id":"e51318b7-d1ca-4217-a995-a98a28347118","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended April 30, 2026. The provision of","page_number":42,"box":{"x":68,"y":646,"width":831,"height":11}},{"id":"19428cf1-1887-4661-a17a-7b751b581ab2","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":42,"box":{"x":69,"y":661,"width":822,"height":12}},{"id":"b4871c84-1358-49ac-9bf7-05621653d734","block_type":"box","text":"with such brokers.","page_number":42,"box":{"x":68,"y":677,"width":130,"height":8}},{"id":"2e713b45-e619-40e5-8e0b-57199e64e0eb","block_type":"box","text":"Amount of Commissions","page_number":42,"box":{"x":333,"y":705,"width":141,"height":7}},{"id":"25621ef6-2480-4f04-b2e0-5e6414926a10","block_type":"box","text":"Paid to Brokers for Providing","page_number":42,"box":{"x":320,"y":715,"width":168,"height":9}},{"id":"402cf566-a1b3-486d-bb42-0fef6a096afa","block_type":"box","text":"28(e) Eligible Research Services","page_number":42,"box":{"x":308,"y":725,"width":191,"height":9}},{"id":"887ff05b-4aed-486b-9fc5-6cca170f0312","block_type":"box","text":"Amount of Brokerage","page_number":42,"box":{"x":545,"y":715,"width":124,"height":9}},{"id":"2479b89f-6c4b-40fa-adb1-2a7becbf5c95","block_type":"box","text":"Transactions Involved","page_number":42,"box":{"x":544,"y":725,"width":125,"height":7}},{"id":"c4e756c6-4acc-42c3-87f8-d5bd1dd9ec80","block_type":"box","text":"$8,590 $24,446,994","page_number":42,"box":{"x":378,"y":742,"width":277,"height":11}},{"id":"2286553a-13cd-4776-8629-eb16b4692ddf","block_type":"box","text":"As of April 30, 2026, the value of the Fund’s aggregate holdings of the securities of its regular brokers or","page_number":42,"box":{"x":101,"y":766,"width":752,"height":12}},{"id":"236cfb33-ec17-4144-998b-1d7f9978f66e","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings","page_number":42,"box":{"x":69,"y":782,"width":837,"height":11}},{"id":"8c4bbd4e-c704-4e75-9037-332032eae77e","block_type":"box","text":"were purchased during the fiscal year ended April 30, 2026, is as follows:","page_number":42,"box":{"x":68,"y":797,"width":528,"height":11}},{"id":"7d9c76c0-a3ac-4244-b4fe-6c2f8b2e6bb6","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":42,"box":{"x":69,"y":825,"width":840,"height":9}},{"id":"a4d0e235-a839-4f69-85ad-9bcb130bc527","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":42,"box":{"x":69,"y":843,"width":209,"height":11}},{"id":"aeec9af7-c512-4404-8780-1c9fb2db902a","block_type":"box","text":".................................... E","page_number":42,"box":{"x":284,"y":843,"width":382,"height":9}},{"id":"e14f8337-316e-4ada-9497-fa4c8f206aa8","block_type":"box","text":"$41,010","page_number":42,"box":{"x":799,"y":842,"width":62,"height":11}},{"id":"db2d5e39-949b-4750-b0b7-46c305b953fc","block_type":"box","text":"BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E","page_number":42,"box":{"x":70,"y":858,"width":596,"height":10}},{"id":"529f11f8-7b8d-410b-8dd6-ce7a2150d0d3","block_type":"box","text":"$27,595","page_number":42,"box":{"x":799,"y":857,"width":62,"height":11}},{"id":"70f1b8b4-d7ca-4fc6-9d0c-7d016a79c3bb","block_type":"box","text":"Goldman Sachs & Co. LLC .","page_number":42,"box":{"x":69,"y":873,"width":192,"height":9}},{"id":"803ee966-a515-4f3d-8b75-96af2ce79fc6","block_type":"box","text":"...................................... E","page_number":42,"box":{"x":268,"y":873,"width":398,"height":9}},{"id":"e7116cfb-0665-4251-bdd1-0da34f28f5c7","block_type":"box","text":"$13,978","page_number":42,"box":{"x":799,"y":872,"width":62,"height":11}},{"id":"002e4eda-f3a9-4372-aaa9-3f2fd551b706","block_type":"box","text":"Citigroup Global Markets Inc. .","page_number":42,"box":{"x":69,"y":888,"width":217,"height":11}},{"id":"e97edaf2-8ea0-463d-a14d-8b4ea9c31125","block_type":"box","text":"................................... E","page_number":42,"box":{"x":292,"y":888,"width":374,"height":9}},{"id":"569bb09c-4115-4461-a0a4-56e50342953a","block_type":"box","text":"$13,090","page_number":42,"box":{"x":799,"y":887,"width":62,"height":12}},{"id":"36454eb9-c47d-4524-884b-97580cca5a37","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E","page_number":42,"box":{"x":70,"y":903,"width":596,"height":12}},{"id":"970abf04-4a5b-4f53-8a7b-e786bc242527","block_type":"box","text":"$10,081","page_number":42,"box":{"x":799,"y":903,"width":62,"height":11}},{"id":"760711f8-e94a-4b78-9d2b-a56d28cbad79","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"df32993a-1d4a-47e6-bf0b-631efa779106","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e96c6b98-f232-4ddf-9d2d-56a6e5505f49","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":43,"box":{"x":69,"y":49,"width":840,"height":9}},{"id":"1dfae165-3470-407d-b1bb-a02bcc700ec2","block_type":"box","text":"USB Securities LLC","page_number":43,"box":{"x":70,"y":67,"width":135,"height":9}},{"id":"31c7c204-8973-4e95-be2c-c0092518577e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 7,264","page_number":43,"box":{"x":210,"y":66,"width":651,"height":11}},{"id":"681db49f-a5c2-48e8-bbc1-f4833f88107c","block_type":"box","text":"BNP Paribas Securities Corp. .","page_number":43,"box":{"x":70,"y":82,"width":216,"height":11}},{"id":"86f70f34-8955-43ff-b336-7a8d2db8374a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 6,586","page_number":43,"box":{"x":292,"y":81,"width":569,"height":11}},{"id":"c7ce959d-bc22-41c2-a928-84f9cec335c0","block_type":"box","text":"Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":97,"width":460,"height":9}},{"id":"59fa1b20-7b7c-431f-9b83-ad10ea626696","block_type":"box","text":". . . . . E $ 6,061","page_number":43,"box":{"x":537,"y":96,"width":324,"height":11}},{"id":"db9e30f4-e771-4407-9468-5296cadc4e4e","block_type":"box","text":"Barclays Capital Inc.","page_number":43,"box":{"x":70,"y":112,"width":142,"height":11}},{"id":"6b55d3bc-0266-4cd3-9711-6ed63045c1ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 3,521","page_number":43,"box":{"x":227,"y":111,"width":634,"height":12}},{"id":"87ed8151-e4c4-43c4-9fde-4addc595e46f","block_type":"box","text":"Mizuho Securities USA LLC","page_number":43,"box":{"x":70,"y":127,"width":190,"height":9}},{"id":"91aeeeb3-72f4-46da-9312-fdbb8216a179","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 3,318","page_number":43,"box":{"x":268,"y":126,"width":593,"height":12}},{"id":"6795feef-6151-4831-9f90-65506055baf0","block_type":"box","text":"Scotia Capital (USA) Inc. . . . . . .","page_number":43,"box":{"x":69,"y":142,"width":225,"height":11}},{"id":"8a0996df-ed6a-4915-8d27-afeca7c2038f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 810","page_number":43,"box":{"x":300,"y":142,"width":561,"height":10}},{"id":"f63b4bdb-e9ea-4e29-bd61-c8416f7e1336","block_type":"box","text":"The Subsidiary follows the same brokerage practices as the Fund.","page_number":43,"box":{"x":101,"y":181,"width":470,"height":12}},{"id":"90a79999-9378-4679-b6d7-eafdf197b14a","block_type":"box","text":"Securities Lending","page_number":43,"box":{"x":68,"y":212,"width":135,"height":11}},{"id":"256e3865-bf47-4e59-b0b1-134a7b092b44","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":43,"box":{"x":101,"y":234,"width":807,"height":12}},{"id":"f26a65a8-e543-476b-b351-ebcef8925a7d","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":43,"box":{"x":69,"y":249,"width":817,"height":12}},{"id":"7deabc84-344d-4d03-96b5-938be8e2f4ad","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":43,"box":{"x":69,"y":264,"width":813,"height":12}},{"id":"a3559a11-eb33-44fe-9ebc-d7d644edb28e","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":43,"box":{"x":70,"y":280,"width":838,"height":11}},{"id":"c3403ffa-0800-4f0e-9399-d8c8eb930c97","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":43,"box":{"x":69,"y":295,"width":813,"height":11}},{"id":"c72a14f1-d038-4830-a53e-105418476ce2","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board of Trustees.","page_number":43,"box":{"x":70,"y":310,"width":731,"height":11}},{"id":"6d90ae63-7370-46ec-84a9-d65f8968f766","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":43,"box":{"x":101,"y":332,"width":735,"height":12}},{"id":"5f2cf54e-2954-4cd5-8771-fb76c89b4644","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":43,"box":{"x":69,"y":348,"width":834,"height":11}},{"id":"55890d75-f521-4968-99c1-b3e9df4e7844","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":43,"box":{"x":70,"y":363,"width":822,"height":11}},{"id":"60d022c1-a930-48e7-8740-e5605d88679f","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":43,"box":{"x":69,"y":378,"width":787,"height":11}},{"id":"965e8caf-2f29-495e-b0cc-510aed2ded08","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":43,"box":{"x":69,"y":393,"width":783,"height":11}},{"id":"f0007ee5-cfdc-4e32-b42c-9974189af3c1","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":43,"box":{"x":70,"y":408,"width":800,"height":11}},{"id":"5981a012-237a-473e-bb37-e0c3ce7f334b","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":43,"box":{"x":70,"y":423,"width":813,"height":12}},{"id":"8503e145-9afa-46a3-8635-0495d37a1bb9","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":43,"box":{"x":70,"y":438,"width":830,"height":12}},{"id":"baf4baf7-cf6c-4c50-9688-eecbeea351dd","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":43,"box":{"x":69,"y":453,"width":773,"height":12}},{"id":"165cfea4-5aab-4edb-a7ae-34400a8da7a6","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":43,"box":{"x":101,"y":476,"width":776,"height":11}},{"id":"783d1e93-cf45-4bda-a4d8-f6887cbdb84a","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":43,"box":{"x":69,"y":491,"width":831,"height":11}},{"id":"b239c386-ea7f-43eb-a6c2-6690d8da2894","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":43,"box":{"x":68,"y":506,"width":812,"height":12}},{"id":"c10f5dcc-6c5f-428c-aa07-d58bc166d445","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":43,"box":{"x":69,"y":521,"width":799,"height":12}},{"id":"9de968e9-f438-4e4e-acfe-2b026b5aeb51","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":43,"box":{"x":68,"y":537,"width":835,"height":11}},{"id":"65ecd10c-d3d6-4d4f-b429-5a63dd7d25b5","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":43,"box":{"x":69,"y":552,"width":818,"height":11}},{"id":"8523b163-fe80-4b9d-ac7d-036bade4d0be","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":43,"box":{"x":68,"y":567,"width":789,"height":11}},{"id":"d0ad2f5a-b539-433b-acd9-6e55d2b0c4b1","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":43,"box":{"x":69,"y":582,"width":829,"height":11}},{"id":"67ce113a-da51-46d1-b008-af54dce55688","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":43,"box":{"x":69,"y":597,"width":839,"height":11}},{"id":"8e51f134-b178-43fe-b711-1c663db4967a","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":43,"box":{"x":69,"y":612,"width":802,"height":11}},{"id":"37df5b0c-4a9b-4003-a446-210ef2e71e32","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":43,"box":{"x":70,"y":627,"width":830,"height":12}},{"id":"77aea28b-2d93-43c5-b6dc-bc878aa01fa6","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":43,"box":{"x":69,"y":642,"width":838,"height":12}},{"id":"182de42a-d55c-42f4-b47c-ef11364e1260","block_type":"box","text":"Fund’s returns on securities lending.","page_number":43,"box":{"x":70,"y":658,"width":258,"height":11}},{"id":"1ca6e064-897d-4a5f-9ef5-691d06f216a6","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":43,"box":{"x":102,"y":680,"width":774,"height":12}},{"id":"dee5e1c4-0902-4c7d-8b88-fc3ed8aea7d7","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":43,"box":{"x":69,"y":695,"width":794,"height":12}},{"id":"9378a2c0-8d42-459c-a877-7582e819e7d3","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":43,"box":{"x":68,"y":710,"width":809,"height":12}},{"id":"5b9d27d4-574b-497b-b128-43b16ad9260c","block_type":"box","text":"Trust and BIM.","page_number":43,"box":{"x":68,"y":726,"width":103,"height":9}},{"id":"0d6c24c1-8093-421b-b0aa-fd93326bbb75","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 81% of securities","page_number":43,"box":{"x":102,"y":748,"width":783,"height":12}},{"id":"1f58c36c-69d2-4e17-816b-3d3608f8ca83","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":43,"box":{"x":70,"y":763,"width":815,"height":12}},{"id":"76797a6a-15bd-477c-8425-c8259855ba59","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":43,"box":{"x":69,"y":778,"width":463,"height":12}},{"id":"35a94bcd-c326-4580-baf9-7a3c381b3ba7","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":43,"box":{"x":102,"y":801,"width":753,"height":11}},{"id":"d564d4ab-775f-4198-a31a-66ff2173a567","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":43,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"e35d71c0-4fcd-4ed4-a2a7-e02960e41aca","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":43,"box":{"x":70,"y":831,"width":817,"height":12}},{"id":"28923b28-7704-48ad-b662-25ab3484e661","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":43,"box":{"x":70,"y":846,"width":794,"height":12}},{"id":"0f7edf9e-f4df-4dc5-9f7e-77d18b2c04e7","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":43,"box":{"x":69,"y":862,"width":825,"height":11}},{"id":"39ab73e2-6912-45a8-a411-0a4969b3ff76","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":43,"box":{"x":102,"y":884,"width":683,"height":12}},{"id":"248ad8c2-bf05-4b27-ad79-c3b1b2623f68","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5949e888-7b82-4d0e-a1a3-7d905c45140f","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c81bbff-9028-461e-b1c2-f3f3dac76dbf","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily included","page_number":44,"box":{"x":101,"y":45,"width":804,"height":11}},{"id":"a843d380-7756-432b-916c-81c3f74e1f7c","block_type":"box","text":"the following:","page_number":44,"box":{"x":68,"y":60,"width":93,"height":11}},{"id":"14b2a49d-ec23-4b74-a241-c118c6893197","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":44,"box":{"x":69,"y":80,"width":818,"height":11}},{"id":"537fc5b5-521b-43ff-86ae-69dad44bcc96","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":44,"box":{"x":102,"y":95,"width":333,"height":11}},{"id":"c1bf51bc-84fa-45ef-a115-d012377974e8","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":44,"box":{"x":69,"y":115,"width":538,"height":11}},{"id":"e8069cae-ed71-4a8a-bf10-f773a9a96302","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":44,"box":{"x":69,"y":135,"width":330,"height":12}},{"id":"16cd2c2e-e60c-47fa-9b65-c34074666748","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":44,"box":{"x":69,"y":155,"width":834,"height":12}},{"id":"e184410c-d791-4640-bae9-8fde81963fda","block_type":"box","text":"of excess collateral, as necessary;","page_number":44,"box":{"x":102,"y":171,"width":246,"height":11}},{"id":"bdf3105d-ae27-4cb5-985d-fcf22806415f","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":44,"box":{"x":69,"y":191,"width":562,"height":11}},{"id":"34a8d54a-4a0e-4bf5-936f-8bac11d4d9e9","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":44,"box":{"x":69,"y":211,"width":665,"height":11}},{"id":"255089df-9e47-4edd-ad40-104ef539429d","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":44,"box":{"x":69,"y":231,"width":822,"height":11}},{"id":"e301a950-bbf4-4fbc-8966-01ce46802520","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":44,"box":{"x":101,"y":246,"width":803,"height":11}},{"id":"aaed5b1f-42d1-4a55-aa54-42112e973822","block_type":"box","text":"of the loaned securities; and","page_number":44,"box":{"x":102,"y":261,"width":203,"height":11}},{"id":"14dde21b-afc1-4df3-95ab-51b09ed4be77","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":44,"box":{"x":69,"y":281,"width":808,"height":12}},{"id":"db30695d-eb09-4326-b91d-13fa02493057","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":44,"box":{"x":101,"y":304,"width":805,"height":11}},{"id":"ae41d0fb-08b6-4490-8cc2-1ae58b926d9c","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended April 30, 2026.","page_number":44,"box":{"x":69,"y":319,"width":548,"height":12}},{"id":"7a33c99f-6e8d-492b-af31-bdf9ffec35f5","block_type":"box","text":"Gross income from securities lending activities","page_number":44,"box":{"x":69,"y":347,"width":343,"height":11}},{"id":"65692d15-413f-4da0-95da-be5b6edc393f","block_type":"box","text":"..................................................","page_number":44,"box":{"x":414,"y":354,"width":401,"height":2}},{"id":"727bbfb9-4c27-4588-9685-914c4b176d21","block_type":"box","text":"$160,526","page_number":44,"box":{"x":837,"y":346,"width":72,"height":12}},{"id":"e0c3cdf6-d542-4091-8860-cd5fe6365ba3","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":44,"box":{"x":70,"y":366,"width":565,"height":12}},{"id":"079c5d8f-bc74-451e-a246-5b3314a5c55f","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":44,"box":{"x":79,"y":382,"width":565,"height":11}},{"id":"a2cf9d06-b3e5-4042-8003-242d4a89d739","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 2,635","page_number":44,"box":{"x":650,"y":381,"width":259,"height":11}},{"id":"471ddc13-0baf-47c4-a774-a5b62388e26c","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":44,"box":{"x":79,"y":397,"width":679,"height":11}},{"id":"ff756381-8278-4ffb-8497-eb6e29ebfad8","block_type":"box","text":". . . . . . . $ 1,524","page_number":44,"box":{"x":765,"y":396,"width":144,"height":11}},{"id":"907dba8d-2262-4408-ac19-d30e665b3547","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":44,"box":{"x":78,"y":412,"width":519,"height":11}},{"id":"fb8f615c-8d92-4909-b7a2-2030641164a5","block_type":"box","text":"........................... $ 0","page_number":44,"box":{"x":602,"y":411,"width":307,"height":11}},{"id":"2cbdbc97-601b-4191-830b-883eeedc55cd","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":44,"box":{"x":79,"y":427,"width":526,"height":11}},{"id":"3c628f2a-4b06-4049-a66f-b872954a0315","block_type":"box","text":".......................... $ 0","page_number":44,"box":{"x":610,"y":426,"width":299,"height":11}},{"id":"5f7e46df-36b1-4670-82ba-1f47cf04a65e","block_type":"box","text":"Rebates (paid to borrowers)","page_number":44,"box":{"x":79,"y":442,"width":197,"height":11}},{"id":"804f69e0-3261-48fc-a0b4-850cd6adef56","block_type":"box","text":"..................................................................","page_number":44,"box":{"x":284,"y":450,"width":531,"height":1}},{"id":"666a1d24-5a81-42fd-b841-213860719359","block_type":"box","text":"$144,981","page_number":44,"box":{"x":837,"y":441,"width":72,"height":12}},{"id":"73ec4bdb-369f-4242-874a-421fdd3c815c","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":44,"box":{"x":79,"y":457,"width":532,"height":12}},{"id":"3c1540a4-6c1a-40d2-b424-14f3fa754a3a","block_type":"box","text":"......................... $ 0","page_number":44,"box":{"x":618,"y":457,"width":291,"height":10}},{"id":"cff40a3c-367c-41c3-a6a9-62c6962fb584","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":44,"box":{"x":68,"y":472,"width":455,"height":11}},{"id":"02eaf2db-1d96-4f0b-b7a0-573e6a9bbda0","block_type":"box","text":"....................................","page_number":44,"box":{"x":528,"y":480,"width":287,"height":1}},{"id":"cde8a08c-b1c7-463d-ab08-47b0299c9caa","block_type":"box","text":"$149,140","page_number":44,"box":{"x":837,"y":472,"width":72,"height":11}},{"id":"5e33580f-2301-41f4-9082-c62f25edf6d8","block_type":"box","text":"Net income from securities lending activities","page_number":44,"box":{"x":69,"y":492,"width":327,"height":11}},{"id":"b70eb030-a8b8-46f6-b16b-8a74e49cfe39","block_type":"box","text":"...................................................","page_number":44,"box":{"x":406,"y":499,"width":409,"height":2}},{"id":"03d741db-8142-4aa8-ad4a-d97db73181aa","block_type":"box","text":"$ 11,386","page_number":44,"box":{"x":837,"y":491,"width":72,"height":12}},{"id":"4306bfab-cf3a-4f7e-8345-b0f951820f11","block_type":"box","text":"VIII. Additional Information","page_number":44,"box":{"x":68,"y":528,"width":195,"height":9}},{"id":"56aafdd4-ef68-4832-b464-54272c2dd8ed","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":44,"box":{"x":102,"y":551,"width":352,"height":11}},{"id":"cfaac6ea-f321-4688-807b-a61375d14df3","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":44,"box":{"x":461,"y":550,"width":412,"height":11}},{"id":"bf23748d-f045-4206-8f06-3794f0481b2b","block_type":"box","text":"Street, Boston, MA 02110, serves as the Fund’s independent registered public accounting firm.","page_number":44,"box":{"x":69,"y":566,"width":685,"height":11}},{"id":"4d811bb3-a4a2-465f-b712-9b6b47abf3fe","block_type":"box","text":"Counsel.","page_number":44,"box":{"x":101,"y":588,"width":62,"height":9}},{"id":"9179f2fb-d68e-4fba-b588-bdfbc3d8d524","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":44,"box":{"x":170,"y":588,"width":736,"height":11}},{"id":"4c7d6f58-f6c2-4018-92d1-6ab6fa010977","block_type":"box","text":"the Fund’s counsel.","page_number":44,"box":{"x":68,"y":604,"width":139,"height":8}},{"id":"d6b2f9b3-d3ec-42e8-a847-42e12fc45d74","block_type":"box","text":"The Trust","page_number":44,"box":{"x":68,"y":634,"width":69,"height":9}},{"id":"a79d7e59-b715-4e5e-8df6-d5c999008f09","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":44,"box":{"x":101,"y":656,"width":807,"height":12}},{"id":"f541653d-dde8-43fe-8a53-c43b481755db","block_type":"box","text":"Investment Company Act as an open-end management investment company. Effective January 31, 1998, the Trust","page_number":44,"box":{"x":70,"y":671,"width":816,"height":12}},{"id":"e534b6e6-d0dc-4fd3-8f83-e3278fe1d149","block_type":"box","text":"changed its name from Compass Capital Funds","page_number":44,"box":{"x":69,"y":686,"width":337,"height":12}},{"id":"291e39a3-7f23-4d06-95da-804d1b26ee5b","block_type":"box","text":"SM","page_number":44,"box":{"x":407,"y":687,"width":11,"height":4}},{"id":"6b99937d-8e5f-42a7-80f2-e4cdde4f5470","block_type":"box","text":"to BlackRock Funds","page_number":44,"box":{"x":423,"y":687,"width":140,"height":9}},{"id":"7596ef10-711b-41de-ab2f-6549fba495e9","block_type":"box","text":"SM","page_number":44,"box":{"x":564,"y":687,"width":11,"height":4}},{"id":"d22c8efd-e0ba-46bb-9afa-9b0813cc88bc","block_type":"box","text":". The Fund is classified as diversified. The","page_number":44,"box":{"x":577,"y":686,"width":298,"height":10}},{"id":"fd484eed-c163-4606-984a-76ff9a0728e6","block_type":"box","text":"Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per","page_number":44,"box":{"x":68,"y":701,"width":792,"height":12}},{"id":"4d7d5cf5-d50c-4921-a974-7c38e904a784","block_type":"box","text":"share, which may be divided into different series and classes. Effective on December 27, 2017, all of the issued and","page_number":44,"box":{"x":69,"y":717,"width":838,"height":11}},{"id":"b363c26f-9384-4973-a528-fe735802fe79","block_type":"box","text":"outstanding Investor B Shares of the Fund were conver ted into Investor A Shares of the Fund.","page_number":44,"box":{"x":69,"y":732,"width":666,"height":11}},{"id":"2994dfee-29c3-4d95-a91a-5892fa75b083","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":44,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"8fd8192b-de3b-4d5e-afd0-3bf780a701a9","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":44,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"428dbb67-036e-45cb-8746-95be05151913","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":44,"box":{"x":69,"y":785,"width":814,"height":11}},{"id":"def4d871-5949-435a-aad6-44915370ce6d","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":44,"box":{"x":69,"y":800,"width":794,"height":11}},{"id":"2da87acb-89b0-49ee-bb23-08f45d542732","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":44,"box":{"x":69,"y":815,"width":824,"height":11}},{"id":"a7bb5daa-349f-467c-9cad-23f61ef4804f","block_type":"box","text":"provides for indemnification out of proper ty of any shareholder held personally liable solely by reason of his being or","page_number":44,"box":{"x":70,"y":830,"width":827,"height":11}},{"id":"19b61fb8-efb5-4f48-a496-c6923bac28c5","block_type":"box","text":"having been a shareholder and not because of such shareholder’s acts or omissions or some other reason. 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Financial Statements","page_number":47,"box":{"x":69,"y":212,"width":179,"height":9}},{"id":"6e49725c-815c-4f0d-97da-658d5f24f2b8","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":47,"box":{"x":101,"y":234,"width":726,"height":12}},{"id":"ad1b469d-4963-4263-84f3-e8ecc088b777","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026 as filed with the SEC on Form N-CSR","page_number":47,"box":{"x":69,"y":249,"width":826,"height":12}},{"id":"ccaf4897-665f-43d9-a853-625b638ae101","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":47,"box":{"x":69,"y":264,"width":800,"height":12}},{"id":"47611c1e-067a-4307-ba9b-afa1281d2663","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":47,"box":{"x":68,"y":280,"width":833,"height":11}},{"id":"0040e184-d049-4b41-bb63-6a3b8ad79899","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":47,"box":{"x":69,"y":295,"width":839,"height":11}},{"id":"c63895f6-dc06-4640-aabc-32475009cfb4","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":47,"box":{"x":68,"y":310,"width":790,"height":11}},{"id":"e4c0593c-0520-4c4b-91ef-e8bc3517ab5b","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":47,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"2eea74dc-b8b1-4e96-b41d-f1a68496ea9d","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":47,"box":{"x":69,"y":340,"width":785,"height":11}},{"id":"8f569caf-2a25-4932-8888-1ffaa2e61507","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":47,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"c55c73ed-c7d8-4272-af11-dc4c8a9ea6d0","block_type":"box","text":"I-31","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6a9f4706-2855-4370-b9a9-d52e9ac21e90","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66d083aa-b53a-4d96-9a0a-e2c65eef06a1","block_type":"box","text":"PART II","page_number":48,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"68dbc4b5-80bf-4556-86a4-5a49313ad676","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":48,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"0345f912-b8a7-4461-bd94-187607225114","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":48,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"5b327c10-7a83-4fa3-b75f-c7d6bc22ff0f","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":48,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"375ee1eb-1a67-47f0-9232-3571523f4c28","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":48,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"2e8860f6-1322-42e3-a8c3-a8c45066236a","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":48,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"8f2dbbbf-3001-488f-8bf2-bbded17312d6","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":48,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"3f13e0cd-8665-4a82-bdac-75b8274f4dff","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":48,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"5ba79f8a-9f21-4c5f-bd5b-1d71dd3532e9","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":48,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"e6bdca10-1bec-4e73-ab48-2f3fed2d83bd","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":48,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"6acce6fe-ff2c-4567-ace8-0191cd070357","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":48,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"59020d7b-b51f-4c8c-8480-73e21c917c72","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":48,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"36e50c34-7624-4bda-86f2-eab888729189","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":48,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"0a45f2d2-27da-4bf5-84e3-18d56ddb5645","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":48,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"9af681de-c6d0-4ae0-9d95-51524b22a528","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":48,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"b3217a42-097b-4046-9252-cfb5f9aa7663","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":48,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"6d848e3f-f118-4f95-8760-45b1a9c4d17d","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":48,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"168f2f55-149a-4aee-a4fc-e6128ea4ee5a","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":48,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"d06ce404-d753-4524-83d3-85f2c7c16305","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":48,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"97dcb1d4-04c0-44e2-bd3f-7b4d1c9c2b31","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":48,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"9f7b7a13-740f-4194-b601-45c7a546d5a2","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":48,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"0353b07e-d021-4c7b-b798-7b154346a0fc","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":48,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"43e36a84-52b3-43ac-af77-f287dc510b2b","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":48,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"00d8286b-9cb8-4979-8292-ff41faa8addb","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":48,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"4fca1d0f-7e8b-4b12-8bb8-695f2bc80616","block_type":"box","text":"par ticular Fund.","page_number":48,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"92ef4d03-32a6-4633-9354-d62e1cccca32","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":48,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"79637839-4dd8-4f86-be77-36054b71544d","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":48,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"2b368b8f-d9fe-4217-a6cd-e93f7c075828","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":48,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"36f72f9b-aa99-4341-901c-f907b90a0ec8","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":48,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"5cf26bcb-e6b9-4111-a8b6-6ab4301a48b2","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":48,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"1c709a83-b5b6-433a-9fc5-4106938a63d3","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":48,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"11d5f202-59a7-4de4-acfe-1790859a079d","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":48,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"ffd13f58-4b6f-46c0-8cd3-c95e1b8f4673","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":48,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"6e93b423-9817-4acc-873f-756780adbd49","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":48,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"38c767ef-d0f8-4906-ada2-107b72aa89bb","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":48,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"b61e98d5-4e53-4a7d-aa74-00b932ae5fd5","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":48,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"7c5c7587-16d5-4df4-be99-9628b54e93c8","block_type":"box","text":"Asset-Backed Securities.","page_number":48,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"01bb0826-cb85-416a-8630-514962f54bfe","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":48,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"6b2e28ac-c696-4a87-b984-b2b77b88d8f9","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":48,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"2954e8e9-429a-42b9-8a85-396523fd2d01","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":48,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"8f220088-655b-42fb-90b0-f09d76e06c19","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":48,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"47124243-858b-41dd-a2a1-218be4bbd01f","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":48,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"7410708e-89a8-4802-90ea-7d6d015a9675","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":48,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"7362f904-9867-487e-81b4-73fdae190fff","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":48,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"49e84357-197c-4d63-8172-d1f965a9f000","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":48,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"541a7018-cc6c-4bb4-a5a5-1f891ca461f8","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":48,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"a14f57c9-1009-4bce-afbc-97bd564387ed","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":48,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"89d8e271-a18d-46f5-bde7-527eb8298469","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":48,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"97af59e1-06b2-4a4d-b98f-6358b85d4938","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":48,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"c0a45dc4-96ec-497b-b1ef-967ab3235847","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":48,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"5fca3c26-c3fc-4696-9b76-8569e003ac18","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":48,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"f2660741-5ae8-4ab4-98d4-796cd7cb69e2","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":48,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"2f490fcd-935c-48c8-b1dd-c03575b39484","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":48,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"c835c45c-3d24-4f1a-ac76-de807b2d0b8e","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":48,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"e8fb43a2-6b9f-455f-af21-be8de2e89f87","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":48,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"cc98d67e-eb5e-422d-9634-884ed9b03605","block_type":"box","text":"II-1","page_number":48,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"bd82436c-cd8d-476a-b755-d02a2312a9a4","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ea44f85-3ff8-4ca9-b890-1bc8d6537937","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":49,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"bc0f451c-27e3-48aa-9268-bab0302ca1c3","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":49,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"098fe624-736c-4660-ab71-d435ac7c0c5c","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":49,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"727f4839-9a58-4c0a-a680-a39a82636f3d","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":49,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"65d474ab-5892-4e86-9082-482ace27b15e","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":49,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"54f50ab0-9d4c-4791-8bf2-2feac2db52c0","block_type":"box","text":"Asset-Based Securities.","page_number":49,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"9e2c0d13-3921-40e2-8923-319015357d3e","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":49,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"cf4c4fb7-367d-425d-98f9-bc8c83e72fcd","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":49,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"74b8db43-bda0-44da-8d8a-5f8f07c8c888","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":49,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"131ae92f-d957-4ce3-b72f-bbb280e7a1af","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":49,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"a7a6df81-d2ca-45e5-89c9-8939e8e23aa8","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":49,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"31ddd0d4-a3e1-440e-8f04-67ea30f60896","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":49,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"faff76d0-9d0c-4dc6-a4a7-67fda5c50f43","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":49,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"b7b95445-387b-4b3f-9411-50f1938792c6","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":49,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"71aaa9b9-2780-4b74-9d8d-e83983f38a37","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":49,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"eb8c86c7-335c-4e59-a87d-39c9a58a9bbf","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":49,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"15425009-7f19-4f7d-a2f8-14fd961e3c6e","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":49,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"77608fc9-5e94-472b-a97a-829de84376ec","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":49,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"87dd58aa-f178-4e53-9897-c3ccb346f98e","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":49,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"ceacaf1e-6859-41a0-b73b-023eaf3bbe02","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":49,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"9ac50862-40a1-468c-a9f9-d90c22c8b754","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":49,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"8f40cf75-b041-44e3-abae-598c5e8bbe00","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":49,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"609e6438-51c3-4e42-8d2a-85a87f6f98a0","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":49,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"71ad8471-1801-4cf3-8afa-038f29fade54","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":49,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"b2c74921-7404-4ac5-a7ed-b9e8d284a7bb","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":49,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"3ccad37b-5a6a-45f1-9273-52455859bd6b","block_type":"box","text":"appreciation in the underlying asset.","page_number":49,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"d73df84d-4114-483d-a972-a8df906c81b4","block_type":"box","text":"Precious Metal-Related Securities.","page_number":49,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"055a71fb-81b9-40a4-9482-4f3a89d4fd44","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":49,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"e6b00848-cd30-40cb-97a2-28512e0111a3","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":49,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"cf86e48c-3b2e-4a12-80fd-800a27ec0707","block_type":"box","text":"e.g.","page_number":49,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"b4b0d867-55a5-4e79-8e22-0c9ee844afb7","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":49,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"390da623-e6a1-4ed6-916c-dcbe0702c6bd","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":49,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"b5c221c3-4103-4729-b7b4-3338ec2eafa8","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":49,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"ea3c2c2a-c619-4d1f-8c05-f962d14d94a2","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":49,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"8dc47009-6d21-41ed-a3b2-22406d7cce00","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":49,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"8878d043-7071-4352-a104-053e49146c6c","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":49,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"456727cc-6051-4728-8c15-ad3a2f4c87c3","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":49,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"03122039-4d2a-4adf-9e8d-558100c85b01","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":49,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"4c7dbd6c-53b6-4030-bf13-ebe9fdce7c8d","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":49,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"e809c2a2-d5a8-4885-8660-5330faab015f","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":49,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"292b746e-5fa6-44f3-a053-ae02e7589c6a","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":49,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"2ca43160-fdcd-4089-be77-5f52f8a6aed0","block_type":"box","text":"South African gold production.","page_number":49,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"b8876b2c-224e-431a-8f0c-a40d12e5a02a","block_type":"box","text":"Borrowing and Leverage.","page_number":49,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"441bee33-1a3b-41ae-8dd9-8804937342d4","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":49,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"b773fe59-d5aa-43d6-88a2-e5a634f0e295","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":49,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"28d71205-65d6-44d0-a490-069b6a0ff924","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":49,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"627565d8-f36a-46f2-b8b3-e52520f51e6e","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":49,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"891c6214-addf-45fa-922e-831ccc0d7a43","block_type":"box","text":"other securities transactions.","page_number":49,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"0ef40eec-a651-4bfc-a857-a879cea6435d","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":49,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"50f65ee1-2a56-49fb-9db4-1af086f86346","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":49,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"e87541c2-ba6f-4c6b-b592-b66868679d7b","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":49,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"ece1cab8-20e2-4186-9f77-9ea1227e5f70","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":49,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"befe2a63-a01a-4240-9e35-c8dbb014b6c5","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":49,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"f30a6412-d4a0-4fd6-8ac4-585de0a49b4c","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":49,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"63d8ee3a-5f39-4964-9cbb-906b53b3ce05","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":49,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"fbdda3e3-9c78-41a9-9a56-1edddc26e52e","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":49,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"a6df933a-b8ac-4bd3-9fc8-2bf28cdc9aa5","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":49,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"ef1780b1-1b65-4e2f-a50e-b421a10a567d","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":49,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"b5d382d7-f0e0-44b1-80f5-9d289103c6a7","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":49,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"74a1079d-8b08-4008-bdba-761736197140","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":49,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"b9d26271-2619-4635-8cec-d3753bab3922","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":49,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"ceb0eb57-21af-4fc3-9fa0-a66b3bc231f1","block_type":"box","text":"II-2","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9c84e346-3e7a-491f-a0b3-13e225eb7144","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"878dc771-7b7b-46c6-88ec-2dc1749185b2","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"45114933-71cd-4106-a400-b6d468d6fcd7","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":50,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"05bf5f1f-0de6-4ddc-92a9-ff2e3bec07e1","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":50,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"0a534d82-6f5f-4b4c-a3e0-8c30df7f1c5f","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":50,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"f8691d11-ee96-455b-ab31-5b0ac2ac3357","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":50,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"3b75b790-f16d-402b-be08-b6b9eb1ce7b4","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":50,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"3809c53c-5251-42c8-960e-a624181fee6f","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":50,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"94030db3-792e-40c0-afd4-bd50e3876238","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":50,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"b5f1a2f9-5fb3-4a3e-8ad1-ebeeecdf4ced","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":50,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"17d7906b-cbcd-43c2-8009-e5883099895c","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":50,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"2e51b724-6bcb-498b-921f-9eeba589fcdd","block_type":"box","text":"Cash Management.","page_number":50,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"aa4eb056-e38b-40e9-92ce-a98cff1008ff","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":50,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"9f57ed6f-7ff7-4247-a5e4-97cd3edb8673","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":50,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"c6023769-550d-40e9-b157-4b60e5415ee9","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":50,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"a8ec10ac-077a-4431-93e3-c64af4f78456","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":50,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"5535fedb-b8b3-4697-9562-41273b7519fd","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":50,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"f7eb5c69-d4f4-4565-a361-7524f9ff4330","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":50,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"a4c4ae0e-de9a-46cf-8bfe-bf68f3f31e8e","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":50,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"aac11804-c67e-49fe-b9f2-890e35fc115b","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":50,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"ea3d2166-65c5-446d-8b4b-298811eba6c8","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":50,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"667a25e1-05e4-40a4-bea0-f81ef19fe095","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":50,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"dc211367-3ba7-44c7-95f0-dd3c8a9748f1","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":50,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"bcc4e3f0-fbc5-4903-b988-706177988d23","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":50,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"c91b897c-9241-454a-af33-5f44b75dda0c","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":50,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"d4a62610-7ffc-4681-b1a8-08fa61d57c08","block_type":"box","text":"Collateralized Debt Obligations.","page_number":50,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"b8f27d6f-be6f-4e82-ac60-0b0afb19db46","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":50,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"43fb1cc3-dc7d-40de-889e-c884dc968274","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":50,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"203ef203-ef47-4d64-8b43-a8d8d887ceba","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":50,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"442669c4-b696-4d14-b9e8-f8bed3b74e24","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":50,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"92b84869-f8c7-4fbd-853f-54b512de08e6","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":50,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"2d68d5f5-70be-4e78-a83c-0c882f3316c5","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":50,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"3946f5d2-ae99-4d7f-80f6-740cab6dc42b","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":50,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"eb5fd21d-e739-43df-98c1-c9f87e8849e8","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":50,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"05e4a99d-4ba1-4211-b656-f5a88b333809","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":50,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"bd4c2e7d-6ae6-4f0a-9be5-bcef8a63cfe2","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":50,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"bb9dc2d1-1280-4503-b8f7-e81f8c8a5ca4","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":50,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"6b621066-fc75-466f-a0a8-299458990d32","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":50,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"4ba04627-c069-484d-86e2-8c9fc7d51b6f","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":50,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"d2ad0198-e88d-4718-8c0f-20e2cf768017","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":50,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"d6571e70-6d4a-4cd8-8781-e11d955c9bb6","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":50,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"416f4bb1-4595-455a-9a14-ba8338066367","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":50,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"9b7741f6-11bb-4840-8346-dcde0e27cc36","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":50,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"9afff70d-0b43-413c-8a18-bc506147d99f","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":50,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"4c0547b5-3db7-4ab2-b798-c4b818ea1880","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":50,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"09b82959-59fa-4909-88a2-d209dcdd67ab","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":50,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"dd1d05ff-031b-4ba3-97db-52c3d1fc6b98","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":50,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"ca672e65-34ca-41ea-9695-ad6dc075c99d","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":50,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"14d0de6b-1150-4a9e-8228-e3e9f4692968","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":50,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"6e7cba67-f420-4842-ba95-aebd68a0f7f9","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":50,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"6876adbd-310c-46ee-918e-b38a872cd59c","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":50,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"0a895f10-3b15-4750-86fb-152a819dc2bd","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":50,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"e9e0fb62-d92c-4900-86e2-2fd0f481e5c3","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":50,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"04c258e2-957a-4a0a-8fa1-d2253f121756","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":50,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"5bf664c6-b6d6-4425-a53d-37d5d22b3e04","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":50,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"4fbeb5e3-1c90-40c0-93da-aa84a7f1fa86","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":50,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"334641c1-5f50-49bc-bd01-ccac7d9181aa","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":50,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"22dfc1ca-584a-432e-a828-25a6df6db98b","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":50,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"14d7e6f9-47f3-42c9-9aa4-96af12e3f935","block_type":"box","text":"II-3","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4a6ec207-6fa4-49c8-ac49-c9570ce0c547","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec7670d2-9f50-4120-8387-a213ed89f67f","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":51,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"a47513ae-3962-4038-ad01-cf6806102b3d","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":51,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"1a2a1755-7156-433e-b2f0-7032492a6e59","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":51,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"23bd22e3-f941-4947-b860-a2a3d9825fe9","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":51,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"9194f6eb-96ba-44f7-9efb-12eb2c34b083","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":51,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"6188dd0a-a850-4e05-ae4a-5a51ec2d0ce6","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":51,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"974812a1-f099-423e-814f-f3d463a591fd","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":51,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"e883eef0-7246-4e46-b3f2-02273db67fe8","block_type":"box","text":"Commercial Paper.","page_number":51,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"7c00a1f9-7a94-4895-95c3-b3ab26a85df0","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":51,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"dfb26d4e-675a-43eb-bcf8-51ef634f7af0","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":51,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"baa35a72-d50e-4752-b5f8-ac78e815acb6","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":51,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"5a8f5da4-5242-440c-a061-042d53e7b76e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":51,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"ff78bd6d-975f-4c53-b1c1-5c3a44eb3098","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":51,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"63a53dbc-d13c-470f-ad8f-0e7be5371b9b","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":51,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"53053787-9823-48be-a71b-ae0856749338","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":51,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"41646ec0-3b2c-48ec-86d7-5b5a85203df1","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":51,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"13e0ac7e-46d2-4457-b1a9-1df2053af681","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":51,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"94d7631f-5d7f-47eb-82bc-e33f3b994aa0","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":51,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"b7ac5a04-ad08-4513-ba00-3d66d501467b","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":51,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"c163499f-ae34-4798-9808-69f72875250e","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":51,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"f01c79a7-3f1f-4eb2-8afd-efc663152eb2","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":51,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"ed535bc5-fa94-4498-9b3e-e1102bf3fa2d","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":51,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"13dfc7b7-fec7-4477-9deb-506f6e938cbb","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":51,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"f15e2c0a-097a-43ec-ae5a-27b9157db97c","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":51,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"6af11797-10c2-4779-bff0-60f04a3b9487","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":51,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"5cac8407-f69d-4f66-bfac-e24c6b76b30e","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":51,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"91db4a17-7bee-4139-aeab-374ae418e62e","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":51,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"155115af-205f-456f-b8cf-8d2845657383","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":51,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"25b8c725-e3ae-43f2-a3e2-7fe357c01351","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":51,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"3137ef4e-f712-49e8-a553-d8edc5af9b16","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":51,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"18b83f89-c37c-4038-a666-4b06f06911e7","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":51,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"3f9595e0-9a2f-41b4-a226-21593b69caac","block_type":"box","text":"variable.","page_number":51,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"4096ce2b-9298-4fff-b57a-9ac83028bff9","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":51,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"67d5e40b-0bd9-4d8f-8c8e-97b0ab4ec8c9","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":51,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"e2eb196e-3faf-4573-a912-68649b1b5c2f","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":51,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"a8dba375-058c-427f-bee2-0a83e9c3b385","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":51,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"58e165c6-7150-482c-bee1-d1603d227213","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":51,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"9faf9eb6-cabe-4c3a-b044-2a94cf535962","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":51,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"585943ce-7648-45e3-8400-f409d39da56a","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":51,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"7a955d8e-2330-41c2-ab98-8dd3ff75fccc","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":51,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"84077222-ab02-461c-bede-e74a561c59ef","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":51,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"d537bfaa-8182-4601-9b0e-4cb4fa590853","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":51,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"60619170-460e-4737-9250-6bef4cb2958c","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":51,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"bdf0b63f-7fa2-4ce8-b248-b36096b9b494","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":51,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"55687bac-cd81-4950-8bf4-ac5ed00d70dc","block_type":"box","text":"correlation with stocks and bonds.","page_number":51,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"f7cba75d-c4e0-4f48-a9c0-e02c3dd1818c","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":51,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"43602fb9-6ae8-4447-a9c0-583dc30f74be","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":51,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"41d8baa9-7a0d-431d-baea-f866e6603974","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":51,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"c38cb967-96b8-40b5-ba30-0041eb3e66fa","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":51,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"68bd2343-fcc1-4c93-8446-9978a467fd76","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":51,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"a01bf64a-a7fb-43a7-a48b-2aeec9aee16e","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":51,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"9445e244-301c-4ffa-bc81-eab59a9fab12","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":51,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"cf915eab-ffd7-4ce6-9bbe-a1858e4f8298","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":51,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"74da833d-3fb2-4676-ae25-18da04548786","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":51,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"bf862e5a-9732-4660-9582-fcadb2c8ea51","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":51,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"a75eef4f-5d70-4303-ac80-ce49d3035fce","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":51,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"6935f077-777e-4e3b-9b6c-c621702e7288","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":51,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"497c2f5a-ff60-46ec-ace7-ce82aad31f91","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":51,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"6ca1e52e-ef01-45c5-a4c4-ea040b1832c3","block_type":"box","text":"II-4","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"38e8b730-7dda-4f0d-a668-f9b5ee100854","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32b9bb1f-cd26-4052-ba20-6f52d7d291e9","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":52,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"0ca18d49-45d4-4867-9e5b-6530de10da13","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":52,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"6763ed1e-ff85-4b6e-a1b7-71b4123dc497","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":52,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"7309b209-2baa-4fcc-ad0b-58ba63eb73f0","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":52,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"c29d5cfa-d86a-42d1-be59-e7f229eaba27","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":52,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"fe662ec9-a845-47fd-9399-6c9e913bf52a","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":52,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"1557a970-d8cf-4799-9841-cdd748226063","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":52,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"d0cd916a-d821-4b33-951e-afb27379b544","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":52,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"a0d5e97e-447a-433f-814d-5bceb0d269d3","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":52,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"cc0eeb93-24de-4eff-b9e2-aa3bf7e76d8b","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":52,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"1d51e321-57a5-4f87-bd01-2ae09ac38ddb","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":52,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"145416cc-b6a0-411e-b195-4c4f87212a0b","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":52,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"068dcce8-510c-4840-805d-935e832677f4","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":52,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"0dc220f0-c748-4f0e-bd7a-4d943a20759b","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":52,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"30ed61c2-28bc-4533-9145-ae4191bbbf41","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":52,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"88a34ded-b052-44ed-9666-25c838836476","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":52,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"43cd9e59-b19c-49e4-b578-4f6609bd417d","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":52,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"50e28c23-025f-4bbb-a1b8-ed10af89bf04","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":52,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"0a6cebf6-8fcf-4c9c-9a6c-e7c2d185b56d","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":52,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"a65ea5c6-48f7-457e-891f-77125d9041a9","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":52,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"ede78ef5-931c-4406-b5f5-663038f60e27","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":52,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"a48a67d6-faea-4b58-b04e-0923f9155382","block_type":"box","text":"the Manager believes are relevant.","page_number":52,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"55007d56-e26d-4c08-ba51-9ccb15e5eadf","block_type":"box","text":"Limitations on Leverage.","page_number":52,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"6b1abc33-91c3-4194-bbf6-9a743276f887","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":52,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"4a601dfd-36d8-4703-9094-3878726e474a","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":52,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"d2630c8a-b252-44ee-8a19-fe477f43d440","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":52,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"8d48bff5-5825-4912-ba1c-8799becd4c0a","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":52,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"2abb1fe0-ff1e-4a32-b1ae-58ea237fa314","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":52,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"a6e0a42e-b3a5-46a4-b950-10b3717a97b6","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":52,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"937f615f-5888-4bf8-adff-2113e7e43c0f","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":52,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"494f013e-af9c-4118-9d13-77f23a5c8f54","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":52,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"90bc75c1-1612-4af8-8286-15c8876c6560","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":52,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"bd612c7d-dfb5-4ca6-9275-3abc54a669d6","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":52,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"fe51d1d2-279a-45c7-9d3c-01f38a06d589","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":52,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"f8d91d78-2741-4932-9e1e-0fcc6a2c9f9a","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":52,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"e5f2efcc-8747-4307-b267-77165f5c8ca2","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":52,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"ad452ead-eb7d-4c70-b963-5df6047525c4","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":52,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"113c6c87-29d6-4d0f-a37e-8fce3a5a01fd","block_type":"box","text":"Counterpar ty Risk.","page_number":52,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"d917069d-17bc-497e-a777-cf4cff64faa3","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":52,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"f71ef1ac-dbf5-4e02-b55d-b7e07fd96f5b","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":52,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"26c9264b-af4b-481b-bf64-361f8448c89e","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":52,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"2f4783bf-4232-47ae-be68-a1fd9ec99358","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":52,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"e98313b1-a085-40a0-b708-c909649dd3af","block_type":"box","text":"e.g.","page_number":52,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"b8d06831-e0a7-4705-849d-11da0a75ec11","block_type":"box","text":",","page_number":52,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"370c8ca4-e223-4041-bd08-0884da67df08","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":52,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"21e0e428-86da-412f-9eb7-fe51244e0ad8","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":52,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"79b44e00-7c9f-4433-aa60-413fa4cde668","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":52,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"0bf336d6-ea67-4299-90de-5905e62d524b","block_type":"box","text":"obligations under the structured note.","page_number":52,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"f0a699b8-c589-4f62-8299-f8941b672a6f","block_type":"box","text":"Convertible Securities.","page_number":52,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"fa1b8aef-f1c9-4e0c-b796-dca6e76a1952","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":52,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"9d910266-197d-4117-a59a-e629b131fd9f","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":52,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"9157341a-5dac-41b8-ac68-18728659fbd5","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":52,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"f6eb32f7-d89b-4b13-88a9-b4d1f2fef84a","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":52,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"af377863-0d92-4781-88c8-bdecf42483bd","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":52,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"d611fece-4b50-442a-85cc-99a360453d52","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":52,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"0bc3ab52-f16e-47d8-8030-f5a67ad10a71","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":52,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"dde35950-9508-465c-88d7-6d9c85cc051f","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":52,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"01d5ea7f-8e22-4785-9e1e-2abb887a4df6","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":52,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"106a177c-d379-496e-82b8-e1d088129f0b","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":52,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"5a637f92-833f-4dae-a177-40ef0191bb76","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":52,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"0710c761-8dad-4588-9eca-41ae1900457b","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":52,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"a391bde6-ca0f-4154-b164-e1cf40917a94","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":52,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"7c6dfeb9-de98-4899-af13-74ead4fd94ad","block_type":"box","text":"II-5","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"06293fc7-428a-45d4-85fe-b55cb8cf3e7c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00ea7d20-aff5-44ff-a7a7-dd57f62b958f","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":53,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"56b1db6d-5a3e-4e65-950f-7791a189ae2c","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":53,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"c15fbeac-8cd6-4fac-91d7-1a2c66428303","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":53,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"f1e110be-433f-4305-b997-94c41aff6c91","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":53,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"787cde89-3a23-46a0-af50-fa13a892d3a2","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":53,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"03a5b710-9888-4079-abc5-7a6fe44bcb83","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":53,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"7f634a22-b04e-44a6-b512-88b5e8ba9ae5","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":53,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"a505832c-46fa-42b3-ab3d-a23d207d8415","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":53,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"508e735d-d6cf-4766-a7b5-793049679b30","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":53,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"f34e8829-9333-43e9-bdb1-97903c068697","block_type":"box","text":"things.","page_number":53,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"ca0bcc5a-a61b-4b28-951d-e141a1ca6b1c","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":53,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"7715474e-7b74-4995-8a31-607304ff2700","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":53,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"d8f78228-27bf-49c3-94ea-0fde8789054b","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":53,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"e8541580-8930-44f1-8b56-943b12ef6c63","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":53,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"e4b63b1c-ab87-40c1-9c8a-f1c980ba6ec0","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":53,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"3682a06e-f90c-4c37-9aec-baba5e43d7bc","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":53,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"6de5da6e-6518-428b-96e8-72149934f2d0","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":53,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"684920cc-f77c-4a4b-94ef-98a645dcf83c","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":53,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"cc85af90-6df4-4079-9da6-ac87d6bad61f","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":53,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"4cfc4f57-aa7f-429e-8a16-4b5723e8da8f","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":53,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"c6e73c17-d395-49c8-9447-24c121eb5527","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":53,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"d86e5875-e616-469c-85a8-759878af4ca6","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":53,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"60a34b79-f051-4ae8-946b-946e17925fb2","block_type":"box","text":"i.e.","page_number":53,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"8fd87898-0aa6-4fc5-bf56-0e95c8e63c27","block_type":"box","text":", strictly on the basis of its yield) is","page_number":53,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"64db51f0-9a4e-432e-829a-82ede8a1ce08","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":53,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"634a712b-a5a1-4f75-a024-1216142248bb","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":53,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"2f9fb3f1-88ec-4763-85ae-7bdd85be5263","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":53,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"eba07ae1-bc73-4e47-96ca-320eab3fc219","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":53,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"5da63434-0063-4a3b-a073-fa1ec0a883ce","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":53,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"53d2b788-0643-4948-bf40-1cdd2b0d5406","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":53,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"72090a79-4a5c-4431-98a4-4c7e6a11ca94","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":53,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"df3837c6-5815-4152-a10e-b989a83c0d61","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":53,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"13a4500e-af93-4dd0-8c99-8c5b6e6a9bdc","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":53,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"fd060346-abe2-49e5-9207-ab1099adadbe","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":53,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"ca327775-6011-48f6-8e90-957fe924cc4d","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":53,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"19d4f50e-699e-4146-a6bd-1369b741a1d7","block_type":"box","text":"than the securities’ investment value.","page_number":53,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"a3e385a0-a858-4153-b167-0e994f202d74","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":53,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"4ddbbb94-1285-4562-8326-160e3115136d","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":53,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"106c9e18-77ca-467d-859f-e60b28e11828","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":53,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"37905724-dacf-4bd4-8dad-fddff27c5725","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":53,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"9144ba8e-18b4-4013-a705-449a30f6f791","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":53,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"34e60cda-e147-4b43-be37-17a846b0d94a","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":53,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"d73a173b-4685-4eea-88f5-57b522c3992f","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":53,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"14fdc4a2-bb1f-4ccb-844e-a547e2c6d65d","block_type":"box","text":"security under cer tain circumstances.","page_number":53,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"9e9499e5-55b2-4926-bfa0-5f866637ed91","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":53,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"5c4435d6-bb3f-49ea-a791-e081e4c71b91","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":53,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"13ec024a-752c-4628-bf45-c8ef7c0f65df","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":53,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"80df7ae6-cded-464b-ab1e-c2dfcfbd5405","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":53,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"4ca0d850-593f-43ef-8df9-6f5b35962eeb","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":53,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"7e07d118-b93a-4efb-9e40-7f5e165f75e7","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":53,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"aaf0c1c0-8ab2-4600-b0c7-1804ae25eb8c","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":53,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"23f8ecc6-20ea-48b1-a29e-11780c6b30cc","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":53,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"6245d6ff-f16d-4e0d-b6de-4a67fbf2534f","block_type":"box","text":"i.e.","page_number":53,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"fa0231e8-f9f5-48d8-9f82-8d59d16b919f","block_type":"box","text":", fixed-income (“fixed","page_number":53,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"fec03e4d-1abc-4624-aac3-c83d53ebb47f","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":53,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"8d21364b-b677-4c5b-ac24-46f2b809e6c9","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":53,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"4659f4c4-a067-4309-9011-c84707c0f80a","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":53,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"f3c6f9d7-52de-484c-b1e2-3a9a67b00bba","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":53,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"fe51fe33-5865-4ac0-9ac0-edce8b0c3777","block_type":"box","text":"II-6","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"04515c50-8cf2-43bf-ae8f-c47810612fde","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90258dd0-3f92-465b-96eb-b2b15ba962b6","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":54,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"96f7d900-c6dd-4844-8bb0-17ff2daadfcf","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":54,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"9094e8d9-a144-4541-9383-18041ce298ac","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":54,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"f670f817-cf50-4824-ba90-dcac0613b98a","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":54,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"c6e87c0a-bb90-40d4-bd00-68dd7193cada","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":54,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"ce52159b-5399-4446-a98b-d615f80bd1c0","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":54,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"df9c7490-e44d-4331-8203-eca71b7f07df","block_type":"box","text":"component.","page_number":54,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"ad1e8921-35a8-4429-a673-a3e731bb268f","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":54,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"ed602a9d-6b6b-4b59-bf56-ee6672a8e24d","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":54,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"105900e6-748e-48eb-907e-b5356bc7ac9e","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":54,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"6e0b6331-219b-4e0a-ba54-9939a54b56c5","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":54,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"71d23774-ec25-4f34-a331-4ac2c83642ae","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":54,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"d181be0b-bd18-4e67-8280-c44383ab4035","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":54,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"ce147a59-634a-43b3-ab84-f1bfd03b7baf","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":54,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"456cc9f7-6e0d-458a-bdbc-3a1637a431c2","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":54,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"0ae763f2-625e-4582-bc8c-9d9da4af82dd","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":54,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"cdbc6121-cdd5-4bd5-bc18-047e1d34f99c","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":54,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"277bf1e6-6175-47f3-a55d-3a36cdbd34ad","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":54,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"12decfb1-988b-41c0-b62d-212dcccdea9b","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":54,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"d6262ed1-baa0-4044-8a36-ecd52efb5e93","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":54,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"23bc4211-870a-44c5-b7b5-664e15fe116e","block_type":"box","text":"favorable market conditions.","page_number":54,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"d6e32748-d47d-49cd-aa24-4f0cb3514e1d","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":54,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"09908864-3dfc-43c7-98ae-027d324f2d08","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":54,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"71db8340-bc55-44cc-b01b-2b1ce1ad6888","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":54,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"ddeb657e-1bf8-4e45-a95d-a152a9d84492","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":54,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"1583999d-7e06-44bf-b5b2-fed6de3f9820","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":54,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"da6c33c1-b282-4874-a918-dd4cf35cb913","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":54,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"4f7adac2-9fc7-43ae-b020-86168462cac3","block_type":"box","text":"Corporate Loans.","page_number":54,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"f88c967c-cda4-4c6f-b55d-535ef68fa43f","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":54,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"3e467a2e-90fc-4026-997e-709b4ca3dfa5","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":54,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"b4174619-e39a-4e9f-ab43-c1f1c8b2eeaa","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":54,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"0f55e41d-ff2f-491e-8d96-fbe8f3bc6469","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":54,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"77adf46e-0631-4761-bf1d-810dc6d3f48a","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":54,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"5b847e4b-69d0-4dc1-a41e-f81e86a8bac7","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":54,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"c3aa5529-ad2d-4111-9406-3d59215c9d6f","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":54,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"dc39ce67-ff6c-4632-81d5-a3b0f0ca20f9","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":54,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"6698d1d1-9c0a-4d8d-9f4e-417ff01b3aa9","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":54,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"682092c0-8dd7-4054-8054-2f4f46b2ace1","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":54,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"26d87690-31a7-4740-8a1b-b8402086235a","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":54,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"1d988b92-dd26-4875-bd0a-8b1ee5c026be","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":54,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"a4de494a-3543-4dbb-ad44-e8ebe4e73621","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":54,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"1f495c98-0bfe-47ee-bed3-43df3820f80c","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":54,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"d1f770bb-bd74-4c8b-975b-2be0139acd83","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":54,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"112f56cf-f775-42fe-9182-06f675b91dd7","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":54,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"24c7e485-fd13-4534-b49b-92d9b1da58a6","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":54,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"a4be05d3-2ec6-4778-ae9e-21d8c7e56493","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":54,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"4bca6f7c-9d23-4547-b47e-1b503b75eef0","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":54,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"fc41f32a-083d-4180-b72a-c498fa752bfe","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":54,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"824ed027-8670-42d6-9da9-2600ed2b37ae","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":54,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"8a7e4ca8-a898-4f86-bced-bb46993b6865","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":54,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"6c7b8ae5-82b6-487c-bc33-de32e139e90d","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":54,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"78abf09b-db85-4e53-a370-37d4260da3f6","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":54,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"c22c77cb-c6a3-4277-b6fa-406252c24127","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":54,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"3e1527e1-60e7-47f6-b9cf-53e995853383","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":54,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"bd8918ab-a710-491b-98f0-293b1f06656e","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":54,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"4226eb6f-e05c-4c79-bd6b-b7a3fb1d4c2b","block_type":"box","text":"of the borrower.","page_number":54,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"3fcaed56-b005-485c-a095-cc32751447e0","block_type":"box","text":"II-7","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"05051ee6-7ca5-4f11-ae5b-e78f463cd443","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc0c42c7-6ff6-41a6-a175-a862e838f03e","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":55,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"5ce8bb41-bd37-49c4-a85b-6170ff35f987","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":55,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7aed3400-51ff-47c5-b58f-052d2ee2b594","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":55,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"134594fc-270f-4b28-b5f7-bb18af1fce31","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":55,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"8f720e26-7928-414c-bdaf-3eb37797b2af","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":55,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"9be4c736-34ee-443e-bae7-2506696e9749","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":55,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"804f1bfc-25f9-4c74-81ab-a70ff2f73d7d","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":55,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0100dfcd-58e9-443f-b688-5b9328dfc41c","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":55,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"4b49f11b-f4a7-45e3-b97c-0e22e36d5350","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":55,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"db621ac9-4459-460a-baa5-960583f17c61","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":55,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"d0be4d12-932d-4894-b24c-a282b49d0881","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":55,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"933cb27c-7645-4a1d-a723-0e84978df532","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":55,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"5ab0348c-6c5a-4444-b93d-fb03c478a697","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":55,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"913ae135-4d53-4424-b66b-7d6dda60c5eb","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":55,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"2809868a-e71e-47d8-ab85-a75a01b0ba05","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":55,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"a3d22ee6-cc52-44e0-a0e5-1880596eb28f","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":55,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"be56727d-7adc-4ebd-9e2a-93bd999372be","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":55,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"f9de786b-f18e-4b0f-802d-3f8cac961c7c","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":55,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"9a55bf88-23c8-429b-b0b8-d5076feb42a4","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":55,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"a67651d7-420e-4e79-9945-e5df718bcaed","block_type":"box","text":"state law.","page_number":55,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"b157cf31-3068-43bb-af52-ed17a675800d","block_type":"box","text":"Direct Lending.","page_number":55,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"01f9efe9-6bc2-47aa-a563-cdc3e69f783e","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":55,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"56b534c4-7640-44e9-90f8-c6b403ce9d84","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":55,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"065d105d-7100-4498-b627-a1912108f7bb","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":55,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"46780b4f-01df-4e51-bdc1-67d195cad58e","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":55,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"0f992955-b152-4de5-80ff-10f33c4533ac","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":55,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"e2adad51-dabf-4b82-81f2-15d6f5421d49","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":55,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"50a5b286-2240-4f81-aab0-daf1a79e229f","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":55,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"153d6b71-33f2-4476-9abc-b596b9c976fc","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":55,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"b16df5b6-75e9-4619-8fea-3ba1a3cd4e54","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":55,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"7df09ce5-e654-489d-82b6-4b7aaabb399b","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":55,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"ea9dd0ff-c490-484a-82c1-2d96850a5c2e","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":55,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"f26151fc-697d-4ee3-ac54-9253ee2cf022","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":55,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"9c44e62d-56d0-4e45-a430-165d4613396b","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":55,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"5e3b2873-7f35-465e-a72d-a5ff0a33f636","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":55,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"d8946140-5115-4c7b-8f04-a8b308bd2015","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":55,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"71ce1135-b3b1-4e2c-8111-dc011f0de24b","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":55,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"7e011ce0-4e5d-46fb-98eb-f70f3186042a","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":55,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"b2540b96-fc64-4c08-bee2-9257c5b4710e","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":55,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"b37e44f4-04cd-4ca2-926b-ab36abae1767","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":55,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"7b4ddb47-2add-4f72-8960-8b26c4d22bdc","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":55,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"86c3f463-a362-4fda-a945-882d333ee58f","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":55,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"44a91e0d-e484-4883-8c4e-93618ce1a055","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":55,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"0e961284-2c6e-4a10-8347-50cfab17fa3a","block_type":"box","text":"Credit Linked Securities.","page_number":55,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"7e4afa66-c8f4-4967-9e9d-73b2f6a26cad","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":55,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"7ec19e61-0b38-4542-9f12-efb294dc6853","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":55,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"ac0f6487-22d8-4246-921e-0f5e16ee5d13","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":55,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"f1c86133-8a78-4160-abb7-81cedf153601","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":55,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"dc3cf540-dacc-4893-be4b-d34d18ec80b5","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":55,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"35f85e42-4763-46c3-bca0-6d40703edce5","block_type":"box","text":"traditional income producing securities are not available.","page_number":55,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"23b8c882-f59e-4c80-9fb1-486f31d48f1f","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":55,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"ecb808a2-8294-449c-a08e-45ec0115da96","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":55,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"2349d478-c009-426c-b1bb-338543316269","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":55,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"317021fa-d749-4cb9-a4aa-a6766e0e15c3","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":55,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"d3dead87-015e-40f3-9763-ea1f68c39e46","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":55,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"d766531c-83fa-4ef4-87c2-5005bac1f132","block_type":"box","text":"II-8","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"91fa3e38-2633-424a-976e-abfb6a567024","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92634832-32f6-4e59-b622-5f8dbe301cc1","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":56,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"05f72fbc-cba6-483a-a16a-fb59dfcd6501","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":56,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"afe5e793-222a-4d08-9383-2e720fb39c65","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":56,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"c880c82d-ece5-4555-a77f-c7f02f7ddfcb","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":56,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"7932cdcf-c1d9-44fb-a8e7-867a53a1ca3a","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":56,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"905301bd-67be-461c-a0fd-a9a810156b49","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":56,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"b7edc4d9-d246-4ecb-a795-ccf5d8500f88","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":56,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"577e1013-8dc3-488f-92e9-4f6c63d04f0e","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":56,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"1580dff6-ce64-4296-ac83-7596b9aa41c7","block_type":"box","text":"investments.","page_number":56,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"4a9cda5f-8905-42c6-8835-59752aff6bea","block_type":"box","text":"Debt Securities.","page_number":56,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"c9210a85-a572-4126-a219-bbd9a0d84451","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":56,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"c31854a0-28a5-4556-a4fa-b1a63ac3c16b","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":56,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"b4d7da71-3753-452e-87cc-75cbe197f098","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":56,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"319daf43-3630-46ab-a6d1-e4807811bed2","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":56,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"389f5bff-43e6-47f7-8cf9-6241c96d6abd","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":56,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"72106082-fcf4-4fc4-a5a3-d9d6b6885404","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":56,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"8a575d04-2d4a-410e-ae33-eef5d566c918","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":56,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"977a8e8e-6a09-4112-8d62-99691e6b0dec","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":56,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"2e1bb8d5-2072-44ee-8a14-657a0859e0ec","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":56,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"d3747813-04f1-4f9a-be34-3102eb4c061c","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":56,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"4adcfc27-0649-4697-ac1b-31f50cd3ab90","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":56,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"0632c3ca-fa05-48ff-9925-a83059c33964","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":56,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"91e32a41-91c4-4bbc-b63e-5953ee760a0b","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":56,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"2e81eb8e-10e5-4641-8818-ab664b167398","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":56,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"fe49e4cb-85b2-4177-b17b-4ade189b9fac","block_type":"box","text":"lose value. This is known as extension risk.","page_number":56,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"d2bd9277-792c-46d7-9bd6-632c5faca83d","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":56,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"e3809e17-ec1b-43d4-b643-0d949728b98b","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":56,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"7ea9fd8f-b47a-4868-b25c-adb3a74c9794","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":56,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"e83db551-0e01-44a5-b362-648cab713e72","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":56,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"6a0d36aa-f511-48f2-858a-f93220234ab3","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":56,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"976efbbd-0be6-4598-ae08-c60138c15c30","block_type":"box","text":"Floating and Variable Rate Securities","page_number":56,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"64b0c71c-cc3f-4501-bd85-f0cba57f7d56","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":56,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"b3143b50-4663-4434-96ce-bc97c0ff5ee4","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":56,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"63915b54-d210-47fe-b736-2689bddfe778","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":56,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"d27c620b-03f9-4a84-89a9-edbd83a6b0e8","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":56,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"0b5a119b-52ef-4372-8b22-d633ee5f5d8f","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":56,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"f98d9b04-5068-4ed4-b43e-84bbf79ff0e7","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":56,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"18da9a2c-7667-40b0-a72e-9d9103a7c144","block_type":"box","text":"market interest rates.","page_number":56,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"292eb7e5-80b5-4f25-ab62-e646f1eeb574","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":56,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"98a2f30c-20d1-42e9-9aeb-f483114296ea","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":56,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"731971d3-f3e7-48cb-a3a6-4df6363ed670","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":56,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"bac0aba1-dd6f-4a57-af7b-927b058369dc","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":56,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"5cc813ef-db36-4786-a294-13d8a36a92fd","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":56,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"28e82ccc-5df3-4e41-b5b3-fd7ac2b41cb1","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":56,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"b0a22a86-83aa-4060-a495-a68de89cb7ff","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":56,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"7c132121-5f42-4488-b4fc-243c4168b245","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":56,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"ddddd65a-a1df-4242-9d47-280c4ce9f523","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":56,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"d71b3283-17fe-4803-b7f2-483cca53f51f","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":56,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"2977ff4b-460e-4aea-9c75-d55d22e9beb1","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":56,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"6197f1bc-8349-493b-a5a2-38f43b53c067","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":56,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"3f9e8234-48ce-4736-b843-09454da21087","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":56,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"ef5a539a-90c7-4d5d-8c82-1d2af603b626","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":56,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"f174ff1e-ec54-4b7c-8eaa-ea5c322075bd","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":56,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"fdc5abe1-3404-4c9a-837c-f6afe18a9311","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":56,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"916cf96d-7482-4ceb-a830-e535ac1787b7","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":56,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"0ae43af4-1fa5-4da9-96a5-e6510a766764","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":56,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"2fa87e58-23a0-41d3-8f09-98abc74cf8cf","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":56,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"1fe9796c-fc85-49c6-91bc-958794234cc5","block_type":"box","text":"II-9","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"10d14c27-9c58-484f-acfa-e069590e49d4","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fed8dee8-c74a-442f-95be-1029dfc2d9c3","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":57,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"739def9d-c740-4976-8a51-86ad05c063b5","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":57,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"0984d70f-ee98-4d46-abba-a40703697f90","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":57,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"3d62c0d2-9dde-4c87-8880-ba9d71d1d2fc","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":57,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"d4dcd465-9245-47f3-a89d-dd53d2882f4c","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":57,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"589ba552-d303-4bc9-aef0-ed2f5e1b50e1","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":57,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"09812daa-1aae-4aaa-beea-1acdfc17e857","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":57,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"333ae5a0-16e6-4c04-8c8b-903dbee5f36b","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":57,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"3c9e0df2-53f2-41d1-915e-6643b87fc1df","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":57,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"6c206d73-918c-44e7-aadc-5640c2aef650","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":57,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"726e24f1-d464-4ff1-b8d6-8bbab736c048","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":57,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"4201b510-5a20-4784-8ad6-d6fabc76ce93","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":57,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"6be37e0e-abab-48a1-a671-3daf0e7cbeb1","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":57,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"f2091072-8286-4c7d-b433-513873188450","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":57,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"f0b3c4e5-e11c-4b1e-948a-6c059108cfbc","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":57,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"6bf6b7e3-0054-4949-8876-8819fb288140","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":57,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"16986ed1-0818-44a7-997b-4ff01efbae9d","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":57,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"ff349096-6a13-4654-9b2b-42f6493b9546","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":57,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"f1511221-2139-45fb-8840-11c24cfe3455","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":57,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"be48d997-e838-4048-ac38-f66dae3be97b","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":57,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"71308673-dac4-4cb5-8fb8-7201613c2506","block_type":"box","text":"United States.","page_number":57,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"a4aa513b-abd1-4d94-814d-21216f0fe12b","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":57,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"6c5a84c5-f1fe-42a3-bec8-5b5f4378e368","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":57,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"ce0bd029-ff23-41ae-8a3c-3cc0b96c82e4","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":57,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"ebdacd57-0576-4ed0-be25-0d88de6d56f7","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":57,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"e2b98e4d-65fc-414e-84b2-b3f1fdbc4867","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":57,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"c325b2b6-6b80-4f9f-b00c-d324956af30b","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":57,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"9986a546-09b4-457b-9558-ffcbd452f55d","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":57,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"876335ca-0250-4cf3-96fa-3b0c95cc907a","block_type":"box","text":"i.e.","page_number":57,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"e3ff9bdd-6a1a-4e1d-b513-b027e6243d7b","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":57,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"96d23e9f-1037-4956-9838-609aff278a25","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":57,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"8947b2d2-9931-4e80-b0da-1bdeb2eba5a0","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":57,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"99253967-3d82-456c-8e92-21ec8793446e","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":57,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"88a36ba2-fd4e-423a-9c1c-8630e2c08c64","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":57,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"e3525158-52ab-41a0-a43a-6745b24b7cd3","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":57,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"b7b8b72c-cfa3-4de8-be81-22be5ab06a85","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":57,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"10db690f-658f-41d6-b62d-23e6275bc78e","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":57,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"0d4db55c-276b-46a0-a812-640bd3af5e7a","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":57,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"74331696-a28d-4607-b548-1afc54aa5253","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":57,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"2904430a-f405-4307-b979-45e9bde574af","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":57,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"94cb3cbd-1f7c-4a7c-bb94-832ab59322a2","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":57,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"bfe8e3a1-938d-45d2-b19b-7f63ed1d1efd","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":57,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"9de41318-04f2-4b27-8bcd-4a9b5770c98e","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":57,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"2d71ff72-c4de-4eee-8897-4e48791962a4","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":57,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"c14a17dd-23c0-4d98-8416-fcd10a15f8b7","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":57,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"d2bcc7ec-da5e-40df-bc88-52a43e1c8bac","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":57,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"fb67132c-8ce1-440b-b4a5-63cb5d026595","block_type":"box","text":"risk than higher rated securities.","page_number":57,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"3f52892a-ca14-4e16-be82-447c48535873","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":57,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"1d3ad6fd-8efa-419b-a166-881722949c1e","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"de65a647-bcfd-4194-8064-d3aac423aea0","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":57,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"7f8b1f41-7705-4c57-bf5e-5eda8e30565a","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":57,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"3407d305-aa35-4c7a-b0e5-6d045b8bb05c","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":57,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"3316a549-6314-4374-be59-2ff7ae764531","block_type":"box","text":"unavailability of additional financing.","page_number":57,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"8301267c-14c6-497a-891b-a0eb51c69137","block_type":"box","text":"•","page_number":57,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"3f0c3989-f72d-45c0-828d-b2eff8a71799","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":57,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"952106a7-8d60-41ab-a7e9-1e5caed60520","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":57,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"7ac768aa-fed3-4c03-9e1b-3c01ead0ede4","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":57,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"5cb67870-6033-42ec-888c-184a648898b4","block_type":"box","text":"II-10","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"945ea394-9ca6-4d62-b34f-9ec7efffeaee","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6c05eaf-c76e-4036-93e0-e5bf46aa2cc8","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":58,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"5d836251-538c-49da-a6ec-3c728e801f0b","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":58,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"ca37a40d-a95f-42c1-a9c8-d82a458e2da1","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"497ac0ed-86e9-4a72-8687-1be012a9f8bd","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":58,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"c56e5b89-2b62-4954-9b5d-e8ff4dcbc0d9","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":58,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"4a2c16d2-98b8-4fcd-89ad-1605ffbee378","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":58,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"0c78baf6-6cc8-4258-a1b2-fa12947fba69","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":58,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"67a75f77-426c-4fa3-9da2-b25f44c2e7ca","block_type":"box","text":"investors in higher rated securities.","page_number":58,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"549dabe1-5606-424b-85a9-cda12471bd41","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"2f425a0f-499e-47ef-bc66-996a6c597c2b","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":58,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"39cdb0cc-fe71-4a35-a08a-af26b9b7b9c4","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":58,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"359c0b9c-2283-417b-9a2a-6329353cf8c3","block_type":"box","text":"lower yields and may lose income.","page_number":58,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"345f3637-b778-40ce-a927-09623d26b566","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"8c63a6cc-d7cf-45d6-80f4-de50f2ec86b9","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":58,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"baab2f07-4291-4c98-b44f-cf5b533e90ca","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":58,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"330054af-3d3e-46c4-9bb8-c6e6e8f40f07","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"cd1e80d3-c5d3-406c-b022-05859e9e110c","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":58,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"b6dcbeee-2b73-4aa1-97d1-31da2d3bf606","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":58,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"1e75c823-ed3a-4a4e-8153-982a3632093b","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":58,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"979a697d-adfc-4b5f-93ef-dc2ea07ca7ed","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":58,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"bc82ad38-a485-425c-bc02-751ef85695fa","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":58,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"ed1a7f7b-f66b-453b-b555-6ea69f8ce05a","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":58,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"a329d22b-d4be-4b77-beae-b5f09b271232","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":58,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"542186d7-a65c-41bd-b3b2-e1871006ecf5","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"db5cbadb-5c25-4d06-94f2-e8af6bac5782","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":58,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"c311bf0b-e511-44db-91a1-0a707a0228c4","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":58,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"8947a545-3393-4d49-90ba-f2f0cd2793c9","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":58,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"215c0e7a-2d26-4ca8-8429-675ed849b0f0","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":58,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"dc499e37-51f5-455b-bd2a-a792f424061e","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":58,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"10e0bf65-dca6-4bfb-9410-98c89cd20141","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":58,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"5e1ba11a-950f-4525-b7d4-9dddafb32e32","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":58,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"bff70983-d642-47a9-a5a0-795f363bffab","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":58,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"cd45f1b7-b242-4cae-bc17-a29c7d418332","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":58,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"53ca6084-9134-4b59-99ea-2767729bc882","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":58,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"6b565ef5-43ee-4eba-a71d-007d78d3aa47","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":58,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"0824075f-f8ac-452f-a822-ab698008f7b2","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":58,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"5f89f779-0a0d-449f-bbbe-ad19fb73e34a","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":58,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"30ee294c-2637-452e-b46b-d6a8d1ba7b88","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":58,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"7799b578-9c30-4b8f-8307-478c6950bd43","block_type":"box","text":"role in determining such valuations.","page_number":58,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"adbb2470-2f46-4347-808e-3dce648139e2","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"35e1465d-a84a-4362-9207-573f11951e7f","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":58,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"fe9cf2e1-4179-42c1-bad5-46dba127e49f","block_type":"box","text":"a defaulting issuer.","page_number":58,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"0069100a-7572-43c2-b6fe-fca99c0dcc71","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"cd9a5d49-a57e-499c-8c6e-c03cc04deed1","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":58,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"f6f748d4-6de0-4896-aef7-41b26693dda3","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":58,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"eeeb4cd9-0dac-4496-a2cd-afe2f5e02264","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":58,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"84b550a7-36d4-4838-a712-15fb9965a7dd","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":58,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"f476da98-9882-4d82-b1f8-36ae709100ac","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":58,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"b119a3d9-c9a2-49de-a92c-daeaa3551e7e","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":58,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"07209dca-b009-4a0f-b2b8-6235fb8a48d2","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":58,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"f8f270f8-d425-42e2-bbf2-ec43b70a30f5","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":58,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"5a23d5d9-0919-4c7c-b6f6-754f89ab8dcf","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"44055038-11d5-4d79-98d1-90530301de0f","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":58,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"5b2b6441-09c6-48ec-a186-24d377883749","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":58,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"e22ca480-e085-4a3f-a778-171f23ab23fc","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":58,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"403c32a6-bb33-4b58-8f94-798b1df9d233","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":58,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"88d6139e-5ca3-4c02-b314-ccfcbecc4215","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":58,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"ebc83e76-2d2c-4923-aa46-39eddb1a2675","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":58,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"7936f138-6a1c-4f92-90ae-44af5ad71206","block_type":"box","text":"higher-rated securities.","page_number":58,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"def5653f-9f2e-410e-b62e-963f1955bf30","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":58,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"a3eeca8c-3de5-4bb9-b8a2-ac7ddae440db","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":58,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"b3bc15b5-6f21-4452-a381-1130917204a8","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":58,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"f667762d-118f-4585-9275-1d3109abbad8","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":58,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"5b2d11e7-d809-4a87-8cd0-6b03d3186623","block_type":"box","text":"II-11","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"675e5330-8327-46e5-883d-83ec9f66b688","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0aa4a90-4f38-4d97-b5c3-ed59368f7f0e","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":59,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"03b0d6bd-9247-4b65-9fe0-6e0bb65ebb1e","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":59,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"f81904da-39ef-41ec-b6f6-83ea398f633a","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":59,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"8d4e9477-0f4b-4e8f-802e-65cb0c044a7b","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":59,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"fcc15f48-e173-4d11-abbe-34c9f60177b8","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":59,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"f05d186a-3dcf-4496-9b45-c80613add704","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":59,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"9133a041-2907-4434-8b4a-dee9f379d7bb","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":59,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"62726d24-3665-4697-8d37-58b837595eb7","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":59,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"1df4eb6c-b34f-4a9c-96d4-b3c42943403b","block_type":"box","text":"Mezzanine Investments.","page_number":59,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"93a38835-df26-40ff-a4d3-bd1d8ed8a264","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":59,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"e3ae7702-84f7-4be6-987f-14160ba2eb48","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":59,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"7fe5643b-0db5-4fe9-8c61-4814eac288da","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":59,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"4c2b3f71-44be-4094-ad71-1e92a9c7e3bb","block_type":"box","text":"e.g.","page_number":59,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"c48a3cba-ca0b-4f19-aa73-f661880bd3d3","block_type":"box","text":", with","page_number":59,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"0e47875c-d74b-491d-b720-8bf3b004a3bd","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":59,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"68b16b75-c6d0-41c5-ba60-4527ed271c99","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":59,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"b9877bf9-c376-48bf-a693-93e9db7ebbfd","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":59,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"fa74a5fc-92ce-412b-b1bf-c1a5650d9cd6","block_type":"box","text":"other obligations of the issuer.","page_number":59,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"00f248de-fe41-45aa-aae0-e44a5b777164","block_type":"box","text":"Pay-in-kind Bonds.","page_number":59,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"ebd3328a-45dc-44b1-bf5b-379c4e4e5ad8","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":59,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"3bfb597e-dc7f-487e-b351-05d9a1aa2222","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":59,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"d4cc4663-317a-42a3-9815-b6d342504345","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":59,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"e4a951a5-9ed0-4a2b-84a0-333ee58d3535","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":59,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"919898c5-0320-4868-ab77-9f81d0cbdc2d","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":59,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"0f16a9d6-7c29-473b-a30f-be6ee376293e","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":59,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"f09fe899-fc0d-4f00-923a-8c1ae2daecef","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":59,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"0405de50-f67c-4127-b975-2bad49386d73","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":59,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"2b6b4f27-967f-4934-bdfd-57e0b92953ca","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":59,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"6cec9de6-2e27-4301-8982-0c1694b85b7c","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":59,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"e0b8cef0-5481-4bfc-8dae-1d62eb882d91","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":59,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"c6ad4135-9802-4bbc-ae1e-76525c38942f","block_type":"box","text":"Supranational Entities.","page_number":59,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"c0761dc5-00df-45dd-b8eb-ee1f767bdd2c","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":59,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"e91ed6c0-9ee0-4c15-9bec-ce7304a1d3e1","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":59,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"ddcad62a-4df7-4b43-8e93-a6c511f03a96","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":59,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"b5df29ba-4501-4842-be34-6c3be05fd50d","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":59,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"d01e33ea-3b69-4fb2-be49-e7f8b4a140b6","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":59,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"64ff0af3-f9a5-4f53-8d77-ad695ad3af1f","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":59,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"8fffb16d-c2e4-4434-846e-5619cba8ad81","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":59,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"b402ae58-a80e-4942-90da-83461967830c","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":59,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"a7a55441-b4e7-4b1d-8c31-5eaa035f3d04","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":59,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"11027985-1a35-4cd6-8584-59deb900a327","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":59,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"bffe727e-2f29-48a7-9497-0da118ea0cf8","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":59,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"d4601af4-1ad6-4da3-97db-575b3015f7be","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":59,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"762ab649-da2e-4db3-a2be-a24913980a42","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":59,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"7dbe040d-e349-4343-98dd-021518526058","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":59,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"de12875b-a1fe-4c22-a486-0a081dc5bba8","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":59,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"e207bb87-1977-4708-acec-5c7f3e4f6bba","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":59,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"40fd9773-e649-408a-b46a-e8e23493e583","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":59,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"7d1544c8-acc0-4e8f-a60a-bc43454f9418","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":59,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"e626ed91-67f3-47a4-a0e7-d67e0f045618","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":59,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"2f5eaf80-93cc-4004-af4b-38a1414d2c01","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":59,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"885515a1-f7f9-44c1-85c1-c637fdccb2ad","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":59,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"599b8fb3-ed9e-4ca6-9696-879653dda850","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":59,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"220fe5c2-6a8f-4d63-ba2c-5b072aab457a","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":59,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"5a6256fb-9c05-48ea-94f2-f10936fd2698","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":59,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"e4d2a405-ed42-4bfe-a8fb-0c5c2a3045c1","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":59,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"0a8dff09-908b-42a7-8531-5d5a095b542f","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":59,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"aacc9c37-b7a3-4035-a660-ecbbc14daca6","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":59,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"2e8ba455-6427-475c-8777-11f2b835cde8","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":59,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"8d7d8687-b848-4a73-92de-bf852d4814ce","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":59,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"956cb6cd-9451-4e47-b73b-319bce6b6c5e","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":59,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"555f64be-cc8d-4665-a847-5407fd5acaf2","block_type":"box","text":"II-12","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25c9194a-5a23-4fc2-8980-b5b24df94e07","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6279e136-082b-433d-9883-0a140b6d6161","block_type":"box","text":"Derivatives.","page_number":60,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"6be55875-03d4-402b-b808-d7c3e517203d","block_type":"box","text":"General.","page_number":60,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"022e186d-5255-45f5-aba9-4b4452b41aa1","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":60,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"18f808ca-1382-4d4b-a087-1f84162c069b","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":60,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"b54b944f-8615-459c-b586-388e9b8debd0","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":60,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"10bf0609-f55b-4cec-8038-8f3f912c12cd","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":60,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"272148b9-2c19-41c2-bd5e-79e2b5954f14","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":60,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"37f6cb2e-dec1-42f5-9479-7256c69fd79d","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":60,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b7705aa6-f9e4-43d3-82ba-d96a0b5c4619","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":60,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"a849ba9e-c568-4c74-ae69-d9d88e45572c","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":60,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"005ba77a-07fa-454c-a138-cd2c18551a5f","block_type":"box","text":"i.e.","page_number":60,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"c036352b-f4af-4ec7-9674-ba02b6fb0849","block_type":"box","text":", the payment","page_number":60,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"84898eef-0ac0-4441-9d83-98ae900a70f5","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":60,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"adb0d7f7-2b5c-4e06-be5b-723216c5981f","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":60,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"374a5023-11bd-4b06-826b-5f322d7e21c0","block_type":"box","text":"Hedging.","page_number":60,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"8c50388f-5f77-4fe5-9215-d301622cebcc","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":60,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"741c817c-ef33-4df0-ab2b-7c5fb90b6e06","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":60,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"32a64f97-7361-4f0f-b025-b3d043984342","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":60,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"4a8e4aaf-bc5f-4bf7-9edc-015494cdd841","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":60,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"02e1433c-da80-4ad6-b519-919e762cb5e0","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":60,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"1c691a8a-0c11-45ef-870d-9b180efcb26c","block_type":"box","text":"correlation risk,","page_number":60,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"bc20b4a6-b1db-44d5-bb7b-5d85e2f18783","block_type":"box","text":"i.e.","page_number":60,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"7ee5a122-affd-40a5-9540-712bada1203f","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":60,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"4cdd2c61-6201-4d20-bd3f-d67603e863df","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":60,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"674a42f6-7ba8-4123-9a9a-c158b930551a","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":60,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"dfe887a0-465b-4d85-8a27-65c37706e445","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":60,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"51687ad6-8990-4cc0-bef8-a0b595cf3d26","block_type":"box","text":"Speculation.","page_number":60,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"8acdc05f-7281-49ae-89f6-5f4b9c2d7f3f","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":60,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"e7024477-5606-4b20-a685-67d974252cf2","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":60,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"29f2aadb-e728-4ba0-8e3e-f3656090425a","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":60,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"9e6d4802-317f-42c4-a0e2-ed7adfdd4586","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":60,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"0993bffa-84e0-43c7-b9d6-900b36f4e3cb","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":60,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"ae8a1b71-b287-44dd-be3b-a2bf09f700e8","block_type":"box","text":"Regulation of Derivatives.","page_number":60,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"dba338a5-9843-4874-ba86-fd87fcb660aa","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":60,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"79f63ae7-6b22-4ef2-87f5-206cac8cdef9","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":60,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"fd884ba7-eadd-4677-8410-aa7760e159f4","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":60,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"f9bb5824-5982-4260-a213-f2fab9ae3867","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":60,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"849c5d31-a833-4acb-8934-e95619c0a88b","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":60,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"a5a32fab-0bbb-457a-8c16-132113611b3f","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":60,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"33485000-a58c-42f7-b7fd-d2e67efebd5b","block_type":"box","text":"coverage”).","page_number":60,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"92e62574-44db-4b78-bffb-fd3455b28f0c","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":60,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"f77bd834-3be6-4dd4-bf83-60efe8005697","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":60,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"1994d661-906f-496f-86a6-04491aacba69","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":60,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"e738ec70-b764-4059-a462-7e13c9ec2eab","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":60,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"151b1691-561c-408c-866c-e78b4b2fe5c9","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":60,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"6d007bfc-295b-4348-8a38-2e031d3ef757","block_type":"box","text":"financing transactions (","page_number":60,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"182fd830-f2ec-440e-8d8d-282ff6cf7e23","block_type":"box","text":"e.g.","page_number":60,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"778e733d-c67a-4ee8-ab52-465bb4352f66","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":60,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"7dfb7a0f-9df3-4699-999c-b2e760dcbe35","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":60,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"5019af5c-6b2e-4ad3-9e58-416757678fe4","block_type":"box","text":"securities (","page_number":60,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"5d5b76a7-9397-4369-b3a1-a5adf940b684","block_type":"box","text":"e.g.","page_number":60,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"d1bf0a30-0b86-41f0-b90f-f8b98d665c09","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":60,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"beb68e10-5183-448c-81cf-0f9ecd0e59f0","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":60,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"3b07d832-71f3-41dc-b5c2-bcdfdc14685a","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":60,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"db9198a1-fbfd-4a32-a9bc-a051094de3ba","block_type":"box","text":"Commitments”).","page_number":60,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"f77193f0-39b3-42ac-91ef-69b6e21731f8","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":60,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"71a3a3ac-bf11-40d2-9578-aa9f4e942b38","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":60,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"687a8b28-cb64-496c-9b10-27eb825f3377","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":60,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"9d8da49f-219f-45aa-8785-cdf7e350f077","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":60,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"1bb3328f-376d-4cad-9dbd-910af1a74f75","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":60,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"893ccf6a-923e-407f-819e-37474370860a","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":60,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"d2e3dd37-9cfe-42ad-a1c0-aa3a34c39b8f","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":60,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"ab92d512-e13b-4ca1-87c7-eed74de644a2","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":60,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"e3ea0240-eec0-4fd2-a41a-7f8f07b629f0","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":60,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"ef9c5d8b-dc9c-4c7f-963b-20d99736a86b","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":60,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"f5b54937-468a-4e08-8936-144ff09521bf","block_type":"box","text":"II-13","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"570dfeb4-06b7-4a52-939c-2d43fc55aae0","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e627d65-6a55-4057-a83e-230fd703fc14","block_type":"box","text":"Dodd-Frank Regulations.","page_number":61,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"da3d9446-85b9-4004-99cc-e206d9848c78","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":61,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"7461aabf-89ee-46c2-ab0a-bcb59d7f7e02","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":61,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"a9aabeeb-9d99-4fcd-afa9-afd5ce2fcbb9","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":61,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"5945c35e-1d25-4d8f-b0f8-32037284dbaa","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":61,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"664db7f0-ef70-44c3-a321-e46c4f930438","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":61,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"5683b073-792f-4e5f-bbfc-b448c335c86c","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":61,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"13d9349c-4a84-4809-a70d-6499fb66f8dc","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":61,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"d77b4f3c-09b2-4e2f-8da4-5f9515c786f3","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":61,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"baf8a173-6429-4f83-8f43-0e516974c3ff","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":61,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"3c95c6af-99f1-43f1-aaf5-3e06e5cba11f","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":61,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"ff98824f-c5ff-4b6b-bea7-93d99cb81e80","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":61,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"599b6b85-81be-4c53-8434-61effadb6fec","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":61,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"3bfb33ce-fa77-4d48-80ec-6cd58636784a","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":61,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"3a7b5274-d486-4f7a-885a-064c0d50cc62","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":61,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"e59011a2-fab3-4544-beff-2b567c82865c","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":61,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"50d44b91-1528-4368-873c-a557fcb1dc2a","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":61,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"e4914497-1cac-47b2-bd8b-502957ed002e","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":61,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"58860296-58e2-496a-a2bd-7e9a73baa10c","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":61,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"1696e015-2449-4a6e-be73-71c8300f7119","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":61,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"7b8380b7-84a5-4f10-94b4-fbc805f7239b","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":61,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"9411bc74-9382-4192-9aa8-4686e5e9ac05","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":61,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"1e4b48f6-d143-4cef-b146-85936aebd4c6","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":61,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"cc8ff1fa-b524-4f09-af0e-895f295a8204","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":61,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"b24d8319-6491-424d-90d8-eef4d069196a","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":61,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"88b43a23-3685-4ca7-9ca7-49d3a56ba9c6","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":61,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"742af510-dfa2-47d0-b831-c4acd002cde4","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":61,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"eeda3eb4-5cf9-404f-b6c2-7b842bd60870","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":61,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"540fc1f6-109c-478c-943a-de8f930dc3d1","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":61,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"3d3079cc-c0b2-4a05-b9a6-e6b0b214a8eb","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":61,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"50a0a545-8860-41e8-8002-3eac6ef8cb85","block_type":"box","text":"member.","page_number":61,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"943d952d-c9ac-4fe6-9a57-0c3c0349291b","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":61,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"a024d0c3-f79e-4607-845b-8b1b4e8fcd88","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":61,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"639d8b85-5394-4168-b900-c3af385515d7","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":61,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"8b6758c7-6038-42c2-b73d-e2eef65f573f","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":61,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"be3b5eb4-5224-4a14-8657-2bc38f115438","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":61,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"4b1d18e4-ef52-4050-9d2f-cffd5a3a6a27","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":61,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"05489dc1-f885-4f82-a302-e7f635893e46","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":61,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"82612904-b0f0-4f03-8b94-af6f39d6f5f8","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":61,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"f8036d91-73e2-46f1-b6e0-77873f0edccd","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":61,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"49f4e50a-50e5-4434-8e88-16a741b27315","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":61,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"0dda3142-4f8f-4de2-81fa-9bd61cc7b293","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":61,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"d6f1add6-1ccf-40d1-a3d4-a4e1f014ae23","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":61,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"f0e39525-6d06-4aec-a237-abb754f59bcb","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":61,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"345f4ac0-db5d-4c8a-8475-aafedabfdb69","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":61,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"4de32550-2a80-4d5e-9937-8db9c67057e3","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":61,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"8bf1b1c9-9054-4cc3-a6af-ca7c58e15914","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":61,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"c21695c2-a365-4a9c-a0b8-b9961bb0b4db","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":61,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"4e81220f-e8c1-4312-be10-d3af731a2bc3","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":61,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"de1c0d40-f28e-4f3a-a3cf-3f3f5213e215","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":61,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"eefe043d-84fd-4141-9533-252460d8bfc8","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":61,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"6730fa4e-8c0b-4aed-ba11-4f6bab93ccfb","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":61,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"ddbd2211-38a1-4262-a47c-24db7ae8444a","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":61,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"8f7c168b-f40b-4bad-b148-4852ad00bce2","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":61,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"2256a522-4bc9-4b1b-af20-254964b9512b","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":61,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"2ef0b7d4-e51b-4698-887e-60910679b6a9","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":61,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"e833d4f3-3268-429c-8d51-e3d412049367","block_type":"box","text":"II-14","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fef465de-1ffd-43c9-b11a-bf68c95901ba","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38c6c1ec-e8e0-494a-a7b9-8ef0593da38e","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":62,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"793b2d43-3788-4e5a-a555-e30150cbb830","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":62,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"bbdadc75-6ecd-4020-92ba-5e46e046e633","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":62,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"ed66116b-7911-47f8-ba76-479b7a59b73e","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":62,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"80ebf680-d277-4c3d-b338-d6f972b7dc63","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":62,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"9d15a079-1bbe-437a-9efd-5620e1a49016","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":62,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"41a058a7-ca5d-4df4-9308-5b01f346e3bd","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":62,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"5045f7d8-c76c-4c48-888d-0d8f7242238e","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"96666422-88da-4cd5-8af1-a07007f3f03c","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":62,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"69f9b0ab-4a97-4679-8965-4170e3c4f48b","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b0efb637-b717-4a10-9837-42c7a25142aa","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":62,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"d5d39584-d403-491b-a4c2-ca54ac52140d","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":62,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"fdca9e57-767c-4c95-9268-22af7b32d648","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":62,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"41e756ef-a37f-4137-b46e-d9b3b570cf29","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":62,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"94bb716e-5e5b-47c8-bd0d-d4529bdf77bb","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":62,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"081c3da7-4fc5-40e2-97ca-1ff9cc1dee2f","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":62,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"67b4d513-671c-4c9b-a45b-425047f037d2","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":62,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"0e2e0016-6944-4579-a23c-586310bcf3ab","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":62,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"bc6a0bc7-451e-48b3-aa84-101b62b0979b","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":62,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"42190e8e-c003-4923-bf88-25953e0fde92","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":62,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"2f452dec-c069-4475-818f-77c51bc99a50","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":62,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"1df1f6e1-eda3-4fdb-9b70-cfa13db8f107","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":62,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"6de1058c-a118-4e87-8db2-62d2d46f1e25","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":62,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"25004db0-e3be-440b-94bb-2875048454d0","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":62,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"809157f4-49df-4a74-a8e4-dbb1ab966c12","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":62,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"47442457-b468-4818-a9c8-acf24875e73a","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":62,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"6059878d-4052-4bb7-8eb1-f4eaa67120f0","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":62,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"ee9de777-0c75-4841-99c5-84b42945078a","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":62,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"b081499d-075c-45bb-9f64-3e229d4ae335","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":62,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"0e9dc153-cfba-4152-890f-3db81f9afc05","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":62,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"d5971741-5071-49ad-b811-9705a553d9b8","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":62,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"352e27ac-c5bc-4697-b395-01f54a0d9079","block_type":"box","text":"collateral received under such contracts.","page_number":62,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"faf93825-a0bf-4d99-a9b6-ff7538b8135a","block_type":"box","text":"Risk Factors in Derivatives.","page_number":62,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"4d836e49-a2e4-4e73-8572-3ec62d2037a6","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":62,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"aa6cd4bf-a8de-4905-9cc0-102cfb9ed31d","block_type":"box","text":"Correlation Risk","page_number":62,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"7bd0efb6-3fb5-4920-99c1-73c61731ae9c","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":62,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"5dfadc83-a3fa-4ae0-baf1-fd031c0fd992","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":62,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"4d663f0d-77cd-4505-bb1d-4e49f9e5669b","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":62,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"8b73efee-a36c-4b5e-aa3c-2b1631e66862","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":62,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"a0477025-a695-42d6-a642-f9e4a1295e77","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":62,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"98c13727-0641-4d93-a7bd-46fe3d75a9cf","block_type":"box","text":"Counterpar ty Risk","page_number":62,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"5c8ef427-7f15-457c-aecc-5d4547905c71","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":62,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"e6f017b6-4d98-4a0b-813f-0a5e9bb7b348","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":62,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"7432d726-d178-4a22-a11e-e18e9451fcf0","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":62,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"81cc3142-27a1-4a88-bf0b-5d7315ebe08a","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":62,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"343bf5be-9240-470c-baee-8c053ad67d27","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":62,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"8b234349-decf-481b-9f0a-4c15e31111e2","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":62,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"112e3468-2d24-4099-be3a-fc32b1ec9d4f","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":62,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"41e0cc85-8359-4ce4-ba8b-4191e6180b53","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":62,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"dd2fb7d0-2c96-4b91-8f5a-2d5261ec1e17","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":62,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"89d5d52b-d465-4ec3-a050-fece22186775","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":62,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"84235548-0ca1-4310-91a6-a259b7ab582f","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":62,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"cb6add1b-aba1-4d2c-a60e-2e06211d886d","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":62,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"9c66542f-9c8b-4373-88b8-d90fb5a9b249","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":62,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"0ddf1d24-5489-4e58-b419-0b751eb6e754","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":62,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"e59947f1-892f-4aa6-b9ab-6bebf21b1879","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":62,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"0e2f12a4-952e-4ac8-9aee-f3226d44eb60","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":62,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"9b0e1e45-f8da-4665-bcd2-1089f37a37c6","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":62,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"f32ab095-a5f6-47c3-8483-f1df5f526b26","block_type":"box","text":"II-15","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c67dc73c-3dcb-4e13-bc86-c913b2206ecf","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e54e2e1-33e2-4185-b40f-c6f4e6905b45","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":63,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"5e010a0f-02b7-452a-8d41-5a5673111f39","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":63,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"d8d9b7ad-ac4b-4e37-971f-e85faead1654","block_type":"box","text":"by the clearing member.","page_number":63,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"1a8d51bb-bc3e-4e07-9ed0-6623f94f7b83","block_type":"box","text":"Credit Risk","page_number":63,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"2ea556c1-43c3-4100-9723-edb9a000b8cb","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":63,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"9b175a4e-cfe2-4e37-9d5d-eaab9e709c3c","block_type":"box","text":"honor its financial obligations.","page_number":63,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"8a838550-80c8-4675-a577-1e7a7cd54317","block_type":"box","text":"Currency Risk","page_number":63,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"745f702d-0d09-4393-add6-b652e7e8cd01","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":63,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"2c9ffc7b-0222-4ac6-a346-6637cb419558","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":63,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"48749014-dbc0-4c2f-a6f2-c62475227fa8","block_type":"box","text":"Illiquidity Risk","page_number":63,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"96cfb42c-096c-4743-ad24-c17f4c992659","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":63,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"6d311c18-9f9e-4251-8ce1-60b96b1f80e8","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":63,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"34a7a5bb-b7e6-44be-bfeb-dc44d5b3b424","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":63,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"2bda58e9-0406-4f35-bc2f-58e5e682d622","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":63,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"46d8d2b6-7dcc-4e43-8c88-701c106a86ba","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":63,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"fa197f18-4610-4f4b-89ce-0cead52a5f2c","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":63,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"3e6a0fe3-fa4a-4415-b4c8-06808539acee","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":63,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"54af9493-3883-403c-97b0-25e078fbd46e","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":63,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"df680a5c-308f-4c38-8fbe-d40e0ca8f4d3","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":63,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"2a5a3b9b-26cc-44e0-876e-b9d3a51055df","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":63,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"188838ff-a18a-4483-84cb-c47ae7b8ac50","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":63,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"916bb18d-aa4e-4f61-8bd7-dfa40e866286","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":63,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"a7d29f51-601c-4a11-8b2e-f86ef12a04b3","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":63,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"fe443b85-207f-4438-a4bb-94f76729d57a","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":63,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"9f921730-b018-4b67-99af-809d302a8939","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":63,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"3d890839-59ac-4ef0-a1b9-5d665403453c","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":63,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"62ad3fcf-9dd5-401d-a1ea-cdd680c50268","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":63,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"380dd4a0-d315-4a8e-a406-9bc90763edd3","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":63,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"995a9ccb-9100-4c71-8246-fd0456797834","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":63,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"542bec21-8dfd-44e8-9f07-f41ab88d2efd","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":63,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"dec7a15a-b166-41c1-b03b-3724e6ff62e2","block_type":"box","text":"may be disadvantageous to do so.","page_number":63,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"e3d2c4e5-ee2c-4e9a-9cd5-5553f58374f9","block_type":"box","text":"Index Risk","page_number":63,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"6b0b1d56-c170-499f-b98e-0d923caf7803","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":63,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"6f4f0ebd-5b0b-49f7-a788-387a43cbef82","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":63,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"52dcc8b3-5a92-4612-9289-98032f30029a","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":63,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"a9fd7871-ec97-4ed1-95fa-982c9682d990","block_type":"box","text":"Legal Risk","page_number":63,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"a2220863-3e4e-4272-b058-bc630ecec837","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":63,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"c55afaa5-a09b-4111-a243-4a8feb6f2c44","block_type":"box","text":"or enforceability of a contract.","page_number":63,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"ce8e0e0d-8ffa-4ef3-8392-bf3b840cac75","block_type":"box","text":"Leverage Risk","page_number":63,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"9ed15f63-784a-4b11-8c76-3b957dd36612","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":63,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"87ebb732-af41-4d0e-be5e-45cfb912a1c3","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":63,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"0db8b418-e156-4a87-8c5e-f7625c8ca9fd","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":63,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"65542c75-ff95-4f7a-a4de-b96a2f0d04f6","block_type":"box","text":"Market Risk","page_number":63,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"0fae1f0c-1235-4230-923f-14f9fd9b9305","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":63,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"abdce7e6-94f5-4d46-87a8-36489796ac05","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":63,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"4e8d1580-677d-41fe-b5f8-6a0b576e60e6","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":63,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"3016e7d0-02dc-431a-a374-400164051fd8","block_type":"box","text":"affected.","page_number":63,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"78236d27-ba2b-4113-8c6e-ca2fc4cbb088","block_type":"box","text":"Operational Risk","page_number":63,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"cda1f37e-ed69-4317-ae71-717f934202ee","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":63,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"3fcbb74d-413a-4ce1-9555-bd66bed688e8","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":63,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"a00fee03-bd0f-40d2-8996-56622db0680f","block_type":"box","text":"Valuation Risk","page_number":63,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"56c7390e-b1e0-4af2-b08f-c12d7eaec772","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":63,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"c810f316-8028-4e54-8455-efbf38edfcf6","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":63,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"d975c7ce-c051-46e9-a665-b2e58ae13199","block_type":"box","text":"complex instruments or quote prices for them.","page_number":63,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"8ba0c47c-2211-4af3-b17a-a7bc235ed73b","block_type":"box","text":"Volatility Risk","page_number":63,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"f0cdf773-0c7d-43bd-a3b4-c23f01b4825a","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":63,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"f63e0b87-e8e9-47e7-982a-8c4c2a6d58a4","block_type":"box","text":"Types of Derivatives Transactions.","page_number":63,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"a59d0ab8-507d-44dd-b25c-b0236f520557","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":63,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"e57528f2-bab4-4e28-a715-419db22e6c0f","block_type":"box","text":"including the following:","page_number":63,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"e387f9b7-7c47-4997-bd3d-b3cbf8281aca","block_type":"box","text":"Futures.","page_number":63,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"e2182cdb-be76-4b1d-9b45-12f4c83f0e44","block_type":"box","text":"II-16","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7cc83c0d-1c85-45cf-82ad-9979898d8a3e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de05b775-ac3f-46ee-bfde-24f51ae97ebc","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":64,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"03617f68-f302-449b-83a0-169efa7da87a","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":64,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"f9ae2c0d-556d-4125-afa6-920ee7a8d798","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":64,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"6b776268-5ad3-498e-a40f-87f956c7be4a","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":64,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"ebd05690-17ab-4498-a274-13e4a0c4f49a","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":64,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"a096cb11-7eb3-442b-b466-e4df34ab9a55","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":64,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"9f84140b-073d-4f3d-b743-27bdf081ae65","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":64,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"82ca0941-0713-41a7-8ae5-421fb656d3e5","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":64,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"3143b585-5ede-4b5c-8b0f-d98075ded800","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":64,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"bff4a0ae-59a6-49e6-8fc2-6544b7fe13aa","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":64,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"823ce53e-d3b7-4bd1-8dd8-1f89fce14a03","block_type":"box","text":"of the futures contract.","page_number":64,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"71eebea2-85a1-42fb-a281-b79a4e9f252a","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":64,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"1e318d7b-b7a7-4bc2-98e6-a03fd262937a","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":64,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"ac5aae68-a48d-47f4-9a6f-3bf8e492ccf4","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":64,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"3f33d5d8-8ca9-4599-afea-2b059386e779","block_type":"box","text":"relating to the futures position.","page_number":64,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"dd325b47-6ad8-47fe-8f9d-04f0fd6338c6","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":64,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"016a1510-591e-48fe-b4ce-4a1bf9564ef7","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":64,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"46028930-fc1a-48bf-9fce-bf07e13c9736","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":64,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"7f602e4d-8982-4491-8f61-a548aea588ec","block_type":"box","text":"Regulations” above.","page_number":64,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"1ba24c84-0bd2-4130-9138-9c13eabee5d7","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":64,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"8c4aca05-5605-42af-8cbe-b006afcb364a","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":64,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"8e7fe28b-aa85-4b71-9205-03ae3e6993dc","block_type":"box","text":"(","page_number":64,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"0eeebc6b-f431-4487-8434-be3bb0441119","block_type":"box","text":"i.e.","page_number":64,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"b6b0d517-e14f-4534-93a0-ade2d696a775","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":64,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"45b94aa3-c295-486e-964a-5dbdfb0cb15c","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":64,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"02bf2396-43ab-401f-ad35-425eb4cc70d2","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":64,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"5db41fdd-c715-49bb-a68c-67379dfdca0a","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":64,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"0f8bb19d-9500-4b1b-ac42-b16b9be655d3","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":64,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3673ee04-c620-42d1-84e2-98eb72e971db","block_type":"box","text":"Fund intends to purchase.","page_number":64,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"87918680-2f19-4bea-acbb-096dfcc6b286","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":64,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"34efe9b7-8fa6-4caf-882f-a3a32427026c","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":64,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"d294be1f-cd0e-4ad2-9803-83e083191543","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":64,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"96a676fe-f614-422f-bd7a-4419c1e766cc","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":64,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"baef7cc7-4584-4e21-b647-784d40026764","block_type":"box","text":"illiquidity.","page_number":64,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"adcb2d4c-eed7-47ae-a7ea-f3d92f50a21d","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":64,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"4eeba406-06e9-4399-8d97-4232e0bdb2b2","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":64,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"c028d853-48cb-4569-9084-1023e6f8488b","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"6b0cb94c-e63d-4099-9fdb-d502ff5ca551","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":64,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"e5c9211a-b87a-49ee-b15e-f826d58fce32","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":64,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"a6803d0e-ded1-4b42-b3ba-85cb699aa750","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":64,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"72c3cb5d-3a1c-4499-80a4-40550a2eb986","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":64,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"e201d6f1-03ac-4dc8-ae79-a1af01ba1ad8","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":64,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"68e6e776-0207-4a62-9af7-14215136cd63","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":64,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"0515564b-4607-41f9-83e2-497646ab08e9","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":64,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"613ca8a2-5b9c-4679-a103-6e3b18c98fcc","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":64,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"664c50e7-e397-40ef-bd34-12d9fef2f007","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":64,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"9143df00-2e08-4857-b44a-9927732816bc","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":64,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"57340f2f-21c0-4c6a-9ff3-92ef20537d0d","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":64,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"64c32826-da08-4c0d-a293-127df1e1542a","block_type":"box","text":"Swap