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The Fund may invest in non-U.S.","page_number":4,"box":{"x":516,"y":222,"width":368,"height":12}},{"id":"2b091e14-4977-4d46-9fe6-ba56f12f7ff6","block_type":"box","text":"dollar-denominated bonds on a currency hedged or","page_number":4,"box":{"x":515,"y":237,"width":386,"height":12}},{"id":"95cf76e3-9f60-4f94-90eb-dc8597881ae4","block_type":"box","text":"unhedged basis.","page_number":4,"box":{"x":516,"y":252,"width":127,"height":12}},{"id":"0459e48b-1986-4686-a080-53415e98a218","block_type":"box","text":"With respect to its money market and cash","page_number":4,"box":{"x":515,"y":283,"width":323,"height":12}},{"id":"d1f4092b-1e77-44bd-b67d-ab2886f35cfe","block_type":"box","text":"investments, the Fund may hold high quality money","page_number":4,"box":{"x":516,"y":299,"width":387,"height":12}},{"id":"632af464-4187-4c88-992d-d32215c72706","block_type":"box","text":"market securities, including short term U.S.","page_number":4,"box":{"x":516,"y":314,"width":324,"height":12}},{"id":"2aa5be8a-3ce7-455c-ab4b-3da069dfc8c4","block_type":"box","text":"Government securities, U.S. Government agency","page_number":4,"box":{"x":516,"y":330,"width":370,"height":12}},{"id":"36e2b63b-b2e2-4dc9-93dd-15489e4b2c4e","block_type":"box","text":"securities, securities issued by U.S. Government","page_number":4,"box":{"x":515,"y":345,"width":367,"height":12}},{"id":"4855c149-42d2-4d61-a9e2-d2691ef07885","block_type":"box","text":"sponsored enterprises and U.S. Government","page_number":4,"box":{"x":515,"y":361,"width":338,"height":12}},{"id":"ea4c71f0-3ff5-448b-a178-3a3f4a918c70","block_type":"box","text":"instrumentalities, bank obligations, commercial paper,","page_number":4,"box":{"x":516,"y":376,"width":404,"height":12}},{"id":"88e0dd8b-796a-4305-97f4-ff5e1320478e","block_type":"box","text":"including asset-backed commercial paper, corporate","page_number":4,"box":{"x":516,"y":392,"width":393,"height":12}},{"id":"1a0dd005-e8ec-4c28-8668-d9c54db7e4d5","block_type":"box","text":"notes and repurchase agreements. 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The","page_number":5,"box":{"x":81,"y":517,"width":403,"height":12}},{"id":"09bf01a6-cfc9-4612-9abb-fc60b6c16672","block_type":"box","text":"Fund is subject to certain risks, including the principal","page_number":5,"box":{"x":82,"y":532,"width":401,"height":12}},{"id":"e217f872-b429-419d-80a0-eb405bb1155b","block_type":"box","text":"risks noted below, any of which may adversely affect","page_number":5,"box":{"x":81,"y":548,"width":396,"height":12}},{"id":"3bde959f-8ddb-4b19-b49f-cba045aa36b0","block_type":"box","text":"the Fund’s net asset value per share (“NAV”), trading","page_number":5,"box":{"x":81,"y":563,"width":399,"height":12}},{"id":"8d991a9d-c1ea-4b3a-b614-a50c7839175d","block_type":"box","text":"price, yield, total return and ability to meet its","page_number":5,"box":{"x":81,"y":579,"width":337,"height":12}},{"id":"8013d171-8c58-4586-8309-e6ccebf9ddbf","block_type":"box","text":"investment objective. Unlike many exchange-traded","page_number":5,"box":{"x":81,"y":594,"width":389,"height":12}},{"id":"e6ebd16e-25a6-4599-a6c3-f3624f33000b","block_type":"box","text":"funds (“ETFs”), the Fund is not an index-based ETF.","page_number":5,"box":{"x":80,"y":610,"width":395,"height":12}},{"id":"a2dfd085-719b-40d9-98d9-40962f88399e","block_type":"box","text":"Certain key risks are prioritized below (with others","page_number":5,"box":{"x":81,"y":625,"width":375,"height":12}},{"id":"ed0ec3d4-55ed-4c2b-bab1-24ba94505220","block_type":"box","text":"following in alphabetical order), but the relative","page_number":5,"box":{"x":80,"y":641,"width":352,"height":12}},{"id":"ac288bd9-0554-49e4-a937-b31bd332e72a","block_type":"box","text":"significance of any risk is difficult to predict and may","page_number":5,"box":{"x":81,"y":656,"width":390,"height":12}},{"id":"831ed555-7338-406e-b46c-bc20a7dd52bf","block_type":"box","text":"change over time. You should review each risk factor","page_number":5,"box":{"x":81,"y":672,"width":394,"height":12}},{"id":"de66d510-b421-4908-973d-d73f0fa5370d","block_type":"box","text":"carefully.","page_number":5,"box":{"x":81,"y":687,"width":65,"height":12}},{"id":"0a887d4b-ff4f-40dc-ab70-4138df57aa3c","block_type":"box","text":"Derivatives Risk.","page_number":5,"box":{"x":81,"y":718,"width":133,"height":10}},{"id":"158f111b-efbb-4847-845f-90d00085934d","block_type":"box","text":"The Fund’s use of derivatives may","page_number":5,"box":{"x":220,"y":718,"width":256,"height":12}},{"id":"ea74e8ae-6357-444c-840d-d3ce16ca56c7","block_type":"box","text":"increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":81,"y":734,"width":382,"height":11}},{"id":"886b4669-38cf-4a6b-9466-c1df3cc5d85d","block_type":"box","text":"increase volatility. 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Some derivatives are more sensitive to","page_number":5,"box":{"x":171,"y":889,"width":302,"height":9}},{"id":"20d75eab-1e8b-4836-b3c4-0f356c595468","block_type":"box","text":"interest rate changes and market price fluctuations","page_number":5,"box":{"x":81,"y":904,"width":381,"height":12}},{"id":"9f5f0a2e-19ad-4c05-9cb7-5a14a22a6549","block_type":"box","text":"than other securities. The Fund could also suffer","page_number":5,"box":{"x":515,"y":56,"width":365,"height":10}},{"id":"8d6290e0-ed53-47e9-99e0-25bb3ec1af66","block_type":"box","text":"losses related to its derivatives positions as a result of","page_number":5,"box":{"x":516,"y":71,"width":405,"height":12}},{"id":"69f49e5d-4f2c-46d5-8ccb-bc8634d2e6d4","block_type":"box","text":"unanticipated market movements, which losses are","page_number":5,"box":{"x":516,"y":87,"width":385,"height":12}},{"id":"bc885d89-6746-4b74-b6ce-42c6edc92fa1","block_type":"box","text":"potentially unlimited. 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Hedges are sometimes subject to","page_number":5,"box":{"x":616,"y":738,"width":257,"height":12}},{"id":"2d7b39df-3bec-443d-80c1-ccd4edbfe47b","block_type":"box","text":"imperfect matching between the derivative and the","page_number":5,"box":{"x":516,"y":754,"width":374,"height":12}},{"id":"1d13de6c-bca7-4578-8fd2-5b75201e8c0b","block_type":"box","text":"underlying security, and there can be no assurance","page_number":5,"box":{"x":516,"y":769,"width":380,"height":12}},{"id":"3abaea6c-eb91-48b3-b620-8f2e7cbb235f","block_type":"box","text":"that the Fund’s hedging transactions will be effective.","page_number":5,"box":{"x":515,"y":785,"width":393,"height":12}},{"id":"60da609c-2832-484b-bec3-6ff58262e69a","block_type":"box","text":"The use of hedging may result in certain adverse tax","page_number":5,"box":{"x":515,"y":800,"width":391,"height":12}},{"id":"0ef82574-4b3a-46bf-8c93-e8f297627f35","block_type":"box","text":"consequences.","page_number":5,"box":{"x":515,"y":818,"width":111,"height":10}},{"id":"a231f062-fe04-4353-bfe2-54e6a6dda578","block_type":"box","text":"Tax Risk.","page_number":5,"box":{"x":517,"y":847,"width":66,"height":9}},{"id":"1770c497-6703-4911-a299-75216eb74766","block_type":"box","text":"Certain aspects of the tax treatment of","page_number":5,"box":{"x":585,"y":847,"width":295,"height":12}},{"id":"918f5df3-a475-4a88-938b-140bb487839d","block_type":"box","text":"derivative instruments, including swap agreements","page_number":5,"box":{"x":515,"y":862,"width":381,"height":12}},{"id":"dae593a6-ffab-4713-927b-cb82656adbd9","block_type":"box","text":"and commodity-linked derivative instruments, are","page_number":5,"box":{"x":515,"y":878,"width":370,"height":12}},{"id":"e402afba-52e2-454b-ae70-949f850c37e2","block_type":"box","text":"currently unclear and may be affected by changes in","page_number":5,"box":{"x":515,"y":893,"width":395,"height":12}},{"id":"10821970-6926-4ba1-b73c-c586148f1328","block_type":"box","text":"legislation, regulations or other legally binding","page_number":5,"box":{"x":516,"y":909,"width":338,"height":12}},{"id":"a1d59a3f-f86f-4f0b-990d-4dba49730875","block_type":"box","text":"S-3","page_number":5,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"cfb04a39-3606-4c5d-9556-086053f5232c","block_type":"box","text":"NM1026U-6042719-5/56","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1ec5aedd-6631-4367-88f7-b86990824042","block_type":"box","text":"authority. Such treatment may be less favorable than","page_number":6,"box":{"x":81,"y":56,"width":398,"height":12}},{"id":"a8e12134-6e00-41df-bbfc-e959989fc61f","block_type":"box","text":"that given to a direct investment in an underlying","page_number":6,"box":{"x":81,"y":72,"width":365,"height":12}},{"id":"8482f8e7-3a25-4f29-b965-d9cb148cc3b9","block_type":"box","text":"asset and may adversely affect the timing, character","page_number":6,"box":{"x":81,"y":87,"width":393,"height":12}},{"id":"c543a59d-a84b-47e4-896d-993048ea0e78","block_type":"box","text":"and amount of income the Fund realizes from