Agreements.","page_number":64,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"4d4a464c-48d6-4c2b-a029-37e90921ab05","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":64,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"2b415711-f9fb-4791-8f14-541d5bda5dc0","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":64,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"d391a106-dc72-4eef-ab18-702f0b1ffd02","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":64,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"daba1cc4-fcf7-49a0-9010-585895609fbc","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":64,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"05c23132-8d0c-4866-a2c5-410a29374677","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":64,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"6af7ac1e-198e-456a-9302-fb731ceba74c","block_type":"box","text":"a “notional amount,”","page_number":64,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"2915241c-7fc3-4697-a00f-69bbbb5f673b","block_type":"box","text":"e.g.","page_number":64,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"c8881c66-a3eb-43ac-a3f6-41b0f3edcb7c","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":64,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"65520081-0165-47c5-b473-b37355dd120a","block_type":"box","text":"II-17","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7986826-cbb3-46f4-bbbd-b0b6a2cfd88a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"781f57ac-615c-4fd7-8d28-65802e256090","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":65,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"89c0d90e-13e5-4835-b395-4b9ff686952c","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":65,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"31abff1a-8647-43f0-9896-8e54afb8cf35","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":65,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"2ce4239c-23b2-496a-9fd4-90f4574b0cd1","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":65,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"d36b7f4a-4079-4179-886f-8b2858431e91","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":65,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"70bbeaab-4670-4446-81ed-e0dc8185af27","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":65,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"dc0a56a2-819a-496a-9aa2-d93c15efe2e8","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":65,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"84ebf21c-3d06-4e50-b5ef-e711938e33fb","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":65,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"74091219-7593-446d-9524-82d34bdfd637","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":65,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"ef3a2cf6-a602-4c9d-8f0c-ee79c1748ca5","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":65,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"889a5979-8ed1-4c12-9328-8c0669d6db75","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":65,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"96882784-3488-460b-b708-9adfca0632bd","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":65,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"ea9577b7-3a5f-4de7-b5a5-3a030a737497","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":65,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"71dba4cb-3daf-4615-a2ed-36be6c0673f5","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":65,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"17e8ea3b-e004-4962-baed-52c4e2c5650a","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":65,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"63f4a395-d565-4179-88de-2a4382cac243","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":65,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"d859d09c-1651-434d-8649-af37588a06c8","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":65,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"7ab75f7f-6af1-4194-8a49-5bb41a45b106","block_type":"box","text":"index CDS.","page_number":65,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"06549cc7-d5c4-41af-a384-1f3d8e8f59c4","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":65,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"99e27c34-5684-4f05-a3b5-847508fd072a","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":65,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"3e114815-58e6-4d71-9861-6e75d7bbcef7","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":65,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"f82f9fab-fdea-41fe-8514-3ed0fb5c709e","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":65,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"1dd79e19-b1ea-4757-80f1-f094664dd4b0","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":65,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"cf3c0c24-e018-43d6-8fd6-ce5b36da652f","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":65,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"8f363fb7-8282-4fc6-825f-a76d8c36b1c0","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":65,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"3bbe3f77-fe6d-42ca-8a7c-d49d22164262","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":65,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"89efcf33-326e-4dca-92c2-a45c9177e5ff","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":65,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"94f79cea-95a6-45f6-a8e2-d179e3b7c62b","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":65,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"75f174ac-583f-46a3-9e30-e7664906c79e","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":65,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"765a7f7e-d076-4c4b-88cb-749b8e0e2b33","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":65,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"568d2ba7-1b8b-410c-8027-59788afa09b9","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":65,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"baa30146-fb3f-4664-9413-9803329c7b90","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":65,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"d58d15f9-9471-4aae-9183-2f8fd427b9e0","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":65,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"e8f63d9c-21bc-45db-8902-089627d12d6d","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":65,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"0710d2c6-38b8-483e-a0f1-e1241e50d74d","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":65,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"b06fd3d3-b4c1-4799-89d4-1f19026fddda","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":65,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"4c67ca76-6cd1-47d1-9fae-a0623005c098","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":65,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"0c857759-0ce5-44ce-ad0b-ec4cb660e582","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":65,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"78cbd297-ce59-4fda-af05-e070332a47a8","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":65,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"035554e7-8aa1-49a3-a632-d828f9dca0aa","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":65,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"db01c31e-e3d0-4845-be6a-b26633327487","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":65,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"19299d17-10d8-48a0-89c8-20e11251b579","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":65,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"2c6f8ada-80ed-4b8d-ac2d-4324b0999e65","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":65,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"56e2580d-c2c2-40b6-8eba-085a483742f1","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":65,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"a5f0656d-4e5b-4187-8f5c-b98fd4318283","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":65,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"b346de81-239b-49e2-8422-40ad3c115980","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":65,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"74e01054-b464-4138-afe8-de7106e410ee","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":65,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"640a8870-6479-4380-a648-fcbb9e993b04","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":65,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"b445b25e-9db8-40e7-b88d-fdfaffba209b","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":65,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"f94e8b22-fe12-46d3-b27f-ab3a66d24719","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":65,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"55eb66aa-df71-41c5-9a29-29df3e67b1ae","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":65,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"5ee1a941-1efb-4d03-b034-9278e0f1e543","block_type":"box","text":"conditions.","page_number":65,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"585e761b-b4ed-4173-b47b-8ee8cec948bd","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":65,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"499f80aa-a253-4801-886d-999f8ea29bc6","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":65,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"72a74989-0254-4197-a468-aeaf921ebc2c","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":65,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"ceac2a0e-2a81-4f39-a2bb-c6a4063f0eb6","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":65,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"30e7bca9-f8c4-4fc2-b881-0e64c83886f8","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":65,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"2cc351d7-f66c-4210-b10b-f92e558e1ef1","block_type":"box","text":"II-18","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"02dc7b37-2300-4173-b0a9-08f0af308087","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"907e7d50-df09-4430-88fa-b407109e273b","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":66,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"28047282-4eb4-406e-b347-7b08a4a4ed7c","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":66,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"ee1bedb2-1c80-4e2b-aabb-84f7a3a545c2","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":66,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"fb8da9fe-7c2c-4329-b2b2-ea88214fba31","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":66,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"1b31bbed-0fea-408c-9870-8109331c00d3","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":66,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"ae7019d0-af7b-43ea-90f4-337e2937c23b","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":66,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"d9908397-c047-4c0a-b03b-c53ff3da63a2","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":66,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"e9a742ae-7ba9-419b-8051-ab711e03d889","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":66,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"2b2a702f-1958-4746-bdc1-e6a4ef125868","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":66,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"d72615d9-d317-48b4-9f50-53cd9f44489c","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":66,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"5f8712ae-9cb6-4697-87a5-58cacb2fe385","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":66,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"32b75e56-af54-4d89-80cd-396545306f61","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":66,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"1a774468-3a68-4fbe-baff-7c0aeaacb099","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":66,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"10e43b38-2e02-4430-85df-2d5d780c9d65","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":66,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"9f068fb6-e07a-4ab1-81ca-47774f68fe56","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"6f9c54db-1cc0-4ce4-88f7-ac3a1c26a816","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":66,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"a9731413-f652-436a-b876-26d7ef0bc98e","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":66,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"2567555f-0b11-43ec-aa38-a03a1c5afdac","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":66,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"b26a993c-d1f2-42d2-9423-3829b6286275","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":66,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"d96e3c94-8cbf-427e-a681-daaa62685b2c","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":66,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"2d7b6ec5-9f63-4a45-9bc4-e6efb88ef754","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":66,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"0717590c-5447-49be-86aa-c73231eb600e","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":66,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"78fea1c7-2759-47a2-a3bf-fdf9ed305aad","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":66,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"ed6e4bf5-aed1-4e7c-999b-a7a04c3bba05","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":66,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"c19bed41-475a-4f1e-9106-e78503c39f17","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":66,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"6b066356-6ce2-446f-85f5-1fddc3f56cc9","block_type":"box","text":"cleared interest rate swaps.","page_number":66,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"4f5f5c76-a9dc-41ac-b72a-208df7ff3223","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":66,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"0ca91958-d9d0-4189-9524-83a0c036a177","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":66,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"66b0c1da-a183-4aed-9686-a93bb413d1d9","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":66,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"006ee8d2-0ae9-422e-9f8e-a047223ea1e0","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":66,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"f28e5ba9-87c3-4cd3-9989-7a31ccf7edf8","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":66,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"a0eb04a1-c78e-420c-ba95-3e0285197d84","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":66,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"352045cd-4f23-4cda-9c4d-4a24f34e45bf","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":66,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"708e730f-eda9-4b45-a172-0d303cc81109","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":66,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"c5c16a46-4768-4558-ab2b-544f05f3d3fa","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":66,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"beddc2dc-55a8-421e-b1d8-f41ed1937a66","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":66,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"01b055ce-281b-402b-8cfd-8e928c78f4ed","block_type":"box","text":"or variable interest rate, index or asset.","page_number":66,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"a753e8ca-51f9-4275-bc56-d4d412d3cc7a","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":66,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"ab6d3c45-813c-428d-9452-42283d0968b1","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":66,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"c4ea27b9-4ec2-4af3-bc92-fac42844ee61","block_type":"box","text":"such interest rate floor.","page_number":66,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"eb9ef11d-e111-4966-a2e0-3a6c13e89b5c","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":66,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"2d1bdef5-0edf-4c5e-8e8f-93a91734dc83","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":66,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"04a4fc13-d479-41cb-9403-e0b540ff0521","block_type":"box","text":"such interest rate cap.","page_number":66,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"bb9bd621-2a43-416f-a827-89d5b545acaf","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":66,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"11f6ad89-f89c-41f0-a663-dda4c9737939","block_type":"box","text":"commitments to pay or receive interest,","page_number":66,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"59747a5b-1bd6-45fb-a58f-79a7fadf5edd","block_type":"box","text":"e.g.","page_number":66,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"176fb721-8aed-48bc-b981-8fa425b8a89a","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":66,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"0da6dcd7-ddbf-49c0-9913-6d32de629058","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":66,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"9984da12-c626-4f3c-9f1d-f778cd5a98ad","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":66,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"a06a53d0-384d-4e38-a93b-69dac16da1fa","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":66,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"c4d1f964-22b7-4b1f-a49b-60697c1de4b0","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":66,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"af12b70b-87c2-4f9e-9821-6098e5ace4f0","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":66,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"53a22468-89d8-40cd-b7e2-0b5355541e74","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":66,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"213eb808-81ca-4a3a-8d20-493b08e79f9e","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":66,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"5e72744d-3470-485b-976c-581bb16e013a","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":66,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"b97b96f4-2cb9-46f7-82cd-37367cbae290","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":66,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"9a229561-0e34-4a21-9ea2-1b22c59cec36","block_type":"box","text":"II-19","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba218d53-9525-4232-817a-e21892f3c826","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34528295-d8a4-4c49-a72c-d741c782b71e","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":67,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"66b587ae-21f2-4201-a1fe-95b0a5f9edfd","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":67,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"660d090e-f14b-42aa-9c14-73f0e99e7a49","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":67,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"06fda6c0-d434-4fb3-902b-ae0c07f7cf2f","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"7a8fc710-b6f3-4f38-bf20-b0a741f72c63","block_type":"box","text":"Total Return Swaps.","page_number":67,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"cc33b657-6735-493c-b5a2-0b6f404ca63c","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":67,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"ac68749d-950e-43a6-bf8e-30562b755d24","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":67,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"871208d9-6905-48b8-a0ae-61a854fc9bdf","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":67,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"4964eb43-a9dc-4de0-a11e-201922d228cc","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":67,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"4dd88720-1be0-4a87-a713-4f19bd061e26","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":67,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"f3289a09-0cc0-464a-b76b-ce1e7a8c40fb","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":67,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"dc089153-8f22-4ddc-9327-79b2b74b77c4","block_type":"box","text":"“contracts for difference.”","page_number":67,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"db6de549-72ac-4241-b9e8-9dd5322ffc20","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":67,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"f4c03063-6581-4c1f-ae70-9dcdff1d6eaa","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":67,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"0958d1e9-acee-4fc0-8cf8-f812023742ef","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":67,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"31eb3008-6f0e-4ebe-9a27-b8ae16283a51","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":67,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"4c533c2d-ba6d-4d22-8734-6d2af4c7e19a","block_type":"box","text":"the notional amount of the swap.","page_number":67,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"ee2b8f0a-174c-4301-8a1c-2c52317a7d88","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":67,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"ed4aaccd-6cdf-433b-8c39-6898fc88579c","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"e68d83c3-591e-4d85-ad1d-bd0137091796","block_type":"box","text":"Options.","page_number":67,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"0bd814bc-0f81-4941-a427-d66a15530ecc","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":67,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"117dc708-f791-45cb-a95b-5521cedabd56","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":67,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"5a538c00-d884-4e80-838e-47955b78139a","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":67,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"a3137171-1d24-48f5-87f6-1cf0c45c1bab","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":67,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"c1dfeae2-f465-4357-9bef-97e5419264bb","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":67,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"ff5bc70e-958f-459c-8aea-efbb13283d62","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":67,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"5e01bb0f-c5bd-4342-b3aa-02b5ec17a50b","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":67,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"ffec34e9-b2c6-4d36-9b85-7605614a7cf2","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":67,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"39132466-0117-4963-bc26-087c675f24ae","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":67,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"56f9d899-e582-4c25-b4fc-635e04803d37","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":67,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"6b41ce59-295a-45f6-90d0-a57c07cb5c3c","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":67,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"9ccdc08f-477d-4a44-bf91-3ea4af17f658","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":67,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"34244013-7bdd-41f7-84f4-c9222293cdcb","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":67,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"ec2128d7-45cb-4ac0-bc25-2478174e5c0a","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":67,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"291dcd52-1325-4bbf-a12a-b7624fb28964","block_type":"box","text":"OTC markets.","page_number":67,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"50d06b82-e9e0-4bca-ac91-17cfd450e7d1","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":67,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"22bda786-7f20-4c8a-bf5c-5b87219a2ad7","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":67,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"d47c3e25-e8a6-49bc-bd56-f7001ff3bfd7","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":67,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"42f253e0-a586-4312-9082-2715337582f5","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":67,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"6095e14f-9b73-4c30-90eb-c6b4e626e68c","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":67,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"6e859a4a-1663-463a-8cde-454b7fea1d77","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":67,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"a5c4d53e-9e94-4f80-b3e9-99cbfc59fe3e","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":67,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"1a8d123e-68cb-453f-bd10-c297c9d0de17","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":67,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"509add0b-7e7e-4fbc-ae54-1d1a94fddc43","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":67,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"7dbca32d-7b53-45c6-b6ab-42cb4fcb613f","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":67,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"c15a73d8-e577-49e3-a5b4-47ea79f9cfa6","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":67,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"69ee45c7-c474-4e35-a03a-195a917b77d7","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":67,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"cb2c66bc-db40-46b4-ac78-f81623136643","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":67,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"2191713b-73d0-4b5f-b433-3a7dfb6fb4d0","block_type":"box","text":"terms.","page_number":67,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"5a868611-7abd-40b4-bc5d-d38c4cfa11cc","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":67,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"d6a586c9-29eb-412a-8909-140eb6cb8221","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":67,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"f418073c-a9b8-42d9-baeb-a642aa032d30","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":67,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"645a2757-10cd-4252-a09f-d6eb70298ceb","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":67,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"59547862-6609-46a9-a530-dba2b29f68f9","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":67,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"3112790b-34c9-45df-8153-5be3041da86d","block_type":"box","text":"II-20","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9ca2cc66-4371-4288-aabe-9d9c33616b6a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89f4f924-0469-4763-b30e-ff6d0e2da7bf","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":68,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"44742c6f-54bf-4ce8-8457-1c4c82031b9d","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":68,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"067256ba-d18a-4c21-8f15-d0f7fc78acc9","block_type":"box","text":"Call Options.","page_number":68,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"922318d7-489a-492c-aeff-b69686ab80c4","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":68,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"56b0e8da-8963-4909-89d0-12b5ed7048c1","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":68,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"de428801-71d7-45f5-b251-1ff1dbac35ac","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":68,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"176c16cd-02f9-4a85-a3f4-bd72d68603a9","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":68,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"1b7133da-8d9b-4543-b438-02bc6cdb9c26","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":68,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"542fe378-c005-4e15-adbe-da80825b185d","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":68,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"b69bf986-a633-497b-9ad0-1e73fb63f286","block_type":"box","text":"of the option.","page_number":68,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"9285fb3e-4c03-46bb-9f1e-7a0d4b57e688","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":68,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"86362384-d946-4bd7-b48c-c64c61f8e44a","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":68,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"fb21e092-888d-4d03-a807-3ae6975af79b","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":68,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"e85d5934-6bdf-43e0-9d90-280f1894fd72","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":68,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"7ce740c4-03b4-495d-ab60-88c998703ef2","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":68,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"7b43a211-3c87-4da3-a7bf-ca35a0872654","block_type":"box","text":"A Fund may write (","page_number":68,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"ed9f5fee-64e5-4180-bfba-5a5a6426fd91","block_type":"box","text":"i.e.","page_number":68,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"46f6c55e-6fe0-4a9b-b779-6fce90eeb5a1","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":68,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"2dadb993-93c5-45d9-aa81-040dfe4fb0ab","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":68,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"38c3c6a4-fb19-4d63-b6fc-deaa719bf5a1","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":68,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"2b2192b2-aa0b-4072-b16b-1f8d2cc0cb68","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":68,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"83536cb7-a782-4482-ae82-1067f7046a75","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":68,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"d65b5682-289a-4726-ad8c-a1dbc615e705","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":68,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"5446e057-5a39-4d7c-aae1-49ac190228b6","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":68,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"b1f556b2-ab2a-4838-9671-4a1dedcf013e","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":68,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"d6570ed1-e610-4a30-94ce-08e2379b4709","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":68,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"a7ced193-8225-461b-9e11-c847738f0f39","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":68,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"39184121-280a-457b-822b-be93443d3c6f","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":68,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"def0041d-0836-4eca-8dfd-77bbba617048","block_type":"box","text":"A Fund may write","page_number":68,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"95eedc82-e1a5-4cf2-82bb-2cebea744e5d","block_type":"box","text":"(i.e.","page_number":68,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"a541103d-cb04-41f1-bba4-f5d068d04a1a","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":68,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"998fc30c-9240-44d8-8224-6a46cb3195b7","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":68,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"0824e16a-36a3-413a-9f00-e3fdd713c22c","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":68,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"72c0643d-3862-4a7c-84ae-39da3c001378","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":68,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"ac2f9535-59f7-4e00-a304-e4102d867fbc","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":68,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"07a315f6-c618-4dcd-b98f-010eb8e8e64a","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":68,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"ac2921ff-cdc2-47b4-b398-f22cf7c98d6f","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":68,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"f2d50226-38c8-4805-b459-ac17be420f0f","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":68,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"875e9307-e14a-475d-ac46-7a585e897a18","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":68,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"5f27696d-a4bb-4c50-bc51-2daf54c5ccf3","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":68,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"b5dd4014-520c-4614-a061-5f786377fef2","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":68,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"1fc59c9b-0ff8-4d75-91fa-430566af0593","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":68,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"fac71e23-a1d9-483e-9237-1a982d4408b9","block_type":"box","text":"Put Options.","page_number":68,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"00443eeb-b861-469f-b176-8c76b280baf6","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":68,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"d533e1e2-3177-4390-ba7a-b6174dc5dde2","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":68,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"9f221d31-b0b5-481e-996f-823ab9090c34","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":68,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"e4fc694b-e754-4d94-9af3-0ea6d039e84e","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":68,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"5226b5b3-53a3-4ea1-a4a5-531773de8e5d","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":68,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"f4094ae3-de38-4c7e-a5de-f400ceb8f5fa","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":68,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"6d37d5d2-3b99-4295-a3cb-191f07173387","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":68,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"b3bcddc3-2981-4816-8d69-6766dde3e140","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":68,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"be138e12-712b-40c9-98ff-48f6e7c16224","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":68,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"aa1622d3-807b-4205-9394-ed86fe1794f5","block_type":"box","text":"purchase uncovered put options.","page_number":68,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"ea744941-4222-4ba3-9af0-2af06bc0770b","block_type":"box","text":"A Fund also may write (","page_number":68,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"b80697eb-5e77-4ccd-8bf3-9cb7a4ca7d8e","block_type":"box","text":"i.e.","page_number":68,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"d3f945e0-2fe0-44d3-ad67-d9d218692096","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":68,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"897f1bef-9b08-466c-87d2-f7202087a636","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":68,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"1ec17753-b81a-492e-aaeb-526a98208213","block_type":"box","text":"A Fund also may write (","page_number":68,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"5654fce7-a3f1-4566-b08f-26645e0ac4a7","block_type":"box","text":"i.e.","page_number":68,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"42e27777-ce07-43dd-8b81-2b0ee59f479d","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":68,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"db94bd38-feae-4d18-a777-5f32d0f86a23","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":68,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"bf6a2d6b-3645-4930-8e76-b38c5cdbf4dd","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":68,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"d29c7e45-c376-4b7e-b801-0bf2f49e1b67","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":68,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"68f30fc3-e188-491b-b942-bee009f96818","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":68,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"fa58f2db-7a8c-424f-8dd2-fcd07fe2f359","block_type":"box","text":"II-21","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"236e8c13-d6c4-4947-b5fe-a81b8fec5ab9","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e2afd2b-1be7-401b-9fba-a489c3757e45","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":69,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"a90ade11-66c8-4b76-bfef-b45ab7dca308","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":69,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"3629fc05-688a-4a00-8d7d-9f6f04ae9c5c","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":69,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"c05dffd7-11fb-440d-abc3-a40a8a2f8acc","block_type":"box","text":"the exercise price.","page_number":69,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"5b6c1cc9-e992-4ecc-ac72-a50ca682d12d","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":69,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"d1968def-c5eb-4a8a-997d-c33d3c55d62c","block_type":"box","text":"The following information relates","page_number":69,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"3ac5cd7c-2cb2-4051-90a0-aad4c49bc328","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":69,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"ca7d03f3-f8a7-429e-be33-8107fd74cc7d","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":69,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"ffc7fdd4-7ddd-4ed5-9ed9-0512524b19fc","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":69,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"5e442917-0810-449b-8568-22dc81c0afe9","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":69,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"56f174bd-02ed-4628-a599-3411a5f0f083","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":69,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"ddf12986-7cb5-413f-9cf6-bc4ba47ff0df","block_type":"box","text":"market in order to maintain its “cover.”","page_number":69,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"e62ac31d-4c3b-424c-945a-d61610a8769e","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":69,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"ddc23210-d4aa-48da-b22b-363ed745cd75","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":69,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"47ba4c22-d6da-4e61-b7b3-dfe8c1535566","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":69,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"e2c66d93-d65b-413a-8091-7a3c69a07c5c","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":69,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"5556b1e5-1349-4e6a-b71b-e05f7ce4ec4a","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":69,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"083d8c17-1e76-407f-acdb-ff1575d72409","block_type":"box","text":"and incur transaction costs.","page_number":69,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"d27bdae2-0650-48b6-aa84-8944600eac2d","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":69,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"33b62d47-ad68-44fd-ab6e-bc19ab90adae","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":69,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"11d54d86-61d5-44e3-87b9-e0be0a01d4e2","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":69,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"15f33f22-f814-4b98-9eb4-cc253d08d672","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":69,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"d2a87cd0-5a98-4c58-8219-5837e242b599","block_type":"box","text":"i.e.","page_number":69,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"a854a1f2-3098-4f9e-bb26-d3b7d1f0a0a6","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":69,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"f9093583-85dd-4b06-ab92-c1356ddde106","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":69,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"07245610-76eb-4f73-b1b6-74fc71b72bf3","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":69,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"b0141a24-ff9f-44e5-a777-6ea16019bb59","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":69,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"5816405c-0fa1-47c1-b37b-a22a454f561b","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":69,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"da61b6b1-2ca9-45f5-a64c-c4e7e9d931bb","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":69,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"2c4c9278-7ef4-4f1f-9cae-e91a680663d4","block_type":"box","text":"required, to be cleared.","page_number":69,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"68d152d2-c144-45f3-9eb5-8ecc9a6c37b7","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":69,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"bcf51269-1826-46cd-a278-42c71d846df3","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":69,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"ce17e11c-6d1a-4bba-b288-857d156ca7a3","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":69,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"48caa8b1-e492-4028-8619-39d163790746","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":69,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"ab242f92-a21e-4009-956c-ea71a950d016","block_type":"box","text":"Derivatives” above.","page_number":69,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"2525e5c6-b6aa-4809-b002-318246c23906","block_type":"box","text":"FLEX Options.","page_number":69,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"c7d34d2b-de78-4491-8d85-257d7ce0b565","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":69,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"4d922c75-0ffe-4275-8413-97616f3eb51d","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":69,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"1de47234-4d38-4828-85e6-4096a393c66d","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":69,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"ff22add9-9e1e-4a78-8d8e-a252037085af","block_type":"box","text":"exercise prices, exercise styles (","page_number":69,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"36330778-0fee-4509-9dae-a116127ca9c3","block_type":"box","text":"i.e.","page_number":69,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"6ecb4a12-c88a-491b-ad7c-88922c56a4e5","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":69,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"2e6af441-27e5-4414-bd05-f1a0e11b59b9","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":69,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"1ec5c5ff-188c-4270-84af-d4a281aa12a6","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":69,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"60848ff1-8545-4cfe-ad84-4fba3831f630","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":69,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"489bf290-68d6-43cf-adc4-41417ec85334","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":69,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"666e65d8-770a-4f37-89fc-87b97e570977","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":69,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"ae18ef60-578e-449b-b434-af487609e2c8","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":69,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"252dc7b2-81a7-43cf-bfba-a1a3b4f26abe","block_type":"box","text":"FLEX Option’s expiration date.","page_number":69,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"d4fb700c-5e05-4381-8fbf-87aaed0d238e","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":69,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"b1209984-5971-4782-a36a-ba8ee88cfb68","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":69,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"4e9340cf-905b-4977-b538-bb2f9b29a0b8","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":69,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"bab8f52f-4b7f-440d-ba0c-9e220c27febb","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":69,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"e43a6ca4-c993-42b3-a145-43c22fb5fa81","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":69,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"2aa9e936-241a-4a1c-8756-d20165e801b7","block_type":"box","text":"FLEX Options contracts.","page_number":69,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"53cb56e7-51bb-4ffb-b926-b6e52b0bd4b0","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":69,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"786ea7fa-5517-4e98-94fe-52d6bf6c8ea7","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":69,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"4cecf351-7822-4e4d-8d00-d71d92324fc6","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":69,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"461363bd-9163-4a99-b329-55b1171164ea","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":69,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"4f4d338a-a035-42a2-a527-37217569560e","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":69,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"06b0f307-c159-4510-b775-fda89f64f14c","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":69,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"1f71cc94-bc89-4c10-b739-29a2e487958c","block_type":"box","text":"II-22","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f50200a2-84eb-4d48-b3ae-db5622c38351","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de3cfc75-670b-415d-b8ad-39666f5906c1","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":70,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"7c2649c3-59ef-4ae4-a4ad-bcb7c2fabd80","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":70,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"a69610b9-2ed1-4c78-848b-42b072be6459","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":70,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"bee8b39e-8f74-48f4-abcc-af139ad2227f","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":70,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"14c2a524-45e5-4c47-9427-7689ae1fbb89","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":70,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"174773f8-2c05-4c0c-96bb-ae5b99ca5622","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":70,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"2d0971dc-b8e1-4664-b526-5c3291c61dbb","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":70,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"287bcc0f-4bd9-481e-ae3e-329c5d0d9e46","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":70,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"790ab5eb-2a93-4a1f-b75c-81e9a6235f9d","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":70,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"5f58e37d-35a9-4904-9fff-c0345064ad65","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":70,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"4495a41b-f6ff-4d77-bebb-1422aa811abf","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":70,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"2313dc99-c8cb-4008-9286-873f3492931e","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":70,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"4e0b3b9f-f4fe-46a3-9edb-2c52009bc1f1","block_type":"box","text":"expire unexercised have no value.","page_number":70,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"52de1c55-fc4b-4f7f-b9e1-dd1d2b97ab1e","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":70,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"56eb2412-8334-46a8-ad77-6e496433dd74","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":70,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"5095bca8-8bef-4e95-999b-688f47e6c385","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":70,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"eb0b7961-b314-4b95-a6af-7ab40a300812","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":70,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"a7c85b8c-7a41-4d7d-a07b-b014b3809ec2","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":70,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"a3050043-6662-437b-88de-d85cab506d62","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":70,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"ac575449-e2c3-478e-add5-fc4046780437","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":70,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"aa96d5a5-1fd0-424a-a88d-14c49967d82f","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":70,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"00708103-d8fb-4fed-ae91-bf37c9d32aca","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":70,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"4c772fdd-8006-4a82-90e1-9bcfb383fca6","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":70,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"bb59ab3a-f75b-4be3-92ef-b78e9ad38f97","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":70,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"25d6f5cd-71f9-428e-bd91-24cd2d2d1a37","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":70,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"3dd6406a-0125-4a0c-97bf-97e0bf07644a","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":70,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"f3c08e32-3586-45e3-86c5-cd27719e5e2c","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":70,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"08f29bfc-da7d-4bf0-92ef-70023ad276ba","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":70,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"d3961a9b-c14d-41ca-8d8d-24afffcf8e59","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":70,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"d73c87bb-7dfe-418d-bdcc-70d2663259e6","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":70,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"d28dfeef-6c05-4aef-93c4-0940c442d803","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":70,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"9456c87b-426a-4272-8222-1fafcec111fc","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":70,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"4813a269-b606-4605-9e8a-8bd4c7967cfc","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":70,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"718d7de8-4bf4-4967-a6ef-e7e0a1c2b703","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":70,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"3296036c-b574-435c-a2bc-950f975487bc","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":70,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"de22c521-9520-4daa-96e2-1dd09ab6b261","block_type":"box","text":"Foreign Exchange Transactions.","page_number":70,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"d3eb858c-cbec-47e0-94de-ee151374a05b","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":70,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"9958c267-87cf-4cc8-b555-48ad40b41d35","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":70,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"2fc675e4-d70f-4c64-8e7c-435f9fa7336c","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":70,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"29c2aa02-c70a-41fe-9024-49119c5fb8fd","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":70,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"f80bcf32-a4f0-47b2-aa31-665065980ab7","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":70,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"4cf7e340-8159-4d35-8e53-69ea13afc937","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":70,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"287758b4-8742-448a-b7a5-2b14137a2419","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":70,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"2bbac17f-3739-4f4f-8c96-ada14ba51193","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":70,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"a95e28c7-3f7e-4bb2-b393-1f7fd3217061","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":70,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"2dfe0faf-2307-41dd-bf53-63126603cfd6","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":70,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"e8f1fd90-f2cb-4378-aecc-994152187a6b","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":70,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"6c97b650-ab8a-4c9d-aa31-33e85cbb8eeb","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":70,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"eef4de18-b97e-452f-8b67-4b1c12269507","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":70,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"04103aeb-f49c-4d9e-86d5-1e460fe3eff4","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":70,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"f0390871-ed6a-4071-a777-e2356200d321","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":70,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"acaea37b-1f63-4920-baa0-d421d1132fa8","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":70,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"c46d178f-1848-4861-a0ad-aa25519d7938","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":70,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"4cec0c61-c8cb-47ea-aef7-5e4ac38f0e52","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":70,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"43099e5c-2fd2-4d2e-ab9c-f907108db859","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":70,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"1fcb8f58-be05-4c08-ac22-d1ca40ce92be","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"53b20a62-c54d-410c-b85d-440330d7a357","block_type":"box","text":"II-23","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee4d177c-d4b3-42f4-8427-764c64338b44","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3808cce-2fac-4bda-a721-90055e380ff0","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":71,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"830f4bb7-c280-4018-b018-ee0c396aab56","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":71,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"537a1baf-2d06-4467-8276-c15638bb6974","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":71,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"d28abd39-354f-44b2-9862-169a4655cc0a","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":71,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"cfa8b8e6-4f99-414f-a22e-003e0deab36c","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":71,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"7cfd044d-c479-42b2-8a22-7cb55dda07d4","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":71,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"9382d591-8441-4966-ab70-7a31a0335917","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":71,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"b15a3619-af70-4a9d-8254-e2bd0b2a04b8","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":71,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"eb2b59ae-6e0a-4689-b6ab-0daa1c829672","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":71,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"c2f30ce2-4f5a-4c25-a1cb-8a816db83fa8","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":71,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"8dbfc918-893e-46e2-b6de-da3810a66632","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":71,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"2e2f4acd-d9ca-4194-afcf-ef6ff94afa8a","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":71,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"b84b100d-90d6-41f9-9704-78da281b69b5","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":71,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"ba364234-c1e4-46a0-a14e-6b67ee935247","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":71,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"b88193a7-c42b-4628-9ccd-37e840b495e6","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":71,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"35d88682-20d7-4ff8-b1d9-0aa1964e0ce9","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":71,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"c63bca19-7725-4375-b858-90efd8b41a83","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":71,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"74a5f670-da6d-4a5e-bc02-7adfbc1d87b0","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":71,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"8d179c59-89c5-4b7d-bafe-d7e002fcd71e","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":71,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"3ac077c5-f018-4b48-b041-195d1cdba897","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":71,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"6da08e0f-977d-4a54-a7d2-8946a406c0e5","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":71,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"0840a853-62d8-4572-8d53-81823707ccd9","block_type":"box","text":"involved.","page_number":71,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"33f816ff-b1d9-4652-81a6-15ad36f3f977","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":71,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"034f631f-48a7-44da-b944-b027d38abd45","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":71,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"5c1d9456-6955-4f19-824f-ce88cd51a9a4","block_type":"box","text":"denominated in such currency.","page_number":71,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"5da05a55-5810-4819-b8c0-fc49e4d2877d","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":71,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"21412ca4-978e-42d6-90db-308c24b871d8","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":71,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"243eb7e8-64f3-4520-81d9-cb16d3c2d533","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":71,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"abc98d48-141a-41b7-9b86-bc8094108dae","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":71,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"484040d0-1234-4ae7-8e5f-7e6244a95520","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":71,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"6036c75f-9aff-4501-9323-bcf74938988a","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":71,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"779db342-97a9-475c-8d99-f7797f915a4b","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":71,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"8e4381a5-ff36-404a-ba6b-e11b657d1ca3","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":71,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"2b01eba1-884e-413a-b103-1d4977c001f2","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":71,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"129923dc-aecd-4a51-b98b-73f535ec286a","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":71,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"cd1978d4-e0e7-4e2d-9516-5904b8d650d4","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":71,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"e78979da-b90a-4cf8-9e39-db2538bdfffa","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":71,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"bad203eb-e655-456e-8cca-380338acf364","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":71,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"ea28c675-2e06-41ef-8fac-ccbc1a3cff88","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":71,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"eb1d6ca2-b06d-4c9a-b75c-7707dcd6778a","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":71,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"e84defa7-f94b-495e-9cd5-4997784ce35a","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":71,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"f2af19ec-c942-420b-b490-330658d15557","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":71,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"9dfe0807-7b10-4893-87bb-2fa6bf8f4b74","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":71,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"23aef7ae-dbdc-4980-a200-336d370a8b14","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":71,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"43da967a-1435-4c34-9ca1-d18a5c3346be","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":71,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"3c4d7af6-3d19-4f35-8b88-3a7db55a73c3","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":71,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"6b5f4b21-4b2f-47b8-a161-4c4356b08cd0","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":71,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"b7476a21-98e5-4c9a-b176-12f315a0a0da","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":71,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"bd0f871f-0a48-4083-803e-49b1e7e68953","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":71,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"21c9857d-e97d-417d-8737-f26e38df8f64","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":71,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"f4cbe30e-8102-4937-8830-ccae69385978","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":71,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"594101f5-e4d5-4577-80c1-d119a32df32a","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":71,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"3a29c814-3ebd-4b95-9a5d-fafbdac8c8d4","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":71,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"1a0743ed-d13e-43f1-9a10-ef37c1d2c016","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":71,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"e1ed2c9d-125a-49b6-b61b-2320700b09c4","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":71,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"53f7685a-0e30-47dd-bbc6-8efcd6ad01d7","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":71,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"41500ba4-51a5-4d73-9c01-d0fa5c590566","block_type":"box","text":"II-24","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e6a753e-dd48-4cb0-acc8-f2b753046522","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"711bd530-cb69-49a5-b70d-771d353379b8","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":72,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"0a700319-42bb-4534-8012-7283e3640b05","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":72,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"333a7e1a-cfd5-46bf-825d-b0e5ce46503e","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":72,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"cac6a320-2d43-42dd-973f-9e97271482b6","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":72,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"bfef7d15-692d-4a20-8fed-be8ccc66a707","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":72,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"c1325e0e-b668-4cd7-8191-a442d682b7c5","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":72,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"e5c2e858-e62d-4f0a-b167-ab12769ac49c","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":72,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"8610920c-1a63-4c3e-80a0-c5517a0af255","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":72,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"32d19aef-1269-43f3-8f08-db38ffe3a506","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":72,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"d25b8d43-d44b-42c6-8124-a615b4cd77bc","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":72,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"2f7e3f48-c55a-402e-b298-acd96b39c235","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":72,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"943b4fa5-f3f9-4aa7-a0cc-8c1387a85582","block_type":"box","text":"traded.","page_number":72,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"b8eca78d-e960-4be7-94dc-b377b441eb9c","block_type":"box","text":"Currency Futures.","page_number":72,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"d7ba9d24-f0b5-4624-bde6-c38ca6df3664","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":72,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"a7ddd25e-09e2-40e3-8264-f1aa92bba0aa","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":72,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"43d996ee-8585-488c-b990-c6ac800838e6","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":72,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"9aa826ed-87ca-4e03-8d87-d7d1c5f9e124","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":72,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"0097d4d2-bec2-4317-a2c8-f13d4df9fadd","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":72,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"5cebb887-4859-43c0-813c-26d70b27cb16","block_type":"box","text":"Currency Options.","page_number":72,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"47e9c182-d08a-4170-8d3d-4a33375f5ee0","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":72,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"6ebcb06b-d450-4711-9bc7-d2035627293c","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":72,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"f564ebea-dbf6-4414-bc68-9013dbefde00","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":72,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"911b7ff4-967a-4653-a3e4-fcc8e5b81cad","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":72,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"09b69ad0-732a-41b8-aee9-a99a26a54f7f","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":72,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"f13a6efa-28bf-4171-ba1d-b50677235954","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":72,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"acc3952e-4329-44db-ba24-18dcf48daf79","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":72,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"d4642a17-99ca-45f6-9422-2c9944fc0fd3","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":72,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"786911cc-2e10-430f-beec-af1967549a73","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":72,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"57e9b8c4-390a-4765-a814-9874c4ffa941","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":72,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"e1a8fe6b-6180-41c3-be43-f1196c7e7369","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":72,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"2052a195-8752-410e-971b-9ba70b1effe0","block_type":"box","text":"Currency Swaps.","page_number":72,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"d0c46681-b3c4-40c1-8f48-6542787b5fbc","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":72,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"80f60bd9-675c-4916-ab6a-154e85319a86","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":72,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"77cb98e7-a68a-487f-9b2f-82442b1565af","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":72,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"e901ebde-5a7c-4eec-95f3-0d8bf01af1fc","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":72,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"6b265280-1226-4374-876c-893e2fb5b658","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":72,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"7db2128b-be09-42ee-92e6-d9550c2afd2b","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":72,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"2b05f51f-e65b-4d69-8929-87501c909fa9","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":72,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"0ffa22a8-2a7a-4b3d-a43e-b44e0d43901b","block_type":"box","text":"Distressed Securities.","page_number":72,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"0838991f-ed30-4471-adcf-442340e6e028","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":72,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"2d7da95e-2868-48fe-b8fc-d4dd595c4c4b","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":72,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"483d17da-587e-4d60-b282-219d0f02842f","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":72,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"05e8b02a-c423-43ec-a66f-981f03ed672d","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":72,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"a3aeba23-7708-45bb-ad80-fe8444102b9c","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":72,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"1590eb43-ec1c-40e9-a383-5f8da5226057","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":72,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"d6557633-4c8f-4a41-9ae9-6b7bf8bb7c90","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":72,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"27a3db0c-c4e2-4789-9f4e-3792bd230772","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":72,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"885f87d2-7363-4d8c-9c75-cf00d7d8955d","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":72,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3f693f35-04f8-47cc-b444-fc58d72c947a","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":72,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"b7070dc3-f9b5-4bb2-8950-81074eed54f9","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":72,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"42c52df6-c2f5-4ca0-92ae-5d04197a3710","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":72,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"e4945405-f7ca-4d2c-97f9-527cd4010220","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":72,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"a97c2842-8491-4bbf-896e-3546ad8ffb30","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":72,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"4a9c0787-cc37-48af-bc66-9a539b9b22eb","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":72,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"4e065642-2b04-4aa4-a547-3094b43ffd08","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":72,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"23368be8-4bad-4a10-a4db-7a36d36d7c5d","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":72,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"f6752598-0386-4ce1-9adc-fff05c9cc29c","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":72,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"586d2d91-bcc4-4316-b141-a36d2b6f4927","block_type":"box","text":"satisfied (","page_number":72,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"2c829360-ca4c-4941-90e3-cd70e27c3a43","block_type":"box","text":"e.g.","page_number":72,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"2f83b6e5-9fb8-481c-b08a-23fa41387a33","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":72,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"f3a05c36-aca3-4168-a040-6322e0f1872b","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":72,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"fd36fd04-3938-4132-8294-00f2db58e378","block_type":"box","text":"II-25","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34e9d91f-0833-4c08-9e5f-64fe8906a7e7","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cfe7ddf3-f255-423f-a631-5a6dfdbe30d2","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":73,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"e5d6d7e9-12fd-4581-86a4-e1520a979b78","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":73,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"d7483d9f-256e-49a7-92bd-23687e0c72fd","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":73,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"c1df1dd7-a5e6-4132-b0dd-9d391f755fce","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":73,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"c6006c9d-a10d-424e-8851-a277cc00a276","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":73,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"9ee30f9d-237d-44ea-9b3c-49e624f68961","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":73,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"72aa1ae0-5245-479a-bd9e-ce2df03d4fcf","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":73,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"32858771-5a02-4aa4-8c90-11f0c63f9b04","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":73,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"583e7310-1b66-4ade-b004-d6a63a816ed9","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":73,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"1137bc5f-3b37-4b83-b62b-3c037b798500","block_type":"box","text":"affairs.","page_number":73,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"a3779be9-0469-4910-894b-1f5b9fa4c6da","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":73,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"c595b477-3ecf-4e7a-86b1-df17bca4861b","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":73,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"bf4390db-59b9-45b1-bf13-7d3d5aef8717","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":73,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"76b01267-4d36-4936-9c36-f10b94000bb6","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":73,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"71857e48-a644-448b-9413-23465c44154e","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":73,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"bca3f76f-7247-489e-bc71-12c13bf20234","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":73,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"b34e2fd2-bdf1-4b65-943c-8d15bdfe5b51","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":73,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"e078f2d8-216e-4681-8713-af01e95cd328","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":73,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"859d2c5d-fbe6-4d64-be85-6e2ab30cb48a","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":73,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"e9ba4d27-b478-447e-9ac2-ad9259acf08c","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":73,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"84de2111-c1fa-4238-a4e5-4cce5eca44ad","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":73,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"3bac0f15-c263-4d33-93ea-084d692dcd1d","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":73,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"0d115b69-ba9c-4009-b61f-ad6a5f18ea53","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":73,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"0f93b406-c49c-4c3b-9a00-e9472f93c5e2","block_type":"box","text":"Equity Securities.","page_number":73,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"bd73dabd-d3ac-497e-a1ba-511486f28fb5","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":73,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"7a40c6ad-19ee-40fa-b405-f80f54070258","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":73,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"203b7f64-713e-4023-81c6-1bc2f0157571","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":73,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"7c49633b-c08b-4e46-bb62-43de3ca241c8","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":73,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"b90155a8-6f3c-4964-8eed-24dd45dea7a1","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":73,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"ecbcd0d6-38ed-4942-865c-44ccc81099bf","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":73,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"16f9f1e4-c5af-44fd-9435-c2ca4accdde4","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":73,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"25a7ef3c-ed1d-4d43-b167-7d284f19a0be","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":73,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"3668f57a-2376-48d9-98e5-da14aef14714","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":73,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"07c0d9a9-debe-4533-9939-1f2f45bd9f2b","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":73,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"44201f4c-909d-4e12-9a73-d79e2133f3fa","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":73,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"37999829-7169-46d6-875e-62e21d7cc0fe","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":73,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"2b6952f7-0e0b-4a8e-936b-8be0f67c2d4b","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":73,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"247e1310-893d-4ba0-ab79-a2879d11fdea","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":73,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e93e9cd6-2412-4300-8a5a-e31b2849adb3","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":73,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"22510a4b-eca7-4ada-b9a5-191826f1bf5d","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":73,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"6d55aad1-d332-4d7d-b170-b4ef0d10851f","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":73,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"854673ea-1172-40a1-8adf-6b8362a8e544","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":73,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"0abcf97a-3355-43a3-a5c6-c3c3caf54b17","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":73,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"9070c91b-2ebe-4f5d-bd1a-4008c1207bdb","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":73,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"9b3cfa12-4e1c-488c-b1a7-fc10eae317df","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":73,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"89ab7ada-0ee1-431e-bf7b-5e691cd587e6","block_type":"box","text":"initial public offering.","page_number":73,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"954dd69b-e6b1-415d-9ea7-c7813e93c810","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":73,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"35ff3435-f3a1-4bd3-9413-08a306c02bc3","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":73,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"3d376ff4-09b3-4e57-9dd8-d4f24c8d3008","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":73,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"1516f716-841e-46d1-b7ff-e0aec7c3f2ce","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":73,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"b190be8a-ce18-4dec-9461-32ffb3215953","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":73,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"8e7a395b-eff7-4541-b461-862c746f0165","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":73,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"db86e4f2-ad87-4952-bfa6-980cd385d680","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":73,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"bf14347d-872a-419b-8fc6-c269f8640e2d","block_type":"box","text":"more established companies.","page_number":73,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"f1e524b6-0c3d-4cdc-9fef-a3ef039c9495","block_type":"box","text":"II-26","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad3002e3-ef55-4c2c-9bf1-ebf49e40a8ed","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f472279-4588-4ab5-a577-e666fff58faa","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":74,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"9d2a7bc9-251a-4779-bd77-b45b2fd90d8d","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":74,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"267ae5c3-82c5-4f11-889a-fd6d5c2fe615","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":74,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"b9b37675-d405-47c9-8f6f-4fd85f2c8ac6","block_type":"box","text":"below.","page_number":74,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"c23464e3-4e98-4a44-a454-ab88cecf2486","block_type":"box","text":"Real Estate-Related Securities.","page_number":74,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"637bfcf6-7c92-44dd-9c29-40ba0070877c","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":74,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"6e22f243-8641-482e-ba0a-24a3e840eff5","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":74,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"8ccfe396-802d-4dcc-ad8a-783f45082caa","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":74,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"1192f399-1dec-40c5-be85-2fd1333bd802","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":74,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"1be7a8a2-dbb5-44e2-ab81-837722856342","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":74,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"f21a7909-088c-41a3-9395-6d94a8734e44","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":74,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"c5f4cd3b-dbbb-409d-9b7c-875f6f5f5562","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":74,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"27aa2afd-9b1a-41c9-847b-7ad472fc72fe","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":74,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"6400f377-6ddc-434f-b3c4-182c54685a09","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":74,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"7d255c5c-954a-4b74-b7f6-e89845886299","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":74,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"4fba7b8f-8c3f-4118-b7a8-fe0c77043a2b","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":74,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"ae1f6c1b-88cd-4c56-a73f-de0de51e720d","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":74,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"cfe10c5a-2c06-46bb-99a4-6d3335815b46","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":74,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"8151b43b-4fd9-45ce-9eb2-06bfa4146594","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":74,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"bc1f7cd8-61c5-46a7-952d-38f21f0c12c8","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":74,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"655a2b42-1080-4a30-a142-fec09619a9be","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":74,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"a59efe4b-c11e-475d-b997-11030bb994f4","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":74,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"510add1c-2f5a-4138-a4a2-2a54d826ba17","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":74,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"7c114b23-5222-4c2a-b42f-f9354fdffb9e","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":74,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"8e614544-986a-4919-a2d9-ce227f0b167c","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":74,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"eed3d58c-42fd-4e80-838e-125cbd790020","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":74,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"d8fc437f-3b2b-4bdb-b919-429fd014fae0","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":74,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"6b7c937b-88e3-45e2-8807-38e7fcfabeea","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":74,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"02cc0c31-cdaa-42d2-a045-30ce64d4d55b","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":74,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"bda9a4f9-86a9-43c9-b52a-f83df9716b89","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":74,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"919b38c4-2044-432c-a3d7-4b57ac79750a","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":74,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"cd7e3b24-90ca-4207-8458-0785e0b1933d","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":74,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"d14489c3-6adf-4941-a2e0-1edf8ded43a2","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":74,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"bf3ac057-116f-4ff3-93f1-132cdb31fa94","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":74,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"f7ef3368-42e1-4e9b-875c-c89f62f911ad","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":74,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"ef444186-4790-4261-a323-363da9155442","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":74,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"1f5ae454-f5b9-41f5-b3c2-ab770870dfd0","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":74,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"10b81cc6-abcb-4ebd-886d-31bcfbf5f948","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":74,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"fc80241f-733c-476a-8b76-734007e16b08","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":74,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"8374c1be-dfaf-4b6d-a425-438419a3e42d","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":74,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"1203d339-0850-46b5-b257-06827b042e58","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":74,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"4585b22a-1b04-4a5e-84b8-28a17cb03ccc","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":74,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"2f232326-135c-4d3e-a6a0-d408c75f085f","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":74,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"af2434ac-1cd5-4acc-b534-1dcfc90d2591","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":74,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"60f7df15-cf10-4015-9237-5cf13781db82","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":74,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"c009ac23-42ab-4143-83f1-dd8e336cdf13","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":74,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"76e261d9-c9c0-4165-a96a-e8969b5aac07","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":74,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"416b4a5d-0b85-4b14-ba9a-913512735a5c","block_type":"box","text":"cycles.","page_number":74,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"74b0a967-29e6-45c8-9036-212bef5ea8a7","block_type":"box","text":"Tracking Stocks","page_number":74,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"1e86a63f-2d77-44c8-8bca-d5bc701005b7","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":74,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"f2ad231c-4948-4f31-813e-705bebed2fff","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":74,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"17eba7c7-8614-44e9-9ede-d43305b18a3c","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":74,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"b8c7f263-85e8-43d8-94b7-01273088bef0","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":74,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"e6c00034-3be0-4fa4-95f4-641de1bb99a8","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":74,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"a50b96ac-b5e3-4fbb-a867-02abb0de4f63","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":74,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"c83aa22e-abd8-43df-8e94-9bea06ec945f","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":74,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"e5c41bcf-fbc7-4d9b-9e6b-18e0f83ba59e","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":74,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"25911243-296c-4edf-a041-2ac1314f1bb0","block_type":"box","text":"II-27","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d81d3b5-d266-4a0f-99c1-253cd8d8bb6e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8fd2471-1322-4ef9-87ca-4e19a7f0b5f6","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":75,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"4389d493-5e92-47c8-9f9f-7d6aa76ad3f3","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":75,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"15a2c542-ddc2-4be2-808c-c670c78019ff","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":75,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"8a7f2d41-3c7a-45e5-b670-ceca2a00f886","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":75,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"50e3d840-aaa9-4a5c-8d82-0cad73d462f1","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":75,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"d02d2d99-8046-4ecd-b41f-24847cbb9a45","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":75,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"3f9b1a79-0005-4fc5-b684-d792dec15291","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":75,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"7e4d1a31-05a9-4295-a7d4-629d4abc124d","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":75,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"0e058500-38ed-4b47-974e-684caea107da","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":75,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"92487fa3-0489-4afc-8573-a33fa863d1b2","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":75,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"d33b9a8d-09a2-4102-b4b8-a209f4e468f1","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":75,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"594f2b72-92b6-4f78-ab6c-f6daa46a4847","block_type":"box","text":"ETN.","page_number":75,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"09c09175-d0f6-487d-a54f-6c1a1e8d7890","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":75,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"bb29792a-0e37-45cd-a1e4-ea78a957310b","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":75,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"8114de19-b979-44fa-a09d-09ac3fe919e3","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":75,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"f614b61c-0eca-414e-b7b1-2d6fab22e968","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":75,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"03deedb4-f7f5-450a-892c-4c17aae90d05","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":75,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"32b50e1c-03b9-47aa-b624-b1cbc310c424","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":75,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"0a2d4955-f8de-4f3f-abc4-07c6cea8afc8","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":75,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"2e5dd60f-456e-42c9-84c5-c1e7d0c2e9a5","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":75,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"9da6eff8-c826-4b9f-8c42-7418ab307166","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":75,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"c9e72f82-7462-41f0-b8a3-729185cdf563","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":75,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"acff070d-ce5c-4310-b2ed-cc36f9348c6b","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":75,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"369e11f8-41c3-437e-8b31-a4f94a2717bc","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":75,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"cf4768c7-b5ed-4bca-9bff-efe744f3310b","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":75,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"b27e7ac1-3e6b-401f-8a85-b3a4cee9b9ec","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":75,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"83b9563f-b14b-4506-b04d-00992b5bd931","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":75,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"cf519b16-e27e-4079-be4c-3f5a092f6712","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":75,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"51f2249c-b58c-4699-ba53-5d15c4a792f9","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":75,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"6b831db3-ab21-4e08-8082-e7e5a531ddf2","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":75,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"fdad9885-65e5-4f86-9586-28b7fe8d8cbf","block_type":"box","text":"Foreign Investments.","page_number":75,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"cb2f5fe9-7ec1-43a9-acc9-60f4d63d1d68","block_type":"box","text":"Foreign Investment Risks.","page_number":75,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"0e048080-c6e0-4485-a091-da4531b59ba4","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":75,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"246a7db8-fd9c-407d-8679-34b0db2ae810","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":75,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"7b521b9a-f2b6-45c6-9a81-c2c133d0af81","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":75,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"15e84c2a-dd53-451d-945e-d15e826deff0","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":75,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"0c09a67e-06d4-45b4-8c36-a3ed215ce2e9","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":75,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"77f5e889-ef9a-4a59-a1f5-39768c65d01c","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":75,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"eb0f6b06-b282-4588-8243-425415d66138","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":75,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"997f4a2c-e238-4d31-b035-5cd2b5cfe87c","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":75,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"1cfb6050-4d16-4445-9857-d8d878b97a8b","block_type":"box","text":"benchmark index.","page_number":75,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"25fe6a29-dfe7-44ab-969f-6920106e2a88","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":75,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"11972584-e6fb-4911-b3e0-aca5d043f29a","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":75,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"c485dfb1-61e5-4937-927d-f3a0675965fc","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":75,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"2385b25d-a32b-4ed4-84bb-59fc48732a00","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":75,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"39794768-6557-4fbf-a7ea-45131004bfd0","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":75,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"97a61cea-0902-46ba-a399-90ff3d4a8efe","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":75,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"9354968e-635c-4bec-a913-abf971938a90","block_type":"box","text":"securities and zero-coupon securities.","page_number":75,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"c3eb547b-3af4-49b8-99e0-a23d514dbfa6","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":75,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"184d4a5f-0431-4bbd-84fa-f81613736df6","block_type":"box","text":"taxes.","page_number":75,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"72a31dcc-391b-4cde-b9f9-5ff025da08ef","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":75,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"d698ee93-c1da-4713-bc98-9851bf610519","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":75,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"cd1bfa8c-2cc9-4d28-bbb5-b612529942f4","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":75,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"690c7a54-a2d5-48e0-8162-b31b30c2fbc5","block_type":"box","text":"II-28","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b2c4636-078a-4f94-8f7c-50a7bf1ed893","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60ddc9d9-0167-4487-a350-a513d7f8c561","block_type":"box","text":"underlying security (","page_number":76,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"b68ad1eb-46f4-49e6-a158-cc2464663282","block_type":"box","text":"i.e.","page_number":76,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"a0c62077-873f-45ab-be0f-0fed0a3d2443","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":76,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"fe589b11-c586-46ca-9ed5-255df5842095","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":76,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"f603357c-cb4d-40eb-830b-7826cc9593df","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":76,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"70a7448c-e5fa-4dde-87dd-4806a1393f4e","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":76,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"948050f3-3f40-4c48-abbc-eca41d1f64f7","block_type":"box","text":"Foreign Market Risk.","page_number":76,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"5fdd5f74-4145-400d-a3e6-a1d51360f82f","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":76,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"22dbf2a1-e8fd-48a4-b7f5-77c25d546914","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":76,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"fa367f2c-aaf1-439f-9b55-d84c7874d07e","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":76,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"aed42cab-c8d7-4519-9c02-c0115ed353c3","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":76,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"9099e1cb-49d3-4433-adaf-f9ec49f12ecd","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":76,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"403cb32c-576a-409c-af7a-7cb04b0463fe","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":76,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"68a67508-5c9d-4f89-9a7f-b42fe9ac68a4","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":76,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"29c23289-8c84-4dfb-9d48-2de8eac3bd86","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":76,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"830f1105-3b9b-4895-934c-77d756426aef","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":76,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"f9578dd5-4b40-4de3-962d-0d07c6ddff2f","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":76,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"99298763-1fdf-4d0b-809f-117433caf033","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":76,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"d9c96f99-4c84-4dd6-b09a-3b04922d967f","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":76,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"f91a305a-a1a0-47f3-822a-dcbb2f6f3538","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":76,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"5be90dad-fd45-4458-9820-701b73212303","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":76,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"f967b652-03e7-4131-83b1-6288ae74ee8a","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":76,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"1912796d-0146-4fd7-941b-ee69608bbba0","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":76,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"c7231ead-b969-47c6-8c62-ea00ad909d25","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":76,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"b1972b6e-5f6e-4855-a855-ef735ff120ee","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":76,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"2d4d46a8-4446-4d95-8d3d-d2bdb0b9e5da","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":76,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"308e8c47-ac49-4b76-a6a6-bf55855b2da7","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":76,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"1fa25197-9b60-4890-b776-3f051c9a4db9","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":76,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"ebfe56a2-fc65-4105-8556-3903db656f13","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":76,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"8483e4a0-cac3-4932-be5d-2237283b320f","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":76,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"802772ae-641d-4037-a81c-1d2511b29cae","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":76,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"f96abfce-032a-499e-9240-1c85dfef66d4","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":76,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"9604367c-d524-48e9-99e9-c26c017809ba","block_type":"box","text":"Fund’s operations.","page_number":76,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"ac64a572-19ac-405e-aef0-a5fa67aa2719","block_type":"box","text":"Foreign Economy Risk.","page_number":76,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"649fcafc-acf7-4cf8-b348-9267f0f2d432","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":76,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"453e7de5-1568-4668-8c55-aabe0a740a70","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":76,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"0ea699b9-3975-46a7-877a-e568419354b8","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":76,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"c9492af0-d993-4ff2-9c6e-67a183804e64","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":76,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"8f0b08ed-8627-48fa-b02e-b92eb726b706","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":76,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"d5af9514-6b17-440e-8cba-79963143ca8b","block_type":"box","text":"measures.","page_number":76,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"2f473988-e9c7-49c5-92d2-d9ac85648aa4","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":76,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"217661b1-3ec4-444f-8d1a-66d84b5c0cd0","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":76,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"22ac3fcf-8245-486b-80f2-626267e5e122","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":76,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"304ae2d4-35a9-42be-b568-16dbb261831c","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":76,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"bb19bb2b-e58d-4298-a9a5-f8f102328c71","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":76,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"1fd7d256-340f-45e6-b26a-6736d72bbd24","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":76,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"00e13f32-aeef-4b78-a653-dbb7f26f17bd","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":76,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"bfc17d18-c545-4b1b-9d54-c5a8dca463cd","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":76,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"712902eb-fef1-4214-9b24-ef6c898e0430","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":76,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"7b40f67d-be33-470d-b200-fa3ccefcdee9","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":76,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"ffc6190f-1826-4b5c-9edb-48e4ef6a69c7","block_type":"box","text":"United States or abroad.","page_number":76,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"60e263b0-a286-4908-a3df-e8ddc463cc1d","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":76,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"8a9d9288-07ee-4d1e-817a-93993a3ae63d","block_type":"box","text":"Many foreign governments supervise and","page_number":76,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"295bc45a-7245-4fe2-9a1a-389bcc0bba0a","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":76,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"bfed9e91-dfeb-4aa8-af51-5a37c74becdd","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":76,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"ce51ffc6-7ad6-4379-8092-062d595951ba","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":76,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"cb6976f2-7013-4193-8ab7-6c56080c0449","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":76,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"ebad01e2-f5db-4a81-b048-f265cd22f90f","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":76,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"24c4675c-dd7d-4e1f-8c91-9ef87c08d93a","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":76,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"5978b87e-607f-4953-ac65-930cdf0497a5","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":76,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"c794517a-e316-4318-b4db-d140b854cd42","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":76,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"66223242-5f1d-4935-94ec-19dcd018a683","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":76,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"cd5a3d4d-6827-4ba3-8f22-6dcca6196d0e","block_type":"box","text":"II-29","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d393406b-0a6f-4bc5-a6b9-5dd3016c5c9a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45fdcf2a-ca87-4d18-b47c-c0b35659667b","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":77,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"b6eca3da-93a0-480d-acd8-f68ec4f07b31","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":77,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"78153395-a30c-465c-944b-237d7a4f1b15","block_type":"box","text":"investments.","page_number":77,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"7f259ee6-87fb-4c7d-bca3-c1a8b4ebe2cb","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":77,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"15517312-94dd-4485-85ce-806d74723276","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":77,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"77bd3183-aaa7-4429-a3fe-47dbe301d5b4","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":77,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"c955f2da-4991-4052-bbd7-aecf4206a3a8","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":77,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"de656046-b1e9-4824-bed5-c981c51761e6","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":77,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"109c035e-c0e5-4f71-8323-291d1e19a3da","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":77,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"3847a952-d69f-4503-b51d-e983e741fecc","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":77,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"c85c56c0-48c0-48dd-9d94-36775a10465b","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":77,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"09cc8e19-7b0b-4029-bd74-9a6a463ecd1f","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":77,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"36087922-f39d-4ef7-ab6e-49d0f6a8469d","block_type":"box","text":"States.","page_number":77,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"846c7206-0a9f-4e98-b5b6-69bee276fc72","block_type":"box","text":"Publicly Available Information.","page_number":77,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"ba019980-7bf0-4321-b982-5cae7d13ad6b","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":77,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"de83169a-3c54-4bf0-8bbb-397b4eef8204","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":77,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"0f0608f2-fe2a-4e9d-ba3a-619f0d3b781c","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":77,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"c6f69b9d-df77-4fd4-a588-d9c89a290be1","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":77,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"b0245171-c1e1-4854-9b16-efe4c9e3516f","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":77,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"5d9e0320-e305-4989-8aef-e81a4c0f7cb3","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":77,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"8f206c9b-0c65-4b5e-88d3-a71defdc0584","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":77,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"be9d214a-e7ea-4b33-ab40-4f22a6ed2ed9","block_type":"box","text":"United States.","page_number":77,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"2f89ae37-aa41-4fcd-8938-567559e51984","block_type":"box","text":"Settlement Risk.","page_number":77,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"76ac60cd-bc9d-4c65-9c45-8a854d9c4f73","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":77,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"f4d601b1-a803-4d2b-ab16-ffa59caa4906","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":77,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"cc21ee43-1377-4ab1-a41e-73ecc0f681d8","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":77,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"b41d1a4b-e951-4754-ae56-b8cdcc86da28","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":77,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"28fbd2fb-c740-46e1-aa33-854bc82f5402","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":77,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"2e63de6c-7dc7-4c48-b661-b684ce89f082","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":77,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"c4be9796-a82b-408c-9d68-b35dda9cf6e2","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":77,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"0f3fad7e-22a0-4854-afca-6868fb9663cc","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":77,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"83951f19-56e7-47ff-937f-2de3478722d3","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":77,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"ff042551-0c3f-48df-9d34-359fe43402e5","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":77,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"137f2e6a-0668-44d8-8365-3877ffa1fc0f","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":77,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"f3700ef8-b2eb-4840-ad57-7b0a3f6cca13","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":77,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"afc3a46f-431d-42e3-8bdf-46032c629d6c","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":77,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"c6e2b50f-4ac7-41f0-9836-3af9aab5f3f4","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":77,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"0f478678-0da0-4237-aa0a-f9f127f7f540","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":77,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"ffcdf195-f36a-47cf-8e95-3804b5d49eb0","block_type":"box","text":"Sovereign Debt.","page_number":77,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"e57123a8-df4f-41c5-9305-c63c6360b343","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":77,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"fd8223a2-ccd8-4678-9d8c-8e865cd57165","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":77,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"658c77ce-7374-4afb-a898-8ac67fd77ee4","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":77,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"865a144f-2c77-4a62-8d5c-bdf985cf614a","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":77,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"5810232d-0976-4c5a-b9bb-cf0a70b1e1a7","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":77,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"551546d9-0437-4396-afd4-1369e23419c1","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":77,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"a5393535-5c57-46c6-a543-aeefe68cf800","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":77,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"13513c02-65f6-46a6-ad0e-d86f147396e8","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":77,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"f129f147-c9d2-41ff-abe4-8c891e98f69b","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":77,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"283ec09a-9783-432b-a0d3-b6af19cea0cb","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":77,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"84d66c67-f831-4aa9-996b-cbfb22839ffa","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":77,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"b2621f31-0040-46a9-b0bb-df16242cc7b7","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":77,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"a9b57299-9d3c-48e7-a4f8-316cc51dbd41","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":77,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"22122a99-5443-44d7-8494-08abd37953ce","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":77,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"7b8715b6-a9d7-43f1-b26f-ebf759f63215","block_type":"box","text":"debt.","page_number":77,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"70d40476-faba-4216-9625-bd04fa6dcd4d","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":77,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"7e257176-bfb7-40dc-a84b-f9f2b2147d76","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":77,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"0c9a43d5-9d7c-413c-a367-42a0eca7ecc3","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":77,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"a43f5716-382d-4ccc-8eee-ed3fedb74f5f","block_type":"box","text":"II-30","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e495fbc-b48c-4de2-b9ff-5b783a8e0c18","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67d5a69e-c909-48e4-a0b2-c4fd0a575065","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":78,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"88bc31b8-e77f-47a4-82fb-5b9fcbc02849","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":78,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"474ce709-ef57-465f-ade8-9e93893d312c","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":78,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"6d9ad33e-55ae-4af6-9cc1-1d1789625750","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":78,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"805b0a28-a7ec-40a1-bb36-584301298dc2","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":78,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"4848286d-f47d-4592-b6fc-784486085de7","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":78,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"d4a9d945-4c90-4c80-81b9-7b14b3dfc4e0","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":78,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"c6358e7b-adf6-4edf-a501-09d0caf5a7f2","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":78,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"27d47645-4979-40da-9175-13e5734e81f1","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":78,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"24a8ffee-47b5-4538-b243-b105681affdd","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":78,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"4e2ee1d4-0bce-4a00-a8dd-285249e8a4f7","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":78,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"dc880beb-d2a6-4810-9d17-04874ab0ca3c","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":78,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"28bec048-84df-445e-b999-41de335d332e","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":78,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"c4e6801c-98dc-473a-92b3-9b4fa720277c","block_type":"box","text":"in the Fund’s net asset value.","page_number":78,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"50fa9e29-5196-49ad-927c-27cb6d6ae70c","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":78,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"e9159903-562e-43f2-9d26-a871e14ac31c","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":78,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"9a478709-3606-436f-8593-77b280be4ca3","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":78,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"34450f7f-1701-4f9d-9dd8-6fe3c4352626","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":78,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"2ebc3e4a-3e6c-462e-bc05-f2811773cb1e","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":78,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"f12d4473-286e-4dbe-90d2-2af948e42b84","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":78,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"91455368-b94d-4e0a-88df-762fe878e157","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":78,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"3d87c84f-4465-4f14-9767-dbc2036c7eed","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":78,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"73d0a24e-88cc-4313-8e4a-b7cb52a14ae9","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":78,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"e49dd8ef-6b37-445f-901e-201572b676dd","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":78,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"20b4248d-d255-4dc8-afe8-0ca1d7cff2fe","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":78,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"6c24a184-45b2-4247-8571-33c9c7fc9f40","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":78,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"2676bf70-43a0-4688-9801-b2eebdfebc36","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":78,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"42c0ebb5-6fd6-408f-b511-26404d21a44f","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":78,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"6005cd51-506c-49ca-a87c-47f59fa5787f","block_type":"box","text":"Fund may invest.","page_number":78,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"296d820a-ca50-49fd-be56-fb483f46e13d","block_type":"box","text":"Funding Agreements.","page_number":78,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"14fd9d26-7b1f-40b7-add6-06f3d288ba5c","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":78,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"92f6029e-18af-4821-94e2-38c081e8f8dc","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":78,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"277e038f-f0a2-4b2e-8467-689a942caf0c","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":78,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"616ae3a2-fe3f-4280-a84c-b6087e80b217","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":78,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"bc6b70b6-5b56-405f-8593-f8f4a61a6873","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":78,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"39d91d31-b831-41ba-8d5d-4daaa4240136","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":78,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"5f5cfc0f-e4c2-4ac7-b3fb-65d6f67f2f84","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":78,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"370cf00e-9878-4183-bd18-6c4192447a53","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":78,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"9906271c-3f08-451a-b04b-161673695469","block_type":"box","text":"Guarantees.","page_number":78,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"7b82cd1c-c0e5-4871-bdad-22472db61759","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":78,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"736e67d9-a30a-4911-9ccc-ae6ce785d605","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":78,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"0894de75-88ef-43db-ae44-5bb4b6fde126","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":78,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"7d97d8ae-a5f5-48da-8ab6-a0ebc2a79bff","block_type":"box","text":"Illiquid Investments.","page_number":78,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"e6ac1110-b2f7-492d-a8bb-481d78a1108d","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":78,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"884a7570-fdf6-4c03-a77f-9e98f4b6c818","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":78,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"b23881ef-2d32-4c99-af3a-894150e3f925","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":78,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"bd21c833-b0ca-4c0d-af14-80622a5380df","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":78,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"dd4b0d49-869e-4269-a108-13edd2532cfd","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":78,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"9549dd55-45a3-48e0-ba0a-c34141ff2616","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":78,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"7e387cfc-625a-4dab-b2bf-90ccb4fa019e","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":78,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"8d5e3278-a071-48b8-86bb-2d5deec70479","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":78,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"dc45e398-4f76-4984-8071-ed92dc5b27c9","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":78,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"e98f5b29-93c4-4796-a0a9-2f940a3be3e6","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":78,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"7bdebd80-ddb9-40f6-95ab-c1fdd8e313ea","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":78,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"a2c830b7-72a1-4daf-961b-fccd241f6336","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":78,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"66e8e140-f381-40e1-bbc9-f9f114e21ae2","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":78,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"82a6877b-5def-47a4-bcff-1b669256d33c","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":78,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"2cd040d1-329f-4493-ae99-52e1644bf079","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":78,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"4d2746fc-b26c-46a8-97c8-60f1ba78bad3","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":78,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"f0edbabf-e21e-41d4-a12a-9408c5c0e836","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":78,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"43fe501d-dcc1-47fd-aff9-683dd778e019","block_type":"box","text":"II-31","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c873db45-88bf-4290-89c4-6e7117520f75","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70751a36-0952-43ae-95e6-1c6cd13ca7de","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":79,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"debb70f7-f5ed-4c6d-ae84-e292aa31cc0b","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":79,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"7d4ba0f0-daa6-43de-a31d-f86ac93b8830","block_type":"box","text":"Index Funds.","page_number":79,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"b2a85573-d0fb-4fb6-8033-625a4f874a31","block_type":"box","text":"Cash Flows; Expenses.","page_number":79,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"47921083-9924-4a3f-b7f0-3af33905e6eb","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":79,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"132c2207-7041-4714-9456-516dd8e1d01e","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":79,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"520ac790-52a2-41d2-a48e-98f844b20f94","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":79,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"28c62ba4-6e1f-4846-a2f1-5fd4589d82af","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":79,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"3e280bc5-c1a9-4abf-910a-518f7a2ddc92","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":79,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"81449179-6648-4da7-8fd9-2829e8126edd","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":79,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"c602298b-8d01-4eb5-a277-443a32a7d406","block_type":"box","text":"(","page_number":79,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"f1c21bba-135b-485a-a2dc-9eb8fd15f0f2","block_type":"box","text":"e.g.","page_number":79,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"c1df9c07-186c-4fbf-9556-f2feea8980ef","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":79,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"e889abd7-6e25-452f-bf4a-b32d3025e9d1","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":79,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"fe98488c-de51-4a17-a96a-3171c94d94e1","block_type":"box","text":"par ticular security as an investment.","page_number":79,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"a3fbdfdd-abdd-40ce-96b3-9483f46928be","block_type":"box","text":"Tracking Error Risk","page_number":79,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"f00ab75c-b151-4c5e-8e0f-3426520e9209","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":79,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"38ab026a-44cc-48fc-a066-540dfd4548a4","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":79,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"41cc443c-9347-472d-b10f-2c86a8a0b967","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":79,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"88599310-70c6-42ba-b276-2f1c8ed99bb1","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":79,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"775cb36d-0604-4ca9-b9b5-ffac3eaefffd","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":79,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"dac66232-f777-4688-8006-bc9abf3259e6","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":79,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"05faf8c4-9adf-4b41-9c27-6606ed82fab1","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":79,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"55415e58-c8ed-4e9f-9f13-d96aa2e7c2af","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":79,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"27d09bcd-ac46-491a-95e9-018ca79fe42e","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":79,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"56e2f3ac-f0b9-40bc-bdce-432e5d2a7e25","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":79,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"37b0d8db-7447-4445-88ee-7da057ff818a","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":79,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"8e9267d5-85e0-4799-bda5-c83a9c97eb00","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":79,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"11f0d5de-3699-45de-9dd9-96e9fd4b7cfa","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":79,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"9a3a92b1-178b-4236-9998-47324b94eb14","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":79,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"f3215010-9a6d-4d0d-9613-0dd2607a721c","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":79,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"a85ef0d0-ad76-45a5-a5d5-8cefc96ab66d","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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If the securities continue to be included in the index, the Manager may underweight or","page_number":79,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"cba2c1eb-dfcc-4c3e-9dea-ed639a86f1c2","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":79,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"f1e5f9fd-61e4-4250-b51a-52d88b96ba96","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":79,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"945a15e2-3222-4ae7-8e1f-180b1fbf25ca","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":79,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"46e0756d-fcba-461f-8870-be755856b227","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":79,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"02f1fe95-76dd-4dc1-a94d-29771a88ff47","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":79,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"e9144113-0854-4110-aeb5-1f16e352a037","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":79,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"80e0a21d-fd6f-4927-a633-29bb594ef1cc","block_type":"box","text":"S&P 500®","page_number":79,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"ebf563f2-0901-4aeb-b628-7ad4b93d6345","block_type":"box","text":"0®","page_number":79,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"ddafef4c-45f4-4305-9356-88e9ddaaa5ac","block_type":"box","text":"Index (“S&P 500”).","page_number":79,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"2d3c916f-e859-4693-9dbf-7212aa8e9116","block_type":"box","text":"“Standard & Poor’s","page_number":79,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"3f1d4559-ef01-4752-8726-ab8d3562c778","block_type":"box","text":"®","page_number":79,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"098f3b4b-3595-4372-abaf-c908cf1aae0f","block_type":"box","text":",” “S&P","page_number":79,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"3d01390d-27a3-4e10-b4a6-603766329ff1","block_type":"box","text":"®","page_number":79,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"75ea5d2d-203b-44f2-a986-54af7350832f","block_type":"box","text":",” “S&P 500","page_number":79,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"c2be0f95-0839-42b9-acdf-bd43f163c374","block_type":"box","text":"®","page_number":79,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"fb5f0f07-8455-4074-a0aa-4a4aca69d51d","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":79,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"cbc44d07-ae02-4c1d-b5c4-62114a56f6e3","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":79,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"5aa96311-d190-4e93-94c8-e17eb92d7c0a","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":79,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"e01e2136-5212-43d4-bb86-70c00d05096e","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":79,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"6f0d27f1-e97b-4705-a473-f8cd39e70a5e","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":79,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"f6a1be9b-80a6-4c80-83fe-cf8c32765b59","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":79,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"cf3a0a3f-9ec0-49c9-a7bc-5eada1436440","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":79,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"43b18aa1-0777-441f-a9da-0bcb284bc200","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":79,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"b0f907ee-7a6b-4a6d-ba3c-747eda9fa126","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":79,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"4f2aee56-e3fb-403a-8ac1-be4a1598af91","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":81,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"3f240cfe-8ca1-4679-9ebb-a96971f0b441","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":81,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"0c005052-4667-43fc-b475-c4dc15368dc1","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":81,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"243f3f4c-8a56-4785-9055-e9b6b895e950","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":81,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"912e6bd3-ca83-4f5a-af2e-5cfd6620303a","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":81,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"9c6c1993-5589-4fe1-bce7-4890d32ae635","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":81,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"830383b9-8519-49ee-8e9f-2085f87bbe2c","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":81,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"89e6838e-9ec2-4329-92a8-6797c50f0eb4","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":81,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"97b174a2-3d3c-475f-a202-79f24668ae7e","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":81,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"96553b20-f0a8-4561-b5f0-a776c90126e5","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":81,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"c2343d89-8cde-4c96-aae4-c1006c7585f5","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":81,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"73059259-1fad-4208-84d4-ff1ad7460f24","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":81,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"1e05727f-265b-44a7-8124-bd1beca172f8","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":81,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"9e6a0f74-3d5e-4a14-8ecc-c6fbf9961f92","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":81,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"7db5f94e-b0ea-4d88-a8fb-c607aca560ce","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":81,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"f45db80c-9d34-471b-b30e-935175fbffd9","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":81,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"1b422b89-4e76-4d05-81a8-5af70fad49f6","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":81,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"7539eab0-0e95-42ad-87fe-9fe65a3864fe","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":81,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"a146125a-5611-40e8-984e-2d941adabf90","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":81,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"beea4774-a456-4894-b2fb-218ecaa76862","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":81,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"0d5c5655-fa31-44f7-a47b-bcf94a15098a","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":81,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"a283b981-7605-4150-8f6c-2d9d0263ca90","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":81,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"9515dc2b-4765-4b41-a03d-d03fd47b2850","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":81,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"1a608ece-ba60-414a-9069-710a02c1f1e9","block_type":"box","text":"Inflation Risk.","page_number":81,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"72c39625-9e7c-4d5f-b6f1-2a5077f762ed","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":81,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"47495362-ff10-456c-bc40-9bca430ff260","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":81,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"95409d0b-b291-4dfc-a14c-39d6e925453f","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":81,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"041e117c-5896-4a45-941c-ce768dec77b6","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":81,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"55928ccb-6fce-42c2-a08e-c06614ae8d7a","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":81,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"9a990e21-8d9e-448f-acb7-fc0c28b421e9","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":81,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"f2a7c510-85b9-41eb-8688-e9b279b915de","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":81,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"0de692fa-e0e6-40b8-b51d-4ad107663e68","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":81,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"f709da0e-9ccb-4c17-a9c5-19be69c590da","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":81,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"82198e63-2299-422b-a4f0-1e1c20bfa816","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":81,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"630a64f5-3163-4519-b726-5df358242599","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":81,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"7509597c-d24e-401b-9af3-7bc8dfc46025","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":81,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"27f91bf7-1836-4719-aca2-fd890d33c769","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":81,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"9c015f6b-68cc-475b-a822-5b687416cfa1","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":81,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"0d9b6984-7a6a-44fe-8bca-9ba78d658aa7","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":81,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"f1bbf8cf-6fad-4d3e-81a9-d80daf13a4a6","block_type":"box","text":"II-34","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81e9184e-6de6-49a8-9778-cef4e16d2fa9","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc865e98-278d-445c-aa26-3f5065d98b6c","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":82,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"571a4d25-1dd0-4d9a-9ac0-cd610a96072e","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":82,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"f5d767f5-d9e2-428e-9fe3-3f3d1212d7d6","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":82,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"f007e875-0534-4ac4-8f33-d8448f0a0afd","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":82,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"96a78794-7163-4c87-8465-770617fdef64","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":82,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"a1dcf6c7-942a-490b-aa70-1f6068d9313c","block_type":"box","text":"be available for very limited periods.","page_number":82,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"5a29d34d-7aca-46ff-a4aa-7b91dd6a1199","block_type":"box","text":"Investment in Emerging Markets.","page_number":82,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"8b5ddbd6-1d0d-4a6e-89bd-ef439c50b275","block_type":"box","text":"General.","page_number":82,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"911fd84f-b3a4-433f-9023-6e0faaa9910f","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":82,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"a5a5e3d7-1f31-426d-9a83-ca1d369e0e3c","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":82,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"60bd2611-0d5b-4768-8221-c3d23e1dc331","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":82,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"bf6ef26e-6da4-43c2-9340-f7006264c555","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":82,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"3813cdb1-5018-4e83-91c6-512f0f6d7aac","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":82,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"dd8f8ac5-40bd-470d-a229-b2e48971d8df","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":82,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"5640ac99-1587-4b8e-a461-a165a24c3237","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":82,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"9b9970f0-e965-482e-af2e-7ece67a5b787","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":82,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"fd1f2a6e-1631-47a6-bb8b-c3e6ead31fbb","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":82,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"bf67303f-75f5-4706-8850-76fa8930dd72","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":82,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"4a392386-a743-4a70-b115-5fd29c894fe1","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":82,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"52539a3a-1cf1-48f6-9a82-08d057a6ee9a","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":82,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"7cacc5d6-f7e6-4b65-9b8c-ef76354374ea","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":82,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"8e1ee7c3-fe89-4365-ba9b-e8a77d11e8b9","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":82,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"b0c6664e-83de-44e7-8955-7e23d273ab4c","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":82,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"1f2001c1-973e-4b03-b856-ac8ff5497634","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":82,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"af0845ff-a90d-4766-adcd-bbcb57d9783e","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":82,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"e65cc24e-da06-4edf-8594-c609b4b6cf8b","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":82,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"4c56b29a-8ac1-4a6c-90ef-a02dfacdeee9","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":82,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"fc045b39-3994-4251-945e-0ed3d9107d7c","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":82,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"af71551d-59c2-4ded-80f6-e1c355d72e9c","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":82,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"faa3f866-cb2b-4b8a-bf2b-b19979c0eaa7","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":82,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"87c5e88b-f3fe-4b86-8011-cfa1075d5889","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":82,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"cfad8709-fc12-4503-ac44-55959623e52c","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":82,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"44648fd2-9d2e-4550-be76-64b0f7bbb341","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":82,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"0b91732f-8e7e-4e07-a9b6-169d3179a999","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":82,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"02525af8-0d84-405c-ba42-11e416a622f4","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":82,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"6373bd87-e91f-4981-a7cc-509df30ee209","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":82,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"f6478a98-cb1d-4579-8f77-323bcb824132","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":82,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"8907f021-8b1f-4191-b647-91938d268a27","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":82,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"ac31492d-ba52-4418-a7af-bfda74c71f43","block_type":"box","text":"volatile than investments in more established markets.","page_number":82,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"da23909a-c879-48d8-b80f-e6081510f121","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":82,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"f28f255f-7335-4d36-aabc-a4d8b718c70f","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":82,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"dd2b7bd7-a563-4e46-925a-e4727769b3f5","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":82,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"de82f2c9-f127-4c0a-8488-dc6db8c0f249","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":82,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"bc0d82c7-bffd-4ec7-a586-1afdedf8e252","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":82,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"b36d5149-c877-4df4-a0a6-673dec88165c","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":82,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"3f5b01bc-e993-4e61-9560-d89780987859","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":82,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"2417e945-5194-48a7-966a-89345543973f","block_type":"box","text":"acquisition or disposal of securities.","page_number":82,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"a2068d0d-2674-4609-b7fa-160e550318e9","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":82,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"b6f4b488-46d7-4b29-bbb2-60cf5e2903da","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":82,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"b09fcc2e-9142-4317-ab40-e6e721f4bd5e","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":82,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"a457fde1-e001-4181-bae1-e5e636caa447","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":82,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"2be13328-173d-49c8-b38c-f887aaa62f53","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":82,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"db69db63-85a2-4fa8-bfa4-b20ce2a8668a","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":82,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"441a18a4-6b3a-4e7b-bd6e-7cb45dec649e","block_type":"box","text":"II-35","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e033d3fc-3215-480a-9b59-e83efd02bb05","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f6584c0-f9a4-4c75-8045-122f9b762b0f","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":83,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5412f046-c04b-4647-8575-278e723cab12","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":83,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"500e1c0b-6f9e-4741-812c-fec6461caa8a","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":83,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"f712921c-75ec-4637-9c5a-0f77beffd7bb","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":83,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"17df287c-273d-44c0-ac02-f6862bf979c2","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":83,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"ed271977-6c4a-42f3-9bbc-646e12855ff3","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":83,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"c48d2b52-49db-4b3b-8e5a-dcf5b99562f9","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":83,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"8cecfa91-b7e6-4f64-aba4-417c0fb755ff","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":83,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"72332934-93c4-4a2d-83c2-dafdd28c47ca","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":83,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"83456db8-7383-429d-be43-0ee83e02c485","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":83,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"c1c923bd-64d1-48d2-887b-d9f336f1253a","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":83,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"5ade7816-73c2-41eb-b959-4dec13711a23","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":83,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"465a9f9c-1aba-432b-90aa-4965257ad923","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":83,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"e1431d89-8ead-468e-8871-a8affd757518","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":83,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"b080915c-76ad-47ab-823f-6e128fdbbb9b","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":83,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"17d61495-e5bd-414d-b8a2-06119a631248","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":83,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"d2c8e0fe-e92a-458e-ad17-8bbd7bb4ee9d","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":83,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"420e77ba-0205-43ff-be11-e0da774e7386","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":83,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"62de7785-362c-4f3f-81c2-38c478365315","block_type":"box","text":"per formance of the Fund.","page_number":83,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"cca8b777-5ec4-4659-9908-0fdbfeb04654","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":83,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"8a6287f0-9b7a-4c55-b9ec-73c871d5764d","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":83,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"c08b55de-7a7d-4b95-b438-01fe4e84e139","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":83,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"b8003b9c-eb32-42d4-9bc7-af08a7c2b134","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":83,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"354f59d1-744d-4715-8a86-1829ef7cf388","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":83,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"a0a4aace-da70-406a-8953-defd4c690f46","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":83,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"114a02a9-80d6-4bb2-8a95-269227a0f751","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":83,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"87d063b7-59c0-42f5-97f8-3a37952f01c5","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":83,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"f2738074-fbc2-457c-9ec5-c907d941cc84","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":83,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"c37bd47c-fcc9-49f3-8255-caa028479edc","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":83,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"3a09e4c4-7ab6-40d6-ae12-498af1103ff3","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":83,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"81ba2783-b3b5-4c3a-9b05-2105beba136c","block_type":"box","text":"affected by a variety of factors.","page_number":83,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"2a922080-ec1d-4722-9c65-8cbe125d85bf","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":83,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"1959153f-09cd-4756-8197-f2d31fe81f50","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":83,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"35e5008d-068d-4528-b299-24a1dcc88f59","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":83,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"20248e7c-924c-4fd5-8c38-3d81d691b841","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":83,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"748b52e4-6226-43fc-b0ab-3b265c67c167","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":83,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"955f684f-733f-4898-a2e7-75b930df2633","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":83,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"f60c6dcf-825a-4960-9b74-d0398a82f618","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":83,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"88db48ee-f0ec-4c9c-a564-3a9a6165e430","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":83,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"c0c5f54c-c823-49bc-a971-dbd64ea59169","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":83,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"e225261c-a422-45ec-9324-ba7cfcde03c7","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":83,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"e04e0c9c-1fe2-4d9c-9454-7a5e13b42f61","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":83,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"b9c9fa07-d4a4-43b8-a559-575d0232a625","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":83,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"1cd0b208-c3b9-430e-8e24-b0e0f15603bc","block_type":"box","text":"nations.","page_number":83,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"22e54c30-4dd9-4175-8408-fad5783243d9","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":83,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"adb204c1-a242-4ed9-8279-c205a19732b2","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":83,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"20af9675-f79b-4f19-89a6-f9f061f37946","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":83,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"d2fa9381-3908-4db5-ada0-8ef3a65b98bf","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":83,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"c7deeedb-97a3-427d-9c07-17398a69c133","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":83,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"b71ac8c8-598c-4022-bad1-3a159dfbbe44","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":83,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"00584e75-5fb8-4add-b0eb-2c3f93b2ca3b","block_type":"box","text":"market Asia-Pacific companies.","page_number":83,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"1a321aaa-c2b9-457e-91dd-ae36251c6a78","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":83,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"44f8d66b-1280-47c2-adbc-49ecd66ba6f4","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":83,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"ad5e79c9-1e6b-40f3-a6d3-80b340d203e8","block_type":"box","text":"services for such securities outside such countries.","page_number":83,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"1ac309fd-1ed4-41c5-a208-4756ddd7349d","block_type":"box","text":"II-36","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e314cda7-5578-4f0e-8daf-191c62ba46bf","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60c32ad8-5c06-4bd2-8e33-aa50e3c64cfe","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":84,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"8e4ffd22-401f-49ef-9bb8-899c2e5f5ed6","block_type":"box","text":"to commercial banks and foreign governments.","page_number":84,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"ab947fc4-1335-489a-b793-99093bb29a8e","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":84,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"89915485-59f0-4c94-be38-2ebde0b0d2bf","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":84,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"20534274-4965-48a7-b8f8-a307ab938c9f","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":84,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"611f7f67-437f-4ddc-a6b1-c0c40cbdf33f","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":84,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"6829a72c-c7d8-4276-a70e-2b64646a7aed","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":84,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"64297338-355a-4652-8766-1ea332cea5b6","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":84,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"45b77d30-f9d5-47b6-b3b9-938b24f137fc","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":84,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"08841edc-47db-4dec-a558-194bde27d56f","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":84,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"4cc3e16a-c245-41e2-8724-85b49e51b0b1","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":84,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"01edc359-66b9-4e07-830e-beafa5d8490a","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":84,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"2e68a057-0935-4412-8ee0-0a92b32994c7","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":84,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"aac6d553-7514-43fc-86d8-c01c43710c89","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":84,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"9c5cc25b-cfd5-4ea4-a688-8bafb81219f0","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":84,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"3c2c4f4e-c045-4d0b-a439-00339a0ad64e","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":84,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"1189fca8-4a1b-4887-88bb-2f1ea57a0a01","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":84,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"e14d6e6f-a384-4ab6-8884-67aaf345abf4","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":84,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"19e1158c-2936-4f84-94bd-24a68b59baed","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":84,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"95ec2010-e8e7-447e-bbf8-d1dd18d32268","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":84,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"a100ccef-dc36-4ac8-a77f-e18ad9a3b2a9","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":84,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"344ddd38-d6f4-40a6-82c6-240c02600853","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":84,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"59706033-00bd-4ee8-85fb-bf903d80f273","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":84,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"54c825ba-e86d-4600-a607-a85912df5fa4","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":84,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"9dbb0dd7-3640-474a-a83c-dca69893f9cc","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":84,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"170c40fe-806b-4354-8e44-117ff718c239","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":84,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"c50d3f56-d730-4209-a101-96cd728e97bd","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":84,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"17ac3718-0a53-4390-af4d-dffd3aa227ce","block_type":"box","text":"investment at that time.","page_number":84,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"46aeae3f-1772-426c-bd3f-a5bb99f39764","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":84,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"c70b0d82-6544-4d33-8fe5-e2412b38b65f","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":84,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"6763fbeb-b9aa-4e36-92c2-11591d843078","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":84,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"f9d234ad-5993-4a7a-9943-a9b4b90b14a6","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":84,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"a2c6148d-6a0b-4e30-9ea1-3df5fbd97c01","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":84,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"947e29ad-2743-4106-8b0c-2dee19c9585c","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":84,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"ab679e8a-935d-4597-a8ea-7f02e38e6d82","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":84,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"aee27f3b-53a2-4cc9-8e6d-4cb77ca86843","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":84,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"53eb46a9-a751-4993-8311-8bcf85cebc1d","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":84,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"548b3ef4-e6a8-4e81-9500-e8ee676d03bf","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":84,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ff1318b7-aa21-46e3-bb39-8b411bbcdd2f","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":84,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"99bfb636-c4d8-4aa2-81eb-7410e498d036","block_type":"box","text":"government).","page_number":84,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"d33af332-db1e-4595-b243-e30d0f79e19a","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":84,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"2f81cd27-4fb8-44f9-9df1-11b3c1f9383e","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":84,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"5edfd37f-3e8f-45d5-a75c-bcc45448648d","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":84,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"61a6ee7f-1776-408e-baf5-5efa6039760e","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":84,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"f4b4d179-a67c-492f-86db-872624f44cc7","block_type":"box","text":"foreign banks and other financial institutions.","page_number":84,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"50eccdb6-9236-4b03-9b6d-08dfb7fc4106","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":84,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"142dabb7-6b79-41a4-b32e-d14cdbc6041e","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":84,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"bbfdeab8-ed09-438f-bfba-c7a3a5fc8371","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":84,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"a1494aa3-df05-4b43-89d1-badc89ed3176","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":84,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"7bb2b409-af5e-42b7-84ff-b0f1b7959f81","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":84,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"9fee729a-2bed-453f-80c8-a928174f316a","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":84,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"670c8e00-b605-4a4d-9195-13b39925bf4c","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":84,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"ec886dc6-3b1a-45d2-8ba8-91ee8303537a","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":84,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"2b73d7d6-361c-4838-805d-c480ee6967d8","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":84,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"dd1d12f5-cef4-4a80-91bb-594e1691a3a5","block_type":"box","text":"II-37","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"298c3979-71f1-4e4f-812a-63a651f95e05","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd305d79-8f99-4621-ac02-84706faf8a1c","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":85,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"0e82bf15-4b20-404b-81bd-d7750b92cbc9","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":85,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"cf7a6b96-91da-4cef-98d0-c73994b4dd68","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":85,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"ef377159-8a22-4a67-9223-6728b37b7be6","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":85,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"9bcb0c33-4ac0-489f-a5b9-faf3ca28be10","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":85,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"87648885-f326-4a7a-9ca1-621496d18b3d","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":85,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"56ecb5ec-d103-413e-bae8-d550ef12a541","block_type":"box","text":"foreign securities.","page_number":85,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"48a39cbe-c993-4329-bd99-861bc9c562f8","block_type":"box","text":"Risks of Investments in Russia.","page_number":85,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"cee4b608-4c9a-4b45-ab86-070681eba6fe","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":85,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"c83cb495-1ef8-45b0-a352-d3dc4d17ac45","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":85,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"78766524-6696-4919-ae9f-f00912af962b","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":85,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"cbfd0a73-de1f-4923-a0e2-527fe6bd6798","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":85,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"2661a2f2-2caf-4a2c-b32f-4a785a6fcc90","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":85,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"c77a8cbf-90ec-440c-8c05-344aeca559ed","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":85,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"4e4f6178-b32d-47bc-82a6-bd258c21fd08","block_type":"box","text":"developed markets.","page_number":85,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"90678556-9e6f-4b52-b1a3-e6c1aed42901","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":85,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"c3819137-2412-488d-a2e8-3840bf4df962","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":85,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"aeddbced-ab09-437a-a82d-8fedd14f6681","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":85,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"cc094523-fea8-4377-b04c-435ba1d02f83","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":85,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"9843edba-2339-46bd-831b-4daf77872fd4","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":85,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"fea0aef2-1e89-4b31-bdef-d98af9eb3445","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":85,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"4a566178-3f57-4979-a5e2-cb23b786acd9","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":85,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"77302aef-dccd-42f0-9c24-57453bf72ad0","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":85,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"59346267-84b0-4735-aaba-9f35af165f2b","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":85,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"d6b83d4e-a509-4dbe-a896-c1b7fdb3655b","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":85,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"9643a563-d453-4b7a-b17b-72ba7f929962","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":85,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"e621f0db-9d49-4013-a3bb-5bea4b26ac7b","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":85,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"2303445c-152e-4c6e-a13e-52584b5bd27c","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":85,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"6b1fe0d9-e3fe-4e1d-ac11-3678fa7ec182","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":85,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"fee9ee73-af85-4f36-9c0c-48bcc77163d5","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":85,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"27dabe33-d29e-46bc-a222-7266b88c08b1","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":85,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"f899a960-7d6f-4010-94cf-ceaa79645eb5","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":85,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"e9e330c8-ed7c-454b-8d78-c3ccb647b3e9","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":85,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"765eca4b-bf33-425e-a3a4-9c3f9144cf59","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":85,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"4c66b934-ace9-4392-ba48-f645cdd2fb28","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":85,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"441dd488-f278-4f7a-a155-fa75d820eb1a","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":85,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"b36703ea-bc33-4c5d-baac-576077c6ca6c","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":85,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"e77d4a01-8894-493a-8de7-d47603231e19","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":85,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"7a3bacda-e97f-49b3-9529-6f768ed175f2","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":85,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"2de838c9-852f-4006-852e-3c246e9951c2","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":85,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"f896d8a9-eb02-48dc-88f6-b8eac0326261","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":85,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"33dde384-0206-4cef-bacc-1c42c5a53937","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":85,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"0c53b756-7cf5-4546-998f-bcde1c81124d","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":85,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"4748bee4-34f4-489e-a9fb-f2740aea8b7d","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":85,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"ed0bb06f-328e-4731-87aa-9b7ecbd80fbf","block_type":"box","text":"sectors globally.","page_number":85,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"7d8af147-06ab-4917-8344-6cad953bccf2","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":85,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"434a2d4e-04af-4d06-b9e1-7cb7c28d8c04","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":85,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"aa8df2b3-2296-4004-835b-1235e5677321","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":85,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"fe5456c5-905c-4531-9827-38026392b122","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":85,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"17ea8d4e-737b-4b67-821a-3025838ca5a8","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":85,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"c75d85f0-3b1a-46c8-9607-406c4997b5ff","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":85,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"9f3d90cf-9180-4dbf-9c48-29741cbeaa8c","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":85,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"0371722c-0149-40fa-b351-bf180d5af6c2","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":85,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"8601de59-a033-4ac9-aaf9-c84a230dbf86","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":85,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"4e2dffba-455e-4f40-8fcd-e61dc526d367","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":85,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"4be3a15d-9fc7-44f8-bfc2-7247939504f6","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":85,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"cd57eedd-6b8f-4d9c-8b9d-4e7f03549b73","block_type":"box","text":"II-38","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9532c97-3bdd-4e0d-b2cb-a86603e8f363","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aff21f14-d67d-45be-9b9a-b6102d1de4fc","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":86,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"d8aecb74-6231-4f18-9b56-6a8db2b882a3","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":86,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"b5767d4a-0989-41b8-8af8-40d3efa970ef","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":86,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"0b1197d6-0b99-4e2e-abc9-a68710134b0f","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":86,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"3f4dc0f8-112d-4b26-a868-83dd5b682c61","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":86,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"b2c26043-b355-4cda-ba80-147926fb0b9f","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":86,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"f2ead2c3-f860-4c9b-81d5-1648e1211f4f","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":86,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"dd3ac54f-bd7b-429b-89a0-1ad93f03854a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":86,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"58488792-b2e7-4fff-9c3c-9954eda39880","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":86,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"4402d0bc-a06d-4d0e-a11a-e820b19eacd4","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":86,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"68e46d87-5560-49ee-848e-0347a8fad524","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":86,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"b11b6b19-76a3-4bf5-87f3-d94a74bcb084","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":86,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"28898bec-8284-4748-9aeb-e6ee4a78f29a","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":86,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"f11791c8-3943-4841-9742-50faff67f092","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":86,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"5a3a8791-161b-42bd-9c60-fa4b3571a3cc","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":86,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"fd337688-6644-4023-b24e-274d8c9f85bb","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":86,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"ff9599b5-a231-422b-bdd8-82c0039fc023","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":86,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"6621c756-b886-4c2b-8d5a-c6a82605d49c","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":86,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"f3533280-761f-4740-ac78-c3defda0a597","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":86,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"012943aa-0ef8-4e51-9c3d-33dd62faf7fe","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":86,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"67a9cdab-fee8-4372-b57a-219089b1a560","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":86,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"39a6658a-7671-4d25-82a0-7bfdf6ac7fb4","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":86,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"4d1b8499-6344-4691-b156-ed8355a9dcc2","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":86,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"38402479-46cd-443f-b6be-d8cbd4e61b18","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":86,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"baf5f722-1542-4395-9cf6-8b490ccf0be0","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":86,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"ccd29640-ef81-4d45-a379-c88f5a883e9f","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":86,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"127d59f0-aa78-4071-b3aa-5a8c7bfd46a5","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":86,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"3a0b3e67-4ac0-447b-a542-dbd02c7d0291","block_type":"box","text":"impacted.","page_number":86,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"4ede7822-312c-4ff0-bc6e-18a0deab7bc9","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":86,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"671c4550-cbe1-41ce-a6b9-8a6d52a8a63d","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":86,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"bde2c480-35ca-436e-b180-78b4de536b35","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":86,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"0b998474-6343-47cd-b016-79b95bf79b60","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":86,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"14b09cb3-c1f7-4163-a458-c3c89071a840","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":86,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"ee849c77-7aea-45bf-862f-95fbc1bea620","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":86,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"66326bd4-5a00-421e-b89f-203c01aa1ef2","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":86,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"d587c93b-34a6-4a21-a845-3c88e08aaea2","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":86,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"f7169ad6-5c30-4e7b-ba06-2d7d1b9f8f6f","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":86,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"f6ba72d2-d592-4e29-9a47-eca3b1902607","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":86,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"7e614666-2604-4bce-9ce8-5d9fb9481b25","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":86,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"8d319dcb-28d3-411b-aa7c-0f58b4c2ac51","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":86,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"129add62-bae6-4528-98ef-6dc141ef330d","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":86,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"a01ff781-6444-43fb-a35b-04bddc453828","block_type":"box","text":"economy.","page_number":86,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"09a12c89-62d6-4989-aacc-67f5f7714a49","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":86,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"7a3548fa-fbab-4f70-81dc-d37c84e60469","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":86,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"a4e85df9-39a8-40e6-a0c9-d0c5cc65d397","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":86,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"084fe73c-8d5e-4408-b6de-102894f85ff3","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":86,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b29c60bc-203c-40bc-b227-763c95db14bc","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":86,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"e9247f4e-ff97-437a-9513-6cb67d743833","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":86,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"8f393b84-1325-4e90-b5f0-b40af3cd2008","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":86,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"35aeaea0-4c8b-4ee2-8450-96be572b99fd","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":86,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"a33f6373-ccc8-4c78-b936-511d3539de2a","block_type":"box","text":"typically the case for investment managers.","page_number":86,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"5bf4073f-faf5-4255-a4d6-4cdb44181bb5","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":86,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"fc4d9989-79ea-4c48-b15e-757d873f6e43","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":86,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"429e8986-b3a4-4602-8fe4-035b8b55faa4","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":86,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"f5f2c4cd-938b-44fe-8ff9-f5532fbfc873","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":86,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"16f6e1b9-c4f1-4082-8476-2266bab49377","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":86,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"1e771cd6-8c5f-40e9-b2fe-45e62624e3af","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":86,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"c28be9af-72d5-4e6f-b327-abb4cc48cc2a","block_type":"box","text":"II-39","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8329cf00-aab9-4452-af38-7e32d18b5141","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce83ea67-63b6-41d9-84ed-310c858d8904","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":87,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"6bd9b36a-7112-4d9e-a0db-6050cc98056e","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":87,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"55925ffe-7654-4822-b95b-ee904e7c83e3","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":87,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"258600fe-6776-44d4-aad9-a768b5bf6d13","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":87,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"74a78ccf-d265-41b5-93f8-caf346ab9dfd","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":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"7988507c-58d9-4369-bdd3-725fcf7731a7","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":87,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"2e1686d2-d0b3-466a-bacb-20b53317c4cb","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":87,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"830f26e3-0df2-476b-b734-9058317888ac","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":87,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"818b4f08-c67a-4221-bd8b-d11927dc5b1c","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":87,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"5ca8c4c3-be38-443b-8323-65b9723aa3d7","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":87,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"f2673e28-cdf0-46a6-9a11-7a32844cda08","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":87,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"eebd2c91-a937-4535-8c92-f55e9c995eb6","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":87,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"54d2fbfd-ef64-40d5-8a9d-be1aeaf58397","block_type":"box","text":"will be indirectly subject to those risks.","page_number":87,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"8e93a0eb-6e53-4eff-93c0-a9b11ffd319b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":87,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"93a19e66-681a-490d-869c-14a13d84af86","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":87,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"47fcb8d1-4a24-4a76-97c9-c0b4ed1b4698","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":87,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"dc492ba0-0e4d-42ff-8b2f-808369aa170e","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":87,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"493179df-7663-48c8-995b-0cd5dc4be3cc","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":87,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"856eb60e-7aa4-4d7f-99e4-edfb44f368a1","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":87,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"8edcb595-2163-4f97-9501-f58d82797db8","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":87,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"c3b945e0-c179-4ac1-af7c-a8d426ca34a1","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":87,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"bb2f04da-0ac9-4db4-aaa0-753776b79abe","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":87,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"7612c450-ce6a-422b-82a7-cad5f9709184","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":87,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"060ba409-4c94-447a-9b68-31fb19282d25","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":87,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"e8cca5f3-e1fb-4ab9-b316-4007c8c642c3","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":87,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"bcd80fcc-e365-4a2d-acd8-8c440f9b9ad2","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":87,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"9a401187-5a8f-4979-9bea-59580dfa287a","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":87,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"c86781aa-74df-468d-bc53-ffc4f1769d95","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":87,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"b2d57f6b-e355-4a98-9393-b52523e387db","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":87,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"f7aa602c-2113-4559-a084-1d23011550a8","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":87,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"c87da3b5-0a09-44ad-ae09-a482f48f2bd9","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":87,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"4ed0121f-66f6-4fc4-b720-b8d7f499205f","block_type":"box","text":"impact on a Fund’s investments.","page_number":87,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"2ecfae50-cdb9-4d20-8edc-3ec12f6c4f74","block_type":"box","text":"Brady Bonds.","page_number":87,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"303d5593-7559-40aa-b84b-c27905c5fcbc","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":87,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"7e229296-cbd3-46b4-945a-f372207361b1","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":87,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"d93e6bf0-0baa-4d28-9573-4ad1628f5425","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":87,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"ca5daae6-8ac3-47b3-aaf2-33db8c007f92","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":87,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"cf0c9a15-4839-43f7-abc7-14de4e89ba0f","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":87,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"08db8cf0-aa7d-4b67-93e5-581ce799a3da","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":87,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"eb328aa2-039e-4f38-b090-1d779be43bb6","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":87,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"a83e2b97-caa2-4457-a1f8-afa19fc2dce2","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":87,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"25d10a6b-1dc6-4619-a3e9-eceffced5175","block_type":"box","text":"Venezuela.","page_number":87,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"f811df4b-8ffb-4ac3-96ce-e7a133efbb71","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":87,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"fdcfa3d4-d92b-40a1-bd19-768b3bf1ee58","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":87,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"3cba5268-bd17-473a-bd2e-c4a73f93ccc0","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":87,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"46a5d48e-0f4e-46e3-9bdc-bc115f8c6679","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":87,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"414b3f5e-b6cf-4ecc-be89-d1f61a25b3dc","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":87,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"42b2f265-258c-4e15-9c3f-41b8a1ccf17d","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":87,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"4084242c-cc02-4520-a2bf-aeab069c55fb","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":87,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"fe1fdc9a-a6dd-492b-870e-d5161c8eb508","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":87,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"0b7a1f4e-93e8-4ce3-bef9-fbd415b4a791","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":87,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"fcbb6438-9beb-4380-b6f4-ef6fc25d9664","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":87,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"3db471e7-897a-4e95-bc46-af5bb14861c2","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":87,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"a70948a6-a300-422b-a154-9a267edac521","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":87,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"6e2f0870-e615-4597-a00e-a2d840088949","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":87,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"dd5890a3-ae7d-4256-bc54-15e7b6626f9d","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":87,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"061107cd-8635-4964-8ed0-792ac7ff8cfb","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":87,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"ac81ff71-e874-4201-9b84-a25c6dab7e89","block_type":"box","text":"II-40","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31e9316b-c1e5-421f-8ac2-ea789df7f36b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a10207c5-af18-4daf-ad0c-c95ffde8ce00","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":88,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"fa2b43cb-1c61-495b-9c0c-0b8a5fe2a7e8","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":88,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"10b5b43f-61f0-4645-bfaf-86669703d666","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":88,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"d2f37f27-5172-482b-b4ef-6c901629ed05","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":88,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"97b5c11b-6f5a-4f01-aae5-4268656fae06","block_type":"box","text":"China Investments Risk.","page_number":88,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"ca7ac50b-b66e-400a-8025-2c358f204bd8","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":88,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"f50506ee-567e-453b-8a89-8b1b512a550d","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":88,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"ecdc4e59-29d4-41e6-b714-e3297b87dbee","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":88,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"1503706e-cb01-49da-8dc8-df924289ecdb","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":88,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"a6862e10-19ab-47e1-bd54-89826dc3fe77","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":88,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"2f1f3797-de52-4949-b765-260fe4241228","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":88,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"f4b392bb-c82a-4491-8ff0-fd2b19661e4c","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":88,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"44e7236d-e563-41dd-95b9-4ee878b1b4d8","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":88,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"74cdb4b8-5f8b-4657-920f-cbba649fecea","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":88,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"d2bc98db-fdb5-4a15-b73f-cb74201dc5a5","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":88,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"9d7e5613-64c8-4c75-9016-043503d6e6f0","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":88,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"732ea6ae-cd92-439f-9b52-69cd571b5770","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":88,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"41dd3210-ca01-4851-b6c9-52ba58b70b44","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":88,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"9932a952-f956-4c53-b82e-c34d50f5c746","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":88,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"bfe690b6-38af-4af9-8418-db84e3dbd035","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":88,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"b994c3c6-0948-4ddc-8f3d-9ca851a0872f","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":88,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"da723970-6b67-45fb-a8ff-5a7d4f4f23ce","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":88,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"dc5396d9-1b67-411a-a7fc-e11960d1a748","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":88,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"ca7ad55a-97be-486e-b864-87a103ebf371","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":88,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"cb86da34-d472-40bf-86e6-0f6ef00a153d","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":88,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"f1393179-b353-47ec-baab-38788bd05715","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":88,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"495975df-4fdb-414f-9d0e-b7e0cd3d330c","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":88,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"caa53a71-bff0-4384-a1c9-61fc1d377f77","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":88,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"ec076471-9fc3-46da-bdf2-fc93e8496bda","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":88,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"1ff87097-e55a-4278-bde4-a087c554edd9","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":88,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c697a60e-a0e0-47e5-955d-af0a173c9022","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":88,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"fa9e62af-0f92-4a7f-a530-d25a8d77d617","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":88,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"edbd95f0-a8de-431c-99c0-4aba74828f77","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":88,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"a6a57806-e555-46f6-8c1d-27e5d92fc6a9","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":88,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"0932e024-8410-4ed1-90e6-93b9040ebb69","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":88,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"4f7114b0-91e9-4f02-8fe5-5440018eb909","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":88,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"6f4d346e-a9c3-4bc8-aa4e-a68853ee8b2b","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":88,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"55b7bca9-64e1-4f41-b29d-14ec0e884729","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":88,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"8f0a2ce1-c0b8-4d8b-a6d4-2b1715fd874c","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":88,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"dfdd288e-383b-422f-bb5a-e1ad8dd8b399","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":88,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"0e20764c-754e-48ad-8757-e128f955e6cc","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":88,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"fd2fefb7-d6db-40ba-93cd-890d907811ab","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":88,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"e8c47735-631a-4247-ba2d-de8ebbf416db","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":88,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"df1203af-7664-4861-a5c4-09c3c94836f5","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":88,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"616ed66c-92ff-4937-928a-9da9dd249f30","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":88,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"a7e30c03-a04a-4cfd-b59f-382ec5060b96","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":88,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"b78d3ba6-27f8-4824-81ee-a0b7261714d7","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":88,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"727f8db9-ba1b-4174-891e-bbd9998f4556","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":88,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"05670da4-1fe1-4fe7-a0e4-d9ff46fa1ace","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":88,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"4812dabc-e7d8-4cac-8f41-ac16fdb5039c","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":88,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"3c084ec6-460c-4735-ad7f-3ff31e59e3ba","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":88,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"53212489-758f-4ea2-b451-154c50ce61a3","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":88,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"a7f565f7-b23e-4048-a47a-beaf0c278859","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":88,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"2c8ab7ae-0953-4df0-80f6-3ce33b69e498","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":88,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"e5d3bc8b-eae9-4036-9c06-2ab1af3b98ea","block_type":"box","text":"sub-custodian.","page_number":88,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"dee9f642-317c-485a-b764-7399b4e29d09","block_type":"box","text":"II-41","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60f17b6d-ab94-443a-abb5-bf9a0307ae80","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3be45117-6ef5-4ff5-96ce-32a38b07116d","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":89,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"d3b84d1d-b237-42de-8cb7-5d2efdbdca1f","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":89,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"353fc478-7eab-4b1e-88e9-b8f1115cd4ce","block_type":"box","text":"on investor protection considerations.","page_number":89,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"12bdf9ba-6a23-47d2-9180-466d1ce5beda","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":89,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"89be5607-cad4-44c2-bb79-806358c9d7d3","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":89,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"e37a98b3-8ac0-4646-bc40-d7ed35964aca","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":89,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"b063e6a4-64c4-4c55-b2d6-bc9d3707ff6e","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":89,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"3377cd92-97d3-4388-b4d5-bca44e2f37a2","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":89,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"283eb5b4-f935-4e7a-9625-6ebd614b45ce","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":89,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"e60608cd-f598-48de-b541-e8048974d3ce","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":89,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"95544e1e-e90d-4fb2-9fd5-f50ddeeb2fc2","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":89,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"1b8cc4a3-155c-45e3-a0c5-8a8826be151f","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":89,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"7edd876b-630e-455c-8e0f-ed299b5a49ee","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":89,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"c10a57aa-f39b-46d4-86e8-2b167b3fd933","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":89,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"f6889b18-c8de-40b3-a6a1-65a9d5fba4da","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":89,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"bdd543f3-7b5c-4818-9e46-12b6e2f757a4","block_type":"box","text":"accounting firm.","page_number":89,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"29469e03-bd98-44da-a25b-64c1e1d32afa","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":89,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"ce46f8c3-5476-471a-848e-e80fd38531a1","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":89,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"18e5ac3f-be5b-42ee-b608-e158429bc48c","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":89,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"8be4bd0d-2ff1-40de-948f-99947ede2652","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":89,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"fea75db6-7554-4fb7-bc01-a84d01c099a7","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":89,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"dc0142d0-0c3f-47ab-b33c-6c1c2733b746","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":89,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"2681e468-a7a5-43e1-b517-54a71f25d5af","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":89,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"263c8b4b-7233-43d6-ab98-7545ccf96dcb","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":89,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"33222080-28de-4f4b-8e8c-eaedefe9b4a0","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":89,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"9355f038-39fa-41ff-83ff-8c9465f0cedf","block_type":"box","text":"RMB (“CNH”).","page_number":89,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"705fa5e4-93f9-4237-b72c-cb7e5653ded3","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":89,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"89e4e628-2b50-4826-bf74-0976c9f1c9e7","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":89,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"8018891f-dd0e-4dc8-a7ff-4eefac5fe2cf","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":89,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"2a3076db-3473-4a61-9a5c-3eb73c4d9e74","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":89,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"fb41ffa1-5eaa-49e0-b48d-8c3dc9942731","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":89,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"8e40a468-2717-437f-9c9d-da5fb382d0c4","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":89,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"2a97d61f-46b9-453b-aa9b-d64237db61d9","block_type":"box","text":"represent equity ownership in the operating company.","page_number":89,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"a463bbe5-d809-48bb-b989-c956043d2a18","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":89,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"5552b2c6-f5db-42be-b53e-161d83f39394","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":89,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"58a938af-e2dd-4f24-88ea-64fb87da8ecb","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":89,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"866ab016-eb0c-48ca-b5e9-658e4f10b807","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":89,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"6528f331-14a4-487c-9ac8-d082f6a1a843","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":89,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"6c105e3a-8a9c-42d3-8890-10482d070582","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":89,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"e5596822-b6f5-4d1d-9146-53a455e49f8f","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":89,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"26da4c97-cbd4-4fb6-8106-c0fd2f35e64a","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":89,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"8d2389af-3ece-4da0-b286-a194b1f14169","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":89,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"e23d6b4f-6ff3-48ea-9573-593fdb7aa5fd","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":89,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"fa83ee94-2f42-4dd6-be10-b308e9157672","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":89,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"54b4059f-53da-4eb4-a85e-01ec344fea81","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":89,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"b1cb324e-561d-4128-ae8a-f2fd108f5f99","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":89,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"c9dcc62c-c7d9-4b78-b5de-653c65fa9978","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":89,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"59dbb4f5-ef04-44f0-ab53-852a6470af30","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":89,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"00517b67-d4ac-4795-8944-cd4523a75f6c","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":89,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"c158d126-827b-4e0a-ac3d-6d436989ecc0","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":89,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"57abd9aa-6b21-4000-9553-234cc583c7d7","block_type":"box","text":"losses to a Fund.","page_number":89,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"720db4a5-e5b3-43d4-9cd1-14501997bffa","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":89,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"83a72bbd-ffae-4bfe-a141-751139f9ab7d","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":89,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"0efb2e3c-9340-43aa-aa52-0cd0c62af2cd","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":89,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"77a936a4-f0a1-402b-82e7-8a7fb1dbdc14","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":89,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"67aa89ba-7812-4274-97b6-6d8bf6faf130","block_type":"box","text":"II-42","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9873d894-215e-4425-b00a-4a114d9220f0","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb1eec48-e9df-42d0-821b-306dbc9569ca","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":90,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"e2343833-2fda-49bd-b1a7-0514d9fd7d20","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":90,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"e204d2d6-d41f-4c87-a2dd-babaa7bf2612","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":90,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"51cfc3f8-4bc9-462d-920e-7a88f8723dbb","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":90,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"eacdff26-92c9-4660-9a52-06919a733112","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":90,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"7a4b75cd-5fcf-40d4-84d1-c0c530b4cc3e","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":90,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b40bc1b8-1af3-47af-af39-b307786a93de","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":90,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"7e339ae0-3192-44b2-b493-ed638f8aed06","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":90,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"87efee5f-a8a6-48a4-9e09-f5524661887a","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":90,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"5294b12a-4c95-488c-988c-6155a00b8ac6","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":90,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"40ec1b2f-f680-47b6-abd3-81a57a0d95ad","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":90,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"1d29fae2-ea5a-4068-8251-41cec76f96c2","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":90,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"90a14b94-a54d-425f-bb5d-67e7430fd5fe","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":90,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"7c383f2f-d5a6-451a-9570-0c55e05cc9c4","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":90,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"0b369093-73ba-4c6a-adf9-45a1095aad7d","block_type":"box","text":"such companies.","page_number":90,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"892388d8-4a6b-4a25-95b2-591897f9f6cf","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":90,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"4143be20-3632-4506-b258-9575fe1f0662","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":90,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"c94cceba-9974-4d26-8983-3a7823ff4a4d","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":90,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"a55e08ae-2325-436f-9e2e-540c0863ea62","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":90,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"bdfb8bc5-dac8-4806-8838-ad7a13d33448","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":90,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"699aef8c-3eae-42b6-84ab-f2c439af0a5a","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":90,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"482c4b96-d132-47ee-aa5f-75d99463c544","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":90,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"a846c93e-897d-4259-8b8b-9c72b910e122","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":90,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"6fc644bc-dfe9-474d-8ed1-baf9915d54e6","block_type":"box","text":"standards.","page_number":90,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"6984b7cb-e800-4be9-9371-1cd48b7037b8","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":90,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"06565b45-81cf-4e18-9fd1-bcede395c89d","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":90,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"492c4e4e-a8d2-4f26-b6ad-02a70c31e2fd","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":90,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"44371007-f738-442a-b97a-68c8f8ac6f30","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":90,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"6987755d-0cb4-4019-82dd-3b25786e04bd","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":90,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"390db10e-57b1-43b5-a891-5a46dc972c5a","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":90,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"be5876af-d286-4157-af59-d96415f04e06","block_type":"box","text":"General","page_number":90,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"6b548591-240d-4797-8c61-1c90fec559dc","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":90,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"d9172e6a-d171-40f9-bd29-8d5a1f4ff258","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":90,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"d66506b7-3b9c-4174-b251-b5853c3bb48c","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":90,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"65eec955-52cd-4126-87d6-3cad3178f965","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":90,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"c3fdf5ae-11e8-47be-b4fe-d83dff0db15d","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":90,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"b591f470-140e-42f2-a336-29465bc7a306","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":90,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"83977509-d391-4714-9ce1-336ff03e278e","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":90,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"7310e530-7b1c-482d-b00e-849fff7e6f0e","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":90,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"f49c704c-efd0-469b-bb6b-bd5375060a1c","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":90,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"122de578-9651-4576-b08e-6ccc2eee1b8e","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":90,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"18d2dbfb-e71f-46e6-8507-dccc321a9e12","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":90,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"4a95c744-5afb-4e28-8d96-7fee1d415dba","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":90,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"7fca94a7-a88c-4b61-b79d-74ad8141d91e","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":90,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"af48660c-043c-48e4-8cff-9b07b41a9c28","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":90,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d6f22f52-484f-45d9-b816-580ed14aaf1e","block_type":"box","text":"company established by SEHK.","page_number":90,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"ff4e46e3-fc3c-4eef-9bfa-a15bd53973b4","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":90,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"90f28c9e-66f1-4280-bc82-848d4b9f9ea0","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":90,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"e3e37d47-b893-453a-9531-f8c6f616200e","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":90,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"1f6e2bec-c1fb-4a57-9e64-4a8ca289dae2","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":90,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"27c1c62e-b700-48a1-a5f3-0828e43535a2","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":90,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"05c5f58e-24a3-4910-9219-3d840455b884","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":90,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"f5450243-bc63-4bf5-bc2e-aac4744d3765","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":90,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"abd509d5-e697-4ce4-9886-7dde10cca31f","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":90,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"448cdeec-e2c0-4df2-b244-3f977d0a3ac8","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":90,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"296536c1-8efb-403b-ae39-d8f381761cbf","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":90,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"1faec081-077c-4d20-a952-3f83b0ebfbaf","block_type":"box","text":"II-43","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8fb0e79-02eb-43af-ad61-0372c616c373","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5bf63c8-24e2-469d-9395-941f8fa5138b","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":91,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"1ad0ac22-c7bb-4960-b47a-bca65804a08a","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":91,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"54ad7bf5-f826-42d9-b581-0b56cbfa7e2d","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":91,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"c6893eb7-cfb9-4bae-ba3f-a9cea7c0e2da","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":91,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"54cf45c3-0422-4390-ab48-223225ef95eb","block_type":"box","text":"i.e.","page_number":91,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"d1dae03c-dc44-43ad-979b-93092a3fcd77","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":91,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"e3a0d31d-bbe9-41de-8581-be17f77087e8","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":91,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"3a320e85-ced3-45fb-9b83-e3a4bfa0f8e9","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":91,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"da6015dd-0080-4185-98f6-b40259a7e746","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":91,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"da39aa70-8f59-4e4e-9680-a2a2d5a6173e","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":91,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"329ff73e-0364-4d30-bcca-89e6b36c24ec","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":91,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"e55edc41-7318-42c3-9056-5a62817e263e","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":91,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"ff05dc1a-2c2f-4ebe-ad94-69371620a5b2","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":91,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"4aaa6038-93ff-4117-bdf0-af00653ef90f","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":91,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"42646ad3-e1d4-4ba6-92c1-01fe8e7e95ab","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":91,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"6d0c45b8-25d8-4f45-994c-7658ecc32063","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":91,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"cc67f7ac-d189-4a6d-9fa6-b5f1a0e81623","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":91,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"b3ac59c9-df52-4eac-88e1-a716ca8a1b76","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":91,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"3690d4c8-97f6-491c-8015-1a50b3f9691e","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":91,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"718f1ea5-9d1d-448b-98ff-1ab2b18c26cf","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":91,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"563b21d8-e995-40ba-a75a-ee0b02e1897e","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":91,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"2105f76d-e882-4005-ac87-c3b911f64a1f","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":91,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"9d3e66ba-657b-469e-b592-eb9dd6f79001","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":91,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"0208c952-f66d-4d2b-92da-a20e7fdb5dc6","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":91,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"845717cf-ef8e-4b81-a407-bded981a2f9f","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":91,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"c9513f0e-35c1-4a24-95dc-ed21b3a4017a","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":91,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"119aad39-35d0-4f16-89ae-bec7c03e4bc8","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":91,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"361dafd3-1a8c-422c-ac6c-4aecf1e27ac3","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":91,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"bc7ebf13-97d0-45f9-be2d-c44b59592322","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":91,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"04ba907f-3b0e-4c2d-ac72-2fe815f3fb91","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":91,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"3bd6ac5b-7f4c-4caf-8192-877fb7030df5","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":91,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"5642303c-7f56-4eef-b43a-1fa92473bf69","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":91,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"ed0f2522-ab80-4dd7-82fb-686e5c9141e7","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":91,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"e2f596f3-965e-4c82-a19d-1bb2c4cb8539","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":91,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"d08f0455-1fbc-4d59-ac68-b6c7bdb3044e","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":91,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"e51d46c1-f425-4182-ac78-533d9a1bc990","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":91,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"efcb6cb2-ab8f-4ef8-a40d-f135da6a89aa","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":91,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"9795583a-f993-43ba-948a-393c9daf5ed6","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":91,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"76cc93dd-4a7c-404e-b806-332191583e8a","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":91,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"377d652d-ad4d-44e9-a35d-0d75f9e08f97","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":91,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"7724bf24-f52b-4c9e-b62a-68ceb4fda9bd","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":91,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"177e7151-7d29-4b79-a276-d687deaae3d5","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":91,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"96752ba6-16e6-4064-8b9a-54601c880418","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":91,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"1388ae62-4dde-4643-8f02-fefaeda9d5c0","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":91,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"cd147275-9773-4f80-b07a-b483824bfefd","block_type":"box","text":"PRC.","page_number":91,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"ff79757d-6427-49c5-bdcb-5fb44e033d3d","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":91,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"af01bb22-9201-40db-8870-d34ac1e462d5","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":91,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"63f3066e-802e-4d9f-9b36-336c000d167b","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":91,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"e0d4febf-42d0-41d5-b09c-8068c3f10517","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":91,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"d35931db-4465-441b-aa03-77316da38c75","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":91,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"6dc566f9-ac33-45db-b528-46bad5d76314","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":91,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"d4d682eb-77f5-4841-ac2a-03d02e2c5d38","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":91,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"c2ddffee-d8f9-4b67-b143-04f7622e02e4","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":91,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"1a41e384-0f55-477f-8870-e80ba80a4d78","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":91,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"d74aa56b-cef4-4b75-8cf8-d9856472a875","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":91,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"f5db0c9b-6793-4f6d-842b-340f30d4508c","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":91,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"1220ae65-1c27-4085-a96b-e50ad0148c21","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":91,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"f2927459-6dbd-4e4e-9f67-df46d5f867a2","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":91,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"795b3b06-0d7e-4a40-8461-e6c0b5487808","block_type":"box","text":"II-44","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99a1e4f7-9360-4dc7-b462-1a8cc7a4efcc","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03a8a5cc-f9a5-4aeb-83c4-be1aacd8e0eb","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":92,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"4c43634d-3f30-43ae-91d0-1ece4ed8a714","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":92,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"f6178f45-a9b1-4e98-ac01-aa521421d44a","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":92,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"9eb1e904-7dda-4ebf-86f2-218d5a7d364a","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":92,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"ff2d8b87-92f4-449d-a233-de2304f806c6","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":92,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"17a93d78-2cd1-4db7-9a37-3e8280351238","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":92,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"edcf3109-eb61-4cc0-89a4-264eb1bdae6e","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":92,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"6f2ed2d8-ee6d-4335-af68-463890ad8700","block_type":"box","text":"Suspension Risk.","page_number":92,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"e0e901a0-512d-41ee-986b-a37dc13fcec4","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":92,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"243f3ebe-6287-4591-8004-ef07a953cba2","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":92,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"b33f2121-070c-4389-9522-a9fc6d245a0d","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":92,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"b8448278-d63a-4b1c-9658-a6160da0bde4","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":92,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"f9a62855-df2a-49b7-a0c6-ef29fd555f7c","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":92,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"c0a9ef7e-80f1-41f6-b5e4-a9e6aa8e83d7","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":92,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"a6dd361b-e7e5-40a9-905e-a270e3c7c7ba","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":92,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"75541dde-3e19-4048-b436-ddb95a690a2b","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":92,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"91924c5c-fd5d-4d2f-8554-41fdf89693b7","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":92,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"064b2314-06b5-47d8-af06-2814f57728ac","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":92,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"9545049f-96df-47c1-a547-5bedcafba356","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":92,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"8c63cade-af80-44de-abe8-86187379bc5a","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":92,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"4afe8afd-62af-4188-a7b9-e11f919d8322","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":92,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"40f6ea82-ce60-441d-9796-3434d040dc86","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":92,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"52ecc59a-8848-4430-8eed-1ca918bd7f94","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":92,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"4bc30c2e-c716-4e0b-87aa-5efd4eed070e","block_type":"box","text":"A Fund may invest directly in the","page_number":92,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"c96a7b06-6330-4259-b47e-d3a4e8ac82fc","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":92,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"f5e75cfe-b440-45f9-8c7c-3e4615cd9165","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":92,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"64bbf595-0b5f-4d81-ab87-9d2b368e5bfb","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":92,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"0e0f081c-8a3b-4e9d-8fda-6411b775a83e","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":92,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"56a83fa7-f4e4-4eb4-a003-d7c107315f1c","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":92,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"8dbda7af-429f-40b8-bc7d-cbe3b53537af","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":92,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"10edcca0-4892-48b1-b762-755d40b8b6b9","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":92,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"07474d97-ef13-4a32-ba01-096909c9f444","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":92,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"9b3f18cb-1d81-4968-b17d-169b8215be07","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":92,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"aa6ea1fe-71d8-4084-853d-5acc6b0caa19","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":92,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"f07e3d6b-25a5-4482-aa47-cb972846d26b","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":92,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"6c3f094d-fe0e-4c5b-831d-0a29da43182e","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":92,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"4fd15fa3-a185-4fae-80aa-1e8cf4563d9f","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":92,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"e3853243-5fba-42a4-9ff6-a0c3cea34826","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":92,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"2894c8f3-0163-4bd7-89bd-03aba86b4a79","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":92,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"3bbd0978-b753-4fe9-8cb6-dd178696d7b5","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":92,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"92872d41-5918-4c17-8651-bc25ae372cbe","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":92,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"eed0d2c4-6dc6-45f2-a758-ad12e10bf697","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":92,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"2a70a26a-009e-4dc5-9daf-639d84e02730","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":92,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"fea4a138-6f13-43c4-8984-1924e09c8bb2","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":92,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"f8b1a436-cb89-41d9-8152-0bfec5d20044","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":92,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"8797dc2a-83dd-43d1-b169-6940a6a14f3c","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":92,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"8b2eaf72-3913-45b6-97f8-6470ac6740d4","block_type":"box","text":"i.e.","page_number":92,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"933bae47-a0c3-4add-aeb5-521efd26db3d","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":92,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"27bb1d53-f4b3-4288-bb6f-f454fd72dc2c","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":92,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"f77ee161-4c8a-4a5a-9628-32a38baa645d","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":92,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"e96a78ee-c51c-43a6-8d7c-1d6c978e0513","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":92,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"3fcf8248-e334-4ffa-8773-091c8a1cc614","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":92,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"2a3c5013-09fc-4fce-9998-0800b251b55b","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":92,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"8549ef0f-35e1-4055-a7c8-d873f0808392","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":92,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"61ef2f83-8bea-4634-b8c5-af330cb0958d","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":92,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"f6c74dbc-5efb-4450-a121-e2b345e6bf4a","block_type":"box","text":"par ties.","page_number":92,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"f3cd2da7-9ca9-4453-870b-8bbdef4ba947","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":92,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"30a6543a-0257-4457-b2b6-98da1ddba664","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":92,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"8a8f18a6-de20-41fb-976c-e5ec62cfd053","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":92,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"722890f4-e171-44fe-a01d-4ee3419d5fe2","block_type":"box","text":"II-45","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b572c9b3-9487-4b20-a53c-65350bd3edee","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"315ecdbf-e801-41f0-85c2-d8900ef20e8e","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":93,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"d592a637-8e91-4fbd-8d01-100f56443490","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":93,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"6f100b72-7e9d-4481-85be-748e98f1bf23","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":93,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"71f7ba92-5a67-41e4-a603-f3364c6bd489","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":93,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"524fe343-b4d8-44e7-bd04-8f1d35fdddaa","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":93,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"96221b51-ff2f-4ae3-93c9-83fa6fb31549","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":93,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"2ca6b49b-a9f3-4567-a901-d6c713a12dcd","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":93,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"b422749f-27ec-4540-818a-123ae1b1b15b","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":93,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"274cd5b5-6a8e-4971-8c45-64c9368208e4","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":93,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"b32f64d6-9000-48fa-8e2e-a11e0e2b7c33","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":93,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"17436c0d-6aa1-47e2-8c1b-ffcae2b362e1","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":93,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"c9277e73-3cd0-401c-9770-f521bc3e1c19","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":93,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"0026f33d-939c-4ec4-8692-d9c9c2156a1e","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":93,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"4ce0a8e0-18d2-4c0b-a4f8-953558451901","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":93,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"bf082d39-4990-45a7-af53-06779942af0e","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":93,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"0d731b8c-8fb2-4d4c-aeb7-89b2212f661b","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":93,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"14942a8b-1f12-43cb-8fd9-d3227803624e","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":93,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"adea3d62-0455-441b-b1a2-d53ef891b532","block_type":"box","text":"per formance.","page_number":93,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"f5ffea06-63e5-4078-927c-9761254e5451","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":93,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"5f3c89ce-dfeb-449d-819d-6208f3d00303","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":93,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"6f3164cd-88b8-4bde-a02e-1ed2f0ef3f53","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":93,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"bf1dc3dc-64e3-43cb-aa52-5c400c904237","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":93,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"efad225b-c0ee-4e3b-9aa8-65d99df57cc0","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":93,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"c0de0b45-7180-49c3-857f-86b47c416584","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":93,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"f74a613a-fe78-41ee-a9fc-d6307159a832","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":93,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"7b90da2b-51c8-40c6-b39a-adad627895cf","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":93,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"67b7b566-5a58-424c-83c5-f67d99d900e7","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":93,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"9b03544b-85d7-49a7-a56e-ae71e59cd4d6","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":93,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"aed3298e-f412-40ea-bf0d-5590f80b76bc","block_type":"box","text":".","page_number":93,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"1d7b6333-7db1-4e86-8092-f85f17614ca9","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":93,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"7369e6e6-b12e-4b13-8830-5cc794352119","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":93,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"0572d010-f86e-436a-a06c-ef4526002f1a","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":93,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"90f5a451-3c04-4c1b-b70b-b6dda4619fb5","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":93,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"4ce600cd-3b12-45dc-9b87-117501b1dbfd","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":93,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"13cc800f-7fe3-4d7b-b537-632c0ce3ee99","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":93,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"a85f2df7-f31b-479f-aa41-10a9a5d0148b","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":93,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"0cd4688a-17c4-48e2-92c8-a129c8c9d296","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":93,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"8833dde6-ca2d-4005-9997-e33897f8ff44","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":93,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"7c5ee6e8-9a1a-4eac-b323-62d4417b97bc","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":93,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"3623b79f-7aee-4bbb-a1e0-e7c1434e6176","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":93,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"7b3d8c86-8e35-4c08-9094-68191e7ab42c","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":93,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"4b3c040b-34e8-4909-bd62-0814503c9944","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":93,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"1f3fa6e3-0938-482b-adcb-654481553950","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":93,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"e5226ebf-3e66-4f90-9f67-bf0c5cd22ea1","block_type":"box","text":"without notice.","page_number":93,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"e2bf3b96-2fe7-4137-9524-48c71dcdc10a","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":93,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"73250f3c-0dc4-462c-a637-b85c65222966","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":93,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"ba086143-78ca-4a46-9084-403763a83706","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":93,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"2f164b66-3f5a-4e9a-a208-991a953ff584","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":93,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"6a65fa05-2207-4c79-b0fc-a6d769b3bb38","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":93,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"0b4829a3-7b60-4894-81ec-187f4519e4d8","block_type":"box","text":"December 31, 2027.","page_number":93,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"2a6b04a7-999c-4eae-b381-169516b08f15","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":93,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"6ea91a0d-75bb-49bc-8ebb-67cdf869e71b","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":93,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"3805f2b1-200e-40d5-9873-040a76e73358","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":93,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"ce9cb9b1-5d8b-4e72-b7e3-e4242b3c980e","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":93,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"885fde6d-10c8-46c4-bb59-5e2504f4a3ff","block_type":"box","text":"II-46","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cdfcdff3-23ad-46a1-a977-8f14f93ad9f6","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6be4241b-f48c-454e-a09c-4123ea23a267","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":94,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"78d10de7-4b80-431b-9a32-0f1af2210924","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":94,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"83a8217c-ac93-4401-97b1-a7945e3030ef","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":94,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"e548fb4c-f6e0-4e32-aab2-70a68232125f","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":94,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"2dd812c3-0a83-4211-ab57-2a5a0e73ddaa","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":94,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"1504b308-b9aa-4eef-93ff-58362f688380","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":94,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"4949cb20-58b3-42fd-bcef-f088699a395f","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":94,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"a22136d2-78f5-4ef9-902b-787a7aa73343","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":94,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"9030eacd-2cc7-47d4-ba51-b51a0443a532","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":94,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"4ce27b50-adaa-451f-9662-4cb0f094f231","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":94,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"f7b388d1-17b8-483b-a066-3b1a86e16fab","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":94,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"a9536ac2-35d4-4161-ad5a-e9fe42f44fcc","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":94,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"101d98fe-94c4-411e-b3f1-9f292b6c2405","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":94,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"dd4def47-476a-431c-b116-3adf8c012aba","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":94,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"afe78a03-80b1-44bd-a65d-abf607a9c05e","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":94,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"6e709954-2178-419b-b45a-efea4eb13bda","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":94,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"6d93f69e-796a-4112-9c08-ea3e3e591845","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":94,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"3f4f84f9-2e03-4b4b-b867-60da65e4db9b","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":94,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"a1d4f975-c346-459f-9861-7e659648c6fd","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":94,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"38baae5a-8a4b-4cda-8918-67746ebd8e8c","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":94,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"59f465f2-8f1d-489c-95b1-d4ee2f5a62a0","block_type":"box","text":"the PRC in notifications.","page_number":94,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"17ae1776-ea6d-4669-b14e-04734a8c8cbb","block_type":"box","text":"Investment in Other Investment Companies.","page_number":94,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"dae69727-35c8-4986-8349-ab1bd4a02bd9","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":94,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"7ac9f501-ad57-49e7-9ffc-30dad9201e24","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":94,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"45ea39f1-0426-4567-8f05-f9354b5afb63","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":94,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"0e96c74f-9953-4a54-a578-ba2de14a984e","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":94,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"bc194e1f-92e8-4026-972b-4b8007094deb","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":94,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"f98b9de2-ed43-4064-8312-04cec0e22d33","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":94,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"55116926-20a4-4275-b969-25d2ec1fc710","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":94,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"60277593-c60d-4717-a908-9ed29969e152","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":94,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"e33a74c9-62e7-4585-a2cb-e6adf88b7a73","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":94,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"9172f8e6-226f-4770-a864-c804079cac79","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":94,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"1e44bcc4-78d2-407c-8cb7-70e5c6d45dac","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":94,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"1029dd6c-6797-4201-90e7-956c530a7099","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":94,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"262b3a65-8674-4c03-b702-01bc9f3bce44","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":94,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"a814f388-dcd0-4bbc-9856-84a6628d4b84","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":94,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"29f12fb1-e4e9-4278-81b8-463fa36289dc","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":94,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"d01e88ec-6f0f-467d-85e0-b0294ddf7cd3","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":94,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"ce029e1a-81cd-4cba-9456-54c1adc294a1","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":94,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"ccec8d0b-ad01-4a7f-bb85-1a9c1a47adc9","block_type":"box","text":"subject to cer tain conditions.","page_number":94,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"e3ed036e-6931-46f2-825e-0f927f6b7d0a","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":94,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"47ae24a3-d969-4750-8ba6-eff05b7c68e9","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":94,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"971443ea-b6a8-49f2-a215-94de9f35a7ba","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":94,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"b245555b-3a75-463b-a449-9636dbaeb2c6","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":94,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"d5defd30-938e-4e15-9327-b62472d317a2","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":94,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"c2f83ea2-cfa0-421a-baa4-fd5de8481af7","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":94,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"e872fa12-32a9-4ec4-8453-b5eb6bec5f35","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":94,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"4f567ace-5f4d-457e-86df-6ee8c914fb77","block_type":"box","text":"loss.","page_number":94,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"c6dbdd5a-ca7a-443a-a219-cba84a8d3aef","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":94,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"6b264cd2-804b-49fc-b6ec-761bfeb02a5d","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":94,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"de489e7a-e4df-41fd-8cca-4fb519ad86ad","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":94,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"297a48f3-0bbd-4da9-ab6f-03c21a9c5bf5","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":94,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"0afe4e30-e88c-4b5b-98d1-9320c395c8f6","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":94,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"ed9f095d-b32c-4773-9b71-d18a62c88fa4","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":94,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"b4844cb5-8ee8-4ca4-a619-be01678734a8","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":94,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"cd6d90d2-99ae-479e-a868-c7b07325d35c","block_type":"box","text":"II-47","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25e405ec-bc1d-434e-96d4-09ab8c30fcd1","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2945f28-13ed-47df-8a2e-b59856fd704d","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":95,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"dc9e5301-fe8b-4570-8b13-6a374ee0c738","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":95,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"f4f3dbd0-f57a-4419-bfae-7c9ae8d5cba9","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":95,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"69173d07-e1c7-4724-9df4-24e3c668784c","block_type":"box","text":"assets.","page_number":95,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"98af2883-d0c2-43e5-9431-f1c10d66695e","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":95,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"b5074928-5977-42af-a729-bd63bcecfa1d","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":95,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"fc376a2a-4c83-4a51-a797-e260192a0de4","block_type":"box","text":"e.g.","page_number":95,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"3af5cc72-0560-446f-831d-7d06679153ed","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":95,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"27343bc6-1374-4501-ad58-509d937e71fd","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":95,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"a28ebaf8-b38a-473e-a2c1-f7f808e1af9b","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":95,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"ccb6584b-f297-4bb1-a16b-39143423c089","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":95,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"8d63cd11-71e0-4c2e-9066-74170ae7387e","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":95,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"11d9ca58-2ead-4d4c-b403-175539464e9b","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":95,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"61994ed9-faa7-4175-bbee-05732e2a80ba","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":95,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"9dd53594-c5bb-41ed-92c0-757f4760e8a8","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":95,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"d768694d-0f1b-484f-b813-58c5e73d3e37","block_type":"box","text":"countries.","page_number":95,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"bb7532c6-77b2-4df9-a4e9-0e531aac13ab","block_type":"box","text":"Issuer Insolvency Risk.","page_number":95,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"d6d0d6ef-542b-4c14-93a3-3bd2f19520eb","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":95,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"3e4a10ff-d662-45d5-b340-f0c050db1a43","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":95,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"13b18896-3a80-4604-8375-3f14c83380f9","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":95,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"bf6320c1-3b19-4b85-a03e-39b34d540ac7","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":95,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"82640026-91fb-45c5-89f0-d804c2e13870","block_type":"box","text":"issuer uncer tain.","page_number":95,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"f476f317-edca-438c-810e-cf2e4de37ec6","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":95,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"af6a6e18-b6a7-4320-b0f6-75a79c33bc01","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":95,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"e74e6e99-56b9-4333-b2d4-01091d3b206d","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":95,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"1d6af00b-b9a3-4fbc-aa6d-047e0304313f","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":95,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"9cf5f587-453d-4fe3-8027-58ecf05bead1","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":95,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"198495a4-84b2-4b87-9f57-9dc2dbbdc599","block_type":"box","text":"eventually be satisfied.","page_number":95,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"d2e8fd19-8d72-46fc-9ecc-3db60f7012df","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":95,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"532f9360-d32d-4390-ba60-0009aa2bf3ea","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":95,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"cb1e6bb3-6337-468d-9a57-96852712f046","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":95,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"9d5b03b7-d8c3-4465-b2ec-82d5515f95fc","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":95,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"d826e7c5-98ad-464c-aa40-5662ce83454f","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":95,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"38bf33c1-5410-4b22-a75e-c858e8aa7329","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":95,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"dcfc3346-a3d4-437c-be30-7a8d0428992b","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":95,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"657dea6e-d822-406d-a728-fbcfd4ccbc79","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":95,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"0191ac24-fbc4-4869-8838-5395d798129b","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":95,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"4aeb2b0b-8788-4d9d-976d-4cbc21a6314b","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":95,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"bfe58258-1a22-4a80-b66a-3ef521955622","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":95,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"34fdfc47-3dce-462c-b931-dbd634fe1207","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":95,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"641865b0-07ac-4434-9ddd-d6c344297afb","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":95,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"5b75c30c-b7ea-40eb-bf74-a680e38367a8","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":95,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"5c29b8a9-20c1-4414-a873-ff4ff15984a8","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":95,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"93ad2103-f8f4-4f78-acc7-bb562527b676","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":95,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"5dd3d98c-c02d-461d-9354-2d3bf2a715cd","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":95,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"4674da83-e469-492e-9cf0-645afd9b2412","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":95,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"3b506cab-7680-43c1-991a-d464ccca5b36","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":95,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"7173ba95-68a5-4282-8c61-f920c55f6893","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":95,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"ae2f449c-b957-4535-889c-40049e4137f8","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":95,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"adda24d4-063e-4633-b6d5-2d06c1a997d1","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":95,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"48d9efe4-2670-4b5d-a459-ef7b5e59006f","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":95,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"b0d979c7-1bbb-49f5-a0f4-0b63316767ea","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":95,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"92f9bedb-afd5-4dde-8b9b-1183cd8d5cf4","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":95,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"b5b32c99-ef07-4395-b87d-dfac0321dedf","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":95,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"56c2fe59-adb6-4916-af89-5bf0006e85f5","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":95,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"30b5893d-da61-46c1-92f7-fa27374836c7","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":95,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"6e4f232b-e1d1-435a-89b6-63afe658a359","block_type":"box","text":"that assumed generally by an investor.","page_number":95,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"f0af113d-6668-4c55-8ee4-2a42c4c52cd2","block_type":"box","text":"II-48","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b387d77-26c9-4562-a4a5-b5ed12e827d5","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71622a5f-ab1c-4a20-9b88-c3bcf4d64c33","block_type":"box","text":"Lease Obligations.","page_number":96,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"6c8503f7-c031-4076-9781-6f8f13d530c1","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":96,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"e3d28e1d-00c2-45cb-a347-68bd17e8b7ff","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":96,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"60b15782-697a-4eb8-87fd-3d7520688084","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":96,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"ab75548d-b9bd-4ef4-b41b-646cf20c3af1","block_type":"box","text":"Life Settlement Investments.","page_number":96,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"5ecfb4bc-0a13-42d1-be7d-43d1a63b47df","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":96,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"5faa3910-3c49-40e4-8035-5e3c4d0bdace","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":96,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"d24ee466-2721-400c-aaf5-af39ef1d2085","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":96,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"af763e8a-6584-4049-a9f6-d89f7ceaf914","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":96,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"960eac46-f7d9-4137-9dcb-ac25d461266f","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":96,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"e25d9081-3966-423d-8026-73a253fd65e3","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":96,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"b28342eb-598c-4427-a4c1-f15ff56d4bcd","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":96,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"b6e638f1-b5c4-430a-a950-e5ab1c3f7a01","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":96,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"f8982e7f-5284-4d75-b774-13a17d6a24b4","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":96,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"65b65460-5425-4e86-87db-3c1d769c9ff8","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":96,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"b1473516-fbe1-4741-9d55-15b3252af271","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":96,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"e9e26d55-5e17-4303-879a-4ed9a489ab68","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":96,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"8b987949-b8ea-417f-b325-729dc637c15b","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":96,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"983e72da-fc4e-478f-ae32-83cd002b90ee","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":96,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"0f46a382-a758-4f4a-86d2-dda0ae2a8118","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":96,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"02f8a59c-dad0-499b-8965-319941daa58a","block_type":"box","text":"Liquidity Risk Management.","page_number":96,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"03e846b1-f0b3-45f7-b659-7a7c8560908e","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":96,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"080e98c2-ab35-407a-8918-200507d5c381","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":96,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"bf65b7c5-9648-45fa-96b8-dbedeba13476","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":96,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"58c56bed-4466-4798-88d1-af3eb5055cfb","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":96,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"305be495-544e-410a-9228-760721c630f8","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":96,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"ad053d34-7a0e-4747-b42c-86d40e95055d","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":96,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"5e195a03-dda8-407a-8c6e-1fc494dabb1e","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":96,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"7f8adfe1-b0be-4a0a-ab03-b435b4375884","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":96,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"4547c781-6aaa-4a9c-b955-109c430de323","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":96,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"3c3be05b-d800-48ad-b94b-8c0844beafde","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":96,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"9c8ebcf0-f8ad-4476-a415-44327d7e2208","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":96,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"45540c10-7d78-4e2b-992a-7ad196929cf1","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":96,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"fcd4a9bc-4f90-4813-aefd-a793b0283d03","block_type":"box","text":"Master Limited Partnerships.","page_number":96,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"da2ee181-3539-4a1f-9d80-01ea6cef3edd","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":96,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"7051346c-1871-4a59-81ed-f820aa9b733e","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":96,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"d25d9be3-1aad-422a-9f6c-c9c5500cc370","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":96,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"9863b722-c1ab-4283-8388-943fdebaf3ce","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":96,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"9fab53bf-2b70-4fc5-b227-aac1238c240d","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":96,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"5c47f703-4bd6-44bc-98f0-6b5585953f39","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":96,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"2dfc8dd3-7236-4e6c-b994-c452642f9172","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":96,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"41cdcf50-f04b-4369-b4fa-385b3de0875b","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":96,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"0bcd9437-a39c-44ee-9528-50c59bcc2a23","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":96,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"d124987b-ccc1-495d-a2d3-50396d2da2b9","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":96,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"fdc516e5-40ac-4e54-acdb-1e89aa19c4b4","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":96,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"0627da22-b6d4-44dc-9650-26d45d02dda5","block_type":"box","text":"in the par tnership’s operations and management.","page_number":96,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"4ef9ea70-c82f-45a3-945e-32de2de34e23","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":96,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"f402fa38-c572-4c36-8d66-e6f4db082d20","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":96,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"c3321229-e239-48cf-91e1-bcfe1c679fff","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":96,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"8b6f5fbd-e647-4c98-954d-7150cd3c29a7","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":96,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"98209f86-29c5-47f1-ad45-db0ade17c85d","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":96,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"223da9f9-7763-4f40-bd34-7a92ab14fd5e","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":96,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"5699526b-0b50-4bfb-bc3e-6d563557d21d","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":96,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"4a42aef5-c14d-471e-a744-134fcb339409","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":96,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"b2ea350e-0f17-4568-8434-549c8bd7b28f","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":96,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"5de4b5e2-6862-4533-8a24-fa2bcf7ffcd6","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":96,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"25745ab5-c214-4ecb-8e94-919c4f8e2cfd","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":96,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"86e312fb-3ceb-42c1-b519-c2f0a6514d0e","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":96,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"f90956fc-eac7-46fd-bc8b-53bdedf5f958","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"ef6b11c6-8867-4898-aa28-1db5de68ca36","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":96,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"38ed3001-1577-43f4-a215-70ac271e5319","block_type":"box","text":"II-49","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4802ccc8-7b8c-4408-8b42-d1aba55aab89","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1fcfc2e-d540-4a20-b0e5-737b2f18384f","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":97,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"2b6970b3-2a45-4e71-bf98-9af7b8d3d82b","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":97,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"5fc32d0f-f330-41dc-94f0-e965a10542e3","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":97,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"8be344e9-1394-4452-a792-2e1e259765ba","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":97,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"878f87be-0331-4493-84bd-505259255ed1","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":97,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"44814fb9-1e4c-465f-80e5-7f3e81b6332a","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":97,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"efeb4203-0f4d-4cc7-a5b5-c15aa1e7e751","block_type":"box","text":"Merger Transaction Risk.","page_number":97,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"be486ec7-79ae-424f-82fb-e3a4e6847fc0","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":97,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"97ece843-e776-4f7c-b641-8e5742a86474","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":97,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"d8131184-c9fb-44fe-a5f6-6393ac38cbf8","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":97,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"373d6f39-cb08-4bdb-bbca-14f90988a58e","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":97,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"af4f7846-c6aa-4dcc-8378-fa63380e32c8","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":97,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"f4f5c0f5-1adf-4ed4-84b2-e822cde7eb31","block_type":"box","text":"the Fund and may lose significant value.","page_number":97,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"4d6ea2fd-9b04-40a2-80e5-058193a516d4","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":97,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"73bebaa3-1a24-438e-b99e-2257ba22d587","block_type":"box","text":"Cer tain","page_number":97,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"e41a08e5-de86-4474-85e7-6719632e0248","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":97,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"19cfec28-ff62-4d2d-827c-d8f791e58754","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":97,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"807213ea-7e87-4b39-bc58-7adfc1fe6119","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":97,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"bd835da4-3717-41f0-acaf-99845f45e979","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":97,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"f3cb074d-baa7-4e2b-abbc-65778238eaec","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":97,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"10958904-0614-46cd-bfd1-a094f509e5c7","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":97,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"ac6a8e69-28a2-4a35-842e-111835a5a81a","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":97,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"8e0d3afb-9e98-48cc-ac03-12f36d12241c","block_type":"box","text":"branches of domestic banks.","page_number":97,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"33ce17cb-5655-4352-a0cc-db7f8ef9bd91","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":97,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"1344b038-5d8d-4e9b-baf0-c5c3a5682312","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":97,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"2cf357ef-cc0a-455d-a57e-80cdadb43f4c","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":97,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"f90ec272-5728-46d2-bc3d-13778f2be8ff","block_type":"box","text":"paper of a foreign issuer.","page_number":97,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"7b3d49ff-5323-4ba2-8aac-6e2dd04a248e","block_type":"box","text":"Money Market Securities.","page_number":97,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"e3fe1721-32cd-4d6a-a1ee-35a90b931639","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":97,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"f36a9866-3d68-4d23-b2cb-6e238b4558ca","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":97,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"2a54b9c8-9e3d-466a-b02d-83b58d1c8802","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":97,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"6767099a-e6a6-4ace-b8d5-85e1b895d435","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":97,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"b2be6065-81e3-4416-b7e3-c7d5a0950989","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":97,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"59f9ca46-72c9-43ee-a7b5-f42609267776","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":97,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"ecaac6ad-e1d3-4d7d-bd7f-a4dd08af7ba4","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":97,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"13afb142-93f4-4514-9786-bbd56dee4dd6","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":97,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"8f286acb-d746-4b3b-ba17-21e9947318eb","block_type":"box","text":"agencies;","page_number":97,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"bd4d8b93-5ecb-46c1-a0ea-0c6ded763ac4","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":97,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"8a6dfdba-f35d-4b70-9d1e-f7ca7b01228e","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":97,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"1fcda2d2-a0a3-4532-a4a0-278fd36ebeb7","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":97,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"f12943bd-f74b-49e9-a7d2-220a358a84fe","block_type":"box","text":"obligations and credit card receivables);","page_number":97,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"290cd715-88de-4628-b53b-875fa5ac62bb","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":97,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"28f8e5c1-8860-4f93-965d-f7d9d8c37177","block_type":"box","text":"authorities and related custodial receipts;","page_number":97,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"8f2ac9ef-900e-48ff-814c-845baf028fba","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":97,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"627f986b-161d-43a7-9e95-25b2e1fee1fa","block_type":"box","text":"agencies or authorities;","page_number":97,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"6bf87135-48f9-459c-bdf7-1cb98a07aba3","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":97,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"ae61c418-a557-421a-a180-76efb7d8af77","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":97,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"52cc51d6-19d6-41d7-8644-0b278ddac861","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":97,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"09cbdd01-a9c0-4b3e-98aa-c56c0b119909","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":97,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"e65954dd-571a-44e4-ac59-e54f94a6a5bf","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":97,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"5179e71d-d59e-4ff9-9885-4ddd9f28e217","block_type":"box","text":"States;","page_number":97,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"43b36676-0cab-4112-b9ed-67579e8cccbf","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":97,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"a48ec215-2f40-424c-8844-da6fd94f1e9b","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":97,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"f5f4bcbe-fe0b-423f-af24-687206c4a056","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":97,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"0f9919b2-dd61-4ecc-a85a-d4f77190d96a","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":97,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"f5cd39ce-b6cf-476a-a722-25c444cfd235","block_type":"box","text":"II-50","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6189802d-370f-4578-b18d-0427210a6372","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35c4f515-a0ba-47eb-8dda-b13a690e4a0b","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":98,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"7a876ccb-9ec4-45f6-8a9e-f6c5f0070755","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":98,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"21f7022d-ba82-46f4-bbfa-e80ef8da0081","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":98,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"d2d7ea46-fcbe-4dfc-beaa-62c2d8042c3b","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":98,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"f8ccbc87-5505-4f93-aae2-c7f190d1f998","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":98,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"56d66b11-f71d-4de5-9ec8-2759905b5e52","block_type":"box","text":"States.","page_number":98,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"c1bc8672-cf5a-4f8d-98b5-75334eb55471","block_type":"box","text":"Mortgage-Related Securities.","page_number":98,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"9db6be5f-78d0-4466-8d78-f345d84a4d92","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":98,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"988d3cc2-741d-40f5-bf9d-db95a5a8f97e","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":98,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"300f7eb4-fa90-4c81-8cdd-b71fdf535479","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":98,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"54781856-222a-4393-adbd-b737963456ae","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":98,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"cd1a3830-c3db-4ead-9217-be6bf8f69615","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":98,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"c61d6651-7e0e-4995-924e-ed5d68c79c86","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":98,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"bda54888-984d-4618-af11-0df80e051cb5","block_type":"box","text":"maturity or specified call dates.","page_number":98,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"9f2e425f-bd68-4018-94aa-629286b0e303","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":98,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"721c7879-0a2a-4574-868b-da2e87c5633a","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":98,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"53ddc1eb-786b-4fc7-89ae-50ebb721e82f","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":98,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"953296da-a86d-44a6-80e4-f43e71ffc879","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":98,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"d85e4958-bee2-4eba-b924-74a13743b950","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":98,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"2bc1da0e-110d-4de2-8565-df134a772701","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":98,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"7f2a98f0-0e13-4d3c-a986-1c5bc66d4bc6","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":98,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"0881004e-0d36-4eb0-9ca2-3aa4c6b4b61e","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":98,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"e857ecdc-d8cf-44c5-8fd9-896c5ae9d12d","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":98,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"f672e013-1101-4cd7-af8e-53ee37cba068","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":98,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"d89bbcbf-07c8-4708-88d1-6b74b7be06b0","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":98,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"7ed1bf6f-af3f-4476-b24e-8cebb8ad0d6b","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":98,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"fc0a314c-3867-4168-bd19-6ab37ff6b98a","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":98,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"fea6a411-4371-4585-8caa-43ce6d73d4c3","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":98,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"fcb05546-d51a-47f6-be5d-f6ec96eb6598","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":98,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"956bb413-594e-4e75-9c70-0d39f485e81d","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":98,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"1255126c-5241-4187-872e-ee9ab22b49b7","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":98,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"d5f632dc-7c2f-455c-acb9-ea8e429d6f17","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":98,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"6c524ede-1e4a-400d-b26d-b6353a6a09ef","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":98,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"2d87871c-e54b-472e-8eac-fbd670eba3e7","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":98,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"aa181ab7-15ae-4fc5-b1ad-b36e5b9a99fb","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":98,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"8694e104-09c1-4583-a355-f9c8971791c6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":98,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"46a9d326-eb65-4188-9f1e-187e13803480","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":98,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"bcd34089-4b69-494b-82ef-c7a536a9b8ab","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":98,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"309884eb-6439-4179-b58b-4dae1484bbd0","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":98,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"d451afda-82b5-4fbd-9a79-157e5bc2f994","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":98,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"c64bd5e2-d023-4f68-b402-764e31d38597","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":98,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"6de96444-0241-4d12-a04e-88c37b498912","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":98,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"da792c36-176f-4181-86d2-f8d2baf0d23a","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":98,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"9df8924b-f7d7-4b00-88fd-ad5bdfbffe52","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":98,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"012d098b-3e5c-4e06-90f9-7c571eca16db","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":98,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"0878478c-671c-4c74-b128-26daaba6a1ff","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":98,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"c76d9076-1fa7-4a28-9933-ddf0066b505f","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":98,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"2fb57d4c-964b-4650-85bb-5070e436e690","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":98,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"d2d94c6c-c825-4809-8b4b-d97c54f927a9","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":98,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"aa88265e-f015-481d-805b-b640ce873b32","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":98,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"b2b7e12b-322b-4e88-b899-33bcd2d4cb67","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":98,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"a5e0de8b-e31c-4e09-9e07-cb479e5f328e","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":98,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"4cb509ff-fb10-4941-b3d7-f145013073f6","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":98,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"0dfbdc74-71e3-45f0-b6f2-1ac440b3d88d","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":98,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"a1d81c98-4756-4539-9b68-f5c14b23d91a","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":98,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"a6933d6a-7a12-4c36-933a-7a83fea5a052","block_type":"box","text":"II-51","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3c07695-f932-4d19-be25-9be1c60107e3","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77a4e39f-c878-46e8-a219-912537e2dfe8","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":99,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"cae37c39-1e8d-4ace-9ef6-28c8bae3b57d","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":99,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"937aa7c1-22cd-4b4b-ad15-836933745b40","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":99,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"8a7ffd69-4a20-4f15-a0cb-7cc1956a1cde","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":99,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"50b5c132-efe2-4452-8b89-cf54a30d3284","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":99,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"114714f5-9fde-4705-bf07-b25549728fb0","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":99,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"825532a6-9b15-4c40-a084-39de4860ef49","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":99,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"0846cb82-a5e0-422b-8dc4-91a84ac0898e","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":99,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"3bf59435-a913-4f0e-aff2-16b6dace50f2","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":99,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"0ddfe544-3c85-4d58-bf4f-157bc51160f4","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":99,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"6b023f03-dfee-4c0a-8305-80abdc2d08b7","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":99,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"76ae948b-9cff-40d3-b431-d5ef9ff9aa35","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":99,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"0af3cc56-cb40-4d3d-8bac-9601e87867e9","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":99,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"f8ac14b2-d189-4a6d-a8b3-d6378c12ee35","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":99,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"9618c589-b42b-4ba3-8458-5dba0d88e03a","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":99,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"8f78ab4e-84ff-4fcc-9de7-58b666556cc0","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":99,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"f219f09b-418b-4d8e-a023-787b76d5dade","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":99,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"a540bcce-6f47-4a1f-9acd-f53bae8f1cf1","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":99,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"6cda70be-4937-4bb5-b7c3-2ae8b75a87d7","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":99,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"5958ff3f-e274-4249-993b-28cb014bf19d","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":99,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"109fdaeb-e99a-4ddc-8e86-1c695ee8aea2","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":99,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"6c003fd5-5d2e-48b0-b92d-ecfa924a4c44","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":99,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"57d136ed-0b50-4d48-9870-f1544a0f9d41","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":99,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"0ab4c517-5193-4c8e-a6e6-970ee8e11a8d","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":99,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"27bfc2be-02b6-4ad9-820a-5f233f62d9e7","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":99,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"727ff8ca-1ec6-45b2-8fbe-0badf9d9ba0b","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":99,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"10d252a7-c315-4ad8-84f0-d83ba5ae713f","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":99,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"be1b1ae0-b719-4b27-9825-4ae2f18442e0","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":99,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"f5ac7977-1ad5-4e35-99ef-c520ea7ab391","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":99,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"fe07554f-8239-4cf7-a838-2d4dc5712bfb","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":99,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"8b136dae-e236-44e0-854f-c2dca5b80272","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":99,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"1f8ca0e0-a0e0-41e2-9d51-479c11b97017","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":99,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"a4234088-3dda-4436-834f-ac5a8d28a7ea","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":99,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"2db81034-1b80-4b5d-88e9-e71d191dad1a","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":99,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"80b02cf4-4959-487f-b01e-05c747dd53a6","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":99,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"e1d736d2-fc15-4859-96f4-22c60fb9bd67","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":99,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"7be52194-43af-410b-bc3e-83094368962d","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":99,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"2a8d9915-a058-4549-b306-c85ed5d5f082","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":99,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"06fc3d9f-2ef3-4614-84d2-5c8d423e9200","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":99,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"fc60f535-e2b3-467e-8f0a-99cbc0517b3a","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":99,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"e30a4eab-9479-41a5-949c-5e262b43ef0b","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":99,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"2467f445-93ba-4458-a6b0-f4d5eac7da04","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":99,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"f9fa8395-d5a0-4491-ae17-c907eacb83ac","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":99,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"1905b4cb-7c05-4c63-875d-03fec175f960","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":99,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"9ced003b-d919-4b46-814b-db51cff94dd0","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":99,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"fff66268-7197-464a-b7ef-8996c6f7e2ee","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":99,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"e62936d5-c6a6-49a0-888f-2b9e174b38d9","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":99,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"21732af3-f1df-43b8-a2ff-851c34716ce2","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":99,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"9f0694f3-7351-4373-a9be-f367437c0598","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":99,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"ed0f803b-6b11-41fe-adea-26d2dcd6bc97","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":99,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"6c9d4d4d-7296-4103-a70a-e7b1cc8f23d5","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":99,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"82aa2002-09d0-4352-804e-544178b922ce","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":99,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"5fbe4aab-a302-4634-b7d7-986ae75d73b2","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":99,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"0100eaca-02c8-4f4a-ac99-5a8c105cd6a8","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":99,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"deae0a77-5bdb-4ed9-ab60-3ff2e57f64d7","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":99,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"7747fe6e-e7f5-4074-9a86-beef4648a8ad","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":99,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"6ca4bf4f-f543-47c1-97da-1383e368f993","block_type":"box","text":"II-52","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ec4b49c-a848-4c69-9588-206747193aaa","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2240ca56-8070-4fba-baa7-b35f8a610e9b","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":100,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"66dd0622-e54c-45ec-8e5f-6bb5da00ec46","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":100,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"30fce58d-e664-4933-93f2-5a8cfbd9cf29","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":100,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"166fd40d-5e20-46fa-b118-d4ff38186890","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":100,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"730ba089-b3f1-4db4-897f-67f524deda05","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":100,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"61ea0bc7-eb6e-47f6-9d98-738824292ade","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":100,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"e36090be-271d-4461-83c2-b6ffab0eb21f","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":100,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"4f3a8223-fefd-43e0-96a8-6f1082db4bf5","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":100,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"05438a9a-9cf0-4b7f-90b4-0280355bd479","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":100,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"b57a2928-8852-4ef0-aed5-c129a496a466","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"9cda0735-53b4-4d5c-bdf3-0809d4a9ce28","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":100,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"c62774cd-90b7-410a-b40f-b64d4bbc2fee","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":100,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"1e6416f1-999c-4596-bd68-3a0b14991b3e","block_type":"box","text":"of principal because of the sequential payments.","page_number":100,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"9fe89ce6-2c20-4511-a998-27d09fb36f77","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":100,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"1bf389a7-1471-4ec6-aaae-ded08af37e2b","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":100,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"79e210ac-c9b1-4152-ab8b-9408e8386e40","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":100,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"a5da9398-8bbf-40bd-b3e3-fadf2b2eec5d","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":100,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"47059769-e11c-4e97-9642-c341b3da8c3c","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":100,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"cda32176-4e03-41d2-ad5c-269e17dd240b","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":100,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"b5cd64b0-09f0-4311-aa18-f2cd36542d57","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":100,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"5013ca98-0a17-4470-b10a-168ce453d341","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":100,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"b736c2da-c549-482a-89d4-f56bb0c1fc3a","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":100,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"36b8d0fd-c6d4-4389-a8b2-3a136e8cd5b1","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":100,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"8a63c6ab-96b4-472f-8bf1-d5c1378d0abe","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":100,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"a769416b-5a90-4f11-b697-825f103f6c12","block_type":"box","text":"securities of any single such entity.","page_number":100,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"9d3df26a-40d9-4cee-85f5-3bb51578a941","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":100,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"278258e9-a4af-4ceb-b24d-f8f4f437a336","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":100,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"b6b484c3-9237-464c-9ad6-87d5e0605693","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":100,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"970557ff-c24d-4721-bbf5-cf5ca1d56e7a","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":100,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"5fddeca0-3637-4436-92b4-068459eeed22","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":100,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"0794ed7e-485a-43a5-93cc-295cad2daf7e","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":100,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"3fd29708-e48c-4688-8721-fa1309e17e56","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":100,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"b6b8bde6-2a17-4b14-adbd-526aeec8927d","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":100,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"0508e7b4-6468-4d66-958e-f5896db3d445","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":100,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"2a6597c5-fc67-4449-83e0-9cbbe9a6496a","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":100,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"3f21deb4-1df7-4475-93d9-8c3143ad1635","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":100,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"b0fe7323-a6d4-4186-8ad4-c0ff15739f7f","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":100,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"2e04e204-26bc-4c60-a3ac-f4cb4a91f087","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":100,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"843eeca5-d968-446a-92ef-26f066a79b02","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":100,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"dd9e2a8b-691b-4539-bf4d-4b452e98a348","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":100,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"813442a1-3db5-4752-b7d6-7e367856b464","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":100,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"11b4610d-0a8a-44d6-a7c8-1c774665ff94","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":100,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"f24f474c-c2f9-4ef5-8175-4e9ec1a528ba","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":100,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"ed07100a-b237-4758-841a-5290654dc172","block_type":"box","text":"classes.","page_number":100,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"4f6f850f-f884-4dee-ba9b-01dd38f3b627","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":100,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"b95aba43-0e89-4b35-9b88-6e6d2249779e","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":100,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"625a7740-9520-41d0-96a1-1fe4fb9c16fc","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":100,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"160a5e5f-0447-4f36-a942-52dac26c0fea","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":100,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"48229564-92db-4661-95b5-facae35003e2","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":100,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"66747b87-debd-4eed-81b1-efaa24a140e9","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":100,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"f1ba3591-084b-414b-9df9-5557255087b8","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":100,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"91731ba7-d957-4d27-b4f2-66b57204651e","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":100,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"63552a77-c1f4-485c-afe8-8743a5a8556e","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":100,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"71f1efe1-ab5a-4265-83a1-b460a0ee58f0","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":100,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"8d6722c9-94e9-4297-8ee3-ba812c3afc5a","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":100,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"2246b9ed-e387-4f41-8bda-67f0fe774c85","block_type":"box","text":"to a designated benchmark index.","page_number":100,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"3bc419f5-fef3-405c-a696-1e2c32224375","block_type":"box","text":"II-53","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"13727568-437a-4a10-a6a9-7a9c10688e3e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8da1a966-1f6b-42ea-8db0-569838047916","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":101,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"06c5da31-7f08-4580-af9f-64a14bb811f9","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":101,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"7517621e-36c2-4d42-b01f-90eba9c4a3bc","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":101,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"f3a08e40-a4cc-4a2f-a85e-c3189f842f08","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":101,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"d4d65dcf-2cb6-4861-8e7a-ce8fa28ddc29","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":101,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"78d8df80-220e-45e0-a47a-a2614eeca9ab","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":101,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"cffb8e1c-02df-4156-a184-aa7cb174c753","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":101,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"6770d15a-5a83-4ba0-81be-797912d17b1e","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":101,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"6948710f-b25b-407c-ba7b-b8793fac1d11","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":101,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"88540e35-2c45-4bdc-8fcd-411a86fc9b2b","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":101,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"28f4a1fe-9aff-4326-a994-be2433fde452","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":101,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"7bde4933-86bf-4c90-818b-5f10652c05a2","block_type":"box","text":"CMO Residuals.","page_number":101,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"3fde94fc-86fa-455f-96de-ee6a9390d1a5","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":101,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"feb57864-431e-48a0-81ff-f39e46a7bdfc","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":101,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"4317a107-2962-4747-b322-95494cf293a5","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":101,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"477d32e5-0273-44b2-985d-e40c73569a6d","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":101,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"a97c8c1b-f963-4e4b-8819-1dafd59bef1b","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":101,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"b4146a9a-421e-4b56-af04-ef1abe3ed7ac","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":101,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"43cbe40b-bc0a-45af-a422-a13c81e7bac5","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":101,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"984df21e-ec8a-4aea-b595-8b3906c26d56","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":101,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"f74043d1-0964-47b2-866a-c7b9352453a0","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":101,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"1a4c4452-8e1e-4d33-9da2-c016cf6cbd8b","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":101,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"6c90acdb-f8d9-4c8c-9bc5-cdaddb8725ca","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":101,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"5a18bc56-8a8b-45fa-abf3-1ca9ee4e2131","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":101,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"c1e7ee47-dd8c-42b4-9c54-15081b2698e1","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":101,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"2c8fdbf0-7870-4a7f-bc27-cb9cd20e0ba5","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"00870750-a74e-4f38-bc45-d653b1483829","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":101,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"8debba48-efa1-4d8e-8db6-cae09634c5fe","block_type":"box","text":"a CMO residual.","page_number":101,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"3541e3d4-66f2-433e-87c6-fa1ad601dd8f","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":101,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"af554dbd-f3da-48aa-9194-daa421807849","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":101,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"184b319f-7091-4142-9ca8-0d637c49a3c6","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":101,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"6db89f9a-0029-4e63-a410-b2c64350b2a0","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":101,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"f2482293-bdfc-409c-959c-2b08993fda6b","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":101,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"e0f91b67-dccc-440a-849d-b9835225267a","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":101,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"2379ebf0-9957-4f4b-9b04-e1279dfd9ceb","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":101,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"e927c963-87fc-4b7a-9257-14424f8e6387","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":101,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"5af1e0de-a1a4-412c-8829-848a02166f45","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":101,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"f6d93fda-e863-45bf-bf18-2cd3b0ce9b95","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":101,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"cb857411-acba-44cf-885d-81316c06663f","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":101,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"7785d355-b59c-45e0-b55a-f4210523f104","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":101,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"0327aed1-0a52-4cd7-8b15-58bb56036cba","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":101,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"ff83bbda-2f44-4fb5-86d6-f62e8f299f9b","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":101,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"f9e31a55-8521-4c6e-a06e-e95343c04e55","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":101,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"f427f1a9-bdef-4257-ba3c-31bfa748c3a4","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":101,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"0ccf9486-c4b7-40ca-a1ed-5468a7d5174f","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":101,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"a9c09d2f-6343-4f9f-9856-7a61651457cd","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":101,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"3b9dd98d-863a-4304-a840-cae6e0238e26","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":101,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"8d846d62-9233-44af-8ffb-f3925754f7df","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":101,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"89536e85-7eec-4ee0-91d8-845086b6f7b0","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":101,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"f36f27bc-efc6-4191-9c43-707e4faf98fe","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":101,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"6481425e-d581-4a98-939b-1fa0efc923a9","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":101,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"4c797b86-a4f5-42e8-84ea-5bbe5a8b8d6c","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":101,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"8cdf02a1-b95e-4868-98f9-1d371aefa7ea","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":101,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"2d3c0c61-2550-4c70-915a-1313534a3a71","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":101,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"18445584-1ab7-4c5b-b641-df8ea67b9092","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":101,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"eb010d0f-2a8b-417f-a44c-136a57662be8","block_type":"box","text":"Tiered Index Bonds.","page_number":101,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"483d2b4f-bc0f-44cf-bf15-be971787e632","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":101,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"0c4f1689-eefe-4d27-8c35-883adec96434","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":101,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"9c9aada3-6bdb-470e-9f18-45338c707985","block_type":"box","text":"II-54","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"031f349a-9533-4174-8cbd-2827ee65024b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac868ee1-6812-4a70-ac18-b9efba024f3d","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":102,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"3eaaba49-38ae-4376-bb0c-650c94cdde91","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":102,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"b511902f-0c84-47c7-b62a-29434ef67705","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":102,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"e29b7b2e-bf9b-4b98-b89f-9c8d3707f3fc","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":102,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"e44ff845-b69c-4016-9ac3-0e313395a4d7","block_type":"box","text":"that of a fixed-rate bond.","page_number":102,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"72b8da42-97b7-4207-a7a7-eb60a0256393","block_type":"box","text":"TBA Commitments.","page_number":102,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"cbe3d915-d8c4-4150-9dc8-874e9dd73fd2","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":102,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"fcb64342-a273-47e0-a0ec-dc2dfbc22b79","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":102,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"9b27112a-bfc2-4faa-bf0a-e38730befeca","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":102,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"a1871969-ab16-4bdd-98c7-c512059db560","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":102,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"5c31ba37-a597-48f9-ad28-a27040791f0d","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":102,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"02a63f65-1a78-4181-a662-598ce372e62c","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":102,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"d44c4009-8ab8-4060-a859-0b0e32380d72","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":102,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"40253165-5d41-4778-8c34-7e71bf4567a2","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":102,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"e5e9918f-3bda-4722-9563-8d9df74a0840","block_type":"box","text":"below.","page_number":102,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"d5c639a6-b49c-4a03-a7d8-1e6c2d9cf7c9","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":102,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"997ff59a-2a3e-4e04-b525-8390f1085cfb","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":102,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"5fb1d39e-162a-42cc-b8e5-95ac5819af2b","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":102,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"9bd8ba64-acf6-4c46-b4c8-d2cc44f91dd5","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":102,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"0b141f11-cc86-48ed-9cc8-f70f12bb4120","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":102,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"dd294a95-b113-4dac-bac5-047498215821","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":102,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"b218d860-96f6-4c7f-899a-610d42dd80c1","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":102,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"25380bb8-4714-422d-956f-75869dc3ce95","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":102,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"5aa0d012-cf23-4956-b2c1-bf4e28592e2d","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":102,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"821aba5a-c790-49bf-a131-41b2e8aa27d7","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":102,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"fcd0aa3a-58a2-46ef-93cc-7a74b12d1979","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":102,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"b223099d-5d44-4f6c-a6a3-3b95a9ca9248","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":102,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"ed6b36d5-746c-4e4a-bd75-2c9e8957ecf1","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":102,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"1696b470-a46d-4b4e-8523-989fd4a50cf1","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":102,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"d66eb41d-178d-4f48-a3ab-56f7e35e965e","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":102,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"b8c1a436-c2f8-407d-b9ed-524d6c715fec","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":102,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"4aa2826f-0bf2-417b-8499-952c7cd04873","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":102,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"5fd1fad8-1889-4246-9097-0230c9f04845","block_type":"box","text":"securities in the forward transaction.","page_number":102,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"3857301f-cf3c-4396-a4de-0cc56a812807","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":102,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"aade5f21-6e9f-4c68-aa6b-4c97eb8a632e","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":102,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"4ba08640-1e94-4d7e-95d6-c33180d995e0","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":102,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"2e844961-1b41-46dc-8465-785c9f4732c6","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":102,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"f3d57477-12d0-44bd-ad74-e41ed08deb2c","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":102,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"d1c6e35f-ee14-4b07-a335-9448ac7aaf55","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":102,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"21f5050b-514d-4511-8e1b-5ab93e5fab0c","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":102,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"6e72d44d-2b6f-4c10-99b4-1b37655278c9","block_type":"box","text":"securities (","page_number":102,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"f1d0246b-7b39-4c30-b182-4d3c0976c118","block_type":"box","text":"e.g.","page_number":102,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"01f3264a-3f59-4826-949f-0152fce093a7","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":102,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"a7dfe6b7-802f-4c60-b590-cc7eebfeb025","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":102,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"d18c7fcd-2acf-49dd-935a-72d745b9829f","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":102,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"f3d392c6-fafc-4145-a4a9-c6593257f6ca","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":102,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"fb74151f-55ee-4979-ad9e-be1e16881604","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":102,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"3f4fe161-ba18-440d-8331-977f8be57b70","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":102,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"aae7da3d-993d-433a-b22a-5e25d4461f78","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":102,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"c53da876-8cd2-4747-934a-48d90f4dc3a3","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":102,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"c5b6c0e8-0535-42ed-b10b-341f48e176d4","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":102,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"ef6592eb-317e-4cd1-90ea-9f195b8b7162","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":102,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"c068ea4d-68bf-42d7-b0ef-af273aff43d8","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":102,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"ee87cda3-a4a2-4d54-a57d-84d655dac09d","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":102,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"20aefaa0-70c0-4c95-8cf3-4efcfcba32e1","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":102,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"82f9baee-b39d-4461-b638-029b43630085","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":102,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"8bcbfdf6-e1ea-4e7e-9337-bbb359774b09","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":102,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"20b1c3f8-b97e-4cc3-8402-6eb22c5d6dc8","block_type":"box","text":"Municipal Investments.","page_number":102,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"2e19f196-03a3-4004-a2ef-329eaa38cc8d","block_type":"box","text":"II-55","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e0e4967-b56c-41da-bf54-30e68117874b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6cad71b-a77d-44bb-a38d-8518776e4f58","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":103,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"19744caa-0404-46d1-9b5e-19a3a080fb6c","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":103,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"e83bdc21-4bc2-485c-8807-731a486c8f02","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":103,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"353c929a-25bf-4067-86fc-595b647cf08d","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":103,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"8e2d5963-f405-4413-bd84-f4b384bcf6e7","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":103,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"8202f3cc-0c18-4bb8-b6da-6f96c6a1c51b","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":103,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"df56c5c6-34a6-4742-8a65-f841cac6115f","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":103,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"9d1df47e-45f7-4289-9b02-bcf6a7aa9e48","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":103,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"2dc8e560-9c0b-4cd7-8cb5-3197a3ded520","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":103,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"b72e7fd7-d69c-4e94-929e-67cb6ad122c6","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":103,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"8d0b1770-86d7-42ea-aef6-647572ea8283","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":103,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"58105458-4838-4a03-81e7-2bd03d5f9df6","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":103,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"bf61d229-3a3a-486c-9bcb-cc9c5700c139","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":103,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"1ba8da3b-fcb6-4315-8273-33c5746f77e9","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":103,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"811e1b80-0a94-4767-a2aa-c925db26dbff","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":103,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"ede8635b-788e-47da-afca-82431c3c2b45","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":103,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"508a92b4-90e2-48d2-9f29-c7acdd64267d","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":103,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"06c932b8-2c5d-41bb-bdf4-8840b8c0fa5e","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":103,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"c1cb681f-e85b-439c-9199-d5c73b844b1a","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":103,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"fb7ac992-a9c4-4016-bcfe-e87c495994b0","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":103,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"db208d55-4f6d-4416-9ff0-8b028916544f","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":103,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"574f8992-e1f6-4eba-beb2-fbe0a21d64a5","block_type":"box","text":"The risks and special considerations","page_number":103,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"5c875585-fa43-4944-9952-415ae7760921","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":103,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"0f63a275-6bd9-463e-87d9-7feb5b54ea8b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":103,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"cdfecb70-a785-47ad-b7be-4201caa0912a","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":103,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"ebe4dab5-bbc9-4a92-b912-c48f7e720141","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":103,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"bd0fbfa4-fd12-49d1-9cf2-a0f4cd2e8a63","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":103,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"63b85e91-eb65-417c-bfb5-11757152f2a3","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":103,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b80c80de-b12d-4df0-baca-9ca1e077d5d3","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":103,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"0e1b8ca3-24cf-4c5e-9be7-a8e8844d0ef0","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":103,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"8ab7778e-2135-4258-b28e-6fec01e84805","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":103,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"a82533cd-9afd-469a-9a28-c4754cd9f40e","block_type":"box","text":"II-56","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8eb959bb-9c3e-4867-a691-3007eb0b5a7b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb232666-afc4-4489-a17f-b771c915ad04","block_type":"box","text":"Description of Municipal Bonds.","page_number":104,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"4bee8ee5-dccd-4fdf-8abe-75833cb45ddc","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":104,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"64f04ee5-0c66-48cf-83c8-d885422b920e","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":104,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"91a766f3-4a37-4293-b689-b6554de98a74","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":104,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"6c840436-2a34-418a-b02e-b6b36e8659c2","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":104,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"53c25d2e-1d7c-488c-b5e2-bc52caf19ec4","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":104,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"9f280cec-5feb-4cff-8d92-05b4f2a79a1a","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":104,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"6396b2f6-9e4b-42d8-a31b-23c0f67aaf67","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":104,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"2cdd069d-1974-43f5-8f87-f298ff2bbd14","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":104,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"cf99c724-f6a6-4c9c-9de7-678fb040af27","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":104,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"3d7db420-e21d-4d66-a91f-9b2a7a3a7276","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":104,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"d0cb4bbf-2050-42d2-8c78-09b0cd26b20a","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":104,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"29724efb-3751-4cbd-98fa-8300f33144b9","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":104,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"5a8309ba-0379-4b3c-828c-54ccb58d490e","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":104,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"cb26675d-8d0d-4825-8257-613efae8ffe4","block_type":"box","text":"General Obligation Bonds.","page_number":104,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"f094874a-7788-46d5-93b7-8b669ed3f09c","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":104,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"2ad31ba6-fa95-4989-bd8b-f1f90bef0964","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":104,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"a0044ec7-7ab7-4761-9fe7-97d7d88c96b8","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":104,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"b17c77ea-e31e-473f-9eda-7e12d872e7b0","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":104,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"ed9760dd-7bc9-4dc1-a963-b55d5507729b","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":104,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"2eaf09ca-fe86-4486-9dfe-b15d25734e4a","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":104,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"830615ce-d4d2-47e2-9500-48fd5baddd0a","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":104,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"d93dfc66-1b6c-4993-ba23-2a305cc87a0f","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":104,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"3b2e8a87-dcb8-4ad8-b795-f9ebbe59c7c7","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":104,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"f32cda88-ca2b-4f33-9621-6d2e46fbd560","block_type":"box","text":"Revenue Bonds.","page_number":104,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"23645283-cd8f-47c7-afd0-26f51808ec0f","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":104,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"ed71cd5c-2819-424c-bc63-ea63b569a3b8","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":104,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"1e8087e2-7855-490f-b15e-c6b566eabb59","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":104,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"a8bc11e5-9288-4600-bab9-bbf780513a47","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":104,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"11c63396-a64f-401b-b5c5-62fc246149da","block_type":"box","text":"viability of such facility or such revenue source.","page_number":104,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"d4ad1231-1be5-4a72-aa48-f732533a1713","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":104,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"4ecb307e-15df-4df4-9e06-6afeffda8cb6","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":104,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"02669fc0-7639-4ecc-87ed-83fe1a2329a1","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":104,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"a71b712b-8f14-49bc-af4e-ec97f1c1d4e8","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":104,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"47bc79d8-7a8a-4159-891c-beac19c3f824","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":104,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"f02edf4a-b507-4de1-82b1-00e8483bf577","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":104,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"c053d753-9eb6-4a52-adf8-e5f737c87372","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":104,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"77c2b545-8321-4905-af0c-e1e46392eadf","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":104,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"de5fd83e-1b15-440b-aa24-525f14fa2f5c","block_type":"box","text":"PABs.","page_number":104,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"92a4bfe3-67eb-436a-a5de-6c11ab03826c","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":104,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"3d47d7de-bd4b-46da-829c-e9079c843f89","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":104,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"8c6a541c-9723-4757-95f4-ea5203759440","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":104,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"ae9eb750-1f22-4dd3-b4e3-7b642a86e7ea","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":104,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"eca57209-fd07-4377-b420-dca4c1d44797","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":104,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"434e1941-42fe-4dfd-8614-55772d81c5f1","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":104,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"6cda0a6f-1bce-4485-9d77-f6e4bf7c164c","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":104,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"1af15008-7001-4e9d-84aa-71a6567b2e52","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":104,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"a964f05b-b26d-434a-a75b-20debf4b56fb","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":104,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"be76a239-2543-4e19-9591-170bfaff67b9","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":104,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"3e02837d-f645-4f39-87c6-f5ea703bd408","block_type":"box","text":"the par ticular facility being financed.","page_number":104,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"deccee08-6a11-43ad-94cd-2e2eca66120d","block_type":"box","text":"Moral Obligation Bonds.","page_number":104,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"2456c513-08aa-444f-bee3-f4ae078f96e2","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":104,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"6865d2e3-b338-437b-97d9-3922da3d34cd","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":104,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"417663ef-91da-4f7c-87f2-bc86a498431d","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":104,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"43cb41cb-1b12-486a-b014-d214bae99c20","block_type":"box","text":"that issued the bonds.","page_number":104,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"683ae36f-1b20-4363-9efa-b84306dcbd52","block_type":"box","text":"Municipal Notes.","page_number":104,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"2d576eee-465a-4e16-9653-b16db300118b","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":104,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"054586ca-5ac9-4fcd-a4af-8474be8e7b2d","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":104,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"cb226cfa-1981-4c6a-809e-da1dd9dd36bf","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":104,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"b17d9396-5fd4-4568-8e96-b3b25d1c8ee1","block_type":"box","text":"II-57","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b762b75-b292-438f-82bd-c7312988edc9","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a2aa817-edab-4b1a-8bc4-9feb01585980","block_type":"box","text":"Municipal Commercial Paper.","page_number":105,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"dc1b4116-7295-42c1-8760-26d532ebe69c","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":105,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"1fc7c00e-e08c-4e1b-98be-8030c0d2dd6a","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":105,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"0dcf8e69-2940-433a-889d-752e7b9220ee","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":105,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"a1913af5-548e-4952-b63e-f62cf7b873a4","block_type":"box","text":"Municipal Lease Obligations.","page_number":105,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"b78a45ec-1cef-4603-bec1-0620734fb256","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":105,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"fc41e8f9-bded-46bb-a416-3075be0838e3","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":105,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"3d78af60-706c-43f5-a5b0-26c69e08130e","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":105,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"9803e6d8-57c9-4c7f-8277-4085015cd43e","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":105,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"930786dd-7e51-46bd-ace1-91f71602b8ca","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":105,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"928ab0db-d149-412c-9a6c-49725deea7d1","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":105,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"5c53c255-2803-4cf0-bbfb-c7e3ab509344","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":105,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"5eb9e8b0-0b49-462e-9081-9f234b14fc70","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":105,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"3eb4fbf1-8f1b-49c4-913a-eb8d91a18df2","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":105,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"0d7ab71f-5cde-4409-9fdd-c2c357a70d7b","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":105,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"3c71949c-9ab6-4fe0-aaa1-57d61a790813","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":105,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"cfe4972f-84e8-4003-ac75-ffad0629feba","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":105,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"4e263fc3-de86-4eaf-ae80-2e71f4c4bd4d","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":105,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"bd127914-b731-48cc-8551-8c6cd956feb5","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":105,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"89244c5b-959a-4d85-9c5a-3df42d6ffd78","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":105,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"2e957062-bade-4ded-a421-550c5cd23d84","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":105,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"c0a60bff-2827-4457-9907-a885fd7a170b","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":105,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"79c5df0e-2c6d-43ff-9caa-1c33bd7f0304","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":105,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"0f9c6af1-d19b-4ad0-8a49-73ec8f9f85ff","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":105,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"0f2a67e4-8af8-41a7-9929-a58d67016d75","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":105,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"e5c91d0c-67fb-4f34-bcb8-41282b7679cf","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":105,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"17778c41-d42a-4ca5-9170-64dd84346910","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":105,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f0e5537a-0545-4433-9c86-f8619cf98802","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":105,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"34f8419a-307d-44d3-81e3-a6e87dd747ab","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":105,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"acf2a755-667f-4887-9b23-f5b17e664318","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":105,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"b133ce22-ca09-44e0-ae7f-71e700827eff","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":105,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"f3169b2f-4d33-4367-a290-ca2c8ad0eb9e","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":105,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"4c098b0b-1116-4cff-bafe-7da3a50b5368","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":105,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"22a151ae-4129-4ac9-a87f-d83f8b90a180","block_type":"box","text":"Tender Option Bonds.","page_number":105,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"16bbe49a-4492-418d-b7b4-122f3254d58f","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":105,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"57ad5cd9-84d8-4cfd-a619-f43ab39125e8","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":105,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"3be780cf-9470-4ad3-8222-9890a467365d","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":105,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"56237fb8-cd44-4e09-81cd-cadb93afc749","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":105,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"0fee2f6d-cd72-4d96-8946-c890e427d80c","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":105,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"0ee0faa0-1a5a-43a7-8855-3aed2019dca3","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":105,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"128543d9-3c55-484b-8ba5-fe8a9afc1545","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":105,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"1cecd1e4-7349-45ee-a2d9-c02227c31c0a","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":105,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"836861bd-b08c-4bca-86b8-c7179f04488c","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":105,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"0c995722-7916-4690-98fb-e3c4953468e8","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":105,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"9b8a744c-27a2-4749-b3fa-829d5119e85f","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":105,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"8eb324d9-6135-40b5-80f2-2ff7d0d6feea","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":105,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"158da583-ce96-4e54-bc59-ff3ce77c1453","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":105,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"29fdb5b8-1346-4f95-9347-e3684771be04","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":105,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"6387b587-4b53-413e-b14f-07f251d6b17b","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":105,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"7fcdaee5-4b4a-4baf-906c-921b4d42cda9","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":105,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"76f51d02-b381-40e2-b4c6-fa9e35bbd1dc","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":105,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"3b951415-4488-426f-b608-6a67b221867d","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":105,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"876e16ed-b1a9-4365-ac3c-aa53380dfece","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":105,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"462f06ac-adcb-479b-953b-655ae86ff4d2","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":105,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"0b1ff26f-0e42-4772-a365-aba81db8e9a8","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":105,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"152ac352-416c-4049-90cd-d72dd738adcd","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":105,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"e40613b4-985a-4013-9930-16959ff353ea","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":105,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"03fd0ef0-a79d-4ef7-b0be-cb547594d3ed","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":105,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"b8efe39c-637a-4b46-924a-ac9867627107","block_type":"box","text":"II-58","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78767751-a0f5-417a-a57e-57203d3f9247","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27f582be-8ceb-4566-8966-1c8e37f4a8c6","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":106,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"ddbc8d27-b743-4668-ac8c-6d58b6d3890e","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":106,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"ba9b5eac-0875-430d-9880-80eb6e6e3c00","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":106,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"fab82371-60ee-4d68-8a49-c79de2fe1e76","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":106,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"ea6e3ddd-73b5-4082-a282-1abd707456b5","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":106,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"f1b5bfd0-f555-4795-8afb-ae24d5a47943","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":106,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"0d741d63-52fc-44bf-9c75-eaeb08de82ad","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":106,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"942b4632-b4f2-4ba9-9a85-d6025490553c","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":106,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"ffb4be1c-311d-45f0-bc59-2ad9b65badd8","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":106,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"3c0e0449-03e4-4580-9253-e7c168a4b394","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":106,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"d5d50aa3-ae39-4927-830e-bd7e30517d40","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":106,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"aa447e4a-238b-4bc5-8649-4d43c6f6454a","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":106,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"23a4c5bf-6977-422e-a6b3-008901f0cb72","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":106,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"99e03482-72cc-4c9c-9639-325730f5294e","block_type":"box","text":"issues.","page_number":106,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"eceeb394-7d83-47ce-9dde-333c1fe7377b","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":106,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"e54da6b1-7ed8-4f19-b71c-04aa187ca540","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":106,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"ea0d5d19-eb18-4b7c-824b-a50b442c2d2c","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":106,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"3fd06ed2-3beb-4387-82c6-7eac87fd449e","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":106,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"e02171bc-3d0c-4a00-b29e-f0c07ea44712","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":106,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"d03d1b88-3277-4172-a088-0431c261b69d","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":106,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"c969b04f-389f-4b95-b476-88d1899a1eb2","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":106,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"733e9aa3-4295-4d00-b926-e9d12938b048","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":106,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"8ff269bb-de20-4698-9393-b8edee66bffc","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":106,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"0216092d-bc1d-47c4-abd3-2a061a9d799e","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":106,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"1f00a8f4-6fe4-4f04-bd72-ddcdc5174c4f","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":106,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"29a85e47-52c4-4f18-8693-5dc56d905625","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":106,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"7b717818-c30c-4bf0-9415-68c8f65ce6a7","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":106,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"fe8b3ad4-ee7c-46cb-af46-297d9e981d78","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":106,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"a61cd59c-b616-4030-b665-3c604736b089","block_type":"box","text":"i.e.","page_number":106,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"2f80678b-d9b9-4982-9124-87756e9d2ed2","block_type":"box","text":", the Fund). In contrast, in