its","page_number":6,"box":{"x":81,"y":102,"width":364,"height":10}},{"id":"dd1c119c-93cd-404c-8dbf-af193cc28f71","block_type":"box","text":"investments.","page_number":6,"box":{"x":81,"y":118,"width":98,"height":10}},{"id":"9af45d01-03a5-42ad-bbe2-ded7564ae196","block_type":"box","text":"Equity Securities Risk.","page_number":6,"box":{"x":81,"y":149,"width":186,"height":12}},{"id":"5bd898f8-72df-45d7-8aed-afde2ed3bc85","block_type":"box","text":"Stock markets are volatile.","page_number":6,"box":{"x":267,"y":149,"width":202,"height":10}},{"id":"f0b50be2-691f-41bd-ba18-e0dd20e6cd28","block_type":"box","text":"The price of equity securities fluctuates based on","page_number":6,"box":{"x":81,"y":165,"width":369,"height":12}},{"id":"f79e1ff1-ea35-4bea-b9e3-72647a6ba5c4","block_type":"box","text":"changes in a company’s financial condition and","page_number":6,"box":{"x":81,"y":180,"width":356,"height":12}},{"id":"b076171b-156c-4cab-a7fb-d44989cee5c0","block_type":"box","text":"overall market and economic conditions.","page_number":6,"box":{"x":81,"y":196,"width":304,"height":9}},{"id":"c6b16ded-b551-41b2-8884-aec651f4c7d1","block_type":"box","text":"Debt Securities Risk.","page_number":6,"box":{"x":81,"y":227,"width":171,"height":9}},{"id":"e262fdae-b120-4db8-a1f5-a6788f3980e4","block_type":"box","text":"Debt securities, such as","page_number":6,"box":{"x":254,"y":227,"width":182,"height":11}},{"id":"1d129da8-910b-49dd-b79a-1fc6e4e5d222","block_type":"box","text":"bonds, involve risks, such as credit risk, interest rate","page_number":6,"box":{"x":81,"y":242,"width":393,"height":11}},{"id":"1c8fb806-4618-4eb3-b0cf-097e1ea2c839","block_type":"box","text":"risk, extension risk, and prepayment risk, each of","page_number":6,"box":{"x":81,"y":258,"width":369,"height":12}},{"id":"21364a34-f6e3-40a4-a509-8b530e1fc03d","block_type":"box","text":"which is described in further detail below:","page_number":6,"box":{"x":80,"y":273,"width":312,"height":10}},{"id":"00867446-1434-4fac-a623-881e95cbd61e","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":304,"width":82,"height":10}},{"id":"624f8b92-c7c6-4d6e-b9b4-ecc35ceee24d","block_type":"box","text":". Credit risk refers to the possibility that the","page_number":6,"box":{"x":164,"y":304,"width":322,"height":12}},{"id":"40bf44a7-6c74-4644-9957-2c83b2e06e0f","block_type":"box","text":"issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":81,"y":320,"width":404,"height":12}},{"id":"5d8698c6-d576-4ecb-ae9e-d8a683acd84d","block_type":"box","text":"able to make payments of interest and principal when","page_number":6,"box":{"x":81,"y":335,"width":402,"height":12}},{"id":"14b94dd2-fca7-4286-8cf8-b55c711b7e19","block_type":"box","text":"due. Changes in an issuer’s credit rating or the","page_number":6,"box":{"x":81,"y":351,"width":352,"height":12}},{"id":"4259d3aa-8add-44fa-9f13-c5333c51c133","block_type":"box","text":"market’s perception of an issuer’s creditworthiness","page_number":6,"box":{"x":81,"y":366,"width":381,"height":12}},{"id":"306eedb0-0942-4772-9271-04fd81b1a7e5","block_type":"box","text":"may also affect the value of the Fund’s investment in","page_number":6,"box":{"x":81,"y":382,"width":396,"height":12}},{"id":"ba6ce6b6-4fdf-49d5-be6f-c8ba91bc2dc4","block_type":"box","text":"that issuer. The degree of credit risk depends on both","page_number":6,"box":{"x":81,"y":397,"width":403,"height":12}},{"id":"1a00dd21-22fc-4931-840a-18c0064e45b6","block_type":"box","text":"the financial condition of the issuer and the terms of","page_number":6,"box":{"x":81,"y":413,"width":389,"height":9}},{"id":"53493c69-8078-452c-8c66-1ec720c41842","block_type":"box","text":"the obligation.","page_number":6,"box":{"x":81,"y":428,"width":109,"height":12}},{"id":"4e4d16b7-d884-4d29-8ae5-f9e8db2dc68e","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":81,"y":459,"width":134,"height":10}},{"id":"bbe1300e-dfdd-4bdc-bde1-d0b1e88cfae0","block_type":"box","text":". The market value of bonds and","page_number":6,"box":{"x":216,"y":459,"width":244,"height":10}},{"id":"4e80e3a1-064a-4e4b-9180-699b838b41ab","block_type":"box","text":"other fixed-income securities changes in response to","page_number":6,"box":{"x":81,"y":475,"width":397,"height":12}},{"id":"513a3b75-d28d-4c96-b19b-2d541dd48e8f","block_type":"box","text":"interest rate changes and other factors. Interest rate","page_number":6,"box":{"x":81,"y":490,"width":392,"height":12}},{"id":"0721445a-1c3e-4775-a8e0-34163439fc10","block_type":"box","text":"risk is the risk that prices of bonds and other fixed","page_number":6,"box":{"x":81,"y":506,"width":374,"height":12}},{"id":"26391cd0-2619-4a32-8bea-51ee7b6e71df","block_type":"box","text":"income