the","page_number":106,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"6b9aecf7-956b-4448-a4d7-e0ff72d1accc","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":106,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"672b371f-2437-4080-817d-e6a7e6597aeb","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":106,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"b1e342f8-d051-4d78-8dba-aa37a16c0f02","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":106,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"32ae3248-fd9a-4a1f-968a-e0a5847aad67","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":106,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"64ceee1c-0ce6-4c75-a469-c4686a2e265f","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":106,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"78550051-3277-466d-beb0-20ccf73135bb","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":106,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"eadac78b-5ec2-44e7-a67d-5e3cffc00443","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":106,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"6fcd0037-7bb3-4604-b4de-80816387a548","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":106,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"90ef007b-f0e5-4652-bb06-bc2f275746e7","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":106,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"908d1863-0754-477e-8a2d-9e8cf3ffc46b","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":106,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"2ba941df-1883-46a6-a5c8-e5a1041f0731","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":106,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"78bf1062-759d-41fe-9acf-b60831cff419","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":106,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"20754808-f6c6-47f5-951b-e3be204f8c8a","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":106,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"f041f827-502d-4a6f-b623-57b1a4fced3d","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":106,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"e6e4092b-f23e-4d99-ae10-b63de2421d2e","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":106,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"f6464b27-8b27-48b3-8100-a2fccd79faeb","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":106,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"85e3f5e2-96ac-4e1e-8013-78fc147d0568","block_type":"box","text":"Trust.","page_number":106,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"ebc8112c-6cf0-4cd8-9b0d-37b95522122b","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":106,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"3cf6af6f-005e-4824-b9df-f44fd695c85e","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":106,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"a012ec72-0333-4935-976f-a13c31ce363f","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":106,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"db0beb46-758d-4daf-84eb-00baa4c5116e","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":106,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"bd278cd8-c34f-4d6c-bbc9-b69a00976477","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":106,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"4087f5cd-aae7-4418-8ab3-faedb5c5d688","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":106,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"ea04d0f6-d712-4ae6-96ba-b7120091bed4","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":106,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"cf2708b4-1f04-4ea4-b312-bb483f7f5ea2","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":106,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"058500bd-b96e-46b2-9981-e3408c755faf","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":106,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"a854d563-f57b-4628-af6c-920053a7ffb5","block_type":"box","text":"II-59","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e42ac60c-4016-4536-93f9-5be1ca483e7d","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"144dae32-3c0c-4b6e-9cae-70e9d51ed2c4","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":107,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"91bfed81-1b46-4cdc-8cef-535bd1411c11","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":107,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"aa25e253-4a51-49d7-b398-c73a78484558","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":107,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"a356cace-87e6-49fd-b3a7-1df5d2d7cae7","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":107,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"3fed5b68-c4c1-475f-b8c7-9d449fd4747a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":107,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"627005ae-04f1-4b96-ba62-e054719c8f4b","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":107,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"c604c3e3-1477-48f5-812d-8e44c56d7847","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":107,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"746e90df-17a2-4530-91e5-b45b2a04fcd8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":107,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"42f0e356-bb2f-49bb-8563-afb93739a532","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":107,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"5457b421-3ea1-4ae5-a6e9-94979ce1c697","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":107,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"c77a8f04-e319-4480-9e04-737796cae2dc","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":107,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"010aa14a-a493-404c-a495-fdfa33684e87","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":107,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"ddf0834a-4a76-4607-a7d9-b7f1751473e9","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":107,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"e5fb560f-7fff-45fc-9ca7-4af74eb275c6","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":107,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"23019451-46ff-41c7-86e2-6c1b06418c70","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":107,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"f094578f-8c94-4d88-8937-85514db6d52e","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":107,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"41d717b3-32cb-44aa-bc7d-c136f34d482d","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":107,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"a40965e7-570f-4d2d-b4d0-20663aa8e40d","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"bce44b4a-9edb-4fde-83ea-3f0bd22d51bc","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":107,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"19e3beff-5741-4912-b2c8-f58bd2672926","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":107,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"7ba73620-42d3-4024-9a34-e27fd20be6f8","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":107,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"b58b69b6-4ef7-47e5-80e7-f1c0b2eabc2d","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":107,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"d8ff4104-e54d-4d1f-af83-629c38a2f1ed","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":107,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"d2933b8d-a6a2-4a93-81d5-aae6f671b463","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":107,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"1170a770-cf91-4a80-a7c2-30e57458668e","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":107,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"0765c041-c63b-4daa-b68d-4dbfdfbf6b02","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":107,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"eae26268-42f6-44d3-832e-240e817fd38f","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":107,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"7b12c61c-fa68-4d49-97af-15e0d53c2e30","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":107,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"9128cf44-970a-4c83-bf55-d85e8c1fce46","block_type":"box","text":"i.e.","page_number":107,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"1845b177-7926-46fd-b2df-5cd74c5565ee","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":107,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"0d20d145-32c4-44b1-9760-824b760555b0","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":107,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"1a107a9d-72bb-441a-a284-2defcab734d4","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":107,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"f3381886-3094-40ba-a0d0-ce3de910566b","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":107,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"18248dbc-3787-4f63-ab42-9198ba5564f7","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":107,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"c3947f12-87a5-44fc-8b46-682d9a35fcff","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":107,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"e5657cfa-bdc0-4d60-b0eb-41e219172f26","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":107,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"0c862a70-7b3a-4cd0-8c19-666988259298","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":107,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"e1f11e4e-5cdb-46ed-a82a-91d277f14f19","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":107,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"cdf4f4c7-0edf-4d50-9196-44a002312cad","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":107,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"9e0fcfc3-71b2-43b2-9b93-f57449c59af3","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":107,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"c08066da-b18e-4ebb-bcd6-34b8159b772f","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":107,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"e0aeac25-37d6-4cd9-a6eb-c15aa6a4f17d","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":107,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"db8ccdf0-4ae2-431f-9cd9-3a4e3f561391","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":107,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"d3ea3988-8a9a-428d-92a4-1ef66c136c99","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":107,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"46da2471-48a9-4166-82e1-2ab5f92accf0","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":107,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"3c8d977b-6ff7-4243-8844-03f4a23a9197","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":107,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"6e2bb2c7-ff79-42e8-83d3-d881ba0bc1da","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":107,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"6edc5fb8-2f64-4522-9f07-607f50a3cd1e","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":107,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"ab298857-a44e-49ac-a92a-c067f5bfc93f","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":107,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"1b6fb2b1-951a-4225-ad5a-ae7507cb1a7e","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":107,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"4c1003c4-46e2-4710-a502-edf5ead82ae5","block_type":"box","text":"market is not yet cer tain.","page_number":107,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"0679c578-1882-4e05-85cd-ddc2dcf78b4b","block_type":"box","text":"Yields.","page_number":107,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"e728c68f-0780-47fe-8dd3-7357d74780ed","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":107,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"b6dcb443-4479-4d4f-b9d4-c1dc7100b94b","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":107,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"90b0c606-1b6d-4224-a0e7-14309a48717a","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":107,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"c5be6b0f-356a-4704-b3a9-7e8e2e48e9e2","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":107,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"7fb1d3b9-0569-44fe-886f-9f245554f351","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":107,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"7efb6d88-67f2-4ce4-8a54-c224398532da","block_type":"box","text":"II-60","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3bce2883-f74a-4590-812d-aa33b0474380","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1869c43a-65df-4425-930e-6c1d60ccba5c","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":108,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"7368887f-2463-49e4-91af-4c6d4f5f5666","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":108,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"68f01fab-db7d-43f4-a8ae-fe78fc09298c","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":108,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"48e6e045-c95e-4f92-afad-a4246ec5300c","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":108,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"d0d431c9-993b-4df4-8075-20ff5a314ab6","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":108,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"2233fcf0-a55f-47c2-ada0-0a5d90e85889","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":108,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"fecc7c99-5b9b-4e59-9ec5-fe72ec332902","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":108,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"d15cec9a-f5f5-46af-9ffd-21edec389975","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":108,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"342588d3-6785-4b3e-a5aa-e7d9dcf97c7d","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":108,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"ecb9213a-97b6-482c-87ce-8beae053d56c","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":108,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"319a9642-b9c2-4d69-8de4-dc539ce80876","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":108,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"a7d4c224-7d53-48ef-aa27-8c966aeb52c3","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":108,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"63ba121b-59b2-4f01-a609-30c6123f2ff9","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":108,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"e9901587-f3e2-45c8-8444-975b1d33ea5a","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":108,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"7b8dccfb-baf5-47e1-9e9d-3edcc798e13d","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":108,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"6aa6adc9-8f83-4c1c-b622-7bb51fcf9c44","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":108,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"7aa5bf1d-2e4e-4e47-bb70-a0cf021057cb","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":108,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"ba629fa4-7eed-45e1-84b8-2db77a72d063","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":108,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"bbc58d71-a50d-40a5-9c7e-02974b86a0ff","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":108,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"d7433f7e-a745-4f8c-a978-6117e41237a8","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":108,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"61823212-2912-48d4-855b-10338c18d6e7","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":108,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"66c95273-4bd6-43a2-b33c-05e02f2f3af7","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":108,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"7be919b4-71d3-43a0-b251-6e92261ad2b3","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":108,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"bca81aa1-717f-4c7f-816b-447470ef32a2","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":108,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"acfa2117-a9a2-43bd-8622-a553daebc9de","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":108,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"fe4bb953-30f5-4761-a082-aca4b709b16b","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":108,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"a836d469-e1e1-48cc-86c6-57410b8e3458","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":108,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"67d9e47d-092a-441a-b7c7-512fddd45ac8","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":108,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"fef9837e-4046-4fae-83fc-dd92bde1d89e","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":108,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"21169ed4-6954-4158-83d5-ac527aad959b","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":108,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"ef3acb1e-9bbe-4c30-bad4-5de7efa66bdf","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":108,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"03b278a7-46e4-4793-8569-f183ae1af008","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":108,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"035e57ef-1fef-4d9b-8f36-ea6c1aed0c4d","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":108,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"950f01ed-78a2-42be-aba6-2c1c20281aea","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":108,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"6725a0c8-f39b-40db-91e4-01a9c7256eea","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":108,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3a82779d-d3cb-4cab-b85f-8404075c0729","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":108,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"cfb17b0e-4405-47a8-a1a0-69c6146b3826","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":108,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"b81c3cf2-2d5e-4f4f-b4d4-e5681cfebbd6","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":108,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"895494fc-dfa9-419f-a0e1-9328f23c3f27","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":108,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"d12478f4-9861-4ca8-a7ea-6e1043310826","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":108,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"ead25983-60ec-4b38-bdaa-a71ede5f337a","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":108,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"5cf8541f-fa36-4384-b9d7-040752281cbb","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":108,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"e9976e46-3376-4b96-83a3-7aa72d2a4420","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":108,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"f088d325-e247-4652-945b-cc8708610326","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":108,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"1f0cdb17-7426-496a-88b1-a8c9104d95b8","block_type":"box","text":"Call Rights.","page_number":108,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"611b87d2-b6cf-43f4-a334-197cf680cd59","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":108,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"08febd9e-e091-4601-854c-f68cdcc28792","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":108,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"6e57537a-9bf3-4572-8aef-79e8e65aa934","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":108,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"211e059e-b5d4-41ff-82c4-270343bb86d4","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":108,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"1a855190-b8cd-4c26-81d3-f9297b4ad219","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":108,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"d5330495-0ebb-482c-991b-b1415f0f690b","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":108,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"6f832363-f9ce-47f5-b6c2-d16ff9248404","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":108,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"8723e38e-4812-4b00-a87c-f688327bca0d","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":108,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"8df0c2cb-9b07-475a-976a-a0a719d92941","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":108,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"a7910bf2-561d-4f0d-baa6-5706a950b132","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":108,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"8fad54f3-9594-4c57-87e0-70aee7523c40","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":108,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"02ef9e49-7b17-4eb7-91f4-f0765b53b270","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":108,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"dd854f92-a809-4502-903b-1b7beed45e60","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":108,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"73e3203f-4561-4d28-a560-7e74dd78a024","block_type":"box","text":"II-61","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f19698d8-9225-42d7-86e4-1675f6764a83","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cd893b0-f985-4b09-a209-6aa4d3e26704","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":109,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"850e8917-5e69-42b0-9bd0-364f5a02b4cb","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":109,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"0a7a7711-080d-4031-9a4c-e2b28ae45323","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":109,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"03392610-8e79-4669-8429-385c7bc931a4","block_type":"box","text":"i.e.","page_number":109,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"42116fbd-496e-41bf-91b7-ec86a0c6793d","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":109,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"c7cb5433-2004-4dc1-b72d-99b9d90d67ba","block_type":"box","text":"rates).","page_number":109,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"2a705b43-26dc-4802-a9b5-39a2f2349d36","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":109,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"4a4193b8-33b1-4abb-8a0a-53da60f53a7f","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":109,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"5339c596-7d9c-496d-993e-442642099ba8","block_type":"box","text":"e.g.","page_number":109,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"03575a6a-d031-48aa-8f4a-b7a7743614e4","block_type":"box","text":", an exchange of fixed rate payments for","page_number":109,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"b27cdf85-c175-4e4a-b1f5-8a5f50b9bb0f","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":109,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"4b5da5fe-69dc-43c3-837c-ea6e3a79dbef","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":109,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"a656f017-d745-4db1-a031-7d63c2d60463","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":109,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"e1602535-b765-4e3f-89c2-09ff23c8d726","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":109,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"7795053d-9b03-42be-861a-2b7308df6a8b","block_type":"box","text":"with the same attributes as the swap (","page_number":109,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"8d7bfbd6-43e0-4680-81cb-fc5f4b21593c","block_type":"box","text":"e.g.","page_number":109,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"515fede4-faec-4bf1-b4c7-e3f4b1a42a11","block_type":"box","text":", coupon, maturity, call feature).","page_number":109,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"e0e7e5f3-8fbe-4fcf-9647-d1d1678bbb45","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":109,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"c1451cbb-79d4-4248-a70d-acc2fd60674d","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":109,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"7dbc542b-4f96-48c7-a05f-6ca017538da2","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":109,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"0488ed29-bd24-4e7e-a328-b428d287e4b0","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":109,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"2e5fdcd4-8dba-4fcc-98d3-e10298c50e4b","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":109,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"c8158245-eace-4008-8b70-07952f9ae79c","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":109,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"5a49f8c3-253a-4cd5-8cbf-3a235644b94e","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":109,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"5663d6e5-8efb-491a-bb6f-433d6146fdbd","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":109,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"acf8d511-5388-41a2-8c63-53617efe71d4","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":109,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"70b3a487-0a7d-4977-8bb9-dd620f6141cb","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":109,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"0d33c9de-92bb-4a39-b38e-5bf3681ff5d2","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":109,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"f7f57f9e-4ae4-4c38-9f02-e0edd9b669ed","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":109,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"fc9a60aa-e9e7-4422-8bf6-addeae090289","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":109,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"c968ecd2-91b0-4cba-8153-1d6d875c2a3d","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":109,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"cf69bcb5-d208-40af-b213-3e8fc228d7b5","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":109,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"7fdbf55c-8980-45ee-8e05-c14fb6ddc640","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":109,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"3cef8ffd-caad-4adb-8fa9-cd197f058782","block_type":"box","text":"Insured Municipal Bonds.","page_number":109,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"662c7d2a-abae-4531-b7f5-2a2d3bcd7504","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":109,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"9e2dcac7-503f-4362-81e6-aaa5b2f84d05","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":109,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"f67872ca-9080-4305-a532-4abef2d55896","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":109,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"8c1fbf30-cfce-4c3e-a842-f5675954338e","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":109,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"bc487225-cdca-4a69-b710-313b5ed99915","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":109,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"d315458a-5486-4331-b857-0b7553f3f03a","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":109,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"fbc96d09-f5e1-4996-8e9a-1f665c52408f","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":109,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"63a88e99-043b-4992-8377-10c314ada226","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":109,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"3f606c18-c641-40c2-941c-5302fcf28e2a","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":109,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"d6266b2d-36ec-472b-8496-2782b28a86f9","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":109,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"10a0c414-d528-4d09-8052-1a0d11788520","block_type":"box","text":"bond could drop.","page_number":109,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"34f71af2-b957-4fef-bb67-77127ec97838","block_type":"box","text":"Build America Bonds.","page_number":109,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"149bf98c-54d3-41a2-ab89-c8f27255072b","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":109,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"869794c3-0afd-40e2-810f-53c06855bf3e","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":109,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"da1d964a-7135-4cb8-8ad6-b56c41d6cdf0","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":109,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"743d75e4-7997-4068-a412-2f5ce7615ac2","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":109,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3baac227-77cd-4d7b-804c-57e4a0421d0c","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":109,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"69f77653-f69e-46d1-85b3-9f3e43c59217","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":109,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"0eb16a0f-de05-4260-95e2-148808779b22","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":109,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"8ddad13a-665d-476d-92b4-a62fa76bf48b","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":109,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"eecacc01-82c6-4217-891b-074b65a89ae1","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":109,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"76d49236-80db-463b-a70d-fdb80de0297f","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":109,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"109752fd-00fd-4ea7-831b-7dc5e6d6f68e","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":109,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"2fad1bbe-3954-45a9-a1aa-e1b282738017","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":109,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"b29dbe4f-0b7c-4c66-8d43-5f11e7db13ea","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":109,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"bad56bd1-6319-4b73-a29a-344c40453f58","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":109,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"6d7f07a5-fa5a-4162-a4e7-44283608fd41","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":109,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"e38f7ae1-52a2-46ed-82b0-56da52d9862c","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":109,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"de8e1840-abdf-42f1-a916-7cf63fae3a0e","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":109,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"84e526a0-3672-4d97-b8fc-ec42fb4b8f51","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":109,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"8d847436-a947-4ea1-b093-7d3505631071","block_type":"box","text":"II-62","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28b41f9c-e2ea-449d-8660-98313c5a565e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8358cb0d-08da-41f2-abad-331352679aa2","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":110,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"d7f46188-1315-41e3-bd7f-a29dfab21422","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":110,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"fb814887-07dc-4360-b1e1-e7f6337e46c3","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":110,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"2591a980-6c33-4146-a8eb-675648da4cfe","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":110,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"b9b44377-af60-40dd-844b-7191b86ef422","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":110,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"57d911cd-62ae-47d0-953e-8c5cd1227198","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":110,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"edcbe886-d9aa-47de-86bb-97e45b68ab61","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":110,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"f15d0ff0-4b58-4fe8-8eec-96b353d425fd","block_type":"box","text":"their face value to the sponsor (","page_number":110,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"e4857571-fdca-4b60-9309-0792b4490532","block_type":"box","text":"e.g.","page_number":110,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"8a1d7e05-c26b-473c-9e84-7975627f742f","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":110,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"8de4cfd8-cdcf-43ac-b61c-25d98b678813","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":110,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"fb9e0e2c-6da3-4285-a405-00e977429deb","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":110,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"3cb64208-d68c-401d-b1fc-67d95b0b8005","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":110,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"76061110-3e31-41f9-ac88-b30fbb8bba80","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":110,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"c03a5ea7-bee0-4727-a33f-29c4658f05d9","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":110,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"9c686bcf-1762-43cb-8312-7ea80a5087a9","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":110,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"068741fe-81aa-4666-82de-d758ec4073e7","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":110,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"d44627b1-dcb2-4c37-a83d-34b5f0ff901a","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":110,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"98dd54f6-528f-48ce-8147-c6b35c1c9101","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":110,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"0e8786c6-d1da-496f-901e-7fb5299feb29","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":110,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"0d8db14a-1942-4bcb-a1f9-6f3c75ef7f4c","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":110,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"e3aaf7c3-e92b-47de-8d31-f83f5d7fb4bb","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":110,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"f7339333-cf71-4fc4-a393-28edc824a949","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":110,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"b99be81b-d362-4973-b43b-c32f4ccfa2d0","block_type":"box","text":"such opinions.","page_number":110,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"d86cdbf3-8b50-44f8-b6f0-13c2443e7388","block_type":"box","text":"Operational and Technology Risks.","page_number":110,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"61e1e3b1-d1a3-4166-99ea-a6b49d53ed32","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":110,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"6ff9b6b4-0245-499d-ae55-c64cc1ccd1f2","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":110,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"8513891d-2fff-4323-8d92-259b8cb5f87f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":110,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"ed70e276-6022-42dc-b17d-ffacd3db1181","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":110,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"57319c1e-5468-4c86-9307-5bb5e05d4628","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":110,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"db23d062-0d5f-4344-8c59-bc89036d2e01","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":110,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"1bb77f6b-aaea-4ce1-8209-ca782d701c8b","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":110,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"a3b7461a-49d9-4382-a9f5-7d7701a8e730","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":110,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"68f816e5-0e7f-4d99-8cee-257fc27ca4eb","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":110,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"04a49f98-b9d8-4a34-bce8-91c0edb88642","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":110,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"4189de53-e3c3-45aa-926f-8e56b82508c1","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":110,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"c994a29c-2e1e-4539-ac1c-3366af2b10cf","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":110,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"35f7b047-1eb2-442f-8fcd-5bc5336a4341","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":110,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"8f517619-caef-4ec2-a689-c98bde1904d0","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":110,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"e6092780-27dd-422e-b39c-6f88fa855ab7","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":110,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"f747168e-a4c4-4e7e-8e64-180ff7d959b1","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":110,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"53c63df2-bfe7-4a34-8764-0d96aaa93596","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":110,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"d8c3d3da-9826-47f6-8033-0b838fd4aae2","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":110,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"ca4b031d-d8a2-4453-9803-002ca93dcb19","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":110,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"5032a919-2a25-4827-9f69-48b8f0a80707","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":110,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"cc61d376-7510-48a0-904f-83ccdf54aa82","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":110,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"aac52127-1083-4751-a4ed-853355558185","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":110,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"573ba524-7ffe-47da-b7cc-55b8cdfef44d","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":110,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"e5585c73-2cd9-4852-b4f5-b477506e162d","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":110,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"9d72b570-ae56-404f-ba35-47c68ea9ea9c","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":110,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"104f6286-2058-4c77-aa54-069513194e8a","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":110,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"1e8ac764-d0ba-42a7-b92d-6da8da55b2de","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":110,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"d8554b18-9208-479e-9c73-640cf6e7c1c8","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":110,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"eddc08a0-76ce-4234-8d2f-443eb22cce23","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":110,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"2b4adb26-846f-4d1b-a75c-62a2b0886d43","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":110,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"0c6fe646-66db-4ed2-ad0e-32d75896d2d7","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":110,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"6720cca7-167f-4eda-a0c4-16477814b5bf","block_type":"box","text":"infrastructure assets.","page_number":110,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"380a3054-1308-400e-978b-8cda479a3667","block_type":"box","text":"II-63","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5c7829c5-e6bf-4ee0-9451-d5f188b48963","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12c84b11-defc-4a42-8d22-613ee4d796c8","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":111,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"58b671cf-184e-40d7-84ea-d2774acb45c1","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":111,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"9f5e254c-90e4-40fd-b29f-c8ebe42193f1","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":111,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"e5317d0d-398a-4e9e-93ee-a2f052abf6a6","block_type":"box","text":"or services.","page_number":111,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"14b89f6e-a667-4345-8031-03ab24f75905","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":111,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"7a0d105d-41b9-4080-8e21-24b39fdb12d9","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":111,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"01084b11-aba6-48fb-a2d1-439d84f9172f","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":111,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"99ec3a95-2bdd-4d44-8f26-d42caea8a100","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":111,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"b819412c-d439-44de-b37c-28ba29c483a9","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":111,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"2430e924-47b3-4c66-bd34-4486bdf98142","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":111,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"81f1af93-6b59-4ab8-96ef-c176a0c3744b","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":111,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"248f6b57-a672-4c94-ab87-45ed86b3e09c","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":111,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"79d1a1bb-5011-4851-8dd3-6a3cacf5b49a","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":111,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"d1e1449a-c426-4a9d-a6c8-999ff97be1f5","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":111,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"a7b13c7a-451e-4071-bad3-16e41bd0f668","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":111,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"b0767bb8-a53f-4401-939a-40104d9af4a4","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":111,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"141e5fd3-56bd-4079-a5a1-dcf6566deeed","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":111,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"bfa5258a-e51e-4c71-b6b9-900afbfa1b51","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":111,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"543a3d97-a546-4fe5-ab64-872bbe057d89","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":111,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"426d9b20-fbc8-4e9c-ae8a-362ce6329abe","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":111,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"c5f32473-5507-4ec5-b702-5ec8aa32fb67","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":111,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"ebfa95c9-1d00-4126-bc99-7f4aff1e71df","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":111,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"ea46fa06-c6dd-4868-a866-49659b760708","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":111,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"1b119615-b6f7-4f61-88f0-d9c144bf00d3","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":111,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"4869899a-a972-401c-a600-b5384ea094ab","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":111,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"f71e2617-4732-48a1-b364-76e88a67d986","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":111,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"059fc4c6-4ebf-44f6-bf40-68a1be7b462c","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":111,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"f86e53c4-2806-494e-a423-a398977d9137","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":111,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"4f16f48c-fe0d-4f7d-86a0-fa855076b55f","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":111,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"ba0fef3b-f903-4e3f-befd-a154c9509bc3","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":111,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"5b8bf34e-ebfc-4ee9-86dc-0179d163aacb","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":111,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"36c593c3-44aa-47b6-9f6b-1564dd2921b1","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":111,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"1b8d7e67-daee-4da4-88d6-9a03ada8924b","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":111,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"142418c2-724e-441a-ab5e-2c10a8209a0d","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":111,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"41766b92-7344-4907-b214-a1130a9bb6a6","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":111,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"07bb3b26-32c6-4894-a433-15b84c8657ab","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":111,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"3c433784-b907-4d41-b7c4-1b86c537fbc0","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":111,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"33d11539-c56a-4c05-960f-519ca680e713","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":111,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"bb374ab8-bd38-4697-a30b-fa07f0def31f","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":111,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"952afff2-9e92-401a-9f12-f57f5d346434","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":111,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"7545fee6-81e8-4582-bafe-cbe466a46350","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":111,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"c727f04e-e64d-40f8-a425-667e1fd2551d","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":111,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"b4dca2de-dd66-4ddb-9b7d-ddf83dd1f82d","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":111,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"f7f1fdd1-f979-4901-a6a7-8b0abee23796","block_type":"box","text":"resources to monitor and implement required changes.","page_number":111,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"a43805b8-196a-4382-a5c9-f82e4399d42f","block_type":"box","text":"Participation Notes.","page_number":111,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"03666f92-5eee-4e8c-9c33-0fa8807abcba","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":111,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"96410b47-278d-4f64-bed3-b14c71a20a69","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":111,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"b39af6df-4a6d-49a4-b074-45648ba31632","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":111,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"b78df2ea-3012-4840-8573-060930e0dde8","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":111,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"79a24910-800a-4a2b-8a74-03f5ccfd2664","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":111,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"bf9c24bd-891b-4617-83a6-c40ce0ea08f5","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":111,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"1d442fed-bb4d-4dd0-a5b6-89b601381032","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":111,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"0bb2160b-7c98-40e9-b1d5-7cbcf750f045","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":111,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"5347614a-c5b0-4264-9b1b-b7588be300d6","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":111,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"6b0b9d91-8694-43f8-8c0a-00179463f531","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":111,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"1d9eabc8-ae6e-4d5d-9cd7-caef50997c42","block_type":"box","text":"II-64","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffc15543-dedc-4f21-a917-fa8d0525a6c0","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccb59f2b-cec2-490b-a702-0a094a4b6896","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":112,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"4e42fdc8-2876-4909-aefd-190fe4e1e929","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":112,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"7fc86d85-0aed-47a2-996d-bfc4af028d2d","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":112,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"e0d944eb-8426-4395-a7f2-2a9406f403cd","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":112,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"c479b832-8a33-4ad0-a24c-322dfabd8683","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":112,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"542cfbaf-0f70-4ba0-8248-12e72a6d564b","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":112,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"e32099f6-9ebc-4d81-ba89-9ecabed43b52","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":112,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"282c3f03-1c5e-4554-b43d-7b6a39a9c3d0","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":112,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"eed9f308-c9c0-4268-adaa-a8ca5af07bd7","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":112,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"2332e009-b3c1-4ebf-9d26-8698d2d8ccbd","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":112,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"c83452d3-2a4b-4287-8bd1-779d9eea0218","block_type":"box","text":"Portfolio Turnover Rates.","page_number":112,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"a2ef7552-1cc7-4f35-a250-5080558906b1","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":112,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"e2373f12-e11d-4e1e-bf21-a0fa115cfd68","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":112,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"3fb6e9b2-e83b-45a5-a199-f52759ef35e4","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":112,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"f33a0169-cb89-45de-ae94-2d4cf58a7b26","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":112,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"7f068512-9066-4a9a-8dc5-93e96f4cf00f","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":112,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"a63304ef-a0a7-45e8-9ea5-8a0159165901","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":112,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"d3ac3a63-9437-4155-9bc2-9952aef4a62d","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":112,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"e5b7a914-2956-47d0-8a54-999946fe440c","block_type":"box","text":"i.e.","page_number":112,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"09f00c2c-59d3-4f21-b7c5-17df360c2411","block_type":"box","text":", 100% or more) may result in","page_number":112,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"7793401e-9116-4d08-8383-0cf791503900","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":112,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"fe97a2b1-2c12-4aca-ab07-5b81c32cedd9","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":112,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"a14888f2-fa6b-4a5d-9100-9b3a1cdf9c86","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":112,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"538dc03e-290d-4df5-8922-c47d28f560ce","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":112,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"0a3a9de2-f1ab-41d4-a795-11022a9492a1","block_type":"box","text":"Preferred Stock.","page_number":112,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"c59e0963-aa9a-4fcd-8db5-427ce39b1a05","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":112,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"01a7055e-f57e-44a8-b2ae-88a6ff56b1ec","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":112,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"71687192-f7d6-4471-b8b0-350646c094c4","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":112,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"c2823efc-8178-47f9-93b8-bf8ca42e1453","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":112,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"876c16d3-b627-49c9-9caf-b536b0c2db34","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":112,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"0f5bb40f-17ad-42de-9a49-e37963392761","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":112,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"efe9da1d-a780-49ff-a15a-9b9d2ca09dc3","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":112,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"c0b80148-883d-41d2-9cb0-2fd8ad000b9e","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":112,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"cf80f3f3-8200-4848-a641-3e2fdf10881c","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":112,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"5761cdab-8bb5-4500-b8c9-07fef1f21b28","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":112,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"3e5003b5-9f23-4267-aef2-0ad232d71863","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":112,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"f1bb0c01-092f-4ee3-b230-6bb9ce22c317","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":112,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"78628b90-0678-4605-9ff6-523dfe50653f","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":112,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"95492cb8-1c65-4699-a797-85748d794c44","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":112,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"dd014375-206e-48e1-b953-3f6aba177115","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":112,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"cf4bd59e-4f9b-4c08-ae30-afd12fab9fbf","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":112,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"e191b575-707b-4923-9054-ad20f0aa323f","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":112,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"8e2810a3-c461-4ac1-b221-3d6ef05f766e","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":112,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"f4992b9d-28e3-460a-b675-f5c3c9b345c8","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":112,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"89db30de-14c5-4461-8314-c4053f17f21b","block_type":"box","text":"Trust Preferred Securities.","page_number":112,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"375cc8b2-3e14-4824-8fe8-69eb89adb96f","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":112,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"7e05b8e9-32df-47e2-ad06-2a4aebec104c","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":112,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"28025261-617d-4b7e-8080-c818f5f25cac","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":112,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"a1bba2d3-ea21-4a7e-a911-3df2d4720f35","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":112,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"259dd9dd-4025-4d3a-91ab-8c478559e83f","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":112,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"b891d654-45fe-49c3-b93a-cf77dedd57c7","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":112,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"e0401483-02c0-4757-86ca-1c227cb29324","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":112,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"2d04a2e3-73f3-48a0-848f-cf5f424a7dec","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":112,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"c709f90d-2902-4cfe-924a-617f6c126f2e","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":112,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"228196a9-fb40-49a8-b9f8-1831e9125c67","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":112,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"a319f325-5904-41dd-a871-5d5d2ebc8bcf","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":112,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"b5719a0c-e119-485e-a158-ebe49e0c1164","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":112,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"1cc77ee4-5490-4ab2-9140-caefbb8f1bec","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":112,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"151de600-8dcb-4645-9954-086881624014","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":112,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"6a630dbc-efdc-459a-9fb4-e38ebdb83d0b","block_type":"box","text":"®","page_number":112,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"46de5389-d2c6-4271-b558-2cd38cb06607","block_type":"box","text":"”); monthly","page_number":112,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"3fb295bd-a915-4fb0-b4a2-2e11fe5dab94","block_type":"box","text":"income preferred securities (“MIPS","page_number":112,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"889709ec-9da0-4235-bfee-2e15a2086ec3","block_type":"box","text":"®","page_number":112,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"1e848f39-8da0-4ed9-a608-bab10a476861","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":112,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"bd8db2d4-cf36-421e-b9dc-6915edd90583","block_type":"box","text":"®","page_number":112,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"9289605b-a991-4247-8bcf-53963c5f5862","block_type":"box","text":"” ); quar terly income debt securities","page_number":112,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"d2ac157c-a1a6-4d8f-bc1b-bbafb566b946","block_type":"box","text":"II-65","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"458c7f64-7815-4da3-8dd1-7770e1534e05","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"943cec02-1646-4f4e-830d-79b811937835","block_type":"box","text":"(“QUIDS","page_number":113,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"3dbd213f-b0a8-491d-8af7-cd6cc1938376","block_type":"box","text":"®","page_number":113,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"1330691f-7556-403e-99a2-286d6cde9a54","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":113,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"e753fd2e-33f6-407a-9703-662526e3b9a0","block_type":"box","text":"SM","page_number":113,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"646bf2fa-46ae-4cf8-b5cc-58679fb7a804","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":113,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"50028cd0-d5f7-453c-b138-6fc269b9bc5d","block_type":"box","text":"®","page_number":113,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"444ec387-92da-4e6c-a294-ab35253fbb2b","block_type":"box","text":"”); public income","page_number":113,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"79247d4e-0bc0-4080-a628-90206d67042e","block_type":"box","text":"notes (“PINES","page_number":113,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"3a857bfe-4235-4224-bfea-af6752a1affa","block_type":"box","text":"®","page_number":113,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"d3bc3875-a3a5-465c-af64-82d5cc694a2d","block_type":"box","text":"”); and other trust preferred securities.","page_number":113,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"74e724e8-7c97-431b-adec-7cb5c5d1ad9e","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":113,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"e2cb1c48-ec80-4ccb-b531-664254930987","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":113,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"b5313bc7-565f-40ea-9ab9-dec5affbaada","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":113,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"45edaf81-fd62-42cd-96db-6929ede10b3f","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":113,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"ea4f51a8-a787-47e3-b847-b03453fa5be9","block_type":"box","text":"regard to whether all payments have been paid.","page_number":113,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"1c835c39-63b4-4fb7-9f8e-a0c94a77fb07","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":113,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"88b36496-5dd1-4734-9073-2e26b14de2eb","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":113,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"3baef25c-2c78-4706-b965-af9c7f501dd7","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":113,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"67a2e1b3-ad29-4a76-bb85-5cdb18fa8da0","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":113,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"12b9501d-5286-4cc0-b401-35647fadca77","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":113,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"5179e005-a049-4a93-8ba6-fecdeb33b0cb","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":113,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"b8f80adc-a635-469b-85ee-1d338c3d762d","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":113,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"0b6db4e1-e029-4254-828d-f21174d42cc6","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":113,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"00a53a1e-6960-4589-91fb-7c8a74f4bb3e","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":113,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"562aeefd-3aab-4fa0-8f40-6a47207169f0","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":113,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"d1b5603d-51f5-40f7-a653-04590d32cf16","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":113,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"7e4d176a-8018-49f5-b6ae-86e68898c963","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":113,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"5ded5bc5-efd2-4ce1-b493-898c6281f38d","block_type":"box","text":"debt securities.","page_number":113,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"08c7b45d-195e-4667-b86c-d6af13660d6b","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":113,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"a5420092-6e9f-46a7-a9d3-b3836c379d2d","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":113,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"fdf250b0-6fae-431c-b934-797076a3ee69","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":113,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"d3282212-068c-4be4-8ce7-d45349b0c891","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":113,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"19aa6074-ab3c-4e7c-8a74-661fc46ce66a","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":113,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"5c54a4ec-b19c-4e27-b705-d8a479f5f483","block_type":"box","text":"i.e.","page_number":113,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"61460c41-7f0f-40f8-af0f-7a23d3ce501e","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":113,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"22a42728-1298-4e7d-8caf-9f4ccf27b6e5","block_type":"box","text":"buildings.","page_number":113,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"aee7ad98-eae7-4a91-bab1-8dbe485e0100","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":113,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"e26ce21f-9610-45a5-b3fa-a187216e44eb","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":113,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"55717504-7357-45d1-a1d7-e92984470391","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":113,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"13a59b7c-987c-4cca-baca-899bd1f5eabd","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":113,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"4e215ca3-5c90-43c6-9ee4-bc974785c21d","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":113,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"407db1e2-2fe8-4dd2-aa00-6017a9ea96e1","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":113,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"bc773947-3aa4-4bab-a400-a286f7415fa2","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":113,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"3300fe97-ac30-40c1-aa78-46e14dcf10ee","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":113,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"1f1eb1d1-50bf-4ecd-a900-a915a4244f5b","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":113,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"deed6867-0713-4bf4-956d-6c02a3e01b4d","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":113,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"4f2eae30-31e3-4194-b0b8-0cf33d6af099","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":113,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"a69a9f1e-e613-4bf4-afab-0a01665e7873","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":113,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"6fda0c91-91ce-4bcd-96a6-f9f851afb0eb","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":113,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"8d95efec-7163-4c9a-a6fe-de7728e16bb0","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":113,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"0b95f570-397d-46c9-b247-8487d36c4196","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":113,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"6e06d18d-b6e8-4ac5-bf09-d2f1af344723","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":113,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"b471b33b-1d4b-475e-a65c-c4f0c1a33f35","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":113,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"ef468db1-f918-46e8-9058-c0619411012e","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":113,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"ef471f0a-aa44-4262-963f-95c072ad737c","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":113,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"4ed094ea-2773-41fd-a9de-8bf465690438","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":113,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"ad8f50ec-5660-41e1-b896-5cf733fafb35","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":113,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"8e251550-aebe-4c4f-8588-9d772f407a52","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":113,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"e708a540-bf3b-4688-892e-afd3153954fa","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":113,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"edb027ce-5635-4907-b9d5-829e8317d1fa","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":113,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"178a22af-5d11-413b-a89d-89567e8ac299","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":113,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"693d0780-735f-48ad-82b3-cc323eea8c42","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":113,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"4d753e37-3750-490d-bd8e-7baf2961da2d","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":113,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"eb43d14a-5689-4b7b-81ab-7a26b838696b","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":113,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"1b199d92-61e3-4ee1-84c7-0704706ac944","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":113,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"55633769-0eed-4f7e-902b-0a851aac9b4e","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":113,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"d9d05103-fb77-48d8-b57f-66035167dfb5","block_type":"box","text":"II-66","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97c15149-2df3-4e43-8e65-d75edefa25c1","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e3e5851-1202-4050-84fa-58f93ef3943e","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":114,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"5e3684f9-5c68-46ee-9d81-4180a2d4be81","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":114,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"fc639a24-a807-4715-a509-c36fa5a89e2d","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":114,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"e66e06ce-4071-417d-b1f1-470e37d6b396","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":114,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"76ccc303-c6f0-4141-b2e9-a857a01b62fc","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":114,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"e261eb73-3a67-4539-8bca-6b1c9820f7e1","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":114,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"78dd9169-9e42-4f8f-a0c9-8d3d0b552068","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":114,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"54bba768-69b4-47fa-b854-c216d1d08c24","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":114,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"25fbe77e-bf1b-4480-9bb9-7967966ad851","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":114,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"44a1d023-c275-4263-8667-cedbdbfdf712","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":114,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"05a65e02-27cd-4579-992f-f270104df760","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":114,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"8572d380-5129-46a5-9e8c-dab5ef02d189","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":114,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"a57ef4de-b84c-4624-80f0-f6a6714bb92c","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":114,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"2f6fec5b-da38-4c2f-8d9e-7be3756bc1f9","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":114,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"e761e923-011e-4542-80a8-2ce26e9607a2","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":114,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"3ba58145-a1aa-4a8e-9c65-5838e5e51408","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":114,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"72b6b9bd-799a-4276-9b8e-809478367eaa","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":114,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"28aed01b-1b1e-4aab-9151-626c33c117b0","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":114,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"10e91b76-ec29-4f6c-aeb7-227f03632ba1","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":114,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"a8940d47-e112-4fc8-b605-2c699bb0d3ef","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":114,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"e8d144f7-8a3b-4707-998d-709514dffe54","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":114,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"3edeb061-0c4d-4dd5-a0f0-5e552ed4614c","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":114,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"94b3549a-c803-4b8e-8c98-3208d12eaaef","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":114,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"56b03fce-8b32-4fdc-b1b2-80436e1a7ee1","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":114,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"83da87bc-a9a4-43a0-a96b-f168fcafcc16","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":114,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"d64604bd-3df1-42f6-a912-c5cb71ab7759","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":114,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"ccdfcdf1-81eb-496f-9a24-0f2e5f97bf10","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":114,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"2be16e3a-e4a6-4c23-ae98-7a6f9e063158","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":114,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"f8f5eb24-30fd-4c54-9cb8-18c78dd42d30","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":114,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"77f92732-033a-452d-98ba-b12d816c1e65","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":114,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"477d72bd-97fe-4db9-8c6f-8a5e65d3f7b8","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":114,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"c703a523-51f7-46d6-af4e-1f3189fa2c2a","block_type":"box","text":"conditions.","page_number":114,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"83d65757-fb74-4c1b-a8e5-f584c6f1cac2","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":114,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"0023461c-bcd2-442e-8c22-793a5f85776c","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":114,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"66f201a0-fcc9-49de-a7a2-949efed1d01f","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":114,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"74a1f1dd-bcba-472c-80ec-47460a22972d","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":114,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"f8553e5d-6af2-4342-8a01-a5316d23b480","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":114,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"ec6d097c-0154-462d-937f-dbe1e0d05f97","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":114,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"fba1e846-e791-4edc-8e6c-1b81f8f37091","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":114,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"243388d4-b431-4a1d-b2e4-cdbfa41a694a","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":114,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"6117b751-f7e9-40c6-8f0e-e7d216246894","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":114,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"49748e2b-e465-4879-b6ff-6f9be701fb6d","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":114,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"d994b998-2ac3-4a1c-84b3-84d2d67493c7","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":114,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"3f022bd9-4ab3-4525-9c04-954ee8f819a1","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":114,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"341525f6-efea-4faf-ac56-69b0ec9c7066","block_type":"box","text":"affected by such events.","page_number":114,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"f94524a6-26eb-474e-b153-97acff8dde4c","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":114,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"069fc1bf-65c5-464d-8f43-97810c790db1","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":114,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"d879a267-889b-40e9-b31a-5312b55a4a1f","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":114,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"d1c2c036-2a06-4e53-aa06-a0ef918a163d","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":114,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"48a36c37-613d-44d6-bfd6-118502bc4c48","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":114,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"759e2481-d7e4-41d3-8bce-8c4d939292aa","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":114,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"6e06445e-8286-4d1e-a2e6-8abf413e7a8e","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":114,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"3922abc3-51e5-405d-a6f4-6a7ff37fd8aa","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":114,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"65e33781-0116-4268-9185-97b7714ba921","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":114,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"08b28116-eaeb-4d72-85b2-a31dd761846e","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":114,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"d677428e-3fd5-43a4-83d5-db749b94f7d5","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":114,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"880e52a6-3697-4c5a-903e-dbc9279f2490","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":114,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"e899f9cd-6a20-4b1a-859f-934e15f48e28","block_type":"box","text":"II-67","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fd6b3b2-1439-4e51-9a8a-a26b5e60138a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89cac4ac-1016-4c35-abfd-258dce0ea5b7","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":115,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"3cbc429d-9b97-440d-9527-02f8415bda6f","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":115,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"74900b93-2734-482d-a0c3-16b234ede744","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":115,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"5ef92e2a-d9fb-4e7e-881b-64e64c527931","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":115,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"d8a969c7-866f-4911-90bb-c54f26c466e8","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":115,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"55d23990-6009-41be-9f4b-5f8f1feff14f","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":115,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"bad20cd6-f925-406b-bfd2-a86f6f41717f","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":115,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"29271586-0a9a-4a62-b49d-5665f3759250","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":115,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"ebcebb6f-dd8c-4cbd-8a49-58a044881910","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":115,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"56a731ae-5e77-4800-afde-a52fdc1942d2","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":115,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"d417591c-b735-41a0-ba5b-522da669d307","block_type":"box","text":"investments.","page_number":115,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"5c974510-0ac1-42bd-a672-f9c0358de228","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":115,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"4a8007bd-a961-454e-8ab9-08c1c593bebf","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":115,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"9dce0eb6-0978-4020-87ba-749c62e3abeb","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":115,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"34147bb3-d016-4e14-91c2-fe209bc46d23","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":115,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"53689213-3394-44a0-a2e2-0657fa52432e","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":115,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"13cf97d6-54ec-4993-a0b6-46ae635cfeef","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":115,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"bfd5a6e2-df66-46da-9269-a7b20dccb0cb","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":115,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"0f699c79-df6d-45a3-aa25-6ccea4300865","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":115,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"c75e8478-cfa5-4c7b-b0e0-aae020cfdcef","block_type":"box","text":"Legal and Regulatory Risks.","page_number":115,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"6b8afe20-77d8-4656-b167-b2e0413fbf1f","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":115,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"010b1a30-98ed-4aeb-ae84-261562d85934","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":115,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"3daa7e3f-f94a-47f0-b8f0-afc1d0f7cdbf","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":115,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"91c1b293-a5f8-49c2-9640-352d95fb589e","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":115,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"b3fc0a80-2240-407d-bacf-84fb0e1e5b7f","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":115,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"e2a8dd19-e38a-4cd9-900c-8f09ed3c9b4e","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":115,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"abf6eb55-1d31-40e8-8088-1a0a6d7e127f","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":115,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"a0b25765-b4d4-48db-a9b4-54b2e2316d97","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":115,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"aaa1eb1d-ec78-4daa-bfd6-57ac054a95f3","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":115,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"26d91370-edac-4c20-bfe8-b3a7a00ebe9a","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":115,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"6b1c12b5-dc96-4b44-abc8-4306ca966c3e","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":115,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"314954a2-afb3-442c-a52d-2b8175d66619","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":115,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"8e109bfb-0e61-436f-844e-c85633b9cc56","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":115,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"6bbcc6d2-3835-448b-84c1-6db4b6b55226","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":115,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"9a03984b-0a08-4931-a722-79af8b7d976b","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":115,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"bf897ca6-92d7-4579-bf30-7aac30dcc091","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":115,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"ee373a64-760f-4798-8bee-6a5b60d3183f","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":115,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"b79736d5-2c19-4c56-b0c0-e1286cae5af4","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":115,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"6e853a5e-6b8f-4150-bf7c-b656d4918843","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":115,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"920a443b-613d-4a40-a611-d9a2b0cadbb0","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":115,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"6a661297-4f43-4a94-8cc4-aca53a6f9c95","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":115,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"e7967fb6-4283-4cb4-99eb-0e06f5387ef4","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":115,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"d849eb4b-0d38-4dff-8f1d-bc8ed2d4fdfe","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":115,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"44563ece-562e-407b-8da2-f65478fd8037","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":115,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"49aa3f00-7845-4a90-b403-d3b0765ad7eb","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":115,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"7a2676a6-4f94-4e7f-9f63-cca9abea3104","block_type":"box","text":"Geographic Risks","page_number":115,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"2c0de7b8-6fe3-4f84-85be-0607a211a47e","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":115,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"a4748a12-dbd7-4a9a-a001-6603585e6dca","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":115,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"c0cde611-4d1c-4484-b2fa-50cfc0f57233","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":115,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"14da83c6-7410-4c4e-a06d-be4651779433","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":115,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"09db9ad2-870e-431e-9ee5-b65657647fce","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":115,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"02ddb36d-1157-4df7-96aa-1a521df5557e","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":115,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"81487873-d9da-4175-9bac-e497a4fc2610","block_type":"box","text":"Fund.","page_number":115,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"4ff83d6f-7540-4706-87b2-6f0a018b59c9","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":115,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"0523cf05-455f-4d90-9d18-7afca80a95b4","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":115,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"66def8b3-02be-4faf-8b37-9ac83eca630e","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":115,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"29b52eab-2e81-43cf-8c15-7cd76956b3df","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":115,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"94bcb720-39f8-4c75-a66f-63295cf4c1b6","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":115,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"d2f6d131-867c-403f-949a-2be03e10d215","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":115,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"792a99fc-c8ce-4200-b267-362cf22a2ec1","block_type":"box","text":"II-68","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24989bf2-2166-443f-b170-34d49c82883f","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6dd5da58-cf98-4818-ba68-899ac3dc78dd","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":116,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e8a12bcb-ca2f-4e50-aebd-892770f79ae2","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":116,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"e14128a4-6d79-4193-a6d3-8c9bf4fd5f0d","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":116,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"0e37889d-aab1-4a3a-a9d4-618997ff5579","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":116,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"feb258be-b125-48a8-8f95-075765a335ab","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":116,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"0648ee87-d5c1-4263-8f2b-b4963e306c1f","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":116,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"fba8b63b-2cbe-4bd7-8674-ab8e41befdc6","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":116,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"85f5b3ac-70c3-4123-a878-49b849eb3a3a","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":116,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"1b65f185-6b32-4c01-bf37-ddf63e41e402","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":116,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"afb7ff84-c426-48bb-86f9-5a62972f43f5","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":116,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"013385a4-717b-4baf-b367-3f3eb49eb63e","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":116,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"c6a4a0fd-99f8-4346-a06e-8d812d687638","block_type":"box","text":"e.g.","page_number":116,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"6f33d773-14d4-41e1-a1e4-6d74bb7b8cbb","block_type":"box","text":", SOFR for","page_number":116,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"f069d61d-48aa-478a-9b52-bf7c570671bb","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":116,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"ebb57e4c-4506-4c9d-9c72-3da18ac807fc","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":116,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"b37fa7db-f78d-456f-8f64-d0e441e39875","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":116,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"89d79493-e2c3-4939-b09e-0d7ffcf4f1ef","block_type":"box","text":"determined.","page_number":116,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"faf8d8ed-e0c3-41a5-8fca-628871fc857f","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":116,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"5f5ba67c-0266-4763-9941-164bfd9294b1","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":116,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"8c1067eb-e8c2-45b5-80cb-4df97408c0c9","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":116,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"36bbd2f5-860c-44f8-b4d1-70eb9b85d910","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":116,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"70ca6632-1c93-42f5-bf52-8c986d4d709a","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":116,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"367f26c9-186a-4829-8ca3-74a1f93816d4","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":116,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"e0a76f8a-b82b-4711-8ec0-e77108d70ede","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":116,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"bc96503d-a47f-455d-bfdd-cdb7f0e3c300","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":116,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"ef857c81-8ba6-4cd9-86a3-c2cb929ad42f","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":116,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"0b0a6dd0-7465-4777-a129-fd3897731d30","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":116,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"c3a651ab-f0aa-4d1c-903b-7173452f2811","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":116,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"70b66bc2-a131-4b94-80db-d4087cabd44e","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":116,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"d20c3af9-582a-488f-83e6-3a4d173de067","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":116,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"6d44003d-49f7-4460-8b05-c9e612674494","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":116,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"d6902815-04cc-4e49-a1db-90daf9010b77","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":116,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"e1b8edfc-664d-4b36-97e3-fbcf095de42e","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":116,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"6335367a-cfac-4577-a52d-7cdb7c914770","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":116,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"ca19dc44-87f5-41bb-a40c-f4a902ab39ee","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":116,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"511346b6-4906-4945-847b-e16b4ed38c22","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":116,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"002a0691-cf64-4caf-9996-1c5779d88c01","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":116,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"ad3c11a8-8859-498e-99cd-2bdeb4b05dfb","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":116,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"771fa7bd-0a65-4e04-b123-cb666d4934b1","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":116,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"d2627635-f436-4442-b771-4f55b200d6e3","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":116,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"b62cc5ab-22a8-4573-a701-1f8a71bd11c7","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":116,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"614657e0-08ff-4045-84e0-a2dd846f8e9c","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":116,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"eab00d3a-65c4-4892-ae8b-843166cf0760","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":116,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"ecca189c-40dc-461b-98e9-e0b6abe50dad","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":116,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"869fb09d-e5ce-4fb0-8822-8a0a3d07ed10","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":116,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"02e4b954-b027-4245-a467-ddafe9ec48f7","block_type":"box","text":"consequences which cannot be predicted.","page_number":116,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"cc632d88-8753-4893-bb0d-4f906d99e6a2","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":116,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"c9f86c14-1756-4389-8d0d-aa938904e3d0","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":116,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"eff28d6b-9405-4c62-ac95-b72edb1c9bac","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":116,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"3f00aaaa-ca3b-49ed-a9f0-bb74f49d6920","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":116,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"3c418e9a-3583-4d64-af1a-6270bfd432a5","block_type":"box","text":"term of the agreement.","page_number":116,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"4ea43ffd-22eb-4745-9aa9-a5a21b93c42e","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":116,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"f66493b1-8f17-4fa6-97e6-a427d9f88747","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":116,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"eb625b7a-ef39-4815-bd60-d332fa73cf15","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":116,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"b374d5dd-dcdb-4309-99ba-68712042fd37","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":116,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"9e14d2c9-17ed-4bd3-b3a6-cf1548d976a3","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":116,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"e7e41a7b-6210-4063-9b9e-cce38e4c852c","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":116,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"b0c42ed9-c9a7-489c-bdd6-0648d5601508","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":116,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"9a40d61e-934d-4ad0-a15f-72a3b4f2835d","block_type":"box","text":"II-69","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a0fa240-64ed-40fa-8161-24b8e2a9c023","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9887e1e3-e937-4715-8c96-e021f6826cd5","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":45,"width":792,"height":11}},{"id":"2971eeda-a502-40d5-8266-eae93359d275","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":60,"width":784,"height":11}},{"id":"5bf676e1-f46a-4e31-bc61-6ab266cea47d","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":75,"width":837,"height":11}},{"id":"d922f181-973b-4e2b-83a6-349ba23766d1","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":90,"width":812,"height":11}},{"id":"59a15a4a-b2e0-4612-b298-badeaf63d9f8","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":105,"width":770,"height":11}},{"id":"30331224-929a-46a6-8755-752064717d79","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":120,"width":802,"height":12}},{"id":"c79ea141-9cd7-41af-b698-5813513d5fd7","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":117,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"f4f276cf-dcee-42fa-a3ba-9bad8e616edf","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":117,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"3e6d33af-7ed4-4eac-a05d-67bb88c8b1ff","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":173,"width":765,"height":11}},{"id":"789b737e-b5ec-4a51-abbc-23feabe304a3","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":188,"width":835,"height":12}},{"id":"114792b4-0e5f-494d-897c-22e35ca814d3","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":117,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"5c1ef2f6-af5e-4e2b-a053-3d93b29bbeb6","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":218,"width":801,"height":12}},{"id":"f931293d-8cba-4a41-925a-07f5cadac3a6","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":234,"width":826,"height":11}},{"id":"3001646d-0539-43af-a251-5a3bd47b7dce","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":249,"width":831,"height":11}},{"id":"728a5c55-88f7-4747-baa6-24317f9d1beb","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":117,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"1962c898-c4c7-4816-b6b9-ad2e878b515a","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":279,"width":829,"height":11}},{"id":"c8759dea-99a3-465d-a92d-e381cfe905e9","block_type":"box","text":"or by another authorized securities depository.","page_number":117,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"305cab15-d982-49d1-8f91-8f2d8e0f4a38","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":317,"width":770,"height":11}},{"id":"91f41ff5-c493-4a42-8797-65b9d398120e","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":332,"width":805,"height":11}},{"id":"17e32f62-2c87-4546-ad09-8b217103a617","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":347,"width":819,"height":11}},{"id":"f9173dce-f032-446c-8036-c868b395c25d","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":362,"width":778,"height":11}},{"id":"aba68736-e7f6-43a8-9517-f999f0e95651","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":377,"width":832,"height":12}},{"id":"038ea847-0ad5-4764-965f-210c0c68118f","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":393,"width":810,"height":11}},{"id":"789b246e-4e5a-46f1-931b-b9e88bccfc86","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":408,"width":812,"height":11}},{"id":"67b17616-02d3-4e78-a93b-61a3d8a78bf6","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":423,"width":778,"height":11}},{"id":"a76a295a-c671-4cc3-b8b1-c6d52c909156","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":438,"width":817,"height":11}},{"id":"f4898611-0409-4a36-847d-c0d11f1dede9","block_type":"box","text":"the repurchase price.","page_number":117,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"dc50330f-5569-4acf-8be0-af59021afd7f","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":117,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"10a5ba1f-651d-4433-a9eb-88d173c6807c","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":117,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"4e233488-4bb8-4fda-8ca7-67d2c3f2ff85","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":506,"width":788,"height":11}},{"id":"561202e3-5c76-40fe-8002-975d3d478085","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":521,"width":767,"height":11}},{"id":"ba53bf6d-18dd-4cfc-b8ab-c986e6b62e67","block_type":"box","text":"strategies without the repurchase obligation.","page_number":117,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"99d45c41-9d35-46a5-9436-ff96df1cc2b9","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":117,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"68fcf2de-80e4-480e-b82f-1901d20fc9e9","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":574,"width":776,"height":11}},{"id":"022fc9da-31d5-4991-b608-8ddad172dec5","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":117,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"82e6132d-6107-44c0-ad75-9b4efcaffc57","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":117,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"e839eed9-8925-4645-abe3-ae7efc125431","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":117,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"d34e2259-4bcc-4184-854f-da759eaa14ad","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":117,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"e4f44590-10cd-401d-98a2-36c7fb3474be","block_type":"box","text":"i.e.","page_number":117,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"df2ea96f-f27d-4184-84c4-33c0a043cca5","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":117,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"d075b14d-a5d1-4e57-b08a-2aa1dbfafae0","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":117,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"c15ad02e-c952-4531-82b6-e06e8037bb21","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":117,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"d377cf58-f573-4680-932a-908610cb91b4","block_type":"box","text":"and income involved in the transaction.","page_number":117,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"62a775e9-0958-427f-92e8-a5f8136690ea","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":117,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"76341a07-024a-42c1-b47d-72d558a347eb","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":117,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"c926f8e1-a7fb-4df9-9534-a53ab38fe019","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":117,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"bf9b0c97-be92-4575-ba41-dc9daf87c98c","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":117,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"cc01e574-a8d0-48d5-b750-e8c95209b70f","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":117,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"f0a4e751-2b12-491e-a8eb-712d4d657454","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":117,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"aaf8a321-b3c9-4a89-887c-0c0023505405","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":117,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2208ff8b-b632-4ddb-bfc6-aa44f5bd5f29","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":117,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"bdbb3800-5582-4ff7-9acf-b9df78bf6651","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":117,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"fb2ca043-e4bb-43a3-96c1-4e4b81397bdb","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":117,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"dcaba956-ee51-4a40-a6ef-6471028d3907","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":117,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"6b3dc110-9057-4ae1-b6f9-6eb72ca4b2dd","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":117,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"540800b7-287e-445b-8da2-b67cafb37d28","block_type":"box","text":"Restricted Securities.","page_number":117,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"e8e83463-d2c8-488b-866a-12389277e92f","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":117,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"dd63f3ce-a2b0-49db-a9f4-3a1591630dab","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":117,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"25c204a3-1e8b-4f36-ac5d-a0bc7a533d60","block_type":"box","text":"II-70","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7edd03a4-a327-4879-a2ec-6cebd6dabaa3","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"101b3ef7-47a4-4c94-8865-ac94d758a827","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":45,"width":808,"height":11}},{"id":"e1b18a5f-81c7-4ba3-b321-241219032145","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":60,"width":802,"height":11}},{"id":"4150f30e-65bf-403c-b7c2-c2ff0ed4cf51","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":75,"width":834,"height":11}},{"id":"8abdc05f-e01f-4349-a6f2-7f36125a05ae","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":90,"width":825,"height":11}},{"id":"b02e94ec-f58d-40a1-8f55-46373c418201","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":105,"width":815,"height":11}},{"id":"9c800552-915d-4635-a8ce-847bcc5900f4","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":120,"width":821,"height":12}},{"id":"1f997630-8045-4db2-9c93-625d8e8f8759","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":136,"width":831,"height":11}},{"id":"16668c7d-a1bf-464d-9a82-874bf7201376","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":150,"width":824,"height":12}},{"id":"9e345b93-e6a7-4ff9-8ee2-bd213e19d253","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":166,"width":834,"height":11}},{"id":"9b3e0e4b-0057-4aa9-a3bd-a2ba62aa694a","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":118,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"c9ce79b7-baaf-4e16-aa24-783e60c90f52","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":196,"width":838,"height":11}},{"id":"f59479c4-ec3b-4929-bca6-41d0651be289","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":211,"width":805,"height":11}},{"id":"f657eeec-06db-41a8-b05c-dc7ac044cf3a","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":226,"width":840,"height":11}},{"id":"64dc4b65-dde4-4f0b-9865-529a2027116f","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":241,"width":815,"height":11}},{"id":"75ec500f-4f6a-401c-8323-b1572a163ce3","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":118,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"6dcba270-a446-4723-841c-bdbfb44feed6","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":272,"width":803,"height":11}},{"id":"74152bce-994f-48e6-8efc-6f031e3ad3cf","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":286,"width":830,"height":12}},{"id":"6882b217-85ad-4985-9b6d-21ff1c34b245","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":302,"width":817,"height":11}},{"id":"622c5f65-b8f4-432d-91e8-6fb7b285bb61","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":317,"width":825,"height":11}},{"id":"90083280-1650-43f3-82db-62a38af9e9a0","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":332,"width":777,"height":11}},{"id":"60cabce9-e294-44ac-a053-f32c8b815fab","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":347,"width":828,"height":11}},{"id":"37e28994-7964-4dc1-b443-684bf54dceac","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":362,"width":834,"height":11}},{"id":"1670ceee-281d-4989-b9f2-6482c10645ac","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":377,"width":828,"height":12}},{"id":"f11ac375-85d0-41aa-a58a-5f13e0b26720","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":392,"width":836,"height":12}},{"id":"67a54be9-88f8-4cb3-b0bc-ac919792ab8e","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":407,"width":819,"height":12}},{"id":"c213f41c-25d1-4bad-9e2f-9469f5dc45c5","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":423,"width":822,"height":11}},{"id":"db4fbc42-080c-4c63-bcc2-747561311272","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":118,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"07c0c6fe-f26d-4316-a51b-2f5085867c6c","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":453,"width":780,"height":11}},{"id":"7c402fba-c1c7-49b0-bd35-e67bedb546eb","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":118,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"ada457af-aae1-4630-bc47-e68f3e4b2c85","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":483,"width":784,"height":11}},{"id":"e0c10e97-f9c2-4478-9420-b5f318b1c477","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":118,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"2e84a7da-be4e-4611-bdd9-e6aba493f992","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":513,"width":828,"height":11}},{"id":"f51bbe99-9777-499a-a706-f4d356839dc5","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":528,"width":831,"height":12}},{"id":"5a18b6c3-8c31-4083-ae22-376d02020b10","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":543,"width":804,"height":12}},{"id":"888eb362-3ca6-4514-94ae-d794307e7a15","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":559,"width":647,"height":11}},{"id":"88ef3162-b8cd-48b6-842f-d5961e37494b","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":118,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"293f6a91-db6b-4b38-94f6-65698f5a6a8a","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":118,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"31608ba9-13ae-45df-b18a-73ad4ef2b5f1","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":612,"width":826,"height":11}},{"id":"1a4b71ae-082e-4b3e-b42a-866e0a21c9de","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":627,"width":830,"height":11}},{"id":"3b1dc8b0-5387-43c8-b854-0add29e9306c","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":642,"width":812,"height":11}},{"id":"d73716e9-9c15-4917-aa5a-79012d153572","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":118,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"9f2c493f-0796-4fe5-8a00-6ed07367087d","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":118,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"4c7cefe1-b541-4339-93b4-8268068a455f","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":118,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"859054bc-36bf-44d6-b80f-7fd162a5c075","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":118,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"b43bbe65-a8dc-480d-afe4-664f62136c59","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":118,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"26901eb0-e1df-4420-93d6-d3f513a3ecf7","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":118,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"2b2da904-700a-4d5b-922b-c5e019b54c1b","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":118,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"29df27dd-bad6-4544-940c-e6f8b7add3c5","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":118,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"42778d4e-f40f-4961-afc7-41e5d11ce6fb","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":118,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"9ea840b3-bdab-4507-b7ad-2976f78ad237","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":118,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"98ae8140-857e-492e-85c8-6154ab235ea9","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":118,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"45fb57d8-b0d9-4a0f-b933-04994b87aa8c","block_type":"box","text":"especially as that Fund grows in size.","page_number":118,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"cb03d6bb-bd5c-42c0-b0c5-d6013fc5f018","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":118,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"9514c8a9-137a-480c-a0ed-c520e0f000e2","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":118,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"b2e024b0-9f9b-478e-ad11-53c13ea7fe2a","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":118,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"8f71e134-2352-480b-856a-e3871a15e2a7","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":118,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"738fab1d-e3fd-478c-a094-bfdc0e9e8b8f","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":118,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"c7c3be3e-6cea-4056-9329-0717febabdad","block_type":"box","text":"II-71","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3cc5804c-0a4b-4869-b823-6ed425652943","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84de9a99-3bf2-4383-95b0-38179e4e3c21","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":119,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"940c3ad5-4270-43b1-ab6d-8877a328bacd","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":119,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"05d45bdd-af98-4b48-a5e8-fe6bda44bf91","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":119,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"be1e7c14-4662-4cd2-9386-b0582a8fcaaf","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":119,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"c160e100-78dc-44bb-a543-53ba68600ef5","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":119,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"29a385e6-080f-42ff-9ffe-d9068a276c51","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":119,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"f304a77c-2aa7-4909-bbe1-b4e4c173ac61","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":119,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"fdccda7d-996f-46a0-b717-6387fcb754fc","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":119,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"3dcc271f-2ed4-4554-a9f2-45a01230fa08","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":119,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"88111e47-1866-474b-b900-5df2f6b49967","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":119,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"4f8dafdc-26f1-4607-bf44-6e0af7d77abd","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":119,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"b102c44b-029a-48eb-9f11-a6683f37fa01","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":119,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"adf3c57c-99b2-4657-91fe-8cc1f6ac31cf","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":119,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"69b6edbf-5aaa-4727-956b-1113f5272b1a","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":119,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"979111ac-b84d-4b91-baf4-0a63a022dcb5","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":119,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"a1f30740-a0c6-4d37-8958-b8e4eb7de8f9","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":272,"width":830,"height":11}},{"id":"0c32fe01-035e-40c4-b6da-e08af50bc997","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":119,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"7d6e77bf-5c86-4b95-9255-42fc9cdad29a","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":302,"width":784,"height":11}},{"id":"73999afd-aeb7-417b-b16e-fc64e38ae8ee","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":119,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"fb248c94-d748-43ad-849f-7d7260829ed4","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":339,"width":730,"height":12}},{"id":"332f1956-e6e4-470a-8fac-562ba3d15173","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":119,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"0336acbe-406e-4497-ab8d-cb0e55de2f0d","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":370,"width":821,"height":11}},{"id":"e21b591d-432a-4ae8-bbc2-d6efe3f3e9e3","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":385,"width":801,"height":11}},{"id":"75e8c6d2-ff59-4706-aa53-f0d2733c4f54","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":400,"width":830,"height":11}},{"id":"4093a4c3-25a4-4d57-bc29-a4adb1f3acc6","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":119,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"04e318f5-84f4-4c87-9ccf-2949f5b9d454","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":438,"width":769,"height":11}},{"id":"39b51b5b-849e-404f-88ae-fbb1dbe6ae9d","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":453,"width":815,"height":11}},{"id":"3ee21658-3a3d-4244-8a97-1f1b437460b3","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":468,"width":782,"height":11}},{"id":"085eb5e6-7d2b-4302-bfc5-2d66ec198796","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":119,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"0942e41c-4e4d-4ca9-9deb-aee5b73e728e","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":506,"width":794,"height":11}},{"id":"80e9bcb9-c51e-4a40-a0a9-a2ae615afc2e","block_type":"box","text":"similar financing transactions (","page_number":119,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"a54055b5-fc6f-46c1-8e45-22f52d45c854","block_type":"box","text":"e.g.","page_number":119,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"cfd87137-4708-4014-adee-cb725f6bdd75","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":119,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"71fc5626-dccb-4962-8175-9587a61f3f49","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":536,"width":813,"height":11}},{"id":"780867ad-feed-4931-8cf7-28a894747c0c","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":119,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"8b0fd42f-3d47-40f0-9d97-60b1b3617a1c","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":119,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"8f625000-4150-4a3e-a7dc-eb702d23537a","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":119,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"96186834-3ff2-4fb3-939c-e241be229553","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":119,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"07d741cb-6510-4f9e-bf7b-b95501078bb8","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":119,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"3788ea8b-fb94-40f1-bd5d-c14309249dd9","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":119,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"818beaeb-12e3-478d-a6b9-5f35117248ae","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":119,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"a0bfa6e2-34af-47a0-bf3e-234c52dc61fc","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":119,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"8c186ad4-fb77-49cb-99d3-13f4d130cb17","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":119,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"31c7f579-687e-4463-927d-9f8ea69511d4","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":119,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"4ce86282-8def-417c-840e-e07fa2d6e104","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":119,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"785ae975-e8df-4fc6-8067-3f4587fd5ccc","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":119,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"e384e211-73fe-4356-b8d9-5a33c9ade92b","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":119,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"51cdec07-b1ae-435c-99b0-80db6861020a","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":119,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"e9a07f16-17d4-4efa-b4b3-910b8edf5c82","block_type":"box","text":"amounts to be received under such agreements.","page_number":119,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"86abd995-fb41-405a-892e-138b722b2525","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":119,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"7141b24c-c2e8-4805-9e5d-eb44477c1328","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":119,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"ec849053-2ab5-440d-8104-c24dea1f5d1c","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":119,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"ca9da4a2-72ad-4a91-a79a-d39948df2792","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":119,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"21741d0a-d2ca-4e76-a419-909661b912ca","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":119,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"2a445218-2412-4a47-8779-85ab0a69ff58","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":119,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"7f21771d-0309-481b-a326-80313df34608","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":119,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"1f8b7d77-a798-4f72-8b5f-f447216aedc5","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":119,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"3ce22786-4c8e-4c5e-84c6-4892648282e7","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":119,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"25fb6f3a-5034-4222-8e49-e66a8c19f53b","block_type":"box","text":"II-72","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5767ece5-68e3-41c5-8b7b-c0c68dc973ad","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77c2caa1-db83-44da-829e-fea59e973050","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":45,"width":777,"height":11}},{"id":"7b4b42fe-af25-499d-956a-11e0080d7298","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":60,"width":839,"height":11}},{"id":"c07de622-08ca-4ef2-9335-92ffc7e0dde6","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":75,"width":708,"height":11}},{"id":"a28e6177-9bf8-4942-94d7-605a61d6218e","block_type":"box","text":"Rule 144A Securities.","page_number":120,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"0781493f-e210-4c0e-98d5-f07fb3d31883","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":98,"width":560,"height":11}},{"id":"c11392be-3bdf-4624-9b54-5de5b34f7bb5","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":113,"width":741,"height":11}},{"id":"97f4fb94-34e0-48d1-b33a-7b6bf107124b","block_type":"box","text":"Securities Lending.","page_number":120,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"226db69b-9cb2-46b7-8fd6-d30f3aaeed58","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":120,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"d770c590-eeff-4474-8749-81edaed39d52","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":120,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"52d19302-a839-4e53-9352-6717bab4fec1","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":166,"width":817,"height":11}},{"id":"f551b66f-7e77-4a2d-97cc-00f1f6e9a7e0","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":120,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"32eb9d18-79e7-4c2d-b11a-791e1cbf1c2c","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":196,"width":827,"height":11}},{"id":"c925a227-17b5-4f9b-93ec-6eb2ea3a91ae","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":211,"width":829,"height":11}},{"id":"bee7f5d6-84f4-4949-9ec7-a5928a6dd137","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":226,"width":838,"height":11}},{"id":"c7b596e0-8db1-48ae-b399-ace56cfe2455","block_type":"box","text":"the securities were not on loan.","page_number":120,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"e95059ac-c3f6-48bc-af6f-a717c10abdaa","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":264,"width":799,"height":11}},{"id":"8655306c-5009-435f-b29f-310102777771","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":279,"width":835,"height":11}},{"id":"5ed59bfd-1e36-404e-8199-a617ec14c498","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":294,"width":824,"height":11}},{"id":"3729cac3-3144-4239-8a0e-d41e96bcad34","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":309,"width":821,"height":11}},{"id":"fed6b35f-4d8e-40b8-8c74-067494620c12","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":120,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"29838d6a-733b-4bcb-b180-2b13c743e81f","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":339,"width":789,"height":12}},{"id":"2d9edea4-e1ad-4d08-aac1-03f84906ac99","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":120,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"04a1e498-9c0b-4160-918a-b55dc9f809d6","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":120,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"fe097c66-8c41-4b3a-be0d-1577fa5fb205","block_type":"box","text":"i.e.","page_number":120,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"5cb2e7f6-2913-45f1-ba75-dd3e13f91c6c","block_type":"box","text":", the risk of losses resulting","page_number":120,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"4b6b2019-61fa-4348-9870-e2689d74352b","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":120,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"4d6d8880-c1c5-4461-b62a-4165c5f5a845","block_type":"box","text":"i.e.","page_number":120,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"b0bd8ca0-7b20-48cc-b2b6-afdc1f88aca3","block_type":"box","text":", the risk of a mismatch between the return","page_number":120,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"9e91b8f1-d4f1-4447-8c0b-b7f728b17c8f","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":407,"width":794,"height":12}},{"id":"fc88d4d3-ef85-4918-80a3-9973dcb228d0","block_type":"box","text":"i.e.","page_number":120,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"414d210d-8765-4ece-b7c3-07293a774c08","block_type":"box","text":",","page_number":120,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"783b8f9c-0c72-448d-ab93-13e3acacca62","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":120,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"3ece6414-9fac-4a92-977c-ed635e452400","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":120,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"411041fe-334c-4460-b515-0183d9125cec","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":453,"width":822,"height":11}},{"id":"3e8b6c0a-0682-46e9-8ba6-cc909e5021b7","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":468,"width":811,"height":11}},{"id":"706217d7-ad8c-4aeb-bc80-3f46ec00d84c","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":483,"width":820,"height":11}},{"id":"c6c230e6-eb67-43dd-a7c5-d0ad8e7192ea","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":120,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"598a1fa3-0192-45ed-b52a-7afded79f2a7","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":513,"width":820,"height":12}},{"id":"b37fa246-1f0a-4488-b88d-e22e40d8209c","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":528,"width":805,"height":12}},{"id":"f597b3eb-eda3-4e15-849d-e8ab24382c66","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":120,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"14e7e0e5-7ef0-4825-9420-f6403aa800c4","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":559,"width":775,"height":11}},{"id":"445a4a0c-58fb-4566-9667-45cf5a30e90f","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":120,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"2ae867b2-c940-426d-a256-30e73b9dc9ac","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":589,"width":838,"height":11}},{"id":"f07bdda7-247b-4fa9-b6ab-4947fe54c2be","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":604,"width":837,"height":11}},{"id":"69a7f58a-e852-48c5-b8a1-331287df9c73","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":619,"width":808,"height":11}},{"id":"f09189bd-1296-40c6-9ad8-e8386198222d","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":120,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"ba13ee34-9df9-427c-a52b-8a4fd2a64c31","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":650,"width":832,"height":11}},{"id":"388bebba-a450-4846-a478-f4688caced2a","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":664,"width":801,"height":12}},{"id":"f21b02a5-e1e8-4df1-ace6-5558685db356","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":680,"width":823,"height":11}},{"id":"9d272e80-54dc-4310-be4a-167a22e6a172","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":695,"width":823,"height":11}},{"id":"5f8c6208-51aa-4fc8-ba18-83ecd3e2523d","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":120,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"dc46d57d-2ea8-4a8b-bcb6-87b9cd13db46","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":120,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"f5e39c9e-f65a-4a0a-b0b3-44caaaf289e4","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":120,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"574c1acb-cc32-4e27-b402-d9103ee92d7d","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":120,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"e66662d4-d4e9-49c9-b107-c7cd7847b796","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":120,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"88796f18-253a-4a41-a5ce-fc26858dda03","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":120,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"c2dfd72a-0940-4e76-9b39-7a227a76cc8b","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":120,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"14b1b7b5-d79e-4a0a-af9c-73dccc5e189e","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":120,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"ac41ba10-9dc9-4848-944a-4ba1c8bcee96","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":120,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"6bf2325c-ca08-4ca4-be00-7e53c0d7d9f5","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":120,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"340cb376-9b89-4b77-ad00-5bc2264d8c3b","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":120,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"b9a3e78d-c128-40af-941e-7dd484244e1b","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":120,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"9f07c65e-72b4-4a38-a0df-ffc864a2a033","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":120,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"d34de7c6-d73b-4422-8ea2-77a91c908b97","block_type":"box","text":"II-73","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ac1de24-6099-4383-a3ca-9c6babe0ed6b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60e6ee6a-8d93-4285-aa48-a5150375e45d","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":45,"width":808,"height":11}},{"id":"70011aea-edfe-48d1-8623-1ff728eef798","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":60,"width":839,"height":11}},{"id":"c647e529-522c-405f-bd0c-877bc36dc23f","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":121,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"f8583ffe-7bc4-44c4-91d4-54d2bb9223b0","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":90,"width":794,"height":11}},{"id":"8afcbd09-1f80-4e92-91d6-cf964ae386f3","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":121,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"2f3a8b8d-5f2b-4c4c-a4d4-0b25899ced12","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":121,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"c2919ff1-d4ce-474e-97de-e0fc1260b0f8","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":121,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"672e7941-4a6c-4b5f-9832-b3173ca9f7c4","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":121,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"a4dce1e2-8ae0-455f-b507-ce238683e6a3","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":121,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4babee3f-2176-4c3f-be84-3e56c3a728d2","block_type":"box","text":"the current expected compliance date.","page_number":121,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"c55c8e9f-81b7-46f4-aa46-94cdb939d285","block_type":"box","text":"Short Sales.","page_number":121,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"6bd55970-8dfa-430a-a64a-adfb1035cb22","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":121,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"ff30f7d1-9a16-4b70-a8ad-fcb1db4ece21","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":121,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"5ab9b85a-e751-41d9-8ef2-e7032c5b0726","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":121,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"961a9ee8-a944-4fe0-9f54-0f935b99998a","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":121,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"712eb72b-5110-4be0-9b76-0040ef34f242","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":121,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"7c65e3db-882b-424d-8401-936b04fff84d","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":121,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"2857424c-4f39-40bc-b94b-32a9e0a7c57b","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":121,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"1cd977e7-a80c-48a3-8744-c41588a57d65","block_type":"box","text":"securities to the lender of the securities.","page_number":121,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"034155b4-5e25-44c4-9c1f-12ab4d548e1e","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":340,"width":772,"height":11}},{"id":"59ff6e25-beca-41d7-9811-21441a80da3e","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":355,"width":795,"height":11}},{"id":"138f2127-4628-4f5a-9792-1fb9efea8bec","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":121,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"579db2c1-d49a-438b-8f11-5715ddd1d492","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":385,"width":830,"height":11}},{"id":"9cdf8734-6fbe-4c4e-bdca-4645dbae8b3b","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":121,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"becd667a-42cb-44e1-86ef-6b8f46466ab3","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":415,"width":770,"height":11}},{"id":"3fc068c9-6b19-4757-806e-774cd7a829fd","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":121,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"04d0cb2b-80e9-44b9-91e2-c55fd1571806","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":121,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"110d358a-2e4e-405d-af6d-00f5a4a3a058","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":121,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"7ad3d525-733e-40a2-9ff2-a2911b157302","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":121,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"79294876-2bb7-4d62-ae50-84e07a62736c","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":121,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"3a6cecb2-a0ac-4232-8870-697672372ce0","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":121,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"9bc57443-0467-4a8a-918c-524309d2b544","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":528,"width":800,"height":12}},{"id":"48243342-0859-4a7f-9397-d807ebf8649c","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":121,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"a1921837-c274-4b78-b097-9b54c287de06","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":121,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"8fea6080-deb2-4274-9eba-b895382c33c8","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":574,"width":640,"height":11}},{"id":"e4d04ee0-1182-4ab8-baf2-0703d10a416d","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":121,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"cc9bb989-be1a-4556-ac9f-913ce98c5911","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":121,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"e2f399be-51fa-49f9-8902-c9299a8a3c12","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":121,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"a6b23a9d-a531-4914-bd0c-ae476c30ebd8","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":121,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"dae40bd0-b739-4ea0-ac1f-df2e838d1ad4","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":121,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"0da8ac5f-6c05-49a2-838c-6e2f74bdf09c","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":121,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"fe9d48b3-4d2e-4f81-8a41-d376ffed3214","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":121,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"48c2617b-7c4f-4d54-ab94-cd8bee5b43df","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":121,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"58a94799-a936-4440-8db7-37d1ef7f2846","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":121,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"019dcd66-1972-4f91-9efe-301f42d6567a","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":121,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"5468199b-f565-4b68-b0ee-4c2815c23b77","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":121,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"ff114272-2922-4045-96f0-18845bbe78bc","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":121,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"39ae82a0-d729-4f14-87a9-980f683ad0ed","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":121,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"ca5bf173-af07-4b8e-87ac-5dbb9b4d8e17","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":121,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"0daba049-0d1e-4039-8501-8136c38db343","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":121,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"808cc6e2-a012-44ec-b77d-3732774bd229","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":831,"width":791,"height":11}},{"id":"f24f5c89-d4be-4fca-b840-1c2ef1b1f7de","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":121,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"395aefff-67a7-4da2-97c1-4ac0766e002f","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":861,"width":824,"height":11}},{"id":"666166ae-52c7-4a2a-95ea-897c0932e028","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":876,"width":821,"height":11}},{"id":"bc2920fe-d425-48eb-b7cd-09e100207998","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":891,"width":768,"height":12}},{"id":"f3410f8a-3f3d-405c-ad2f-c50a4006ff59","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":906,"width":826,"height":12}},{"id":"4fff07fc-d579-46a4-9a10-24a1e80b8aac","block_type":"box","text":"II-74","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae684957-a05a-4a56-b624-722f311e54e5","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27a3662c-534b-48aa-811f-6336b8a13572","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":122,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"a74b27d3-7f98-4801-823e-711b593d1b06","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":60,"width":797,"height":11}},{"id":"1bfa4ed7-879c-4f67-9812-b72bdfd8d24d","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":75,"width":795,"height":11}},{"id":"7c899cb1-ed5e-4625-957c-b692df108dcc","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":90,"width":788,"height":11}},{"id":"a8775586-db56-4bba-a87b-149478485cbb","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":122,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"a14549cb-f67b-41e2-ba67-564970dd1a7f","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":120,"width":820,"height":12}},{"id":"ec58be7f-8a4b-4237-9375-ca836162298d","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":135,"width":815,"height":12}},{"id":"ce773f06-5f26-4731-8143-e093e5a5a023","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":122,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"f8266649-87a3-4340-8eff-01849fe5924c","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":122,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"0671435c-9981-4db4-8de7-0720f7a54952","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":181,"width":838,"height":11}},{"id":"2534f007-a690-4974-aaad-1aece00f7d7a","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":122,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"63f02548-e3f7-493d-a0bd-49d648b7601c","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":211,"width":828,"height":11}},{"id":"6695c703-1312-4e4e-be81-3a7978d6679e","block_type":"box","text":"Standby Commitment Agreements.","page_number":122,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"f239b8be-d663-4377-8ccd-304dae13fcd0","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":122,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"119269ae-209c-406d-85d9-e3a7e5dacdaf","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":249,"width":834,"height":11}},{"id":"db55877d-51e4-4a72-a356-8584c009b62f","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":122,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"2e4e300b-4f84-4209-b632-8ec1b4212bdc","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":122,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"0ac22721-0eb9-493c-819e-2b6ae3583ec4","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":294,"width":793,"height":11}},{"id":"79d7b950-5e02-4999-acd0-fdc72697b93a","block_type":"box","text":"advantageous to the Fund.","page_number":122,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"bbb7ceb1-0586-48f7-9c95-739cacfcc5b7","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":332,"width":800,"height":11}},{"id":"c58c8ef1-3094-4b21-94b9-bca74ba88105","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":347,"width":816,"height":11}},{"id":"30c15aa5-e2d4-4f84-8078-4f773e1a717a","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":362,"width":835,"height":11}},{"id":"0706d6a4-3b1a-494f-bc43-d6ddac19dd7c","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":377,"width":828,"height":12}},{"id":"5aea8d48-e7b7-43ad-b1f8-5d0308235dc2","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":400,"width":785,"height":11}},{"id":"8cda1b74-4a1a-414f-9c6e-d1876e32d673","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":415,"width":837,"height":11}},{"id":"9cb76978-eb39-4d3d-9bc6-2a78d0a2d95b","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":430,"width":815,"height":11}},{"id":"11dad63c-179d-47ef-b089-c174c4ea4df7","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":445,"width":792,"height":11}},{"id":"c39d3bd8-5851-4556-b85c-5759ff758d5a","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":122,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"1f3bb1a0-f3e0-4a29-8b23-f725f226f0f8","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":483,"width":789,"height":11}},{"id":"e92c67f3-cf3a-44f9-ab0e-a87557847876","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":498,"width":814,"height":11}},{"id":"ffcb2eb9-a2f5-4c13-9092-d5bc71dd8ac6","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":122,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"c8402b78-a09b-4eec-afc9-6a7f62ca0f37","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":528,"width":815,"height":12}},{"id":"1207e242-a5e9-40d7-b138-f2ff3288f941","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":543,"width":817,"height":12}},{"id":"e4e33fb7-8c36-4489-b5b4-84d800660190","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":559,"width":578,"height":11}},{"id":"2fa68aed-0222-42fb-9491-b6d9f4e71529","block_type":"box","text":"Stripped Securities.","page_number":122,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"d20be2c7-772e-424d-9a7d-075e0e79c52a","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":122,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"c7ea4a57-37b1-4865-8137-854c81654ba5","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":596,"width":839,"height":12}},{"id":"d541dfcc-fb5b-4c21-990e-23b5db9b5e4e","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":612,"width":818,"height":11}},{"id":"b5d69db5-d9a4-41cd-9000-f34088b542d1","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":627,"width":813,"height":11}},{"id":"f96750a3-6b94-40a4-87e0-ce2c3bbc2626","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":642,"width":777,"height":11}},{"id":"1b02d862-86b7-4e89-82ee-ae848a17a1e6","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":657,"width":802,"height":11}},{"id":"a45ba767-47e8-4158-a1f6-9b57a78cc36c","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":672,"width":794,"height":11}},{"id":"691e6c22-c30e-419e-9b90-9e6ebf258d6e","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":687,"width":837,"height":11}},{"id":"f492aae6-9d1f-4e54-a63d-18d1406ce592","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":702,"width":823,"height":11}},{"id":"98d731bc-8e3c-4e56-9f0e-9639a2b7ec7d","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":122,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"8e3492aa-aaf5-4b68-8c67-064634a714df","block_type":"box","text":"Structured Notes.","page_number":122,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"be63a1c9-97e0-43f9-8c5c-99fde8b926aa","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":122,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"82789891-8b61-4398-aab5-b284c43b5944","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":122,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"a5681866-a0dd-41dc-bec5-9b17f02c257e","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":122,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"3afe22c7-5185-46fe-b225-ba7231e01b27","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":122,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"b74ff071-f937-48d5-a821-34c16607f7a7","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":122,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"27bf3077-06a8-4988-9878-a95485b8992b","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":122,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"71cc85fd-9e8f-489a-9bfd-0c3622d745ed","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":122,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"8de01c00-bb3e-4b15-a5ff-a4dd2bb0293b","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":122,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"40874631-dadd-492c-b157-dd40e4ba1e47","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":869,"width":768,"height":11}},{"id":"0fd1de66-cdc8-4286-bd1e-82b077ed73b5","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":884,"width":821,"height":11}},{"id":"68ae6271-2e23-46b7-a775-372564b7f10f","block_type":"box","text":"II-75","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c93675d-02af-4038-8cac-33285877cf50","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edd5686e-ee4b-4208-8eca-0a88fc69d272","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":123,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"f24aefca-934f-4ca7-925f-9f2d4ec6fc1e","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":"dc6bb439-7166-4331-9df3-f82925690559","block_type":"box","text":"the risk of loss.","page_number":123,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"b10fabff-d30b-4953-a513-780d2b9a0c4d","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":"92f0d237-78dd-475c-bcc9-ca7893aeac45","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":"febb09c7-1451-4457-9a0e-8f4ea6cfe87b","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":"5b514215-181c-4c5d-ae0c-4596fc066be5","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":"bb70ceac-1be0-4471-9b15-b6b25aa97c24","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":"869b10f5-d273-45d9-a971-14864ea90ae1","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":"aa9af452-b795-45a8-bf76-7713723f998f","block_type":"box","text":"Taxability Risk.","page_number":123,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"8ff887d5-d22e-4b3c-b845-289bf910e518","block_type":"box","text":"Cer tain 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":"7a2ea887-ef1d-41ec-9cad-18dae29ecad2","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":"0731fdd0-b87c-470a-98c8-308a35f48908","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":"2c846032-2e97-4a35-9050-248f4b0075a9","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":"853df462-2c05-4e4d-b888-4fc121820180","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":"3fb48911-15ed-4f68-bedc-ff8431f0cf3e","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":"8c439eed-b976-43a8-bc7a-3bd6a67908df","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":"a20bba24-88f4-402a-bec0-128a33618149","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":"fd18b0b1-c3b1-4a04-a881-c2f4fb0db39b","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":"434dd335-c62f-4e76-9789-240b883b6035","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":"03d116c8-43fc-46de-8851-a978acbce4a5","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":123,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"752852ab-c6cf-452d-8490-5674696f055f","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":"878b9132-dd14-4252-a9ea-1f0512292770","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":"e11a8c38-fb73-4ef2-892d-ac4929deffda","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":123,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"d2c1c58e-f1de-4d06-adc0-a756549cd630","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":"28c44a8d-a6a3-443b-98ce-c7ad347882be","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":"6f629be8-cfbd-4817-93f3-558861c2433f","block_type":"box","text":"Temporary Defensive Measures.","page_number":123,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"1c4c0ac6-f3b0-49b7-99ab-256924f2d553","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":123,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"a6e0ea17-010b-440c-8c83-8a71758d105a","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":123,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"f9e96fc2-fffd-42a8-93c3-6b8af775d3b2","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":123,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"95d521fa-c3f6-402b-a8c7-975fb94c4afb","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":123,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"31b548cf-6a58-4be4-b292-5baf8f70bbc2","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":123,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"e05807b8-2580-4174-90ec-31ebc75a864a","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":123,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"0f02a157-6746-4976-91fa-1fb385a9cecc","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":123,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"fe76a5ea-8317-4c7a-b78e-358a613be344","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":123,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"f8d6f120-2c5a-47d1-a906-d5e5fa4c49c8","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":123,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"bf8880b4-6172-4387-b8dc-87c53cbb6832","block_type":"box","text":"its investment objective.","page_number":123,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"4d359f7a-c115-4b2d-8474-ec719c743332","block_type":"box","text":"U.S. Government Obligations.","page_number":123,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"ee4281ba-22d0-454f-9917-1abe81c735ba","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":"eb4a357c-4b3b-48c6-8a0c-80d0d285da98","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":123,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"d94598aa-4104-4193-bf50-a02a63fbfd1c","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":123,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"d0fe84b3-fd7d-45f4-9ad8-ffe5baaf7411","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":123,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"b28b3ff8-04bf-4fc6-8ff1-150e3750521c","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":"65fd2339-134d-4009-ab01-e1fa303582b4","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":123,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"10406daf-5626-4de6-bc7e-78aa9d1b1135","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":123,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"1e4c064b-31c8-465c-a0c6-af5467716b5d","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":123,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"5dbe0a25-f776-4090-a2fc-f17046e3227b","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":"7b62ce76-6fb7-477a-9eab-a6b071ffc76a","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":"faf523f6-f4c0-4e81-af1d-847821692e4f","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":123,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"72e73980-a41e-44af-bb8c-4504730ec737","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":"d51128e8-2642-4768-ac3c-c16a58439012","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":"8d487602-6eea-48c5-bc22-01d920dc8601","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":"5b72a82c-e5f6-4727-be6d-f11fc4896945","block_type":"box","text":"Administration, Expor t-Impor t 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":"18621bf6-0a37-4d68-afee-7c6c20991175","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":"e5c002a5-61b9-4fca-a035-552f15bb472d","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":"f17e0073-6805-4f89-b90a-9a26ca21f25b","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":"80a7110b-92fc-45e3-ab15-d69d63c76f00","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":123,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"1112f231-e665-4e20-879b-248c25b75044","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":"781196bd-8589-4e85-becd-2143d421cd33","block_type":"box","text":"II-76","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"789a4bf9-99dc-4ef0-97ee-27b91365450a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd6974a9-db76-4a46-b1e6-b6b5e23d14b6","block_type":"box","text":"U.S. Treasury Obligations.","page_number":124,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"70225d6d-62ed-4148-a602-01a83600b25a","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":"20269dfe-63b9-4bf8-87dd-99852052e442","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":124,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"ed501771-81d7-488b-9098-a9d82b3800cc","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":"b7bd5a2d-7630-468a-8920-37913fd5e10a","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":124,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"4f779afb-d772-4546-90e9-4a6bcacb5e42","block_type":"box","text":"do so.","page_number":124,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"7a5ae5a1-94b6-4fe1-b949-4a641fa96708","block_type":"box","text":"U.S. Treasury Rolls","page_number":124,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"74ad6cdd-691e-4b6a-a8cc-cec2ae7b6469","block_type":"box","text":".","page_number":124,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"fcbfaa20-231a-4894-a592-49e38a28b741","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":124,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"a3b5b7d5-91fe-488d-a538-57dcde58e113","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":124,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"d8f1cd28-67d0-4299-bf0e-405f19526ee1","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":"5e35761f-02ec-4013-8001-b612d00d0374","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":124,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"23f84399-c023-46e9-93f5-1bf9d61dbf54","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":124,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"27acb4d5-e7e3-4d78-b735-63ed41f00a61","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":"c3f7bcf2-16c9-471a-bb46-c9cecf13457a","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":124,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"df3e4c02-1baf-45b0-8316-a64f830b3bc0","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":124,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"700c4ac0-22e8-47c2-8e31-da3e29698fbe","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":"3656db15-e4c3-4587-a41e-3f3fe7b194aa","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":"13cdc37e-e5a9-46f6-abdc-faab12960c3e","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":"7ad66a77-277b-4019-b266-1b7e1c65cac9","block_type":"box","text":"Utility Industries.","page_number":124,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"65cc0b66-c883-4551-b2f3-f63bb6013296","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":"c09c374e-3786-4b4b-9a4d-e695fbc2d892","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":"c845e345-badb-427e-81df-a3d894634fba","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":"3061e51d-a76a-4a86-afb9-badacf509cbf","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":"523fd09e-8acc-4b19-8ed6-54aa876e6450","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":"86dd5a4d-474a-4838-98a8-8af33b4dba8f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":124,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"378d72eb-67a9-4531-a143-e07f82b730fa","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":"abc89e6c-7bf5-4b8c-a83d-1e43bfdddab5","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":"220e3b19-f542-4856-8c7a-ef14eca98c0f","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":"5a4007fd-c165-49a8-81b9-5496fa6f04c2","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":"f8bac4ec-9c1a-4c29-8bc2-f1914d6d99cb","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":"756245e5-1a47-4307-8824-460364c1c975","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":"301054a4-7d35-4ea9-bfb5-1b72fb5f2a85","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":"95f665a3-1d8c-4805-957e-8a3fd2018062","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":"f798c9e0-92cb-41fb-9584-148c620aaeeb","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":124,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"3a5e1a66-b3f7-4ec4-b6f3-7ae8a105e4f7","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":124,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"fe8cd3d9-98ef-4e22-9934-1e79bcdcb0dd","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":"13fb03c3-454d-4136-b6e9-f1615d10dde6","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":"d6fbd8e6-ca22-4619-b1e2-936c477cf951","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":124,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"753e6004-c2ba-4897-93b3-80d9a09fee9a","block_type":"box","text":"utility.","page_number":124,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"2ff57113-794c-4baa-9eb9-cbb40c07eabc","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":124,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"8ad17656-ddb8-471d-bf0c-6ad7d701080e","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":124,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"a5584bf3-b3fe-4469-80ea-a32b47f392e8","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":124,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"06ca9bed-29df-4b24-9c12-debaa29ecb99","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":124,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"daf8bd3f-2435-4e1e-84e2-227e6428a47a","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":687,"width":789,"height":11}},{"id":"baee2f1b-29a4-442e-8303-c2938f6a19d2","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":702,"width":790,"height":12}},{"id":"d66c9757-7152-4d32-a237-fc36235ded8b","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":717,"width":811,"height":12}},{"id":"13b49c90-320f-4ab9-a75a-fa1acad01677","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":732,"width":824,"height":12}},{"id":"0989fa94-82b8-4366-8595-4b8668264263","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":748,"width":781,"height":11}},{"id":"107e961d-95c0-4515-a4f4-16abf2fb85e6","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":763,"width":826,"height":11}},{"id":"c2ecab3c-5dfe-4405-80fd-80dd85fe2cd6","block_type":"box","text":"continue in the future.","page_number":124,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"5c15c9a3-48a7-4d75-8c98-d148f552c8e6","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":801,"width":763,"height":11}},{"id":"aa996b1e-c3fc-46e7-84b7-0d6847d37b08","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":816,"width":820,"height":11}},{"id":"1917570e-6723-445b-a593-f2f61ccd26da","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":831,"width":834,"height":11}},{"id":"f22577aa-a246-4ef0-b58a-bdf1341521d5","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":846,"width":784,"height":11}},{"id":"c69f1e44-60c6-49df-ad88-2468da87978c","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":861,"width":830,"height":11}},{"id":"1ac63e26-4bf6-43fb-9877-1e7f12eb9019","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":124,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"4ec35a16-6e1a-4d1b-8cdb-75d54ba07dd4","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":124,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"b9b5991c-5c05-4509-bbc5-3ef52673dee5","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":906,"width":825,"height":12}},{"id":"62bb97a1-2357-4ebf-a914-adf9711fb378","block_type":"box","text":"II-77","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5d38c84-045a-40a5-bb50-49c999ea9a01","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5ac9523-cafb-4cdd-b998-d1b55bc9c365","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":125,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"3540d2a4-a92f-44dd-9539-30e825359cd0","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":125,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"7f2bbec0-89a4-4627-baac-58832357dcfc","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":125,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"74deeff4-f455-4330-ad4a-42507500be07","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":125,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"52d6e197-44d7-495c-8a3a-14b8fed2d752","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":125,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"eaa459a9-0d5a-4523-8af0-d14b24722e9c","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":125,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"eb1d8c69-b28d-4c97-8f28-e0cbd2473bf9","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":125,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"ae388ad8-7c58-426e-b461-ae0857506908","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":158,"width":720,"height":11}},{"id":"0b52d799-6776-439b-8c6d-6566a89f0976","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":173,"width":838,"height":11}},{"id":"8cda9665-5f0a-4265-99c9-9e109c692960","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":188,"width":762,"height":12}},{"id":"de2f0601-60a5-4954-9d4d-7891b3bd16a5","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":203,"width":815,"height":12}},{"id":"49c6b1eb-4283-44c4-8bd3-877c7e53e65e","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":219,"width":801,"height":11}},{"id":"ba711446-613f-4673-a29d-1813c78b33ec","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":234,"width":828,"height":11}},{"id":"9116ca97-a5c0-4440-bde4-46b5f08b756e","block_type":"box","text":"ways different from regulation in the United States.","page_number":125,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"9198935f-3a6d-4a03-bf1f-ba5bb39e9194","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":125,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"40f9b93d-ff26-471a-8c07-c23355024f5f","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":125,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"03cb4285-0ed8-4fd6-8a2d-c82e99d4baff","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":302,"width":833,"height":11}},{"id":"9da67b09-887d-42fb-8dda-a7f14334fcc0","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":125,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"0c69e2d7-e9db-4526-8363-25f66b2b8833","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":332,"width":831,"height":11}},{"id":"d49a8fb1-10f0-4588-95ea-095ac82dd3ab","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":347,"width":828,"height":11}},{"id":"8503a544-0486-487c-9055-cbc1b11b5ea8","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":362,"width":832,"height":11}},{"id":"c3d0cf3c-fb51-41c4-b33c-114b831362b6","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":125,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"733adcc6-01d8-47df-92a4-e9a2468500f3","block_type":"box","text":"increase.","page_number":125,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"f7ec0836-bc38-40c6-90ca-b5a5fc5ff83c","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":415,"width":793,"height":11}},{"id":"94b74866-042b-4d2c-a695-0d7aa8cda22c","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":430,"width":821,"height":11}},{"id":"acb4e06c-30a4-44c2-9bcc-3f255c793fee","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":125,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"b89e7321-4e11-49cd-ac11-a93592233f47","block_type":"box","text":"Electric.","page_number":125,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"0259d55c-16f0-49a7-8940-5b496f621619","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":468,"width":684,"height":11}},{"id":"cc7a5855-2050-4c1f-a4c0-0861c865b176","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":483,"width":793,"height":11}},{"id":"7dcba6fb-9ad6-4333-b251-d866a09cca3f","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":498,"width":814,"height":11}},{"id":"2532c733-d7c3-47d6-bf85-f8ae748577df","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":513,"width":833,"height":12}},{"id":"3ac87c68-c022-4e08-9d0f-bb6f5e698de6","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":528,"width":821,"height":12}},{"id":"dbc3f626-340d-4835-a8b3-7f9e09d962a5","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":543,"width":823,"height":12}},{"id":"1511cefa-c278-43db-ba36-60f3741660e3","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":559,"width":803,"height":11}},{"id":"51917748-a4c9-4304-a29c-e2899b3e4fde","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":574,"width":778,"height":11}},{"id":"d0e40173-10b1-4c0b-881a-19b237eaa10f","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":589,"width":836,"height":11}},{"id":"8d8cea0f-e28c-4390-b623-fe601ff6d8d4","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":604,"width":793,"height":11}},{"id":"364d9217-cdb8-4e7c-b27c-14c88d855aa0","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":619,"width":786,"height":11}},{"id":"d006c04f-c151-452a-9b86-f18ab5e0e075","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":125,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"7ea4360f-c2f7-481c-8655-e995feac67db","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":649,"width":775,"height":12}},{"id":"cf0f0ffc-b1d6-4a38-b4a4-c679376eb098","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":664,"width":770,"height":12}},{"id":"20050226-439b-45f2-91ca-0a1778ccee9c","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":680,"width":826,"height":11}},{"id":"b967c4ef-6817-4e92-b80b-b41218d0df68","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":695,"width":800,"height":11}},{"id":"3c689b0e-b952-499c-b98d-03999a8ad3c5","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":710,"width":836,"height":11}},{"id":"6e0272ea-ae6b-4f0a-bccb-cd20583b2bf3","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":725,"width":826,"height":11}},{"id":"da995ff5-0824-4a4a-9d0a-906b83833a8c","block_type":"box","text":"and for decommissioning such plants.","page_number":125,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"e963676b-0f19-4eb1-ab59-d882c81e6652","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":763,"width":776,"height":11}},{"id":"8ca774f0-c03f-4ad5-8a64-985e0d6d22d3","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":778,"width":802,"height":11}},{"id":"f3d2de20-5528-4cb9-b58a-b727043c020b","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":793,"width":791,"height":11}},{"id":"a56bcd14-3a60-4eb9-8a29-287e40ff9166","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":808,"width":839,"height":11}},{"id":"87357d12-ecf1-4655-9375-75a075fb2105","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":125,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"6d1fedfb-98ba-46ab-b65f-06ae86166833","block_type":"box","text":"greater predictability of cash flow.","page_number":125,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"459bb2bf-ba15-467c-997f-32215d94303c","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":861,"width":801,"height":11}},{"id":"60f0e0ab-29b7-4a0d-b403-050394e11e5c","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":876,"width":821,"height":11}},{"id":"1d8634da-5e37-47bf-a844-61a8e1e61ff0","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":891,"width":835,"height":12}},{"id":"65078271-6aa8-4655-8d49-1fc78da65a15","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":907,"width":815,"height":11}},{"id":"4c9eb6c3-2739-41bb-9a45-15eec3048394","block_type":"box","text":"II-78","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e1ec612-7716-4edd-8f50-fb7be03f8c1b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a893649-4df4-480e-a15d-daf8585f810e","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":126,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"958a3142-d5f2-4f7c-9093-ac2af0bb3cfb","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":126,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"fdf78ca1-ce0a-48ee-94b9-65cd445b07c9","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":126,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"3cd020b8-3dd6-4d07-981e-10db4f4a033d","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":126,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"0a5801ac-79d1-4134-a577-0063b15cb412","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":126,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"c003fdb6-fcda-434d-b934-e240699bc58f","block_type":"box","text":"Telecommunications.","page_number":126,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"30f7f8f4-a2f1-4b09-9b48-6e1c0d2b45db","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":126,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"6e6c041d-582b-473c-ae01-91795b951425","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":126,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"e27b8182-7656-400f-bea3-0d2b1837ea87","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":158,"width":782,"height":11}},{"id":"49fe7c74-9ec4-400a-b801-a5e8832d872e","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":173,"width":786,"height":11}},{"id":"552d3c2f-8cf7-46fa-bcef-37b06eb32bf2","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":188,"width":784,"height":12}},{"id":"80b1dbb0-d920-4b54-8b43-ec0366b67028","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":126,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"1e908b0b-eb86-4f75-a07e-7e233c7b6352","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":126,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"03144ee8-e960-43b1-b7e9-4c0209576866","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":126,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"0c8b30ad-87ba-45e4-9689-fb3671b84a48","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":249,"width":825,"height":11}},{"id":"57ea0326-0a2f-4738-8a77-dfab8a234bbe","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":264,"width":823,"height":11}},{"id":"47ae0b14-a4ec-44f7-a04d-1206f6a7e8de","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":126,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"e7c78ab8-4d60-4838-8ede-0d6c1833cc2c","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":294,"width":830,"height":11}},{"id":"c0c6e688-3d5e-4355-8a1a-b41c09b805c7","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":309,"width":821,"height":11}},{"id":"3955b09a-1550-41ed-bc5f-235fd93fbe65","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":324,"width":827,"height":12}},{"id":"32b3fd62-37f6-4700-95d7-ffe540c04b97","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":339,"width":804,"height":12}},{"id":"843dccb1-bc96-4a43-8737-cabe55a61f80","block_type":"box","text":"residential, corporate and governmental customers.","page_number":126,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"33059c44-41ab-41fc-9947-ff8ac3e50e25","block_type":"box","text":"Gas.","page_number":126,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"e1ddd20f-68f8-4f8a-8ed2-d055c5c0bee9","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":126,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"b6bd33b2-a50a-4ede-868d-81b33e4d16e2","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":392,"width":834,"height":12}},{"id":"f8a6472f-9248-4be9-8a23-0bee2b878d47","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":407,"width":756,"height":12}},{"id":"4c1c0cf5-10d7-4af4-834a-06a3e95eb54a","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":423,"width":831,"height":11}},{"id":"6522a703-d7e0-4d64-bbb8-f889b3d798d1","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":438,"width":801,"height":11}},{"id":"c56283d2-d72d-42b3-876b-b2882ddaedb7","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":453,"width":815,"height":11}},{"id":"eaa9a0aa-4332-4923-995a-1ea942e2d497","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":468,"width":782,"height":11}},{"id":"7c97b0ce-44e1-4dd2-b0eb-be6f54cae793","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":483,"width":829,"height":11}},{"id":"67e194f3-d678-4699-b91d-43195ff9e3c5","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":498,"width":691,"height":11}},{"id":"3bbb212f-ea3e-4f14-94b3-0496b8060d46","block_type":"box","text":"Water.","page_number":126,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"ce7b56b8-21eb-4726-bc96-25ff36482dc1","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":521,"width":754,"height":11}},{"id":"38f803e5-47fb-433a-bd18-7dccd590d4ef","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":536,"width":796,"height":11}},{"id":"9900a728-2722-4eda-97c0-f92acceada58","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":551,"width":806,"height":11}},{"id":"e37a00e4-8209-41e8-b82c-f9f83653f8d4","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":126,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"39451c79-5c97-42dc-a30c-bd0cb41fcf4d","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":126,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"ba85ec40-91e3-440e-9821-9aff7ac42855","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":596,"width":832,"height":12}},{"id":"e3c5d13d-2c2b-4e4d-8332-8fdb6759077d","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":126,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"87d8a125-3b03-48eb-aae1-4f89bd5021b9","block_type":"box","text":"Utility Industries Generally.","page_number":126,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"9f485afb-0c61-4617-a344-4d15e71ee875","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":126,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"c149f030-1714-4a5b-9dcb-8661e9571c95","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":649,"width":837,"height":12}},{"id":"d26175bd-56fe-48ed-b1ca-f3cfccdb6e4b","block_type":"box","text":"not develop in the future.","page_number":126,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"95a873d5-87bc-41a6-af68-a9eb44aa382f","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":126,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"241dbf3f-8092-42e1-92d5-a9e781270b17","block_type":"box","text":"A Fund may purchase or sell","page_number":126,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"3ff93490-9cc9-481d-8e89-51b2be8d530e","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":703,"width":795,"height":10}},{"id":"e6365c9b-64cd-4d8e-af68-145e972d1aac","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":717,"width":777,"height":12}},{"id":"4e0ac28f-3699-4a87-8f55-d67dd7b6634a","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":732,"width":820,"height":12}},{"id":"0e5ac5ad-0c33-49f9-bf6c-fc03050db8f7","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":748,"width":807,"height":11}},{"id":"de84101d-0c36-40f5-a46a-33001b58b8cf","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":126,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"53e02766-f383-4209-bb88-981a6a1a0483","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":785,"width":750,"height":12}},{"id":"e4e98c6a-26ae-493a-b538-211aa9f5b630","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":126,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"296a06c8-9bb3-4ee4-a03e-57746d9cc537","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":126,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"8b8e9e96-1359-4d52-933a-dea66244f5a1","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":126,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"563c9632-9a82-4f7e-a58b-8941891ab3f3","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":126,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"af0e2224-f897-4eec-b58b-fce8db0dd8e8","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":126,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"9a2f0586-e44c-4aa5-8cc4-8adc3dfc6952","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":884,"width":780,"height":11}},{"id":"99846cce-77eb-4b80-b411-984081651641","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":899,"width":823,"height":11}},{"id":"7247f062-4a65-4883-87c3-7a9a53bee4b7","block_type":"box","text":"II-79","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3cf59891-68cd-46da-bf05-c4ed6d4a8326","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0dd804bc-6f74-48c8-8d69-bba17fdd1222","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":127,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"2bec9105-d075-48c3-868e-50e20abe4a13","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":127,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"221b60b5-e874-4a85-a980-3af3b4e38015","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":127,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"98acfdce-149b-4c63-a323-86e4f7b25be0","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":127,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"5bdac31b-8bec-4473-a0d3-a38555f98da9","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":127,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"a64f5432-bb67-4a5c-9be7-5256df90ea39","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":127,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"ba7fa8bc-7278-4cfc-be4e-1b0ccbc43f65","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":127,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"e2144a2d-9627-4a5e-ab29-9fadfdb2f038","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":127,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"e8546524-f24a-464d-8aee-f990e02540a4","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":127,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"3365242d-6c8a-4cf1-b27b-e49f4ec48824","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":203,"width":745,"height":12}},{"id":"0b11578d-93da-419a-bde3-3663675c5e17","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":127,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"8e10e22e-33ae-4d14-a89d-d566d999d010","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":234,"width":823,"height":11}},{"id":"0fefb1f1-a409-4aaa-b021-ee6b6595d961","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":127,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"4bb99788-b9b3-4953-af55-a172d0c35e50","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":271,"width":759,"height":12}},{"id":"181d33bb-b126-42d2-8e82-b6fbcf7975a6","block_type":"box","text":"securities (","page_number":127,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"69a52943-238d-43ec-a8f4-834664502732","block_type":"box","text":"e.g.","page_number":127,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"2e8242eb-1d13-4000-9a7a-50544cc470ff","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":127,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"e3d4f074-518d-4166-8b23-c2794eeb9f9e","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":302,"width":813,"height":11}},{"id":"208ec570-e1da-42f5-89bd-e11c94382240","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":317,"width":822,"height":11}},{"id":"e843cbf7-72ce-4584-b75b-d2b90b1e0315","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":332,"width":802,"height":11}},{"id":"8b0364de-f845-44c0-b824-4399d93134ad","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":347,"width":826,"height":11}},{"id":"daef644b-6295-45c9-84f0-38e6b1a4a1fd","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":362,"width":816,"height":11}},{"id":"b8738594-497c-4552-8fa5-94b2eff60fde","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":127,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"dbd7fa94-4f17-444d-9642-0debbd24753c","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":127,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"018ccc13-9c7e-44c2-9317-83f2c9aba79f","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":127,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"00a76bcb-694c-4414-9de9-ee93116e9783","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":127,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"39cee9dc-4b27-44d1-a4cd-0c710d2882d9","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":127,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"fae093bc-3b9e-4814-bfe1-efad6e28c14b","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":127,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"b742650f-6ded-4395-befd-891a25a6ae94","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":127,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"56f7a246-add1-4f83-906a-907837a8e723","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":127,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"2762b03e-945b-44b7-97d8-1b2f3dc960fc","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":127,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"2e0bdb47-fc3e-4315-b998-c885296a4e38","block_type":"box","text":"Yields and Ratings.","page_number":127,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"a5f8de0e-24d9-455b-b590-0891352c0dcf","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":127,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"860faa05-546d-421d-aa23-78ce66dd8a50","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":127,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"f8fdbf27-300e-4fc7-aa15-b2f2f693d30d","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":559,"width":799,"height":11}},{"id":"6369e5a9-2e70-46bc-9392-e78fa953c59e","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":127,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"23d10942-173d-49fa-a6ca-0c84d8b87326","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":589,"width":792,"height":11}},{"id":"ff0f2c93-38c2-4629-a8a2-9e28adf9da2d","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":604,"width":827,"height":11}},{"id":"c5481596-b685-4df1-a29f-405f848d6950","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":619,"width":786,"height":11}},{"id":"459f3d6a-3816-443d-8cd1-11acd98f95fb","block_type":"box","text":"continue to hold the security.","page_number":127,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"699e84b5-ef1f-498e-8665-d999706a1fea","block_type":"box","text":"Zero Coupon Securities.","page_number":127,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"8bd52faf-9187-42c2-a55c-f4e3b9989d86","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":657,"width":601,"height":11}},{"id":"49f8f453-08fe-4e62-b3ba-fd01bcc121d4","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":672,"width":837,"height":11}},{"id":"622e3241-8de1-4cc6-ab0d-070025c99223","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":687,"width":822,"height":11}},{"id":"5d3cd823-1713-4e84-bd9e-a7f97bb5925f","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":702,"width":814,"height":11}},{"id":"f6f54431-2975-420e-a230-2fc3b661505a","block_type":"box","text":"security.","page_number":127,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"cff4f4b2-44ba-4a28-9197-2b2290c6d88b","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":740,"width":749,"height":11}},{"id":"31b07e32-1f33-4071-a5a7-7d6b0f1ce087","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":755,"width":835,"height":11}},{"id":"db549475-d8c1-4a26-8e6e-c63beaed2bad","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":770,"width":833,"height":12}},{"id":"f81c1ae2-4cbf-47aa-9fe6-4fac683e3e48","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":785,"width":836,"height":12}},{"id":"a29fc0b5-7704-4bbe-ad14-bb8848c6cf76","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":801,"width":804,"height":11}},{"id":"3510f9b4-78c2-473a-896b-25b14949e0bf","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":816,"width":824,"height":11}},{"id":"901b3082-e6fe-4255-a389-76059782e630","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":831,"width":805,"height":11}},{"id":"aa699d6c-68c4-4bbe-850f-113d6881c670","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":846,"width":837,"height":11}},{"id":"a510d959-d8e3-48dc-8602-3e46938303a5","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":127,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"ce4421f6-b0c4-4122-84ae-25f4182ee562","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":876,"width":800,"height":11}},{"id":"0578763d-ad5d-4982-9a14-8a83c8bb1b4a","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":127,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"fcd2c2f5-b29b-4a61-836c-00412bd22e63","block_type":"box","text":"II-80","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9791d6de-bb3f-47b7-a1f8-63972e78fcda","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56feaea0-0f1f-4d45-a910-63d55095890e","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":128,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"684d4a44-edfe-4d54-8247-4ae52b665c05","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":128,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"6830f924-5c27-4139-b343-92e4b28e05e7","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":128,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"26c55045-4cc9-4e87-8251-466e6629792f","block_type":"box","text":"intervals.","page_number":128,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"12af9c49-f80a-48a6-a351-2b227b310af0","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":128,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"b178fda7-ba85-4542-a647-235c1cac77e0","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":128,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"3279aa3b-4312-4ecf-9c32-25c6b7186a3a","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":128,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"d685836c-30db-45b5-b373-2311a91c8016","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":128,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"0e8d8b6e-23f0-4262-9eb8-3549efd188aa","block_type":"box","text":"exposure to zero coupon securities.","page_number":128,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"2ad2489c-d532-41d9-b317-418a4d2c50a9","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":128,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"bd1cf099-d8b2-4de8-bce4-42876d637a48","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":211,"width":829,"height":11}},{"id":"43298dbb-ed0d-4498-a08c-9df5b991163c","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":226,"width":829,"height":11}},{"id":"af8665f0-aa54-4bb8-82ed-2a19822b8717","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":128,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"db458822-9927-418b-8414-819da88e2c06","block_type":"box","text":"Suitability. (All Funds)","page_number":128,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"d514170a-8435-416d-a138-316649db8dc7","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":286,"width":793,"height":12}},{"id":"4dcb5a7a-118e-4905-bf92-0b2c7e11bb45","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":302,"width":811,"height":11}},{"id":"f644441b-cf7a-4be5-a342-a255ea737c10","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":128,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"b0033068-2cce-44c2-9150-833f1d5d8c6a","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":332,"width":826,"height":11}},{"id":"aef5de38-1d51-4dc0-824f-c50f701f8aae","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":128,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"b297c0d7-8692-4120-a278-753ea83a25dd","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":128,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"e64c3e25-c1f0-4234-a249-b79e641b9b6f","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":392,"width":745,"height":11}},{"id":"41a9ac18-ae84-4e2b-9072-d84c651a4fa5","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":407,"width":807,"height":12}},{"id":"4bbb05cf-95d4-48df-95cc-1d707eef8cfa","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":128,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"6bd41db4-8641-407a-8159-0587b63bf0f8","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":445,"width":735,"height":12}},{"id":"5e25b280-8858-495b-9e66-75f6260a0f1b","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":460,"width":775,"height":12}},{"id":"28fbbd1d-01e7-4fba-ba1d-4ed81a85a0d5","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":128,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"e9a45212-d3dd-4265-8d03-42b7c1150582","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":491,"width":799,"height":11}},{"id":"215dd56d-a999-4296-a9b3-b647d2f24d99","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":506,"width":837,"height":11}},{"id":"7752e6b1-6efa-4c8b-8235-eeb3203e3d27","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":521,"width":825,"height":11}},{"id":"27f50b2c-8c18-4930-864a-c5cd0307bd8d","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":536,"width":802,"height":11}},{"id":"0fb1ae6a-cf36-4b88-9705-6cea03dee475","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":551,"width":837,"height":11}},{"id":"7ad97844-1e50-4bdd-9fda-abf4c473bd75","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":566,"width":819,"height":11}},{"id":"905045db-ff94-4cdb-8c5e-5653079a5864","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":128,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"03ac1901-5c30-40fb-a616-b0c5640a665e","block_type":"box","text":"(","page_number":128,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"1e99d7db-b029-4641-a607-3e535ae01c8b","block_type":"box","text":"i.e.","page_number":128,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"22de2e8e-2a2a-4928-bd9f-bb96dd01fc6c","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":128,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"b27a4139-0395-4d80-8f50-6d9ce3108a9f","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":128,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"83dac3a9-fbec-4c3e-b31a-390cbfab4173","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":627,"width":824,"height":11}},{"id":"2bed0c27-4240-4e09-9087-521284a1b980","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":642,"width":838,"height":11}},{"id":"94465947-86a9-4fdb-b39e-b754f91113fa","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":657,"width":815,"height":11}},{"id":"2aad1274-251c-47d1-a24f-dc880f76b1d4","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":672,"width":781,"height":11}},{"id":"5a611837-a5d3-4e0d-a975-74b7df7b4a85","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":687,"width":810,"height":11}},{"id":"bfa34175-69d5-42ea-8a95-f1f2c3b0e588","block_type":"box","text":"regarded as the sole issuer.","page_number":128,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"10a495ec-5373-41be-8396-3f3103d61763","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":725,"width":784,"height":11}},{"id":"fe6bf14e-de0d-41cf-be5d-7b5830c7f294","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":740,"width":819,"height":11}},{"id":"44b5e31b-69c7-4ac5-9efb-5f8469581d3f","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":755,"width":811,"height":11}},{"id":"367c268b-3277-4eee-89ea-bbddabddecff","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":770,"width":747,"height":12}},{"id":"80f08736-1a2a-4d0f-9550-cf2c67a954e2","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":785,"width":834,"height":12}},{"id":"1ff1ae63-11f3-4165-b7ae-1272e61e1bb8","block_type":"box","text":"75% of its total assets.","page_number":128,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"5c0a5db8-3038-47a6-84ce-50e9e24ac1a7","block_type":"box","text":"II-81","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"534d468b-9bb2-4c91-8964-bec520eae681","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd7e0117-61a4-4a15-98aa-5727c064d617","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":129,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"cfd3c295-58b7-4a03-b773-1940e2721d45","block_type":"box","text":"Directors and Officers","page_number":129,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"54fe346f-b741-44e3-bc46-4e92f53ee4c4","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":129,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"37b97976-4ce3-48b4-b18b-ee73fad24376","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":129,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"e023eaf9-1167-4b98-9e3f-45ba2eba652e","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":129,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"7181b01b-5927-429d-8c0d-7d0765124e71","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":129,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"40a19270-aeec-4966-bb6b-690fed48828c","block_type":"box","text":"Management Arrangements","page_number":129,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"5687e3ab-5102-4d28-96ff-13d58736852a","block_type":"box","text":"Management Services.","page_number":129,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"5ee9d718-0c91-45cd-8ea3-aeda220a786d","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":129,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"4aeefda8-4dad-4b1a-babc-30730a1ac70a","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":129,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"9966d2e7-70a7-408c-a714-761563d8c280","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":129,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"efe2d89c-51be-4f6f-938d-60cfc42c5b68","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":129,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"2e0284c8-741c-4758-86fc-63577a29c0b3","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":129,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"f539de5e-faba-4e2d-872b-49e6471cc338","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":129,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"1d4aa586-c142-4e00-b456-33e8e4715581","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. 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For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":129,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"d70c68a2-f095-428c-9849-1ed2c96d86af","block_type":"box","text":"Management Fee.","page_number":129,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"61f9acd3-43d8-4074-8cc7-0088462ac19c","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":348,"width":646,"height":11}},{"id":"353446e2-4661-4722-af96-9dfec82966f6","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":363,"width":841,"height":11}},{"id":"0eb1f97e-8b50-4a96-974f-f094e42435c5","block_type":"box","text":"net assets of the Fund. 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Cer tain accounting services are provided to each Fund","page_number":129,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"a18a0a32-96dd-47d9-ac00-d5c6a7f4936d","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":612,"width":830,"height":11}},{"id":"3b96258f-96b4-4827-aa3b-b9eea96511f2","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":627,"width":794,"height":12}},{"id":"f63b0635-593e-47b1-8930-7b316da653e3","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":129,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"3e020da1-12da-4437-a848-1c58ebfc7608","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":129,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"0ad2a920-ca46-4d4e-9f40-8075818c23d1","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":129,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"8b2d51e2-8392-4dac-9b44-5f87e1485a2f","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":129,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"5ffddfcb-4748-443f-826e-a6d27a42ab7e","block_type":"box","text":"Sub-Advisory Fee.","page_number":129,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"65d2b570-2d44-4895-af26-df9f24a9a5a5","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":129,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"b604d73a-4809-4530-bd75-31b51b028852","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":726,"width":839,"height":11}},{"id":"90e6555e-9860-43ac-96ad-c5a12107bb28","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":741,"width":830,"height":11}},{"id":"a6e19f12-f0e5-4de7-9fe7-5a4bd991adcd","block_type":"box","text":"Organization of the Manager.","page_number":129,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"b3883c9d-66f0-40cd-ab4d-f22cfe46ec68","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":129,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"0012f69a-dd96-4743-a3e0-10316be23f32","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":778,"width":819,"height":12}},{"id":"da47073b-0146-4db5-865b-af140e417178","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":794,"width":817,"height":11}},{"id":"fd3caa76-a7e0-4721-94c5-82f3b7dcdc91","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":129,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"af0dc823-fe82-4dbb-b26c-c75230b3ede4","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":129,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"c5e627d3-8f5f-4f29-9273-c2e47d888975","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":129,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"b43eb9bf-281a-4bfa-a5ef-1aedb966c4a2","block_type":"box","text":"Duration and Termination.","page_number":129,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"4cb8bf0e-0900-4eba-8b6a-93e02a2078ff","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":129,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"4c9cdf25-947c-4ecb-971f-004dbdc75bb5","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":877,"width":835,"height":11}},{"id":"aa304a09-7f24-419d-988c-378daa9c59e8","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":892,"width":803,"height":11}},{"id":"e698c1e5-1246-46d5-8029-36e6b062e34f","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":129,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"257eabe5-82ea-4d42-9e1a-0ec1e3047cfa","block_type":"box","text":"II-82","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c5de569-6115-4bd4-ae87-aa0eb14c3f70","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e91543fc-8543-4aaf-bacb-6b6532193e4f","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":130,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"729e3b30-14d2-419d-b2a3-10b5199af8f0","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":130,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"bc745e8c-9b94-4af9-897f-e5af966aa425","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":130,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"de6e3cb6-d3f6-4ac7-a06f-cc1407cd9059","block_type":"box","text":"Other Service Arrangements","page_number":130,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"9511d388-6068-49e1-88fa-4423f0f6ca8f","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":130,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"1e04917b-9e49-4b6a-a919-811485a80131","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":130,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"b24a6262-60dd-4a48-bb46-d2b387083a04","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":130,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"09bf468e-56d5-48f7-b149-703e119fba1f","block_type":"box","text":"SAI (each an “Administrator”). 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Such contract is not assignable","page_number":130,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"9454cf27-c299-446e-a933-c3495ebae739","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":130,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"ff0831c7-7de8-46a3-918d-413db6e28d0a","block_type":"box","text":"shareholders of the Fund.","page_number":130,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"5af1af97-d5aa-4b4d-8280-fa337457d48a","block_type":"box","text":"Transfer Agency Services.","page_number":130,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"58495370-57ce-45bf-92a8-ca1d802aa9b4","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":130,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"192b0576-4fdd-4237-89a1-63f987c93c49","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":453,"width":816,"height":11}},{"id":"1c748582-7238-44b8-b3b3-cf540739ff54","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":130,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"f9f99b44-0ae2-48d6-b9e6-5aad83f0973e","block_type":"box","text":"with the Funds. 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Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":130,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"c78aff6c-5e3e-4786-9023-c757713afad5","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":130,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"f0146482-de33-4b5b-9941-911f0cb92e01","block_type":"box","text":"Custodian Services.","page_number":130,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"08e69ae2-afce-485b-b580-c961e453a418","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":130,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"0eeccb98-67d5-4f78-920d-21a99761972a","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":130,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"bf147192-36f0-4998-afc0-b96fb3b0a75f","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":130,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"4cbb27f3-d49f-4a72-8b47-21c568048066","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":755,"width":792,"height":11}},{"id":"ca90c7c9-e791-4729-9f89-713255b7ec11","block_type":"box","text":"cer tain assets.","page_number":130,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"05238d62-df3f-4c6e-88c3-8d8b6435b569","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":130,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"e6c4650d-3a25-4f9e-bc5c-17926bf462e5","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":131,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"c09f1f5e-6f56-456d-ab5c-9db94f784c96","block_type":"box","text":"Master LLCs.","page_number":131,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"d568c573-c7bf-4c96-8bff-4184493cb570","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":131,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"c185a345-caa7-4969-86d7-cb95ece0d2df","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":131,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"591665f7-aaa0-4d7f-92ba-1b5e78d5c50b","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":131,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"7fcffbee-3e9f-4fb7-894e-26ca25627d04","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":131,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"283897b9-9041-45d3-96aa-33eb459f4f93","block_type":"box","text":"Distribution Expenses.","page_number":131,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"a38f56a2-8ff3-48c6-b233-27d479c359e0","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":131,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"7ea1d811-1eab-448f-be6d-dab23bc56cab","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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The Distributor also pays for other supplementary sales","page_number":131,"box":{"x":70,"y":256,"width":799,"height":12}},{"id":"b559f33c-c350-434f-a62c-629e06ed4f00","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":131,"box":{"x":70,"y":272,"width":788,"height":11}},{"id":"dba4b228-4953-4bb7-b53c-9d517a8a3a63","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":131,"box":{"x":68,"y":287,"width":513,"height":11}},{"id":"56f4f0e6-ce92-4df8-8bd2-2250b5e279a7","block_type":"box","text":"Code of Ethics","page_number":131,"box":{"x":69,"y":317,"width":105,"height":9}},{"id":"597437d1-8c6e-4614-8345-96c3be94743f","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":339,"width":780,"height":12}},{"id":"b5e87dbb-53ec-41a0-894b-a2aa56f42b10","block_type":"box","text":"17j-1 under the Investment Company Act. 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Employees subject to the Code of Ethics may invest in securities for their personal","page_number":131,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"ad2990b2-5f0f-44cc-b189-5ebf11175b89","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":131,"box":{"x":70,"y":385,"width":593,"height":11}},{"id":"dfd2ae18-24eb-4914-8dad-00b826a32a00","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":131,"box":{"x":282,"y":414,"width":413,"height":10}},{"id":"8b2979ec-5eaa-470d-8108-63fee7a92f4b","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Por tfolio","page_number":131,"box":{"x":101,"y":437,"width":777,"height":11}},{"id":"85f393d5-0e3d-4462-a9d8-204e7c2d4919","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":452,"width":788,"height":11}},{"id":"47a9ac89-dd39-4d70-80a4-1b47a7bc65b0","block_type":"box","text":"por tfolio securities, as applicable, and other por tfolio information. 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(collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":136,"box":{"x":69,"y":286,"width":829,"height":12}},{"id":"a422e207-9e13-4f4c-afdb-4c3fe9d46b3b","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":136,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"15e39a8b-a2b3-46b6-b066-91e2dd9ae7d2","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":136,"box":{"x":69,"y":317,"width":507,"height":11}},{"id":"fe81dbf8-ad45-4f8f-9d0a-6b4a82457d53","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":136,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"980ff534-b4f8-4d99-b1f6-b6927f48a0e9","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":136,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"3927ea27-dbab-4bcf-a2af-e1a7aa964ac9","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":136,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"0219b2bb-a5a1-4c39-83b4-a1e88fa8b362","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":136,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"2fe6e3e4-bcef-41f5-8a9d-65f96b68eb59","block_type":"box","text":"and have interests other than that of managing the Funds. 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Such other funds or accounts may offer exposure to strategies that are identical or","page_number":136,"box":{"x":69,"y":536,"width":808,"height":11}},{"id":"748b4bcc-47fe-4347-a538-9bd1941f9536","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":136,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"53a1787d-ed95-477a-8047-1835c21f67ee","block_type":"box","text":"services provided by BlackRock","page_number":136,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"8c883a36-73c9-4e72-bb6e-5989d42bdb63","block_type":"box","text":".","page_number":136,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"f62dc4d6-7015-4215-9257-0fa17b31cd97","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":136,"box":{"x":304,"y":566,"width":603,"height":11}},{"id":"a2f4b4af-1703-4ef5-925a-e3595bc019e5","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":136,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"9c46cbe8-ac2d-468a-9e65-9f39b1cc6c6b","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":136,"box":{"x":70,"y":597,"width":835,"height":11}},{"id":"9ec55855-b566-48e5-b797-e118808d8cff","block_type":"box","text":"a Fund invests.","page_number":136,"box":{"x":69,"y":612,"width":106,"height":9}},{"id":"580a622e-73fa-4777-85ee-bed5e708fb33","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":136,"box":{"x":102,"y":634,"width":785,"height":11}},{"id":"eac67641-973f-4a34-afdd-1f57d3197531","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":136,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"3a8e2eef-a4f1-4c98-bd9e-6aec0ad58df2","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":136,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"03e15e39-5430-4fbb-87e7-8641d4b464f4","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":136,"box":{"x":68,"y":680,"width":652,"height":11}},{"id":"c6a5d0d1-bcd0-4c29-9869-8ab30e07ba1b","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":136,"box":{"x":102,"y":702,"width":787,"height":12}},{"id":"429c31e8-8d15-4f04-83c1-05e38f3ce107","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":136,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"9496944c-5284-49de-9345-feb221d999e8","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":136,"box":{"x":70,"y":732,"width":816,"height":12}},{"id":"d59ba483-20db-4ad4-98a3-19f97de3a4af","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":136,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"0fc6a19a-58e6-49f5-8634-27f39b08f84b","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":136,"box":{"x":68,"y":763,"width":813,"height":11}},{"id":"71833c32-1444-4e8c-ba65-107c52ebd5a3","block_type":"box","text":"based on the information received.","page_number":136,"box":{"x":69,"y":778,"width":247,"height":9}},{"id":"fcd69b23-6c05-40c6-955d-ca5042339aca","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":136,"box":{"x":101,"y":801,"width":777,"height":11}},{"id":"7ef1855a-1338-4a44-b3c1-2b81345fcd89","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":136,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"6fe48198-388c-4c8c-b8eb-84846c3d07aa","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":136,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"b2a0c704-1254-429e-9504-70f3627a0ecb","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":136,"box":{"x":70,"y":846,"width":817,"height":11}},{"id":"9a8bcc67-e6d6-4000-a7ea-0c5d3b1007e0","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":136,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"367b5b8a-bee9-452c-b6b0-b332d755fc87","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":137,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"ee32047d-426f-4e02-8617-d707b588b487","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":137,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"2caff6cc-2628-4ae7-92fb-b2b0a18b5a08","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":120,"width":781,"height":12}},{"id":"f552a44f-105b-49cc-b0c1-95d418d62db3","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":137,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"534cf924-2fa4-4f94-9a78-0ac7c53ca1fe","block_type":"box","text":"BlackRock. 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BlackRock may pursue rights, provide","page_number":137,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"2c18108d-38fb-4574-8bca-1c0527d20d3f","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":249,"width":835,"height":11}},{"id":"1a26b7f0-3b6d-4431-a6d5-3b4ccd2a1b77","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":264,"width":812,"height":11}},{"id":"460b1c87-ccc8-4eea-9d5f-c8bafdaeb551","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":279,"width":803,"height":11}},{"id":"8dc654bc-425c-43a9-918d-c2de8a0b2d71","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":137,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"89cbd679-d8c6-485a-9417-84f0d950674d","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":309,"width":818,"height":11}},{"id":"57d5c3a7-15f2-4e4c-8fe3-a02bea2f98a3","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":324,"width":777,"height":11}},{"id":"e63549c5-80f7-45ae-993d-e92509541017","block_type":"box","text":"par ticular situations. 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BlackRock may also determine to rely on the actions of similarly","page_number":137,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"a72c1815-becf-4097-a7ad-75557c644b57","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":370,"width":817,"height":11}},{"id":"0a3914a8-d778-4cb9-8f18-d8d1bba9a3d9","block_type":"box","text":"Funds.","page_number":137,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"7863f62c-92fc-4989-a859-28cba778f77d","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":137,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"42e2ff2c-0950-4abf-93e8-441546fa278f","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":137,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"3d05227b-ccff-4562-bbd3-29d74950b46d","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":438,"width":821,"height":11}},{"id":"cb2cecaf-59f2-4df4-bc0f-023c7972c468","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":137,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"8a07c009-1b0a-4188-981c-ef4b0428e321","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":137,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"cfb77487-1af7-4da8-b538-b18dc8cc17d8","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":137,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"aa2f07a0-40c4-450f-a72a-fc638f265b01","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":137,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"df878b83-df94-46be-828d-e59c2f69b3fd","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":137,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"a81dbfb7-59c8-4882-a9ca-5cb089399ad6","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":137,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"f27e94ae-ea44-46e9-acd4-6cdb998319de","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":137,"box":{"x":70,"y":619,"width":780,"height":11}},{"id":"14347c28-b78a-40db-a432-c41f26c04869","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":137,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"9cff0362-d7d1-4d68-a55f-db9d944ac87a","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":137,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"cf3081b3-139b-4d96-ab2b-327236c2abe5","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":137,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"a403949b-d255-44f3-9f3a-5fc6e5f4b38b","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":137,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"e00d4118-132a-4a8d-92eb-a137a09123de","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":137,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"06d121b5-f98d-4e7c-a71f-bd8a72aad0e0","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":137,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"d51fa1b1-f2b8-4be4-9326-8ea07bfc5e56","block_type":"box","text":"case.","page_number":137,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"bcd017d2-7910-49ed-bc05-fb40ba550710","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":137,"box":{"x":101,"y":755,"width":791,"height":11}},{"id":"4b1a1e67-2433-4b22-a1b4-842cb8e8e51c","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":137,"box":{"x":70,"y":771,"width":824,"height":11}},{"id":"98b78266-a49e-4535-bcb3-152d79fc3dea","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":137,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"496728c9-5485-4184-8c4d-99d1884e52a8","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":137,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"b017a0d9-cf93-4a05-92b8-26c5f0477e1a","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":137,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"33f7550b-4342-463d-bc97-ef1dd03448fb","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":137,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"a0c53644-b1e4-427c-ad4a-b7f481566068","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":137,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"dc089e00-808a-41fb-ac4a-cc64e34c1e01","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":137,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"bf96c618-068d-4d9b-82db-f8552bfbe138","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":137,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"29e478cf-7ddf-4a3c-b2cf-de23d3d3766c","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":137,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"4333806f-f66e-4428-97e5-8cab0951b029","block_type":"box","text":"II-90","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51dec92e-36e2-45fe-bcf6-4c94dd7d274a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b53e566f-f4bf-4bc8-906d-73001d43a74f","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":138,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"d9993999-c74b-44d3-97aa-f8e8bf0edf0e","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":60,"width":790,"height":11}},{"id":"8a0d8006-5161-4410-97dc-62d7ce9a3f78","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":138,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"fa629afe-ba20-4f80-8f6a-e9c57c880d80","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":90,"width":827,"height":11}},{"id":"506c75e7-71ce-4e39-a5fe-bc9398a9e3bf","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":138,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"e20a035e-0878-45ec-a5a5-9a8d788d4908","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":138,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"5b9b2863-85c6-4c4e-9ea4-a53f3924da36","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":143,"width":826,"height":11}},{"id":"2f431ae4-b1c5-4ec1-a996-a5a9b9c5023b","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":158,"width":821,"height":11}},{"id":"05a29f38-c48e-4aa4-a788-bde1fe70f91b","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":173,"width":821,"height":11}},{"id":"8856f55e-97db-4e84-985f-f7970ffc7774","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":188,"width":793,"height":12}},{"id":"05276abe-b87b-4387-a799-3ec85532d356","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":203,"width":762,"height":12}},{"id":"abad069b-de84-4840-844c-d254a5265f41","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":138,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"34c785ea-da5a-435d-8068-09ac77306722","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":234,"width":795,"height":11}},{"id":"87e54a54-7970-47f8-8b3a-26ec18c08371","block_type":"box","text":"managing a Fund.","page_number":138,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"a7003f71-b6b2-4d8f-a5e6-d2b82aca4884","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":271,"width":751,"height":12}},{"id":"5c5bf7ff-dc6a-4f86-841e-f009185911e9","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":286,"width":830,"height":12}},{"id":"2adb19b4-543e-425e-bb6a-01b79e325307","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":302,"width":820,"height":11}},{"id":"5d26cebe-6a6b-4965-9b62-0cecab6a3f84","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":317,"width":785,"height":11}},{"id":"97f19a79-e597-4d58-b9fd-d42cb31843a3","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":138,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"e93a1b98-9ff3-4931-9265-d2017ccb83d3","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":138,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"d7d37037-d69d-4a8c-9f4b-c16155bb8d58","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":370,"width":804,"height":11}},{"id":"1067d32e-77f9-4874-b8d9-794306a40273","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":385,"width":831,"height":11}},{"id":"a5c669e7-48ab-492a-823a-7868dda27229","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":400,"width":680,"height":11}},{"id":"06e7811c-8f2d-4154-b95b-5e7f38f944a1","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":423,"width":791,"height":11}},{"id":"b517f899-546b-4ea4-a175-ddc28c95dbed","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":438,"width":820,"height":11}},{"id":"c6364739-ba06-4bd5-9b2c-89b2afc3b990","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":138,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"fced2bb4-119c-462b-9da4-573b3ef2e30a","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":138,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"83d366ef-f3ba-4e84-b447-82e42118aee8","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":138,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"1c9f852f-97eb-4d5d-98e8-9f7a006bfa7d","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":138,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"97360463-e380-43ba-b56d-8a8d21fee495","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":138,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"9a20dce2-6b9d-4a09-92cb-7a7c624cf34a","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":138,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"c0bd723a-4c7d-4caa-92bb-416b064844d9","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":138,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"a6608fea-27bb-4d32-8cb2-5f618cdb8bf9","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":138,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"b3084799-68e7-49e0-85f6-1b9654093e2f","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":138,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"455c8db2-5551-42b1-94a6-d58b8af5ea47","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":138,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"b1d96bf9-1442-483c-ac37-463e2112663e","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":138,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"c5e46ab2-658d-4256-af4a-81def1b20fa4","block_type":"box","text":"under management for BlackRock.","page_number":138,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"9add8ae0-273f-4221-8339-7be9b2bf5b10","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":138,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"6f461beb-84c8-4333-bc33-8a8d3ed14310","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":138,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"ea29a071-896f-4663-9313-cf1ea1453db7","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":138,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"77307dc7-419a-4f37-8c40-5d7a894c2bb2","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":138,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"be5900f9-0ca5-47eb-907d-d11df7960314","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":138,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"ca0e5111-fdd0-4253-919e-149f92724531","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":138,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"5d145bce-c229-478a-b4be-810f930c0433","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":138,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"7d271e51-fc2f-407d-97b8-8a12b715c005","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":138,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"abeb7594-d5ed-4e3a-a2f2-81912acb58f7","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":138,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"d39fbede-cbfd-4ded-b3de-63838a18386a","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":138,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"4d26b963-49f7-4d79-8519-d2f75e449e27","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":138,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"fd80e7bf-e677-4e2b-af37-f40bba7f9b55","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":138,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"16e7fd42-b2c3-4904-a131-11a36bb9a617","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":138,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"6c0d64cc-1dfd-4cfc-8b2f-6e79f5a93a04","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":138,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"fcab8a22-91c8-48b1-93d8-0e18faf456e4","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":138,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"3ed6dfa2-15e8-44e2-b57c-83e922403236","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":138,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"642571b2-c7c9-4a72-9770-0a7f3b47adf7","block_type":"box","text":"II-91","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a538c2ed-7a01-4a84-b40c-9379c85b0b3b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4f2fbf8-cd14-4505-a041-9e82663d4956","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":45,"width":828,"height":11}},{"id":"ec9d3f2d-459a-4dfa-b61e-0a1ca0ac17f2","block_type":"box","text":"any such fees or other amounts.","page_number":139,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"e0dbbc64-be14-4d2c-8f45-7e0d4362083b","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":83,"width":805,"height":11}},{"id":"825eff15-2df9-4cc2-b5df-17e61d313d3e","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":98,"width":768,"height":11}},{"id":"7e4203ae-9dd1-4e3b-ba64-f43e3580a5fe","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":139,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"2d465e7b-a60a-4c0b-8f6b-10c74c04221d","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":136,"width":793,"height":11}},{"id":"ad1bd39a-dcb8-4798-8f08-ab49e3b5fb19","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":139,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"eb8905aa-c88d-4c88-91c5-f788dd4b2033","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":139,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"b40381cb-65f9-4dfc-bd51-89e0ddfeb156","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":188,"width":768,"height":12}},{"id":"bb3d9b53-ce74-44b2-872b-c382f1049b34","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":203,"width":829,"height":12}},{"id":"5ae4731f-5871-4c53-8733-f5724a505623","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":218,"width":785,"height":12}},{"id":"be19c873-5d3e-4f52-ad8b-5f3385aa9187","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":234,"width":829,"height":11}},{"id":"a08ccfbe-36df-4471-b3bb-2eabc48545ed","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":249,"width":809,"height":11}},{"id":"44e79cfe-e8c3-4b79-a65f-1baac3f2306e","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":139,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"a72c9633-00d4-4adb-a648-c76cb5e70249","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":279,"width":829,"height":11}},{"id":"eccb8250-355e-42c6-b3c5-88bb8da8c5a4","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":294,"width":783,"height":11}},{"id":"101142d3-1579-4cec-b66c-2d91857af25c","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":139,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"04c4d3dc-c53b-4371-9e52-5fa220fcf22e","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":139,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"a607aea5-575c-45b1-ab92-69ac3a8699a0","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":139,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"080f3937-51a9-42ac-af3b-48ff9178b35d","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":139,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"c9d4041b-86ec-4545-a98b-dae195e0ad89","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":139,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"9e9dd45c-f771-433f-8e08-1986f33c760e","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":393,"width":816,"height":11}},{"id":"3912217c-a016-4a4a-a769-3330e7616112","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":139,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"2f3ccaaf-9790-4b93-b753-2ad2b4b705fa","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":423,"width":727,"height":11}},{"id":"99423b81-c606-407e-b22a-abc9ad3d0674","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":139,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"903804fd-addc-457d-9a74-a0214a1e34fd","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":453,"width":786,"height":11}},{"id":"4e5b4858-20a9-43e5-a6dc-51c6fc1b07a5","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":468,"width":796,"height":11}},{"id":"7c02eb48-79c9-4c27-b67a-aaaa5b0a8a52","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":139,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"9875dea7-90b8-4b8f-806d-678dfb4289a4","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":139,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"a30deda9-57c2-4a63-8291-cd246f266e1a","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":139,"box":{"x":102,"y":521,"width":801,"height":11}},{"id":"5ae7d324-24c6-4dc9-afcc-ca77ca29037c","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":139,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"098cd194-cd50-4943-9b9e-f238809d251e","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":139,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"eaa53a07-585e-4a81-b398-bf2c8ec39c28","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":139,"box":{"x":69,"y":566,"width":789,"height":11}},{"id":"db64cfa0-7c52-4656-ac4f-f67098129e53","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":139,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"e0bb8c3f-9a9e-4cef-9e7a-fff3fb9c11b8","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":139,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"318383e5-79da-48f9-9e08-10b05abf493e","block_type":"box","text":"regulation.","page_number":139,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"c11598c0-5f52-47ad-bda0-c5c10ae73a81","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":139,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"8a0a000a-ecc1-49e9-9548-8f4d43f326d9","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":139,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"0961e781-e5a0-45f0-85ac-05f8e74687c2","block_type":"box","text":"various program limits (","page_number":139,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"36134ae4-4547-4cb9-b73f-5ed45e54291b","block_type":"box","text":"i.e.","page_number":139,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"074f0bf2-dd2e-45d0-97ae-019125310d69","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":139,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"b75f89f9-8966-4244-8aa7-0d9926da8745","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":139,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"29ac1b7f-93eb-48b2-98bc-60a50382d3eb","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":139,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"7d06150d-9c3b-4c6b-8e41-0feb64260b13","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":139,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"c18c5e9c-0e5f-4df5-b51b-f8c0f4a426f8","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":139,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"6d5eb8e8-29da-4111-b01d-07375173ec67","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":139,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"b39871d6-ab57-455e-bf1b-18b1c3c5d17a","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":139,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"4d9fd830-cb27-441a-8893-48c4129fdfdf","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":139,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"3b005d44-204f-45c8-9814-d26d6761d50e","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":139,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"3ee0b132-ee84-4bf1-a82f-9afd2cd3e30c","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":139,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"46862af8-528b-4968-8b98-bc0fff10eba3","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":139,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"71ec5ab4-5c09-40eb-96ed-00203e94d534","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":139,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"0a9dbf12-8e80-476d-b21d-35dc5b7bcd62","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":139,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"6a5a22fd-aef9-44d6-b205-daaaa93eca9b","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":139,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"2c75cd15-3bab-4dcb-827a-1932969aff23","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":139,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"bd44186b-85ed-4194-ad14-d263562992cc","block_type":"box","text":"II-92","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c624ca80-6ca2-4b52-95c5-f91d5954d569","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cfd5143-49d3-4788-b76d-ecb193abeb92","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":140,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"813ac953-40dc-4658-94c6-4257fb73d7ca","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":140,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"731e8c33-1eec-4f10-a855-cb4514612efc","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":140,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"b218c1a0-b861-46dc-a9ba-39a08179a8bf","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":98,"width":832,"height":11}},{"id":"d12517c0-ea34-4aba-9878-ab341568a5b7","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":113,"width":805,"height":11}},{"id":"edb95ebf-fedc-4c8d-b39b-dbf5da66af3f","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":128,"width":836,"height":11}},{"id":"fec8b135-8296-46f7-ae82-f73b0c017314","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":143,"width":831,"height":11}},{"id":"e92f33fc-87d8-4e1c-80dd-7ad30f410fdf","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":140,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"d6b34736-acc1-4750-b0fc-dab8d8b120ac","block_type":"box","text":"than through client commissions.","page_number":140,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"2e04b3bf-edbb-4d68-9a84-10f77d1dcb3e","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":196,"width":770,"height":11}},{"id":"15b792b7-fc0f-4db6-a425-395a1c8bbdc6","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":211,"width":797,"height":11}},{"id":"bfa62eb1-1a42-49b8-8d4e-dffd5e6a97f5","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":226,"width":830,"height":11}},{"id":"c11a8aa9-411f-4e4c-9c90-a2deb86795a2","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":241,"width":780,"height":11}},{"id":"7e498b58-fc06-47c7-9f38-c93376a89632","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":140,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"d11a6a74-8259-4e74-ae42-7833946f4488","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":271,"width":815,"height":12}},{"id":"0152ce85-b3c6-40dd-a979-1d8d7a7be533","block_type":"box","text":"research-oriented software and other services and products.","page_number":140,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"c8d72f0b-23d4-4234-bc51-7165793caab5","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":309,"width":785,"height":11}},{"id":"829c5648-c340-4ab8-bff5-1c84a8b73547","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":325,"width":768,"height":11}},{"id":"f3115ab6-0e28-471e-a2b5-b9b434981bca","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":340,"width":826,"height":11}},{"id":"f17dfda6-c591-4779-a29d-73af8f83b6c8","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":140,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"e87e54bc-b8dc-4c5d-82c7-42dae3753c9b","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":370,"width":821,"height":11}},{"id":"2ad331e6-fb34-48c6-9182-d7365f258d68","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":385,"width":815,"height":11}},{"id":"3cdcc2de-2e59-4fb7-ac79-7e7262e335c9","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":140,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"78b16c6a-b664-4d3a-9efe-c61cc34f7d38","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":415,"width":804,"height":11}},{"id":"3dbcb58a-5a02-419a-aae0-f197d99ea34b","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":430,"width":819,"height":11}},{"id":"13fa78db-f639-40db-a476-d2177d4e8b26","block_type":"box","text":"and services itself.","page_number":140,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"0f0481ac-98d4-4e95-be36-71e5e0592fab","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":468,"width":793,"height":11}},{"id":"9866e874-4c21-49b8-8075-358a4702ab91","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":483,"width":805,"height":11}},{"id":"a0c41d95-c20b-43c2-b042-cc6c3194815e","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":140,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"d643fd83-612f-4ef6-b365-83ca3c41dc5d","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":140,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"918dbbd5-d14b-49c3-91f3-e4758e7288b5","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":140,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"ee23ce0a-0fda-4655-ac07-07cc1e7c9b1c","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":140,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"4293bb28-8d3b-46d3-a8a9-a37d02bf98b6","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":140,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"98300f92-825b-4065-b8b3-40f850228136","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":140,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"700981bb-8a4a-4106-a4aa-d91980a92363","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":140,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"eb2ef4bf-4106-47a6-9457-d44be468fa92","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":140,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"ae43246b-8615-4144-88d4-d104e3ea8158","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":140,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"bcb10947-e984-4785-a59c-e34235beb0b3","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":140,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"0f140ae9-3911-4c72-9ec2-761a173d113d","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":140,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"570fdf0b-a8b6-4d09-a03d-222ba4a15643","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":140,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"09645a1d-7630-4b51-af78-7a7831791d9b","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":140,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"5b072da3-ad3c-4ac9-aa7e-9dbc5301c13d","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":140,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"a7f2cd9a-ccd6-4069-bc92-a3ee92fa184d","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":140,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"d18d08ce-5adb-4db2-ad0e-6bc90cf4425f","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":140,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"b129ae0d-3a79-49d3-b3a6-1e4f2f7cc93b","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":140,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"aef9f263-29a0-43cb-9990-74e8bac4262b","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":140,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"3bf7ef63-df2f-462c-a307-bacbc4b5b915","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":140,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"f40f4403-843c-4e2a-8f21-33c24d718b25","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":140,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"66176d53-4808-4535-bfa3-22f71b209bc1","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":140,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"1affdfc7-141a-4883-ac7e-1bc1007f79dd","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":140,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"3379cd2a-5882-4b18-aa3d-42a111553351","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":140,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"514e2777-176d-46b5-acfd-61b62783fb4e","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":140,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"b1bce526-59e4-4666-a3ff-782880d5afee","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":140,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"fb44ca4c-9742-4e6d-a101-67f262bbced9","block_type":"box","text":"II-93","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8d8310a-83ee-4d18-9c7f-bec6ba10e52e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d50220f1-97da-4860-90cc-565eb4bf725e","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":45,"width":757,"height":11}},{"id":"e17145e2-ed4f-45e7-ab72-818a6de34ff5","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":60,"width":825,"height":11}},{"id":"f4b25029-5469-48d7-80e9-6cbe68460bd3","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":75,"width":837,"height":11}},{"id":"7278a5a0-a944-44c0-b638-49cb432a29e7","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":90,"width":774,"height":11}},{"id":"3e4f9779-a9f4-463a-8830-a6916f97f304","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":105,"width":796,"height":11}},{"id":"70233af7-2c82-4cb2-8e07-7c221703812e","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":120,"width":830,"height":12}},{"id":"238d1a51-3928-4fac-915f-73e560127019","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":141,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"f59fde6c-eb49-4f5f-b4f5-785b3327fe21","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":150,"width":834,"height":12}},{"id":"a3eb4a53-a895-4305-b41f-1eca3226593d","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":141,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"e50a6952-675d-4210-be49-88d3dc55b933","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":188,"width":742,"height":12}},{"id":"87f29f61-62b2-4d46-b96a-9d2cc30ba0ba","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":203,"width":838,"height":12}},{"id":"5c030360-65bc-4925-9957-3f7ced5706fc","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":218,"width":788,"height":12}},{"id":"51794748-c3e3-4fe8-ae7b-a61e135d4338","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":234,"width":816,"height":11}},{"id":"3611bafe-3db7-4dd0-ab2a-6276540d8c86","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":249,"width":806,"height":11}},{"id":"8f75bd64-0992-4df2-99ad-c537b401c725","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":264,"width":822,"height":11}},{"id":"d95cf5e2-4397-4536-9429-a4daf2ea5c02","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":279,"width":766,"height":11}},{"id":"7f24fe43-d40a-49de-b382-ae8bdab1671e","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":141,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"6ef9c8f2-3854-4455-919f-0b150364fb31","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":317,"width":789,"height":11}},{"id":"e41e9452-ff97-4457-b192-491d86a691ad","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":332,"width":805,"height":11}},{"id":"7ba04e97-6517-4842-a2db-d66fc0e56d01","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":347,"width":813,"height":11}},{"id":"fd1cec96-9832-45ce-b490-2e7d66131155","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":141,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"9b9e944f-f052-45a8-8f48-e75b9539362b","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":141,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"cb02ca1e-e9a4-4302-bbfa-a0dd84fcb377","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":392,"width":745,"height":12}},{"id":"ed653c03-cbce-4094-a59f-446f571d846d","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":407,"width":822,"height":12}},{"id":"cb3e7fe4-510e-4fc1-b8d9-01517d3a46dc","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":423,"width":801,"height":11}},{"id":"db558a3f-c6d6-4b4a-80a5-6314f709771c","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":438,"width":711,"height":11}},{"id":"c8da60b4-ac16-4f05-a7e8-ae2f908c620e","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":141,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"320f6fa1-66ac-4b0b-926d-b94f3d09ec2d","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":475,"width":823,"height":12}},{"id":"d0cd207c-f781-458f-b69a-11c0549a6d97","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":491,"width":829,"height":11}},{"id":"4436585d-4c55-4ef9-9421-1298409945e8","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":141,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"6503413a-32d0-4941-a54f-4c3dd43cb2c2","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":141,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"1e056052-9d2f-4208-8851-034a8e7e9fb7","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":141,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"ecee8b57-075e-46ce-9dc5-8909ba4bc547","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":141,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"32b6d0c9-b2ae-4790-96e9-b4890c8016df","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":141,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"7cc4ff00-df4b-4625-b584-3e5caa0b4891","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":141,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"30143cee-2e10-47fa-891c-10f8ce9cbca4","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":141,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"791a170a-e9ce-446a-a002-e5ba776b982a","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":141,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"8db749bc-adae-48ab-b807-449d0224fc19","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":141,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"b35471f5-6122-4ab4-b17e-86971d523035","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":141,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"8aca26cb-672b-4c56-ba24-fdf3ec768855","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":141,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"251d4439-d597-4621-aea7-d62987e8275b","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":141,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"03822d6c-4ce1-43fd-ae1d-9ecb79bf73cd","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":141,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"78ac30cf-26a5-42e3-aef8-79e1dfe51526","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":141,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"e4e6b3ff-a5d9-4872-81e8-5610c6af95c5","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":141,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"7f669e95-3b29-43b1-a60e-e1faff99450f","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":141,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"1405f01b-45ce-4cb7-b29a-e094d3a9ded6","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":141,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"25f56f98-c50e-4728-aa57-1da8b08acdd0","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":141,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"dadbd4a3-e6f6-458e-9aaf-252495b09370","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":141,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"cf5c75d1-e3f3-4b8b-a997-08da050fbb77","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":141,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"81165de4-04d1-493a-a9ef-59714ba7907a","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":141,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"e36ea76f-67aa-4c7f-8b38-bf7fc5359ecb","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":141,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"cf74f2f6-059d-41f5-9533-07ae0ea6b2cf","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":141,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"a6699259-a695-43c9-867c-034d520bab8e","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":141,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"68a7ca0f-6748-488e-84a8-eab524326706","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":141,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"f1b6fb0f-a4bd-4d54-bf2d-721134d5b378","block_type":"box","text":"some additional expenses.","page_number":141,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"7b7d5cd3-360b-49b5-b37f-584f01569e2b","block_type":"box","text":"II-94","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"13435e02-71c4-4e09-81c1-79a8b1f8d4bb","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63829212-b8cf-4703-8e52-d7d9a2fdf504","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":142,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"2f881ce0-82a8-44fa-9d98-7406be7de8a6","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":142,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"82fceb65-a70e-4706-81d6-38506cfcc31f","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":75,"width":764,"height":11}},{"id":"c5d7bb3a-4c27-46d3-a98a-74ba30bbf65f","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":90,"width":809,"height":11}},{"id":"b9e72d1e-fdc3-405d-a0c1-510a0c2b6f4d","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":105,"width":802,"height":11}},{"id":"25ac15b2-d26a-4ec6-b468-05e578b3da92","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":120,"width":828,"height":11}},{"id":"0ae36836-1694-4075-8f25-6b080873f576","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":135,"width":825,"height":12}},{"id":"c103ef72-6c0a-40fd-85d8-506bb3745a7b","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":142,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"c43f8d2e-8b3d-4080-89c7-7417dad0401a","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":166,"width":836,"height":11}},{"id":"e04a9c09-6f0a-4e57-b0bb-6e45b72dbb30","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":142,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"a4b4b616-bef0-4c57-98b6-05e7f7d2f1ab","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":142,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"761187ef-fad1-4b26-9e4c-5f2c9528392a","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":219,"width":836,"height":11}},{"id":"2f72a588-8a7a-429d-b94c-c22468d418fb","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":234,"width":839,"height":10}},{"id":"8a9cdee9-f499-4b0c-8ee7-c477b04ad446","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":249,"width":824,"height":11}},{"id":"55103c5c-dec4-4c8e-8d3c-c94152862e77","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":264,"width":824,"height":11}},{"id":"fbc64a35-fb2d-464a-853d-1413e6c02841","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":279,"width":826,"height":11}},{"id":"ca697e07-4e7a-46a9-852b-6ea46d98f4db","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":294,"width":810,"height":11}},{"id":"78f7ef4f-cfd5-436e-9832-e94680a6213c","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":309,"width":834,"height":11}},{"id":"bbc659c5-48fa-461e-802c-f841cb6d704c","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":142,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"afeb9582-f516-46d1-b5b3-e8e7f6f86098","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":142,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"bb925dce-20a9-4cce-9be5-9048a9a6a797","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":142,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"bd2a9124-931e-4ae1-b25d-c71e61debd95","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":142,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"a427ace7-27e0-465a-a5ff-c849c55f4029","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":142,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"8862dfd0-8245-43f3-a63b-1ca28fe4aa3a","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":142,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"7fb64b64-e665-479b-8d46-b0c2f3211f10","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":142,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"c06c030a-5fcd-4418-9c2a-3cd0bab29cbd","block_type":"box","text":"public information about the company (","page_number":142,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"293f91d9-05c6-4716-9939-a5cf11f4ccff","block_type":"box","text":"e.g.","page_number":142,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"c984d873-63d2-41f3-92eb-0b7cc5ede5e3","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":142,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"1120353f-cb89-41cc-a691-4c02be85a00b","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":142,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"1ae514f3-3ca9-4f3e-b1b1-ff95106b22f7","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":142,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"abef5961-461e-46c5-8179-abc0a3dee98a","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":142,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"bc650c03-ed5f-4bbc-b57f-e15923a154c0","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":142,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"185a6062-7303-4eac-8fc9-69ef13ed4bc8","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":142,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"d59ceec0-def3-4654-9caa-c9eefbf53749","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":142,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"f2345626-b1e9-4fee-a7dd-84ce4d30ca98","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":142,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"35af1d79-774f-4bf2-beec-7184b43d174a","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":142,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"e3d1ea5d-edf7-4c76-b251-028194aa926f","block_type":"box","text":"of the issuer.","page_number":142,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"a596179d-71e6-4df2-b5b0-9bd301676ad5","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":142,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"ae347ac8-0802-4b92-9c55-89d7805b3b94","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":142,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"39afadf0-9ca8-40f1-9103-08f2cfcc07fe","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":142,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"bb3cb3d7-cc9c-427c-a696-e415ddf52e75","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":142,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"d19506c6-7a04-45c0-9bcd-1730e763ca05","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":142,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"7d24126e-2c39-4fd8-a6e6-a71823a47e1a","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":142,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"ab9caf59-68cf-43f7-a58f-13a4e19dd4af","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":142,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"c209f7f3-8322-41df-a715-2a60d2a115db","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":142,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"de29ab0c-dd31-417e-9d8d-ec6dd584b958","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":142,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"4c40504a-983d-46b1-91b4-f23d7aeeb901","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":142,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"62438b90-fb0c-45e9-b1f9-4db31a7de27f","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":142,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"97801950-7ce0-423b-b562-5606079f8736","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":142,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"7cc236f3-58c6-4ae8-80a3-ea9a9e0eedf6","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":142,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"510410bd-1651-40c1-aab5-fb5c3307e3ef","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":142,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"c20084c2-0131-4884-813b-e95a89c4facb","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":142,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"127072a8-a614-474f-9718-c40fa62705ef","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":142,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"560afbe8-9373-47b6-a406-9ccc73ea0479","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":142,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"1c2867bb-ede1-4d91-80df-63fc6fc87ac9","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":142,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"948774cb-3460-43f9-924f-7114718c4fce","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":142,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"9449f251-4daa-476c-b463-008613d44d8d","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":142,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"193b8f27-501c-453c-8a8c-6e4a0e00602a","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":142,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"4de97d21-52bc-4bf8-856b-9831b7d7ebf6","block_type":"box","text":"II-95","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30999324-5b16-4864-b411-1b8b1c07ff8d","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"772d92f4-579c-45b8-b1b1-6e5df2c6170b","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":45,"width":812,"height":11}},{"id":"23d45d4a-a285-428a-be11-1cfd114fd9f9","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":60,"width":803,"height":11}},{"id":"c345e70c-9c0f-4c6b-b957-32293c2f4f82","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":143,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"39dd4a6d-c330-488e-8863-f093b82bc880","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":90,"width":829,"height":11}},{"id":"16f1e212-d101-49d0-a3f6-b0f53ec4fc22","block_type":"box","text":"a barrier.","page_number":143,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"6860c9a8-197e-4e1a-99d9-e13bf7244b98","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":143,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"ae855a43-77d9-4195-8872-1b83edecc152","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":143,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"d223b7a3-e5fa-4b2e-9bc1-a341fc0e40e3","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":158,"width":805,"height":11}},{"id":"5542a6d0-b89d-4580-a7a3-8704d2f0047f","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":173,"width":840,"height":11}},{"id":"6c29800b-c2de-4234-ad8a-e73cdd7f448d","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":188,"width":806,"height":12}},{"id":"f343b8b6-c9cc-46aa-bc45-8db00f24614b","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":143,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"e40d91d5-89ac-4b5c-ac06-9838f12231a3","block_type":"box","text":"that operate in cer tain industries (","page_number":143,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"dce2358a-3c3c-465b-b473-d922e672b494","block_type":"box","text":"e.g.","page_number":143,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"45d1d20b-ac65-40ac-95ea-ca91998e81c2","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":143,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"f056bc90-e98c-4eec-8acb-29aaf8008428","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":143,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"07e26f02-2f1c-479b-9154-7eab4f119bd4","block_type":"box","text":"e.g.","page_number":143,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"dea7bd4b-b943-46d9-b009-e06831e9a07b","block_type":"box","text":", with mechanisms such as poison pills","page_number":143,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"6e90d8ca-1633-4dac-9074-bfbda85b697e","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":143,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"0c9b5381-b0f3-4a6f-9b95-a0a7cadcd56a","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":264,"width":825,"height":11}},{"id":"ffd82875-8bc6-4e20-909d-8974757e2a4c","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":279,"width":837,"height":11}},{"id":"6f9a0da2-646b-4256-821c-642400ff221a","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":294,"width":769,"height":11}},{"id":"e9e105da-7d27-4eef-9cff-101b714a2e90","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":143,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"3be783cc-2bea-4b3b-8b8f-018ce2afc547","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":143,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"dee2148e-89a6-4158-a22c-6b79fd47de87","block_type":"box","text":"seek to make indirect investments (","page_number":143,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"49834661-cc4c-4d8b-a449-47dbe526a2d4","block_type":"box","text":"e.g.","page_number":143,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"a410478c-3a37-42bc-9063-d7b0264f53bf","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":143,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"f18fbfac-7d61-4440-82b7-32bd5e195922","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":355,"width":817,"height":11}},{"id":"429d3286-bf8b-4b69-bf0b-bfd98cc7bde0","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":370,"width":795,"height":11}},{"id":"7b551e5d-0aee-4618-b465-88d2e2312a73","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":385,"width":799,"height":11}},{"id":"7f174f08-e8b1-42c2-92f9-a9fa33d05741","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":400,"width":767,"height":11}},{"id":"672e4818-2251-4b0c-93c4-3cf9fab493ba","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":143,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"1a50fdc2-05dd-48ef-91be-683779b40568","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":143,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"abc3f62c-cc8b-4d04-a3f0-b6926f3e3d09","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":143,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"2746d890-862b-43be-9fcf-88529a31e9e4","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":468,"width":808,"height":11}},{"id":"58a4b317-7d6e-44eb-9fec-bf71f2dc8ba6","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":143,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"97e45810-6913-43c0-9d52-d99aca68c006","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":498,"width":818,"height":11}},{"id":"f9fcca23-281d-43da-9813-4d1e0f35323c","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":514,"width":821,"height":10}},{"id":"e0402049-4b04-47ac-8ebe-bdaafda8d7ea","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":528,"width":806,"height":12}},{"id":"b7ed7332-52cf-4aec-9eb8-7946443f57cb","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":143,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"3da94f5f-38ff-4fb9-85b3-65d89ed4f962","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":143,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"0a81ede2-7fdd-40d0-bedd-ff69611399dd","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":143,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"df254650-30df-4753-8e7d-a50b02c3c4fb","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":143,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"9a2066e6-332c-4602-be7e-dda783858b50","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":143,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"525268b0-67ed-468a-9d5f-d921a45f661d","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":143,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"70c64e4a-1851-4af6-b9f7-f4334085668b","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":143,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"8de51e1a-25e2-40bb-a7e3-211037b7e669","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":143,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"ab4dc27c-7951-435c-8edd-c52a134858c8","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":143,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"e2f98941-c39c-4e13-b6f9-be32f4600faf","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":143,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"8189537c-5ed7-4bb7-ab9c-0cb93aa75a18","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":143,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"24631db4-5991-48dd-a61f-5b934a3e61dd","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":143,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"5df72719-72d0-423c-8e83-43bc29c7b665","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":143,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"b0fef71c-bf95-4b55-88ac-b7e194c13954","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":143,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"8284ba99-04a4-4edb-82c7-dcfed3c4f1fb","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":143,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"574d7d23-a35d-41a9-b5c7-f16b7fd40627","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":143,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"fc8184ca-5c33-4581-a18c-5f5c677f514d","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":143,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"517c81c1-9f31-455d-bdf8-ca7a55f42785","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":143,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"4ba16eb6-b662-4f34-8157-83f1aeeec063","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":143,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"3b72606f-97e7-4de5-bfd8-4faeb1b7e47b","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":143,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"02295558-ec26-4c7f-951d-e86aa2e74307","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":143,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"fe307987-f43c-4816-919d-4f88eb5970b1","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":143,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"f132780c-5e4c-4610-8f18-cb4d371cd221","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":143,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"17e7c786-b31c-4c09-af4d-50505005d1e8","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":143,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"febec31d-5137-437b-9518-7e226445d69d","block_type":"box","text":"II-96","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11c8ff29-f22a-4db8-9d36-03540749e58b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5422a86-d48a-4671-9dd1-7c546ce2889b","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":45,"width":795,"height":11}},{"id":"3c4b7244-a574-494b-a810-8527550aa5f5","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":144,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"a9e4ba69-b699-4e1d-b15c-ea9f342ea767","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":144,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"20daa10f-6366-4640-8b35-e925851c0c8d","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":144,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"1d98d43d-e80c-4742-b417-8ef1cb6240c0","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":144,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"42c00139-44a5-4cb0-8975-7a3ec810f300","block_type":"box","text":"strategy with respect to such security or asset.","page_number":144,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"17cc4c75-eb8d-4917-a262-9318fcdc154e","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":151,"width":785,"height":11}},{"id":"3e34c4bf-9314-49c5-b87c-250cd688d84f","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":144,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"73b30c96-5603-4c17-8034-2304973fd79d","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":144,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"2c364f20-e92e-4603-a53b-22ad4f3cd091","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":196,"width":830,"height":11}},{"id":"5641c7e2-554c-4582-9d18-c191555e8f64","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":211,"width":788,"height":11}},{"id":"3c10f42b-32fe-4081-b700-17aeec49a920","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":144,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"183272d0-06ce-4968-9410-e9bba5f4ff47","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":241,"width":784,"height":11}},{"id":"ca81759f-3424-4c78-b63e-0c8017b4c72f","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":257,"width":797,"height":11}},{"id":"a0eb320d-ba1e-4d52-b815-b45357c842f8","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":271,"width":837,"height":12}},{"id":"06f4e018-c1b8-4edd-b1fd-744836b75d6e","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":286,"width":746,"height":12}},{"id":"9aafa3c2-1686-4337-9b4b-a1ee2d87e0b3","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":144,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"2509a293-37a0-4dc2-9be6-42fc1edd5c0b","block_type":"box","text":"e.g.","page_number":144,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"69980d07-ffb3-4570-b832-bf08f7964834","block_type":"box","text":", custodians,","page_number":144,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"0902b963-b827-4be8-aed2-75e3e6dc98b8","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":324,"width":756,"height":11}},{"id":"b7f33950-c6f0-4eec-ad57-34f1737ab7cd","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":339,"width":836,"height":12}},{"id":"c662c9ea-270d-4ed0-9609-a158a45bc6ce","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":355,"width":772,"height":11}},{"id":"015d20b1-7cd1-4590-8d29-58101ebaafe1","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":370,"width":800,"height":11}},{"id":"2b076fc8-a286-4fa8-9516-9484e6d10792","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":385,"width":771,"height":11}},{"id":"8c0ff333-678b-4d16-9b43-222de0ea54da","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":144,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"c5238917-8037-4044-b2bb-985c5385f891","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":415,"width":785,"height":11}},{"id":"9797b162-0933-4360-8ab3-b055ada2f2bd","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":144,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"52231007-c655-4e8b-963b-71fcc06a8a20","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":144,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"fcdce58d-342a-4a8d-83a7-af1d665e25ec","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":460,"width":809,"height":12}},{"id":"e4cf2170-418c-4bdc-b4fd-dd918ae7d6bf","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":483,"width":788,"height":11}},{"id":"049c60d0-1d60-4fd6-a285-0e5cce0140ec","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":498,"width":795,"height":11}},{"id":"3d18a83f-5420-4a93-a833-341c5cbc04b5","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":513,"width":835,"height":11}},{"id":"c77c7372-94f5-4429-afb6-d9bb88d2690b","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":144,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"59379db6-b72b-42d7-9bde-f73d29593c92","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":144,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"275d3acc-33f9-465a-9bd9-9ff654bdadb9","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":144,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"2cd83e06-091e-4470-ab00-ce52dff7df8a","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":144,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"d91a7120-1bfe-4efc-ba14-ae448f2e0cbd","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":144,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"ac3ff261-de25-478a-a161-148b705175b0","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":144,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"ff4beb80-d782-4a30-b116-6e3eed98fbaf","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":144,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"5508e30f-d9d5-4d2a-93d1-1c6fd8434f88","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":144,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"a5a6389f-038c-4f09-b23a-9a8b96ea651f","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":144,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"fbb42c14-7b1d-45c1-8c58-f1664214026f","block_type":"box","text":"provider.","page_number":144,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"faa9d6a7-24d5-4d89-8d20-e1be88fa5ebf","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":144,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"5d06c72f-5ba4-45ec-ae32-aeaa751e1027","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":144,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"0508f33a-4115-491f-ab3d-19a704605c54","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":144,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"65e03717-7936-4736-8210-a06f3aac95b4","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":144,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"ff610ee1-dc22-49ae-8443-52ad1112488f","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":144,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"22123051-f45b-443c-bf2a-f291108c1311","block_type":"box","text":"PURCHASE OF SHARES","page_number":144,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"0b6d0982-cd17-4a2e-aefc-d0a880b7ca94","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":144,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"254b6601-6e7b-4d81-9b6c-e57f18972a9b","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":144,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"386d9770-3bb0-4b46-a7d2-8e29acb62428","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":144,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"91413a96-243a-4864-a74c-35cc1e6f3363","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":144,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"ccb2251f-659b-4c90-8b11-ef536b557612","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":144,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"b30de9ad-f80a-4731-b3a7-1cf5e10e3264","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":144,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"6af597b0-3d83-47d4-b8ca-e778c77b5c08","block_type":"box","text":"II-97","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6aef7390-85bf-4cfc-b64e-2371212474d8","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52270804-af8a-4df4-beab-fa306cab2373","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":145,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"b2415b45-4fdf-444c-8462-61f86236fd10","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":145,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"fd972409-90be-4329-820e-5f6af2147f6c","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":145,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"7066187c-6895-4175-a612-f735079996e2","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":90,"width":816,"height":11}},{"id":"eca08afd-0e88-4ec3-89bb-29037ca208fe","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":145,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"27a92fc9-58b6-4ea6-88ac-1021013b9ce3","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":145,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"dc8df099-2e4e-443b-92e9-833bac76857f","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":135,"width":757,"height":11}},{"id":"82a397db-e3c0-44a8-b1ad-49b9165768ac","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":145,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"d5919a0c-9670-49d8-bea4-e4c328849fc4","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":173,"width":799,"height":11}},{"id":"1722c1cf-0082-4268-b5c0-5a3e1c41b866","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":188,"width":798,"height":12}},{"id":"d797c33b-880e-4531-8b23-4648e955d8d6","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":203,"width":795,"height":12}},{"id":"0b31b34b-1345-4c57-b12d-b28a512b2284","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":218,"width":786,"height":12}},{"id":"6adb000a-be97-4839-904c-4295bfcfd6dc","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":234,"width":839,"height":11}},{"id":"e8fd7be0-2c8b-4b86-958d-ddd68d0e3931","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":249,"width":795,"height":11}},{"id":"dcc1b8e9-9217-4d6f-94b0-23f15767e2f7","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":145,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"78152d92-b723-45ce-a3c8-5cc97c3c7420","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":279,"width":808,"height":11}},{"id":"165db9f6-8a5f-4997-b718-116d1d1a1721","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":294,"width":803,"height":11}},{"id":"78232d71-af3b-4b2a-a041-efea92c56799","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":309,"width":812,"height":11}},{"id":"9bfb031f-e5a4-48b6-b6e6-9ac68dfe2e5c","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":324,"width":828,"height":11}},{"id":"db904b19-aaa1-4adf-8080-fbfd5591d2f3","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":339,"width":788,"height":12}},{"id":"8fcc9151-0869-4c1e-bdea-ba201dba5c24","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":355,"width":779,"height":11}},{"id":"415a4ae4-bea2-4737-a95c-039d9e41d667","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":370,"width":830,"height":11}},{"id":"207fe271-a083-4d18-9226-a7ae3c445332","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":385,"width":828,"height":11}},{"id":"558f746b-9643-4889-b2b5-5856291bf97b","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":399,"width":762,"height":12}},{"id":"64e2f3e2-3967-48f8-862a-531ee4ad70ea","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":145,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"f369d638-a86e-4547-a545-aa5893b0b954","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":438,"width":819,"height":11}},{"id":"73ca1aec-77b4-47be-96fb-da53e37623d3","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":452,"width":769,"height":12}},{"id":"a95301ac-f9e9-4d58-bbfd-2e495be9e0c7","block_type":"box","text":"investment is $25.","page_number":145,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"d249ce95-503e-415f-b379-58a12fa3c132","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":491,"width":802,"height":11}},{"id":"da0d3e9c-7b15-4f13-9c52-467136c3267e","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":145,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"61144572-d789-4748-b4e9-35ae3df532f9","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":521,"width":806,"height":11}},{"id":"89626fa2-cf9f-4239-820e-aa223beeba19","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":145,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"cd129947-0e17-4bad-8bf1-a406d20a8522","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":145,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"a88f3fd4-8288-46cb-a631-69194329a947","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":145,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"f1c71faa-cf90-460b-8e2e-92e1499c2c21","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":145,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"493f9101-456d-424c-8dbc-223ef121d429","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":145,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"4f805e65-88a7-4ddd-b036-68209d5d7f50","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":145,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"bcdac80d-e807-4534-ae87-9fe65f13ed5c","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":145,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"53af0fea-00e2-4bbf-8e54-3d8c650c8f5a","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":145,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"6e55e737-76fc-4d56-bcbf-3faaf391ef67","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":145,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"348a6895-020f-4dc5-a4a5-cda0922ab8b9","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":145,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"a000ff04-464d-44b0-afec-96c0394f2460","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":145,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"bdbd60b2-de20-4cab-87f3-6f999747737e","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":145,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"07bf4c62-0673-49c7-99bc-fe23835dd05e","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":145,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"1c8fa150-33a9-4610-b9b9-04467fb0ccb9","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":145,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"c915c262-0b8c-452a-8561-36d70e078784","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":145,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"7d01ba78-ec46-4ad1-8345-6986c6d7d7e0","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":145,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"ee3a1dea-17ab-48c7-94cc-0da773cfc512","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":145,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"af7d7a16-af7c-46dc-8f2a-d93293039528","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":145,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"ef17eb35-6bca-44da-9220-5ecb23983771","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":145,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"411725e5-b2dc-4d81-972a-12f3ca9a43b1","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":145,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"8b3200d7-5c79-416e-8046-3ca61431fb14","block_type":"box","text":"adviser.","page_number":145,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"c1b618d0-3941-42b8-9b54-9723b7cd70ca","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":145,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"07142423-74f4-4bf5-b781-d492ecfd1d96","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":145,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"819200e2-6337-48c8-907f-44c77b9ed460","block_type":"box","text":"II-98","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91982a4b-e1a3-4a2d-8bb8-958ddd0cb31f","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8abf2b48-17a3-462c-bde4-842c9820223e","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":45,"width":803,"height":11}},{"id":"a3c6c82d-7c53-4e99-8df4-8b464790b260","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":60,"width":834,"height":11}},{"id":"428509fd-e7eb-4966-a355-addf869a68a2","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":75,"width":747,"height":11}},{"id":"3adfe874-b93b-4d86-9c6f-02bbdfe6a53b","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":90,"width":809,"height":11}},{"id":"93760f30-59b7-4bb0-b7e3-24580359abcb","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":105,"width":819,"height":11}},{"id":"932d9c7b-1026-466c-8798-3025c81f696b","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":120,"width":840,"height":12}},{"id":"240188a7-f56a-490f-84b7-59e36733b986","block_type":"box","text":"also be restricted from making additional investments.","page_number":146,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"76e0d984-0da6-465b-bc99-519005819976","block_type":"box","text":"In-Kind Purchases","page_number":146,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"8d1859f5-d563-4199-9468-df4d55a0f3d7","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":158,"width":649,"height":11}},{"id":"2bcd3c40-095f-452b-ac8b-9ff5bd1839da","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":173,"width":779,"height":11}},{"id":"d08ba6ef-4c89-4571-9bae-c7cc1b47ce89","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":188,"width":820,"height":11}},{"id":"2871c7d6-d8e2-4961-ab1b-ad403316d6f2","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":203,"width":827,"height":12}},{"id":"e64cc185-a1ea-4426-933d-1eb984b3975d","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":218,"width":831,"height":12}},{"id":"bad353be-f684-4443-aee4-d1d4ba2627af","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":234,"width":817,"height":11}},{"id":"635d7b06-b9e0-4b92-b907-8ffb94680136","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":249,"width":837,"height":11}},{"id":"c6ec0f02-c8c5-4302-88fb-a17edaa27789","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":146,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"77ce9800-3849-447e-af0d-26e1efda3f82","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":279,"width":795,"height":11}},{"id":"0d5519d5-0316-487e-a414-2712d4fcc819","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":294,"width":833,"height":11}},{"id":"8fa35233-f2bc-4cf2-ba01-222c7786e8f0","block_type":"box","text":"has settled.","page_number":146,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"b37e358a-8573-47c5-9408-c3c3a1310b2c","block_type":"box","text":"Institutional Shares","page_number":146,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"478d9874-ae0a-4207-9b0f-2d82000eb5a0","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":146,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"2954c3fd-3000-4ecc-82d6-c1a98deaa6b7","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":146,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"c7711991-d43d-403b-84cb-37308b3809e9","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":392,"width":775,"height":12}},{"id":"ef2d84a3-05a4-4aa2-98ca-5ee46b760dcf","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":407,"width":839,"height":12}},{"id":"7ea8c806-2f81-4e2e-af56-1e9cc23fb7d2","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":423,"width":807,"height":11}},{"id":"02138e6d-5359-4e5d-850f-ccd2add90219","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":146,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"607f9612-8e2d-437d-b71e-a08af74139bb","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":146,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"0afcdc76-95be-401f-9b8b-ebca26bcb3fe","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":146,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"263fc20e-d73c-478f-b1c9-40ea9e8eefb3","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":475,"width":826,"height":12}},{"id":"d2974827-4a81-4285-8b29-16ae7a158f60","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":491,"width":796,"height":11}},{"id":"a650ee95-797e-4fe7-8a3f-2ef4f3893965","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":506,"width":819,"height":11}},{"id":"8d9c8347-d836-44a5-8bbf-9d0989772f87","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":521,"width":840,"height":11}},{"id":"9b5fa45e-763f-410b-9fae-8f3304f70efd","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":146,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"883e0448-1117-4944-a4ae-2c7fb4d859ae","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":146,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"890f0deb-60ed-419d-92de-9ec635ba8c49","block_type":"box","text":"these fees and conditions.","page_number":146,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"e05e80ae-717c-485d-b6bb-85785a413be3","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":146,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"68582298-ef0c-4094-9bbc-4ef0f4a0e2ea","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":146,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"0eb669f2-73b5-41d4-a23e-73e5d697c93b","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":146,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"d9f5ce9d-fc3d-4aec-bd96-61ddb18d315d","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":146,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"52d6252b-9ba4-4ac4-a539-10806dc58943","block_type":"box","text":"incurred by the Fund.","page_number":146,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"7aadbc38-5552-4bc4-ad17-cfd385962051","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":146,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"ba1fd0b3-a7af-4dc6-aaef-f347769ae24c","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":146,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"2e9be940-b723-4909-a47d-50fb82f582d5","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":146,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"c3c60ffc-0e16-4305-a610-c36a5c09f56a","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":146,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"937e6e46-cacd-4e45-a469-e7d5c76b90da","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":146,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"db9cfbd0-2bff-4516-814a-c7da10cd0cbc","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":146,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"742f8409-2fd6-429b-9be5-49348c1204cd","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":146,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"8b3cead9-ecb6-4668-be70-4433141f3226","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":146,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"5ec52360-a615-4f3b-8923-fc731eccf4ae","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":146,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"19de4e05-d91d-41c5-adae-5e5aad8cb10c","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":146,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"01ca6f4f-5fb0-4ed7-a9aa-3f8333631d9f","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":146,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"5a9061aa-f620-4fbd-b613-71adbf0679af","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":146,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"141d4724-aebf-496d-9686-68856c313454","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":146,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c909d0d5-7c36-4974-9097-0799323736e8","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":146,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"c27af088-865a-47bb-89db-15529f354a45","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":146,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"03342689-f571-42e1-b7ad-86247d67f761","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":146,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"6474e11c-7b76-4c65-bba5-5023c48d82c9","block_type":"box","text":"II-99","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d764ccc-7a62-4623-9023-da448427d03a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d4a4d8c-9bdf-4a39-9da9-f04eaebfa5d4","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":45,"width":831,"height":11}},{"id":"734d9510-c40c-41f6-a6b3-c8b72b105a58","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":60,"width":751,"height":11}},{"id":"954b06c4-c822-467c-80f9-e152c7eb141c","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":74,"width":817,"height":12}},{"id":"f0d1baec-e15a-4e07-95da-f305f39ae5e5","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":90,"width":773,"height":11}},{"id":"138f83ea-7641-4f6c-b880-1624164283c1","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":105,"width":771,"height":11}},{"id":"8ce622e6-76cd-4bce-999e-83f3985e5d06","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":147,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"3e42623b-706c-4060-8069-3f871f2f7c25","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":147,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"495eb15e-3eb9-44fc-a778-b42c435628f2","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":147,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"59a5b7ef-7de3-478c-bb3a-e584e5b8670b","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":166,"width":770,"height":11}},{"id":"95d1a70a-9a02-4556-8e87-a10cecc9822d","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":147,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"6973d71e-b07d-4fb7-8093-6a059ba875e5","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":147,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"4c10af26-a410-42fc-abe9-15efa3dcdb75","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":203,"width":812,"height":12}},{"id":"5e14fd7d-fe89-47df-8e4c-f4d834d54590","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":219,"width":828,"height":11}},{"id":"a1476fe2-33ad-402a-a5c5-2a31798d3985","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":147,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"d90e86e6-f822-45a0-b833-74936b2cfd44","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":249,"width":826,"height":11}},{"id":"ee04a680-1364-4a8e-ae98-a08da6e4ea6e","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":147,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"a92975e1-054b-4b33-ae96-1ecb2832ded6","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":147,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"afcc2196-c9e6-48b2-ba1c-e6e73e4c26e6","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":317,"width":770,"height":11}},{"id":"b88f761d-46bf-42c9-a98a-75b2ce66dbe4","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":147,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0f628eb5-0606-49c5-b715-74b9db1f9a0a","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":147,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"0aa527cf-e36d-4236-a215-c51e8f462d63","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":362,"width":840,"height":11}},{"id":"d1575f79-acd8-4774-b351-b58542402b26","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":377,"width":815,"height":11}},{"id":"8a8d708d-e07a-4dc9-8fa3-1ed237ba933a","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":392,"width":791,"height":11}},{"id":"cd8d7a0a-5859-4912-8d4f-af53edce583c","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":147,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"3cf10a47-e472-4e18-b093-2e3a05383403","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":430,"width":770,"height":11}},{"id":"0d7feac2-8a1e-4da8-9e29-45b0d010bb49","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":147,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"bb1ec3b9-73eb-44d2-89fc-a6ffab42e3e3","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":460,"width":791,"height":12}},{"id":"0937f7a1-b133-4b31-99fe-f401c788b23f","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":475,"width":826,"height":12}},{"id":"a2098829-e962-43f6-b642-bbd35c47b8fe","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":491,"width":808,"height":11}},{"id":"4fe360a3-dd03-4ccd-b405-2f2f6d066ace","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":506,"width":834,"height":11}},{"id":"c52c39ee-0295-4554-98b4-6ac542758d69","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":521,"width":798,"height":11}},{"id":"45f4f6e3-a84e-4720-8eaf-20e569ab1841","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":147,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"bbb8471e-4670-4d83-b8f8-19c36edb6758","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":147,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"bb579df1-16ea-415c-89a0-6fdb2e39942c","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":147,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"0d859086-990e-4b0f-a7bf-150698ef82bb","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":147,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"ab430e7e-4a35-42e7-b467-05973f692ec9","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":147,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"c8deba51-3261-4572-a2cb-521f1fbae90e","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":147,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"f18de101-1a3d-4af4-b8f4-ffe40ba77f10","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":147,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"08961165-d675-4b45-8a69-d0e986f67aab","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"4b7e59a6-c27c-41f8-8cad-ac6581b5f4a1","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":147,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"8c5d399c-09f8-48e9-851f-748315a184d1","block_type":"box","text":"periods indicated.","page_number":147,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"94422120-17c2-4743-8fb7-f42720b45283","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"82235c10-963c-4bcb-99ee-d39b0d429e0e","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":147,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"4e0e3118-143e-4a40-90d1-94363c73e298","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"701feba2-47ff-4ed4-bd45-3b5739afabdc","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"18be67dd-aee4-4180-bc42-713d2c837a68","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":147,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"6889bd06-236a-40e6-8046-686706ceadf1","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":147,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"e04c4a1a-f6ec-4436-8d8c-90b0008b1c62","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":147,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"151e2543-6b20-403f-8da5-5a7218da5817","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":147,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"2b880502-baa7-4ec2-8db6-ee8cf2651f9d","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":147,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"ac7d1944-afbf-4ce9-9184-090ddf2071ef","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":147,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"136df23a-ef66-4d40-b87a-5449b3a54bc4","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"8a561282-a23d-441c-b839-f29f70aaa60f","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":147,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"d5549e77-af8c-4734-ac37-9a1300ff62cf","block_type":"box","text":"II-100","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7b7b533-7c0d-48fd-b4c6-22a7d728fe35","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59e747e2-b26c-4f90-9cb1-a92b19bdc304","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":45,"width":806,"height":11}},{"id":"51547058-f9dc-4a48-be13-ce98f9b64093","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":60,"width":830,"height":11}},{"id":"30079d56-6260-408c-a7cb-80b25a5b726e","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":75,"width":832,"height":11}},{"id":"b97c297c-cf3c-4c48-a395-203d50e3988f","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":90,"width":714,"height":11}},{"id":"0436a1ce-b59f-4a90-bcab-884a66deb085","block_type":"box","text":"Reduced Initial Sales Charges","page_number":148,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"0412be62-4e8e-413f-bc86-778201407c68","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":148,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"7678374a-4641-4485-a17c-45ab00d9d8bc","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":148,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"c567ff08-c906-48fe-9412-a7cbf318792f","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":173,"width":809,"height":11}},{"id":"5a4991ea-6aeb-416a-93ba-068a8c38f69c","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":188,"width":823,"height":12}},{"id":"740f4486-c14a-49bf-9a58-7c6427aac85c","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":203,"width":812,"height":12}},{"id":"5510a4fa-81df-4cdd-868c-3b5532a1f50b","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":148,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"ca081409-d239-432f-a1a2-4706b4ce2355","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":148,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"ff86e413-df81-4b92-943a-684186f9b909","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":148,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"a11c1fe4-7526-4be7-97c2-b001d5039e83","block_type":"box","text":"Reinvested Dividends.","page_number":148,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"ea530348-72e1-4ad7-bdca-ec8c62a5236d","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":271,"width":566,"height":12}},{"id":"04f338c6-ee63-4cd9-81ce-671e603f8b0c","block_type":"box","text":"reinvestment of dividends.","page_number":148,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"5627b2d4-0bb7-4b0e-af4a-b19e299f36b9","block_type":"box","text":"Right of Accumulation.","page_number":148,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"3194a267-4808-4081-9926-fd625f3a82ba","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":309,"width":574,"height":11}},{"id":"4e7fb6e8-470b-4a1a-bb8d-aeb8c90addd7","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":324,"width":826,"height":12}},{"id":"81d6dc97-0681-4d7a-b013-b4041eb16bd3","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":339,"width":810,"height":12}},{"id":"0ad2e6e3-3ffe-435b-b755-601f2ad0dc68","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":355,"width":825,"height":11}},{"id":"fe91b627-9833-4156-a2e0-3c617819dcac","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":148,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"f1aecff9-d2ab-4b1c-8a8e-049355a352dc","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":385,"width":828,"height":11}},{"id":"3e7795cd-0c27-4634-b20f-c7df49072823","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":400,"width":804,"height":11}},{"id":"f23035e1-e6b5-41be-b4c1-74a423454be8","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":415,"width":794,"height":11}},{"id":"692ed3d9-9dd4-4994-99c1-1b28fbcebf83","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":430,"width":814,"height":11}},{"id":"817b2dca-aaca-46a3-948b-a0be7c54c3ce","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":148,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"bd9b89f9-13fb-4aa8-ac46-9364e2968c5d","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":148,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"540b678d-6529-4922-b71f-b9b34d6cd1f6","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":148,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"7351bec0-e290-4396-95bd-aeb53bd9165d","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":148,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"95ca5093-a836-4ba5-bd6d-97beca0a8b86","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":506,"width":839,"height":11}},{"id":"be1dd87f-b54e-450f-8aeb-94af9fc3a11b","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":148,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"11020088-8bd1-47bc-be58-b377a1673ea1","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":148,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"8a63f923-598e-4bb6-947f-3e702702ffbe","block_type":"box","text":"Letter of Intent.","page_number":148,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"742392f5-bf47-4713-be6a-5352a7ecc2c7","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":148,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"a97d0d31-a8b6-4c04-83bf-6e383a8bfeb7","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":148,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"2f581294-8fc7-4a61-93da-6a0acd2417f8","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":148,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"851aa525-bf50-4f4b-ad75-94a230866860","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":148,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"da16a5d5-b83c-4914-96a0-ff0ff65c1563","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":148,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"ce2f1d03-ef38-4e2e-a9ac-4b4ed75a0105","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":148,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"c797d14d-0b6b-47f4-96a1-0d3caf323e13","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":148,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"de2d304a-edfb-46c7-aa57-a83687955cef","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":148,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"72630b34-ae06-4b58-a1cf-54e442ba5434","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":148,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"c3195755-90c9-49c5-a70f-3da4a3e50f98","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":148,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"ff8492aa-5eed-4970-af2f-2645e0b935be","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":148,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"a7cac678-bc27-4905-8830-f8de80b464fc","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":148,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"d8704e01-a123-4d97-950a-45f9fba498fa","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":148,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"22d1d4db-6fa3-4eb0-830d-976aec1d12b6","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":148,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"01c335ed-ff08-460c-8c3a-89942f2b26c5","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":148,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"27833496-6d70-4674-bec5-f0be9818d1e0","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":148,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"54eaba21-d881-4148-89ab-40242cd62c8a","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":148,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"b47422ab-78b4-48f5-876f-4517cb48526a","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":148,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"bde80bc2-bb40-4208-97ab-55542e8de319","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":148,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"da7d1dae-21f3-47ee-ad59-40b086032d3e","block_type":"box","text":"Placement Fees.","page_number":148,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"fca67b5b-171f-4438-bce7-e1a2b61867c1","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":148,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"2b172e12-3363-483c-ad1b-b65d4f66170c","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":148,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"0b278db2-3b46-4103-b72e-8f37d6416484","block_type":"box","text":"II-101","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0c983299-21e7-47b0-8b2c-1eaf3c7dbfb8","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91cc0e48-3798-44d5-b67f-5c255462c8c3","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":45,"width":741,"height":11}},{"id":"d9e4e527-2ee1-4ed6-b757-e86af17ad4c1","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"9a14d941-4d4d-454d-94f2-1e64943dc1de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"3873ac0c-8119-4c5c-aba7-7a6f6e6a4229","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"03828cdc-01a8-4a6c-9d71-7ac463915d91","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"66fe2547-e246-4d84-b0d2-41c6a663f0fc","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"18df0a77-2dc9-412e-bb8c-55d2f0d0a8a1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"0b2493fc-97e2-4da2-a8a5-db6279608452","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":126,"width":776,"height":12}},{"id":"e7d0e803-0b8b-481a-93a4-99cd573e482e","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":149,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"d22b5a9f-ae64-477d-92e3-6afb232d8b1c","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":157,"width":824,"height":11}},{"id":"2576bd5a-f5d6-47e9-b944-b8ae73ae6bfd","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":172,"width":695,"height":11}},{"id":"210f1b8b-3c54-42af-b26c-9c3a7fda8ef7","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"e5c293fc-e5a9-42e5-9b63-873a25f96963","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"7997a600-2b70-447b-9725-9cfd01373a02","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"10cc25ec-b7f7-467b-9c9e-4c9b9ac0c488","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"c0203dc5-f78e-4740-96cb-3c84fc50e6a2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"bb0868b5-47a3-4158-830f-7a7cc5cf91cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"21ceb887-2597-4411-944d-20de467da75b","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":254,"width":806,"height":11}},{"id":"6548a50d-612f-49c4-9312-b59b6f507bcf","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":149,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"eae41f12-b624-4b6b-a3d9-0fde10716956","block_type":"box","text":"SM","page_number":149,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"d8180489-d5d6-4538-8e3f-0c5e8b746b4b","block_type":"box","text":",","page_number":149,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"20176701-69ce-4839-94a7-f5999a766c93","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":149,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"ddc713cd-4378-490f-ac05-02a0af9b76a5","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":149,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"2e7f46ec-6cf5-48de-8536-9083b8a38ba0","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"9bbd5b27-0963-4a65-b8eb-19a37467b477","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"353da0e1-636e-49db-aaa4-4c3e2803be80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"a5f9cf5a-b827-4ede-a390-b6071a3b5853","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"664cefa9-80f5-4bb4-9f7b-1334c94b2281","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"887522b9-1737-4fae-aaa8-9a13c7047f9f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"9b069f04-0e60-4492-9680-2f9c517ffc42","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"283359d7-c065-4322-be88-b034dd57be90","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":149,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"746233e0-7a5a-45e3-901d-c507749d3d20","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"79940637-c03f-452d-a63a-2883181d2fcd","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"7e4f9a03-a7be-46b6-a078-c54e316ae028","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"709699ec-47ed-40da-8e48-79a84738a261","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"cf7ca955-8346-480d-85ec-1c5eb1108fda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"297aff7e-57c6-45f1-9168-8b63e2174524","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"fccbeeea-cdc2-4ddd-8c3b-89a6a9a02796","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"4c13cf1d-95c9-4f59-813f-835ae0c5173c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":149,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"b2d7b35e-eec5-455f-b128-96a038236c39","block_type":"box","text":"may be up to the following amounts:","page_number":149,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"b625aa3e-4222-429b-bfd1-7fb537a15d24","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"61f5d777-746d-4794-af81-a236ac8124c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"9fa1fb36-03d1-46c6-8c76-a3b997190613","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"325d88d0-c86f-4b87-8640-bf7d8fa54c43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"289b183c-ed25-491a-ad96-30c98f95bad3","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"07c12db9-8a17-4490-b17d-f6fb0d7876bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"c4161b09-f132-4adc-96f6-6c50439e3da2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"2ad298ba-8511-4173-9cfb-8da24af51aa1","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"fe70568b-2388-44a1-89da-d54292abdcfd","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"78cd8b75-299f-4dcc-bcb9-18e4506906f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"83dfa343-911b-4a46-a913-f6b909751710","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"3bb6e4c6-0862-4c73-938a-42ee7786a327","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"84956408-2d36-408a-8707-6be1d28eccf8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"1ccea1f7-576a-4142-ba4e-e7f0557af8d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":149,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"a77b1431-5729-404e-965d-d0ba365669ae","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":149,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"0375e1ab-6b1d-49e9-b0ab-bb00eeffca4f","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"95f16b39-792c-4d26-9a3b-1e9e2adba875","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"be43a23e-de0e-49d7-b796-1def5fe71a83","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"4c5f0726-e274-4da4-a9d9-2c7fc2a35e59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"00a2db12-e3fc-4a18-a563-63fb521e9c3b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"0b6c6acc-4811-42bc-a1cc-a77e0a36fff9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"cb06e6cd-8933-4d10-b22c-4e3d884dbdcb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"7871151b-b0be-45bb-8cf8-704c73811a71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"ec01e642-70f0-4418-82db-847523e01f4f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"d8d6d91a-bf82-46b3-bdc5-65f4f8b32fa3","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":149,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"c875ce1e-adc9-4be3-81e7-fb92fde31732","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"22579199-0f23-4536-adaf-9add30dc6c4b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"ad9e4ac1-6531-4de6-9244-c24023f64a0c","block_type":"box","text":"II-102","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94fa8aca-0026-4a10-acc5-fc7e1509f256","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a85e925-3141-479a-8f0d-d62aebfea577","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":150,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"5fe3fa74-4328-45f6-af46-58b8f0fb00af","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":60,"width":819,"height":11}},{"id":"e344a001-8b1c-4207-88dc-e36715cf5a05","block_type":"box","text":"the following amounts:","page_number":150,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"a1f9cdd6-d192-4a56-b734-c2fcb7279651","block_type":"box","text":"$100,000 and above . . . .","page_number":150,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"c7fd5dc3-9ae3-4834-aac0-48d10169ef13","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"5a151e46-f226-4055-8ce9-e2137a330a1a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":150,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"c3ba1ef0-dc7a-47d8-be68-2b851517e67c","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":142,"width":775,"height":11}},{"id":"017fa7bc-5cd2-4811-a745-8863fcef0e84","block_type":"box","text":"$250,000 and above . . . .","page_number":150,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"cd5e4f51-db59-4a11-9b17-13562ba38024","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"ec5c8bef-f88d-4557-9498-d91ab57bb766","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":150,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"92f06e38-5908-4158-84e9-9385ebc2d8ab","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":150,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"5bdcc08f-1ac5-48de-a662-f62ff2781512","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":150,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"785897f4-d641-4c04-8a73-d77756d371e9","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":239,"width":834,"height":11}},{"id":"22e74f03-2521-4787-9078-44820ba427d2","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":254,"width":729,"height":11}},{"id":"fcc0054f-67e6-4029-9425-216985c52dc2","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"a0bee7b3-6c87-48ee-b8ca-bc86b9e86411","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"c0d423b9-c5f9-4be3-9b7c-3104cef67d44","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"7e9a14b7-13c5-46d4-9db4-be13866118da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"0afa0bad-eafd-4b33-8808-cf3fa6185fca","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"0cef7acf-94ce-46ae-b2ee-df05ed64d84d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"efd7a3b0-3a03-43ff-8bf1-0b26d8eff53d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":150,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"21a38d10-51a6-480e-9259-2541f0805cf9","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":150,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"c7408165-281d-425c-b3b5-34fb33d7a085","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":366,"width":818,"height":10}},{"id":"e42b0070-222f-425e-9f2b-7a9097303357","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"112e76af-e920-4a3b-a58d-71231e0d3468","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"d9edefad-fc78-45a5-ac25-2a78ef08d48d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"af07256e-5655-4bad-9678-cf7258f4ccb1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"75f89b2e-7a86-45de-9179-12cb5c7ff577","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"00e9e80d-2c44-4248-a394-9fde8abfc3f1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"85050260-0582-45b8-b84a-f303cd8855d8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"61e188b4-4aa7-4c04-a1ac-31de3c6f785d","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":150,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"7bce69c8-f5f3-4886-b398-2a6018dbe1bf","block_type":"box","text":"®","page_number":150,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"21b51a6b-07ec-45d7-9740-a0b595becdb2","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":150,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"81096808-5e0a-412b-ae24-3c35a00d802c","block_type":"box","text":"®","page_number":150,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"1c9ce18f-3f10-46ec-bb1b-7e2346867f75","block_type":"box","text":"Index 2035","page_number":150,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"df3012f3-002e-4d33-8247-dfae557b2574","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"9e7ff84f-09f3-4d9d-b459-7937cc1e3a0d","block_type":"box","text":"®","page_number":150,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"81a0863d-7da0-4195-b837-265b95644cc2","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":150,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"7710c9eb-8920-4dfe-ae1b-b2722ad0ab08","block_type":"box","text":"®","page_number":150,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"2d0b2310-5600-46e9-85d8-56dadc715dd9","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":150,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"3bd251dd-fd7e-4e7b-8631-034256d2e28c","block_type":"box","text":"®","page_number":150,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"77052664-c803-46ca-840e-3ebf1e74dd39","block_type":"box","text":"Index 2050","page_number":150,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"eba1e1d6-4d5c-4b3a-b0d2-736b4deb8b11","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"6be54c10-2de0-4541-8bce-8b903e6f9d90","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"3367562b-a4e2-4b2c-83c5-9165a7139272","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":150,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"bf6cab3f-8a4b-4f94-b08c-3d6e76d22686","block_type":"box","text":"®","page_number":150,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"b9e7c0d8-0afc-4fe0-9381-e73154e0860f","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":150,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"82c605e7-528c-44c8-a7a0-a711c6be0574","block_type":"box","text":"®","page_number":150,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"ee3a5620-e91b-4756-bebd-6eda0f3b91af","block_type":"box","text":"Index 2065","page_number":150,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"31b819b7-cfd0-4b90-be0f-8947958f6fe3","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"720f7157-9dec-414a-8e3d-9d3afc214e62","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"dd32e6a0-9b40-4f50-a10f-e807d8cf7f1c","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":150,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"52dd14c2-f4fc-4af3-b457-4cd27c030eb8","block_type":"box","text":"®","page_number":150,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"76d82c75-64f8-44fb-a33e-b43222393759","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":150,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"1cd606c8-5adb-413f-b45d-1a327d70e264","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"bf16f27a-e66a-49b6-b6ab-ac27a9cf3889","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"d44bbcf6-67b5-4ee5-90d4-714a27a888d2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":150,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"671cc4c7-d854-4dcb-9633-f4cb9c5fbf13","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":150,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"e7adb774-e8e5-4be2-a651-382501bd1117","block_type":"box","text":"SM","page_number":150,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"d1ef4098-c901-4ea5-9987-c96e9db25749","block_type":"box","text":", the placement","page_number":150,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"c48fc336-9e00-45c4-9140-f68883933ae3","block_type":"box","text":"fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"6bc1003e-0ecd-428e-8d3f-bf0e094e29e5","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"f2ba31c5-4298-432d-8368-f7655163b29e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"cebcddc6-d69a-464a-8900-22e9a901edbe","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":150,"box":{"x":101,"y":642,"width":787,"height":11}},{"id":"82a835c5-bb36-4609-bc4e-f3ac5e1eff68","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":150,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"dd505c8e-cddf-4a91-87c9-96dd80852449","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":150,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"bec0d62e-d277-4c3c-bb0a-257f41ee81f4","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":150,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"d43412c1-36b4-4798-b3da-f4434274055b","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":150,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"ac7adfd7-c7e8-44ff-b7e8-c00fe15152db","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":150,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"814a22d7-c4dd-4980-8309-678f0392bb40","block_type":"box","text":"$1 million).","page_number":150,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"428204bc-dc1b-41f7-b9e2-f852ee5f73aa","block_type":"box","text":"Other.","page_number":150,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"f5770333-94f8-4ccf-b706-64dee032591f","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":150,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"1e796db9-764f-4e6e-9c07-a381762753f0","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":150,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"d7c6ba2f-d5a5-4bc3-bc94-b71a4bd17689","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":150,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"bdb5eb4d-4443-44ac-b787-50aa2293876c","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":150,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"158d2ea2-2e90-4acd-8c1a-6a4c3e2dcba2","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":150,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"4bec7001-90c4-4268-8d07-3f9dae77d9d3","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":150,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"3115423b-347e-4664-9a53-79b84f4c6db5","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":150,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"a318035d-4ec7-4b0f-8532-a05fe60c3ac6","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":150,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"10aa0caf-aa28-4462-aab6-383a64ea627f","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":150,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"a467d774-3d5e-4137-b0aa-d5a4bdf57ff2","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":150,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"5bcb0896-3e5f-4caa-8829-6d990e25361a","block_type":"box","text":"II-103","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"59a34c67-3917-49be-8621-e2ef1deab872","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15a51b9a-fc4a-4a3f-89c5-13616889659a","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":45,"width":827,"height":11}},{"id":"76dd99b5-72aa-4e06-a503-016b3bfebd48","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":60,"width":782,"height":11}},{"id":"18c051fe-cd75-4d03-9717-58ba4cd6faa9","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":75,"width":830,"height":11}},{"id":"2e50929c-2378-42ca-9632-00cdee882b2f","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":90,"width":815,"height":11}},{"id":"30fe95c8-c9ae-4cf1-b89f-44c3c37e9218","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":105,"width":799,"height":11}},{"id":"ce39e1a9-c209-4ec7-81c0-9c72d05eecaf","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":120,"width":752,"height":11}},{"id":"4801fb1b-c3b1-4199-8a61-8713f32d953e","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":135,"width":836,"height":11}},{"id":"f2f5af10-2168-4f90-8d2a-7eda49adfe3e","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":150,"width":812,"height":12}},{"id":"f7740477-9901-498c-aff0-f21b395db697","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":166,"width":840,"height":11}},{"id":"7a4af708-5f82-4c7b-8b0c-6eb50e35dbee","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":181,"width":788,"height":11}},{"id":"460f0534-8fb4-4b8d-b684-95630a01dc8f","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":151,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"5397b960-7f2c-46c3-93cd-4a34ceddb46c","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":211,"width":810,"height":11}},{"id":"af888148-5000-4399-9ed0-8a9d500582e3","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":226,"width":787,"height":11}},{"id":"f48932d1-550f-4a4f-baed-c66bc440b40b","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":151,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"edb7e4c2-fa02-40c5-b529-c601349da8b0","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":151,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"bf956435-b12b-4ebd-b90c-2472db75ee2c","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":271,"width":837,"height":12}},{"id":"7d0ce99d-b839-4bde-9c32-6d4ad6bdfa72","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":286,"width":820,"height":12}},{"id":"28dd9d78-71b0-4288-b65e-2ec668fee6c5","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":302,"width":813,"height":11}},{"id":"77d64615-443b-413e-9893-c63db36dd48a","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":317,"width":831,"height":11}},{"id":"b7842fbc-77c6-4d8f-8d2a-3e4b02f01358","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":332,"width":783,"height":11}},{"id":"99e7bb1b-abfc-46c6-a19c-1a6c3243212d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":151,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"8cc0c1aa-3ff4-4e54-9f61-bd01853a3c04","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":151,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"04f1cbb7-8a08-4558-bd2d-04ecbfc308b3","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":151,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"f6651d1a-fd51-436c-ace4-3a4e63e1b95b","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":400,"width":833,"height":10}},{"id":"696f9fb6-37e3-4267-9403-0e61a532f805","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":151,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"c223d689-3bd6-499e-b06f-84cad47dc2ef","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":151,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"d5888ed1-cff6-4c76-a02a-b07e6e6d6f70","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":151,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"97ddba9c-7822-46e1-bd62-a5ca30a80f9b","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":151,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"74ed970a-8c35-4004-8c54-0f851d856e31","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":475,"width":813,"height":12}},{"id":"800d488e-b33b-480a-866e-de77e9999a88","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":151,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"5ea406b1-acf7-4cec-88f7-12b026076599","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":151,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"c4358015-4936-4420-9e48-e994d031654d","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":151,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"fbe995d0-e6da-43ce-ae93-478833d92f84","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":151,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"87033643-654e-4b16-b3a3-e1f42285a464","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":151,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"253c4ba4-9563-4f5e-bcd3-132be4a1f282","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":151,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"6b42f7d7-ec19-4063-9019-acc507cad050","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":151,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"ea0f9cef-a31b-462d-bd3b-5dc193e289e6","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":151,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"079a18c9-e9dd-4400-ab9e-666cb0c4d2b4","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":151,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"dbc2bb6b-bf4f-41cb-a166-7d5d11b7c7b4","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":151,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"3e14aa7c-8864-4b78-aefc-2d26c274df9e","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":151,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"3c182448-fd55-45eb-8e2c-4272faac0fe5","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":151,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"d1164481-ace7-40f5-8118-a6813043e76a","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":151,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"8e4b0311-3229-403c-b5c4-be484c228c6f","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":151,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"9f03abbf-2890-4514-9f4b-487f8d5cecaa","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":151,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"f7c9ad3b-06a1-486f-bbc6-c22e6994a3f3","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":151,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"9f6efa36-9983-4d9b-b8dc-8a532d3043a4","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":151,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"b5f448b3-b192-4813-8727-51aca856e1b0","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":151,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"be7e3b5b-882f-4618-abca-0bd4c3562a84","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":151,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"bb987163-55df-4d92-9e9a-a6701e572336","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":151,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"f66793a0-71e6-46a4-a4f4-1853d26ef16e","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":151,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"64bdc137-0eeb-4415-a259-7d40639da270","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":151,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"1dab07d5-5368-49fb-8a0b-8c8204d67374","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":151,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"006b969d-48af-4c98-9624-7406d669706a","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":151,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"83d6e056-c690-4ef6-8520-fbdc563a4c53","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":151,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"dc42c0ea-6357-4570-81dd-c2c9caa65ca5","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":151,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"ebacf85a-80b7-433e-baa8-b9185b1946dc","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":151,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"fd9a40f8-0ff9-45c7-b830-0676b7a20e2a","block_type":"box","text":"II-104","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"441b293d-0f19-4b3d-9b5e-03ac2ab46688","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c82fa80a-6e37-45f7-a1d4-b99604451c3d","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":152,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a6a9f977-4c67-455f-bbb4-58edd1b05e60","block_type":"box","text":"the absolute discretion of a Fund.","page_number":152,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"92751b54-40e5-4719-8e52-5f341e514e2f","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":152,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"38f85809-2d47-4625-80cb-7268a74e75ff","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":97,"width":776,"height":12}},{"id":"dd733d8a-a686-4c08-8349-5c3e4af5ded8","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":152,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"f340935c-fee8-4090-b708-9d99c128eaf5","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":128,"width":800,"height":10}},{"id":"d30be6d7-4c60-4f82-8f5a-956f88690016","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":143,"width":806,"height":11}},{"id":"e38530e6-5810-431b-86ab-5113aac81f5e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":152,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"32f9596f-44f9-466b-80d1-61706e53a112","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":152,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"ed525430-5972-45c1-8e16-f01fbc48a8b1","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":152,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"7c123864-ac20-40f0-ad39-6077afab4810","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":152,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"07811fae-0a27-433c-b376-67518be50c55","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":219,"width":805,"height":11}},{"id":"9edb5578-d368-4c4a-96b6-99cca04ad738","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":152,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"21d5a9f1-5a27-427a-91f6-279ad16abf37","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":152,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"f6ae7d7e-9d4a-41f4-b2f5-0d7c923527d5","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":264,"width":746,"height":11}},{"id":"e8910429-3571-48b6-8be7-c0dd62d7089c","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":152,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"881cc623-012f-47ad-bc4f-ce2589864dd4","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":302,"width":799,"height":11}},{"id":"76d6736b-7048-49bf-bcc7-d119f13dae2f","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":317,"width":829,"height":11}},{"id":"a2b0e659-160a-468c-bdfb-544cb5d7be0b","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":152,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"cda56ceb-5fbf-48be-b044-1981741c3104","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":152,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"71c30a69-d032-4d6d-98c4-e15d2038e538","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":152,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"6c37bbb0-b494-4d2e-a189-a9dec9b321b4","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":370,"width":811,"height":11}},{"id":"b94de019-3384-4ca8-8677-9cff3a9f722a","block_type":"box","text":"public or private investment company.","page_number":152,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"89f085cf-58c6-4a5f-95b2-b7c4d02922c1","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":152,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"6bea9e64-295d-4e2d-abdc-af73cd2895b7","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":152,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"ab5847a4-2370-44ca-a26a-eb567a97a9ca","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":152,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"664c63bd-81b9-463b-8166-44bdf040048a","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":438,"width":830,"height":11}},{"id":"3f22293d-3665-4717-b68b-1dae340ee15c","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":152,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"ffed16f6-d49e-498c-beba-f717696dc72e","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":152,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"be7ac3fc-6655-4156-8d35-7177410f6531","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":506,"width":828,"height":11}},{"id":"eec49b1e-c899-4a33-b316-98dc808f7998","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":520,"width":778,"height":12}},{"id":"34d2a1c1-ade3-41c8-afb9-a506f2637e35","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":152,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"a886e1c6-8adb-44f1-af69-c4b3e2e53761","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":152,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"6cfa57b2-a745-4a9d-8c62-00b752484398","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":152,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"7fa2b4d4-5ee9-4555-b857-6be39ce5fb76","block_type":"box","text":"intermediary associated with the account.","page_number":152,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"f13caa15-cdca-4604-90a9-82d45140db46","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":152,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"7a144beb-35c5-4279-a915-3d524b55e8d3","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":152,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"5209c094-a9bd-46fa-a64d-910c9d27f18b","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":152,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"9cfd83c8-244e-42cc-b0dc-1fa8d92e0b63","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":152,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"5d30a408-5871-4514-8617-ad4c32e884de","block_type":"box","text":"CDSC shares.","page_number":152,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"ef183cab-9cea-44e3-ac9c-790a4ea43146","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":152,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"3c42ee87-70a0-4d51-9a31-41392441f18b","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":152,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"e6d9ce54-e4b7-490d-8189-ec79c73f760d","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":152,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"8429dc2a-22c9-43b6-bc97-005aa96f0c26","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":152,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"efbb6b32-db2f-4b8b-b0b3-156a09a7fa97","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":152,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"2cde92ba-fdd2-4d32-8502-81cb3048889c","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":152,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"3596abef-afb7-44b7-b93d-ca2d7eaad983","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":152,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"2bc64e47-0536-4997-bcb2-758046205ae0","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":152,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"32ad52ba-9d02-4699-8859-e040c4ce4eac","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":152,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"26bde728-5d19-404a-9ff0-80021903a69b","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":152,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"46dd0813-70d1-4498-88a5-fb75edf597e6","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":152,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"cbffc77d-2d35-4680-b966-5270accce62d","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":152,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"512dc086-c1be-460c-8f2a-695637327faf","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":152,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"152174de-3cf1-4c0b-ba14-d181941c5e0b","block_type":"box","text":"II-105","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bac7560c-7c33-4341-b507-01ffc39e7d45","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb11e477-e293-4caf-a0bf-11c7fd8f500e","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":45,"width":811,"height":11}},{"id":"e08b0194-1eaa-4e8b-91d3-b918d60833b2","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":153,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"c239ad91-5262-494d-ae8e-955b968b33c5","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":82,"width":783,"height":11}},{"id":"e0de31f0-07e1-4c6c-9513-53f4857e5ea2","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":153,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"be7c1a5d-8d6c-4341-9a67-1146508f9b82","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":113,"width":797,"height":11}},{"id":"5d01cc81-7cb9-442b-b852-4f3001d0eb68","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":153,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"b2f8c516-9b25-4ec2-8c57-18f9893d73b9","block_type":"box","text":"Investor A Shares.","page_number":153,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"ad6b6e6e-368c-4aa2-b9d2-5ea81db098b8","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":153,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"16f1734b-3d9d-4ebb-b98d-4c6ff02f3d19","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":188,"width":804,"height":12}},{"id":"4fe676f1-89e2-4ad4-b38e-4fd8c766adb1","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":153,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"0fc14e01-576e-4a7e-8cc5-d41ef16c1c10","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":153,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"720e6777-fdb8-46ab-a561-c9d480d1fd95","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":234,"width":806,"height":11}},{"id":"f1eff4ed-c39c-40ed-bbe4-314c38060d6c","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":249,"width":793,"height":11}},{"id":"27807106-c983-4610-8d75-9addccc55186","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":264,"width":796,"height":11}},{"id":"263efb95-a82f-4ad8-8c24-161bd1450d1f","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":153,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"6a045050-b6b5-46fa-b38a-51f086864f13","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":294,"width":793,"height":11}},{"id":"1b89a3d4-dd58-447f-8a3c-91885f1097b7","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":153,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"4a7d7c30-f69a-43a1-812c-12a323dd71bb","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":324,"width":814,"height":12}},{"id":"4fc7bd4d-cef9-47be-bac8-a20986651881","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":339,"width":828,"height":12}},{"id":"ca73ad82-acc9-4dff-b8b1-764832bfa164","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":355,"width":832,"height":11}},{"id":"d5e9026d-efe2-4deb-b7e9-7aab6b383229","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":153,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"d4c03b1d-3a78-4991-96f6-e455a1e473d4","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":392,"width":764,"height":12}},{"id":"569b6a43-9d2a-4bd6-94c0-08da3ead038b","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":153,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"e20c5ebc-5620-4f2f-8265-4bd14d790fb9","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":423,"width":772,"height":11}},{"id":"5a73eb1a-8904-4735-8a7d-84ceb3aa0efa","block_type":"box","text":"“Investor C Conversions”).","page_number":153,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"60de9ea1-a5de-4f63-bf43-8a85da52109a","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":460,"width":776,"height":11}},{"id":"999bb3eb-04e2-4e3b-b815-e7d1421dd6ba","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":475,"width":824,"height":11}},{"id":"c5c583d9-e5c4-4d0e-b840-03a14b5c13dc","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":491,"width":827,"height":11}},{"id":"6a2c346b-b277-4b98-a2c9-ce4afc8a49b1","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":506,"width":833,"height":11}},{"id":"99d1ae63-dad2-4433-be19-5d0e7e97fefe","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":153,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"e7685882-7d18-40d8-9767-98b0b76b5230","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":153,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"f4cacdd4-f4aa-429f-837f-939d4e7554b3","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":153,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"2a2c0303-3502-4ba8-a4ff-949e0c6c4657","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":153,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"c7708811-98fb-4cde-9f22-065cfc5d4da5","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":153,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"9eead876-5def-4b5a-924d-6181b988935a","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":153,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"73908bd4-e581-44e1-aaa4-0d4b4ffe9161","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":153,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"20fddb6b-2c58-4f13-aa15-c1717dc5edd9","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":153,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"0ab2695d-1795-49a5-b320-e41990333742","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":153,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"a665c4f6-7f3d-4c3d-b033-d0a7a8cdcff5","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":153,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"46df9f06-c1d1-4d4a-95ac-b654a0a7838a","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":153,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"fd520f03-e2c3-4edc-8011-254af9ddb6e6","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":153,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"597517a1-9016-4aa5-953f-301fff8dab84","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":153,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"509e21b8-227d-4a6e-bd7a-c2aa1f2c36f9","block_type":"box","text":"redemption.","page_number":153,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"7b0ac3b3-f0e6-4338-b6a0-32ac305ba4b3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"fc81df97-f5af-4d80-9d4f-4fffa9e11afa","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":153,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"592124d8-725e-48d3-80ec-3e120253ea4d","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":153,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"e7b250a1-c5be-4447-a0e5-f79a801fdda7","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":153,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"c58f2014-8c84-4330-bef8-74bf8b0c71f6","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":153,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"7524be0a-a1d1-46ec-8d1b-2d80bfbd878c","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":153,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"2d1d95c6-7ee0-479c-808c-c9b402529e31","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":153,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"63befb4d-35f9-4e37-b08d-b33ef81046c4","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":153,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"aa1e4ac1-6067-4e2a-ab50-e586645ee6c8","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":153,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"c2aaeaf7-ffcc-4cd7-8904-ada5bbce25cc","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":153,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"c84ca02c-afaa-4101-99e6-cdb431f95acd","block_type":"box","text":"II-106","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"51e67c49-34d5-4854-aac1-7cea7c1f72d6","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee818f25-048b-4751-a0f6-d3a193a3da6a","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":45,"width":836,"height":11}},{"id":"05423c84-0ff3-43ec-acd9-b0720077f4c1","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":60,"width":806,"height":11}},{"id":"d1f5dadb-0afd-40de-be49-baa8de37db85","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":75,"width":786,"height":11}},{"id":"42be607f-138f-42cd-886b-c3b392a83dd4","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":90,"width":834,"height":11}},{"id":"68cac9b4-8430-4220-b2f3-bd3be2d8721f","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":105,"width":809,"height":11}},{"id":"14235945-6e66-494a-87d7-43ed9a0a278d","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":154,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"428f4e24-94e7-4357-b574-8e0c4dc9bdcc","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":135,"width":784,"height":12}},{"id":"e80f06d4-6c9e-4387-8fb1-1a0d18228848","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":150,"width":824,"height":12}},{"id":"bab8aeb4-2cd4-4e51-8385-05571d732657","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":154,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"00f05f7d-eb58-43d0-b965-ac06af4bff69","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":154,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"b49aecc2-a91c-4a22-a5dd-2f38832e3cf8","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":203,"width":813,"height":12}},{"id":"478a6adf-636c-4c9e-9737-9b1c7bf4a955","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":154,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"b9aeb5f8-3e98-4223-93bc-4e021f498d4f","block_type":"box","text":"Class R Shares","page_number":154,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"40e41d04-5943-4d98-a902-cce642067cc1","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":154,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"9b57ee7c-0bb5-47ff-b053-6244faaf51fe","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":154,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"cc239168-49fb-4c11-b178-dc479e43f6ce","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":302,"width":801,"height":11}},{"id":"ac0e0360-9d37-4c59-8185-2f03d0cdadd6","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":154,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"007ec160-c76c-476e-9bd5-d3378af23a2c","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":154,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"5d0e4567-b992-47e8-a207-db47a8f2ff1f","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":154,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"aa7b1b90-fdae-40e0-8357-dac1c37f9ed3","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":370,"width":791,"height":11}},{"id":"fc40c83e-b144-476f-8685-72d456670750","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":154,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"8d670e04-35cd-40d5-99f7-bf4fb2477edd","block_type":"box","text":"Class