securities will increase as interest rates fall","page_number":6,"box":{"x":81,"y":521,"width":381,"height":10}},{"id":"d7e11f47-f606-4692-92dd-a17e4337b25c","block_type":"box","text":"and decrease as interest rates rise. The Fund may be","page_number":6,"box":{"x":81,"y":537,"width":404,"height":12}},{"id":"0d32a17e-97a7-4921-8d9c-a9abe5edf6e2","block_type":"box","text":"subject to a greater risk of rising interest rates during","page_number":6,"box":{"x":81,"y":552,"width":396,"height":12}},{"id":"0369792f-bb33-45ae-88cf-61b3a5e044e4","block_type":"box","text":"a period of low interest rates. For example, if interest","page_number":6,"box":{"x":81,"y":568,"width":396,"height":12}},{"id":"21a8f599-e0eb-4001-b499-568f816bc265","block_type":"box","text":"rates increase by 1%, assuming a current portfolio","page_number":6,"box":{"x":81,"y":583,"width":378,"height":12}},{"id":"dcc07b2f-ddc5-4313-a135-e4ebd9a2168e","block_type":"box","text":"duration of ten years, and all other factors being","page_number":6,"box":{"x":81,"y":599,"width":361,"height":12}},{"id":"0b8abc22-0974-438b-9835-d9f1c10d6bb7","block_type":"box","text":"equal, the value of the Fund’s investments would be","page_number":6,"box":{"x":81,"y":614,"width":391,"height":12}},{"id":"c44e1fbe-ea0d-43af-8e8f-4f7fcf0c5b97","block_type":"box","text":"expected to decrease by 10%. (Duration is a measure","page_number":6,"box":{"x":81,"y":630,"width":405,"height":12}},{"id":"9c25f8e8-3ce6-4cbf-82e1-870fede4c9e3","block_type":"box","text":"of the price sensitivity of a debt security or portfolio of","page_number":6,"box":{"x":81,"y":645,"width":401,"height":12}},{"id":"cfef30a4-ded8-47ee-9870-080d278b6d7a","block_type":"box","text":"debt securities to relative changes in interest rates.)","page_number":6,"box":{"x":81,"y":661,"width":383,"height":12}},{"id":"addbd1e5-b694-4218-9cce-892ba3efcb43","block_type":"box","text":"The magnitude of these fluctuations in the market","page_number":6,"box":{"x":81,"y":676,"width":368,"height":12}},{"id":"55c0a441-718c-4588-81aa-31c4525c3be6","block_type":"box","text":"price of bonds and other fixed-income securities is","page_number":6,"box":{"x":81,"y":692,"width":373,"height":12}},{"id":"c85d7841-4f74-4683-ae76-383620147955","block_type":"box","text":"generally greater for those securities with longer","page_number":6,"box":{"x":81,"y":707,"width":358,"height":12}},{"id":"d6dd57b4-ab78-4b11-8567-8fec17ee39d7","block_type":"box","text":"maturities. Fluctuations in the market price of the","page_number":6,"box":{"x":81,"y":723,"width":362,"height":12}},{"id":"d3954e71-b10f-4a3d-a3d5-97adb1275e39","block_type":"box","text":"Fund’s investments will not affect interest income","page_number":6,"box":{"x":82,"y":738,"width":364,"height":10}},{"id":"445621a2-603c-451f-a6a4-63fc9622257c","block_type":"box","text":"derived from instruments already owned by the Fund,","page_number":6,"box":{"x":81,"y":754,"width":396,"height":12}},{"id":"641e0aeb-33af-42a7-9067-188481b0e4ce","block_type":"box","text":"but will be reflected in the Fund’s net asset value. 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In addition,","page_number":8,"box":{"x":81,"y":242,"width":389,"height":12}},{"id":"3d37b705-d536-40c9-966d-69696c34bf7c","block_type":"box","text":"transactions in corporate loans may settle on a delayed","page_number":8,"box":{"x":81,"y":258,"width":406,"height":12}},{"id":"5c2eccc0-1ea2-49ec-a06b-11744a342f9e","block_type":"box","text":"basis. As a result, the proceeds from the sale of","page_number":8,"box":{"x":81,"y":273,"width":352,"height":12}},{"id":"25031e93-1026-4bb5-8dfa-dc8f1ebbefdd","block_type":"box","text":"corporate loans may not be readily available to make","page_number":8,"box":{"x":81,"y":289,"width":389,"height":12}},{"id":"b0bfac82-6e6b-4316-bef8-951e553abe33","block_type":"box","text":"additional investments or to meet the Fund’s","page_number":8,"box":{"x":81,"y":304,"width":327,"height":10}},{"id":"2d826d1b-4606-49a2-a639-0eca53ef1051","block_type":"box","text":"redemption obligations. 