K Shares","page_number":154,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"646f6856-4121-4111-a8c5-5e2b3d203144","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":154,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"a45d3ee8-37cb-4968-88e4-6646151a9853","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":154,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"c4d4c434-36d5-4eef-8d8b-adc06575bfa7","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":468,"width":827,"height":11}},{"id":"f88c6115-624b-4c59-b5cd-6390eb573f5a","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":483,"width":817,"height":11}},{"id":"ff595f44-d37d-4fa3-9265-10a499bc3560","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":498,"width":834,"height":11}},{"id":"c35ad6a7-fe4c-4ba0-b734-5812d9298871","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":514,"width":748,"height":10}},{"id":"04cb9b8e-e52e-414e-ba57-b3d1e998bd9b","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":154,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"c439a862-2dd0-40d4-9ef4-5cb0b2e04e18","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":154,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"b1a37d29-e44f-4c21-9c46-51de125b2f4e","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":154,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"615ec794-4e61-41ea-bde5-3704f682ddd5","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":154,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"231ef073-c320-40c9-9694-5af0260c7f40","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":154,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"f8089ccd-7812-4e52-8d1a-ec3fd16b49c3","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":154,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"11a0cbae-53f8-4e82-8105-e0f16a085f6b","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":154,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"8277a5d2-3113-4610-9a1e-3ed46caac665","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":154,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"6a06dc5a-73a5-4648-ab85-c1b61ddc5311","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":154,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"7874c75d-2826-41c2-a8ee-06e850681dc9","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":154,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"502b6a53-a338-49ab-88bf-55bb821ba369","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":154,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"ebc71018-dba2-4a06-b345-4498cea99f55","block_type":"box","text":"distribution and marketing agreement.","page_number":154,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"a346c870-9d57-46b0-a0d7-1e431236e8e3","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":154,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"f516886a-6658-4aca-a228-7fcf2c240537","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":154,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"837cb9ee-d9a0-42cf-b333-5fd982626b18","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":154,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"c1cdd578-1432-4b71-ba2d-2357094e0e01","block_type":"box","text":"Class G Shares","page_number":154,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"92b580ca-d66f-4a00-bf30-b630e218f934","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":154,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"75f173e8-5554-46e1-8f4e-81810bbe529a","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":154,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"5bb079a7-b00a-4406-869d-ff29a65a888d","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":154,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"a38d2c22-6bef-40f8-9b17-ce6eba9395a0","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":154,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"872ca799-447a-4c44-924a-251f8bfd9230","block_type":"box","text":"eligibility requirements.","page_number":154,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"21d4da59-714d-42ec-ab5c-9543c8cf3d4d","block_type":"box","text":"II-107","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7d995b1-7ad5-4ff7-b78a-33bc60c606ee","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ff4d81c-da37-40a8-a14c-845969d67ea1","block_type":"box","text":"Service Shares","page_number":155,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"6bacb355-4e8a-4fc1-946d-764fd5bd2c95","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":155,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"60f313fd-a9a1-4de3-91a0-4bd1c84c76a8","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":155,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"98dd3edd-0fdf-4188-a9a5-05e54f1041d4","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":98,"width":693,"height":11}},{"id":"c9ee4f76-8cb0-44d6-be39-93c61169c173","block_type":"box","text":"®","page_number":155,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"4cd30769-39b2-4274-87b7-92ed82a26e37","block_type":"box","text":"Fund in 1996; and","page_number":155,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"b5df4a2d-8eed-41bd-b836-12ebb3ae351a","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":155,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"6d48b608-383b-4d06-be28-c2377a563174","block_type":"box","text":"SM","page_number":155,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"43ad99a0-2ace-4bce-8d34-4553481333d9","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":155,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"cab4f0e4-e758-4424-ba44-f8ab03a86f04","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":155,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"22704c7f-627a-4acb-91d4-3cc974654979","block_type":"box","text":"BlackRock Shares","page_number":155,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"047a2fab-a9f5-4c06-8919-8f4ec04f44af","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":155,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"a57d7a0a-73d0-4018-b915-4535b424f6f4","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":155,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"11bdec5e-1dd3-4dfd-a518-6d6f54e9dfc6","block_type":"box","text":"fee-based programs.","page_number":155,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"3f5938c1-edb6-47fd-8f89-2684d5f0e592","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":155,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"21a7b0d9-3a8c-4ad5-a6a1-0a4290287805","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":264,"width":790,"height":11}},{"id":"374691db-114b-4c00-82a4-fa400170eb8d","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":155,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"02b876b4-f8d4-4da9-9cce-94e9050dc13f","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":155,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"a2d8eefc-d4cc-4ff6-b8fd-54d03c346c98","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":317,"width":803,"height":11}},{"id":"079cbc68-1d4b-43e2-a2cb-89d91ece7dda","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":155,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"1c82102c-97c0-49ba-ad6a-50e61424ace3","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":155,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"3c9e1c27-a78a-4a3d-9c58-fee3e8fbf295","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":155,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"1da76d3e-c4ff-4db8-812a-07dc926a1aeb","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":385,"width":770,"height":11}},{"id":"fb13d09c-8387-47f9-b9c8-f73becdc06e6","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":155,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"3d68d4a5-ee6b-410d-ae5c-a726b8ad6364","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":155,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"61d8a0ee-0dd8-42b4-8787-b8e3d1fa25a7","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":155,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"dceede22-7a61-4013-bef3-af32c70e0e2b","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":453,"width":727,"height":11}},{"id":"fc05edfd-10b2-48b9-99c3-1ff62b7ac901","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":155,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"11211df5-6361-4d02-ace9-26c2cf5019d0","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":483,"width":813,"height":11}},{"id":"bcbc5c82-5696-4b47-a3aa-a507ad67f9fd","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":155,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"1618201f-05f0-4d14-b003-2fa50698a865","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":513,"width":786,"height":11}},{"id":"8affc115-3719-46df-9607-55c347763313","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":528,"width":789,"height":12}},{"id":"a96e9e0b-5a29-47ca-824d-31d7b31721a1","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":155,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"b0522640-372d-47ff-b447-23b7557961ad","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":155,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"feb4bc58-91be-4abd-bdb9-29bb12b48686","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":155,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"71a5bd66-d072-45bf-b917-be70301deef3","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":155,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"86792416-da8c-4c11-9241-2944efd7ce44","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":155,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"ea9bc285-cbe8-410f-bea3-f3bfb2004a92","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":155,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"d58610dc-edaa-4e07-85ef-9b048af25513","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":155,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"cf28053c-b5fb-43cf-8f3b-01bf989960a3","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":155,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"5455cf72-9043-4bc7-b0a6-639d1972d153","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":155,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"ce73b48a-f6c5-4fa7-b8f1-c98ab87bdc79","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":155,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"2043166e-e948-416c-b154-dbe9ceec3e75","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":155,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"3d33cfe6-aa6f-4009-9a07-f3c769b8cbd0","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":155,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"9d83e089-bbe9-4233-a072-a91945ecd48d","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":155,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"3a2fa2eb-69ed-4a6b-8e50-1828340eac48","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":155,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"f972beeb-fafa-42f0-b2b8-ea2f535680e8","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":155,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"803d9819-128d-4e69-9516-1c8dcd1c04ec","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":155,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"0b457f8e-b2e1-41fb-ae7f-3d44d7c2ed20","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":155,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"9c884b30-6db9-4940-b6aa-d6396ccfa431","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":155,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"747c8ab6-f0bf-4f80-858f-a07f35c79a53","block_type":"box","text":"compensation for selling different classes of shares.","page_number":155,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"a9ee18d4-6815-4174-80b2-409ab3056335","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":155,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"325205eb-c03b-4849-beed-7859f2968099","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":155,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"5154f36f-81a1-4470-b0bc-7405a370ea16","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":155,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"165bc131-9594-4e88-9517-5a18eb240db5","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":155,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"5bc06d0f-0843-492c-bb98-65bbccf47653","block_type":"box","text":"II-108","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf7ee257-a65e-4efd-954e-449a9cbad916","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb7dce49-f985-4ce3-bf26-7f8257c5492c","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":156,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"dab2e784-96b5-4952-b509-280acc59ff57","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":156,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"43b1b918-ab00-4e53-aa1f-df2adac74f13","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":75,"width":778,"height":11}},{"id":"36206cde-e8b2-4120-af72-5457d1b4458b","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":90,"width":773,"height":11}},{"id":"f779c24e-a6c4-43ab-9074-c3f002dcce86","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":105,"width":796,"height":11}},{"id":"4ff868bb-de21-4ee4-84ca-3eb043d09ddf","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":120,"width":837,"height":12}},{"id":"fad247d6-8a77-4978-a738-fa271b179966","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":135,"width":801,"height":11}},{"id":"4cdccb0a-f84d-4e98-aa3c-9ac70722cceb","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":150,"width":787,"height":12}},{"id":"118aa7c4-09a0-4830-9542-c5238ffa1f31","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":166,"width":802,"height":11}},{"id":"a9aa8acf-ae5f-46ba-9f3e-01670109db69","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":181,"width":826,"height":11}},{"id":"3ada9c12-09b2-49c6-88b1-e1657f92e15c","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":196,"width":836,"height":11}},{"id":"147153ea-7170-4c5c-8130-fd041c41abc8","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":211,"width":836,"height":11}},{"id":"405be1d3-99c1-4217-8bff-8b794fda89bb","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":226,"width":792,"height":11}},{"id":"4864127c-a588-4119-8111-6fa738973d11","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":156,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"ccdeb407-e3a5-45a3-92b8-0194e9bd6215","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":156,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"e794bc0d-559d-4c96-a7d3-00f379312521","block_type":"box","text":"easily accessible place.","page_number":156,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"e0dd8bff-dd74-4dae-a025-2b45525f2e27","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":294,"width":804,"height":11}},{"id":"f1143f2f-8c92-48b2-90d9-560be37ec7c8","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":309,"width":542,"height":11}},{"id":"b36eacb6-a730-45fa-8ce1-59a8ff89fb01","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":156,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"20fb3e34-9be7-450a-b61d-0a5e690e937c","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":347,"width":814,"height":11}},{"id":"3f457c64-a74b-4f02-93f3-43022fdb0fe2","block_type":"box","text":"fiscal year.","page_number":156,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"837ad7a3-800f-45fa-a224-f30197eadb15","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":156,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"b222e769-9f43-4032-b3d9-f32cf7e7cf18","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":415,"width":777,"height":11}},{"id":"8c4ce285-c1be-457a-b304-8fda59ef588c","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":156,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"e3945853-0142-4f47-89b0-a507368832f0","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":445,"width":822,"height":11}},{"id":"261501e9-df95-4734-9493-e4938f9a5e9d","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":460,"width":778,"height":12}},{"id":"0a9301b7-c763-4522-8a4d-05a192f48397","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":475,"width":840,"height":12}},{"id":"5134f749-9caa-48b4-8de1-9f4d85e66b5e","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":156,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"d8a52e96-028f-451c-bf41-d5e375c9b70e","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":506,"width":794,"height":11}},{"id":"7a5bf152-88b3-45c4-b226-ae02205dcf19","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":521,"width":839,"height":11}},{"id":"f984da8b-7e8b-4dd7-9e36-0018efc87e02","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":156,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"478f3657-78c3-4430-b3f7-26bf13f0acd5","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":156,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"d85348a8-ab09-48cf-8b7a-32b4c34590f9","block_type":"box","text":"and Class R Shares of your Fund.","page_number":156,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"95bab982-06a0-42f2-af2c-124af8db8acd","block_type":"box","text":"Other Payments by the Fund","page_number":156,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"cdbe5198-6987-4eac-aa91-362151b5df19","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":156,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"4c71c1e7-4370-489e-8d64-c7b24c66e225","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":156,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"f5ef782e-d9ed-4f74-adf9-20913cf3294d","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":156,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"3ccc02cd-3bf3-4a42-ad6f-48669eea9f8c","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":156,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"8a950182-2e4e-43e8-8b1a-7b1603f7c8b5","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":156,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"9fd70ea7-b7bc-4fbb-8a29-02a8f267b8d5","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":156,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"aff692d2-b912-4c02-81bc-656f3ddcb736","block_type":"box","text":"of these payments may be substantial.","page_number":156,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"e5ff926a-6cc9-4c5d-9662-441bec5dc7ba","block_type":"box","text":"Additional Payments by BlackRock","page_number":156,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"9aecc6ea-20ac-4ab9-b08f-131c985eaa68","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":156,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"970c5c0a-aaa2-4f7d-9161-012e993b9a48","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":156,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"6190901c-8631-4c8b-ad46-ae456a163290","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":156,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"678c7bf8-b211-452d-828f-f8d82a5c78d1","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":156,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"a47defb8-b073-4ad2-9f4b-d1f3389922bc","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":156,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"08b6b8fa-72ce-4d90-8d0a-d96cfacf19de","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":156,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"70014db3-d53e-4add-ac8d-c5b7862b26c0","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":156,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"8e6f5df4-1c24-4f71-a937-23640b41a75c","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":156,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"d9244960-6067-45d8-a9ba-d62fff859c9e","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":156,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"19e79245-de96-4cc9-957a-95f612fbe8fa","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":156,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"b9d2dbc6-c2ed-47a5-915e-8c71716cfc8b","block_type":"box","text":"II-109","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7f320f7-77a0-4ec1-bcda-22995c80b566","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b61ff439-6458-4658-a037-c8bfc06b0e9d","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":45,"width":796,"height":11}},{"id":"a48d53ee-e4b5-42ce-96b6-90815eb2f80d","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":60,"width":836,"height":11}},{"id":"d9e78496-7755-4fa8-9cb1-4062ce0ad9cc","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":157,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"ea7f0533-551c-41dc-b8f1-f45cc46f06d5","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":90,"width":837,"height":11}},{"id":"ce3f4cda-3e45-4dfd-b46c-fc8dde6bef6a","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":105,"width":818,"height":11}},{"id":"44fe2336-5727-47c1-aceb-1cbfd25a6b7b","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":157,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"d6e4fe5f-7a91-4017-90cd-c4252ee13faf","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":143,"width":803,"height":11}},{"id":"9b140cae-dd3d-43d6-aed8-a67c462501d2","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":158,"width":792,"height":11}},{"id":"89990739-85fd-4a3f-89fa-3cf446075b24","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":157,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"a62b45b8-85be-49f5-a903-39ce821e44b5","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":157,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"eedaaec5-9664-42db-be70-b88ff1190548","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":211,"width":841,"height":11}},{"id":"6d7f9f09-ea70-4ce8-823c-c3b3c78f3c92","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":226,"width":806,"height":11}},{"id":"d1b49b3a-8d7d-4bcb-8f64-263d25955919","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":241,"width":776,"height":11}},{"id":"47e2e4b7-7d57-47d7-aa7f-42d3f8cbca0e","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":256,"width":802,"height":11}},{"id":"5931dd34-1cf8-4854-809e-170a399fe318","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":157,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"ca6062dd-b62f-4277-9774-89864b647e13","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":157,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"04a2de85-e6eb-49f0-8b52-e28930555018","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":309,"width":795,"height":11}},{"id":"a0aea93f-bf1a-48c8-897e-65eccdad564a","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":157,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"c10e10f6-6153-4285-8858-63e86af48b4b","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":339,"width":823,"height":12}},{"id":"0e9e178b-1f26-45f3-b6ec-a1c3ede9b60b","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":355,"width":819,"height":11}},{"id":"55c7149c-2e9f-4030-bd2f-c7042341b38a","block_type":"box","text":"Funds.","page_number":157,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"5849eba0-5e97-48b4-8934-f47e73ac546e","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":157,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"ec66a836-ff19-4415-822b-6c02c840d258","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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BlackRock","page_number":161,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"c189e2f4-38f4-4a9b-8871-88527d06d5af","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":161,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"1e71177a-ca67-40f3-b4d1-277d3febcae2","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":161,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"f1ba60e0-57bf-4dd2-bffb-056a8060ec5a","block_type":"box","text":"traded products.","page_number":161,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"c13c54de-dda7-4245-b023-265148d42f92","block_type":"box","text":"F. Conflicts","page_number":161,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"838e71c2-b3e7-4124-a596-43640ae3a4e7","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":161,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"da1bb522-a317-4b68-88fb-3c453bcc8faa","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":161,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"f0f5aa10-9f30-4782-8361-42210dfe3a79","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":161,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"3f045422-0068-48cf-be35-e4274d98f6cd","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":161,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"6300a818-db2f-49ad-a2ab-8390db708700","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":161,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"b93c7075-72bd-4b8a-8a73-0197ecba0362","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":161,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"a8f51130-c55b-4d59-93f0-5d73ef1d04cb","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":161,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"7d581fd7-111e-49d5-bdb8-98bd7615e57e","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":161,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"eae4502a-9166-4d25-9c2f-1ec735e31f2e","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":161,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"11334de9-8574-45cc-a74e-65bd912207cf","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":161,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"7e9270a9-16e2-416e-8476-5a5a1a9ea9b3","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":161,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"cdbf23c8-fa68-407d-be4d-480e7940af4f","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":161,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"38f10e5e-4bef-4375-a5f2-d118d75a873b","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":161,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"448247a5-2cd1-467c-a289-7009be5be4ed","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":161,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"bfe0b608-a8e0-4c5a-9a7a-8f09e76c8ce4","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":161,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"eda2e0fd-57bc-4aba-b70c-789b2a11b802","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":161,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"d2e9012b-341b-4b24-ace9-4b4eb2ad6aee","block_type":"box","text":"appropriate.","page_number":161,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"88337cc6-5c50-49f0-95b8-b2fb008865b9","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":161,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"03624ddc-7ef5-4fb0-b6a0-9dda08cfaa0b","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":161,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"00dbe6ad-a8ab-4820-b602-eaa377fcbd92","block_type":"box","text":"described above.","page_number":161,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"3f322058-94b4-41ac-805c-6ed440a016ce","block_type":"box","text":"REDEMPTION OF SHARES","page_number":161,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"934722ec-388e-4ddc-92b1-7e98edffa201","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":161,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"ae21a1d7-17da-4c5e-bf53-f6ee76618ed5","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":161,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"fed08aef-4f5a-4123-a60a-dc5051a718e1","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":161,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"60768079-ae62-45c7-ba6b-65cd1984ea9d","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":161,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"50b219be-ca53-410a-9560-7a1362f4b355","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":161,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"2bc26b69-aa0f-4bf6-af5c-3e0bb9e4de2c","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":161,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"6143d5be-0ab8-443f-aeac-237e29585f01","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":161,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"1b7f77b8-31f1-448b-985b-33dae754f30c","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":161,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"ca7bb4fe-709d-4ace-aa85-cda3cbdcfb37","block_type":"box","text":"II-114","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"47d79c3f-a429-425d-a34f-1b884630d7ec","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54712239-84b3-4d90-8fc6-30d534011887","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":162,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"eb9dada7-f433-44b1-b599-c3402172fcd3","block_type":"box","text":"for any shareholder of the Fund.","page_number":162,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"87b4e3f4-4110-455a-a6c0-fd0b1f4da355","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":162,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"c46db825-6bbb-4f56-9601-51ae8c164eaa","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":162,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"aa99aa52-a061-4a59-b1e8-5e8b0e3f2935","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":162,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"118484fd-48b2-4488-991c-f1c102997150","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":162,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"faf526a3-291c-44a8-bb2e-0bdbda0e0e90","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":162,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"cad4cd5d-ba53-4d1a-ae3c-84b71cbe63f2","block_type":"box","text":"redemption.","page_number":162,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"04921095-2535-4fe4-b42f-3774f1ce9d78","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":181,"width":807,"height":11}},{"id":"6246163a-9c3c-46bf-9ca3-0cd816f1bce9","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":196,"width":835,"height":11}},{"id":"739effe8-d709-4cee-a910-7687effd9887","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":211,"width":811,"height":11}},{"id":"d50e0b24-5931-43fe-ad97-8bdbc504b7e7","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":162,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"7b087d7e-a46e-4034-b1bc-03b61132af05","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":241,"width":813,"height":11}},{"id":"3a7bf02e-9dfd-48fb-9463-49880cfcf048","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":256,"width":787,"height":11}},{"id":"cc07ac52-5f29-4b66-9c0e-c3e27d9f1089","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":271,"width":685,"height":12}},{"id":"fa6c6eee-b842-4509-9524-573f450e9ad6","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":294,"width":798,"height":11}},{"id":"9a9d8893-f297-43bd-80f5-850f5636fd75","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":309,"width":820,"height":11}},{"id":"a8bc28f0-6f84-4646-a5c4-ae787c0ea682","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":162,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"20148cd4-9511-4e39-95fa-a542d0ce3550","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":347,"width":803,"height":11}},{"id":"142de4d6-5d54-4036-885a-10e15e1eda8b","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":362,"width":827,"height":11}},{"id":"f2633e67-ab80-4ea0-8c69-05de4aff6f7a","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":377,"width":824,"height":12}},{"id":"f0aa7901-dd39-4bd9-b53c-9ecf38b41024","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":392,"width":825,"height":12}},{"id":"34c208b0-caa6-471f-a2b8-c4316dc4c41a","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":407,"width":825,"height":12}},{"id":"7394d253-bd2d-4e79-a842-0d4f7f5dad30","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":162,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"01adb993-da2c-4a19-b0d1-e4526f8386bc","block_type":"box","text":"Redemption","page_number":162,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"a9264883-7ebc-4b94-83f7-84efdfaec910","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":162,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"81e4ce81-8adf-4a08-93cd-60ad432e17ba","block_type":"box","text":"Redeem by Telephone:","page_number":162,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"22bf5ea3-721e-4781-a273-9a3aecf18a7f","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":162,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"309e4ecc-613f-4e2c-93c4-d0ba60cfa88c","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":162,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"99c4c59b-974a-44ed-95b4-f16c6b0c9d7a","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":528,"width":798,"height":12}},{"id":"2bdacb44-a1dd-4445-87de-aec98cf30345","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":162,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"87148420-ff29-4104-9b8d-5985e5cb1b98","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":162,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"34e0b962-d164-4823-aa96-a2109080f2dd","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":162,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"cd829277-2379-4997-a764-97633b8500ef","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":162,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"b37d1016-22a1-40b2-9d11-80a0161830bb","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":162,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"54239906-c111-4a54-ac02-62fc18faf28b","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":162,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"805c288e-84b7-4186-9bbe-6f27d186600e","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":162,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"281b7f38-1f28-4d25-9892-5ee10be4ef0f","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":162,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"5e0ca0ef-2e20-4a1b-a423-cbb9d39afa78","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":162,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"c3b64c9d-0166-4ee9-8bf8-818ce48c8755","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":162,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"5f33191d-9cab-451c-a337-eccbdbf1e5b8","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":162,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"e86a137a-337d-44a8-a665-49bdab55a839","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":162,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"9e76453a-c2cc-4ddf-a470-c7fb2edeb1a8","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":162,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"4b65ae7e-3364-432d-aa7f-66514ee6ca77","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":162,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"2d9c2356-3dc9-4ad7-9988-2f762f4b3ab2","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":162,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"b7b96349-5202-40d9-a6e9-4749f103f4aa","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":162,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"f84dab1a-c2d0-4de3-8825-56e37bd720fa","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":162,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"3c18d5eb-d955-4c3a-9f9e-4738defc4310","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":162,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"3801d77a-bbe5-4d3a-a401-e9b69ba22183","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":162,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"5a8b4d78-c442-4fb0-8806-d8c4a7d4610c","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":162,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"95e1c1ac-7328-4458-adda-8e2a9a5347e6","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":162,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"dfc1cc8a-f1fb-4c23-a3fe-8a2cbd7a7228","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":162,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"5e7b9e9d-2154-4214-99ab-eb92162cd50f","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":162,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"af082a90-022d-4c89-8b16-c7d17ba3b56d","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":162,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"b5403b2d-6a20-498a-948a-10bacee1610f","block_type":"box","text":"II-115","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"066f6525-fc20-463b-9c14-3c23bcaf56a2","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12f978fc-d710-4ab0-a89b-1e3f16330e92","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":45,"width":782,"height":11}},{"id":"a4a36848-a7bf-4506-a2a8-7bfa1515dd6f","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":60,"width":838,"height":11}},{"id":"fccfd4a0-ed29-4788-a7de-f8681e4a74fe","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":75,"width":837,"height":11}},{"id":"c46f49b8-c1a9-4340-a45d-08c0909792ae","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":90,"width":800,"height":11}},{"id":"c3123e75-edae-4a4a-adbd-c82f99c0cafb","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":113,"width":776,"height":11}},{"id":"b9ca0485-1d06-45fd-befd-9cef153646b3","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":128,"width":823,"height":11}},{"id":"5f1d186e-9af1-45dd-bb82-bed055190cab","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":143,"width":820,"height":11}},{"id":"f263cf9a-b476-4eea-8fa1-8d8a5b4ae7f2","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":158,"width":826,"height":11}},{"id":"9c1514f6-7b8f-44c5-90ef-fea9ee6d830a","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":173,"width":817,"height":11}},{"id":"4992e3a0-e829-4c49-bd8a-5b6d04b56bd6","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":188,"width":648,"height":11}},{"id":"a4ba9440-c582-4526-afec-b6d8377fe3c6","block_type":"box","text":"Redeem by VRU:","page_number":163,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"7e2afcf2-f681-417b-9630-bbec206d837d","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":211,"width":667,"height":11}},{"id":"87109554-a1ba-4f29-aa33-d6e2a77a0fd3","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":226,"width":820,"height":11}},{"id":"b648548f-59d9-4f3e-b407-e0a1fee8c654","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":241,"width":644,"height":11}},{"id":"076c86aa-0dbf-4f56-9a24-67316bfc6e34","block_type":"box","text":"Redeem by Internet:","page_number":163,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"0cbb7389-5f9b-47f7-b386-cb53ba93890b","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":163,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"3c4bc87a-0405-4d5a-b8c5-91a8980c4267","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":279,"width":836,"height":11}},{"id":"0193810e-5ce9-40e5-b687-e962386c8e4a","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":294,"width":823,"height":11}},{"id":"ceeef278-f104-413d-874c-32a42702b3de","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":163,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"b9094a30-f58a-4f81-aa89-b2a4e0890f8a","block_type":"box","text":"institutional investors.","page_number":163,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"349f4f6c-7593-4e33-aca4-a65e16c94d69","block_type":"box","text":"Redeem in Writing:","page_number":163,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"6899a455-eb15-40de-8d29-16e687e4ee26","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":347,"width":639,"height":11}},{"id":"420d2c4a-981e-47d7-b7d1-4f54032ac226","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":362,"width":831,"height":11}},{"id":"ef9b32f8-05e3-478d-8fd5-e7e8e78b2f33","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":163,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"3ce2da43-281a-4ee5-9a02-428688e28f35","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":163,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"de246a4c-e878-4b30-aee2-997953a65f0e","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":163,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"6eb42ee7-b2fe-4bbd-aa1e-cf41fa943007","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":163,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"577b45ef-91a3-4e56-862a-7150308b4ef6","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":163,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"b5b0280e-9ebe-4646-8f83-361ba5c2d2b0","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":163,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"7285abe8-2391-46ad-9cd0-8b0e96f81c6e","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":163,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"00714229-1c0b-4a90-a517-a7938deaa307","block_type":"box","text":"or wire to the bank account of record.","page_number":163,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"da1cd7ac-5cee-4700-aca2-f21aaba54ee4","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":506,"width":802,"height":11}},{"id":"831f5afb-b5ca-4895-aca5-251b16767f2c","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":163,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"5942dbab-6a36-4b7f-893a-00471832bafc","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":163,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"d0b61b05-288d-401d-ae35-69d027ed3be7","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":163,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"87e8ae97-4383-4b9b-80e4-148722b0f957","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":163,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"2cddc4f3-472f-4e99-872f-d48898896d9a","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":163,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"effdfa24-be22-49ae-9a16-539f5fb28633","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":163,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"ce2708f9-7584-4dca-9d0b-ee209b14d9c9","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":163,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"0637df11-b495-41b1-81b6-4bffc3aa43bf","block_type":"box","text":"redeemed by the Fund.","page_number":163,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"7811996e-ea90-4477-b572-f3f1bf2d6d18","block_type":"box","text":"Note on Low Balance Accounts.","page_number":163,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"296b13e5-2ef5-4820-a3c5-69c06c3c06bb","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":163,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"d659c2ad-d9a2-4a50-b5d2-c49a1a6432de","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":163,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"0b209394-f5d8-4e63-9771-6ef12e09270f","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":163,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"fe0c9e8b-a297-42e1-a676-35b9131cd170","block_type":"box","text":"for any reason, including market fluctuation.","page_number":163,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"e9163e69-b948-4992-b69f-93d86144e920","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":163,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"e6414a30-a33b-4fd2-8dfa-3b9c20e67ed9","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":163,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"c7c3b3dd-65fd-4a60-abfe-c48103cd92aa","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":163,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"65da0852-ff49-4249-abdc-a4029f1fda68","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":163,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"ad7d5464-5987-4fc9-b1b2-fc0a3cad54c5","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":163,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"779fe458-5148-4500-afec-6e059645a98f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":163,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"ab5e190f-74ce-4903-bee1-173dbeb7d61c","block_type":"box","text":"Redemptions in Kind:","page_number":163,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"d5d94452-9539-4817-995d-5fc4d5bc78cc","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":163,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"75cb0546-2ac3-45ca-b941-555d868c169b","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":163,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"e9e7c682-cd52-4caf-a7db-8854495d9141","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":163,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"b2ff55e1-64ef-4e81-bbee-76b50e75df85","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":163,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"286957a8-09a4-4bc0-aa29-9da681547b49","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":163,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"dbea2030-5687-42e8-8c16-5bb24b2ad40f","block_type":"box","text":"II-116","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8601d01d-46cb-461c-96f8-bdc69f194ace","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63822bc1-6ade-4a4d-b24b-68c72a682a25","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":164,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"0db7c339-e967-4c6c-87a5-a2f82f6225f6","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":164,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"42e542ea-b2a6-4b0c-b1e2-d4d10b887fa6","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":164,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"c1810804-c6dc-463a-b75f-20c2bd842cc8","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":164,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"196765b3-1e73-4f52-892d-7c6f8143ea8f","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":164,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"50e081aa-bf90-4f52-8d7c-4db5d4c45218","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":164,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"18dfaa56-5c3d-41bd-a097-519a44040d25","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":164,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"ed67bb35-2ff5-4f2b-a061-54504744d232","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":164,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"fb096d43-1a50-48da-9202-a3d723196272","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":164,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"0cac2da4-052e-423f-83a0-5f8d09618e58","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":164,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"d5d9cd39-e565-4938-955f-780685a65747","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":164,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"36e4f37b-76d7-451c-8cd1-90fbf9637b6a","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":164,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"687e39c1-4bf2-4cad-a0de-a1a59f6d9d5b","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":164,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"0468a51e-3f16-4e26-a489-262169426548","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":164,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"1586137b-afa8-495c-b8fb-232376fc9335","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":164,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"b6438519-f9f3-4e5f-9c45-cf4a1ae2332a","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":164,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"febaf850-a8a3-4e20-821c-bce1c6a8c960","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":164,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"57756179-00a2-4c07-b0bc-296f598b8366","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":164,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"c64c42f8-3667-406d-ab58-acfd6a033cf0","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":164,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"4be688b6-29e2-4293-b9d4-099d4608c1a7","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":164,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"cee56762-9ba6-4d9c-a8aa-00f83ad9a735","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":164,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"f82aeb90-b93d-4c56-b4e4-69b4303dbc53","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":164,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"213592f7-3abd-46b6-8d18-52f8379ba999","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":164,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"cc410582-79c3-44bd-a40d-d1078a4dbf89","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":164,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"60aba16e-4259-46d9-8b86-1ccd40072a7c","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":164,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"47037875-7eaa-4d3a-baef-7ca39ae7b11f","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":164,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"a8bc94f7-221d-4d7c-ad58-382720307b99","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":164,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"fd42e91f-2e88-40cf-a488-b184342bec87","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":164,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"745969c9-8d2e-4aa7-8989-c635c88e0303","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":164,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"1c06dfd9-70b5-46f3-87f0-08d767289018","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":164,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"57093817-aab9-4fb5-b7f1-053a48e41287","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":164,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"dc0ce1d0-7d4f-4bd1-bc85-09e10dde035e","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":164,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"3eb61d88-ae05-4431-ac10-79921c4b7b43","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":164,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"0c5dac0d-a326-4f2d-815c-918db670e7d9","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":164,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"36a84f8e-7311-4c41-abb8-42a5a57677ac","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":164,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"f889fdbc-f96a-41c5-ba74-d0488b3731eb","block_type":"box","text":"Repurchase","page_number":164,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"fd35b707-6b5a-49db-b165-a1cc0f1b5899","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":634,"width":800,"height":12}},{"id":"8f215e96-3074-434d-ad27-5265bd7fc0d7","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":649,"width":833,"height":12}},{"id":"9bf358f8-8748-4621-8ae2-d26b1ff17302","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":665,"width":822,"height":11}},{"id":"538ec7fb-07c6-47cb-abfa-506d20dbebd5","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":680,"width":809,"height":11}},{"id":"451b72f5-51ec-4d81-89b7-7c38c39efd59","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":695,"width":831,"height":11}},{"id":"a34f130e-514a-4921-8b00-8c3a085ca963","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":710,"width":796,"height":11}},{"id":"2ccdbf81-38de-4b0a-a375-e1a57fc120bc","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":725,"width":812,"height":11}},{"id":"04f66f08-dde1-42e0-a5b1-b5b0ee5af30a","block_type":"box","text":"next business day.","page_number":164,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"4751a0fd-d84d-4021-97e5-59f52098f69f","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":763,"width":783,"height":11}},{"id":"ab1ceff3-98ce-42ed-a9f9-f5ff143280a2","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":778,"width":813,"height":11}},{"id":"94675ae3-477e-4c38-af7e-90943a230a65","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":793,"width":832,"height":11}},{"id":"73cc2329-fbe0-4365-ab27-3667121d5496","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":808,"width":814,"height":11}},{"id":"9f41408f-bd45-48e9-8aaa-098f9181bcdd","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":823,"width":788,"height":11}},{"id":"e9d99828-a466-4874-bbf8-b1f730beeeb0","block_type":"box","text":"redeem shares as set out above.","page_number":164,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"ac181118-3b83-4d34-b0b9-f9bef5f7edd5","block_type":"box","text":"II-117","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8790db6e-4346-4739-b24b-c979dfb36f59","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66fabaed-a9eb-493f-b9ac-3f6c5ca316fe","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":165,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"b712eafb-ff4d-42c6-a919-b01014e3e029","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":165,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"b2da46b5-f304-453d-9e57-f82405ff66dc","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":165,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"ed463ff3-b6ec-49af-92ff-3c1fc62f3737","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":165,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"a6902640-4db5-4ed1-9860-439a0ee2352c","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":165,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"3a542e15-a355-4355-b13c-0cfd84146df9","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":165,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"83047386-bdf6-4682-be02-d359c9a098a4","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":165,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"5aba41b3-80e2-426c-afed-b151562155d9","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":165,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"f68b0808-11de-4a85-abab-6753501e55e4","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":165,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"886e230c-7333-431c-ab1c-036a867b4cc7","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":165,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"763f1dbf-41f0-47ab-b256-55c9babb7bd4","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":165,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"3941594c-636c-4d39-88eb-0d3840171293","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":165,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"878b921d-ca91-4417-8dbd-6429ebf08ae8","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":165,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"92002620-a46a-443f-9a40-798730857e86","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":165,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"fd1ab6c2-71a1-459e-9759-408c3fa3928e","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":165,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"a9488d6b-311d-45e8-b246-f390afe26b8c","block_type":"box","text":"Investment Account","page_number":165,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"1b6556fc-447f-4753-a591-5d9c558ca1e2","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":339,"width":774,"height":11}},{"id":"e00a207d-6d61-4548-846b-89c6f71aff46","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":165,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"8bfc2abc-584d-46a4-9cd8-59d62b38f0e0","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":369,"width":807,"height":11}},{"id":"867fd085-db65-44fa-bf34-da1628142044","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":384,"width":830,"height":11}},{"id":"84cbd4fc-1dd1-4cc0-9b9e-9486c0dcd0c9","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":399,"width":829,"height":11}},{"id":"3cbc8426-4494-4d8f-8618-c1c18b160273","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":414,"width":815,"height":12}},{"id":"48bbc160-f975-4654-8ee9-795f13e967ad","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":429,"width":781,"height":12}},{"id":"e3320b32-a3cd-4fd5-9039-2f02b7a54af0","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":445,"width":825,"height":11}},{"id":"f92a45f8-5eb1-4149-ad16-f262187e33f1","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":460,"width":785,"height":11}},{"id":"d848917b-18fb-48bc-aa6e-91527a5c16d3","block_type":"box","text":"automatically at the Transfer Agent.","page_number":165,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"4d885bf0-ae88-4fec-b4fe-a8341eedd9d3","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":498,"width":750,"height":11}},{"id":"5217dd70-ab08-417e-97b0-4e011e356d28","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":165,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"7d967e84-882a-46d9-95e6-adddd0dbe273","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":528,"width":797,"height":11}},{"id":"78725a12-f6e5-44e8-be00-e424b745a077","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":543,"width":826,"height":11}},{"id":"4ce370e0-59df-4c46-82c9-9610795375ef","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":558,"width":792,"height":11}},{"id":"039051d9-5b36-4af0-947a-479588fd4c8d","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":573,"width":824,"height":11}},{"id":"6c990d54-efc3-4137-a3fc-546d0ac1f2dc","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":588,"width":820,"height":11}},{"id":"08f85bdc-55f4-48c2-a323-c8fccc50a02c","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":603,"width":833,"height":12}},{"id":"f05bbf7d-4009-4e1e-9216-478c47002ee5","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":618,"width":795,"height":12}},{"id":"cf9acf95-cee1-4dd5-9920-216d0c86420c","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":165,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"f93a0104-2d40-4765-ae5f-63d274d937f0","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":649,"width":814,"height":11}},{"id":"a71fe6a0-7a9a-47d4-abfc-8c331fb28ffa","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":165,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"3bdc8199-b932-4cfd-8d7a-b076f9668ccd","block_type":"box","text":"issued.","page_number":165,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"97c7af0e-5a50-442b-a955-6bd17b61b685","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":702,"width":785,"height":11}},{"id":"c4b0daee-5780-4b60-bb1e-505560a2ce04","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":717,"width":830,"height":11}},{"id":"3b2bbc52-085e-4493-997b-e6a149a0441c","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":732,"width":790,"height":11}},{"id":"44c402a9-11bf-408c-93de-fdd0b8ad613e","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":747,"width":831,"height":11}},{"id":"3dde9974-e493-42ce-b420-aff073935724","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":762,"width":652,"height":11}},{"id":"54dd1675-de92-4aae-bd92-ba5b4f62312c","block_type":"box","text":"Exchange Privilege","page_number":165,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"12540280-0784-42ea-9a1e-26a2598faa4e","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":815,"width":797,"height":11}},{"id":"329f0d4e-61b6-4a91-a1aa-3ed9928a11b6","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":165,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"272bf17a-b027-4eb7-b973-08e9fd65d5e7","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":845,"width":788,"height":12}},{"id":"ad2ee4ec-0a2f-4e17-985c-9c4acb867d4e","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":860,"width":796,"height":12}},{"id":"4aba77b0-92ca-4fce-9c04-d6f39abd46d1","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":875,"width":824,"height":12}},{"id":"7aa068fb-2467-4a11-9ff5-40009f94b966","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":891,"width":835,"height":11}},{"id":"c44a78cd-c831-4578-a553-926685b30147","block_type":"box","text":"II-118","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e6c63dce-3f87-4e39-961f-6623f8281a1c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae09f2dd-d63a-475e-b467-4d64a4bcb2e0","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":166,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"ce00f0a6-79c8-4894-8729-6831d71b02cd","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":166,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"cee37715-818d-4874-b3d9-cd33bb57475f","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":166,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"3276849b-6b3e-43c6-a401-f41606f2efa4","block_type":"box","text":"Institutional Shares","page_number":166,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"4bb09235-4d1b-4946-9908-a486dffc4d9f","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":166,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"cb84b23e-51cc-4c3d-bdd2-b6a4257ad086","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":166,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"42cda2e5-a019-468c-9761-37f2b885e1c9","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":166,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"732788ac-444b-4309-9b96-020da7fc5754","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":166,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"9e7b4dc8-9ccb-4f69-a823-ba9cae5cf7c9","block_type":"box","text":"for Class G Shares of other Funds.","page_number":166,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"e5ed6e4b-b282-4193-9be5-889d12f09bf3","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":166,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"6cfdb6a3-7046-44f4-9b0a-d2d6bc06e20a","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":166,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"20cb8df8-8564-4bc3-95aa-480c924b3948","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":166,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"959e034d-5bda-4904-9857-6b0335b1f649","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":166,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"a379ad2f-d6be-476b-82c0-2ee7d5f3d48f","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":166,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"42a353d3-93bb-414a-86e2-fc12d245b560","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":166,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"7c79e0a9-ba66-4d7f-ba6a-5772ef4bc3c0","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":166,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"5683e2db-2827-4240-b259-fce67b674099","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":166,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"32d7dfdc-b515-40f9-b1f9-eb8904cc5dc8","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":166,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"0055698c-7362-4002-86c2-9bafe53616a0","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":166,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"e9bdf7da-df3f-4e4d-99c0-29078a14932b","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":324,"width":827,"height":12}},{"id":"91ed08de-b60b-4540-ad96-989f9769a6d8","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":339,"width":839,"height":12}},{"id":"4ba64434-7cfe-43d8-bf95-ea51ca41109b","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":166,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"1fb6d167-b947-4d6e-bfab-a7b26640aef0","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":370,"width":827,"height":11}},{"id":"37f6bd6d-f32c-4cba-98f5-520e5d52c5ff","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":385,"width":781,"height":11}},{"id":"6fdca9fc-d11b-447e-a52f-f49b0fb9492c","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":400,"width":654,"height":11}},{"id":"257c2e03-aaef-4718-b604-ec63e3457cf1","block_type":"box","text":"Exchanges of Service Shares.","page_number":166,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"e9921b03-4658-454d-9193-42a2e9682efd","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":423,"width":588,"height":11}},{"id":"1ee84282-3340-4121-8fd7-58dc01daeadc","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":166,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"75c35082-2327-44cf-b410-302f245c2ab4","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":166,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"70664291-0ae0-4000-9a88-90a9f1544dc6","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":166,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"f598805e-8f92-4142-91c9-987abd1d554e","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":475,"width":788,"height":12}},{"id":"9da38233-1280-4ea1-a3ea-fbb9cf925350","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":491,"width":793,"height":11}},{"id":"e9d5acd5-24e7-4caf-ab1f-1d4b44e41f66","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":506,"width":802,"height":11}},{"id":"cc6209f3-37d4-4fa4-8d06-5a4cd47fa0e7","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":521,"width":824,"height":11}},{"id":"a26786aa-9c23-44cf-afcd-bbd7342f652c","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":536,"width":805,"height":11}},{"id":"9b163108-78ed-4af7-ac06-50050ddf1b4c","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":551,"width":827,"height":11}},{"id":"de5dbedd-c23e-46dc-be34-75277857efb9","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":566,"width":758,"height":11}},{"id":"0ec8a306-25e9-43ff-9b9e-a807c3a51b4d","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":581,"width":822,"height":12}},{"id":"e88b03b1-fe4a-49c0-a966-7ccd5d083b3d","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":596,"width":782,"height":12}},{"id":"8090e3a8-ddaf-4419-96fa-60b68551e0a0","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":612,"width":814,"height":11}},{"id":"4bc499be-39ac-4aff-ace8-81e58c8d70dd","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":627,"width":830,"height":11}},{"id":"26dc7ff5-1e06-4f24-a0a1-7db323a795e5","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":642,"width":821,"height":11}},{"id":"1e62d052-4d83-4d47-aced-5357d548025d","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":657,"width":823,"height":11}},{"id":"8e8778a5-b50e-4e5c-aeb2-9c820ddb13b7","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":672,"width":781,"height":11}},{"id":"cf0f92e9-25dc-4702-b7d6-786921f1360e","block_type":"box","text":"exchange.","page_number":166,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"0382aa94-14e2-4607-9080-9ff4f3073018","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":166,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"6991ea58-7392-4b7e-9cb0-410eb370792e","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":166,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"14032276-91b9-4989-8623-05a91b95260c","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":166,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"2e03b78c-a3d4-4055-a020-f90594dc06fa","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":740,"width":796,"height":11}},{"id":"b2692c52-fbc0-4501-8573-a04f40c3902e","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":166,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"ba98ef43-8f6d-4c2a-bb18-b0a49191dc6f","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":166,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"dd1b20f8-7d77-47be-b00d-fe40d40cb175","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":166,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"72e9c58d-865d-4106-8869-9557115ac89c","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":166,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"cddd4650-0085-4369-a3ec-e740d6dc8209","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":808,"width":795,"height":11}},{"id":"2c21bbee-770f-4c46-bbfa-8bee756dad04","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":166,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"8f19703e-0f21-424b-b065-7b9a7d3d7dfa","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":846,"width":772,"height":11}},{"id":"10e234f2-7f29-4430-bf61-bff58f89ba5e","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":861,"width":824,"height":11}},{"id":"1c7a1e2f-8261-4c72-ad9c-c963cfa76152","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":876,"width":801,"height":11}},{"id":"c1455eef-183b-44ae-a230-3c90f9001f0f","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":891,"width":817,"height":12}},{"id":"0be77aca-7bdd-42c8-9e4a-e6e2a5646c77","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":906,"width":826,"height":12}},{"id":"d23c0a2e-9051-49f3-b5fd-2b00c22f4ab8","block_type":"box","text":"II-119","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bd081fa4-6b04-4c3a-9dfd-16725b475a8c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b9e9653-5a95-4171-a719-00453ad18690","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":167,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"99d24eaa-5200-4012-ad7a-13cc837aba84","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":167,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"f5a34437-15d7-4d6b-adfe-2fa0d2c092b3","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":167,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"9ca4bf51-a2e4-4e43-8747-faf8ee6b8608","block_type":"box","text":"Transfer Agent in writing.","page_number":167,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"6d15911c-21b2-427b-aca3-21681ac96a52","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":167,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"50343691-6a1f-4d89-b355-7e5902d41fa9","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":167,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"a709301c-d117-429d-bbe8-c663ae1bd3fb","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":167,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"fc0a8b74-66ea-4014-9cc9-9d76f03c2ba9","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":167,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"eb499417-667a-4873-bc0a-44b763285c72","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":167,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"8c67e159-401b-455e-8dfa-b5694e51ab7a","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":167,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"92988c78-f03e-4c62-8f7d-495593e90a21","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":167,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"6da42c33-cec5-409e-88cb-dc9ba2fa4401","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":167,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"942a64f9-b38e-4195-9627-23903c2afb6d","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":167,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"eb6371fa-c907-47da-bfdd-03ff269772cd","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":167,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"255fb040-16a7-4ae1-b208-2cd15f302d4f","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":167,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"bdbe9088-4a51-4991-8423-70261e4abed3","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":167,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"dce84496-737c-40a4-ba65-6f24f8d2882a","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":309,"width":782,"height":11}},{"id":"732d023d-3245-4dbd-a997-dde9ade9a44e","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":324,"width":800,"height":12}},{"id":"5f3f7dd3-033b-4a74-9987-e9716b150726","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":340,"width":831,"height":11}},{"id":"670e9306-9d39-4ebf-8eda-9ba401deec3d","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":355,"width":818,"height":11}},{"id":"7549b914-4b64-4bec-b3a2-e46cc3938ead","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":167,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"597dadea-d00f-40b3-aa7d-be2227cb6be2","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":392,"width":733,"height":12}},{"id":"c189fe7b-8cb1-4531-8642-d0337c859c41","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":407,"width":793,"height":12}},{"id":"c8df3a6e-7982-4999-ab85-b20fce73d99e","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":423,"width":832,"height":11}},{"id":"8df0e8bf-f36c-4353-a4a8-874dea1751fb","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":438,"width":785,"height":11}},{"id":"be3cc4db-6812-4d89-b692-66b3559c3896","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":453,"width":825,"height":11}},{"id":"5f6dd9bf-0470-453c-9c5f-7c7c17850122","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":167,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"17933f67-5e55-476c-921a-aba8582d5067","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":483,"width":767,"height":11}},{"id":"c6271bd4-6db3-4e06-a957-740aa74028cf","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":498,"width":750,"height":11}},{"id":"b73ae896-41c1-46c5-bc2d-1c64a6a585a7","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":521,"width":757,"height":11}},{"id":"6ded0749-d5e5-423c-a3ab-3103aea096f7","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":167,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"285da866-d941-48f6-8e7e-0942fdc19318","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":551,"width":805,"height":11}},{"id":"8066b2bd-27b6-435a-a3f9-5a4ebe340165","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":566,"width":817,"height":11}},{"id":"ae61a124-b710-4bf6-8b98-0900a435d5ee","block_type":"box","text":"may be distributed by the Distributor.","page_number":167,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"88e329c5-5e4d-4ead-8a81-ee3167332361","block_type":"box","text":"Participation in Fee-Based Programs","page_number":167,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"8b775a2d-88c3-4909-834b-d95107f07cad","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":167,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"6f453abb-2878-4c55-95a5-11a5bafb2f4b","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":167,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"942b11ee-f579-4d22-8fca-ae6cfe5f66fb","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":167,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"3f12677a-8456-4319-a360-15ed449becbf","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":167,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"80027e64-8308-4d03-8357-674a9c59b4e4","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":695,"width":837,"height":11}},{"id":"50d7ba08-c02d-4130-a729-1d6b5454261c","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":710,"width":808,"height":11}},{"id":"780404eb-9e90-431c-bb4a-6b1f611339d2","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":725,"width":838,"height":11}},{"id":"02f12453-e75d-4673-8f4d-8f166f3037b3","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":740,"width":804,"height":11}},{"id":"6fb99b10-0300-4c69-b448-1378634ab475","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":167,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"315c46f9-7655-4f95-9b87-5e690e24d3f7","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":778,"width":788,"height":11}},{"id":"01b63323-9586-4f81-a623-8ee6463f805f","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":167,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"e1b548a6-356e-4a16-a6f3-009faee4c95d","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":808,"width":796,"height":11}},{"id":"83eb67cf-11cb-4250-896d-32bbc4b63b59","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":823,"width":754,"height":12}},{"id":"efbdfdfd-4425-48e6-9e6f-1a604bb2b9df","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":838,"width":820,"height":12}},{"id":"522b9579-0bb9-41ca-b68b-ee1bc8d2efb8","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":853,"width":777,"height":12}},{"id":"6a1d93f4-bdb3-42e9-b044-437370a3e305","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":869,"width":791,"height":11}},{"id":"19198ccd-8805-46e9-b1f3-1758d67534c1","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":884,"width":756,"height":11}},{"id":"8747f49a-f8ce-4380-bda5-508c6adf78b5","block_type":"box","text":"II-120","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4e6e077-2710-4026-bf8e-a992ff057cdb","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60916f13-b200-4238-a149-586fcb0e8520","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":168,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"730c56be-35d6-4762-a359-35ec1618adff","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":168,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"dd95e03d-30e0-4221-b6b4-7e52d10fa211","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":168,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"b9c9405c-9cda-4553-9eee-870a480d2e9b","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":168,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"a024234a-01dc-4c8d-82dd-e8e28e40f537","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":168,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"51453cce-90cf-4e0b-8f16-2bd1054aaddf","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":168,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"57f6d597-0b1e-4c63-b299-d372ecc1c92f","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":168,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"f39797a0-ae24-4d8a-8ea0-6167b4041902","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":168,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"bad21bf7-3eee-47b0-aa74-76fbbd42f1b8","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":168,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"04b5d54d-1f7e-4646-84ac-bfcbf4069ad2","block_type":"box","text":"information.","page_number":168,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"37720d0a-2dc4-4552-b96a-26fd871c86e1","block_type":"box","text":"Retirement and Education Savings Plans","page_number":168,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"dbf6f611-ab1a-4260-bf3b-1e1f84aa69d4","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":168,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"2c3c9491-830c-4fff-81e1-7d316cb64433","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":168,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"f7ad08d1-7487-4db1-ad53-d13fa5505e03","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":168,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"2f3bbd98-0c94-47f1-85c5-133cf2d4fdbc","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":168,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"3ad378de-105e-47fa-a7d1-64b2952c1ee0","block_type":"box","text":"your financial intermediary.","page_number":168,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"f76f26f5-9675-46b5-9c70-c7da4cc303b1","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":324,"width":796,"height":11}},{"id":"4f8c8a88-ad8e-44be-8a52-75f3313fdbda","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":339,"width":784,"height":12}},{"id":"cf950ffc-805b-46f9-9740-6f7ae3f22269","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":168,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"d83b3794-377d-4460-8d59-280d8e26a52f","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":370,"width":753,"height":11}},{"id":"6322966f-b101-482b-8c0f-686af6f085e0","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":168,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"9923eeff-348b-47a2-b482-07081aea5418","block_type":"box","text":"Automatic Investment Plans","page_number":168,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"8fd88378-28c2-49a7-93a8-293d8e3c9db1","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":168,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"35db8930-1588-440d-8901-e8f5809ce190","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":168,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"f4dbae15-0d5b-46b3-b428-b7b642333725","block_type":"box","text":"®","page_number":168,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"e8d6de2b-1e16-4df8-9a8b-0a4bad8e6aa8","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":168,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"d6b613a7-5d4f-43ea-a074-74a4041e2154","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":468,"width":787,"height":11}},{"id":"6d46898e-27a3-45ae-8ddb-37b53dae041d","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":168,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"b575cdc3-f178-4814-9414-c2ccd53f8ac4","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":498,"width":805,"height":11}},{"id":"44363a67-9a18-452b-a700-0b53c9b065dc","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":168,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"80eb35d2-5928-459f-9279-59de5e1d8bd3","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":551,"width":782,"height":11}},{"id":"a4cb2ca6-87d2-4853-8dc4-e916d4a0ab8c","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":566,"width":828,"height":11}},{"id":"222d0ba8-b442-46a9-8d2a-cb8436efb847","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":168,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"25e785dd-a878-4001-b792-537f6b62b39b","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":596,"width":822,"height":12}},{"id":"f46c1321-ce18-497a-ac7f-353164de803f","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":612,"width":614,"height":11}},{"id":"77c299bc-5c50-4efa-b96a-ec41b10fa70d","block_type":"box","text":"Systematic Withdrawal Plans","page_number":168,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"f2a82ec8-bfb7-4724-b8af-0cd337f9955c","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":664,"width":780,"height":12}},{"id":"6050c8a2-fe36-4941-b9ae-0003dfe8b208","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":679,"width":742,"height":12}},{"id":"c54bef86-0cbd-44d5-8e63-f366e348a639","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":694,"width":834,"height":12}},{"id":"29f1d55d-6e9d-4852-917b-1e7036ce212d","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":710,"width":823,"height":11}},{"id":"3f170f47-518f-4fdb-a2ec-b5dc8259ccae","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":725,"width":840,"height":11}},{"id":"a8f7542a-f2de-4785-85e3-aac3b52d4a78","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":740,"width":800,"height":11}},{"id":"c3af7e92-0685-4da8-a470-84c0fee7d752","block_type":"box","text":"www.blackrock.com.","page_number":168,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"640b099d-4634-4a49-9747-9c296d5ee302","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":778,"width":789,"height":11}},{"id":"c92070b3-4fdd-458c-aca2-6af67f8936a4","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":168,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"17e06a13-879c-4736-bf84-1b480992613b","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":808,"width":815,"height":11}},{"id":"6fdb4472-fe39-4a98-a562-addbf6764a77","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":823,"width":817,"height":11}},{"id":"af6dfc62-642c-4b80-bda0-0034b0ae79a9","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":838,"width":803,"height":12}},{"id":"4f3f3937-2d33-4474-b400-d02c38e4f7b3","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":853,"width":820,"height":12}},{"id":"531bb1b9-3cd8-4dc3-a79f-4b113dfd4a96","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":168,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"f66ae0aa-63c2-4d8b-8bc8-c228cdd5514a","block_type":"box","text":"II-121","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4aed6329-8515-4363-88eb-120549d00f49","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09b945f5-5baa-48f4-b750-42ad06a6641e","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":169,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"2c0050bb-343a-4379-b9d7-b5dda4dd235b","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":169,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"92802717-25e1-4905-850a-b0dd4505ac35","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":169,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"552831c2-a4d6-4062-a047-08037895187b","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":169,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"214bf24b-c976-4962-b1e0-77446793d005","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":169,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"ba0908a8-fe9a-4f4b-baf9-d2bec6c475af","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":169,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"8535cbf6-0327-4cb3-bf85-088d0138e33e","block_type":"box","text":"Dividend Allocation Plan","page_number":169,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"edeba067-21e8-4b83-9862-2520d453fbee","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":169,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"833882b5-7b46-40ba-9bf1-488261b10e28","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":169,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"4cd829c8-9115-4311-af2b-a9f480b7e0e8","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":169,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"3c7d4ab9-8fcb-43d2-a2b7-3b6bc0061a61","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":169,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"ceb6f3f5-779f-4e31-9699-31dfcdfc4500","block_type":"box","text":"PRICING OF SHARES","page_number":169,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"992ac4ba-7665-48b7-8d7d-f3ed62aa08e3","block_type":"box","text":"Determination of Net Asset Value","page_number":169,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"5b4e1034-1e93-4302-ad28-ff83bd6ea383","block_type":"box","text":"Valuation of Shares.","page_number":169,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"c57b3d2f-09b7-4fa2-89e7-ecbb86ada7ae","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":169,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"65d11fa8-ce76-447c-8d5d-0b1a53e8630c","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":169,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"b9697136-b34a-4d7e-b8c8-3fec8439a350","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":169,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"a326071d-3652-4cd6-9a78-d9307717d1ce","block_type":"box","text":"Equity Investments.","page_number":169,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"1463ec86-95c1-47c1-9bcf-def887fa4d18","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":169,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"04fa8497-ee29-4bb1-824d-9d8ecc9d1129","block_type":"box","text":"e.g.","page_number":169,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"0499cbeb-1b55-4248-9c65-279ce1e6882b","block_type":"box","text":", NYSE), on separate","page_number":169,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"bdebd3b8-6e4f-4c4b-b132-1130262cf16a","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":377,"width":799,"height":11}},{"id":"b2f8cdc9-59d1-418b-a12e-5322723ea149","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":392,"width":808,"height":11}},{"id":"b461839f-eb40-43f5-915d-ae7ad7b8a2e3","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":407,"width":820,"height":11}},{"id":"c02fdf35-5542-4e53-9b42-197872a96c66","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":169,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"3b0a44d5-750e-4628-a35f-3bf143d96cb3","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":437,"width":793,"height":11}},{"id":"0ec277f1-ee34-4fc9-8ca6-ed4479173eaa","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":452,"width":836,"height":11}},{"id":"ea609289-f9d4-4c76-bd65-1479311d0452","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":468,"width":815,"height":11}},{"id":"f49f0b92-8c9f-47d0-ade8-4186be5b8056","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":169,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"c335ea70-1a85-46a9-8b43-04d073fcc0d8","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":169,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"b3437f6a-2e82-4bfb-9718-59022d5a6bd5","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":169,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"a6f67a98-5a96-4471-a202-8b937eef0c24","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":528,"width":819,"height":11}},{"id":"fe1c7b29-a388-4180-a99b-985fa4f18d72","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":543,"width":798,"height":11}},{"id":"ca04943e-ce61-49f3-8c6c-5d048d162767","block_type":"box","text":"defined below).","page_number":169,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"ae6c6858-792f-46d2-af01-001b41720638","block_type":"box","text":"Fixed-Income Investments.","page_number":169,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"f1930a2d-9a17-41c4-be34-ad052376cac5","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":169,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"90af2881-97e9-4be7-a50d-c6e21e228cf3","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":169,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"1d730e52-dcb5-47c7-bba0-38edd63a4c18","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":169,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"8c02f340-0ade-4da1-b8e6-c5dfd02a2914","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":169,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"bed1476c-3801-46cf-a77f-4ce952c47a9f","block_type":"box","text":"e.g.","page_number":169,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"5e439554-3605-4317-a0bc-49a7b28440e0","block_type":"box","text":", recent representative bids and offers), credit","page_number":169,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"e02b363e-cfd3-4dbf-b1f7-fa8744822d43","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":641,"width":834,"height":11}},{"id":"20c1d991-2c1a-4f27-bccb-abbd67b553fc","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":656,"width":769,"height":11}},{"id":"10b31442-17fe-4985-bbfa-0d7b465dcd68","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":671,"width":797,"height":12}},{"id":"bb55d621-69cd-4d28-ad4a-678e77cbcecd","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":686,"width":821,"height":12}},{"id":"bd77f134-380c-4aa6-af83-99d5ebe070c1","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":169,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"964e2865-3c50-460f-8ace-a05a754b057c","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":717,"width":825,"height":11}},{"id":"33375968-318b-43da-96b0-69152c15f3e8","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":169,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"7d0c5e18-6cfd-44ad-ac9e-b75f7775e6c4","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":747,"width":814,"height":11}},{"id":"4ebe017d-f00e-46c9-946f-8b79a5bfeeb5","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":169,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"999b7015-ac3c-474e-a741-8ba8af5bb330","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":777,"width":773,"height":11}},{"id":"1fbae2ee-c589-4060-b9b3-88ad17a4d73d","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":792,"width":795,"height":12}},{"id":"12af76a7-3f6f-4573-b374-5657d0930fe2","block_type":"box","text":"attributes of the tranche.","page_number":169,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"482607e7-2b5a-4370-b367-2a057e62ef35","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":169,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"da4b41ef-1232-469b-9c25-beb4d1a71906","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":169,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"a6314653-82bb-495c-bb63-b808df75ff65","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":845,"width":829,"height":11}},{"id":"cce77f00-b3b2-40f4-a974-2294871842b9","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":860,"width":824,"height":12}},{"id":"f2edcceb-ff28-438b-9aee-315c1cfaefd1","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":875,"width":838,"height":12}},{"id":"7f6cc44f-519c-44f8-98c8-c819146a657c","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":169,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"af332ae3-31a4-4d62-a6f6-49f94e62f4e2","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":906,"width":808,"height":11}},{"id":"710da62a-03e5-4f25-ad62-b8579f44abf6","block_type":"box","text":"II-122","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4cb35daa-7ea1-4717-8138-2daa65b12d53","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3362041e-adc8-4c3a-8762-3b43641ffc96","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":170,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"cd2813c4-d679-4e7f-9d36-e5bd6f4648ed","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":170,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"cea40b8f-c8dc-4724-af14-618284b84e47","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":170,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"b8de2364-5f6d-4e12-a89a-8430459cde9a","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":170,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"9e3d3232-1c9d-458e-a7f9-80faf76babe1","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":170,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"d3bb2afa-875a-4d46-a3f6-06f5e66c441b","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":170,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"6a4bcd98-4ba4-4114-bd74-bce62ceac207","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":170,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"27ad939b-d039-4b3b-84d8-8a0654e5312c","block_type":"box","text":"Underlying Funds.","page_number":170,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"58921d35-a2d9-41bb-822d-d8bd4b4656d8","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":170,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"ff758d08-1c75-4968-ad76-9cdc29c2bbb6","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":170,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"17359163-39ac-46f1-ae51-c612fef3ad04","block_type":"box","text":"at their most recent closing price.","page_number":170,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"27f1f6dc-6d3c-47a1-942a-36923a20dc96","block_type":"box","text":"General Valuation Information.","page_number":170,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"10baac4a-badd-4102-8f04-ec0716c5f8e7","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":170,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"d5d9b45c-555f-4185-b263-c7bc94912fce","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":170,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"f6a0a52a-7ccc-42de-8825-6f3b69bed219","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":170,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"42f03403-5726-4806-b009-104f284c691b","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":170,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"7e051d1f-c62c-4396-8ccc-f2f637870dfd","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":170,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"fd040581-052b-4910-a9d6-21a4e0d90a20","block_type":"box","text":"the revision.","page_number":170,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"9b101d11-5ff0-4604-be7d-9a63ebc99814","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":170,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"efd867c9-026e-40eb-a2a8-60901d8b02e3","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":170,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"9d9a13d5-822d-423e-b754-4b17144a219c","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":170,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"34d10bd1-6a72-407b-b54e-620f6212af85","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":170,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"b6c62408-3ff0-4f25-a0cb-36492575f257","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":170,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"085f42a6-6e16-45d5-8a95-3737fc950e23","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":170,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"5d71f402-fb13-49e3-8bfb-385fdf104d6c","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":400,"width":837,"height":11}},{"id":"fedfe973-2b61-4a37-810e-808d8f15406a","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":415,"width":833,"height":11}},{"id":"8f9f4a44-c594-45bf-991c-7ca2ef3ee6f5","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":430,"width":827,"height":11}},{"id":"a629941e-18dd-4e70-8fec-e3e529df39eb","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":170,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"e88a3002-4399-41a7-9a83-0f678ab7f0d5","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":468,"width":800,"height":11}},{"id":"7d4eba9a-1079-47ec-a6f5-e7155eeedc09","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":483,"width":811,"height":11}},{"id":"a9fdc367-0d8f-4439-9c67-8273e360b9d9","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":498,"width":827,"height":11}},{"id":"59f81dea-2554-4ec6-807a-765e817a0ddf","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":513,"width":824,"height":12}},{"id":"f101f0aa-75e1-4310-ba2e-b0130345f40f","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":528,"width":817,"height":12}},{"id":"13d03125-011f-42a2-9a92-2066c4588257","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":543,"width":802,"height":12}},{"id":"2e2d529d-cb6d-44af-95c6-0f83b0722cdb","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":559,"width":685,"height":11}},{"id":"2c605eac-d651-44ea-a826-fa5de3d7bdb1","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":170,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"fcef7eef-f31a-48f1-b3b2-1d1221a80893","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":596,"width":805,"height":12}},{"id":"bce41e4a-4125-404f-9ccc-9f89aba9dd44","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":170,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"b18d86df-33a1-486c-956b-9719315c210a","block_type":"box","text":"Fair Value.","page_number":170,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"a44311c6-b285-4c42-9f1a-e9706b939973","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":634,"width":693,"height":11}},{"id":"c6e2b25b-73be-4df4-84ba-6949b80b85ae","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":649,"width":785,"height":12}},{"id":"ccec53dc-c4a4-46fc-9fa6-0b13083260a5","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":664,"width":816,"height":12}},{"id":"cd44f4dc-d2ed-4270-b339-c32defec2c77","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":680,"width":779,"height":11}},{"id":"e071eb74-3259-4745-99e9-f5469487d95c","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":695,"width":773,"height":11}},{"id":"282aad18-adf5-4658-a6e0-4a1c0c4e2ea8","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":710,"width":772,"height":11}},{"id":"46e195fc-f827-408d-90b8-85b24b722d2d","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":725,"width":826,"height":11}},{"id":"4860e789-367f-419a-bae5-945e36dce589","block_type":"box","text":"(","page_number":170,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"d4074dff-15f7-45aa-8b10-3a888541b9c0","block_type":"box","text":"e.g.","page_number":170,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"992de67a-4b00-48f7-946a-80ae96c9c1f8","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":740,"width":806,"height":11}},{"id":"5b50b7d3-2e83-4cd2-a439-e8f44a7eca01","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":755,"width":813,"height":11}},{"id":"724c64a0-f21b-4003-bf99-1c29458af396","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":770,"width":837,"height":12}},{"id":"58530113-904c-4579-8b83-79fd6febc108","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":785,"width":838,"height":12}},{"id":"3a485992-6361-444c-a16d-c91e2f33135c","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":801,"width":824,"height":11}},{"id":"8c3d2e2f-ad50-4774-94ce-4f83a020fc76","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":816,"width":828,"height":11}},{"id":"e5fb3d17-a542-4c23-90a8-6ca96e70c8d6","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":831,"width":793,"height":11}},{"id":"076358e5-1426-45bd-aa85-f70ae9a3d124","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":846,"width":819,"height":11}},{"id":"1c7a93fc-7395-458d-984a-bd7d6273a8e5","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":861,"width":810,"height":11}},{"id":"325938d7-2354-4932-acbe-dcbe96ee79f9","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":876,"width":828,"height":11}},{"id":"b10ed5d9-c2a6-4fa4-a8af-4b5397614cc5","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":170,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"75127307-61ec-45be-8c5a-4eb834b9feb6","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":906,"width":814,"height":12}},{"id":"be70792d-48ee-4348-be82-52657fc72020","block_type":"box","text":"II-123","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"683f7b11-ec41-416c-92f5-5d27855cfc20","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f878b3e0-fd76-491d-ae59-51feaf7a48f4","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":171,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"a09c7345-282c-4184-961f-4830f5d53f18","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":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"0e6f3ae7-9047-42bf-b8e4-a6870f37f5af","block_type":"box","text":"pricing time.","page_number":171,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"3dc5e8e9-d7dc-4cc6-b8ca-5b5cd7debda1","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":171,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"77a038bd-bccc-4fad-b6f7-f50d3529b870","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":171,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"c2387d30-26db-4e6c-8591-773acf8ed8ec","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":171,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"e96325fe-f0ea-4744-8139-d8daffbc6bf8","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":171,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"d177af7a-2f0d-4542-bb62-88638f084af8","block_type":"box","text":"assets and liabilities of the Funds.","page_number":171,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"b6d1d6a0-80a6-4952-9f4a-484bd6d2e04b","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":171,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"6b377890-be73-4821-8c34-1ade8de56d31","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":171,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"e98a23cc-9777-49a0-a7bb-7aeb2cd575d2","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":171,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"0f48ccfb-2b86-4fac-8810-f7bf0c6d9fb2","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":171,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"f3357594-bb16-4f2a-8db9-1b99e12a520f","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":171,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"055ab41b-b13d-4ccb-9f0f-472d3381b4ea","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":171,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"9f4b261e-8c9c-4bb2-b83b-3571fe2c862a","block_type":"box","text":"valuation models.","page_number":171,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"76cf2a04-8b7c-466f-ad2b-acefa1633816","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":171,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"9e43c549-e42e-4fcf-9041-45f1afa29f60","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":171,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"a02957b6-935a-4d1b-8c36-43dadb2e08cd","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":171,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"f1be5163-3153-4f86-898a-6c4d0b224092","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":171,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"fa2ce5a1-3e3e-4613-bd6d-a119f78e5e85","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":171,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"bd244d44-07f7-46c8-ba89-ada4203d35a9","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":171,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"c21ad305-96e8-4d94-828f-b54cc24685c7","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":171,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"527b4fc8-e5f6-4308-bf54-634cf9e602dd","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":407,"width":784,"height":12}},{"id":"5843dbfd-f8ee-48fc-98b4-126c30846656","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":171,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"63e33524-665f-4323-ae9f-9aa6f2abaf27","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":438,"width":834,"height":11}},{"id":"80f6aedd-3f94-48e4-a255-30840cca54b0","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":453,"width":728,"height":11}},{"id":"e4a20149-c7a5-4333-beff-ee0621f642bb","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":475,"width":786,"height":12}},{"id":"fec66879-406d-4500-981e-68463628fc18","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":171,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"61daebc6-b77a-41d9-90e5-d9afae53fa8c","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":171,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"26a42f2c-e792-48f5-aa8b-f02d7730680b","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":521,"width":818,"height":11}},{"id":"7a89a64c-467c-4cc5-9f20-2afaecfd2cd9","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":171,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"ae92d17a-cb42-483d-8003-fa153f1a9309","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":559,"width":786,"height":11}},{"id":"16a4fcb8-4f6a-4944-bde0-b9012ad095f5","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":574,"width":832,"height":11}},{"id":"013d4811-123d-4511-b2fb-c3446ce7627f","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":589,"width":780,"height":11}},{"id":"78beb2cb-0982-4b9f-ba85-aa03f3c0b4f0","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":171,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"10b9a873-fc73-4f2a-a317-5b64133e88dd","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":619,"width":810,"height":11}},{"id":"21684137-728e-4dbb-810d-7eccfe6108f7","block_type":"box","text":"par ty determination of fair market value.","page_number":171,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"d10595fd-b56e-466e-8000-3a1f10c9caa9","block_type":"box","text":"Computation of Offering Price Per Share","page_number":171,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"560bb7cd-ab4f-4651-ae80-b54fa7195b40","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":171,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"b694f011-1044-44c5-ba23-954c76daf6cc","block_type":"box","text":"the offering price for shares of your Fund.","page_number":171,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"9e68734b-c298-4176-9493-889abae8fe1b","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":171,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"70375fbe-d217-4e87-9cae-486cd17fc46a","block_type":"box","text":"Transactions in Portfolio Securities","page_number":171,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"d4f21dea-8ec8-4031-846b-9c9d1f20f4dc","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":785,"width":798,"height":11}},{"id":"b329aadf-28a1-4d02-b92e-ae04644ac058","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":171,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"7ce5ae07-a0f2-4a79-b686-25511d7ff025","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":171,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"29780591-6577-46aa-9d56-58e6cd4272e8","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":830,"width":820,"height":11}},{"id":"9995e472-83cc-4598-8665-4326d2992e1f","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":845,"width":798,"height":11}},{"id":"15d5cbd4-42f2-4b9b-a8bd-37fee6936415","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":171,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"e55aa6b1-3a0d-4956-9660-ec51b4b42c9a","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":171,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"da32ee52-e6af-4918-9bfd-4edde2bf2f96","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":891,"width":830,"height":11}},{"id":"8a4f2cd8-c191-4bca-9148-e045218d897a","block_type":"box","text":"II-124","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7c197c9d-cbf3-479e-9e87-1d6dde4091a7","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f40fbcb-f53e-49d7-ae8d-22fb632e84b1","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":172,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"e1d89a56-5a7c-47d4-bf9f-fd0a59d6c1f0","block_type":"box","text":"reasonable in relation to the services provided.","page_number":172,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"729453ac-3b3f-464d-b6bc-55da4207627b","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":172,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"cb0449a1-7389-42ff-a3f7-a63eedb3e8f0","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":172,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"bd8cc93b-cf8b-4f76-ab06-74997eeb46b6","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":172,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"856feb83-eb95-41ea-90e6-becf814ea9ca","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":172,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"a84224e8-f1df-45a3-b65f-7ad0e0a4e410","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":172,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"438a7b33-0843-4727-83c0-505432e33667","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":172,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"7d3292e0-478f-46e7-b654-df2564d7024d","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":172,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"61071001-9031-4f3d-aa55-7801a76c9de0","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":172,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"23e61e94-5573-44ad-8f65-3083bb05c7c3","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":172,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"7251035a-a3d3-44db-8b2d-a766d29292b0","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":172,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"8ef048c1-43ef-4e30-8a9c-68768cecac79","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":172,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"6ba34eaf-7f1a-49ad-ab3b-3dd441d3ca4d","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":172,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"32f5cd49-b91c-430f-b8d5-b7d19378e3da","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":172,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"73631237-d483-4e69-8a79-77da35285021","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":172,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"86b26389-e039-44fb-877a-401b8bbf14ea","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":172,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"a6f1bc1e-1414-4a17-b57f-1398d84688b8","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":172,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"282a884b-7926-4b2f-b47c-684f4d3f9c82","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":172,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"8a1c99ad-61f6-4070-95cf-ba8ddae2be0a","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":172,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"acdeb442-c959-4d41-b6fc-58396545e472","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":172,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"d1fe45cd-b9fb-4289-8543-fee7d734dfb6","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":172,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"39eca329-1720-46f6-97f4-085ffeeb4a0a","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":172,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"c7407613-8453-4b01-9a94-d55d35d49f03","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":172,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"7a7186cc-482a-4ab0-89dd-4e1fd303d7ab","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":172,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"187afdd9-f12a-4b5e-9965-99a87c4306d7","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":172,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"2c56fabd-35a7-4579-a3a4-c942fd6befb5","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":172,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"8f4e4150-bc53-46e9-a9a2-93b3c3b8faf7","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":483,"width":839,"height":11}},{"id":"ac3c3f14-092c-46fa-8d8b-61801659bc9c","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":498,"width":839,"height":11}},{"id":"5910f345-a488-49e6-b48d-81c5c8f04de7","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":513,"width":809,"height":12}},{"id":"b2597f51-5f1d-45f9-85a1-e8eb4c007400","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":172,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"5d90544d-c2ae-43ee-bc7b-11c3d167bb69","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":544,"width":818,"height":11}},{"id":"ed78e005-4a1f-4504-af7e-7b217d9bf86a","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":559,"width":813,"height":11}},{"id":"863fa25b-a8f9-493d-b94f-59dceab54a6f","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":574,"width":801,"height":11}},{"id":"cb2b3820-61ef-484a-9079-eddeef857853","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":589,"width":802,"height":11}},{"id":"025be157-4367-4cda-bc52-ee26dbf98c6e","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":604,"width":790,"height":11}},{"id":"7d311c9b-302f-4c5a-b436-538bc73009ca","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":172,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"1abffc18-df64-4592-9603-c62af1df6404","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":642,"width":791,"height":11}},{"id":"92c9f1e1-1796-468f-b4f3-7def5d0a0a02","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":172,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"4a1c0fb1-d0e3-4d5d-be99-09fbd1e5c41a","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":672,"width":772,"height":11}},{"id":"3edbacd5-f41b-4c05-a731-d816481d2993","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":687,"width":785,"height":11}},{"id":"0ef1fce6-1d18-4c21-995b-87688689d7a5","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":172,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"21f27d65-2554-4aed-86b0-598dda18283d","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":718,"width":772,"height":11}},{"id":"ca3a0f97-e90f-4082-b97e-2b1acebdeec3","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":732,"width":838,"height":12}},{"id":"cf6d1114-6d76-40a8-92d9-92f0e7fed4a9","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":748,"width":769,"height":11}},{"id":"61d5b1bc-95cd-4d92-ba38-16b7ce8758d4","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":763,"width":801,"height":11}},{"id":"8f4bf5ec-36bb-4dbf-accd-36c6d497ccf0","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":172,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"212dc559-5dca-4623-96da-814c4443ee7b","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":172,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"d319c42c-d546-4f4c-9b8f-36f121861440","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":816,"width":749,"height":11}},{"id":"ce61e1e3-1f64-496d-8a27-f4cc130828d3","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":831,"width":799,"height":11}},{"id":"152ca70d-e58b-4d5b-82f6-cfc8b1c5daf4","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":172,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"52a18eb0-c41c-423c-98bb-ab05e5199e4c","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":172,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"6bd064a0-f54b-46d0-8937-d1d3f0e90bbb","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":876,"width":822,"height":11}},{"id":"c29b1b52-5a69-4b98-afd3-5800b30162ca","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":891,"width":840,"height":12}},{"id":"9a05f888-0d00-4daf-8035-7709f3302314","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":906,"width":805,"height":12}},{"id":"2ca2a37c-c0f4-4264-8e04-97333b91f224","block_type":"box","text":"II-125","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6fbbe281-503f-49f1-acd3-ee2d8b0f1196","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c981f188-3bcb-4653-9810-1862119c481e","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":173,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"daaccfcc-06d9-4b48-af06-f99c24ff4888","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":173,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"b08f64f1-8531-42b5-b0f0-5188fbab1962","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":173,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"66ad323b-017e-4291-9512-9f35743c84c7","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":173,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"9f6fe7f8-f022-48e3-af32-aa9a9dfa8a8a","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":173,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"817908ab-f9af-4ff2-99c7-2442b3effc85","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":173,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"ca72e8bc-794a-44e4-89d9-408653380dd6","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":173,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"03e5089a-cfbc-4911-90ba-ea7459ab358f","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":173,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"846e3308-0684-4d34-ad0e-238d69eabaf0","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":173,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"f178e44e-605e-4f4f-8646-1145d56f1396","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":173,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"ebbf54fa-dd37-416d-8e83-54561c1975c1","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":173,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"2b43ede9-7014-4bd4-8b6d-049613834de5","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":173,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"083599f2-c228-45fd-9360-9fdb4e7456e4","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":173,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"036842c9-749b-4d2e-91b3-bd6d87f7312c","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":173,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"a19ac42e-27e6-4d98-9759-11152d27de47","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":173,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"d8627b7b-1693-49ac-a429-56a722be6840","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"cc3288b6-1607-4266-b4a0-57597b534be6","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":173,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"c5b056b5-10da-4830-adbf-5d607eb9a7a9","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":173,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"d84d7da2-d21b-43de-9744-144f31388f1e","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":173,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"6ba0fd48-2188-4501-8e62-a8791bc3ac56","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":173,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"c04fc842-3021-4b65-bed3-0423768811b7","block_type":"box","text":"brokerage.","page_number":173,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"7232ae60-dfb3-4a6b-ba24-647542d0d9b0","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":385,"width":781,"height":11}},{"id":"6fa3fa3a-5aa7-404e-b4d5-140b19078a56","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":400,"width":810,"height":11}},{"id":"c884a20f-83d0-4ca7-9b38-f8fc2f4f0caa","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":173,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"7d30093a-a461-45c8-8822-88bb3e1568e0","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":430,"width":818,"height":11}},{"id":"3f753eec-8223-438b-b076-69c962c31d64","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":445,"width":821,"height":12}},{"id":"2321546a-9498-47f5-a84f-7db98c84cd8a","block_type":"box","text":"Section 28(e).","page_number":173,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"e3cb21dc-6761-4c83-b514-b237dcd8323c","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":483,"width":755,"height":9}},{"id":"5467c36a-ae8a-42fe-b337-b548a1dfa618","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":173,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"a26d0e35-54b0-44b8-a8b5-9aa77f7c3808","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":513,"width":799,"height":11}},{"id":"25d33ff1-1c5e-4fc0-80d1-f25d073fc851","block_type":"box","text":"execute transactions for those mutual funds.","page_number":173,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"0c727b0e-63ca-4e99-a391-ea90c0b72f12","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":551,"width":770,"height":11}},{"id":"a0e871da-2b66-48d3-8265-700e9c47b577","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":566,"width":825,"height":11}},{"id":"0eab2b47-2385-43f4-a7d4-4a163caf3f7d","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":173,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"36fe9f3a-a628-4bbe-8cb5-d2e8d9330428","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":597,"width":805,"height":11}},{"id":"8f1d42c3-4a58-464d-85bf-59a927b0855b","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":612,"width":773,"height":11}},{"id":"a7e3b062-c4a0-4ef3-9bf0-1fc7c116ad8e","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":627,"width":798,"height":11}},{"id":"282385a4-5a8e-4f52-ac57-343fd9613bdb","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":173,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"5e12556e-d5ed-4893-b861-bfb8da15252c","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":657,"width":754,"height":11}},{"id":"25c9e7ce-597c-4549-b34d-5fe98cd3a46d","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":173,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"be08e630-bfe4-4673-bb6e-5251cf322b1c","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":173,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"8373626f-2fe6-475b-bf8f-2ca6ebb98c1f","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":173,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"656a1411-7d8b-43dd-9764-b680c2ff9f95","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":173,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"1a58e0b8-8d34-4da3-a216-10b314f582ac","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":173,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"47ae3855-3c44-498e-a28d-0b3e9d56aef1","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":763,"width":804,"height":11}},{"id":"be74b613-7145-40f2-bf2d-5bc16fa315f2","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":778,"width":832,"height":11}},{"id":"796c9482-c431-47ba-8f14-31763d60840f","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":793,"width":762,"height":11}},{"id":"4c715c85-9626-495a-93fe-2ac14430976c","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":808,"width":770,"height":11}},{"id":"f767927d-fdff-4b6d-985b-5f4afdd4899c","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":823,"width":828,"height":11}},{"id":"139a1e45-fb64-45b0-845d-fe0e76d7976a","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":838,"width":814,"height":12}},{"id":"b4e208ed-0a72-4da8-b2f1-749668d54678","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":853,"width":825,"height":12}},{"id":"a9029be8-db2e-46f6-8907-e7b8272912d7","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":173,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"4ff1af99-ff81-408a-8100-ccc70e5830b2","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":891,"width":797,"height":12}},{"id":"ade66379-cdfc-4c16-bed3-73e8dd6cd3cf","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":906,"width":826,"height":12}},{"id":"7474de04-f277-4844-8975-a069d4e4811e","block_type":"box","text":"II-126","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"970cfd20-a71e-4864-9f66-d720f316414e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5aca9b5-4e20-4c79-bfaa-0b5346e5f65d","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":174,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"a3c89462-ff74-40e7-8e7b-b078c38e5568","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":174,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"a6db8800-b285-403d-a53c-4c394f702f26","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":174,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"516bd318-350a-4e61-9f1a-976a7dd21fb0","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":174,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"c67085b9-4cbd-40db-a241-b27b060b2eeb","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":174,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"ae5b9c86-371d-4bc4-80eb-82a130b9e5b1","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":174,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"f36dcc13-d69d-47b4-9e2e-392df63652eb","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":174,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"b215589c-68f7-4ad7-a71c-08641c54039e","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":174,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"fcaf57da-76c9-4113-b0f2-35b2f77ebd7d","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":174,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"511d9044-ba29-487e-ad94-792a17aef367","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":174,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"98aa3bb8-d41d-41b7-9641-525915910c51","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":174,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"c1f81224-eba0-42c3-b155-8e1c26ee8cba","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":174,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"e83e1b4e-33c4-4635-8d70-ca36407ec3d0","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":174,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"1b34376c-3a98-4764-8f08-6fed37f06f5e","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":174,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"b830572b-5e5a-4a01-9780-dd990c586f8b","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":174,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"af82446e-3ce4-4eb9-b5e6-668d45419783","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":174,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"6b9af5ea-16bb-4f6b-bb80-3e438fad650c","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":174,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"c2bb42cb-1188-4e12-b4dd-cedf87fe60df","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":174,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"cee06349-eb98-403b-8bb7-c114cb26d20e","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":174,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"7e2444a0-e7d0-475f-b81d-9ece5ad41e37","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":174,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"c717fc9f-e1eb-48cd-bce8-4244dbbe5edb","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":174,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"a1836611-a884-450c-bf9b-6bc33200f3dd","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":392,"width":800,"height":12}},{"id":"db8331a9-9f28-4b27-b274-4cd04a130d5d","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":407,"width":824,"height":12}},{"id":"ce4db054-c097-4a8c-ab3d-c3920cfdafe0","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":423,"width":828,"height":11}},{"id":"58418a06-1c1b-40b7-9552-cf212beca733","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":174,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"d5ddf49b-314d-4191-b68b-7278819e7127","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":453,"width":759,"height":11}},{"id":"d4dcb48f-50e7-4b13-a271-9b6607d63c3d","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":468,"width":780,"height":11}},{"id":"483f3fc7-96cb-4e14-b811-579d53598f28","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":174,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"6f7b2911-a987-419a-b3b6-0afed7babe9a","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":498,"width":788,"height":11}},{"id":"da0e157c-c66a-40ad-aa07-d4361c288f28","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":514,"width":811,"height":11}},{"id":"1dc8ab7c-f7ca-4b19-a2fd-41a17ae0c79f","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":528,"width":829,"height":12}},{"id":"5342837d-ab07-46e2-a8ac-45bc50d5bb9b","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":174,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"ca27dadc-901c-4523-a676-adeacf8655cd","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":559,"width":832,"height":11}},{"id":"784d0fcc-ceca-4b28-aaa8-eab43b768df1","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":574,"width":836,"height":11}},{"id":"ba11a845-8c73-4103-9102-b788c244eea0","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":174,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"c6e396d4-592d-4cc4-ab25-84c7ac02ce5d","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":612,"width":802,"height":11}},{"id":"ff8ce454-fd6c-4726-a7d1-5b61e0d16f0b","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":627,"width":800,"height":11}},{"id":"764641c0-fda9-467e-9c5c-10baee177dff","block_type":"box","text":"accounts and compliance constraints.","page_number":174,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"7efb9da6-3ae9-40a2-8647-d428e4abe6b7","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":664,"width":736,"height":12}},{"id":"73cbbc8a-a348-4eed-a4eb-41105f8afbbd","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":680,"width":808,"height":11}},{"id":"4a172742-db3a-48f9-98de-a60c7aa30858","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":695,"width":821,"height":11}},{"id":"1db6dd76-79db-4b06-aefb-7bd1d160d217","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":174,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"5d03d53c-f37e-4363-906f-b9f6df0eeb06","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":174,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"9e191c47-671c-47f6-a82c-18907c76283e","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":740,"width":793,"height":11}},{"id":"b8481e5e-ed23-450c-8fb6-48718c3457e2","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":174,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"b7048d95-2cc5-4006-b158-553941d5e4a3","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":770,"width":828,"height":11}},{"id":"b1c42421-6e6a-45b0-b94f-3ef00677f0ba","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":785,"width":839,"height":12}},{"id":"11768165-8fca-4a57-896c-ee358bc9121a","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":174,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"1b750258-5680-463f-9bba-d3c4c6a9e072","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":816,"width":819,"height":11}},{"id":"e6f97af2-bea0-40ce-a274-7942186d1083","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":174,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"bed64ffe-cc20-46f5-b787-816c422f8c83","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":174,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"c22e7dcb-8523-4dec-8f33-a35fe61b91be","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":861,"width":799,"height":11}},{"id":"458be9a0-89e0-4023-8f22-6173ae9b6095","block_type":"box","text":"clients may be used as well.","page_number":174,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"7c125621-18e8-4107-98af-18fc29617b68","block_type":"box","text":"II-127","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54305876-869d-4c77-be5b-c51f1a4ca875","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38940f70-1b4d-444c-937e-d721fa7dd5de","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":175,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"8ffb9992-7676-432f-b219-781f92859b64","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":175,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"f5fb831d-e764-4f52-9c66-cfe0d08c3050","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":175,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"f1a35d30-23f6-4a1e-9afc-47ea30938635","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":175,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"6352ed2c-1b12-4283-93fb-1069dc887218","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":175,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"17ee2d6e-858d-4d14-9615-2d8f456f3fb7","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":175,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"a9108c06-2600-4976-b5b0-2ecd180763b3","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":175,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"18fd7e70-0346-438c-a139-d5f0d72c0e16","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":175,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"8d8e0346-5615-46b2-aaad-fa07e2666af4","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":175,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"d9a1384d-ae96-4fbe-be96-1ab33e25ddb6","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":175,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"50d2634e-d260-4636-aa49-f76f4a2ba7f3","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":175,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"b93a2eef-589c-4f0b-a806-c92cdd770915","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":175,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"121fd97d-3b90-4520-8189-fc3511fe537b","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":175,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"21da4def-cf4e-44f2-9ac1-82d8730b11b9","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":175,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"ecc90d7b-ec53-4719-9fd8-7f60ad4e27da","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":175,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"a15696c2-01dd-47e6-b9b6-c9ff1d5b164c","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":175,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"189cc6ab-d190-404d-a15b-209d23cb61dd","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":175,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"e1c415f2-60bc-4c25-be41-cf33f8963cca","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":175,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"a9ca3b2d-dde3-46fb-964f-a1d2936288af","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":175,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"4b5e1aaa-27c9-480d-a0aa-8b8a99ec9b4e","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":175,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"225573d8-ffe5-45af-b8b5-ae8d32f34b12","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":175,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"fa520165-8d30-4415-ac1c-2a1dcb7c80f8","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":175,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"5bb8c009-a054-4c77-8837-d1d54e6aa555","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":175,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"9f526052-efdb-4132-804f-2e58dcab9669","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":175,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"aafb1df0-4d96-46c3-bb1a-11a17b0993a1","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":415,"width":823,"height":11}},{"id":"ed74cc45-bba0-4563-8f00-b63ccc561d4a","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":430,"width":803,"height":11}},{"id":"1b022c06-aad0-4709-841b-114b74adc6f6","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":453,"width":767,"height":11}},{"id":"6bd7bb56-3861-40be-9450-8092b5944aee","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":468,"width":826,"height":11}},{"id":"c78c221e-99ed-4722-9ffe-c9f468a5c7da","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":483,"width":816,"height":11}},{"id":"a9b6f2b3-f295-4038-ab20-394e3ae070d9","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":175,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"d2794630-2ebd-4b72-87f8-d6e32a422189","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":513,"width":818,"height":12}},{"id":"45fdc908-d992-488e-a146-ac2349d5d301","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":536,"width":786,"height":11}},{"id":"dc22caf8-cacd-46b3-8a56-d745420bf79e","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":175,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"fbf09450-3c7e-45c0-a22f-e9dc84ba878d","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":566,"width":751,"height":11}},{"id":"42ca4f49-dcf2-41f5-8b9f-277a2bd41494","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":582,"width":829,"height":11}},{"id":"997c46b0-a3e5-429a-bfbf-fb27c2255f71","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":596,"width":799,"height":12}},{"id":"6417d111-0c6a-4538-b866-20f4294d05ec","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":175,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"7c2e44a0-9802-4301-96ba-28102e21106e","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":627,"width":820,"height":11}},{"id":"de434020-7154-4c11-9130-3c7f0fb1e789","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":642,"width":812,"height":11}},{"id":"78091fa6-8d06-43da-9b2e-f7c41cbfb514","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":657,"width":781,"height":10}},{"id":"820a8dbd-0029-483f-94af-8c6653285e38","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":672,"width":805,"height":11}},{"id":"84dd61a5-0327-4aba-a830-1b2d95327a82","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":687,"width":840,"height":11}},{"id":"a364667e-49dc-408c-8376-36034f86652e","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":702,"width":815,"height":11}},{"id":"6bbeb0f5-9d17-4e44-b709-4c1f03f63bd8","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":175,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"ce9ad5d5-b615-4161-91e2-12408ef3db79","block_type":"box","text":"Portfolio Turnover","page_number":175,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"f1e4e240-d3b9-400a-acdf-5d952c7802cb","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":175,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"cd4da9ee-ce52-4e0d-b6cd-1e261927f011","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":785,"width":839,"height":11}},{"id":"2448a8ae-fb4c-4592-b096-18a616dc191d","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":175,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"fa52a51d-124f-47cd-a726-c159c418cb49","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":175,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"4d682c82-2bbb-462b-98a4-ef0b97a82dbb","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":831,"width":818,"height":11}},{"id":"d9745802-a521-493d-83b5-99f5d916c9c7","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":175,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"9f225938-8d9c-4bb4-97dc-122523a6c529","block_type":"box","text":"II-128","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"480f021b-2f31-473a-ada6-e1ab9a01e58c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7409c5d6-934a-4350-8470-25a7ed79a822","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":176,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"cb2332d1-6cfc-4645-88cc-b1f42767572d","block_type":"box","text":"Dividends","page_number":176,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"37e2674c-53a6-4a07-a2b3-28d961f7dfb5","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":176,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"50c94ba2-a902-42c6-96e9-1c19a2d9353b","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":176,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"b752cadc-5649-40e7-a565-4a05801759c7","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":176,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"c4e677bb-db91-4c3c-8870-30d44c8adf00","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":176,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"abc48ff8-4328-44ec-8f87-74cfc392652a","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":176,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"c09f1d4b-dcc7-4c97-9cb0-243df224db74","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":176,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"1483d783-eec1-44ae-aaa9-0008994d369c","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":176,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"c9d56ba3-6ccb-4e09-869b-3a89ad447697","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":176,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"c4badc78-a343-4149-94ee-1bce16c64590","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":176,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"a8f8eef2-9c46-46be-9e30-dfe6caddfb0a","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":176,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"68cddc87-6866-4f4e-9855-ccee21f43c77","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":176,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"a52a2d61-81cf-49d7-8c5b-a6a53de9a457","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":176,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"8d3d5223-4d60-4d46-8774-b98c5a8f5c39","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":176,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"eb76b7aa-e0a5-4950-8f87-d93bfa7e9ba7","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":176,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"e8d47dab-88f4-4e1f-be9f-627f269461e9","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":176,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"6b0a4c94-7900-401f-8c52-8ae04260d590","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":176,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"b38c641f-53a2-4762-9c45-cfd5af1fd14c","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":176,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"e451b038-b040-49ba-a2da-7fd266540c44","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":176,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"f94529c3-353b-4244-9028-ffaa66b03ac2","block_type":"box","text":"Taxes","page_number":176,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"376a3cc8-f197-4ebf-a51f-7e1c4f44a1f3","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":176,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"5d9245aa-b875-4826-94f4-d894ce00ffb6","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":176,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"add38ad7-0913-4e03-8082-5aca4cf3ed8e","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":176,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"e310aab5-9b11-4063-9741-9b6cd875d6f9","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":461,"width":832,"height":11}},{"id":"a52304c6-86ab-4d64-9f7d-b024d762717e","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":476,"width":791,"height":11}},{"id":"cd3c7819-3796-4481-82b5-cade633832fe","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":176,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"43c6ac02-192b-467a-879d-24e3b2126634","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":176,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"aa27737d-f17d-48f3-bcab-202e8bdeb99e","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":521,"width":819,"height":12}},{"id":"b5e1d49f-5db1-499a-a1f0-56c2bbc5e60b","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":176,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"cd47da0b-92e2-4a40-bdd0-5ed876e9ce48","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":176,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"200dc082-5dc2-462e-9195-d027d005eb20","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":574,"width":792,"height":12}},{"id":"03863c3f-84f9-4d9a-8955-f1d013faa3cd","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":176,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"8bdfdd1c-a0d6-4fcd-a364-c19ede579a07","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":605,"width":830,"height":11}},{"id":"8fda06ed-b41d-49b8-a8cd-e2b1873965e4","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":620,"width":744,"height":11}},{"id":"6ac27547-799a-4b89-bf13-a092440735c3","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":635,"width":835,"height":11}},{"id":"8997ecba-fb3f-4fdb-ba69-972306332900","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":650,"width":808,"height":11}},{"id":"5fecb228-06de-4340-868e-89b9426df5ad","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":176,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"fdd1895e-dac6-49af-bc2f-c07827f78612","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":176,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"5f61bced-c743-4992-b1a9-48c23975788f","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":176,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"5ec313cd-2d41-44e1-8e74-9a00a19976d0","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":718,"width":798,"height":11}},{"id":"368dd609-1e67-4b32-a7d6-bf644c00c4d6","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":176,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"20ce7cf5-6ef5-4b73-9c9c-3a4feb8f39a2","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":748,"width":789,"height":11}},{"id":"f3df3e01-1bee-4935-a13a-d84e222bf14f","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":763,"width":837,"height":12}},{"id":"80d1d1b3-8b49-422b-99ff-cabfe04d69a6","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":778,"width":831,"height":12}},{"id":"bbe02935-cbee-4e5a-9056-c6427e383b57","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":794,"width":837,"height":11}},{"id":"aa6c4253-041d-4a67-8c22-f302f23a16ee","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":809,"width":825,"height":11}},{"id":"8c35bf43-37c0-4e74-881e-2e0ed11a7836","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":824,"width":811,"height":11}},{"id":"1ab36c70-106e-487f-8c62-8db68906f201","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":839,"width":813,"height":11}},{"id":"17fcf518-df0d-488c-a7a8-aad0bf711195","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":854,"width":834,"height":11}},{"id":"82eaf745-6277-45f5-a104-c16d8e8050bf","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":176,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"dddbead7-e683-4f42-b819-d37f21ea4997","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":884,"width":771,"height":12}},{"id":"0390531a-a8c3-44e0-8426-1e861e00cf10","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":176,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"a66ad1cd-4d30-4ba8-91a6-af39c71de17e","block_type":"box","text":"II-129","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1cad2113-0e97-4814-8cd2-d67492f08e4c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b2d8a31-921b-403b-95c6-34af43ea09c3","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":177,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"6b9e035b-d94b-4dfb-895b-8c5e6658fd6b","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":177,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"fb43c34f-b517-4982-8a1d-c5e98a87e330","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":177,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"bd568fd1-ec76-4fdd-8748-fec2a9588fe0","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":177,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"b38e6819-5287-4417-a9cb-9381e8de6623","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":177,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"ead2dcd5-8850-4f6c-a66a-c1dc84e249b9","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":177,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"d46180c0-17a0-47a0-a1fc-181eba819e34","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":177,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"6fad6e76-936c-4c6e-b7a2-d52cae1a0378","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":177,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"d45b3a2f-6d44-4070-be30-6aecf8f522ba","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":177,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"58c501b4-db32-4384-a7a0-6572fe414445","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":177,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"736ea371-2ba2-499a-ade6-0f6dcf5afcb6","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":177,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"4a1aae07-cf05-48fb-a160-b243a064d2b9","block_type":"box","text":"limitation.","page_number":177,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"7f0482d8-a780-4f75-8ee0-937aad302ca1","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":177,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"2dfc773e-01c0-4285-8f48-580abc0a00ca","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":177,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"0a5a621f-b5f0-42d5-9979-2fe6de00a94d","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":177,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"4a046843-05fa-4e4d-b0f6-09dfc949e442","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":177,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"7cc03fd1-2156-4493-9fdf-9c8e3aff61e5","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":177,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"0118b4c1-6264-4f59-9c4d-74895097e840","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":177,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"29a1d639-4ee4-4a11-87c5-80c2020ffee3","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":177,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"eab45cc7-f31b-48d7-84ea-c771b8836115","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":177,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"c4e45f42-8654-49e1-9e5e-3a6766d9acc3","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":177,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"34cba586-5910-420e-840a-1adb100ac454","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":177,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"ba05a96b-4fb8-4c38-a131-aa8a338e3726","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":177,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"a2053f95-f9b2-482f-af61-bb4123eac6a4","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":177,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"bd654e91-cdbc-42cc-8d66-31d9136800fd","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":177,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"5876c855-ce7c-4252-9b0b-3ed5ca1ba93d","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":177,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"a841486e-574d-4a6e-b58c-0f229a4eb44c","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":453,"width":813,"height":11}},{"id":"dc9bf30b-51ea-4a49-b38a-02adb442bfb1","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":177,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"5d5434c1-2601-4dc7-b005-92374132c748","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":177,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"339df0eb-5f02-4d85-8b55-11db64f6fb38","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":498,"width":836,"height":11}},{"id":"df6ffaeb-5879-4d22-a134-3ee5d5c63319","block_type":"box","text":"constitute “qualified dividend income.”","page_number":177,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"196a5b38-fd65-49a7-9fdb-5d8e849d2480","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":536,"width":806,"height":11}},{"id":"9edfbbe3-dc2c-4ce5-b202-310a85cd603e","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":177,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"564c7b1a-279c-44c5-8a8c-ea57c08fd957","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":177,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"7ca91a60-dd1d-4212-b668-729e2caf92b3","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":589,"width":811,"height":11}},{"id":"658a2e87-6fc6-42a6-9a76-e9e82b81b093","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":604,"width":745,"height":11}},{"id":"16132fd2-49a6-4f6e-a12c-a7e8a17709fa","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":619,"width":795,"height":11}},{"id":"dec50fa4-2e90-4b97-954e-fdd49413a6a0","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":177,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"2d35de0f-4051-4017-bc84-26ae522fa280","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":649,"width":809,"height":12}},{"id":"76734e27-8724-4217-b87b-a6a85f18a372","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":177,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"3e111c6c-58d6-4b77-a930-feadac8327a0","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":680,"width":838,"height":11}},{"id":"19f7d500-982e-43ec-9494-952d7567827f","block_type":"box","text":"against their taxes.","page_number":177,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"05e1b0a3-0c4d-498e-bd1c-2556e734be5b","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":717,"width":783,"height":12}},{"id":"b930e8c3-981a-43a5-91de-caec0782bc8e","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":732,"width":812,"height":12}},{"id":"83cdd27b-aa69-4ab4-9bb8-c978c3257225","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":748,"width":769,"height":11}},{"id":"54b5c522-d539-4938-bc51-8e51565ad013","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":763,"width":805,"height":11}},{"id":"3568ce6b-539d-4fe5-837f-61faa53917ca","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":778,"width":824,"height":11}},{"id":"657c7b70-13b6-4f9b-b227-db44937f88dd","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":793,"width":831,"height":11}},{"id":"dcc07f65-c755-4570-964b-af67bca89443","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":808,"width":817,"height":11}},{"id":"8373013f-062d-477c-b899-99eaab3cec4a","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":823,"width":797,"height":12}},{"id":"20bc37e2-55c6-4184-aaab-7f7bc906130e","block_type":"box","text":"dividends received by the shareholder.","page_number":177,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"be14c6b6-9d1a-4910-b497-f9b68e0da6c6","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":861,"width":792,"height":11}},{"id":"6e4e0eec-075b-4a14-aa9e-a730e8e64080","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":876,"width":835,"height":11}},{"id":"4c6a47fd-24e3-4e0a-a69f-a89646dea8fc","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":891,"width":809,"height":11}},{"id":"3d962ef0-beae-4b41-bc6b-601e807732ab","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":906,"width":819,"height":11}},{"id":"bf9bf388-88e5-4dfb-b9f7-d97f778b2d2f","block_type":"box","text":"II-130","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2982768b-2226-4313-9d1a-331c9b29149b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b668c3e1-12cb-43d6-be6e-5ac96e943fc7","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":178,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"3c81de2b-c296-4719-9710-83c213712941","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":178,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"2a3cf06a-f68b-42d0-b1fb-03eab3e07bf6","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":178,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"f85b6024-3cc4-481d-ac71-078b0d922bac","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":178,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"85df687b-83b9-47c8-8313-09bf2e3bcd70","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":178,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"704d4bde-0bfc-4d1f-94aa-840935b9d650","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":178,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"b9c7a606-7c11-4768-9b67-3b0a1efb136d","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":178,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"43c7dbf0-64b9-433d-9ba0-9af11656ab5d","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":178,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"4d4be73b-235f-48f0-a566-669d369e6b9a","block_type":"box","text":"taxable year.","page_number":178,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"dcd5df31-502c-4af2-9ef5-b27ebd91f678","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":178,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"d4a1a92d-31c3-4aa4-bd5a-4de7e502509e","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":178,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"1c737bec-4010-4ef2-943a-eb21bceed641","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":178,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"eb873ff3-e8c9-4cef-b392-5b5eca9c9e54","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":178,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"fd6554ba-12d6-4c09-9912-c409bc11fe6b","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":178,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"87b3ccf3-b1b9-4bab-b38d-7b0aad71c4ac","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":178,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"8c00314d-0b07-4c18-bce5-674f9a24c5cf","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":178,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"93fb181c-3bf6-43f0-8c25-b8d061b88ca9","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":178,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"30c02300-404b-4653-84f8-0cd555c52409","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":178,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"dff4a4d0-c72d-4dd2-9777-72fafdbf5131","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":178,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"32a32a73-202d-4f48-b11d-5eea8f58a116","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":178,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"60981942-6172-49f2-baa1-4c305e0fc5ee","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":178,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"2c85e777-cca6-4010-9f6a-f6d4e103b008","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":178,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"c5bf7e94-22ac-41f5-9624-73a14cb10e67","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":178,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"4f41a4c1-58a3-48b5-abdb-d7d2a9ca19f0","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":178,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"0fa1ad9d-52d0-4a57-840c-734c6e08b3ef","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":178,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"a7648d9a-fc72-40e3-b8fd-5571d101c433","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":178,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"0180a48e-1ead-473c-82d3-5ec5bf6b0410","block_type":"box","text":"special tax rules that apply to their investments.","page_number":178,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"f671da77-8014-4021-baa1-9425441768b0","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":178,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"375f5251-6196-4ba2-be1c-c69b70b6698e","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":178,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"7e1a8aff-ff25-4d27-803b-47851ab0ef54","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":178,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"95eaa5b9-1205-4c43-9cee-e818174a5dfb","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":178,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"9eccec77-bd63-4500-b18e-5d38cd058210","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":178,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"b1a133be-8e50-44b9-9c57-41e38a87229c","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":178,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"9bdbf3df-ace6-4fdf-9a5e-f795c3b63706","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":178,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"b7ec0762-509b-463b-88a7-7e492b020402","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":178,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"b528134b-7499-4265-9e54-d958d34e985e","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":612,"width":816,"height":11}},{"id":"7dd9a3e0-12e8-4b82-a5c3-bd58785dc98b","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":627,"width":797,"height":11}},{"id":"83df7b63-c7c0-493d-aaa6-e074698349a3","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":642,"width":840,"height":11}},{"id":"1a8db858-c0e4-4d6d-a967-5ceafe33fcf5","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":178,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"dc4775ef-5738-4065-84cc-c4e38ccb89ee","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":178,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"0542c73d-468a-49b7-a673-da722b3d6273","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":178,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"ce06ead2-caf6-41e3-8c37-e93099375890","block_type":"box","text":"redemption of such shares.","page_number":178,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"aec0f722-c32a-4c28-866e-ee1b48642dc3","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":178,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"179b10a9-e075-4e06-bde2-367d50e67384","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":178,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"1370d645-99c9-4e71-9fd5-7f8082061097","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":178,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"d58755e7-f288-40eb-aa15-5e87988c7e4e","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":178,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"9dd9e294-e20c-4327-91ca-eff1df36871f","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":178,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"88be1f6d-0a3c-4de5-9e01-1869b5a4aa89","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":178,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"3f8f48e9-2d76-4fbb-80e0-f0c83b78d524","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":178,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"111fe5ea-3a57-4848-8b0a-54a09d5ff8b9","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":178,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"dd8a7882-00ba-4c91-86fc-b94e4ff3eaf6","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":178,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"dadf89ae-2393-42bf-bb8f-a4ad8d985599","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":876,"width":791,"height":11}},{"id":"c8f2928c-9f51-44c0-9654-05142c6abe36","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":891,"width":826,"height":12}},{"id":"9d03f53e-84a3-4d3b-a1ed-6ce48b072801","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":178,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"89814adc-cd39-4867-ad82-42fbb887d473","block_type":"box","text":"II-131","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d97b6a3f-75cc-482d-964b-466a9411ea93","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9d4c178-b3b7-4732-be80-153340fc59c7","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":179,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"5f703e40-f259-4de4-a7db-04d4fcd1be43","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":179,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"cbe8cc67-a9d3-4cc1-920d-14ee288f7f01","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":179,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"096d48c9-6cf3-4b9a-a3f7-177c396c8b4e","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":179,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2428d910-18a2-4fd5-b10d-b1b820d1c324","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":179,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"b92d39f0-cc58-43b7-8f09-f49496b2f37a","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":179,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"4f322e0d-7dec-41a2-9cb1-a7392be58755","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":179,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"209cdf15-f2b3-4ca9-a515-3c4cf8523da4","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":179,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"292349a6-1e7d-4861-bf30-240428d7c842","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":179,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"1cf6b92b-eade-4ac9-9f89-a1396d8706ab","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":179,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"64e866b8-05d3-437b-a636-dd6d67006561","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":179,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"0213d063-3102-4ddb-8c23-57bb8624496b","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":179,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"35c5d442-bf46-4a52-9368-c8c018eba92d","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":179,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"ead9982f-7e15-4188-b2f4-d83c19dfcf50","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":179,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"e93019a7-b82d-49e9-ab6f-c93c64cdf56c","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":179,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"e8b8046c-d82a-418e-b8e6-c6166399337f","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":179,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"bcd14cc7-b8d3-4dcd-8604-0d0949b0d422","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":179,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"c2d75a7e-a6e7-4c3f-bb1b-c4aa91c6cd12","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":179,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"8c664d10-7a1e-4563-bfa2-cebc238bf090","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":179,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"96c3d330-bcc9-4903-9d4f-07949f52dc34","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":179,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"97e3eaf1-cf90-419e-aa3a-9ce43c7d6eb7","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":179,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"dc2d72ae-7ea3-406c-82ca-0817f5b2066b","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":179,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"8b9eea3d-a437-4502-a2ea-c3415569b9b0","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":179,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"047b43c2-730c-4319-88db-24a22b300ab4","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":179,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"110e214e-979a-4e3f-b0da-67e0cb762cde","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":179,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"7ad353b6-f412-48e2-b7eb-afc1b7f0086b","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":179,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"6bd133ee-b797-4fcd-9933-0d693d977dd6","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":179,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"e40c3816-bcda-4174-a2b1-4c96957010e3","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":179,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"03745a45-bc6e-49dc-8083-c011ea0f6e9b","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":179,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"d68a63b4-4668-4c9d-b6a6-46ef0392e777","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":179,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"46c26a4f-c0d1-4553-a57a-360137fcf1a8","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":179,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"cc9adeb5-1308-4923-85cd-d4d550b3f48f","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":179,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"1405d78c-eb25-4036-9bdb-225a19b85970","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":179,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"f7805d92-112b-4111-99b5-ff914bbcfdb2","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":179,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"9adaf225-3676-41ed-bd73-c5821876257b","block_type":"box","text":"in subsequent taxable years.","page_number":179,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"5dfa8a02-753b-45c7-b5df-aed5b324b46e","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":179,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"0340f995-be78-42a0-af92-de3f69c9fa52","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":179,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"f0255f57-d24e-47f0-a873-74d88ce52560","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":179,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"b0f2adb8-8816-42a5-980f-af6319836bf5","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":179,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"b7162b5e-7751-4755-a886-16d6f2fa7e87","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":179,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"6247c47e-8a44-473e-ac01-00ce77cd5aee","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":179,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"7fa50d01-c7bc-4753-aa9d-2be194642298","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":179,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"4160f20a-416d-4dea-a530-011d8ee41b32","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":179,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"13651c4f-c3ab-4ab9-a9d8-8c760082badc","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":179,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"66602272-bec0-4b59-9713-906ffac4d29d","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":179,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"7107b8bd-1f56-4175-aaf4-f2a8e2eed765","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":179,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"e501d8c5-d11b-4b00-b74e-1dac273d9c50","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":179,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"2bed408b-2c72-4a90-a571-bd99e033f5d9","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":179,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"88046d8e-32ec-451a-914b-1c22f26c6d79","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":179,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"87878124-0800-42dc-adc6-2012b33763f7","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":179,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"f666f755-2eb2-4d0b-9165-cc494c9e8d8b","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":179,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"f73d1fd0-6739-4153-a599-697e3b1b44e8","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":179,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"c740d287-4897-4e88-a8ce-5cadcc668c89","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":179,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"9f47df60-180a-4291-ad6b-210ff1e31c0a","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":179,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"bc0bc291-5aaa-465f-ab88-2e73906263fe","block_type":"box","text":"dividends under these rules.","page_number":179,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"54894524-b32f-4bbd-9238-7bcc55c798cf","block_type":"box","text":"II-132","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4d52fa5-4a1e-4e4f-9cb3-504d35e595ba","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b329806-416e-4cbf-aa18-d1d2f1305a78","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":180,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"09a990dd-8551-4f51-948b-df82d4e84e65","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":180,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"6ebe969d-9c28-4895-844b-d0bfa6a11ee0","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":180,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"fdd406d4-2ef7-4e9b-ba13-c3c03038d5f0","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":180,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"4d3dea17-eef5-4a4f-9b05-3ff5ee3d4ccd","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":180,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"949b02af-eb99-4851-82d0-150893a80f1f","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":180,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"48630b80-98e7-4f8b-8323-15a82b47e9ad","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":180,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"2025eff2-b152-4549-9f06-35d78293a6b0","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":180,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"2ba0746c-7b02-40f5-ae6a-deb98f57fdda","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":180,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"d08972ec-141a-4da3-a40c-3acfa0c0f196","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":180,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"b982e6a4-5c12-4f9d-b49d-c35c39b0bb52","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":180,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"5b073ef9-5dac-4c32-ba33-6816b4964823","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":180,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"02f7b6b6-25c9-461d-baf7-49bd3cc9a4d7","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":180,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"70a2fe48-e745-4c27-8532-5732bd26124e","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":180,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"ae7c2795-64ab-43c4-b24a-041e2d879281","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":180,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"f3b69429-0405-496a-8c21-2cc04a3df25c","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":180,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"60666b6c-d79c-4e18-affd-44f209ba53f6","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":180,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"7622fc8e-6e24-4d92-b9f5-8eca36c128cb","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":180,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"b41f4761-6f29-4e1f-8535-ce69ea193c94","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":180,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"9f67df82-f406-4e7a-a4ed-9e38388039b0","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":180,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"a9499e06-e7d2-4061-a78a-202938e2cf35","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":180,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"f35631aa-7cad-4021-859b-d350a52a69b3","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":180,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"1f99bebc-aa75-489f-b854-fb0d1a6bae17","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":180,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"22314199-0795-4842-a111-2bac980cd106","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":180,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"5fbfd841-ee67-4271-b4fb-657bb9b2da5d","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":180,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"463c0f16-bd5c-4fb6-ab39-798ec9146905","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":180,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"e0d4cb11-f6f5-4092-b4e8-3d910590c187","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":180,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"0a76896d-de46-4538-a2ca-01436135b69c","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":180,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"d7e72c50-b6d9-4a23-af87-d34709492b53","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":180,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"d16bc812-6fee-4fea-aa03-432722fdb44b","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":180,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"529ec9f6-8ecc-41e3-ba37-7ce3d45f4465","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":180,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"73bbc9d1-103c-489b-aa1f-de61a6c0054f","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":180,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"4b6d1ebd-786b-438f-b80e-49009088841c","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":180,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"7671febc-79eb-45d2-b73a-c360f75fb552","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":180,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"9fd0a6c3-eb90-492f-b366-286a6593fcb9","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":180,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"ce84663d-8665-4217-b2cd-fa4bc622fa99","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":180,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"4ba5100f-c72d-457e-963f-cbf5a1fd33a6","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":180,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"0229e896-9475-4b30-bae2-43702aece821","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":180,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"6db468be-e655-47fa-b1f3-2b38738c5e39","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":180,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"50f44de7-f2be-43ba-a244-a12797aee18b","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":180,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"0cbe672d-873d-45dd-a690-5201d17f125c","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":180,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"b9c309b6-b375-42c8-9dcd-eaf96933c85b","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":180,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"c83c3ff0-430e-4fd8-ac11-96945a637a8b","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":180,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"6d4ce9b9-e39e-479a-904c-654c197783c6","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":180,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"fb837626-54bc-49f4-9501-3855a8f07f5f","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":180,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"df4ed7e7-34db-4831-93a1-7aa79a1ce974","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":180,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"41066778-c55a-41e7-aaf1-c1195e69203b","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":180,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"9b16d94f-4ce9-4284-b421-d5bb0bc06285","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":180,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"f18bf561-ea92-4bc2-ab6f-ea85193148ff","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":180,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"15db4c0d-3107-48ae-a961-166c6d5b75c6","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":180,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"e2a10ef2-99c9-44d7-b79a-e499a87b0cb9","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":180,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"779d9504-e353-4b57-a6cb-55006c166fd7","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":180,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"fd265812-2654-444b-bcd0-05456deef229","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":180,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"109f80bb-59be-4fa5-9cfd-bcbc1579f9a9","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":180,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"ffd46a3c-07cd-42ac-a9cf-1cade9049e47","block_type":"box","text":"II-133","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"37ef61d0-0f7a-460c-b36e-6fb3a99aff32","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7f9ec48-6779-496e-a54a-acbb4950eec0","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":181,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"e377cc8b-03dc-48ed-9b48-b4aee9dbc958","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":181,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"a7170cde-c863-442d-8dfe-25d810183004","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":181,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"55204151-e7c4-4193-8784-4a444f174bb8","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":181,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"4a95e3aa-3f1e-4e47-bb6d-5dd3422e15f9","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":181,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"e2d4b28d-725c-4644-9f4b-6ad334484dc9","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":181,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"471ca00b-29e2-4608-a3c0-f43173a9c81f","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":181,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"d0b11841-7eac-4c5f-bf67-2b64b475898b","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":181,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"18790c34-b28a-4dd9-b1a0-11ed2bf0d70d","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":181,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"8918c4ab-0c88-4d1b-9e83-c5c9d5b2347c","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":181,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"9daba62d-ebe7-4f02-88df-2102d92e722f","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":181,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"5c52cb75-a1b3-46a7-ba22-d593663285e9","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":181,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"63a986fd-df24-42d0-a690-4c2c65793ad0","block_type":"box","text":"investment oppor tunities.","page_number":181,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"a3432423-0f9a-4c8a-97a6-72a6fdd3ee76","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":181,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"95bf0a08-26e1-45c0-9df7-99f2c5998875","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":181,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"3deb332a-d8be-4379-a9b1-4c841b3a203b","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":181,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"8d7c5bb5-0d98-4cc6-a740-609ebd23987b","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":181,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"18338868-0e23-405c-b244-707216be2441","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":181,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"624c49bf-d5df-40ea-9f4d-f0f8b1aa547a","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":181,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"15f6a63a-4e4e-427b-a033-e3e84d1e55df","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":181,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"69fe1e15-23b2-4d4e-99ad-48e6bd534fbd","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":181,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"722c3766-f0cf-4c7c-9618-e59294c2bf4c","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":181,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"3f5a5ef7-11cb-43c4-a5d0-ec56ff665709","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":181,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"bd5c2767-4806-47c1-8024-f2d42cda0fbf","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":181,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"e65a37df-5a4a-4911-8312-82d832ecac50","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":181,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"bda12b48-5f1a-44ee-95ff-507cb8790119","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":181,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"534f96b0-07a5-40ee-8b87-066154295b61","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":181,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"032702df-9e27-4609-bef7-d75e11155844","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":181,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"4f336678-9504-4749-a88f-fd57dad3bd0b","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":181,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"7d030ce2-1b61-4428-9d23-7ccd441872e0","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":181,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"315b606e-675b-408a-881d-bb1041799805","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":181,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"dc7d597e-0067-4eb3-b8db-8867d5bac24a","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":181,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"cbbac3e4-73f1-416e-b8cc-9027021dd439","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":181,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"9b27ce38-ef16-4a04-b898-797156ec6066","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":181,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"95f2bcc5-7c36-445e-aa39-be5de697c4f3","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":181,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"ecf7ecb1-bd99-4373-ba03-65f50019a268","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":181,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"a92647d9-df75-46c9-8661-d45b2f0a3ee4","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":181,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"30718ca3-5b86-4339-a731-faa174012462","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":181,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"532e19d4-49df-4ab7-adcb-4181199db7c7","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":181,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"fbf49f33-01fd-498b-aacf-c5d88b4d8238","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":181,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"e0395b94-703e-4610-80d8-e066ab4fc093","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":181,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"a45dd6b6-09ef-458c-b922-a6d4b44d0969","block_type":"box","text":"positions in its por tfolio (","page_number":181,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"55d71497-938d-44c7-82df-06690e0f1efe","block_type":"box","text":"i.e.","page_number":181,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"8d7b296f-fded-4e71-8be2-1ac5da5abd77","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":181,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"56a0295e-63ac-4831-ad6c-857caa1b8ce2","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":181,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"c627d41b-c1f8-4dbd-a576-2a7d640e66a8","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":181,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"f869ff7b-9216-4543-820b-dba9f3e9f4ec","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":181,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"8b0ca667-263b-4c27-81a1-8c92e0542bd2","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":181,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"8df775eb-7bc5-45ee-99d4-7d866d9a3fdb","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":181,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"4be86580-8eed-4b56-9bb9-bbaf082c0d60","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":181,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"d6449b3e-ad0f-442c-9988-0575194ff1d0","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":181,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"7943a117-7604-48e9-8f68-005871d29147","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":181,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"dfd77a83-3764-471c-b41a-77b13fff691d","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":181,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"02097a31-c730-4c85-b469-42e67301c115","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":181,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"6145b0f2-58d3-4007-af0b-0d246af52410","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":181,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"787971c0-daf3-486b-a2da-b78f6ec4fdc6","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":181,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"edb8c18b-f260-4bab-a92a-73b041cc4119","block_type":"box","text":"II-134","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0609f070-7328-482b-a350-9fabd0ef3485","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cefe3a33-2c91-4fe8-998f-bc39d49c1443","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":182,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"9fc08838-0611-4af7-ae2f-7d23a425e240","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":182,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"90630af8-4130-42f9-b632-a199dddd229c","block_type":"box","text":"capital asset.","page_number":182,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"adc490dc-dbc6-49c0-bf41-657fa5f3e9bb","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":182,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"2a7b5ef4-1115-40eb-aac0-b07d94f30c79","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":182,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"f3747b54-6a6a-4e03-95ee-fce9c54691c3","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":182,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"65a88d90-462c-4091-8c2d-d86bccfc38b7","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":182,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"e59bf55c-f2e5-4783-b1b2-7d29c847f053","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":182,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"452854f5-74f2-4136-bdfc-326d85659ee5","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":182,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"09c9e801-dc0f-44de-a1cd-79d5545d0039","block_type":"box","text":"Fund were to invest otherwise.","page_number":182,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"8f512ac4-b5c9-4f11-963b-9f4c77cd5fa2","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":182,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"01fe1717-76a3-41e3-80d5-3f6cc0bf6a7e","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":182,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"5ccb88e5-e265-41ad-b1a4-44ccafc7e621","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":182,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"deec9f36-217e-4788-8701-d4a4f688a2d8","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":182,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"6a57c8ed-5efe-4147-b9b7-c7e330ddcb7c","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":182,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"b923f585-a6ff-479b-8351-38166a6380cb","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":182,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"e144aaa5-96ee-4f28-b160-97b3c32dcc6f","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":182,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"05f6e136-c6a5-4a2d-8ba9-02b5b4134a86","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":182,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"7a974e0c-0ae7-4454-875a-28db07761bb7","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":182,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"7d5e035e-bb3d-4044-a957-7eaaadb08ae7","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":182,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"5447a28a-dd59-46e6-80c5-3370d5a8dbb7","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":182,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"344c99cd-d491-492f-b952-36a58de62bb1","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":182,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"28ebe79a-fb85-420e-8b60-02a68de3bfda","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":182,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"b2251c21-1911-41eb-8bfd-aebfaa44c40f","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":182,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"4082deaf-eee6-4994-93ab-1affd9fdc2e5","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":182,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"a41fbe92-9dde-41a9-96a1-0d7af7ac7c74","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":182,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"2eb011fd-bcd6-4382-ab7a-4f76444ab186","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":182,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"eb99b1b9-91b9-4312-a59f-6f7b00fd40ae","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":182,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"b9752951-57d3-407f-8517-e2082b48120f","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":182,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"8791e2cc-8dd5-420c-a5b3-feb74505a057","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":182,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"fa05434e-9dd7-4e03-a975-57ff28ccceae","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":182,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"7afde1be-f3c4-42c7-aba6-7ed66957a10c","block_type":"box","text":"PFICs.","page_number":182,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"b94dda6a-027d-4682-9e7a-30eebf73181b","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":182,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"efd25c66-086f-45c8-a480-01a4ffc5ad5f","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":182,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"293e786a-cb90-42b5-8803-c4e85003ed42","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":182,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"eff3eaba-291c-4944-b0e7-021958d7acb1","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":182,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"a4f88cc8-c724-44f4-8718-79c106c518df","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":182,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"ce1791a3-7a59-4330-a0df-9f0e08ab0ff0","block_type":"box","text":"difficult or impossible to obtain.","page_number":182,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"1ebf743c-d032-4723-b1b1-b2f67bab819a","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":182,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"9ed1188c-f6c7-4e9d-9599-7ab0704c74bd","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":182,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"315ea737-90eb-433c-8a0f-c1d061876641","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":182,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"4885cbeb-bc31-46dd-90dd-d1ced24756db","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":182,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"dc17c34b-06ef-4e09-90f2-f652c47c612a","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":182,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"1c7485e4-8c4a-4f22-b162-06eab07f8e10","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":182,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"bc864ac4-b71c-49d8-8d87-87ac407871a6","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":182,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"4246faf7-a7a7-4722-83ea-1c11c7728bd3","block_type":"box","text":"Municipal Funds","page_number":182,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"04ecd33e-c567-4a2d-a7f7-f2ee74c3916a","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":182,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"401a0c9f-9c06-44f9-88b6-c21a65f355f1","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":182,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"af4b741f-29c1-45fb-a9fa-f574cfd5496b","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":182,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"3504aa86-ad89-44df-b2cb-1226c68b2037","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":182,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"2d3c8ad3-f44a-44a6-aa30-4198fe05efc7","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":182,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"506c69cc-8efe-4388-9ec8-a75cbbce763c","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":182,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"a563b456-4b80-43ae-b82b-6c469475cd5d","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":182,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"ce8a32da-d4c5-47ad-8f66-0e03d2be3f0f","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":182,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"9797b1ef-637e-4049-8a10-26d259d40593","block_type":"box","text":"II-135","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da29ac95-cf28-4c84-b0ea-a1b01fb0f236","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38e73209-3601-401f-a395-1c106edd84c6","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":183,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"0e5db155-95c2-44b1-91a0-7150c0824299","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":183,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"ef2ac085-ffaf-4872-9cfe-a517dca86fd9","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":183,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"e961c585-8d2c-4fdd-8395-4055a78210f9","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":183,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"7a3989a9-237d-4f79-8573-3115df2bb9b3","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":183,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"ac4a132d-af20-4629-92aa-511d5f8d5c56","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":183,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"29710a80-d45c-4bae-9ca7-5dbab9c13a31","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":183,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"f41501ee-4446-439b-b50d-0819a989aaca","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":183,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"f579d269-ab27-4acb-a83c-c3bce7413aa4","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":183,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"5f397b6d-2481-4cbb-9d2e-3462747f001d","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":183,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"f5577e19-1d82-49b0-b65e-2ffaaff7e467","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":183,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"e777900a-68a7-4fb9-a284-c0e05c4e2183","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":183,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"594eeeac-4d8a-4657-a279-a009fac7d2e7","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":183,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"9ea7a468-af4d-4015-aafa-859481aac9f7","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":183,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"6ce333ff-456b-40e5-aaa5-002712feb4fd","block_type":"box","text":"constitute exempt-interest dividends.","page_number":183,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"496a17da-758a-4049-9a08-efc233e8faab","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":183,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"104896ba-a73d-437f-a5c6-38398ce006ed","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":183,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"3991e403-524d-47f5-9a6f-6db7c68f0e85","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":183,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"37a2e263-ff04-456a-b34f-2a143b10d497","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":183,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"eac72f7f-c6a0-4e9d-9ccb-71453137a085","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":183,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"7f736fa5-5b13-4b46-a22b-1efb426ba2d1","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"853ba5da-86f1-4dcd-8f39-5a3fca760c4f","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":183,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"75c29485-75ee-4773-a6c9-06e025a10421","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":183,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"60432c49-f270-4278-b903-3095a5b215ee","block_type":"box","text":"income dividends received by shareholders.","page_number":183,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"08bd1890-76af-4b3c-a859-74b893e999d5","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":183,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"c237a18f-89bf-4060-bc97-94bbd4c444b7","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":183,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"24fae194-5f4f-46a3-b8b3-2e309cde6aa4","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":183,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"949a4c2a-2101-42a9-bfa9-3b489313d8a3","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":183,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"4a40da1a-1f15-4908-b733-1b8ef2a6eb6f","block_type":"box","text":"the accrued market discount.","page_number":183,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"ebbad741-2e5e-4a9a-8adc-e09f4b578fa4","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":183,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"3e6f8ef3-af56-4f52-ba1a-ef9f1de197bc","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":183,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"92ce4f81-c17b-4d05-b041-f3b09eabbaee","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":183,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"5971138d-99d6-4242-bd06-5f2880e15e51","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":183,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"519588bc-4b18-46f5-964c-348a99f0821c","block_type":"box","text":"e.g.","page_number":183,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"dafee70f-feb6-4538-abec-be168b139bee","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":183,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"1f085d4a-e2aa-42ba-aa58-be765c08626f","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":183,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b3e6a085-746e-44c3-b883-c9ed0b62bbce","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":183,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"8943bd2f-45dd-478a-9af9-329950499535","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":183,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"e1404ed2-0835-4d8a-9e22-63f0494ed779","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":183,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"aa1aae55-2626-4b44-a3fd-ba4f3489e976","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":183,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"840bdd42-c29b-43a6-a790-8ac10b557a25","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":183,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"369d13fa-d3e6-49be-b467-6425331d2f43","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":183,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"507704b2-4037-414b-af5b-c6251bcca013","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":183,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"51edc516-c61a-4483-a9c7-b0eea00b25ce","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":183,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"5417ba6d-2714-40f6-9c58-757e7e0f0c3b","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":183,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"5e34a659-abea-41a2-b06f-c8fea7061ba0","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":183,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"c9dda255-79c3-429e-836a-fb294bd6bcf4","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":183,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"13d41847-49c0-415d-b012-7edccfe8bf5f","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":183,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"dd760b92-7491-4ab7-ae3c-32142a497341","block_type":"box","text":"within each applicable state.","page_number":183,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"b7dc7809-ad3b-43a1-894e-908bd2b9df03","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":183,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"2d5b8365-058d-4f80-83fe-7cf6e47a16b8","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":183,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"4a75fe05-1116-4d22-a00d-2852c9787103","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":183,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"9963a88e-c129-46c8-869a-6d9628af6c56","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":183,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"9e415869-1cac-4acb-8a6b-e90d41bb1ed0","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":183,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"8a0c1f89-6650-41b4-851b-1349d399e21e","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":183,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"575e0c6a-b600-47dd-b0ed-5ba6c6680aae","block_type":"box","text":"II-136","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ffb046c2-ff5b-492d-a676-3592e535c9c6","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94460c5e-6963-4b6e-b6d3-ad7855516c43","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":184,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"d69ac7fd-178c-4413-8357-3a88da017758","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":184,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"3a9208a9-0c8c-4887-a4f9-d258ebbd857e","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":184,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"9e5e0e51-8dbc-4414-b3cd-fd4caf55e9ff","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":184,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"72be2a93-033e-4723-bd40-41842784fd68","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":184,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"c30cc29a-f439-48c7-8a30-cf3851b16d09","block_type":"box","text":"exempt from state income tax.","page_number":184,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"53787517-c59d-41d1-bce4-95b7def532cc","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":184,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"2224a3b4-3d31-4251-a8d6-ac37adc487ea","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":184,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"25fd950b-aebe-47fc-9fdb-7054785f4f16","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":184,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"af42b217-4c0b-402d-bc4e-216ade6bdd0e","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":184,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"b7862d4c-580b-4552-9b30-ac3e9b6985e5","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":184,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"de7c9ce4-66a4-45d4-9b6f-c2d0be730f3b","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":184,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"195ef15e-66ca-4deb-a27d-9b25e8494be9","block_type":"box","text":"decisions may have a retroactive effect.","page_number":184,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"f89e5e17-77c5-47ae-8bf8-e896baf9d918","block_type":"box","text":"PERFORMANCE DATA","page_number":184,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"373a58f5-a14f-4b1e-82ba-0a2e3eeb5def","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":184,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"fe4d6835-ecac-4332-88d3-033d0dd7bf79","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":184,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"5d840044-587d-4740-8a5f-0a82b9c78e09","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":184,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"3ae75971-20e3-4431-86b8-a1d032aff78f","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":184,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"9154328f-0163-4af1-8496-578fbb6d6d1c","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":184,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"99f2740e-c4c5-46e4-bacb-adf98b3f1e27","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":184,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"395f173c-1e26-4ded-a569-98a3ba52249b","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":184,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"71be333c-4d17-412d-98fa-f0bafc4a50ce","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":184,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"487a0a39-d5df-40df-8271-f65839cf8960","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":184,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"d0aaeb52-2824-4483-8079-889029463c7f","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":184,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"ace4f1ac-51d2-4887-8a86-9adde3295292","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":184,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"5505cf31-56ab-483f-8565-804decf9e634","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":184,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"a8652548-be99-4c03-bb3f-a20500305282","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":184,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"b14700d2-c7b5-4431-93d0-589c3b699d81","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":184,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"eeaef9de-d3a4-4a8a-8b03-00a9f0b1245f","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":184,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"b5c0de81-c1bb-402c-b7a4-db18b32bf144","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":184,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"66131615-b406-442c-a010-1e41ad14b5b9","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":184,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"9bb9200d-2515-4ac5-99d8-cb1302bfdc90","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":184,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"572d3e1a-4de0-403d-a8b5-c57018bcc88f","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":184,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"55daf6d8-84c7-41ad-bc35-a581f841d581","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":184,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"d074a9b6-f0e6-4081-9cf0-8be06c4aecab","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":184,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"b400d0d7-a035-4a07-99e0-b3071b8b7ede","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":184,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"ed75fe6e-0cd3-4ad7-97f7-6460b5a7bb0d","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":184,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"eae431c4-8cc0-42ef-9320-91b1bbd3b2b8","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":184,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"aea2f3b6-5f5c-4e40-a98a-aacb6faffdf5","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":184,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"ad460cf2-3dda-4045-8d3a-23a407003d40","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":184,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"f4465699-9291-4270-b2d5-314fdd139a9d","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":184,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"df6856f9-10a7-47a2-a074-4a1f2c79d0e3","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":184,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"b85d2499-95b1-49cf-aa7e-fe4ad4b269c4","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":184,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"44f21b1e-5087-4cad-a0bd-1ec2d597185a","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":184,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"e02c315e-20ba-4cf9-8203-24b29bfe5a05","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":184,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"280de45f-d5ec-4695-bea1-091409ee6d2b","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":184,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"ca4912fa-1cb3-41d5-8c91-15dc8b4f053c","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":184,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"3eb8effc-6462-4f3b-be5e-8382909cb7a9","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":184,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"9511ef92-81cb-47f7-bb76-5308d0471974","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":184,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"60358b8b-d051-4184-bfff-3395d538f12f","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":184,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"23dc8a85-0b94-4032-a18a-e1fa482912bf","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":184,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"5617895c-fb4e-42c0-9678-f4bc833caa9c","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":184,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"98243b42-afa8-40d7-b1e4-3f43cedfac80","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":184,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"eeb73ddc-9fdc-4b5d-a57c-29a778c8f89f","block_type":"box","text":"II-137","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5965ef58-e848-4b53-b537-ed1b1845f5a1","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbb04949-7d57-415e-91f2-7953a2b5453f","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":185,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"74c12c82-70ea-4992-9353-e38cb35b2c54","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":185,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"9306fa67-3072-441e-ae33-d2b496ad4c25","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":185,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"1dff329f-d7d8-4700-9751-6f291fa42cbe","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"77d6e4c8-7efd-4630-b9a9-d1587ffaaf95","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"0675fef6-8620-4b17-b2c2-f088ba7cd679","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":185,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"5bf60fe0-5193-4d6b-9b32-759131fea679","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":185,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"c8578a90-a651-4e53-bbdf-09d5f48cad16","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":185,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"9e831cf4-d2e1-4d7b-bca5-719169aa3a25","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":185,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"8f7f90b7-a5ed-43d6-acb3-10c875e79670","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":185,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"7294177b-5cd4-4258-a39f-31aa069e956c","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":185,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"46ee52cc-ac71-4da2-8566-6a7ac1b20a0d","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":185,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"74a5c58f-35d4-4361-a024-55738028f857","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":185,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"b112dd92-cd6e-4de3-a055-c874028ff364","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":185,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"9fd49a0a-b3bb-4920-8a7e-a85e542e3745","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":185,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"82d4debe-e6de-45fb-a2fe-0915cf343716","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":185,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"85c2d20a-bc54-447a-89c8-92b0e5f31d03","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":185,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"1ba590a8-1003-4fc5-b463-8abfac8bc068","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":185,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"d093cbe0-b8a4-445b-84bb-d850e34dbc58","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":185,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"66f70fff-cb49-414e-b34c-2c7e4e99411f","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":185,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"96a0a90e-fdb6-41bf-a6ec-14418235bdc8","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":185,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"d86b27d5-1f0d-49fc-ba3c-51a41bcac377","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":185,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"28415639-0029-42dd-91fc-39026da29103","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":185,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"533a403f-7184-4364-b565-8ba331c61e9f","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":185,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"f71d1753-ad7c-49db-b349-9922df039ecc","block_type":"box","text":"less than their original cost.","page_number":185,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"fdc587fe-ca67-4f37-aacb-8782e9ad1716","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":185,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"fe6bf80d-523a-4a47-acae-c61846bfd7db","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":185,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"a13666b2-f36a-4efc-8868-02a3970165ac","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":185,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"97f6d0ba-75db-4015-937d-911240f09b0d","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":185,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"2515ae11-b508-4752-a339-17214f36f6e1","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":185,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"de25c471-092f-495a-8bb8-6dc799207419","block_type":"box","text":"lower amount of expenses is deducted.","page_number":185,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"57e7ad3c-360c-42af-8362-d94183abdf9f","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":185,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"66ca8cc5-7993-40cd-8cd7-997fd353e753","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":185,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"885c819b-27b1-44a2-89a3-852177de698b","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":185,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"9043f3fe-3027-4a4f-a557-937bce8daac4","block_type":"box","text":"Money Magazine, U.S.","page_number":185,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"a563fd15-b0a3-47fa-b5b5-1cf31bab7fb7","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":185,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"d70e2b1c-0bee-4872-9ba1-ab133e68fd07","block_type":"box","text":"or other industry publications. When","page_number":185,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"898182f6-96fe-4729-9ec9-6ec0e90bb892","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":185,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"4f722af6-d188-4c84-b84c-41aced2d78c6","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":185,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"e0750b79-8d72-4668-ad9c-9ffa85f8fb21","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":185,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"0431ba53-6b29-43a4-ab77-33ccf9e39c57","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":185,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"a376df3a-8c70-432b-8ef4-411414ad0c1e","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":185,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"335b23de-ad16-481c-a001-c8cdcd506295","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":185,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"f9f6809e-920f-4cc4-90e4-e3beac7f2d9f","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":185,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"b0a44e61-6487-4c41-a1a0-b2a706ab35fd","block_type":"box","text":"developed by Fund management.","page_number":185,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"ed6b2c80-f5b2-4c1a-94fb-a1f620297f39","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":185,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"85bd58da-6c82-414b-b928-772055fd6bf7","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":185,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"3e71e67f-73dd-4015-917d-2602105f8e23","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":185,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"be900761-9571-4733-976a-b3233f0ffecd","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":185,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"e25e7059-3328-47f8-946a-f4e7834c1879","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":185,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"c031f80a-987e-40ec-981c-28939df0f85d","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":185,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"68204180-55c9-44e8-92cb-3b330dd681e3","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":185,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"37b4a92e-5a21-42c8-9846-748015afcedc","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":185,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"187d01b6-418c-4027-9bf3-5ced2ae67378","block_type":"box","text":"II-138","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1500905b-b6a7-4dbc-a7be-91a3d55f4bc6","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58ed2953-c1ba-43da-b254-9d683d91bf5d","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":186,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"517453e5-4ae6-4ad8-90f8-4033dc8cf701","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":186,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"c0c41e57-750f-4bc4-8943-e61145b8ecb1","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":186,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"5cd6a615-3ed5-42f8-8f5b-0c857035245e","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":186,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"1558f21e-c62c-4ab5-b946-aa5a2982cc91","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":186,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"5db9f9a4-82d0-44c1-868d-9402efe3e279","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":186,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"68322119-e32e-45d5-a039-b9d5cc796aa3","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":186,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"1581e933-1bf5-46d9-8946-4b9c3ace39c0","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":186,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"3f72ebaa-a8c7-4408-aaf9-83f1457fbe8c","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":186,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"12bd4c3e-b3a0-4ed4-bc1c-acd0d9fee840","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"b0427bdb-eeaf-405c-8ff5-6db2dea110c5","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":186,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"82e57a87-74a3-4641-a895-9465ebf855d2","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":186,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"349a4cb3-f8c8-4e27-8ef0-36ffb2d690ec","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":186,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"f54f87a6-b3de-4705-98de-c736050ff930","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":186,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"8b34c868-a6c2-4b15-bb17-bbc49ab7e75a","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":186,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"47fbe178-477b-4423-94d9-81a6c6795216","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"329fd68b-7ecb-41c4-8d6c-9fa20f4a4ab9","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":186,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"41c84fb7-ad85-4187-af9e-4122cabad9b7","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":186,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"4777c15d-d4b2-4464-9498-898f7f97635c","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":186,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"45618467-50fb-47d9-8f21-5fd37bca6b26","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":186,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"9672f614-9ff0-44ef-8045-8e69bdada336","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":186,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"75d3f9c2-eca4-44e5-af2a-8a7223af010e","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":186,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"d5224ee3-1af2-4d5b-a238-dfd2f4eb5287","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":186,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"32c1cade-79aa-4480-a51c-cda8b9d2ce58","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":186,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"05e7b42f-f9fe-49d9-8ade-ae5f6ec97dda","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":186,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"4a2dd0a1-48d9-40e8-b40f-3b9d5d054a21","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":186,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"d401d635-3189-4139-ae43-35dd2333c4a0","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":186,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"8106f753-31d6-4f84-ab89-080331a416b6","block_type":"box","text":"GENERAL INFORMATION","page_number":186,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"c65e7baf-ecd5-41d7-b4ca-312082c15f72","block_type":"box","text":"Description of Shares","page_number":186,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"806ed8ea-6ce2-4fe0-b49a-24237ddacd8c","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":186,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"8019cd69-6560-4c57-86ae-d34f75486386","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":186,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"a291f93f-077e-4b66-9cd7-0a0da25ef5f6","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":186,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"01d12351-051c-481f-85d1-5a5fde7bb96d","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":186,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"7fc62794-0ffb-48a2-acc4-99f6331c3548","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":186,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"879ed640-8d52-47e0-ac19-7d35f790f383","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":186,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"9a6f3fa9-2ac0-436c-876a-f3634842ea70","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":186,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"50745aa1-5710-4e27-a634-3b7674d92f15","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":186,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"e58a8287-8afa-43cc-b814-b0735a8c0fc9","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":186,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"667395e0-a92b-4650-bc16-29e623da30c6","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":186,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"7a6d07f4-de06-4f7a-a60a-4e62952d51af","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":186,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"22a7d8c5-c967-4884-8ea8-f7f1785f0b89","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":186,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"0a9cd2c0-316d-4fed-991c-2539347aca85","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":186,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"7795479e-6af1-412d-ab98-91beb0867ede","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":186,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"057a4a8e-5ee2-44c9-a470-6c26c24f79b8","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":186,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"0589fe1f-b4ac-45c4-afd1-af09c7ba4d52","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":186,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"6c9f2291-8a7a-4870-ab87-4fe4190b52c3","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":186,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"8a26700e-7648-45d4-a289-c0a1dafc5dca","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":186,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"583dc8ac-176d-4867-a10d-7702feb19f78","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":186,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"a82ce958-c664-40d7-b5dc-3e00dd24ef0f","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":186,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"a824727a-8383-47ee-8a74-0b555907e25a","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":186,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"a49d0cd0-88d7-4ea2-8302-4186013e9993","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":186,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"30c28bf5-c677-48e1-81b6-6ef62e2ea365","block_type":"box","text":"II-139","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bd268b64-7975-44ef-ba93-3b8b57891d84","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07e2c4ad-8dcc-4b96-a1cd-ddb085bbe3e1","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":187,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"de297f91-1536-4507-8985-eeca0e9f53be","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":187,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"b377a489-478d-423f-a14c-efe3f48e3ee8","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":187,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"5804315a-18f8-43dc-b7be-9abe17dcf3ff","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":187,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"48722956-4cf0-4bbf-a0eb-67f1e89e0374","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":187,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"62828601-0a31-43b0-8b08-42725a48dcaa","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":187,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"28ef7d3b-3c01-4767-8bac-e70b001cf099","block_type":"box","text":"Additional Information","page_number":187,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"aae5e150-a767-45bc-a2ff-10152d4d20eb","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":187,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"a9e7d050-8f54-4593-9838-f38e96376799","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":187,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"71d6054e-b36b-4aa2-b09c-18db14430d1f","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":187,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"5cc44241-44b5-4a1f-8339-1b706f03361a","block_type":"box","text":"such name to any other company.","page_number":187,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"83b5b51d-c046-4ea4-872c-52a954913aa0","block_type":"box","text":"II-140","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b9cea5c2-da43-4975-9f26-1b462aad7586","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52da5871-70bf-4d3f-9d6a-24c689e2083a","block_type":"box","text":"APPENDIX A","page_number":188,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"8cd95f30-7cb5-427d-bdd9-344b2c099adf","block_type":"box","text":"Description of Bond Ratings","page_number":188,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"fc548484-64cf-43a6-8d9b-b87805ff3c24","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":188,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"cb215590-8c61-4b81-81db-5d89ebb97a73","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":188,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"cc30bc78-5e2b-481a-90ba-0ae2e2df14f2","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":188,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"fe8b2a9a-1160-4470-90ff-2dd1b1ab9b64","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":188,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"2b80cd9a-7f28-4756-b844-445118d37405","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":188,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"f431ea0a-c4a4-4eb8-8da1-173d1ed3c539","block_type":"box","text":"NRSROs may rate specific investments (","page_number":188,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"de4e0606-78cd-4615-9cdf-ed95c944ddb8","block_type":"box","text":"e.g.","page_number":188,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"dedfa805-e4d8-4c80-aeb5-e3de1722d4bf","block_type":"box","text":", bonds), issuers (","page_number":188,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"ef12b67e-55ef-45cd-a4f5-6f5e9e2e53a6","block_type":"box","text":"e.g.","page_number":188,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"3bc2489a-afe2-4184-af4e-27db5a63c7dd","block_type":"box","text":", corporations, governments and financial","page_number":188,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"c8457eb4-d46e-4d0a-b693-09ba555a68ee","block_type":"box","text":"institutions) and/or programs (","page_number":188,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"e0296a22-0873-4f77-9762-183dd830726c","block_type":"box","text":"e.g.","page_number":188,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"ace0a42a-8b69-42e1-9b4d-2d9f768b9977","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":188,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"12f89399-c3bb-43bd-8208-8d10d535227b","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":188,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"8cb808ba-940e-42b8-a0ff-500dac8aac39","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":188,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"edde5f8e-c84c-455c-9d85-7fe6a0aea21b","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":188,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"9be05fa7-2431-4c90-8d89-005b91892aa6","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":188,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"bf17fdf3-f392-4cbb-bc54-d083036f5508","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":188,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"faa72d9e-8fc1-482d-b86e-664e5673946e","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":188,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"3b88988a-09d0-4406-885b-440b8993af5d","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":188,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"50ba869c-cda4-4247-a2a3-779d3b24549c","block_type":"box","text":"security (","page_number":188,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"7453fbe3-77f0-4b3c-a395-4e04b534d987","block_type":"box","text":"e.g.","page_number":188,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"93d8c558-4613-4147-b220-ed61ea8780f0","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":188,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"8b8f8320-f810-4494-bc82-147d40885f6b","block_type":"box","text":"highest of the multiple ratings.","page_number":188,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"7669fec1-cde2-4252-bcde-a3bb645da2b4","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":188,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"b5814d8a-62bb-4400-a285-832499340bf2","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":188,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"43b87896-0f0e-4e18-bb83-4fa56c3c6200","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":188,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"80f811b9-06a3-4af8-a8b5-b6822099f61e","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":188,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"722d5bb5-888d-4ba2-85fc-f18b0f6c72e3","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":188,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"e5bf24e9-e49d-4fee-855e-e26b832af8ba","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":188,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"295ea9b8-5970-4aa5-bef5-5df26f6d472f","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":188,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"0067787d-883e-41c6-a4e0-cb15469d921c","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":188,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"8172c2a7-830b-486a-a695-d818fb3dd03f","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":188,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"7db3e1bb-ae23-4944-af42-81313b26627a","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":188,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"6e8507e7-77a2-47b4-ad49-857815498fd5","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":188,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"5b7f94c7-b725-4bea-b59e-160b666b8008","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":188,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"b284c7ca-d290-4589-a6c1-2b563ee91d9d","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":188,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"00395850-4476-4e95-b02a-c3ba3f789132","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":188,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"b4841fc4-68d7-47ff-95b1-62b4c640239c","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":188,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"31f6d3ab-de00-4e82-b8d3-1aa632a1ac45","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":188,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"08dd487d-7708-4417-b3c9-39d97a19ed4d","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":188,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"99c807a9-6374-4119-bf9e-78b3605fedbe","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":188,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"175655ad-051c-4915-98a6-d8e56d52b2f3","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":188,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"78bef5c1-a435-4c06-af95-5e148bd8bbd7","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":188,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"e578a167-c654-4fb2-9ff2-eb5c1849b432","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":188,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"94606df7-79f4-4142-a243-fc02fdd3b0ae","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":188,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"fd91d1d5-4b8b-473d-b189-4c6af51ba26b","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":188,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"17cf41ec-1390-4f47-a166-31b384ce1810","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":188,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"8c8d56e6-d45d-4723-afde-cc2314909a79","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":188,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"83a33bd3-f0f4-4513-9bdd-6c3038018a17","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":188,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"53868dcd-efeb-4189-9c6f-e5268504b141","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":188,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"914f5ac5-216b-49be-95f0-f80bad2f91c3","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":188,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"6d6af2b0-5dcd-4701-bbc3-0ff0bfe46f4e","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":188,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"fab6fb46-3122-433f-93c8-1e46f885f3da","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":188,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"f360d04b-706a-4b33-8b87-ff163c31f442","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":188,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"f722233b-8d6f-4602-a77c-bd216b23d70e","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":188,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"a2ed3e8c-d56d-455e-b435-3cdaa5ca7012","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":188,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"5055cbe2-cba9-4480-9018-c010fec7a050","block_type":"box","text":"upon standard sources of variation (","page_number":188,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"def089ea-a1ce-45af-be7a-8f454aae1f09","block_type":"box","text":"e.g.","page_number":188,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"f8478a7e-1b98-4363-9cf6-e1c6857cb1dd","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":188,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"0de2e35a-5c34-4b7c-a547-72fd47d72d10","block_type":"box","text":"A-1","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"17354cbf-f658-46d6-86e2-4a33a94753e7","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2958cf42-fab9-4f01-abdf-dc6d9d9b84cf","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":189,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"69059765-a299-4f81-bc99-340dcb81faaa","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":189,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"2b2fc511-9514-43bf-b1a0-fb0ad8030125","block_type":"box","text":"e.g.","page_number":189,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"cdbc6628-f0fa-45b7-8e39-c153d9fdfdd9","block_type":"box","text":", equity indexed), absent","page_number":189,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"f2e1f5b3-b336-4bb3-b2d9-ea3f9cc332a4","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":189,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"2218f2fd-ef2c-41fc-ae1a-ca6bbedf662d","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":189,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"092b804b-73e9-498b-90da-12864b0e235c","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":189,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"9a77a26a-9dd2-4676-8150-b27a6e8bfe90","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":189,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"1d07a8a5-1c55-451e-9630-90bbfbd5cae5","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":189,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"c5542292-c8eb-4056-b503-20e4fe91c167","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":189,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"8b7165e4-99ae-42ab-af1e-9d42d037e7c0","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":189,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"b0cf3849-5464-45e3-97b3-0684501d353c","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":189,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"3465ebca-13de-447f-a2b0-f182e15afffe","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":189,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"9eb8f864-2be5-446b-b3c1-4491cbe13d0f","block_type":"box","text":"i.e.","page_number":189,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"ab03f665-e969-403a-942c-2d916b7fb1e0","block_type":"box","text":", ratings on nonfinancial","page_number":189,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"59272718-429b-446f-9e8b-a95e57aa1d09","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":189,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"01aa736c-1dad-45ce-aade-c4fce2fad8ce","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":189,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"66e8402d-15e4-4044-a74e-7a2c5b2f11db","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":189,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"79d2941f-45a5-4c05-b5da-eb4cca85986b","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":189,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"5a31c9bc-a64a-46d5-a057-35cbb4c7e855","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":189,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"380a9a8f-d78b-48ef-85e6-a90a2ce5f341","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":189,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"8a939562-6f6a-43ee-8b90-081533bb94d6","block_type":"box","text":"of time.","page_number":189,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"524e77b1-b60a-4851-8e6c-d36965e49e3c","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":189,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"938a2366-001b-4771-9e24-4c989c0fff05","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":189,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"5dc85ef3-b6c5-4e41-824b-25b1168f7ace","block_type":"box","text":"risk.","page_number":189,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"cf5a2383-9bc0-4002-b484-3cb96e58fbd4","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":189,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"974b6c1b-4cc0-4186-b5ae-78f04af761f5","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":189,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"2d094351-842f-4d4d-88bc-8169a877552a","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":189,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"ffcd0cdc-07a2-4547-8b0d-0e84787f18f4","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":189,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"2a7ec43b-55ad-473f-b98b-ce5e98b47e5a","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":189,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"5b46d9bb-7b6c-4def-8d13-558ab9310a1d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":189,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"b6028016-c5e3-422d-9811-cab5b46f4010","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":189,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"0eb9faa7-156b-4a36-9958-275e593a4f43","block_type":"box","text":"credit risk.","page_number":189,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"6202f29c-50a2-4169-b940-94af53c03b10","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":189,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"da944cba-31ea-4de4-813e-5b28ec6553d9","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":189,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"4bbe5345-8775-4111-aa7f-3169be203e23","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":189,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"eb2c17f3-724e-4834-89fc-32a35dc6f99a","block_type":"box","text":"of principal or interest.","page_number":189,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"c29b8e96-ce4d-4ac4-9fcc-08bf8d5ceb3c","block_type":"box","text":"Note:","page_number":189,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"73293180-bc39-4d9e-8266-9d1a8d4a5967","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":189,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"975b859c-c5e0-4b8f-a52c-f5e1b2343205","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":189,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"c3bfaef1-fa37-4dd2-ae00-d894a3d0ce68","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":189,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"c78a4be7-430b-45c4-8e0e-379d8c2e9c31","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":189,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"db7bb648-60d7-431d-9b83-187f7aa2d957","block_type":"box","text":"companies, and securities firms.","page_number":189,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"6d40bb5d-d700-4cee-a2d5-61b358836866","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":189,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"baab09c6-25a7-47f4-921a-b4b9c04c9dfc","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":189,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"120cafde-37ca-449a-bfb0-51839f7a85f0","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":189,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"d9b1c0b8-9d0c-492e-9d0f-223f9f0ba27f","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":189,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"959a8097-b612-46c3-81a0-b7971b872652","block_type":"box","text":"that security.","page_number":189,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"9bd135a6-7c83-44d1-8534-1d98901c22fe","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":189,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"ad2337ee-d3c2-42fa-8a7d-8ff87cccac51","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"f74ccd54-9465-458a-adf2-bf5cebd09ad9","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"91ba9551-d2b1-4f44-8009-fd65510b661d","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"398a39ef-bf39-44ac-acdf-905a1e10e402","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":189,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"462b82cd-f2ba-4108-a907-298d3ef4ea0f","block_type":"box","text":"categories.","page_number":189,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"ffaf6f2a-3fa6-47fb-b23b-fdb00920498d","block_type":"box","text":"A-2","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"e1952906-ee15-4a36-9365-eeebc989ab69","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8206f614-0992-4f04-8d4a-6a376878dddf","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"9e0a84aa-ddea-42bc-b471-b42cb1fea2a8","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":190,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"20d21898-e8ec-49d2-b1c2-863db2250822","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":190,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"c2454756-3e67-4dbe-810f-41ecc628d8a8","block_type":"box","text":"an issuer’s self-liquidity.","page_number":190,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"7fac92d7-c861-4b63-8730-56146c5f316a","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":190,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"490a2234-ccd7-4ddb-9792-32961941243e","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":190,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"a2c5c0ed-e68a-4af9-b659-01307eb48af0","block_type":"box","text":"MIG Ratings","page_number":190,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"c544f448-efe0-498a-9b37-17d9b71df534","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":190,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"cfed6c55-abe5-4fb3-8be7-ac5901d44943","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":190,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"0160b727-97ba-4dff-b789-a1e16464eedf","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":190,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"0a842961-f95a-4d08-81e1-7970d7867b56","block_type":"box","text":"MIG Scale","page_number":190,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"32348603-e7a1-427e-8d46-fef9a71d0c82","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":190,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"fa38ee7e-b613-467c-8ce3-59c435137dd0","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":190,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"d60a7e6b-31fc-4952-8276-21e6c1062e08","block_type":"box","text":"refinancing.","page_number":190,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"2abf98d6-ef17-4cc2-a08b-ad1526389df1","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":190,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"fa6f3f24-307e-4d4b-b356-b5ca95fdda9c","block_type":"box","text":"large as in the preceding group.","page_number":190,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"9e6ce3c6-dbb5-4920-8127-721ae7783652","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":190,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"2d58ff10-bfba-49b3-b41f-7656b5c771ca","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":190,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"3465d924-ddb6-4f16-bca0-8afb591f4b99","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":190,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"98c6eb75-a204-4fb7-881c-4c5f230c4bfb","block_type":"box","text":"lack sufficient margins of protection.","page_number":190,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"ef7d5d37-12d6-40a2-92e6-ec9043c32de0","block_type":"box","text":"VMIG Ratings","page_number":190,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"b0b4abb7-4b0c-4726-bbdf-5d6e4e969cb1","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":190,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"7a42b547-b412-4cca-a615-2c62fd6b4c3b","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":190,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"7daf1d08-45b6-40ed-8cb4-3a6bf46166ce","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":190,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"3f20338f-28e0-4d27-9e79-9f004ae33a81","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":190,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"778ad782-aac9-4e94-b0df-1e96546a525b","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":190,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"e091d7f8-602a-4659-a3e8-42fc1d4b1e7c","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":190,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"66f8a046-3dea-46b4-8436-371eec4d4baa","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":190,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"b13b9abc-e87c-4d52-8b42-6381e820d052","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":190,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"255ffa8b-cd52-4a7c-9424-9b319b4a91a1","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":190,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"27df84f3-3943-4d7e-b24d-c7203158ba20","block_type":"box","text":"grade.","page_number":190,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"b6a55e10-7f6c-4653-b8b4-283108535341","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":190,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"0652929b-09e0-4b3d-9fe8-4bbb068fa710","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":190,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"5a6de2c5-6195-4213-b05c-3c1a7e530789","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":190,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"81b8958a-5af9-43fa-9007-915c855602dd","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":190,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"85de2b8f-ff12-4b3a-b668-94a02303c4a8","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":190,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"66d55781-6c8f-454f-9319-4c154096e251","block_type":"box","text":"liquidity of the corporate obligor.","page_number":190,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"5bbb82d3-0fae-4bbc-a34a-ebb462fd3214","block_type":"box","text":"VMIG Scale","page_number":190,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"dc5b8c71-87b8-41c4-9b40-b97e53aa5447","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":190,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"c5392363-6ae3-49ce-9c06-c4a993b6022e","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":190,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"8705691c-ccfc-459c-9bc1-d79abff3ca84","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":190,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"59ddbe4b-30fc-44d7-9f6a-df9a776d43d6","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":190,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"3bcc737c-3247-4bdf-981f-959e2f85c985","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":190,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"d7d580e6-f50a-4b0a-b20a-bb959bc4ac30","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":190,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"4602a5cf-cf58-4acf-84d9-8b8af7365801","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":190,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"ba3452b9-9aea-4f5c-a3e7-7f9454b40577","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":190,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"1fc0fadc-e966-40f4-bf51-e4942b2ba75f","block_type":"box","text":"may lack the structural or legal protections.","page_number":190,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"d8287ccd-06d4-4b30-8bde-c27f2cee969b","block_type":"box","text":"A-3","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"5809c0a0-2582-48cc-b35e-15db5fd49828","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86823952-6ec1-4be8-a267-6a524ec92392","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":191,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"1f2b1829-5b5d-48c4-a1d3-c7e432cda221","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":191,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"4d94eb75-15b1-4c95-b70f-9b7834e0fb1d","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":191,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"3f4c353b-6460-4163-88e1-9ece70caeccf","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":191,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"ef0b0898-010c-4b5f-a28d-7e8f06486151","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":191,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"f4fe5d40-7701-401c-bb2a-ea37303de729","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":191,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"4c4a38b2-2d5f-4657-bc7d-a0e69f33ed9d","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":191,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"aec313dc-8d6f-4697-a75a-07fc437f6d0f","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":191,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"16c075ae-2396-4092-9e6c-21d1592466ce","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":191,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"1d105b01-5434-4aa9-8f97-e4548aeffabf","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":191,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"33716c1d-0518-4679-9d84-759ae4ff39fb","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":191,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"5fb88b5d-8636-464f-aa61-3bab07c49631","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":191,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"bc1ff88a-b037-46e7-888b-cc092caddef3","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":191,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"0aa70087-4739-4294-a772-c87fc98567e6","block_type":"box","text":"from these guidelines based on market practices.","page_number":191,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"2b2070a0-cda3-4527-b4b3-b9f9d759f8ab","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":191,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"fef353be-fe8b-4e25-abf3-6290492e6c23","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"43949adc-d2a0-43ed-915e-2bd722e58d2e","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":191,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"01f65c16-43f4-4c9d-9e15-fefcb5e55033","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":191,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"b0f06b60-762c-4d03-8513-1320779b8d59","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ed9637f9-b8cf-42b0-93e6-8dcba6fb31c5","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":191,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"38a0e3da-6b7a-47bc-9247-5abfd9a0329e","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"5afc0bb6-0748-4fb2-ba2a-7adb87b11ae5","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":191,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"81ee7e0d-ec53-497a-95ec-04b8145e0cac","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":191,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"544b13c0-7352-4b53-8df6-33f23696f69c","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":191,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"4a6c46b3-d984-44c2-bba2-8cc6f8bc71fb","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":191,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"f8b1ef91-e45f-4623-9ae9-c5f6b35eeaa1","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":191,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"8e300a83-358f-45cf-ab5e-fa70efbaacb5","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":191,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"27b544a4-97a8-47f5-8592-b6a8176be114","block_type":"box","text":"obligations.)","page_number":191,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"f23b661d-e757-47a8-958a-3006661062e5","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":191,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"a0c9c213-53cb-4962-91b5-8d490ddd27e0","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":191,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"9a623e19-1127-43e2-a1d6-d5b7fe56761c","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":191,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"ff60a1eb-7a18-41db-8b41-0bf5bbfa7851","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":191,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"fb208669-8488-4a61-87b8-4fbb505afe87","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":191,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"6f946d4e-94f6-4813-9662-42ddf7f40614","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":191,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"03f29aa0-c199-4b1e-875f-301fc9bfba7e","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":191,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"088f8166-46a8-4a8b-86fe-42c5f5e91681","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":191,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"6a02c75d-e915-4924-bebc-03e15d0f9746","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":191,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"a81c1c84-971f-48aa-9bc8-62cdc932b05d","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":191,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"5bedb82a-de1e-4a1b-945f-4c34872fbebc","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"decdc9ba-4381-459f-9237-2b8f2c95a0d4","block_type":"box","text":"BB,","page_number":191,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"4c3e21aa-cc66-4753-a818-3c9df6a29e82","block_type":"box","text":"B,","page_number":191,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"65cf43ba-1600-49e7-bcbd-d8612f80714c","block_type":"box","text":"CCC,","page_number":191,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"6837be0d-8b3b-4c54-b1a7-e4bb66e1e7c8","block_type":"box","text":"CC,","page_number":191,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"27a627ea-a730-47cc-a53d-138551be0f2b","block_type":"box","text":"and C","page_number":191,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"effd1742-ccb3-419b-8fd0-2cf19fd26d4f","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":191,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"18def82a-2880-4bdb-9357-5f43f822063f","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":191,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"162e866b-892b-4908-b070-50f5396a82ff","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":191,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"b20f5b84-4ea6-4d3f-a644-b597bf00f014","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":191,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"ba0f1d3a-bd34-460a-b9b5-411029aa72eb","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":191,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"c602e0e6-e243-48b0-a745-fa37f2178691","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":191,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"03b8a306-3797-4eb2-9fa7-f2dde1b40dc5","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":191,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"d149d2d4-0589-4805-9ce3-f164108252ee","block_type":"box","text":"on the obligation.","page_number":191,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"49af7c52-e466-4b8e-b3ef-df14115dd79b","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":191,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"bfaa2fc1-1ce4-4563-8b48-3e691e1a6ae8","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":191,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"1d55a758-7ae5-4135-8e12-f78a9501370c","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":191,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"793dee02-4cb6-4c0a-86f0-b1e0258beeae","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"4996a775-2645-4d15-9149-bffe0e7ce0f3","block_type":"box","text":"A-4","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"09142c45-98cd-4925-a3c5-7c0688e3a897","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1130acc9-9b98-4cca-83c3-afbc8cf83361","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":192,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"d956b00e-bc58-49b5-a6aa-6fa861d5c50e","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":192,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"5b4dbffd-48bc-469f-9a6e-9b8809c7ed8a","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":192,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"dbab4e9c-ec74-4aa0-ade1-457a93c7c3d9","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"3d5e8218-8254-4531-8e7d-fe7e818a54ff","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":192,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"5df62a98-9569-4a8d-adc6-da266155e7d4","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":192,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"37c0755f-7725-49d2-91e8-5385af722e27","block_type":"box","text":"anticipated time to default.","page_number":192,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"3ce78345-f38c-4027-ae99-770e2d15cb00","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":192,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"c03b4e76-11d8-40dd-b60f-78948f44ee99","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":192,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"148090ee-e12e-4dc8-b9f7-d756eb929889","block_type":"box","text":"higher.","page_number":192,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"667ad661-e01e-4eb8-a0c7-e1dbcaa4be98","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":192,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"952b1178-842a-4fcf-8121-cb3249512f06","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":192,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"a5f802fd-3455-4df4-97d9-b5637060abb6","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":192,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"012b1096-27ef-4fe3-9837-5c8bb56d3163","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":192,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"84c0c69e-54b1-46c1-ba18-c47390beb0da","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":192,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"018a8bc0-ab66-4f19-8704-608a05351c42","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":192,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"376f066b-74f0-4757-a502-6b8a40030170","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":192,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"9fce12e0-5391-407d-bd2f-9f37e94e3996","block_type":"box","text":"restructuring.","page_number":192,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"9bd7015d-11f5-41a1-8d30-52ac3253794a","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":192,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"ed3a1249-8ee5-4d40-b01f-04fd2ae6aa39","block_type":"box","text":"standing within the rating categories.","page_number":192,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"4bb5e1a7-3d81-416f-beab-8b95682b88d4","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":192,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"92a1d4fe-40fb-4a16-9cc4-c7243318de01","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":192,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"0b4d3174-e744-4aeb-978f-3493c282bef5","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":192,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"acb38682-4add-42d4-b617-c32983e1dd23","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":192,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"a7c98552-57db-4af7-ad03-c1f86099262e","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":192,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"7ef24192-0dbb-4334-a8d3-cd17d6732e56","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":192,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"36b4b6f3-cd87-4e59-912c-1762e7407c77","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":192,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"cb0c23e0-81a5-4b37-bb7d-fc82660a8bcd","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":192,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"bd633c81-b693-4bf2-8324-7646991bd345","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":192,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"5755d616-760b-42f5-95ea-bc550648a84f","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":192,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"1181321c-e119-4035-a7e8-e65a73b06f12","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"113c6144-5ba0-4667-80af-fa09a44834bd","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":192,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"e9018ab0-a31b-4d18-bb4e-1cc46558130e","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":192,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"b538e81a-7a6e-415f-9899-b67b9bd4ff94","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":192,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"1d058bc6-b815-42fa-9d73-680c814ff501","block_type":"box","text":"financial commitments.","page_number":192,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"c3135346-1477-4b6b-899b-d7a9719eb561","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":192,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"dea0b3de-8f54-40dc-9390-4b9c4de91127","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":192,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"391523c3-1786-463e-9433-60d2686255bb","block_type":"box","text":"commitments on the obligation.","page_number":192,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"9053ea13-769a-4172-a3ff-e81f7ec97db2","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":192,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"464c5e30-ab4b-4fd7-bfd9-bbc895769a34","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":192,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"c58e5944-a378-419d-93fd-9c2111d88ac8","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":192,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"1332e389-f14c-4d3c-98a9-dc6b2553fe64","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":192,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"fc132d44-ea12-4156-b5d5-c20d62292b9b","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":192,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"ad7b0e62-68ff-4c60-be38-a9348dc9703a","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":192,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"0e13c66f-6212-4627-963f-e22b04b04b08","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":192,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"8ffc3dc5-ab9f-4ee1-9a4e-6166140f81a2","block_type":"box","text":"debt restructuring.","page_number":192,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"d621199e-2f75-4348-b8d3-2b45db4cd2d4","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":192,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"c8b99806-bb9f-42a8-b6dd-02b7d48fd74f","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":192,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"e5a9f214-0893-496d-a200-aef318016992","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":192,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"23c49a35-b634-4e24-abea-bc7d64340756","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":192,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"7875c0fa-4631-446f-8102-e7796fc4f62b","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":192,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"767da594-9164-45be-a2be-f86be417282e","block_type":"box","text":"A-5","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"8abbefb8-777c-4eda-8591-529a03896d12","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0804e7a-b0cc-491b-8d44-30c2c45ef026","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1fc3340e-ee19-44e1-8ba9-aee5546ca694","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":193,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"bb4f2105-89b3-4b42-8c76-7bc6bf35d961","block_type":"box","text":"as a note; and","page_number":193,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"058e97be-0bc7-4a63-984d-413c9649ec35","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"1768bbfe-5857-4ef0-9e88-08b4cc03cc96","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":193,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"c5ef316b-e26e-4978-b6f4-044e587a18bb","block_type":"box","text":"treated as a note.","page_number":193,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"247c85da-a7cb-44fb-81d3-4b1a6d0c2e81","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":193,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"71a637aa-4e27-492c-a5a6-4250b71320dc","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":193,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"68cb1a42-829d-44de-9ef9-5ea2b6ae236f","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":193,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"a30638f2-2078-418b-ad3c-d75cc12eb291","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":193,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"8ecee873-186f-4c39-9042-e2ed73671722","block_type":"box","text":"economic changes over the term of the notes.","page_number":193,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"1942c3f5-ab59-43db-b22e-39f8c1eda385","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":193,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"b3c27c29-65bd-48dd-9137-9a6ff57a3a8c","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":193,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"6c7240f2-3982-4ee6-b6c4-6c63f0402a55","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":193,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"d6aa5275-413e-4eaa-a531-841135bc50d3","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":193,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"8548da63-9a02-4c10-9f3d-9f4f3aa1a041","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":193,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"e2323c79-64a1-4b56-85c5-ca113245e12b","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":193,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"ea97424d-7451-462c-be3c-29cccb7e5c02","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":193,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"0b37af79-7b9f-4cc1-a3c1-bb143564af20","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":193,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"f73c406c-ec95-4be0-9b79-56fc9a57006e","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":193,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"41d8b9a3-6497-476d-b464-6a0ef5cc29ea","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":193,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"238bdeb2-36f3-4e87-a62a-16d2f2594a18","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":193,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"c5591843-6b39-4432-9f2e-bfaec9623aa1","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":193,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"8f2d2428-c964-423e-8d4a-8b297fb1000b","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":193,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"0af35e76-aa08-46d8-a210-b7b387a01351","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":193,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"dcce4d82-39ed-40d2-9cdb-67bef88bde70","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":193,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"5a61e094-d874-4e45-9321-6a45c37e50ec","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":193,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"14c64b74-8272-406a-bf89-ed698f492a05","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":193,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"19d1f1c8-c0ff-4a0c-892b-74d41715f7b2","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":193,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"8a9981d0-fa0c-45d8-957d-3f5674aedc8c","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":193,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"2d71d207-77d7-4234-8450-a9a616f9d790","block_type":"box","text":"receivables or other financial assets.","page_number":193,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"2d4e4002-4574-4d2f-8575-f36d66da2947","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":193,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"481f2efb-96e5-44d0-8101-cc52b6af4b59","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":193,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"2d80946f-8923-456c-adac-00927ade3402","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":193,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"62808fb8-aabc-4609-860b-6ef23fcba037","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":193,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"bacfab8a-522e-4707-b6b8-8f5178bfabe9","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":193,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"d8cafaef-8c42-4ad9-af5e-803e4d4a9cdd","block_type":"box","text":"occurred.","page_number":193,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"0ff3f9db-c6c7-4cf4-bc0c-cf235b594df3","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":193,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"62e24fa4-de19-4f09-8399-c53cfad8bdb5","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":193,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"6b4ac1c3-d6c2-4369-b382-9a621faddf36","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":193,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"b64176ed-62b3-465b-87f5-f86a6a165b2c","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":193,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"6c0822d1-c371-46c1-b2c3-b4174f1f0ebf","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":193,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"3dfbbfb9-e8d0-4048-8c93-f0fed6d906ec","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":193,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"40da391e-ebd6-4691-b48d-a70a18e49a50","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":193,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"54cab55b-0204-4fe8-be65-2d1c13fee99b","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":193,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"94722137-36df-4a5c-a2e5-b0b25609e9fe","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":193,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"c2661af0-7e6a-478a-8539-f04160f7cefd","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":193,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"c4f191ec-b7a4-4c88-af14-4046329a3108","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":193,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"a5c8fe91-7bd7-42d7-9e83-502d07b51c51","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":193,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"b0ccfc84-9cd8-49ac-a403-92c73daea35b","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":193,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"9de6396b-ca3e-41bb-b913-6007f6445109","block_type":"box","text":"i.e.","page_number":193,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"2135e668-df78-4b16-8663-bfd6673a7f60","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":193,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"930370cd-4b3d-4630-a535-5eaa2dcf3eb0","block_type":"box","text":"the obligation’s documentation).","page_number":193,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"423d6c6b-3366-4ad9-8b07-6a2471c5b090","block_type":"box","text":"A-6","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7c5e78e6-7480-48fb-8b28-d81878dcff94","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f352f64-cdbb-4c13-9bc1-15972edccd49","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":194,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"079d74af-a926-46f9-a0ee-6dc7f32d5f67","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":194,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"dd4b4b0d-bc95-4995-b243-df02155336b3","block_type":"box","text":"agents in the form of a rating letter.","page_number":194,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"75c8ac17-5585-43fa-8bd2-d52075af16af","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":194,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"18f20288-f580-4457-9955-1d1927dc0e2f","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":194,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"206f84c2-cc50-421a-8ea6-fa8ac10a0be0","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":194,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"9f7e978b-0309-4ef5-96f1-32927ac8f86c","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":194,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"c59ed1d4-f0d0-4361-a5a4-baa6c119fa4d","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":194,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"7482d961-049f-4f18-a881-fe73c84f5fa5","block_type":"box","text":"e.g.","page_number":194,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"25872ccc-e80a-4d3e-9a7d-254cbcce98aa","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":194,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"212fdda8-9024-4394-84dc-c08339c500be","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":194,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"91e2bd34-6253-4a21-8862-d2af53fdd407","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":194,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"61e9bf69-3b55-4f32-a675-5a9ba40c8066","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":194,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"381cc366-745a-40c0-ad0b-3b431880f52d","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":194,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"a19ba376-4b7f-4cd8-9cee-80223f39f354","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":194,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"3075c971-0a8f-4ef3-9d21-e16d505f80a4","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":194,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"3b70591a-f0a2-45a3-a82c-d69b25d9c21d","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":194,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"20365ba2-3a2b-479f-9c28-8f9b7f8df290","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":194,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"528fe0e2-bd9e-47f3-b113-2206cf738234","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":194,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"49f05c99-a2b6-4908-b9d8-18033f02c9e7","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":194,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"775ed32e-237c-41eb-8eb1-71c0bc0c709f","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":194,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"a7c0a9d3-ab0a-48c4-962a-0f55e21336e6","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":194,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"8ef1d09d-e53f-4600-83a9-af46a9f30d74","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":194,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"75c8b334-8c32-4ce3-855a-04d621bf62d7","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":194,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"e21aa361-c683-4ee5-9ff9-fe7416df4477","block_type":"box","text":"Ratings.","page_number":194,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"09c985b1-3cfa-4694-81a2-2dceb7d1353b","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":194,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"fa02b727-141d-4594-8609-34d7f77e3a5e","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":194,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"409a5128-f633-4ced-b918-5a16876fef4c","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":194,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"3a68c2a9-5763-4b96-bd99-393a24ba8b33","block_type":"box","text":"obligation ratings.","page_number":194,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"5d85c0d3-8d1d-4831-95c4-6e85d9872778","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":194,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"036fafd2-c60d-4a1e-a496-3a51db8931a9","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":194,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"195cdff3-9575-4997-bf42-876c1bd8298d","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":194,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"957d00a4-c4d1-4130-a485-f8a832285cf4","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":194,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"abda3713-6736-4bd0-94c2-e93c49fbe82a","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":194,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"a5485cc4-3429-43cc-a059-e565844fa122","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":194,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"a402f5a8-1511-4081-b2a7-551e65814274","block_type":"box","text":"to foreseeable events.","page_number":194,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"a3a6b99f-f0cd-4ca5-a704-d96f8969cccf","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":194,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"e8174403-c177-4d03-b700-e9b25e8e70a5","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":194,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"967d66a0-4664-4d02-b216-b6e946646e52","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":194,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"5000f124-d832-46be-b61c-582a9cac889d","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":194,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"b779605e-8803-401d-84ea-915e1fd9f86e","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":194,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"47f87e80-6c19-4689-8274-c5e46ab7e3f8","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":194,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"5d5dc363-df45-4601-b684-b3c77ad5d6ed","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":194,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"b77a6c1b-b4c4-4cd2-a338-39dda5992c5f","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":194,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"33b4fd77-59d5-4133-9017-3e1fd32cd890","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":194,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"ff4543fc-efb3-49a3-a500-520b49253da8","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":194,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"787c4f4b-6feb-4e4e-8ed0-e01a4e2dadab","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":194,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"2fa9485c-233b-41fc-b11e-4b6530577184","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":194,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"d23083cc-1ee8-4565-a65e-f16e5beb916c","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":194,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"5d87eff6-d43a-4675-bf37-78f3b84c051b","block_type":"box","text":"possibility.","page_number":194,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"09a6f7b1-667c-4df0-8e4e-9c39c39403da","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":194,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"4c8075d9-f06b-490a-b00b-3b163e4b4adc","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":194,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"293d21b5-90e4-4d68-9d41-31ba38f121da","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":194,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"4d007588-2bef-46cf-a7e1-b50ecd01b612","block_type":"box","text":"A-7","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"822aa6e4-bf55-49cf-b2b0-f5cd5742cfa5","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e38c7627-3031-4412-b60c-c35c668a63ef","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":195,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"1d5b2931-b2cc-430c-adf9-61d235d17392","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":195,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"318ef8bf-b70e-44ce-bba2-9de772c78a6b","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":195,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"c6255a07-3b72-470f-9d6e-a9b5e8816470","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":195,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"11124bc6-b784-4b44-bab3-e4b39ab84a39","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":195,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"103e6206-e3d2-4171-a691-559487cea1e0","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":195,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"55f2e83b-b48b-4a80-8652-7276ac5a4f5d","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":195,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"37bb534d-d225-4482-9727-ef8b494e3abf","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":195,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"46662424-b7b6-412a-b79d-f272716156a3","block_type":"box","text":"relative status within major rating categories.","page_number":195,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"83989bc9-c29c-4850-bc00-80dceb3868b9","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":195,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"e47a6911-7c35-4f89-9dd7-147fc836b475","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":195,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"a9d296d4-8a6b-45f3-80e2-746b27538d1c","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":195,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"b2ddc244-b39e-447a-8f24-53d7439e3afd","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":195,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"1197d794-cc57-4e69-a266-95915e686f5b","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":195,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"f83ef501-6425-4b82-a541-33445180cda4","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":195,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"c96394bb-dea9-4575-9fbd-f15cf968ad9d","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":195,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"b99ec1d7-aeea-4f68-9f7d-bb52203fdc39","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":195,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"12106c43-bfb7-48ee-9b44-2a8e33dd9413","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":195,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"37d3ab8d-c3e2-4ff0-b912-9b488a7af9e6","block_type":"box","text":"finance markets.","page_number":195,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"479625fd-341b-4799-a467-ffbe7a89d3b2","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":195,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"c1c081e3-a4cb-4509-a8b0-79d2631107ca","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":195,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"73099de4-756f-4434-b9a8-3b5f6a2934aa","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":195,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"d7ae2f9f-9de2-47d7-bd82-50317e7fca22","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"5d02ebf5-d53a-40d9-875f-d7992ac9350c","block_type":"box","text":"commitments.","page_number":195,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"c586d3a0-0bf9-4c73-b368-e3c5a7f9ec50","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":195,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"04773a84-6d58-4a3c-9733-72fb07cfdba2","block_type":"box","text":"adequate.","page_number":195,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"500f0253-1c50-4548-b7eb-651845148f29","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"35bf89b1-44bf-4339-b335-cfee9b3520bb","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":195,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"9cf4fce8-49a3-4eb8-8a23-af951c900362","block_type":"box","text":"economic conditions.","page_number":195,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"10719a5d-9ca7-490d-8546-f0df3689cdf3","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":195,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"f3dadd0c-ba7d-476e-98e0-f2eafecac5d3","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":195,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"5cf23fb8-62a9-46a1-8873-d957d23ceef3","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":195,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"4ad93aa0-dbd6-45dd-8964-612815066b2d","block_type":"box","text":"ratings only.","page_number":195,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"178493b7-132e-460a-a4d7-567290dc150b","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":195,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"4e935151-8216-4fcf-983e-c7d2f7c47eae","block_type":"box","text":"obligation.","page_number":195,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"55d12d3d-f168-4c0a-bc53-d5063798133a","block_type":"box","text":"A-8","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"40213b04-d267-43a4-97b2-535cd5e28a56","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d1fd925-7947-4946-90d4-3b7a877d416f","block_type":"box","text":"APPENDIX B","page_number":196,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"2c6c7ae6-ede8-4ddc-9c0c-11edb5454a70","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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The Guidelines include “climate and decarbonization” guidelines which","page_number":196,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"e9bf724d-8212-4b23-a259-2aef355860ed","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":196,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"9bfb4b5c-fd46-4f0b-82bf-abd187507ca4","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":196,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"f9fccb02-e8f3-49cb-9848-2b958f9c2634","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":196,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"45b79663-1685-4ef3-a4ad-f8bd4724d96b","block_type":"box","text":"Conflicts Management","page_number":196,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"8e30074a-f006-4ba6-9301-f71d2469771f","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":196,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"ee8b0a1a-17a8-428e-9e7c-f42d43ffd753","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":196,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"a0e8fdb6-fa5a-4db7-b60f-06e765be480b","block_type":"box","text":"of proxy voting responsibilities. 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The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":196,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"2a848380-27f7-44d2-b9ec-d5a919297124","block_type":"box","text":"connection with proxy voting.","page_number":196,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"a1b24e4d-1ff9-4b3b-8da2-70cd946ad5d9","block_type":"box","text":"Reports to the Board","page_number":196,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"df76f573-1ea5-48d9-9c2d-6eea246d0556","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":196,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"d70db7ba-71af-4ce0-b03a-21c24f775aef","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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companies alongside and on behalf of those teams when appropriate.","page_number":200,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"0094b1dd-ca9d-4717-9d6f-868c69a4ca56","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":200,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"61dbd451-866b-4abf-aa83-0f5440d8d81a","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":200,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"c186cc1b-7711-4088-92a5-d9b567268953","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":200,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"648f5f2d-a7e1-4bc1-b742-106d55bd6158","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":200,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"b7f7f86f-e43b-470b-aec0-5e3677e3461a","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":200,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"d972368a-919e-48d9-9b81-c72d0fed4a4c","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":200,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"4146f93c-d53b-4e40-8ef4-c46d0b9f1b7f","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":200,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"dc0fe7f4-f74e-4178-83c3-ce09d5738a22","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":200,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"0b729fbd-6ba6-4d86-a16a-d97860b4407e","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":200,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"0e6a6828-4f25-45e2-8d8f-efde27201e38","block_type":"box","text":"1","page_number":200,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"5f17760e-e9d0-42e3-a319-b0109683c5a0","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":200,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"722e43eb-a376-4c11-a0e0-415d57a54443","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":200,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"2b24fcdb-1fae-4ef0-b9a8-2c3c450869fd","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":200,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"ed7bc94d-6d8d-435d-811c-7db5272ecb6e","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":200,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"6ed4fb99-8ac7-49c5-86bf-4fcf64eb8f5c","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":200,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"cd76c811-6772-4a0f-8da9-76908a06a6b6","block_type":"box","text":"2","page_number":200,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"8b61c707-2cda-4b23-ab3e-dd974ba21844","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":200,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"98c6245a-0160-487c-b4b7-488136b46ad3","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":200,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"ce7cebd0-f45d-4a80-ab54-b3e7c985b877","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":200,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"4f784b5d-b0f4-4447-9ce7-7cce02af5b7e","block_type":"box","text":"policies.","page_number":200,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"18d4128b-064b-49cc-a7ce-385eb48df6a9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ebffa364-71b4-4660-969a-d28f59bf960c","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"21b2bac4-e29d-4797-8f18-41042b8d1c78","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"951bc27a-2376-4941-af50-cc19ef6c83b2","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":201,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"400ea08a-5ff1-4d66-bbd7-5419c15117ee","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":201,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"9f36bb95-5d37-4c63-afdb-ac01bd802690","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":201,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"34c5dc45-3097-4eff-926c-845e6f646a48","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":201,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"9042ea60-5cad-496b-8e0b-ba7d0fad1c91","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":201,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"77e84e4a-bbb9-4def-96a6-c4dc8b45de68","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":201,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"e522756a-c09d-4496-a886-4e3ab9a7463f","block_type":"box","text":"this work with research, data and analytics.","page_number":201,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"aceb4382-8b89-426f-83cf-adaac813a1cd","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":201,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"16f433de-8cb8-4f57-a92a-471334452ba6","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":201,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"9dbd5205-d594-460f-adaf-4698893469e5","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":201,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"05d2f124-1672-4145-a90c-8730d7b2879c","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":201,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"fb5f5192-b477-4da6-b3cc-88302396ea1d","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":201,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"879b3ddc-80e0-4a8e-9ccf-67752055cbef","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"d1ae0805-ad78-4f78-8b3a-777138ab1526","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":201,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"09425b4b-c5cd-422f-add5-23abf6e5ef93","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":201,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"ec19d60f-d49c-4f5f-8f93-27c561d4607f","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":201,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"59e33228-e97c-453f-82d6-e82176a7dd61","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":201,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"186bab86-119f-4e36-95fc-6e3c5d6994db","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":201,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"7334447d-743f-4c11-84d1-a24388e6e713","block_type":"box","text":"shareholder meetings.","page_number":201,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"29356b7b-90ad-44b5-b6a8-3c95984af8e9","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":201,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"57864a30-31d3-4155-ac4f-07fd3c5d640d","block_type":"box","text":"investing.","page_number":201,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"9e6e0078-bb5a-41ef-9cc3-c385a1f1cf76","block_type":"box","text":"3","page_number":201,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"1b463d20-06d1-48dd-aaca-e4945de55b94","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":201,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"efe55451-2f3e-425b-8ace-ff95a9dd5b5a","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":201,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"6bcebb1f-c795-4f4a-95c4-0b25569a684b","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":201,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"e149f147-7bea-4a08-9f09-14fe9adcf04d","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":201,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"8970621e-9e17-4cca-8249-b91687fe9e24","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":201,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"6219ef2a-d31a-4742-9f76-c722a447c831","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":201,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"a0491d93-6d7b-4ecd-91d6-740c3dabcf1e","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":201,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"66d2a4db-51fc-4b23-a9c1-2165cec953f5","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":201,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"024eaa0b-004f-4772-962a-903a20e13226","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":201,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"cdee229f-a69e-403f-85d7-1d9e5155ffef","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":201,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"3e4393ac-4207-4430-ab78-cf1afda63a9d","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":201,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"c9c27a12-d0d3-4e69-ab0e-a51cdc4562cb","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":201,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"51bc1595-f10f-4099-b1b6-b486ffe4fbcc","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":201,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"5b0bfb06-09e0-4b19-800d-9595b72dd478","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":201,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"f47b297c-3383-48d3-8f22-3a55691302a3","block_type":"box","text":"management teams and board directors","page_number":201,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"f249fad9-b6c5-4a12-8d35-140df63b5097","block_type":"box","text":"4","page_number":201,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"a8b03c92-ee76-4c02-9aa1-84db7d2e29be","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":201,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"872b668f-bc6a-4cd1-b1ce-6743b2999a67","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":201,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"87cda310-6da0-437d-be46-32da2f35f717","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":201,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"803527d2-46ed-4306-b4e1-8563c7aecd81","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":201,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"bd641cb1-47cd-4c02-80c8-fac97d9f36a6","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":201,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"28bd130b-2fe3-4ad7-aebb-d4b2a4818cb7","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":201,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"17407676-9947-414d-8455-1e6a1b5cb33a","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":201,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"f4ac5ec5-14d2-47a9-abaa-63b78b3665d1","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":201,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"ae28196f-30ff-4aae-ab4d-d93b21f0caba","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":201,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"b887e986-34e9-4665-bf2d-83f9c4945951","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":201,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"f8f73fab-4484-4495-a3e0-f960937bee0c","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":201,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"2b5a3735-01e2-4682-afbf-50d39976f840","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":201,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"f3dcb362-d640-4c61-bcaf-8d178cb069d4","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":201,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"062aaf8b-a61b-4312-bf6a-1db1c0db3ffc","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":201,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"5908fab6-8c0f-4b6c-9e1b-fdc264eb3f67","block_type":"box","text":"3","page_number":201,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"3f8e1037-2a23-4d46-bfef-735e1dc2a828","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":201,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"3911eae8-086e-4afd-bc6e-0ecec55a75b5","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":201,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"5ac1dfe9-0a45-46fa-9798-c7dec22e112c","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":201,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"c54b93b9-ac5f-4132-bcc5-9c360ea0c4b8","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":201,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"4ead4aad-8daf-49ab-9eb3-382b9517b554","block_type":"box","text":"4","page_number":201,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"794ee4ae-4ff2-46c0-8266-34f127361e94","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":201,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"5b03a4a3-27da-4c31-8ad1-6b376bfee36c","block_type":"box","text":"boards and their members, where relevant.","page_number":201,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"738ea0d9-6024-4fa6-b3c5-557d2991ae5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d15ab272-f0e6-42cf-9eab-216150d62f18","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"07ce0216-9f5c-42fb-b9ea-ef54aa52bf8a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"624ed03d-1af6-458f-ba93-46e1ddfc5b6c","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":202,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5b15bef8-1ed6-4225-a0ca-529101ab777a","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":202,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"5f2cac49-f3c6-4150-a141-cccb1359ff0f","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":202,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"132e7283-f786-4ef0-84bc-81c8d3d380d1","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":202,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"27a3f944-4261-41d1-9e19-44c3b6c78720","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":202,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"0cf271a4-6106-4199-877a-92452086658a","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":202,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"2da72d34-668b-4e02-8634-648f66a74075","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":202,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"397c891c-2a9c-47a8-9922-660504a023d9","block_type":"box","text":"5","page_number":202,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"79ce9f63-88a4-4017-a6ff-246a99a60f49","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":202,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"74651bcf-e555-4d9b-8aa1-c4c33102d7f8","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":202,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"56ccc289-182e-4942-a0b3-dcdd813ac0ee","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":202,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"a1ecceec-682b-4b8e-9140-6ac78225fee0","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":202,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"5f21c8e3-ebf5-41c4-af86-152b4772b175","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":202,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"242b0174-ce5b-4945-bbd1-e13d390c9d0b","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":202,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"45b33ed6-c7ee-4b2e-87e1-486a5642ea39","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":202,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"345b32a9-a77d-43b6-b873-33084bab2889","block_type":"box","text":"5","page_number":202,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"579cd0eb-64e7-4750-a45b-c5d4dd8a090a","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":202,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"5826194b-67dd-45b5-a168-6a953865187d","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":202,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"17c25ee8-5f6b-43bf-9c7d-ab0de89eb659","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":202,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"7a5a6e29-19b1-4b1e-9935-671e3d92b42b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8953c58b-6aca-4e04-a3b4-f0286a7df2a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"99dc5169-fbf1-44b8-922b-ba1dd96b6a01","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7cf910e-07d6-4f50-a707-5fa692f7fad3","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":203,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"ad2f3d50-12ed-40ca-a3b1-58a3a69e1c44","block_type":"box","text":"Roles and responsibilities","page_number":203,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"8a11ad1a-540a-457e-99a8-61a9f72dd8d9","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":203,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"da503c0f-c8a4-4829-8cf8-cb6024c88e9d","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":203,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"3b311949-6696-4def-8a53-36f0fd2bc79c","block_type":"box","text":"6","page_number":203,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"b8da4fc5-fb41-41e4-b702-836e557d97bb","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":203,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"3a4cc8dc-13ce-4d70-b562-9a53b0750c8a","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":203,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"7667f91b-4bae-4195-bb68-eaf68627e6b8","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":203,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"e6382865-c823-4380-8509-33417adccf94","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":203,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"f9670c2d-94c4-4a53-9ff5-b650f97c3e4f","block_type":"box","text":"per formance over time.","page_number":203,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"35f6589d-e1aa-437e-990c-381702fa7cfa","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":203,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"fbbc26c3-e4a6-4fb9-99b5-a68766f69438","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":203,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"b5048143-f794-4064-b114-f68f8a05b2dc","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":203,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"e14b514f-9ddf-4fbc-8208-2ad8ad1fe51e","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":203,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"48d3ac95-2343-46d4-8280-9d8e2701a9ba","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":203,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"1ae2e105-3d31-4726-8512-7e71510f0d59","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":203,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"115df37b-a002-40b3-9d2f-c25a6bef77cd","block_type":"box","text":"Composition and effectiveness","page_number":203,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"bc40a375-c9af-446a-9ca1-81a7637011a6","block_type":"box","text":"Appointment process","page_number":203,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"9ba8fd8b-0e12-4095-9996-910a4d3a2d0c","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":203,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"748d0a6c-41dc-4037-bd50-7cc2fe8811a0","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":203,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"0dabfa1f-a86e-4f0d-b2b1-cb41b11917b5","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":203,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"838b3ce1-f6d6-4895-b1ab-befffe0e513b","block_type":"box","text":"e.g.","page_number":203,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"a3f71dce-b4a7-4039-a397-779c78aad7c3","block_type":"box","text":", sector, maturity, geographic","page_number":203,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"1fde5a8c-0b4b-487e-82ae-f23d7fa6ec44","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":203,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"d19e9212-29c4-485d-b028-bf67b4a252f7","block_type":"box","text":"e.g.","page_number":203,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"111788a6-03d7-4baa-a795-63376ea9b9f9","block_type":"box","text":", financial exper tise, industry track record). To","page_number":203,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"aeb05639-98d4-43d7-bd12-fb0f54bd783d","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":203,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"f6221bd7-59b7-48b9-8525-e7b4ccba0006","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":203,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"19a41b27-d8a6-4f87-9d96-e0404b957e97","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":203,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"6b54e993-fc22-4246-a775-eca86158697e","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":203,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"dadce6e7-57c4-434d-82fb-92da70842994","block_type":"box","text":"and local market requirements.","page_number":203,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"4fae7b32-1535-4993-b755-bc38bd309ba3","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":203,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"8c8bf2b8-c0c0-483d-ab16-4ea29f391c45","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":203,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"7100ddf9-c94c-4520-b8d8-fd1a0c392e51","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":203,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"3c693d57-80d0-4dbb-984c-24bb892bcb84","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":203,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"fad1b714-e7f4-433c-8c98-ea6bef05c8f6","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":203,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"58f40199-35f7-48a1-8a88-f3cabdd395a2","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":203,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"b391fd88-91c1-47c3-bdf5-f8083a8ebf97","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":203,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"6b207c1f-4536-49e9-9ece-3e7a2e85304a","block_type":"box","text":"Independence","page_number":203,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"6bcfb95c-7b31-4480-9386-72207f68dff8","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":203,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"0b5283b5-ecd7-4f8f-a03e-42f4014a0566","block_type":"box","text":"e.g.","page_number":203,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"e3b9a55a-395d-40e8-b3e8-8caba78ce9f4","block_type":"box","text":", government or","page_number":203,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"9842145f-e9b3-4fdb-bd88-5042f60325eb","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":203,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"df7cefdd-8b4e-4ec1-bab3-d184626bfe41","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":203,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"e2b634c0-5fe1-4c4b-a02e-18040adac4c2","block_type":"box","text":"conflicts of interest or undue influence.","page_number":203,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"d8a24871-9380-45c7-bb7d-a3cab9ae3619","block_type":"box","text":"7","page_number":203,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"7078f15f-6da0-48eb-acf0-b6d705ba30bb","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":203,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"01023121-e78b-40ff-9411-143ab1654ad1","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":203,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"5fdfae57-6c6d-464c-8193-6bb3d9d07351","block_type":"box","text":"independence should meet those local requirements.","page_number":203,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"3bc31862-87be-4334-a482-bd0d895604e2","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":203,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"16c5c21c-77ae-458e-9500-3a8449d6a935","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":203,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"b260abfb-088b-4230-b5e8-f5aaf129a71b","block_type":"box","text":"composition if this is a perennial issue.","page_number":203,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"3c5a1e2c-5797-431b-b4ff-fac9a01efc1a","block_type":"box","text":"6","page_number":203,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"7abb684f-eb9d-48e4-9da3-9d6fd3cf189a","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":203,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"9b53ff6f-e7c7-40bb-8c4f-02c841bf749a","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":203,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"a86904df-68d9-44d8-b866-de591030c1f8","block_type":"box","text":"7","page_number":203,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"437e9585-b73b-4797-9a03-51cd1f4b3d96","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":203,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"e6f00b47-ef64-4c49-89e1-28e4b6e09f8f","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":203,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"2329a2c4-6998-4830-88ae-c7491db04e09","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":203,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"a2b742ee-46f5-40a6-8167-151f3375311a","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":203,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"75b45f01-fc68-4237-b6ce-92bd786077de","block_type":"box","text":"of the company and shareholders.","page_number":203,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"06ab0084-4d40-4ba2-9016-d2c6c70b5c7a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0ecb8b2f-cf2b-4fc0-9da8-ef9bea58f318","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"84f639c5-5a7e-4334-ac2a-5e991bc5f75e","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7c87a8a-39f8-4c35-a80b-a20ff88e109a","block_type":"box","text":"Independent board leadership","page_number":204,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"334cbbb4-7f86-4d3a-b50e-bcb94bea3c7d","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":204,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"33694a79-cf8f-4371-8fea-61dc2a22b135","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":204,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"fa692c9c-e4e9-4327-b8b0-2e0e7631f18a","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":204,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"91ac203b-fc34-4c4a-9f5c-57f695e1214e","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":204,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"f19b17b2-21b6-41cd-a9ad-83473988b4f0","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":204,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"0adfb8b9-1f6f-4ab1-9ace-c664663d7f00","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":204,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"27266d6d-02c4-4dc5-90c2-ee4ec86efe59","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":204,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"03bdd903-8434-4ec6-9529-e9cf58e9a307","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":204,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"d074343f-bdc1-469a-8931-7ae283b5ccc8","block_type":"box","text":"how it serves the interests of shareholders.","page_number":204,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"425f1ce9-5cd6-4693-8fba-1c99a097310b","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":204,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"f5a3d2e5-7b53-4dd6-9f17-1df1fe3044e2","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":204,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"73b61d2a-f3ea-40fe-a73a-cbc8f3de7891","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":204,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"8512f89c-b6d9-4839-800c-0f3fe34d2f65","block_type":"box","text":"Tenure and succession","page_number":204,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"535007bd-6306-4a3a-ad1e-c9e63808664d","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":204,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"925b6c0b-372d-45b1-bdc3-3a31e8aba19c","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":204,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"96829620-aeaa-4bf4-b5ca-b3e88603ebec","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":204,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"69b9b51e-e5e4-4649-a022-5087cbe4bd35","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":204,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"46aa3013-db05-4577-96ce-34d637bae3af","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":204,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"3e54a13d-fb85-42db-8273-9feedbf6db9e","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":204,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"14caa984-b1ef-4699-9b38-285685549d47","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":204,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"3c567ab3-f580-445a-87b3-b50b9ee494ab","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":204,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"0e049c38-dc81-4962-b8f7-2434a872b069","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":204,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"ec525c28-5fea-455e-886d-c2b757117603","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":204,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"e8b95e4a-6e6c-40da-9b81-103dcb91c07c","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":204,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"cd245372-580a-42a3-b1bb-58b9f3b1228e","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":204,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"2559ef5c-156c-4edb-b813-6d903d56d0a1","block_type":"box","text":"for their continued service is not evident.","page_number":204,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"f85c6a07-03b9-4a4a-b8b6-bc0943e43bbe","block_type":"box","text":"Capacity","page_number":204,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"a101723b-47c6-42f4-9e15-271e84b6c5a7","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":204,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"8e35ad29-4752-48e8-b54a-139f555fabc5","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":204,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"73a36ccd-2552-494f-89b6-ab3cdaa26ff9","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":204,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"b4f368e3-da37-4769-bd31-ee4f344350e8","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":204,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"87f8453c-f56a-47a3-99a0-e427790cbc9b","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":204,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"3a275466-ae0b-414b-9509-e3d09efce30c","block_type":"box","text":"determinations across markets.","page_number":204,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"e4f0ecb2-fee7-4eef-a452-39f369534d72","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":204,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"7095283a-bc32-4f5c-b5ff-0551552a9ae3","block_type":"box","text":"their duties to the board and company.","page_number":204,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"732e84f7-e68c-44dd-9d99-4e6a2d23ac6c","block_type":"box","text":"Director elections","page_number":204,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"838cdb9f-799e-4813-b5ed-b16a0ec077f6","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":204,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"4d75a3f9-b596-4d4b-8755-b6dd82b3799e","block_type":"box","text":"structure","page_number":204,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"24f8aa76-f798-47ab-ae7d-d303d74f220f","block_type":"box","text":"8","page_number":204,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"b4bbc691-bc8d-4cff-b971-61ab5d3c5211","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":204,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"31c977cc-4c8e-4dbb-8d46-bacb211a32df","block_type":"box","text":"basis of its business model (","page_number":204,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"c3e1ba46-7f14-4204-84c8-3b614e42a2a4","block_type":"box","text":"e.g.","page_number":204,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"6cc1462d-454b-40e3-bd82-21201325a01a","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":204,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"d8b249df-496f-4e86-9bd5-14647ea5c554","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":204,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"a282c4a5-1930-4b20-8f49-175ecf95747b","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":204,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"22f3a52d-7cf8-4bb9-b66b-0e3f7bc69ab9","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":204,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"c829a46c-afb1-4564-bd16-49d3867e6089","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":204,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"6c9975e0-c3dc-497e-852a-d07869dac7f0","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":204,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"11b64c28-88ab-4b96-bf54-edefe058171f","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":204,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"47fe375c-89ed-48d7-8482-98074bc491eb","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":204,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"8b8229ef-a161-49b0-a578-987de4f87f25","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":204,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"217ebf35-1d1b-4eb4-a0f3-88486a902705","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":204,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"f292ec3c-a44b-43d9-8590-6a44f162517e","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":204,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"0bcdbd40-d72e-4278-b928-75f2f252c00b","block_type":"box","text":"8","page_number":204,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"fe9514dc-76b7-4d27-b299-f77422a1e9f3","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":204,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"62a01e21-74ce-4617-a4b7-c69d281892f2","block_type":"box","text":"directors stands for election in any one year.","page_number":204,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"9e4ba920-4e81-40b1-80dc-97329077c467","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"752c1078-f8a6-4a24-a3c2-1c605f48eced","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"aca97d4f-83ca-41cb-8603-7248db5127a9","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fd49638-52e3-4445-a9f8-9b89d5621d98","block_type":"box","text":"Committees","page_number":205,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"45899017-a701-496d-bacb-aabe6cc77b5c","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":205,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"8e60f875-ea63-404b-bec1-a3ebc0671fdd","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":205,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"c5ce8751-9cf4-41bb-813b-a25de137f391","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":205,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"cc373d75-efde-47cf-97ec-ebfaa2bce05d","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":205,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"f58b13b1-d5c2-46d7-8c1a-60610ca133c4","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":205,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"f37aa9e1-65cf-46aa-ab09-b85c331657fd","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":205,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"5678bbfa-75a0-4bac-b64a-c15569c8db9e","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":205,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"582c019d-cca8-4338-8462-976f4d3db4c2","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":205,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"487eaf23-7f44-46d3-8303-7592ec5df49e","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"87a09a94-7b35-4409-90f5-52dcf5f70df8","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":205,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"1f1687b7-2ead-4a12-bb01-0347091b8c5f","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":205,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"c13aae04-69cb-44b1-9bc6-8d933a46a16f","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":205,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"73256e58-dfba-4754-8d87-e798e9b41efa","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"bae18073-2e13-4e2c-86dd-b53ee43b9efb","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":205,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"8294f169-5c76-4763-8d9d-4440938c193f","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":205,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"560f6f1c-90bf-4cd0-9b06-3964f4548a08","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":205,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"0952b77c-1d5f-40c7-95eb-bfb706c91f37","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":205,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"8dbc2c2c-e374-442e-b8e4-871432dae27a","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"566eda79-5a54-41eb-9fe8-6624aa48a065","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":205,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"0283cfb7-a756-47e8-a6e6-e18cd12aa9cf","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":205,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"a851de72-57ac-486c-a312-69ba6d0be058","block_type":"box","text":"firm-wide compensation policies.","page_number":205,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"e822c21c-ff15-47a0-aef5-46eb389f48d2","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":205,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"bbf1c5b3-8f3a-4def-9f5f-80fa3f968830","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":205,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"fa9f109a-36b6-4fb0-aa35-1bbba22d2182","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":205,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"fa01acc6-6fde-4d60-9a25-deb31c0ae5c1","block_type":"box","text":"Board and director evaluation","page_number":205,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"d07cb2db-6a64-4fe1-afe7-27dbe1d91129","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":205,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"c0543fb7-b497-4c77-b551-8592eae8bbda","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":205,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"72401e58-1d9d-40f9-b19e-dd656ad6f1f6","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":205,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"6aed624b-6633-42a7-8f4d-6537ffb7b9bb","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":205,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"1b9e5339-cd86-4d7f-905c-e2f84b8d87d6","block_type":"box","text":"a result.","page_number":205,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"656b38ea-c380-4ba1-a19c-df7e3a330022","block_type":"box","text":"Access to independent advice","page_number":205,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"1922b1da-1ba7-4960-8d72-c10963231446","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":205,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"ff810cfd-ba2b-44b1-acf8-12901f5d2ed8","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":205,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"c7e5a179-5a0a-46da-9d26-760cd7ee882c","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":205,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"af9b9be2-6572-4b77-a567-7fcfdb15d634","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":205,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"a0db06c4-2e09-4cd6-b0b5-c1be5aed2872","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":205,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"b0c7d9f0-db15-4c8a-aa90-ea3dcee9a3d5","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":205,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"cdbf6644-5c8d-4dd4-8243-4a32d84ef5a7","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":205,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"e0ce30d2-8e1a-480e-af72-dded1b924acf","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":205,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"220fdbd9-dd2a-4bfa-9165-ea4fda7f799b","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":205,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"503b6173-1d32-4633-a670-cb7e6c4bb0d4","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":205,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"28b566cb-a6c3-49d6-8d3a-3fe2f353dd04","block_type":"box","text":"per formance.","page_number":205,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ef4ba136-f9d3-4562-a7f3-32714b3e2a69","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":205,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6a19c92c-6069-4f2b-84c9-0138a7b35dba","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":205,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"444deec3-2af9-456b-97de-c31124010a5c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":205,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"9c738bb1-7a99-4cea-a2d0-522f2768833c","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":205,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"a3715cc5-874d-4bc0-9bab-541b476f0396","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":205,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"fff4b583-80de-4cf6-85f6-971c493ee344","block_type":"box","text":"recruit and motivate.","page_number":205,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"f45835ae-0f55-468c-8579-5343d636b855","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":205,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"f293fc10-39a3-4be6-b248-d594797b0062","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":205,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"5804942c-97f8-42fe-99f9-6224ed266575","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":205,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"13832e02-eab8-4a33-9b52-ade5abf3a251","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":205,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"0e6c6db7-3119-47c1-b7b8-a023b976719e","block_type":"box","text":"arrangements include:","page_number":205,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"4aaf9c10-1c21-42b0-a49f-938c6bc44364","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"7a65c574-dc71-4b5c-8e9f-0c9a8972cd3c","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":205,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"396d6e19-0d76-4a5b-8978-f53b5490c530","block_type":"box","text":"the company’s size, sector and market.","page_number":205,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"3463250e-127a-47df-9d81-392da5b4bd13","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ffe03d9c-ba90-4f20-92f7-ce3562009e0a","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5c463fd7-299a-4123-90e6-73f12f5e0228","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1aeea800-5c7e-4091-bd2c-3224ffab8ae9","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"36088bd4-a18d-45a7-93cf-eee84b78dd18","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":206,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"d58b9223-15cf-4380-ba45-5b141b1e3727","block_type":"box","text":"strategic objectives.","page_number":206,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"2cbbb361-4bf1-4e54-9abc-cf9ba324902d","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"1a23546d-d850-4f04-847a-2b39ea66d228","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":206,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"49c3438c-b3cf-49b4-af5e-602f9fba9d8b","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"789c128e-be1f-48fd-b9b9-6aaebcc40b97","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":206,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"b2571998-ffa0-45ea-8d89-1707318be8bb","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":206,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"7c979424-df12-41f1-9732-e988068e883b","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"27a742c2-91cb-43b0-b232-ce839d4d6003","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":206,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"24f8a062-6be0-40b1-b03f-708c07b190b3","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"a23764b0-3565-4c98-a90e-ed8760324f65","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":206,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"9e7fa09f-ddd8-4db5-bbb9-373f7613a266","block_type":"box","text":"transparently.","page_number":206,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"efd32478-f07a-44a0-a1b3-90253c6a8392","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"b4d4821e-b267-443f-98ac-8f3c377220ef","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":206,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"d07a0634-ef22-40d6-ac2c-6aff69af8188","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":206,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"6a5a702a-218e-4002-90b3-347ac4cce927","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"4f6cb404-0908-429e-83c2-05920f5024e7","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":206,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"de2d3154-7659-42a9-bc36-156ca70adc82","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"f4eb9d2c-f48a-4bb0-b997-cc396afff9b3","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":206,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"f1014e98-36c3-40ee-879e-21b252b2f224","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":206,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"07247c25-cfd2-47f2-9893-33a80cefd0ba","block_type":"box","text":"misconduct.","page_number":206,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"f0bf2db4-27b8-4638-b7b4-31859fe441bc","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"83efe863-7aaa-4658-81d2-1a025c43f04a","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":206,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"ac523c34-6fc4-4233-bb05-5badea46d3fe","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":206,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"dbcd92fe-a7b8-4635-9da0-df6dedee2f17","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":206,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"bff1a216-d255-4bf5-81ed-387942717381","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":206,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"5b8375dd-722e-4aff-9a3c-f5bdc846072a","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":206,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"0831022c-ec76-4323-a6c7-6633c2684a91","block_type":"box","text":"committee, or the most senior independent director.","page_number":206,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"bfe4a5da-2e94-4b57-babc-1aa2cc0072c7","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":206,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"3c49e253-b63c-496e-9404-da2bf22a6f7c","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":206,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"96df3be3-d78f-4aab-95f6-9e3d71a1d343","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":206,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"710faca0-1d0a-454b-8928-12c54fa47add","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":206,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"c342c291-0430-4cf9-8eed-a31776b4b660","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":206,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"d5fb3c43-c006-4c2a-b0db-944ca539bb0f","block_type":"box","text":"CAPITAL STRUCTURE","page_number":206,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"00a97d52-f9ee-419e-9410-a614a39e2075","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":206,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"a15ee9fd-63c0-4564-ab7f-9af50a4de259","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":206,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"1ce6d718-8879-47eb-b602-ba9e8a27b36f","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":206,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"54b14954-6cb2-46ed-94e1-6e9d72d7e5fb","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":206,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"bec8dd3e-d2ea-4cf4-978b-e3e8fd695fd1","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":206,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"45a93300-962a-455f-b30e-a2b597607fb2","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":206,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"3a8b2677-1e7c-48f8-8ff8-084ba270e643","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":206,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"ed69e7bd-d234-4ca2-a5da-fcdf93eab77c","block_type":"box","text":"Share issuance","page_number":206,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"6bb57a7b-73be-444f-b973-605d7ec4e590","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":206,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"6cb8de44-2864-4016-ad3e-b705ecc9b502","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":206,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"137e8a40-a7e9-4890-9b4b-7377cf85ef61","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":206,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"e6df4366-0d21-432e-96ef-252c1149f471","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":206,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"5d430ee3-36ae-4ae7-9de5-d6e823a75f50","block_type":"box","text":"market environment.","page_number":206,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"8502e26d-552d-4b8c-b287-8db8e0a9ed1c","block_type":"box","text":"Share buybacks","page_number":206,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"2821c908-7887-41bf-8c76-2d06cbb8a9d9","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":206,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"f4b41bb3-e2ca-46c3-8e0c-8c5799e37433","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":206,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"dfc81f85-3bd8-482f-953a-2685f695b2ce","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":206,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"f37cc24e-35be-46be-a3ba-d9b9aeee401e","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":206,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"de2f7e68-925a-442c-a389-0f493a8a165d","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":206,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"b0e8d026-3ad5-4cb6-bc21-99e6594bf42f","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":206,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"fa39c850-dd46-4dae-8fc8-e4ec720982b8","block_type":"box","text":"of the company and the market environment.","page_number":206,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"4de3b4fb-b19c-4aa0-9e53-61c596adb615","block_type":"box","text":"Dividends","page_number":206,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"7e54f1cc-166a-4e80-a41f-c540c0f0a71f","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":206,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"4c472cfe-20e3-4332-b8df-bf569c52324d","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":206,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"1e6d8511-f8d1-4e17-bef1-aeb1d62b83fe","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"daff81be-5bfb-43c0-81ed-20df81f50500","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d397fcbd-7019-4b3e-b3b6-340357cc405b","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e218410-dfb9-41c2-9259-c7a832dc6747","block_type":"box","text":"Differentiated voting rights","page_number":207,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"1e9395f3-142b-4ea0-850a-10de4b43507f","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":207,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"540f68bd-2ab2-4fc9-9bda-fc1cbdd87bfa","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":207,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"dbb7fd02-13c0-4495-8dbc-77eacf606292","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":207,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"eab32b6e-8580-40f9-a4c0-a023e3d14fb2","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":207,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"1fc95689-5539-4379-b849-536f7416b8fd","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":207,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"86fa28f3-7b10-41ae-82a9-8f0267a0d4ce","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":207,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"5c868bc7-5de8-498f-b418-d873f4aacfda","block_type":"box","text":"analyses of proposals.","page_number":207,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"37516850-8c16-4192-847f-6f8a7d5fd1ec","block_type":"box","text":"Mergers