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If the index measuring inflation falls, the","page_number":10,"box":{"x":81,"y":537,"width":355,"height":12}},{"id":"c15f123c-e9dd-4a9f-8958-4b40921f223c","block_type":"box","text":"principal value of inflation-indexed bonds will be","page_number":10,"box":{"x":81,"y":552,"width":359,"height":12}},{"id":"6bc138b2-9175-4bad-9dd5-a0e5ad1174bc","block_type":"box","text":"adjusted downward, and consequently the interest","page_number":10,"box":{"x":81,"y":568,"width":378,"height":12}},{"id":"683478dd-6352-4ae6-944f-df79b3ba0a33","block_type":"box","text":"payable on these securities (calculated with respect to","page_number":10,"box":{"x":81,"y":583,"width":407,"height":12}},{"id":"28e827dd-dd8c-48b9-97af-1073b1b2f939","block_type":"box","text":"a smaller principal amount) will be reduced.","page_number":10,"box":{"x":81,"y":599,"width":328,"height":12}},{"id":"d2848e9d-4942-4839-acb7-107793b0108e","block_type":"box","text":"Any increase in the principal amount of an inflation","page_number":10,"box":{"x":80,"y":630,"width":381,"height":12}},{"id":"63be60b7-e1bc-4cb7-9e83-a9daeb1dceef","block_type":"box","text":"indexed bond will be considered taxable ordinary","page_number":10,"box":{"x":81,"y":645,"width":368,"height":12}},{"id":"0f3d2356-72f2-493d-95f3-664a41ae80bf","block_type":"box","text":"income, even though investors do not receive their","page_number":10,"box":{"x":81,"y":661,"width":376,"height":12}},{"id":"b73aa4aa-d97a-46ef-b270-99f4a345413f","block_type":"box","text":"principal until maturity. Periodic adjustments for","page_number":10,"box":{"x":81,"y":676,"width":352,"height":12}},{"id":"74b29443-2e90-4ee4-b142-b12cc1559d5a","block_type":"box","text":"inflation to the principal amount of an inflation-indexed","page_number":10,"box":{"x":81,"y":692,"width":401,"height":12}},{"id":"d65a8110-6325-4212-82fa-e26917b952bb","block_type":"box","text":"bond may give rise to original issue discount, which","page_number":10,"box":{"x":81,"y":707,"width":381,"height":12}},{"id":"891d7508-2759-41e5-bab1-4d0d6dd74d2c","block_type":"box","text":"will be includable in the Fund’s gross income. Due to","page_number":10,"box":{"x":80,"y":723,"width":391,"height":12}},{"id":"68110cc9-8973-4d44-9c86-bdc62db1b64d","block_type":"box","text":"original issue discount, the Fund may be required to","page_number":10,"box":{"x":81,"y":738,"width":385,"height":12}},{"id":"d1be60d3-59fd-43e7-b5cd-9080527faad8","block_type":"box","text":"make annual distributions to shareholders that exceed","page_number":10,"box":{"x":81,"y":754,"width":401,"height":9}},{"id":"36ded755-fadf-4ea8-aaad-087df6a48fcc","block_type":"box","text":"the cash received, which may cause the Fund to","page_number":10,"box":{"x":81,"y":769,"width":359,"height":12}},{"id":"b9fa995d-8390-4b06-a560-f01f509850f5","block_type":"box","text":"liquidate certain investments when it is not","page_number":10,"box":{"x":81,"y":785,"width":314,"height":12}},{"id":"190be039-2114-4b0f-96e7-28c8904ccbbc","block_type":"box","text":"advantageous to do so. Also, if the principal value of","page_number":10,"box":{"x":81,"y":800,"width":389,"height":12}},{"id":"cda09fd0-7225-4fac-b8b2-83db057aff0e","block_type":"box","text":"an inflation-indexed bond is adjusted downward due","page_number":10,"box":{"x":81,"y":816,"width":386,"height":12}},{"id":"938a0d08-098b-43d8-abf8-2206a042a8b2","block_type":"box","text":"to deflation, amounts previously distributed in the","page_number":10,"box":{"x":81,"y":831,"width":369,"height":12}},{"id":"1bf055bf-9732-4edb-9a1a-6d3e9312e568","block_type":"box","text":"taxable year may be characterized in some","page_number":10,"box":{"x":81,"y":847,"width":325,"height":12}},{"id":"376eb7bd-253b-4538-a052-6ee942fb5b21","block_type":"box","text":"circumstances as a return of capital.","page_number":10,"box":{"x":81,"y":862,"width":274,"height":12}},{"id":"b6c6b289-ce04-4f93-83ab-3db5123b4086","block_type":"box","text":"Investment Style Risk.","page_number":10,"box":{"x":81,"y":893,"width":183,"height":12}},{"id":"f3fcd07d-b773-48ca-889b-9f1fbfe22ec4","block_type":"box","text":"Under certain market","page_number":10,"box":{"x":265,"y":893,"width":161,"height":10}},{"id":"93b56505-77f3-4543-a266-fafae1fc6438","block_type":"box","text":"conditions, growth investments have performed better","page_number":10,"box":{"x":81,"y":909,"width":400,"height":12}},{"id":"0d711637-9ee9-4f2a-8c4f-31f7cf07e6c2","block_type":"box","text":"during the later stages of economic expansion and","page_number":10,"box":{"x":515,"y":56,"width":380,"height":12}},{"id":"1f611b2d-88cb-4d7a-b301-7b11b0b4cac8","block_type":"box","text":"value investments have performed better during","page_number":10,"box":{"x":515,"y":71,"width":361,"height":13}},{"id":"bc2b9e21-8ef4-46b9-bf29-227674c868fc","block_type":"box","text":"periods of economic recovery. 