and acquisitions","page_number":207,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"ae1fa9e8-9828-45d3-afc0-6860549b600b","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":207,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"2d7597d8-7037-4546-810b-f78e065adc15","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":207,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"a864d6e8-24c2-42f6-9076-9c87b1095a2e","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":207,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"cd997a05-1835-4836-85df-0c87a4e9266e","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":207,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"2e5f892b-e5e7-4b22-8b99-57e81792df58","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":207,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"071eaf46-8b75-45c6-84df-8ccc3b5add23","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":207,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"d5b76ccb-79fb-4c71-8df0-a438879a2729","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":207,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"d41b908e-4aa5-416a-8d91-f1520cbbfab6","block_type":"box","text":"Anti-takeover defenses","page_number":207,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"4385713f-373a-4b90-9e3f-cb2a51520a60","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":207,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"afe891da-8ac1-465d-b63b-50b50b2f0eba","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":207,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"7ca332c0-eac8-4d5f-9e6d-65d02481aa0b","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":207,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"fb30ddd4-51cd-4f7f-80f3-7398de9f38a5","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":207,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"6725ae4a-5eb8-40e2-bac7-b5ea7734f20a","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":207,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"db66fa57-5505-4f20-9820-ebc7119c32cb","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":207,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"695a66c0-ff8a-4f67-92f7-fd1f02a451a3","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":207,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"1d3cd3c4-9f90-459a-be18-8c99da8bf013","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":207,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"ab844d39-261e-43b3-ba42-ecab99078d9d","block_type":"box","text":"Shareholder activism","page_number":207,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"26574760-afbc-497f-babc-a089b8cd5daa","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":207,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"943b2910-df31-4369-8f25-c2f2a820fcf3","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":207,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"80f6f7cd-a99f-4f30-9a63-cf82dd4ec0ca","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":207,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"5b36619a-495d-4fa7-b003-8098f2072983","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":207,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"97ae93bb-672c-4d71-815c-039c258febee","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":207,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"286f5062-6c16-4cbd-ad25-300f38274491","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":207,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"daeea68e-4014-4442-bc54-96feb748eeb8","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":207,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"a8291b72-690f-4ba1-8564-898d5d8f8909","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":207,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"ff907705-9110-4405-85cb-a5d9c3a2a02a","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":207,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"d7fd832b-5147-48de-a4dd-056689e1d7a2","block_type":"box","text":"protecting shareholders’ interests.","page_number":207,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"bfd2e543-8090-4cab-af81-09af71aac084","block_type":"box","text":"Significant shareholders and related party transactions","page_number":207,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"c577d784-5fba-404d-8adf-9207daeda4d3","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":207,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"2577e95c-3340-4a27-b202-0370baf42351","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":207,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"7263f009-250d-43f9-bac3-e58ebd01a0a1","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":207,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"6bd84553-f118-46ae-a5b7-d2f93b34771d","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":207,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"8ef1cd0d-3a67-49e3-b014-b5b848243c75","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":207,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"e5023042-a5c7-4556-8f60-8c6c83c37124","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":207,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"41fdbf34-733d-4a8a-a07b-4896f20da489","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":207,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"38039fb0-4b77-4193-83cc-68e3b4e5d2f3","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":207,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"09cc3f48-6dac-418f-b971-e5ddf1337239","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":207,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"929255f6-6908-47b4-bd04-cadedf6a4c1f","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":207,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"5ceb546e-d10a-40d3-8b61-d0b47eac6359","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":207,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"887778dd-39dc-4797-b770-511ac4e16f9c","block_type":"box","text":"audit.","page_number":207,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"3607e70c-fb8f-4ea5-95a6-0fb12fc2248e","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":207,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"6bcc895b-3781-45fa-a3e2-a993c5b2b015","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":207,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"afde6477-60cb-430c-9816-b4eb7feb6b0d","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":207,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"3c291439-b94b-4c92-b156-deba9380ffdc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e6c37174-b158-487c-886a-714aa2a39069","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cf55f01a-d302-42c5-8812-30a9bab25237","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f50ab78e-f725-44e4-90a6-1463ad201f8d","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":208,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"b82e5cc8-1ed1-4f69-b3f3-3136e8e82e66","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":208,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"3495bff0-b211-4918-baf8-a32c873d5935","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":208,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"88781528-065e-4f56-a3fc-1f933cb0c8e2","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":208,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"561f0ce0-9dcd-46fd-9808-f4737f2372ca","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":208,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"1a25b40d-c372-44e7-9efa-263cb67d3460","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":208,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"c832cd97-023a-46dd-9fbc-ac9a9da1feae","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":208,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"5e592e27-a8da-46dd-bb8a-1ddb10b66258","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":208,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"4f944fbc-de27-4e08-813f-666efca38682","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":208,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"294c532e-cc16-4277-805a-9750604a1a0c","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":208,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"d95cb0ff-b140-4e8e-bfcd-806d0b1883f2","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":208,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"fe4dd489-300d-42e0-b5df-0d54cef94521","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":208,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"8e0d4e14-03e8-4e65-942c-e147f0224b6a","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":208,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"a86cfba8-6329-4148-8ab8-31dee564add1","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":208,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"216e5e12-2a82-4e85-98bf-86236cda5360","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":208,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"b0d724d7-b07d-42e0-91d5-4486946d44ad","block_type":"box","text":"9","page_number":208,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"0e3a4978-2585-41b6-bc0b-d62937c85b1c","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":208,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"dd7b7214-b7d7-4316-8905-89c8de72233f","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":208,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"505918c5-3cb5-44af-8ed4-6c466d75b975","block_type":"box","text":"standards specified by policy makers.","page_number":208,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"4fe4615a-b536-4c65-b1fa-7003f653362e","block_type":"box","text":"10","page_number":208,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"1bfaa19a-cd83-4e84-92b6-ea98a4ffcf7b","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":208,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"02f02b33-2f54-4262-82e0-ddb1e234b001","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":208,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"8375d5e5-98b2-4e5e-a70b-a41ed9e33eaa","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":208,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"df55ed6d-1af7-4d80-92f7-e83ab51de42d","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":208,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"16d833e3-2a52-4466-a5b9-29717f2f3a4f","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":208,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"2320f81b-7b57-43e1-826b-aacf2d425fe4","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":208,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"c17b40a2-7dd3-4806-ae6b-09558f786223","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":208,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"be786e15-a42d-4689-bd94-c60b305c4aa6","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":208,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"22e9c118-9a20-4fac-80b8-aed2e1ff5c58","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":208,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"a0f226d0-b577-4365-8256-0a63163fdec7","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":208,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"a5b20889-6249-4341-9ac3-870415cb0b26","block_type":"box","text":"remained independent.","page_number":208,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"fd927110-cfea-431f-906e-e89aecac9df1","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":208,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"359056af-fd57-4daf-9e43-2410888a262b","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":208,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"25e35f23-7c0b-4314-a42d-af63bce6f79e","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":208,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"e3e09d75-e449-43fa-ab7f-ef15e6857ddf","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":208,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"5cc6d7e1-e53f-4818-a558-a134ed0a1440","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":208,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"b08a20f9-688d-49f4-9743-693dc615e329","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":208,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"1c82bfe9-c738-4371-9fac-6ba9ab28b708","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":208,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"15c11190-f3f0-4f7a-883f-01eebdf2116d","block_type":"box","text":"General shareholder meetings","page_number":208,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"856c9dc5-4275-4e5a-8415-11968b58b834","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":208,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"ddeda007-e950-43f2-baf6-7d42c429a7d0","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":208,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"a224cdad-edc7-4171-a49f-7f3cea2c9e8d","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":208,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"5785cc23-2fcf-434c-84ac-09e6ac296a41","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":208,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"6e3ceff1-be99-40c2-849a-be5289335132","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":208,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"2dba153d-efcc-450a-9f94-58acecad71c5","block_type":"box","text":"an in-person meeting.","page_number":208,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"d747171c-b871-40f8-9f17-4f7e8f99f037","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":208,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"8da93f90-6f03-4605-afb6-729966c999e5","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":208,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"6fa74b73-950a-43f4-8ac8-8288c2f04835","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":208,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"a7fc89e8-d0c3-4cc7-80b4-08570cedcbad","block_type":"box","text":"par ticipation.","page_number":208,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"e7e4acb7-4e11-491b-a696-4a463e8d0238","block_type":"box","text":"9","page_number":208,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"887c87b9-41d1-4f33-8a4b-919cd3bae977","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":208,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"466094a7-6c4c-4b75-8828-66876a018d99","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":208,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"04001a3e-af39-4345-8b82-c3c90cc28a6e","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":208,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"1f8ca6ae-d9ba-4ab2-bc9a-dc12a8bc5d3e","block_type":"box","text":"Disclosures.”","page_number":208,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"8ea723c2-13f5-4c35-8ad9-8da13333e6df","block_type":"box","text":"10","page_number":208,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"b6a10279-f931-464e-bd49-960ed418b2f4","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":208,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"1d4c41ab-c836-49f4-ac9c-e905c03ecca3","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":208,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"0d9b41d4-6728-4cb5-a65a-a5bc37b4b113","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":208,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"90ed09fe-4066-4083-91d8-d077febcfef5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"58089601-b7e3-4acf-b74e-e18993962900","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8e7e5519-dfd2-4373-8870-49ee9c607c1f","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e9f4ab9-bd31-4046-ab36-5557c8896bcf","block_type":"box","text":"Bylaw amendments","page_number":209,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"8c96ba1d-1bae-4adb-95bf-32796c47311b","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":209,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"398e481e-d352-4528-97f1-a5f8040f7458","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":209,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"8bdc3116-762b-4675-b622-52e58b52bb22","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":209,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"428fd2ba-873d-457e-b937-cb6fb3de073f","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":209,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"0559ea9f-69cc-4e08-88d7-6da665fb2b60","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":209,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"73c9bfbd-7f8e-4d03-ad99-ff494bf62aa2","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"f3927a6e-bb87-4021-8c29-4a4437b078cf","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":209,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"56f6313d-faeb-4e1f-a2a2-477dccdfa78a","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":209,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"45b3e4d6-e2ec-47a8-9623-5665a87591e7","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"3b32b66f-3802-42f4-8c23-f371fc46ef9f","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":209,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"599b6ac4-8194-44b3-8835-8f9093146d27","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":209,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"ebf4fbd3-29b2-4f4e-9b40-7f912f0fb646","block_type":"box","text":"nomination process.","page_number":209,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"a772e778-db91-4ba4-a306-ebed8e261530","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":209,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"58d29e1d-4095-48b3-944f-50fa5edfb1a8","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":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"ac54f9ad-578c-4568-b2f2-f7cddc17d7f4","block_type":"box","text":"Change of domicile","page_number":209,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"f5e9f4a1-b896-4599-a292-3e2e0b8e3278","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":209,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"52122d68-8128-47f5-9ebd-78f3500acd35","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":209,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"b4012693-7334-4ff3-81a0-375935c4e111","block_type":"box","text":"immaterial.","page_number":209,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"0ab98c5a-7a01-49cb-9ddc-2eca34ebe40e","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":209,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"625d0488-1884-4084-a663-b0cbdfca6fe9","block_type":"box","text":"with our clients’ financial interests.","page_number":209,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"abb6a8ee-b723-4bb4-840a-a44226b8e84d","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":209,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"11116c9c-45f9-4227-a41b-b17646504781","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":209,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"0cb323f2-22c0-4a2b-bbab-811b26002900","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":209,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"52f8af38-7ecc-4efa-a360-3390e4f4a322","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":209,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"e3b2b5d8-f89f-4165-9272-3f17211f9388","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":209,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"566d5fd0-6945-4e11-9c30-1e1c1966ed90","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":209,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"4966bca0-55c6-43de-8c45-88a84d7a5b7a","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":209,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"6d8cadc6-486a-46c5-899c-be1b1ceb89e5","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":209,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"3a2d989a-d8e7-4a23-b4bb-07cdd1499903","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":209,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"f150a158-f158-4f6d-a765-13a9887d8c63","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":209,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"374e3991-a8c8-4eca-af0a-4439b4359d7f","block_type":"box","text":"relevant to a company’s business.","page_number":209,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"f583f358-5309-4128-be7c-0528db3d5da4","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":209,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"a6044c2d-f74f-4da3-bd14-da9fe20552ba","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":209,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"fa2dff35-74c9-4295-864d-69b6b8f997e0","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":209,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"f984a1f5-9b00-4e1a-8623-e513ff0820be","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":209,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"fd1abe54-9cf9-454f-a6f4-285a5863a8e8","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":209,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"a8dc9642-a2b7-4014-b5ed-1cd1aeddd251","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":209,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"ed1bd579-5088-484f-bba3-c3b829861566","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":209,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"ef950201-6feb-4549-8430-3a65ebda36c4","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":209,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"290aed41-2293-4885-8459-69c8519107a7","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":209,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"d7f74b68-8010-4424-a4c5-d5ac8df7d16b","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":209,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"3bfe40f8-0594-4be1-aa56-1ef635902f99","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":209,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"20bacc38-9af5-4300-b60f-783c76031733","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":209,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"5bae6036-200c-4895-950a-e244ca1f8ca0","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":209,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"4738288a-5cbc-41fc-a2df-d522c63ae38a","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":209,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"84b7455b-d119-43ff-8fca-b52595b01e04","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":209,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"925d4608-a4c5-4ad1-bcca-d68e588f567e","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":209,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"83dc946f-f399-4095-be03-9f2f8e87f5bd","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":209,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"feac102c-9b4c-455b-abd5-a38074bcf766","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":209,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"5b3c6298-c726-44ab-951c-8f523d4c8a63","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":209,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"bfd74976-63b6-4e98-809a-d941c90f7d92","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":209,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"389dc543-7ef1-42ff-8216-225c9af28ac2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"65852b92-cdd7-44aa-9fb8-b38b992335d7","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"00a5f22b-6731-46e9-b4fe-f77e7da98ba2","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b70fa32-560b-417d-9474-1d940757b488","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":210,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"76c5076d-f6b2-4314-9aba-066fd510321c","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":210,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"e7a14059-6609-44b3-8c5a-46493187a49b","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":210,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"10ea2855-c2a7-46ed-908d-2bf239497aa2","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":210,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"132b7035-dc4d-4df6-a2a9-ebaddecfc807","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":210,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"7be65dcd-5e4d-4d9d-87a0-e906c8dd29fb","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":210,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"22d2e032-6aec-4eb5-a8f7-8b5c77161158","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":210,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"db4c5784-a63c-4593-ae74-dffc806e3659","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":210,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"365e7c30-81e2-47f2-9d86-c675ee373ce3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"83ad8118-5cee-4547-8b64-74aa6449fb04","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"09e2d0ad-04ca-407c-a729-890196194ba3","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf7ea62a-6b3d-4f14-89ec-7b31ff06b5ae","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":211,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"137b830d-25e3-469f-bd24-dc15c02a8b6d","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":211,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"db38d96c-42a9-4590-aae7-1d35c4ffe33e","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":211,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"686a304f-93e1-419f-854f-c24d31bcdbec","block_type":"box","text":"11","page_number":211,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"0cafab75-ef92-462d-93fc-db53f5072efd","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":211,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"9b81b9a7-0f8d-4023-9476-0c6f5e8629f8","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":211,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"4922c9e3-7996-4efb-9590-607032a059f9","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":211,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"fe31d3f8-eb03-4ea2-9877-b59f17660c1c","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":211,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"f04ec4fe-a373-4ee4-a1ee-e7a9266c77ac","block_type":"box","text":"regulatory requirements.","page_number":211,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"b5ee17cc-d67c-4813-bc3d-922f72bffe80","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":211,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"eb98263c-4328-450b-a5eb-7dbd58990532","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":211,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"c525f168-e17a-4853-9b42-6777b71f6cbf","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":211,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"7f28b050-175d-4798-bb81-ad755293ae53","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":211,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"de6fcc93-8501-428f-9b9d-9b4d597fcf7d","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":211,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"17741805-c494-499d-a883-f3c082798a33","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":211,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"006d228a-284e-4379-85d8-83c4975dd78b","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":211,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"7643cce3-af0a-45a4-92e9-df6a95021267","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":211,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"5b0b3701-0970-4d46-9e6f-6006e00b8d48","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"6524478c-e86c-4a9a-adb2-7b4ef5c9e724","block_type":"box","text":"KEY STAKEHOLDERS","page_number":211,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"bd558560-f8ce-4573-8f70-1e60eeb8b178","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":211,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"76f935a2-ddbe-435c-b4a3-462e15571b30","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":211,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"1a0e86a3-3943-47ad-a63d-292a7f168027","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":211,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"ea27193a-522f-48af-bd74-c8bf6c233504","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":211,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"1e0517fb-8d4a-4fd1-8b77-aae10c1eb9af","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":211,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"c96b9079-b251-4d31-9eac-7f33b1d491e6","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":211,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"69969100-7d0a-4fc6-b99d-c2c904557bef","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":211,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"3b28134a-c2c7-46dc-87b9-ce2462fe38c0","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":211,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"c7246817-6b83-48c7-bfc3-454b74c4a788","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":211,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"8122ecd4-31be-42d9-983c-e23102fbea7e","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":211,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"68bd18e4-565f-4cb6-aeb6-c10196ee65af","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":211,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"136efdaa-8b38-42dc-8163-c8eaf3c6a02d","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":211,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"f511391a-dfd0-49c8-9c99-972aa6870451","block_type":"box","text":"i.e.","page_number":211,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"e07f354e-02b5-4af2-b26c-04ce1c676151","block_type":"box","text":", one in which global","page_number":211,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"c8540117-5832-4f43-8f7e-b3a03a92f89c","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":211,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"106ddcbb-bf02-4fb5-a204-6f85640279ad","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":211,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"db030f38-a3f1-4b1c-91e0-0965336a1948","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":211,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"33e07e90-3280-4ab5-9e43-607e16f5ed8c","block_type":"box","text":"client.","page_number":211,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"419442d7-e123-43d2-a1e6-cf4c5ad2af8b","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":211,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"598d5c57-f41a-4db7-80b5-2918b779090a","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":211,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"15d1a5ea-74e5-41ba-8032-d6d2ae601948","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":211,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"92009cb3-b667-47cf-8e75-db7f303170be","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":211,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"77b760cb-7290-4f92-9494-f403a829beb7","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":211,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"a9521f98-0e19-49b9-b22c-0c2cfda21cb4","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":211,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"6a785539-57ce-4150-bd61-ea9c3b0fbb54","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":211,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"69c89c26-ad82-45fd-9c7b-752ca8effe0c","block_type":"box","text":"1 and 2 emissions.","page_number":211,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"0fd3e04b-bd8e-4061-b796-d04e28f8f30a","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":211,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"cf6379db-71cd-464e-a3e3-8e692296470a","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":211,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"b2d4ed6b-b0c0-46d1-b8aa-035f9a9de09b","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":211,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"589843ff-b81a-4a42-806c-afeed72bab2f","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":211,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"1c9d1e59-d917-4fa8-a388-cefd9ae1acca","block_type":"box","text":"11","page_number":211,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"e43e221b-7ac1-4e94-b635-813aeb56d025","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":211,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"57845364-1bcb-47d1-a38f-e76526044984","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":211,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"6330c1fe-4d49-4523-9029-17dcbda2bf16","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":211,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"a710d500-d133-4b67-9b64-8c9ec39b9e36","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":211,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"55e14e68-46c6-4c81-94b5-4dcdec2aeaaf","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":211,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"94c5f507-4a68-4b05-8bb1-6f939c900029","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":211,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"ca24a8cb-44a1-4251-ab57-d8ebe487194a","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":211,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"693d60f5-0b52-4a6d-9c1d-3f92bcfa5a8b","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":211,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"dff8ebeb-6670-4ed2-aa12-40a7dcbbe95f","block_type":"box","text":"sound governance framework.","page_number":211,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"a36de561-38a0-443c-a0d7-470cef0644eb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"18b9d323-4e73-4a9e-aeff-9c52c3f50c0c","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2e5a6114-e8a5-4bde-9ae7-97a60b7649ae","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75fbabe4-4cfe-4b65-b72c-099828bee912","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":212,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"371feb74-c0fb-4929-8be6-ba3216e939c6","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":212,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"65a6f0e8-0d9c-4dd0-8c52-d6a6b0c2574b","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":212,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"35278a17-fc74-4c58-8906-1975d3a6de4c","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":212,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"66880999-e5d7-4856-bade-f25e30aeeb34","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":212,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"c0f7317a-0b48-4d95-99c5-14e55622f9a9","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":212,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"b0d73cf4-bd9c-46b2-8ded-24f8595111f3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4de23f85-84c6-4836-89a3-f6a5145dfba4","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0bc2906b-cefa-42d7-86bc-6c9cd7d4ea23","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b135a72-aa1a-42c8-981c-6db9e6f01dfd","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":213,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"2f14eb93-2129-4b06-a911-ebd445593a48","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":213,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"531c873a-c052-4070-9ff3-f948502c9e24","block_type":"box","text":"Oversight","page_number":213,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"898c4a09-399a-4108-8f81-300ab307d2d2","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":213,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"1f73a4fc-0262-40f7-ab9a-a31e6064421a","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":213,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"dad3b371-3f50-4de4-9366-e39bdfdc786f","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":213,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"60bf7a78-719b-4167-8f15-7d2960de0233","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":213,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"9b66c4be-df0f-457b-b4f6-adfc9164b94d","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":213,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"6478d38b-4c95-47f9-b673-d4ff3ad5ce0e","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":213,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"09e02c4a-7d1e-4a3e-91de-772f52797bee","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":213,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"8bff76e9-6b4f-407d-bdb7-a4492ada424b","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":213,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"a827fd4b-7b3b-43ba-b1a9-028803c72850","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":213,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"6ecdfaf1-013c-46d1-88d3-3cb7644cb8a4","block_type":"box","text":"relevant active equity investors.","page_number":213,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"8d22cda0-f927-47de-8710-0cfd10e6ec73","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":213,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"ee667016-03a4-430b-8a1f-42caa88dc408","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":213,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"f0b3db95-169b-4fb4-91e4-b29ed9aa0d18","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":213,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"4dde36dd-40a1-4ead-857b-6e94d50c1036","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":213,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"2263b201-9c47-4944-a739-8c1e6c9ae306","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":213,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"f3074240-e418-4e68-9488-77b9d4df57b5","block_type":"box","text":"third-par ty vote services providers” below).","page_number":213,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"a6265b10-077e-46f7-80a7-611a5e3aed64","block_type":"box","text":"Voting guidelines and vote execution","page_number":213,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"1997048c-29ea-46f2-a0ec-5a828743c5ae","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":213,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"854c6d52-233e-4848-857e-10e28b0b218b","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":213,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"4d1b7d4f-30bf-4f5f-a351-e1b5186ee462","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":213,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"5f685618-8f8a-4abc-bd4f-a3e9ea49c56c","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":213,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"0fb6aebf-542d-48fd-8395-e7d4b9cc7171","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":213,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"71c9ef68-5d0d-413c-90b3-81159c33b55e","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":213,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"19c7c8c0-e3f3-4763-8465-c3392678cf26","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":213,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"5a981128-5343-4922-8691-26738fa4f9ae","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":213,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"247f0f95-0510-40cb-9be2-0883fa75e8a5","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":213,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"b2f8f32f-2b72-40b3-851c-41493408a0a9","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":213,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"a86fbd59-d183-4142-a37b-59b5ed2743b1","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":213,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"50dcea87-f5f0-42ce-be45-91832e3642b1","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":213,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"6fcabf37-beec-49fa-80a9-ea77adeac15f","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":213,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"4c9463ca-2f3f-4dc3-b07c-e2ded9eab3ed","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":213,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"7cdfc36e-a4a8-4fbd-b7ec-fd75ef2aa9fa","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":213,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"2b27daa0-21f7-437c-a31e-4bfd7315fd4d","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":213,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"d9174808-fa9d-4d73-88f8-6547deb455b0","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":213,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"45648d04-9df6-49e1-8b47-eebff3a58cad","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":213,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"09fb707c-7857-4733-b4b6-0877a010bcbe","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":213,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"25379aa9-19ac-4765-8471-9783ac7a83c6","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":213,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"1edf3bb6-c311-48b2-833f-6b6394144214","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":213,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"0e0f9889-5ac6-46d2-a88a-2313ff43287c","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":213,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"58307f82-e8dd-445b-9998-88b8d5626cdf","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":213,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"3e3478b6-040e-47e4-9dcd-337d09b17c27","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":213,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"40ae8e6e-5ad8-4f0a-986c-6ffe67975f66","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":213,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"35c0bbd3-4b74-46a2-bbb5-ab9b5403922c","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":213,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"e9345d1c-5d04-4fba-acec-7d428eab5620","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":213,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"159a0cb2-2523-4011-8a0e-681faf0dc5c6","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":213,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"6be98ce0-2674-4d2b-be9a-26afd8da58b6","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":213,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"8155ccbe-61a8-41a4-87ea-92d6129c580f","block_type":"box","text":"Voting Choice","page_number":213,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"5dc3d435-e204-4b92-a3f5-1a79dfdd6184","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":213,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"6bb91772-6233-44ad-ace9-22c7c07e645b","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":213,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"d4314673-59be-4016-864d-82b6cd66d70a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c585f2db-8e47-40e1-ba27-d7946d16d20e","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"87b25cad-b934-4881-919b-2cb01a7e08c1","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20b8bc47-4ffb-45ab-8df0-4eb861fecac2","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":214,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"af27d367-606b-4de2-975a-894ec006a1bc","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":214,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"e3dc1da6-02a7-4fd2-a8da-b69558f956b6","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":214,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"271be8b7-3c6b-43fb-8a07-2c2a6cd4ad2d","block_type":"box","text":"strategies.","page_number":214,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"426cce3d-5a4c-4ad5-847d-b736d81daf64","block_type":"box","text":"12","page_number":214,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"4ba076c1-f229-42e1-a994-e8afbdb92f27","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":214,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"1b75e543-22eb-419f-9382-5d23d00af239","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":214,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"04359bde-fbd5-4246-b61f-fd73fda730fd","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. 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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":217,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"b7ce0cca-c9f0-4776-b8ff-439c3225603d","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":217,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"dbbb7d40-7430-4337-83d7-fe47d0cbd6ed","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":217,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"a755315a-9f75-4e76-9683-90b9b8b3dc74","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":217,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"9663dfea-1749-4bea-8914-7a5861dca369","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":217,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"b3244da5-e22e-4684-b044-8ee7a18d2851","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":217,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"1aea263e-ed85-402d-9de2-46f724967799","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":217,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"c51e6bbf-19f2-469d-b0a2-b3fbcf5922ed","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":217,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"746ebc30-5990-4140-8ee1-c5044dab1583","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":217,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"352abaca-0518-45be-9ab0-6ade55034e31","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":217,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"54be3df0-7fed-4e3a-b839-3ba855f1d41f","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":217,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"f58075b7-7983-4027-aaab-1b930f2d727f","block_type":"box","text":"Appendix A.","page_number":217,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"9b7c7949-a4f4-4248-acd9-43c792c3a873","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":217,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"4f236769-bcb2-4cbf-be3c-d08e44d4ef5e","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":217,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"39c2509d-08ba-4661-b09a-c1302fd3161f","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":217,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"88106536-89d1-4486-a9dc-fec2c8b1088a","block_type":"box","text":"Conflicts Management","page_number":217,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"ad3243ab-875b-40cb-86fd-9fb923223c92","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":217,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"9fe12437-0776-4e54-bafe-f98aac18ce4d","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":217,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"e74b716b-49a4-4451-a264-12d490f525b6","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":217,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"a35bf16f-89e2-4727-9966-cce356cc5f43","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":217,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"4a1f62d6-51b0-4809-ae03-fe5426da8fac","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":217,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"4967608a-6d84-4d0a-a20b-c7e9836637c6","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":217,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"92d9bdb2-02d5-4ba8-984b-030ec94dc6f1","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":217,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"f2bf3df6-e762-415a-92f7-1d72de8b28eb","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":217,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"9841f483-10c4-4ee5-8145-894794e56209","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":217,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"ed2e5aa4-c452-41da-9632-f35193866577","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":217,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"cd6aa64a-5705-4a06-9f1f-0fda7766958d","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":217,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"74bdcd7e-8411-4ed3-84aa-c66647726d78","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":217,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"d16ce4ae-cc61-4a84-928a-af83fc0c4676","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":217,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"04547cd7-49d5-4391-a6fe-8755e69cbb01","block_type":"box","text":"connection with proxy voting.","page_number":217,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"0fa296ef-2441-4697-a38a-dc7170fd5f39","block_type":"box","text":"Reports to the Board","page_number":217,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"ccb3f676-18e4-4f74-988a-28df85f6d8e2","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":217,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"37b83b9b-c21a-4615-965e-8d2e45728935","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Engagements provide companies with the","page_number":221,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"55dd3814-f1a1-45bb-95cd-81eb9ea5d1b1","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":221,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"79ae8bce-d704-4f85-87e9-f23310ba21cd","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":221,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"62d185c8-d353-4fda-878d-2ab1f14ebe19","block_type":"box","text":"1","page_number":221,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"8c7d5f5f-e61b-4116-be69-be41e4510b12","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":221,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"45591505-e1db-4385-896b-03fb5de9e71b","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":221,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"f810775f-8cfc-48a3-953b-28df96ed7cce","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":221,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"696f5672-3657-4321-8f21-ddfe1f8d77c6","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":221,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"2f2f87fe-b95e-4e43-95a7-71ea711c55d5","block_type":"box","text":"2","page_number":221,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"7ad66b54-518c-429c-98b6-4cd201754738","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":221,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"19a8fba0-83da-4296-bc82-999f9164fbaf","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":221,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"0b3e3f95-6842-4c67-9765-9459b6013474","block_type":"box","text":"material business risk or oppor tunity.","page_number":221,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"a8ef4af6-68da-4bb8-b8da-da73ce857089","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"61de3743-4ee4-41e0-890a-3fb1123928cd","block_type":"box","text":"Global Principles | 3","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"2540f287-0b63-4fb3-a211-6599468d4580","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ffec9d6-7393-45d8-8482-04a7a7a8bc0e","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":222,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"b179c8d6-d4de-4edb-87d3-4ab8351a93ed","block_type":"box","text":"governance. 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These are topics that shareholders may have","page_number":222,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"41407f54-0dff-448e-920b-0cd5eabec890","block_type":"box","text":"the ability to vote on at shareholder meetings. 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Our regional voting guidelines explain how the BIS Global","page_number":222,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"de629651-7530-43a7-98d6-715414199e0c","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":222,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"ca55a472-3f39-4207-a0fa-7a8db55ec187","block_type":"box","text":"4","page_number":222,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"ec1394f0-cd4d-42fa-9939-315092cc55c8","block_type":"box","text":"3","page_number":222,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"b75d48ac-307d-42f8-a6e2-6424d768a785","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":222,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"cceebb1e-c077-4804-8cde-2b9d91e07782","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":222,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"c447def4-315e-435c-b01d-fbf7832a6d20","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":222,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"6c1d3c8f-997f-4fe9-99b2-91e3b94dbc73","block_type":"box","text":"4","page_number":222,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"e90d5012-afc5-40c0-b0c2-92d361378f17","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":222,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"ebc2e760-1353-4f79-b78b-5c1dfa724b0b","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":222,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"96c4cc17-e844-4c04-8bdd-508dbace5af4","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":222,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"d697fcb3-7a67-423b-a935-b4d72dda397a","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":222,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"5a2b2e2f-f6bc-4e83-8f85-574807bd3284","block_type":"box","text":"guidelines.","page_number":222,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"e694db69-b149-4e89-93cb-b56accecd57f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"788afd21-21be-4399-955d-845be7ae7429","block_type":"box","text":"Global Principles | 4","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ab3d63a8-1d40-4deb-92e0-ba0a0dd343a6","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfbdd0e7-17a5-465b-bc5c-d24be58f5270","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":223,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"46a1cb4a-cccb-4df7-8acd-840e79ea7119","block_type":"box","text":"Oversight role of the board","page_number":223,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"5d61f507-b060-460c-8e58-e91064467e9b","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":223,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"3dcdeb46-ba26-4811-ae84-fd050c474204","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":223,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b34448da-97b8-4bcc-b106-007833ef935c","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":223,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"ba67f019-e124-45b3-bfcd-99647025264c","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"b2564d8d-b387-4f95-ae89-24271c38100c","block_type":"box","text":"long-term financial per formance.","page_number":223,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"71cf4d8c-a34c-4f34-8c4f-849c2b55c6f5","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":223,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"22f50710-6d2d-4d9d-b18b-162ec0cfb3e2","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":223,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"8b7cbb74-1051-45b8-ab48-f65f02a3a787","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":223,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"40458b25-f665-4698-b329-cfd72bfcf2dd","block_type":"box","text":"the business environment in which a company is operating.","page_number":223,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"8d457a5b-ccc7-4001-8486-e49cfa635fb4","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":223,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"c5ce0143-4a0a-48bc-8cb0-a734dd6fa80f","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":223,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"21421d91-594a-4069-84bc-1598027846e4","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":223,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"76de1b5f-f919-4ebd-8c08-a6c070ba6eee","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":223,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"acd9a677-5129-4eab-864f-1abd88b8476a","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":223,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"7c15ac78-30d4-44a2-882a-bf2116d2eba5","block_type":"box","text":"mitigating such risks.","page_number":223,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"d51f93b0-1d47-4790-bbe2-658882e7ab37","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":223,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"be76136d-5c00-4bab-8282-f5fe091b23d9","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"7ab4bd54-150d-4523-b013-86b79a19fb17","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":223,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"82a9dadf-fd90-4580-b753-7513a53f98fc","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":223,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"868a1245-aea0-4aa5-ab40-76bfc6d0e390","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":223,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"02cfe60a-ea4d-4fe0-ab94-ca6eb6e518d7","block_type":"box","text":"strategy.","page_number":223,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"c60a61ea-2daa-42bb-b23c-d2b68075ac71","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":223,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"94c712ea-afe4-44aa-be9c-5de3ad2e6e3c","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":223,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"f328b71d-abed-48cc-af22-de96d3adb355","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":223,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"48b6a514-00bb-4c8e-a98e-8f29e618e349","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":223,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"54a5edc7-f4f3-4775-8db4-51a9e06c6b87","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":223,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"f1e1e4c2-0d75-450e-926f-df466aa59406","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":223,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"c76ea412-34bf-4749-934f-57ecf01117f1","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":223,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"0fc9f91c-d8ce-49ee-a46f-65cc5a53e2f0","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":223,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"066b8d4b-5c4a-4dec-a173-e3596488e050","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":223,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"a8fe2baa-0e4f-42cc-a5fa-5be66f9fc971","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":223,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"d7888a45-7c2d-434c-82f7-15ea480fb000","block_type":"box","text":"Regular accountability through director elections","page_number":223,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"4f23cd8e-37a0-4790-9661-28c39c731fc6","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":223,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"bd4ed7b9-0215-4a0d-b4ae-1df83e0450e9","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":223,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"99a7c9a4-e3c8-41b8-8863-410a09bb931a","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":223,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"4f0b0ee8-ae1c-4332-9362-1bbad16baee0","block_type":"box","text":"5","page_number":223,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"d790517b-18a5-4c5b-b39c-4ceaa8200b8d","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":223,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"ab09e44b-b44f-4d14-9f2e-adf2eb3fe334","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":223,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"f0b86d4d-37ca-4643-8fa8-3d9c0609589c","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":223,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"bca0c5f2-7198-4566-a21c-5f427c2aa4f9","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":223,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"3e158c62-4044-4888-bf75-470a6935e5ae","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":223,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"5ba6fbc1-acc5-4082-af34-48209852c0d1","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":223,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"fd0b61f4-d37b-4da3-9402-242c27111763","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":223,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"a1d0aadc-ebdc-44bb-9f7f-db03d4958b34","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":223,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"66f94abf-cd51-4d0f-ab2f-63ec3223bd05","block_type":"box","text":"5","page_number":223,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"6f381fd7-eb29-4cc8-af5f-ed4ae31545ae","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":223,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"80ddae6e-6879-48f2-9f01-3f7bb62af385","block_type":"box","text":"market regulation or voluntary best practice.","page_number":223,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"3917945d-efba-4cbe-9049-5065641b27a9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e166b010-cd26-4d18-bc07-89ce1d5bde14","block_type":"box","text":"Global Principles | 5","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5f075d5a-cfc0-4c44-850c-f9ddd5f10145","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62c77319-b633-402f-9d62-6c99c5af00d9","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":224,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"42a5daff-1b46-45e2-b330-ed8376fc5c95","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":224,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"ebf0dcbe-807b-4158-bbc4-820439511b06","block_type":"box","text":"recently.","page_number":224,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"c016463e-8538-47ce-b8e3-57fec756985c","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":224,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"a6caab5e-6cb1-46ba-8f02-0d9077472576","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":224,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"929f7f3e-0d38-44ea-8a36-dd696c42166f","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":224,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"f586de6e-6081-4015-b5bc-924e877fc951","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":224,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"b29e7a38-854c-474d-8c01-df29cb5bb44e","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":224,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"54a34e54-5d4c-450e-9152-213fcc3e7008","block_type":"box","text":"Director independence","page_number":224,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"e034a323-2838-433e-874c-7ce74f9986b8","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":224,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"f9c7012b-72f6-4e3f-a317-f7884bd72050","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":224,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"ff9aab7e-1d15-42bd-9fb4-786aa09af279","block_type":"box","text":"6","page_number":224,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"9af0a420-de0a-44f4-9071-3257ad3e4631","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":224,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"57cedeef-9ef7-4851-9fb1-06015ed6a620","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":224,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"3c5d5faf-7e5c-4312-b170-663ebdd3240e","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":224,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"681f9a76-8f04-4f06-b132-8efe45782be2","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":224,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"6080ac02-1b58-462a-af9d-bb968192fb6c","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":224,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"ca424ec5-4ca0-436c-81fe-2a9e8e935633","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"1b4e7b18-f3cf-4815-b3fe-82d1ee691b7f","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":224,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"27ebf9d1-a2e0-4012-9325-1f4067bde3fc","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"8349a27c-fc56-4c21-afb2-9ef7ce00cdce","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":224,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"479bee3b-2243-4191-8b98-c234eca8f2de","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"faa7977a-d43f-452f-96c7-38327f618024","block_type":"box","text":"Interlocking directorates","page_number":224,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"fb14849e-d664-4a74-adef-202bbe3272bb","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"039d0286-98f5-4daf-ba9b-de908cfe7455","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":224,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"f7468104-d759-431c-8533-992568a305fa","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":224,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"570443ee-f6b7-4ef2-9529-8f313a97ba06","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":224,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"b76b5517-4595-4092-93e9-9ad439653929","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":224,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"d88e050c-caed-49ae-9612-09adf2be306a","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":224,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"870a3166-88c4-4f7c-9e5b-a257acd50ff9","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":224,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"1a2a630e-4be0-4d60-95c9-3301d5353074","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":224,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"913d91a7-0cb4-47f7-b498-ea2c5f683e44","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":224,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"8da16478-9a99-4c47-a3cf-51f950db4f07","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":224,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"24cab0da-5776-40ec-9baf-4cfaf4fef839","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":224,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"157ef47e-6394-440d-998e-c685f37687a4","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":224,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"25d8b47f-63bb-47da-b045-280b08f33bd7","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":224,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"df64ba7c-fb8b-4391-a8d3-05ccc4b95003","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":224,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"fffa1397-bfc0-4705-81f2-18e524e2250b","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":224,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"7481adfc-f650-42ce-a38a-86b35bb17d5e","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":224,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"aaf60c11-9573-4901-be17-46b69b24c032","block_type":"box","text":"Sufficient capacity","page_number":224,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"acc6cb1d-94b9-410d-bd6a-f27345a8a2a1","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":224,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"2f02732c-3f31-428f-8e3b-b6c4863766c1","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":224,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"36b11728-809c-4401-80f9-524cffe394e2","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":224,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"52c6eaaf-c7ce-4b3a-bf87-cf05fec123b8","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":224,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"42fb4a4c-fe2f-4cf6-880e-a4ca2dee665d","block_type":"box","text":"Board composition","page_number":224,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"ad4908cd-4462-4438-abd9-90367165dc81","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":224,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"3233a557-b842-4133-b555-70fe31bbb859","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":224,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"6d7832ac-984c-4c9d-a579-383acf033fa9","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":224,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"b467eaa2-af67-437b-a5e9-c76c0da69604","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":224,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"7b7dbf22-b6a8-4412-a472-fdc370ed4feb","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":224,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"0257a84b-1f9b-474f-b6bb-e5de6d3b6fc8","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":224,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"99f54f2f-8ff0-4601-8474-fe4ba957b34c","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":224,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"e5b69b33-5c57-45e3-bc37-79f65a1c1569","block_type":"box","text":"6","page_number":224,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"c4ead168-ced9-469a-9581-bff17cba232e","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":224,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"ca9812a0-a04f-4b9c-bee9-296a81941fa4","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":224,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"a14f838c-3a09-494d-b318-598b9ed51185","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a2d17939-d772-451a-841c-be9e71f56160","block_type":"box","text":"Global Principles | 6","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5a20857e-469f-4f31-9c06-7cc140dfe371","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cb61d55-04bc-4c35-85e0-dffe38ea653e","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":225,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"8f5fe020-e1b0-4e2c-8d0a-a7c54601362e","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":225,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"b0fddd34-0c63-4e92-8977-43d51a0ad4cd","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":225,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"7118daf5-5bd0-4ca8-b8a7-e3c738aa61de","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":225,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"55069991-11d2-402c-810a-e0ce0c4d1a68","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":225,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"41767a96-67bd-47f5-bc8c-ba7b14c2c78f","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":225,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"f734c6f6-3332-4ca1-b315-924697e8711e","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":225,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"5a8cd5f6-2bad-4cb9-874b-9844b91929cd","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":225,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"175f8a38-0cca-4d5b-a487-1ad4e71f6236","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":225,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"6e7284ef-ec6b-495c-951f-1e7b49dd6b16","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":225,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"a3c7ad94-4efe-42e7-bf90-c4ecc5689d27","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":225,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"8de57ae4-1201-46cf-9790-3044c1ec74a0","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":225,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"d72b4c1e-787e-41ee-a184-44204021d228","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":225,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"9ef6d50a-8e5d-4b3c-98ba-48064288be76","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":225,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"e8421a18-e6d5-4c0f-bd34-8a734ed894ea","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":225,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"f49405a7-6040-48db-8576-75f5cab5a87a","block_type":"box","text":"systems.","page_number":225,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"18e566ca-1d6c-49ac-bf5b-5d3dfc8c61a4","block_type":"box","text":"7","page_number":225,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"f2912ffc-42b5-41fa-ad7b-756ff8ffd486","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":225,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"a2e83676-2489-4af3-8726-5d31ca4fa955","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":225,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"a0cb87d2-e897-4381-b0d1-25320e332b24","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":225,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"86fc9817-bed7-4956-bc78-cfce1ec0a4b6","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":225,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"161a9dbe-99cf-4264-995b-3c09edb6a413","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":225,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"2e496c61-3bd6-4ee3-8438-7ebe1dbed013","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":225,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"1ee62976-1954-4217-837b-7d95a34a92ab","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":225,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"cc286b8a-84d8-46e6-9ccd-be8fe3aa9884","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":225,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"abc8e8f0-9c2f-43d3-907f-6a57c0132efb","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":225,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"8a6ab8e4-3f93-4cd2-aaec-d7ec6f4ba8e9","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":225,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"984c7710-6d89-414a-986b-7299536ffeaf","block_type":"box","text":"or internal audit function.","page_number":225,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"002bbd4a-7036-4003-855a-6e58d7fb2719","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":225,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"37a0edb0-1f97-4338-8014-06a3438f630f","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":225,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"66f74b0f-fdeb-4022-a6ca-81970fefa6d9","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":225,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"2b4a30d5-ccef-43d3-83c0-0fb6031ab098","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":225,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"a4842558-ec9c-4d13-adea-7c2ea75db44d","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":225,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"7cbf54f9-00b3-4d12-b402-2595ba5ad7be","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":225,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"063d9d59-560b-40ef-be0d-1db653edd332","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":225,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"df63e84a-8a1a-4545-837b-d870c3d224c4","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":225,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"578b7526-368d-4815-9ec8-1cb588064c20","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":225,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"5a328b4e-5268-4c37-a948-9f84b0ccb428","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":225,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"a2ed4fe5-4239-49b7-a3a9-690449e0ce8d","block_type":"box","text":"risk.","page_number":225,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"8ee7ea71-8574-4ec5-9377-9a16db84fe90","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":225,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"88a0f977-0007-4726-81f8-71f150a6f4eb","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":225,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"cd267264-b1fd-4e0c-a203-285e1d70609a","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":225,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"e190397a-75bd-4ec3-89ec-1d6a64bcd8a7","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":225,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"b506af9d-74f1-4c06-af7c-4430fd9b1281","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":225,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"15b974c5-1ce8-47e0-91e5-b692253a88c7","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":225,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"74057090-bc02-4fcf-ad78-cfb740e625f7","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":225,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"d11db0fb-7223-42b6-9709-d1d6b48ae83b","block_type":"box","text":"7","page_number":225,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"890610a5-bb18-4ff0-8a29-05ee95c0f16b","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":225,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"7fd0c76b-7db6-452b-8372-416c795b3e83","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":225,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"1f800ddc-27ee-4e27-bc6b-24af3408103f","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":225,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"98a7dbc7-b3e2-425b-8368-1b2cd286a088","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":225,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"0ea62e7f-46a6-4f27-a926-501aedacde66","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":225,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"bcb331bf-4aca-4144-83e6-611e88dae208","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"223ec349-e7f4-433d-ab1a-41e398e1d189","block_type":"box","text":"Global Principles | 7","page_number":225,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"8da87086-a6a6-4e16-95eb-bf2cfd11a0dc","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b76ee0e-a4d5-4a03-9c82-0f014a4faaff","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":226,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"edffc8ab-3630-4b76-9a21-de64984ce484","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":226,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"25ad68a1-dc42-4265-8459-3382ba5d1f7a","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":226,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"bfc446f1-1baf-4115-a674-bea65890222c","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":226,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"ca20154e-c04c-4839-8d70-8cc85cb6085a","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":226,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"3ec80407-ad03-4609-80e3-b02b363e2aa3","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":226,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"46d2e813-f6fb-4c08-a799-8ae32210afcd","block_type":"box","text":"minimizing costs to shareholders.","page_number":226,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"481f1f64-7a0b-4dd2-914f-f795e4e54428","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":226,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"452a2e07-dd37-43fd-8103-22099aa193c7","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":226,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"67623b29-e2f7-4a71-ad17-2c0f76deea1f","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":226,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"6e310113-4420-4b4d-ace6-d95b9886e6e4","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":226,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"fc4746ee-dbe3-407f-98ba-c1ca81608b72","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":226,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"61963ae7-adf7-469e-b9d1-824f3c32a18d","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":226,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"fbcbbc9d-42fc-4f81-84a2-992515fcd440","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":226,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"f2b25250-1670-4b4f-ab30-4d5f6fd7734c","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":226,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"d55b3570-fb02-45d7-b079-c651bbf3dfde","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":226,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"ad118e0a-b83f-468a-81d6-fb1bf6020b21","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":226,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"33d7343e-f50b-41e9-b7a1-33e6c91ba05f","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":226,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"2b5b7eaa-320e-4d04-902b-82cdc81a84e7","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":226,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"7602bc37-3085-4256-98a9-21c4e34c9a7e","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":226,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"073a59bf-1409-48e5-a237-c2f9b5800ff7","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c60b7f7d-c1af-4438-a73b-d977d9455ab4","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":226,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"cc9fa163-8e10-4bb4-a619-5f85c8753b15","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":226,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"c4616e63-565e-41f0-b93c-b8c72b276b8f","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":226,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"38a1de95-651d-4df7-b6d8-7d9f52ea7439","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":226,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"e7f82db5-9cd8-4543-8d3b-351ac37a4e03","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":226,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"9a6ad1cb-f271-41c2-8d6d-c11f8881be17","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":226,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"f9c64f91-dccb-4c8f-85cd-1e612fd9a469","block_type":"box","text":"ownership.","page_number":226,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"ffac9f3a-52fa-4e68-9a61-8bb5d4276242","block_type":"box","text":"8","page_number":226,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"a32c1584-cb4c-4782-a3f9-4e620f5ca543","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":226,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"05739fe3-059d-4d9a-bdaf-fe2593c2dc34","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":226,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"ee477617-1b40-4f25-9233-1db7b331f8cd","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":226,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"31a83b30-903b-4fcc-a912-5b3a638733d4","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":226,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"ca55d0f7-608d-493a-85cf-b1eeecd0c762","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":226,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"e66da3c4-8a2b-479f-9a8c-483f20dd8d73","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":226,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"e579de04-9949-4983-91ad-f7454a8dc1f0","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":226,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"f60f7845-865f-4c19-9248-592241493a1e","block_type":"box","text":"results over a period of years.","page_number":226,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"8d6809fa-395a-4520-896a-b2d8b7cdeb25","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":226,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"fb369927-4079-4cd7-ad22-665b0f03b75d","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":226,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"210d8cf0-e1a7-44b3-9a3d-507dcf1b874b","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":226,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"82f6239c-80d2-4e40-931c-fbefaee85052","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":226,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"28db2a41-089d-43db-8fce-d0156e9aa0e5","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":226,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"24a689ce-828e-478b-b9e8-33a531d1a8cf","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":226,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"b3b46882-8142-40e9-99ed-2c788bd8c712","block_type":"box","text":"executive compensation strategies.","page_number":226,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"31109960-2d23-41f0-b348-eca593460083","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":226,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"c879c6f2-0eb7-458f-85e5-63f662ebbe1a","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":226,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"eab3e62a-9fdb-4251-8f1b-88510ec46a64","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":226,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"6ee78aeb-db4b-440b-a0de-d727adfe62a5","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":226,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"bb145327-826d-486c-8058-3b4ed26d6a2d","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":226,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"9d17c7c5-6353-4b50-a927-d3f8f5d96b5e","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":226,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"43319e9e-f619-4493-83db-4c15ab1ef71d","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"818f9f40-735b-4134-b32e-37dfa76d79ad","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":226,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"f4f67ac3-5e49-463f-926d-1d792ab1d7f3","block_type":"box","text":"different markets.","page_number":226,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"a3b1a6a1-c31d-4043-899b-f5aa3e0e6de4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ddfaa1ac-7ddf-4299-9a8e-f1769760516d","block_type":"box","text":"Global Principles | 8","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"2c0aaf6a-f388-42a9-b90b-ad027490a4de","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca0c943e-02a5-4d06-8649-223eadae3b62","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":227,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"4aaaaae8-7965-4556-b5db-30bc46b5cbe0","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":227,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"cdc0ff26-98df-4dfe-90e8-bcdf389ae183","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":227,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"cfe9b557-1039-4b72-9091-91a4fdb44d67","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":227,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"ac7e6aa0-19b7-49eb-b921-1c1d38e4f043","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":227,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"51a4a7a0-1558-4b01-8927-a1d597c0a2f9","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":227,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"d10165ab-219c-4f39-8e79-1aaf4a69f93d","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":227,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"2e90193a-7bfc-47dc-a180-f3895465a900","block_type":"box","text":"whom they are charged with overseeing.","page_number":227,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"7dc06a66-7ece-4316-88a5-6c3c3af2552b","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":227,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"8eeab251-0b86-496d-b23b-f82c54614b1e","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":227,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"33d40776-36e4-4d8a-9331-0dae99193643","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":227,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"a2162914-da04-4ae3-af11-4753efba03dd","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":227,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"45037c83-4018-4393-b43f-b1aedb6ec79e","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":227,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"faf115a3-03c7-47e7-add7-d56bd0729bce","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":227,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"d4e58748-b899-469c-94c5-9f700126786e","block_type":"box","text":"structures.","page_number":227,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"8eca315f-9c18-4dd3-813a-8136dff65b1b","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":227,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"f0083a18-95fd-427e-9c6f-572eda668e65","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"76a06394-56d9-4167-971f-4e10857bf37e","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":227,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"bccfec96-c90b-4935-9d51-0cd86c99b93d","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"be9d2190-9254-4b0c-b134-5804686ee8f7","block_type":"box","text":"9","page_number":227,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"6acb0b50-05f0-47ed-bcaa-f47c996972a4","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":227,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"8d90ea20-747f-445c-96fe-1e53d2404e51","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"e3f1d268-f807-499b-8e3f-3e8f716f851b","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"a45c8215-7930-4d08-9bf0-a3bc6ea92a4d","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":227,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"88907039-84fb-46cd-954b-81168713b502","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":227,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"8e5f0044-29b0-4e47-a139-d2399fe22165","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":227,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e19b2e7b-cbbb-46c9-829c-0b62d42f64a6","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"84bd2b8d-f3a2-4f94-b919-0c29f00c56a1","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"a306188e-727b-4333-8d90-6fa25cc4911a","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":227,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"c3870034-052b-4943-b1f2-592181af9db2","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":227,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"ec6a8efa-4f92-43f5-978a-cd2245c12bd4","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":227,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"b1deb2f8-f25f-4434-b19f-6ad429f108dc","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":227,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"c820aad4-f07a-4bd3-9985-74bd89a1ebcd","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":227,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"732404fd-15cb-45c2-940d-02859b9b665c","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":227,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"07b38122-e230-4bbc-ad7e-bed8fe1eef7a","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":227,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"f29a0a4f-b7b0-4e5c-8dac-f2ff52ebb7dc","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":227,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"428dd001-3001-48b3-b1ab-fd9e11601be2","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":227,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"d58e450c-7f21-47c2-99db-344808e89f6c","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":227,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"f894a84f-2890-45d4-8d4b-88fc5a7c051d","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":227,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"92136699-ab69-4bb7-9085-9f724f03531a","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":227,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"96d9a129-e185-4f21-88c6-6c8c125ff8c7","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":227,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"b60586ae-b35f-4422-8c6c-de0c7e876ff9","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":227,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"8310c12b-00a7-4b92-b468-17b6dba852f2","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":227,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"261e40a1-b22a-4c2c-b5af-6d89187098a7","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":227,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"f550dd9e-f4ad-46ce-b113-e467e978696b","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":227,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"a96c54df-fa3b-4b46-8dee-ed5b5b47229d","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"75a71e6e-48b4-4471-8c64-f1aa27ea538a","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"963d6920-e4fd-4ced-b755-8e64d804122d","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":227,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"1c2dc85e-3735-41e8-a888-48db1ca3d298","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":227,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"fb7cbb69-7afd-4bdc-bf7a-e2fb1acf8ecd","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":227,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"e3f8450d-6774-4b44-b298-cfaa29b00484","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":227,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"bb06b448-dd83-4be5-8034-8ea984f1c099","block_type":"box","text":"9","page_number":227,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"7dc90681-4ed9-4dea-a89e-89ba4d17ece6","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"983dc5cc-eca5-4a60-b616-89fa76a54253","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"713434af-ac2e-4a79-9cdb-6f4984dd45dc","block_type":"box","text":"Global Principles | 9","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"78497f8b-b0d6-49c4-bd4c-c97bdbecfc3a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"142b86d2-9d4e-4fe9-ad94-4972b008b833","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":228,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"9754d699-a458-4def-86b3-ce69097d1263","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":228,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"d2404c1f-8f0c-4e7c-a906-8c982ee0343e","block_type":"box","text":"long-term financial interests.","page_number":228,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"5eeb3d90-cac1-4361-9728-b4d00431c71c","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":228,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"caf9629e-6c86-4355-b52d-36d1ccc3079f","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":228,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"a763ddf7-fdbf-4679-8764-2d39ea9229a6","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":228,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"8b5e607a-1d90-4b3f-b0bc-4a3b0a8254b9","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":228,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"1f544fb7-afe3-4ae8-98a8-ee5c11afc538","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"2dea4db8-62ee-413e-b20a-f991a62c0498","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":228,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"caf5a7ab-6872-4a69-b558-9ea07e53cc96","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":228,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e6fb7d28-c18d-4587-bd26-f90d48822858","block_type":"box","text":"term financial value creation.","page_number":228,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"afdd7394-7eba-468f-8406-ebbb1651a773","block_type":"box","text":"10","page_number":228,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"579ac488-091b-4c57-b2ff-7d89966bfe77","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":228,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"20ab3177-ae47-4ff0-b993-192f1641461a","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":228,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"1422257b-d869-4715-9af4-3f194f469a3e","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":228,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"9e7fcf87-f5b4-41aa-8785-79190bd56c45","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":228,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"a877f91d-1bf9-4d47-804b-ffde53b314cd","block_type":"box","text":"industry-specific metrics.","page_number":228,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"863bb8a4-0438-4fc3-8fa5-300fa9cf8a0b","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":228,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"75823a58-42fb-4a92-929a-fe97fd469b3b","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":228,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"b99be435-71ed-4caf-8bb5-12f547834d24","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":228,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"3c6964ca-1905-4dee-addb-46c519c822df","block_type":"box","text":"11","page_number":228,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"953a3208-5188-4e5d-b484-fbea66ea83cc","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":228,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"950c72d1-cc10-4dd1-9ffd-13cec6029dec","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":228,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"9e7b2d5c-12fd-479c-9417-5048194bdbe2","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":228,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"04f9db95-cf32-43f6-ae53-bf35aa8266a3","block_type":"box","text":"specific.","page_number":228,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"de72ceb8-ef40-4897-ac1b-a95476521e3a","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":228,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"247cf7c6-8b08-4285-943b-2dfedc1eac20","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":228,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"9f9ab9b6-9bd0-4ab0-9e43-309deb8173a9","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":228,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"2d522d9b-661a-47b7-9f0b-b5af6114ec22","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":228,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"8641d5be-052b-4b8d-9abe-3c04b170b167","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":228,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"3c0d98ed-13de-40d8-bf64-d0c710dd3bf6","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":228,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"5c0254a6-b80a-4848-8732-f2d3b0e6ef73","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":228,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"914e72a4-ac55-4ebb-8689-bbd5624eb128","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":228,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"8776ac59-641e-489d-88a3-82068df6b14d","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":228,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"6cae66e4-85aa-4bba-baed-ee4a43192784","block_type":"box","text":"10","page_number":228,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"e9f5e74e-9e0e-4e61-8a43-5a3b1564dedc","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":228,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"add3624e-db79-4b2d-9fef-798cfb95e721","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"4eeac48c-f886-4bc6-b0de-3ad40a254c36","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":228,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"8e1c6423-97f9-41d1-ba0b-d5181eeff6ed","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"ab7ca567-a3fd-4cb2-93d6-0567277a5e5c","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"623c5ea4-335d-41b8-b6b5-df9f2601c07a","block_type":"box","text":"11","page_number":228,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"a1673035-81a2-4bf3-99d1-4980b847783c","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":228,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"58d94eca-567f-4d7a-ab89-583281543b57","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":228,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"c5e855b9-ed07-4e7d-9a65-cd457752d884","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":228,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"481e04b0-b733-47de-8cff-67ebc156d120","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":228,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"860fcdde-a58e-4e3c-bf96-a1f4039be848","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":228,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"d540c1d9-9d24-4390-b17a-ae3b193a7332","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":228,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"0f1a54b5-9856-4129-91f2-9248672358ff","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e5bdbf9d-0ddd-49b5-acee-7497670a153b","block_type":"box","text":"Global Principles | 10","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"0affbdd0-5842-4d8b-8c71-61e5c7607e83","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"361ade5c-4f73-44dd-bcd4-ed1f7f2a45b3","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":229,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"b4e64a90-1a10-424a-938d-2caeabe7a9a1","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":229,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"d4fa4c11-409d-477c-b359-a0baa28ef2cc","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":229,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"13b1f807-afd7-42d0-8339-aea9f703aa19","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":229,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"09ff67b1-a80b-4a1d-86c0-0bc0daf16109","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":229,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"41e3167a-bc6d-4cab-99a3-2adc360a7d1f","block_type":"box","text":"12, 13","page_number":229,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"7a678050-3f2a-4e0d-99c5-16e0b368a75b","block_type":"box","text":"From company disclosures and","page_number":229,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"84f2b569-0f85-4aa2-bac6-6c1f90a24e4e","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":229,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"ebd4a162-38eb-46aa-94d4-c0225d2e9482","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":229,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"eb42415c-a90b-46b5-82ce-ab1ea2727d10","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":229,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"0d2f697c-d43f-4f01-b6c7-6e0e4f2ad869","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"0a72f5ab-54f5-4f81-8f3a-08f1dd7de321","block_type":"box","text":"viewed as best practice in the market.","page_number":229,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"a7908cc3-775b-45ba-a744-306199bf59d7","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":229,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"e5f2e3f1-c077-459b-a64c-991b72b8fe4d","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":229,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"a70d0418-d0dd-4885-aab7-15de368555bf","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":229,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"8d2b485c-2b02-4741-b9a1-436d366943ff","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":229,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"cb366626-4150-4e97-9229-6c0073ed1936","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":229,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"ed506ae5-76ba-4ad1-a144-b5ba1d8b3ce2","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":229,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"140e43af-b9be-413f-9454-092ac871d902","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":229,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"51bbc55f-18f8-4208-8dbe-6efb87b605b4","block_type":"box","text":"interests of their investors.","page_number":229,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"4297959f-0574-4897-8a0f-986941406669","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":229,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"1e1cf307-8e18-4dd5-a481-a3b5536a4b6f","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":229,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"da3b6d66-6440-4b9c-8225-c9c35b3145c7","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":229,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"35ff0e58-da22-4589-8d88-ef7bacddea66","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":229,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"36ed645e-326d-4ddd-bff0-eeab03d80745","block_type":"box","text":"good-faith basis as methodology develops.","page_number":229,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"ca5f6d2d-a6fd-42bd-883d-5c5df67e23a7","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":229,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"02ffb5e2-aca1-421c-8e5c-059782a39c6d","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":229,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"40add3e2-4ca9-4d5a-89cc-7a3641849f30","block_type":"box","text":"generate long-term financial returns.","page_number":229,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"552a4bfe-b2d5-498f-9613-57b472799ce0","block_type":"box","text":"14","page_number":229,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"3ddaa47c-604a-4a98-acb2-025a5f65b37a","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":229,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"d189de4f-9bd5-43c7-a67d-0b8a58fa9bfe","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":229,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"74fba254-d2ce-4850-850a-019818e1cde3","block_type":"box","text":"15","page_number":229,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"6fb09996-75d0-40ee-af54-71d9475b2775","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":229,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"1dd0f121-90d8-49e8-bcd1-1ac0d58693e4","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":229,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"0a846389-f50d-49da-8418-685070a07bcb","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":229,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"08f18fb9-a556-4612-955c-e3100463dbc9","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":229,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"0d1deba4-54a4-46fa-83ff-0d9772084339","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":229,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"c1f080f9-beac-404f-a92b-c57510b8b6d4","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":229,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"4b9acd5d-b707-4832-ac81-21d38616e3eb","block_type":"box","text":"12","page_number":229,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"db35f772-9e44-4948-a782-f2f83e55a06f","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":229,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"73e75f0a-a506-441d-ab1c-95a45e11f894","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":229,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"4e944863-567c-49ad-a3fb-b54d651cb3ae","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":229,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"92f8da93-8777-4816-a3c5-5f2762eb7d57","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":229,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"f968fc7b-3045-4e79-8b43-bd37efb1aaea","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":229,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"e80bf9db-42df-4dea-8293-39062e051d41","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":229,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a557839f-f07a-48cb-b470-d44f11e72a03","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":229,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"2d1a9972-68dc-402d-a7e3-3967bf047c13","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":229,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"a411b39e-1da5-4160-9744-fbfa6be6918f","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"dc1ab6a3-caae-43d7-abae-55f991ae02c5","block_type":"box","text":"13","page_number":229,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"451b8b9c-ace5-4058-9cbb-0653d7bd7a58","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":229,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"b668b0ed-f545-4d74-9d3f-db4e05ac16b3","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"6f95ed8f-d1ba-44bf-b8a9-9589a9a5b759","block_type":"box","text":"14","page_number":229,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"ff340200-f914-4a99-9eb1-7a3e51eb3ee0","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":229,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"91a19e7f-6c87-4437-a6f3-51cc0e399b8b","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"6deb0ca6-71c8-4ff2-b116-1f5b02b8e631","block_type":"box","text":"15","page_number":229,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"09b1e558-7c7d-46af-ae14-e256226123cb","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":229,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"f7842395-b007-4bf9-8408-a03cb855a916","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":229,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"68ef563a-be19-4ffa-9c1d-87d5598078eb","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":229,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"009e9088-d1fd-4236-9050-3e9f798f143d","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":229,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"9c45ff26-0143-4a9f-b668-e02cd5e70a48","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"5343a548-5008-4c96-8813-514550aa6478","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a14b2dcb-dec9-43ef-a48e-dc8ecf67f671","block_type":"box","text":"Global Principles | 11","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"92ce4c90-2be1-4c94-b364-7d20c35e70f7","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15b4ca66-e9ae-421b-894b-79f836406ccc","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":230,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"848b189f-c73b-4e52-9faa-922ebfe6f5d1","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":230,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"197a33e3-39fa-496f-af55-9941022f6e92","block_type":"box","text":"16","page_number":230,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"f1c624b6-16ef-4a3b-aff9-cf5b631a3f8f","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":230,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"c3095dc3-60f6-41ad-87a4-29b2dbcea52d","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":230,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"4258b496-a888-425a-9b8f-f81ba265aebb","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":230,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"0f6a4f46-6d74-400b-b2bb-071ac31fbf40","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":230,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"1e36830f-5536-4fe7-9698-e906562154a4","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":230,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"ae44c3ad-ca9e-4723-80a4-ce5c2ce11a78","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":230,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"77a13601-d12c-426a-a0d4-44414a210f14","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":230,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"a0ed652b-3ebe-4f2e-b098-387fddc3c2a2","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":230,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"9c5857b6-f4c2-419a-aa75-496e9d7e8201","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":230,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"eb10137d-4ce8-423f-a33f-fa3553e5823a","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":230,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"dd9641d7-d70b-45d6-ade0-1a9cbe28f6e8","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":230,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"aadb7446-e384-4c57-ba3b-d123bbb6b39f","block_type":"box","text":"impacts.","page_number":230,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"0b4ef067-6691-41a5-9df2-1fbf264ff24e","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":230,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"859655e6-a5a8-4503-b637-724066f6d9da","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":230,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"10fcacc0-1cb1-4640-8a9f-6438afcd8f8b","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":230,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"2d97fbfd-630f-4eee-8a70-42483218a655","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":230,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"f681af41-81ec-4347-be77-d3320fb75823","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":230,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"32127dc4-d8a2-4abe-8366-e4a703d8ddf1","block_type":"box","text":"clients at the global and regional level.","page_number":230,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"1c88b421-e0a3-44e2-bc4d-6c3c5e26bfd2","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":230,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"1ed8be23-6225-483a-985a-c6ef0f625bea","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":230,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"99403381-5f60-48ad-bc1e-19a96ac9cab3","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":230,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"46aa2811-a607-428c-a58a-f841cc31aaf3","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":230,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"c121ba6d-3e0d-429b-b385-07a2ec05fd3e","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":230,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"e431ec76-c261-4d85-9862-59c84fc6bd92","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":230,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"3ea8d404-cc94-43b2-b25b-b94b60542c90","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":230,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"bbb95273-e186-419a-880e-fd52a3654051","block_type":"box","text":"are independent from the investment stewardship function.","page_number":230,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"53ba1335-5c4c-494e-a6c0-d9452ef0bffd","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":230,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"e71c4464-f399-4d75-872a-3393b3a7ca92","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":230,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"098de1fd-dafe-446e-b7bd-6dd5b7840d1a","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":230,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"2ceddc6a-16d1-44bd-b131-8767b49e1a72","block_type":"box","text":"VOTE EXECUTION","page_number":230,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"2e9086ee-0f14-4c58-a8b3-3c548474a980","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":230,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"9eff2783-821d-45e3-a697-d988c37f5822","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":230,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"1828fe3c-a803-445f-9a31-061494c7c9aa","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":230,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"0d2776b0-5516-4157-b3cc-7ddb99021c35","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":230,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"33268472-f631-4024-bbca-7aaa02d087c0","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":230,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"1d70debe-643f-41a2-8a90-6458a8093809","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":230,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"9824b1b1-be5c-41cf-b1ef-bf089eb66b3c","block_type":"box","text":"management policies and procedures,” below).","page_number":230,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"26ef4c99-1b40-4018-9fab-a82f2d4acd6d","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":230,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"0724cf0a-5a53-4c94-b4b4-3cb1e801f908","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":230,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"7bb616a6-cce3-4edb-8660-9a1eb551a265","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":230,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"e61fc566-3e87-474f-be02-ca420035a15a","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":230,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"40b8b979-174f-41d9-bf31-f8dd8e5572b9","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":230,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"5c806541-b1cd-4615-a4f6-102367260d43","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":230,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"112f4fdf-8de6-485b-bc34-ba9f5b6fa8c2","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":230,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"8ec34ca4-5974-4060-9f2d-4d9753eb8bd8","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":230,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"67a4124c-8476-4f79-863c-ad481bb7898b","block_type":"box","text":"16","page_number":230,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"e2e897ca-a71a-4a09-9851-98592df78d07","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":230,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"1779f6ba-84af-49c8-8822-f2b8ec2e64f4","block_type":"box","text":"December 2025.","page_number":230,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"9504fae2-da22-4843-97aa-2af111a61f47","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a2d4118f-7a3d-445c-85d3-633718e0185c","block_type":"box","text":"Global Principles | 12","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3a7ddcb9-1098-42f6-b116-7c6c0da6d65c","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53bc68d2-9917-4ce1-b003-7d8c2c4321d5","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":231,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"e15e584d-28b7-4b42-be86-eed978dec634","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":231,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"4bf41cf2-0a78-4265-a871-dda7ed029703","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":231,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"2b722f46-d032-4495-a90f-f2de1a74b46e","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":231,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"4eaf1707-6788-4c71-9758-1880f836acb1","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":231,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"dc11c0ba-daee-4b28-97ef-10b8148d0ae7","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":231,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"891c57e5-ae23-4dbf-9845-b8d19d81e426","block_type":"box","text":"enterprise-level vendor management activities.","page_number":231,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"858f3f3a-a335-4a32-991a-3022a4d5079d","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":231,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"e2edb5ca-bcb7-4aed-b8a5-a424cb0818d9","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":231,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"b098625b-3200-41c5-820a-6f19351156a4","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":231,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"030617ec-e693-4f5d-b9d0-fa97b7e9c354","block_type":"box","text":"BlackRock employees.","page_number":231,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"575c6c8b-58ae-4ed5-9620-b23e2cad5684","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":231,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"7b885b69-c07c-4719-9cf4-f1862227b95c","block_type":"box","text":"SECURITIES LENDING","page_number":231,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"b4459b78-a11a-4274-99ed-eb922ee8a457","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":231,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"0e5e6f95-99cb-4651-837b-8b8230d4f8f3","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":231,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"3526b047-668e-4836-bda6-f07177e74ab6","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":231,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"6ba8f81c-6723-4f9a-826e-9a5d4382e91f","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":231,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"29204986-6e07-4f37-a583-41bca5e0ff66","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":231,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"b7a9c0bd-cf5b-4967-90a1-15a029c5d1e9","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":231,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"aba8ca77-e03a-445a-980d-4b1372c21c6b","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":231,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"231e9b2c-37f5-41b3-b311-230c1b603d04","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":231,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"bebfd547-295a-4e0a-a458-d2ef523477aa","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":231,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"80d590e8-8939-488c-81b6-57163e009f7b","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":231,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"ce28531b-2618-4223-b443-70e9855026a0","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":231,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"6eafc481-153b-4d50-9658-e0545f21ab02","block_type":"box","text":"of recall consideration).","page_number":231,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"f9324be7-9706-4801-b149-820d301a73b4","block_type":"box","text":"17","page_number":231,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"a526c453-2e47-4e50-ba02-8134ce88c2e6","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":231,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"f67f12b3-3334-4f61-95fe-7e6a31c68a3a","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":231,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"1f63906d-d68c-405b-a81b-db7f37fc8767","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":231,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"38d49267-ec69-4181-a2ad-4e10797090e3","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":231,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"5107eeb0-66c1-49c4-a5c9-52619a94bbd8","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":231,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"1158b479-3c5c-4743-bc21-91c76e2995d4","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":231,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"da9e65b0-d9db-4c60-8866-21af9bcac162","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":231,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"15ba5a86-2590-4b73-bbf7-56833e3d2e9e","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":231,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"1f4b33c6-0d89-440f-ac01-3e5d20a138b5","block_type":"box","text":"and may modify it as necessary.","page_number":231,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"733287b5-f628-4ce3-aa94-dfef379e7aec","block_type":"box","text":"VOTING CHOICE","page_number":231,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"12ec1594-d79b-483d-8f15-1f4720b81fa0","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":231,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"89d210f8-c1ae-449b-91a1-4444c1d5e1a5","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":231,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"ab2d5ce9-ffbe-439c-99c4-c61941d4cd3d","block_type":"box","text":"18","page_number":231,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"91a00817-1f15-4e71-9f78-ac8d96ffd458","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":231,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"a6093a7e-93f7-4857-a5c9-01bbc449cc17","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":231,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"bbc4751b-721e-4875-b6fe-8347da53ece8","block_type":"box","text":"17","page_number":231,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"fcd00960-5831-4cac-ac2f-e309adb290f6","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":231,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"b0d0457f-27df-4dd9-b84d-3323d0f9b20d","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":762,"width":763,"height":11}},{"id":"848fb7ba-bc48-4459-89aa-f8eef3c6b754","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":777,"width":794,"height":11}},{"id":"897f9840-776a-4481-b830-104e67b5f5b1","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":792,"width":833,"height":11}},{"id":"ff85aabb-2f2a-4216-9f33-7aafddde8cb9","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":807,"width":821,"height":11}},{"id":"17df28ba-2e4c-4de4-9bc8-5b5b26eecbce","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":822,"width":823,"height":12}},{"id":"58600dd0-a667-4b1a-ae7f-3edb9cb8a574","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":837,"width":822,"height":12}},{"id":"da777999-1c1e-4438-a2b7-a4cc0402963c","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":231,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"97156c4f-cee4-4172-8132-dbf10c2de493","block_type":"box","text":"18","page_number":231,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"063de2b5-77cf-46b7-a7e4-6efa729cfa74","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":231,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"d96cf7b7-63be-4187-acbf-9e8f997680ff","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":231,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"37f31f65-d262-4414-b651-7c37e1b8bab3","block_type":"box","text":"including the decision to lend securities.","page_number":231,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"b43d3d6c-b67f-493e-acd3-ef23baad2abb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b7f4a8a6-c667-4e8a-b78f-5e23c6dddd7e","block_type":"box","text":"Global Principles | 13","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"a984bed3-c031-4234-a464-4f6b5bf9b58a","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1638ca1-8462-40cd-b298-0977c2b7421a","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":232,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"812ad5e7-a485-4ea7-8ef9-8bd63d1ae05b","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":232,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8a2faae7-6757-4c8a-bcd0-67552e65c08d","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":232,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"74760ab2-c520-4e70-9bbc-974bd393317f","block_type":"box","text":"19","page_number":232,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"303ecd29-541b-4d50-9d01-d1420fbeec14","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":232,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"be2c00e4-ff68-4622-b397-f700193dc78d","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":232,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"4e04bf08-73fd-42ca-b58b-d0d0d881b707","block_type":"box","text":"20","page_number":232,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"95384275-3d46-4fc9-9366-ee3fc1d05580","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":232,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"e5a73473-d26b-41ba-baab-d633af504693","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":232,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"01686e18-9c98-494e-8ee4-26d4a9e73fb5","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":232,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"b2cbd4a1-36a5-4442-9224-e28ce31adba5","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":232,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"59c5a61f-2dbf-4317-b34a-e7ec078642b9","block_type":"box","text":"21","page_number":232,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"322a47c0-3459-4d0c-a7c2-9d528ca8fc4c","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":232,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"3bc86f0b-dcc7-49b9-883f-c1078b2b48fb","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":232,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"ebd3ef5c-b553-453b-97cf-4956e65d6ef4","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":226,"width":787,"height":11}},{"id":"f8cf6f53-b88f-49d4-be56-a0bf7b80da00","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":232,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"2ec6e572-14c2-4833-995e-77c4032e58da","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":232,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"198b1b7c-a2dc-4d4b-823d-134e02c674a7","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":232,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"bc38eed7-5677-4124-a936-b68fd0c49053","block_type":"box","text":"19","page_number":232,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"6ce45c2b-b1f6-4aa3-92ab-7005486e41bb","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":232,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"b2bc100e-6dc9-4ed0-b7ec-4930e5a2ac46","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. BlackRock can then use its proxy voting","page_number":232,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"0c399881-d75f-4196-9be5-7409e3f1fafa","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":232,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"345e722a-6b16-4563-810d-05fa5ff3123e","block_type":"box","text":"20","page_number":232,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"a1a95697-2d5c-45b8-a5ba-891f998ce4a5","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":232,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"68756505-af47-4c1f-9900-b530d91502a2","block_type":"box","text":"21","page_number":232,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"d81d6a53-dbf4-4ef6-b2be-f1ead89a67b0","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":232,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"aae0042f-28f5-4f9c-a52b-9ebf86e7ff37","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d87d6858-e9b8-4548-8264-4ae4e49da8cf","block_type":"box","text":"Global Principles | 14","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"4b74c666-dd4a-41db-9905-53d32578fc83","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9031e2da-ee20-4987-a706-7b2f91ec343b","block_type":"box","text":"Want to know more?","page_number":233,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"b692d793-f092-4ed6-a976-ebb0d6c92faf","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":233,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"40c92a55-397e-430a-83e3-f1018835ad95","block_type":"box","text":"This document is provided for information and educational purposes only. 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related to climate","page_number":236,"box":{"x":101,"y":526,"width":784,"height":11}},{"id":"c6644fa0-532d-42fa-8cba-b3a2eb4fab51","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by in-scope funds and accounts that","page_number":236,"box":{"x":69,"y":541,"width":806,"height":11}},{"id":"dd6eb105-164a-43d9-b653-e56ccdd97037","block_type":"box","text":"apply these Guidelines.","page_number":236,"box":{"x":69,"y":556,"width":165,"height":11}},{"id":"71404165-8a83-467e-8dbd-10e4d34ba187","block_type":"box","text":"The Guidelines differ from the Benchmark Policies in that they consider, in addition to financial objectives,","page_number":236,"box":{"x":101,"y":579,"width":755,"height":11}},{"id":"3740775f-b065-44fe-8def-88f94feec1a2","block_type":"box","text":"companies’ strategies to align with the transition to a low-carbon economy. They also incorporate the more ambitious","page_number":236,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"02bc643f-d3c5-4fa2-9964-613fc1b7547f","block_type":"box","text":"goal of the Paris Agreement - namely to limit average global temperature rise to 1.5°C above pre-industrial levels.","page_number":236,"box":{"x":68,"y":609,"width":806,"height":11}},{"id":"797f6acc-776a-4c9d-8f0c-e2b2abdf7656","block_type":"box","text":"6","page_number":236,"box":{"x":876,"y":609,"width":4,"height":5}},{"id":"009f1cca-8762-4e1f-aaa0-f836c0b08d12","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an impor tant role in the transition to a low","page_number":236,"box":{"x":101,"y":632,"width":766,"height":11}},{"id":"4929bc35-4387-4387-94b2-9e8a32b05371","block_type":"box","text":"carbon economy. 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Net zero commitments are sourced from respective","page_number":236,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"ee7c28db-50f5-4bb0-9631-76ee243761ef","block_type":"box","text":"company websites, as of January 2025.","page_number":236,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"b8d32d37-1c0c-4a2d-ade4-7eb8a60a7f55","block_type":"box","text":"5","page_number":236,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"c233d0ed-31e5-4de2-a798-4ed30ad2a0d3","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":236,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"30c00b36-9cca-4d99-b461-dddc4a8a0027","block_type":"box","text":"6","page_number":236,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"a3a3a279-8fb3-475d-9562-7f091467dbf5","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":236,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"ede5e010-0633-445a-bd42-635a54ed3211","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c1ad8c65-2f27-4f90-b812-85c013bf50ea","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 3","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"cd8012f9-ab2c-4093-8e9b-e4753bf5c365","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fadb3b0-468c-4e48-a98d-cafe3fcfe378","block_type":"box","text":"par ticularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":237,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"91608c3c-447e-4136-aa2a-d877decae0d3","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":237,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"c2bc7d84-b32a-4cf1-a044-2aaa156530bf","block_type":"box","text":"7","page_number":237,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"2b124a25-3a15-4c83-879d-7f3528807be5","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":237,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"52c04468-e51e-4c21-a5bd-7bf07497db98","block_type":"box","text":"Benchmark Policies.","page_number":237,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"8195e5b0-8ac7-4278-931c-be2d8e1d7973","block_type":"box","text":"8","page_number":237,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"f3ed4ee6-0b7a-44a0-a562-4a60ead7c368","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":237,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"41a53e11-78c1-48ba-91bd-29b1392351f7","block_type":"box","text":"decarbonization as an investment objective, BIS under takes our stewardship responsibilities in line with our","page_number":237,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"8d2f4b23-3265-4760-a9b0-15b64125d1f1","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. 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Fur ther, the Guidelines consider the","page_number":238,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"e2d52bc2-f426-4a37-886d-9798400f949e","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":238,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"d3f9e4ab-c6eb-473d-afaf-1f1b5037cfea","block_type":"box","text":"does not.","page_number":238,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"8f8d9ef1-4642-4cb9-902e-8650a18f99b4","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"3e11db02-2afb-486e-9e8c-11497171bb40","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":238,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"721df2d3-8511-4cd0-8867-3e12646ec9d6","block_type":"box","text":"limitations:","page_number":238,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"0a299707-e943-4d51-9a92-ce98d379dd51","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":238,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"741b2db0-8b62-4e53-90e6-fa127fed7059","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":238,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"14aeaef9-ab81-4bb2-bd29-6c86655d79c5","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":238,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"01cd8f9d-ede0-4617-8e91-700d0d7644bf","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"52ef8066-b8d6-4e6c-b4c9-2a25f0c87eb6","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":238,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"d3ab4a42-5fcc-4a4a-a41e-91c14a2dd933","block_type":"box","text":"The boards and executive leadership","page_number":238,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"0b15523d-7470-4e82-8b0b-ef76fa83228b","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":238,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"16e6d845-2a3f-41c3-bc00-6438b045eb0b","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":238,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"5ab0594f-7580-4c4b-a7cc-8c747f9caac1","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":238,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"c3bf65cd-3d4e-4ca4-a2ef-34490181ef63","block_type":"box","text":"Voting approach under the Guidelines","page_number":238,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"9460b644-8521-4051-b6d3-84f8863e7173","block_type":"box","text":"12","page_number":238,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"97568391-c205-4d69-8d64-9575f68a642c","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":238,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"ee8eabf6-270f-4f0b-80f6-42c4d6d94204","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":238,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"2adcf491-0361-404f-8b65-33e08500ee0e","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":238,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"c7c8ff5b-61fe-456a-b76a-072ae4b93759","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":238,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"822b175c-a62a-44f6-8095-6bfc9ae63f7e","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":238,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"c1986499-7614-4564-8a7c-a72b4eba2954","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":238,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"5b393b86-5483-4abf-8ef9-8d25d8047a59","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":238,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"268222de-baa3-4c41-b449-96508ec9c549","block_type":"box","text":"Corporate Disclosures","page_number":238,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"96a22549-bf91-4435-8b24-198e7c62b9fe","block_type":"box","text":"13","page_number":238,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"d460b40e-0241-40ef-8ec0-521d6cd60df8","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":238,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"a24b76e8-c732-4eae-b7e2-899d1b3372e6","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":238,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"06ecb245-4f88-4243-8f60-35a6fbc3dfbe","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":238,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"f5fb1541-feb0-4f5a-9373-3fb75fcc9fc7","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":238,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"64d4c963-1e9b-4abd-a961-0ec99007bd1a","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":238,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"1a2e3e6f-7dbb-4664-91dd-c9a7c5646c1e","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":238,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"4881d8fd-91d8-44ac-9df7-8047b770b525","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":238,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"efc906b7-4360-4904-8afb-b62137e020be","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":238,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"84141855-5aaa-41c1-b6a3-d90a4e22a5de","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":238,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"d9ab20f0-3320-424b-aa5b-25f6d4d65e05","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":238,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"89bfc13b-8158-491c-9528-d57abe89c6b6","block_type":"box","text":"14, 15","page_number":238,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"85b07a5c-b0c9-4ea5-88cb-57b8f6622e2d","block_type":"box","text":"IFRS","page_number":238,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"ce8e53bb-5b6f-4012-9d37-575ce9dcfb20","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":238,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"1ec8df4c-4fda-4e21-9a48-49ec5adc955e","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":238,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"6b1aea5c-1c77-4b78-9f21-692bd3d8daca","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":238,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"e27a8275-932c-4bc2-9ce5-2c9e025352eb","block_type":"box","text":"and assurance standards are developed.","page_number":238,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"6517eaa6-ea0e-4ac8-9b94-f2a2b12ab395","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"841e8ab2-413e-4f8e-9b2c-d6811a4ee051","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":238,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"ec9b35c2-94a9-4f9a-b835-024fb2bee880","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":238,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"135fdd6a-eebc-49fa-9413-376923593e4f","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":238,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"3bec76c7-877c-461e-b9b8-4fe25319a2cf","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":238,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"b468d3f1-c4fc-48ab-88cd-ac19473ae75f","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"d72eb5e4-1b3f-4b97-82ab-4c2072882ef3","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":238,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"8ec94029-e89f-43f7-8aed-85371ba7eb48","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":238,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"066bfd89-aa0a-4165-87e9-ce4a3c8d259e","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":238,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"27d2cc02-0511-409f-a895-37ee718dd429","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"a745fda7-3af2-45cd-8adb-fc28ffa60af4","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":238,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"89c1ebdc-06e0-435e-b2bb-c7e0eca66d64","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":238,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"133b8450-761d-4fad-a6b2-23a3cbf90ab9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":238,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"cd3d54f8-65af-4a04-b971-2f312a4e6e6b","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":238,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"0838feb4-ed6d-4f4f-9136-1e6b964213dd","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":238,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"bf859d5a-cabc-458d-9559-bba9c96f2696","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":238,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"f03002b3-c1de-40e3-9c27-3d199fc3b678","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"19061bcf-9299-49c0-b2a9-1c08fa167443","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":238,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"31e5b5e0-c175-4601-9af1-1aeef4054df8","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":238,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"47af77f8-ecfb-4ac0-a45c-63259d0af074","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":238,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"bc4ef960-7a3f-47cd-95b7-7b11e34073be","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":238,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"0e045407-50a1-4797-a487-a71bfad2a283","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":238,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"9641064d-e0ef-4acb-b7de-2f857d4fbe21","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a35955ee-fb44-4ef5-ac24-32c8b5605c1c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"3d0ad3bd-d83a-49ca-84ec-d702043d9325","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"939173e8-aec3-4228-b808-0c17b0103e8e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":239,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"5550ccdc-5ffd-410d-87bd-de40afed7aaa","block_type":"box","text":"16, 17","page_number":239,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"1d07e0db-9450-4656-b12f-aa6f904f8e3e","block_type":"box","text":"In addition, the dedicated team looks to","page_number":239,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"f9c35d0d-41e9-4e42-bdbe-70c347dfb7dc","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":239,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"b7699708-e5e0-4e4c-995b-635f8fdf44cf","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":239,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"f1b81da8-e1e7-4475-afc4-59dda7202345","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":239,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"03ef79eb-5159-427b-83e9-632d17e35195","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":239,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"11e97c28-8de5-4f0e-a020-e25f053216af","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":239,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"4e65b886-5ce4-4da4-883a-cc480048ae17","block_type":"box","text":"18","page_number":239,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"17b735fd-0f9e-438d-aff4-747721a512f0","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":239,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"e86a3899-6fcc-4fdf-8548-0bb2b4abf317","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":239,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"80f116f3-835a-4a13-83a4-56830a2be0e4","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":239,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"74f46c1b-ae38-4648-9480-7e375e0bb581","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":239,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"8452da1d-5024-4c6d-b413-a5060004d783","block_type":"box","text":"material to their business models.","page_number":239,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"5bc30827-003b-4936-8e00-8b294e8cbae0","block_type":"box","text":"19","page_number":239,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"61d437c3-f2eb-4d75-b8ba-ceeb6a63cc88","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":239,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"5f18cbca-0781-4b60-8150-6659b0179e18","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"340c9d7c-d007-4ce6-a195-25a4f1cf1e78","block_type":"box","text":"20","page_number":239,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"920e6d65-4cf2-4a82-bb97-906ace81732c","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":239,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"bea80a39-99e1-4456-be97-4e020faf30aa","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":239,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"3e50d38f-2081-4bfa-b46e-fde7f28d4edd","block_type":"box","text":"(please see the International Transition Plan Network for information). 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Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":240,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"95666936-88d5-4d8c-b3d4-db7ef5acfb23","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":240,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"7d06ff58-8d42-4835-8bf1-9b694ad2b39b","block_type":"box","text":"with the different constituents in their value chain.","page_number":240,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"4c09d13b-760c-4324-a369-5337ffe5afbc","block_type":"box","text":"21","page_number":240,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"e5e18f0f-2e50-41c5-b841-145363e797a1","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"49a6a76f-c78f-43b6-9877-cd65963fd769","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":240,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"62159766-9e72-42aa-9a48-f9f1c16b034b","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":240,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"1590eddb-5280-4b86-9e65-72b7d4d32afe","block_type":"box","text":"22","page_number":240,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"146849c9-05d2-4f44-84de-fbac34ea7d1d","block_type":"box","text":"The dedicated team looks for","page_number":240,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"bc4a722b-6b7a-479b-aaf5-766ca6955c02","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":240,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"6f43368e-c40c-4b29-9074-d0a9c86e18d6","block_type":"box","text":"related to the low-carbon transition.","page_number":240,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"683689db-0112-4ea5-b51f-0a63c07f63d2","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":240,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"6a0ba377-b667-4b50-a166-f0c7303e2275","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":240,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"1708ca89-302e-4c72-b2c8-0c938bae5999","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":240,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"5e193651-ab56-45c4-82e4-f618cf904bbc","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. Where the dedicated team","page_number":240,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"36b2642d-c15f-4901-9b4b-b7c5fa854e8c","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":240,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"bf86e94b-553f-4c86-aead-0362543530c6","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":240,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"bf6acb64-35f3-4a5f-bf39-7aa87ccec62b","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":240,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"efaf2d40-8cea-41bb-b7a5-0f440b176618","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. In cer tain markets, the","page_number":240,"box":{"x":69,"y":659,"width":808,"height":11}},{"id":"8a332f02-e794-4d03-b1fc-adcb8446a423","block_type":"box","text":"team may withhold suppor t for the discharge of the supervisory board or equivalent and/or board repor ts.","page_number":240,"box":{"x":68,"y":675,"width":758,"height":11}},{"id":"628fdcf8-8bf9-4fa1-afa7-6b173e733860","block_type":"box","text":"23","page_number":240,"box":{"x":828,"y":675,"width":9,"height":4}},{"id":"f701d455-a0bf-462e-8587-b9d96658d91e","block_type":"box","text":"21","page_number":240,"box":{"x":69,"y":704,"width":9,"height":5}},{"id":"afb9843b-6b5a-4ff6-a845-6c2e2cb296e9","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":240,"box":{"x":84,"y":704,"width":825,"height":11}},{"id":"8d58f96f-2951-4928-a0b4-2507e312f684","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":240,"box":{"x":70,"y":719,"width":835,"height":11}},{"id":"ed26a7ba-0e25-4f1d-a711-7301b684926b","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":734,"width":813,"height":11}},{"id":"0a8930b7-57b1-4012-8752-0cbb7b52ae73","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":749,"width":828,"height":11}},{"id":"9d51e0ff-653c-4cec-bbc9-dd2f29c35a30","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":240,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"3c2c488d-82bb-48c0-819d-0a0919922f1e","block_type":"box","text":"Website accessed in December 2025.","page_number":240,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"1af8f42a-303f-478a-afa9-ac5376ee32bb","block_type":"box","text":"22","page_number":240,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"afdc2926-29be-4c69-8edc-caad6a055f60","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":240,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"181fe4bb-e1a3-4fb0-a5f4-bacff715be88","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":240,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"3645b3ac-0655-4db0-8844-88b1fd68ceec","block_type":"box","text":"23","page_number":240,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"2e672fec-e32e-4ad6-b52b-d5d9c236c02e","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":240,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"13adad0c-42e0-49d4-b0e2-d12de88e10c3","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":240,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"621ed6ad-9d46-47bc-a199-ce0b910f57f3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"114dcf26-4f36-4b11-ae2c-762431b25c8b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":240,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"067023f7-0213-4110-ad6e-29b55c79da48","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc12ce7b-1768-4387-81dd-d82d20a33f9d","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":241,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"b989be42-ed6a-40d4-950b-f5f59b0a2665","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":241,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"7b9ca88b-0b62-482c-9c1b-1194c7e3388b","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":241,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"6a0b5fdc-4f92-4403-8cbd-4799a209399e","block_type":"box","text":"24","page_number":241,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"8f6a87af-0f9e-494c-ae7c-7bc75880a286","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":241,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"47e706d9-8cb9-48ca-9c82-67695939bdc4","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":241,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"9c98dd3e-7154-4871-b7a6-4ced2d96a06d","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":241,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"acfd2f4c-b4bb-4f4d-8cd1-8381c8d175ec","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":241,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"aeb3401d-3da3-4866-85f8-ee35cce2c091","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":241,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"a5b7a66f-237b-4dd2-a442-51522e535f03","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":241,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"51d61aa3-8cfe-4d87-abc1-ad8a1b4c8f5c","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":241,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"2f813001-4231-48fa-964c-2102e19022b6","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":241,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"05902306-db46-43ad-ab30-163657860243","block_type":"box","text":"transition plan and targets.","page_number":241,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"d728bbc7-09e6-416b-a140-7d8f5fd961c7","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":241,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"61c13f08-1fb6-4042-9939-1d223803f3a0","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":241,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"1fb81725-2c1b-401c-adef-2d87b742637f","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":241,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"358f7712-66af-4513-a3dc-5d62f7f1ccdb","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":241,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"2879c103-cb7c-4633-9cd9-3d352284244d","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":241,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"053da0eb-dcdb-4a72-ac08-ca3fe66e19ee","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":241,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"6f905653-fd6d-4df8-be34-f257a262e874","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":241,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"271ea33a-0ce3-4f0c-8497-5f2ed0e3f234","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":241,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"8244c0ab-0c76-4435-87a5-08b54bf739eb","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":241,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"4b1a826b-690a-48d2-a690-f01b261b9ea8","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":241,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"8aa6844b-fd9e-43de-aece-630acce89891","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":241,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"0576b2ad-213c-475b-86d7-f28a0fc85dc1","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"1e9a96af-ffd2-4112-a886-a99ad3d34422","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":241,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"7f3c1ea2-46d5-4cef-94ae-e96cf68956c4","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":241,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"7d479d35-51cf-4340-b8fa-e50828fd8192","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"1e2330a0-1c69-45cf-a607-4947ba8972b3","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":241,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"678b5070-14cd-4773-9555-e59771119db8","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":241,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"252d6c7c-e4b0-459f-b99b-a7f2cec087bb","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"27a7bdac-90b0-4247-aee9-e38b95911a3f","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":241,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"93357060-3352-4d91-8f36-ba095983df8b","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"58701287-b953-4dec-8e03-d68414822fc0","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":241,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"b18a97fc-cc89-4ea7-88ed-4e5a00538fd0","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":241,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"2697b52c-0307-4c0b-8b87-2ed0a92961f1","block_type":"box","text":"25","page_number":241,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"092af0aa-f121-45c4-868f-b8883c19a935","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":241,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"263d41f7-b1e8-4a74-bd07-e44fd19cf8f8","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":241,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"39c5d80e-bf5e-4eda-a1bc-7e807e41843a","block_type":"box","text":"RELATED MATTERS","page_number":241,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"184cf2dc-6800-4831-ac71-09c15e419e9c","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":655,"width":771,"height":11}},{"id":"13f8de93-7b59-483b-b831-22dd3ae74c8f","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":241,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"0a3b2a96-0d84-4660-8399-155f926d10de","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":241,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"6936491d-f961-41f4-805c-38aaaa302035","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":241,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"65b5ac80-0bca-4e57-8aa6-a2eb49532457","block_type":"box","text":"Executive compensation","page_number":241,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"da03433c-f6e6-45f3-b446-f4ad1edf40bf","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":241,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"0bd5ae6e-7dfa-4866-8277-22dc36e88c9f","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":241,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"53a5b2dc-ed23-4148-ac78-a571f69964c9","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":241,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"c637e6c2-fa0d-46f1-823a-48054f8fe764","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":241,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"ae909bee-b193-4cb7-a84f-c21bc78310ba","block_type":"box","text":"24","page_number":241,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"e05dff8b-3bd8-4501-9a88-5a3f1f3378e7","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":241,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"cfaa5bc7-dc45-452e-ac0d-f45875e27439","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":241,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"9ca39029-7955-43be-8962-b76f1d4f6729","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":242,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"7d20fa32-3b93-46dd-bb59-c16c17fe771c","block_type":"box","text":"strategy and risk management.","page_number":242,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"4b8ede93-4358-43a4-aa12-26ee7356a0f3","block_type":"box","text":"Auditors and audit-related issues","page_number":242,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"b1616e3f-fd7b-4c8a-8408-ec8c59fc6dec","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":242,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"ede16af3-0861-4709-a4a1-abb48170cc9a","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":242,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"58a0a94b-a2dc-4d49-9e87-418e07abb3d0","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":242,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"4e61a6c6-c981-4802-8eca-ce822b535f87","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":242,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"01a62dfe-5453-4ab1-81c0-1a69d5019f88","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":242,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"599829d7-ee66-4602-a7b9-103afaa0679c","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":242,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"978a8044-8c59-48d2-9be4-08ac5af06e92","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":242,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"ab24cadd-43d5-4a3d-8568-6e4438d1fb82","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":242,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"73cc9ea6-849d-4622-b9fa-e6ca91ff960f","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":242,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"1fc384ba-7733-4db0-9aa5-722ff3b17d5e","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":242,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"329ddf8d-7ca0-48b3-ace2-b5aa5523e02f","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":242,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"c0a1edec-3145-4610-b96c-59cc9ff91bcc","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":242,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"935f21db-619a-4c30-bed6-14dab9bbfe66","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":242,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"2cd1c617-e365-4485-9b7f-ec562333d306","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":242,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"a9c9cfcd-3977-41eb-8d5b-215ccfea0c28","block_type":"box","text":"stakeholders.","page_number":242,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"f2851363-5106-4957-8e3d-01fb4ba74145","block_type":"box","text":"26","page_number":242,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"bbfeb493-48e3-4c41-9443-b1f261006f2b","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":242,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"0bfda45f-a643-40c8-97fe-cf8fbb12d1ca","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":242,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"a8ea8d08-d57a-4dd1-94df-1b7cf8eee505","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":242,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"91cca8f7-b167-4fc4-9f6a-926cd347d753","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":242,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"6dbe13c1-aa49-4f54-8ec6-10058fd5c61f","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":242,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"324f8536-901f-4366-8ba7-1fd5adb398fa","block_type":"box","text":"26","page_number":242,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"4231e97c-452f-4153-b692-a7b526426b1a","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":242,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"78b25dc8-418f-48f0-87ec-852a4c15b6dc","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":242,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"7ba7d560-3c89-403f-94a6-59d5d804ad1f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a82459f7-2277-4935-939f-79e1ca4bace7","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":242,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1dcbbaa0-ace1-4527-a9e1-10ba74c00588","block_type":"box","text":"BNM1026U-6032383-19202705","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fb7e381-b628-433b-ae44-439c0c46ed19","block_type":"box","text":"Appendix 1","page_number":243,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"1899890f-a23e-4172-962f-caf5d7aa0328","block_type":"box","text":"Terminology","page_number":243,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"0f978c9e-f7c1-4414-b904-09632f31730a","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":243,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"897ecf05-3567-45ae-8ef6-cff6c65ebd0a","block_type":"box","text":"Climate risk:","page_number":243,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"c8a24302-6f43-432e-b27f-4dd6609d35df","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":243,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"44f60eba-ea60-42d3-ab60-0657a6bb7663","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":243,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"bfa63066-adfd-4a0d-bd04-f247dedf3c94","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":243,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"f5bd9bb0-2c63-41ce-8295-4eb13a8c3a91","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":243,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"44f38b76-87e9-4c5f-83e9-81882d39aa59","block_type":"box","text":"The global economic shift toward lower","page_number":243,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"59abe70c-8e96-4e9b-8fb0-7181c51cb0ff","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":243,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"bcaac838-1970-46de-b2b7-d6d4dcad9eed","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":243,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"925ca8ea-bb49-43fa-8ea6-16534dead988","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":243,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"ba316c67-07c5-4b44-9502-24dbb19dc3a7","block_type":"box","text":"Decarbonization:","page_number":243,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"bdb60b3f-efbf-4298-bd48-382440293279","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":243,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"ec4d584d-589b-432b-92d9-a5a69bc7043d","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":243,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"83cba9bf-555d-4148-938c-ae587d1adffa","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":243,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"ce74f530-256e-49c3-a727-bc30610586ee","block_type":"box","text":"e.g., methane.","page_number":243,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"2eed4250-5495-48e8-a83c-202d6268d115","block_type":"box","text":"Climate-related risks and opportunities:","page_number":243,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"bf9c1224-c56c-4aac-b4c1-3a0d09fa20a5","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":243,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"3d21a0f2-648f-4882-b0c4-77d06bbc3e17","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":243,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"e13e744f-0211-4f3f-b33f-35a2335aca53","block_type":"box","text":"to physical climate change.","page_number":243,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"6d5e9115-e5fb-4ab5-876a-7b0675822ba9","block_type":"box","text":"Climate-related transition plan:","page_number":243,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"28de5263-3fbf-4985-b1cb-47324e85ccb5","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":243,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"ba5ddcf8-1dec-46f2-8145-663587ca1ccf","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":243,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"da51e26c-8eed-4920-ab8c-bedd64c4e36f","block_type":"box","text":"greenhouse gas emissions.”","page_number":243,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"4b0dc3d0-81a2-4e5a-9767-ff31198d427c","block_type":"box","text":"27","page_number":243,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"6776a3b1-9066-4aee-934b-ef2c6b72d978","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":243,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"8c63516f-5286-4026-8a79-eeb66afae575","block_type":"box","text":"Targets that “","page_number":243,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"26cbf86d-f71a-41d5-a0d6-81578942f08c","block_type":"box","text":"are in line with what the latest climate science","page_number":243,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"45b9a8f7-a911-4491-b905-f3fe9cc486a1","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":243,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"be82d90a-265c-45aa-a9dc-9a0febd46d24","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":243,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"c3244527-5d4b-4f84-8c7d-47a08f053e44","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":243,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"287f20b8-2e9a-4ac8-b736-de4e1d04c858","block_type":"box","text":"with the Paris Agreement goals.”","page_number":243,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"f2ae9b14-27e6-4d7c-9ae1-11dd7567c6bb","block_type":"box","text":"28","page_number":243,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"1c39327b-6a32-4217-8dbd-31e2ccbf3f52","block_type":"box","text":"Scope 1:","page_number":243,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"1852f5fa-44f9-4ada-9418-cf2bba771b04","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":243,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"f62927b6-caf2-407d-9a0c-6911f25391a7","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":243,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"d3c564bb-7140-4df5-bf0b-61195929f35d","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":243,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"6d9c0762-53f2-4f04-a64b-1f71957cb62b","block_type":"box","text":"29","page_number":243,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"37138c9b-67d0-47b0-be46-a24f78506c3c","block_type":"box","text":"Scope 2","page_number":243,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"5fe08d93-1e0a-4caf-b86e-4a54498c3a84","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":243,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"70add1d3-7a97-4b84-8105-f421a75b35b7","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":243,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"883b99a0-e50d-4557-abb3-4836a11c3eaf","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":243,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"a8af407b-dbd0-4038-8380-507d892be895","block_type":"box","text":"30","page_number":243,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"1fa958d7-13f9-461c-891d-a6f31545d6b1","block_type":"box","text":"Scope 3:","page_number":243,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"d0d98c82-d46c-43f4-adc5-051f8a26ec8c","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":243,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"2dce9455-96cc-4f3e-a501-8c915fde8fdf","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":243,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"96330aac-b7db-4218-bbb9-10d6dac4edb0","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":243,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"f2ea27a9-3a38-495b-afad-46aaa49ebc00","block_type":"box","text":"31","page_number":243,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"64fe7c3b-1fa0-4a70-bea0-c4fc08d46264","block_type":"box","text":"27","page_number":243,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"664ca2ab-889d-4a52-bd98-14e1c514fc67","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":243,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"d555e079-6305-43b5-b8b1-e668b6ea8a20","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":243,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"73e70353-59e5-4a19-a545-e4da291f0446","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":243,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"64859b3b-8c52-4fd3-b00a-d9d59e27cc4d","block_type":"box","text":"28","page_number":243,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"36ff720b-bd7f-43d5-ac07-54960f1f24e3","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":243,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"4a1f7caf-75ed-48bf-9d50-16b5272f69cf","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":243,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"ca82a1bc-7f67-4cdd-8d19-01a83eecc5f2","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":243,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"1aadc3b0-03a5-4a93-a2ea-ac618e19b968","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":243,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"529c703e-ed9d-4e4a-a72c-3df48afff4c8","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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