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Large","page_number":10,"box":{"x":516,"y":227,"width":396,"height":12}},{"id":"6d819dd5-7f28-4bc1-b849-a14c8c41629e","block_type":"box","text":"capitalization companies may be more mature and","page_number":10,"box":{"x":515,"y":242,"width":380,"height":12}},{"id":"ef5ad6f4-37ce-490a-b358-d9499b29e129","block_type":"box","text":"subject to more limited growth potential compared","page_number":10,"box":{"x":515,"y":258,"width":376,"height":12}},{"id":"7fc20ffc-f5e4-478f-8941-70a6543ba9a9","block_type":"box","text":"with smaller-capitalization companies. The","page_number":10,"box":{"x":515,"y":273,"width":320,"height":12}},{"id":"7f07de12-aa47-43fc-b666-f8cb0ff16b3e","block_type":"box","text":"performance of large-capitalization companies could","page_number":10,"box":{"x":516,"y":289,"width":392,"height":12}},{"id":"743a38c5-4764-4cb0-a705-bb89c832bcab","block_type":"box","text":"trail the overall performance of the broader securities","page_number":10,"box":{"x":515,"y":304,"width":398,"height":12}},{"id":"1af79463-cd51-4df3-ab68-e4add246a537","block_type":"box","text":"markets.","page_number":10,"box":{"x":516,"y":320,"width":68,"height":9}},{"id":"282eb6d5-aa47-429e-81d1-286a3353508d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption","page_number":10,"box":{"x":515,"y":351,"width":390,"height":12}},{"id":"c5283d6d-b1a7-4fb8-97c0-76b40d6a2693","block_type":"box","text":"Risk.","page_number":10,"box":{"x":515,"y":366,"width":45,"height":10}},{"id":"a8213fbb-cee5-4492-a718-8775931464b0","block_type":"box","text":"Certain shareholders, including an Authorized","page_number":10,"box":{"x":560,"y":366,"width":345,"height":12}},{"id":"263f301e-d80f-43ad-8185-bfe7365f91a5","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser","page_number":10,"box":{"x":516,"y":382,"width":393,"height":12}},{"id":"97859bbc-e93e-4995-9d7a-8d9d598b7692","block_type":"box","text":"or an affiliate of the Fund’s adviser, a market maker,","page_number":10,"box":{"x":515,"y":397,"width":393,"height":11}},{"id":"16bb6c03-36cb-4097-b4c0-acccdc3a1c19","block_type":"box","text":"or another entity, may from time to time own or","page_number":10,"box":{"x":515,"y":413,"width":353,"height":12}},{"id":"a15fc915-839d-4775-9717-6f4d8b7024c9","block_type":"box","text":"manage a substantial amount of Fund shares, or may","page_number":10,"box":{"x":516,"y":428,"width":402,"height":12}},{"id":"7d40aa22-7da1-4a6d-baf2-e85dc561eff0","block_type":"box","text":"invest in the Fund and hold their investment for a","page_number":10,"box":{"x":516,"y":444,"width":367,"height":9}},{"id":"7aee02f1-3b82-4f8c-9876-17b7a7363211","block_type":"box","text":"limited period of time. There can be no assurance that","page_number":10,"box":{"x":516,"y":459,"width":406,"height":12}},{"id":"295cb0b7-f840-45b6-9bf8-1adbf5d3e780","block_type":"box","text":"any large shareholder or large group of shareholders","page_number":10,"box":{"x":515,"y":475,"width":397,"height":12}},{"id":"393f92de-7eb6-4d8e-8351-ffac907c343a","block_type":"box","text":"would not redeem their investment.","page_number":10,"box":{"x":515,"y":490,"width":266,"height":10}},{"id":"9d5477bf-6a08-4f22-8069-bfc0f4e5f33f","block_type":"box","text":"Redemptions of a large number of Fund shares could","page_number":10,"box":{"x":516,"y":521,"width":401,"height":12}},{"id":"b4356f56-fde0-4809-a636-35da06f7ff5c","block_type":"box","text":"require the Fund to dispose of assets to meet the","page_number":10,"box":{"x":516,"y":537,"width":369,"height":12}},{"id":"c8408413-b95f-428d-afcf-0aa058aa4d1b","block_type":"box","text":"redemption requests, which can accelerate the","page_number":10,"box":{"x":516,"y":552,"width":351,"height":12}},{"id":"4a86af8d-1ec8-4c06-9f35-946898549f1d","block_type":"box","text":"realization of taxable income and/or capital gains and","page_number":10,"box":{"x":516,"y":568,"width":400,"height":12}},{"id":"32261ecf-0732-4b47-bf6a-f57bea4d47b7","block_type":"box","text":"cause the Fund to make taxable distributions to its","page_number":10,"box":{"x":515,"y":583,"width":379,"height":10}},{"id":"fd90f06a-b01b-4af8-b258-f18b27950837","block_type":"box","text":"shareholders earlier than the Fund otherwise would","page_number":10,"box":{"x":515,"y":599,"width":387,"height":9}},{"id":"b3bcf855-2cd8-42b8-9836-860a4529b9be","block_type":"box","text":"have. 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The Fund","page_number":13,"box":{"x":81,"y":506,"width":387,"height":12}},{"id":"bde97eaa-dfda-476c-b440-3ee0dc4ac34a","block_type":"box","text":"could lose money if it is unable to recover the","page_number":13,"box":{"x":81,"y":521,"width":341,"height":12}},{"id":"09bd113b-dc67-44ed-9746-f7e20a825faa","block_type":"box","text":"securities and the value of the collateral held by the","page_number":13,"box":{"x":81,"y":537,"width":387,"height":12}},{"id":"223e4050-e651-44cc-9058-a071e5c29c5f","block_type":"box","text":"Fund, including the value of the investments made","page_number":13,"box":{"x":82,"y":552,"width":378,"height":12}},{"id":"bfa6e5cf-fc78-4648-8dee-4da4db697345","block_type":"box","text":"with cash collateral, is less than the value of the","page_number":13,"box":{"x":80,"y":568,"width":361,"height":11}},{"id":"d3dc69a3-ffd9-446f-bdc9-d9a402bc6e9e","block_type":"box","text":"securities. 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Because","page_number":13,"box":{"x":80,"y":878,"width":371,"height":12}},{"id":"98ced1f4-a0f9-49a9-bd7b-8d22f4adf680","block_type":"box","text":"assignments may be arranged through private","page_number":13,"box":{"x":81,"y":893,"width":347,"height":12}},{"id":"eb3a30a8-9d83-466c-887e-ad65753a3b05","block_type":"box","text":"negotiations between potential assignees and","page_number":13,"box":{"x":81,"y":909,"width":339,"height":12}},{"id":"ecc02601-f40a-4cd4-ae6c-034f1832623e","block_type":"box","text":"potential assignors, the rights and obligations","page_number":13,"box":{"x":516,"y":56,"width":340,"height":12}},{"id":"53a606a9-a06f-4636-b256-1335b12ad9f8","block_type":"box","text":"acquired by the Fund as the purchaser of an","page_number":13,"box":{"x":515,"y":71,"width":335,"height":13}},{"id":"75d3c5b7-75e9-4786-b9b3-8400f68c64ed","block_type":"box","text":"assignment may differ from, and be more limited than,","page_number":13,"box":{"x":515,"y":87,"width":407,"height":12}},{"id":"428168cd-70df-44b9-bade-81a122ca777c","block_type":"box","text":"those held by the assigning lender. 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As a","page_number":13,"box":{"x":516,"y":304,"width":359,"height":12}},{"id":"bcb85bd0-c61e-4e18-9b51-54bce00f2ced","block_type":"box","text":"result, the Fund will be subject to the credit risk of","page_number":13,"box":{"x":516,"y":320,"width":372,"height":12}},{"id":"dd2b485c-a5e2-4b1c-bdef-cdd8a753a23f","block_type":"box","text":"both the borrower and the lender that is selling the","page_number":13,"box":{"x":516,"y":335,"width":378,"height":12}},{"id":"e60a2a56-99f6-452d-8bf7-b948990eda32","block_type":"box","text":"participation. 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Because","page_number":13,"box":{"x":515,"y":475,"width":402,"height":9}},{"id":"78938737-8229-4bec-8b5c-6790d108aaa0","block_type":"box","text":"second lien loans are subordinated or unsecured and","page_number":13,"box":{"x":515,"y":490,"width":401,"height":10}},{"id":"17a3a8b5-1ff4-40b8-bfef-2e4b1399b791","block_type":"box","text":"thus lower in priority of payment to senior loans, they","page_number":13,"box":{"x":515,"y":506,"width":397,"height":12}},{"id":"415ee1da-a342-4791-bc20-aa274041a6aa","block_type":"box","text":"are subject to the additional risk that the cash flow of","page_number":13,"box":{"x":515,"y":521,"width":396,"height":12}},{"id":"cfe211d9-c694-4e29-aed1-ba4bfef6c07e","block_type":"box","text":"the borrower and property securing the loan or debt, if","page_number":13,"box":{"x":515,"y":537,"width":406,"height":12}},{"id":"ebe1fa9a-0d86-4165-a742-831bc651b4e8","block_type":"box","text":"any, may be insufficient to meet scheduled payments","page_number":13,"box":{"x":515,"y":552,"width":400,"height":12}},{"id":"76769d7c-90a9-45ad-aa3c-9d589d7aa677","block_type":"box","text":"after giving effect to the senior secured obligations of","page_number":13,"box":{"x":515,"y":568,"width":398,"height":12}},{"id":"66efe52e-ed88-434a-9d4f-65e0ecbd8007","block_type":"box","text":"the borrower.","page_number":13,"box":{"x":515,"y":583,"width":104,"height":10}},{"id":"664569dc-a98c-40bb-a350-c43ac606ce97","block_type":"box","text":"Senior Loans Risk.","page_number":13,"box":{"x":516,"y":614,"width":149,"height":10}},{"id":"c8b8fe11-846b-450c-86d5-6338e2f41d52","block_type":"box","text":"There is less readily available,","page_number":13,"box":{"x":666,"y":614,"width":235,"height":12}},{"id":"3499fc27-52db-4ad2-8dbd-bb6f3ffad6f6","block_type":"box","text":"reliable information about most senior loans than is","page_number":13,"box":{"x":516,"y":630,"width":383,"height":9}},{"id":"b55e32e2-18d8-41e3-a0f8-a76040c5af26","block_type":"box","text":"the case for many other types of securities. An","page_number":13,"box":{"x":515,"y":645,"width":351,"height":12}},{"id":"a606afff-1c95-4d16-bae7-7501af502f97","block_type":"box","text":"economic downturn generally leads to a higher non","page_number":13,"box":{"x":515,"y":661,"width":385,"height":12}},{"id":"e33edf8a-47c3-42dc-b74d-5139deb87557","block_type":"box","text":"payment rate, and a senior loan may lose significant","page_number":13,"box":{"x":516,"y":676,"width":387,"height":12}},{"id":"123db994-a6de-474d-9c82-5304116cee67","block_type":"box","text":"value before a default occurs. Moreover, any specific","page_number":13,"box":{"x":515,"y":692,"width":394,"height":12}},{"id":"12ee3c3d-af71-4996-85a2-619aaf90a3ff","block_type":"box","text":"collateral used to secure a senior loan may decline in","page_number":13,"box":{"x":515,"y":707,"width":394,"height":12}},{"id":"14867b01-3c2a-4d65-8971-681075eeabb3","block_type":"box","text":"value or become illiquid, which would adversely affect","page_number":13,"box":{"x":515,"y":723,"width":399,"height":12}},{"id":"c4759b75-e66a-4b67-9639-1b5e06823e17","block_type":"box","text":"the senior loan’s value. No active trading market may","page_number":13,"box":{"x":515,"y":738,"width":395,"height":12}},{"id":"d0eb5f53-d6c0-4e3a-ae67-cac9c645d84a","block_type":"box","text":"exist for certain senior loans, which may impair the","page_number":13,"box":{"x":515,"y":754,"width":376,"height":12}},{"id":"5eb1ba31-e087-479c-8b70-c8a50e6e6067","block_type":"box","text":"ability of the Fund to realize full value in the event of","page_number":13,"box":{"x":515,"y":769,"width":388,"height":12}},{"id":"eec831bf-8105-4029-8e0c-a0bccdd70faf","block_type":"box","text":"the need to sell a senior loan and which may make it","page_number":13,"box":{"x":515,"y":785,"width":391,"height":12}},{"id":"2556923e-5cbd-4b2f-94a8-8f2a6c5ff957","block_type":"box","text":"difficult to value senior loans. Although senior loans in","page_number":13,"box":{"x":515,"y":800,"width":399,"height":12}},{"id":"5ff6be4a-e492-49e1-9769-9f1b9295d11e","block_type":"box","text":"which the Fund will invest generally will be secured by","page_number":13,"box":{"x":515,"y":816,"width":401,"height":12}},{"id":"0abb9eeb-3509-4ed4-8db9-69c0554fe0f6","block_type":"box","text":"specific collateral, there can be no assurance that","page_number":13,"box":{"x":515,"y":831,"width":374,"height":12}},{"id":"90714a25-80a9-47eb-b82e-21f599139615","block_type":"box","text":"liquidation of such collateral would satisfy the","page_number":13,"box":{"x":516,"y":847,"width":339,"height":12}},{"id":"7a1a1f0a-8b89-4dcd-97d2-caf3e5a01b99","block_type":"box","text":"borrower’s obligation in the event of non-payment of","page_number":13,"box":{"x":516,"y":862,"width":391,"height":12}},{"id":"c07743b4-f533-4b9b-816f-c13afdcbb5a6","block_type":"box","text":"scheduled interest or principal or that such collateral","page_number":13,"box":{"x":515,"y":878,"width":393,"height":12}},{"id":"0e9ac7f4-71af-403e-92cb-384917c1f0a1","block_type":"box","text":"could be readily liquidated. To the extent that a senior","page_number":13,"box":{"x":515,"y":893,"width":404,"height":12}},{"id":"68a85619-dd2b-46b8-94fc-aa4282c47e90","block_type":"box","text":"loan is collateralized by stock in the borrower or its","page_number":13,"box":{"x":516,"y":909,"width":374,"height":12}},{"id":"266b3eba-9007-403b-84a1-41695067600b","block_type":"box","text":"S-11","page_number":13,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"90e5328c-3231-42b9-9236-dfaae1314508","block_type":"box","text":"NM1026U-6042719-13/56","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0fc8b459-daa7-4625-90c4-1667d20f559f","block_type":"box","text":"subsidiaries, such stock may lose all of its value in the","page_number":14,"box":{"x":81,"y":56,"width":406,"height":12}},{"id":"d7cca4fc-ab5d-4fca-bef5-514f95f086b5","block_type":"box","text":"event of the bankruptcy of the borrower.","page_number":14,"box":{"x":81,"y":71,"width":302,"height":13}},{"id":"c0377f09-8249-4aa7-ac59-d2d469c58496","block_type":"box","text":"Uncollateralized senior loans involve a greater risk of","page_number":14,"box":{"x":82,"y":87,"width":397,"height":12}},{"id":"09c25c62-b002-4b28-aff5-c227f0787cb2","block_type":"box","text":"loss. The senior loans in which the Fund invests are","page_number":14,"box":{"x":81,"y":103,"width":390,"height":9}},{"id":"d51b44e4-ddd7-470a-b16e-79fa6d44b369","block_type":"box","text":"usually rated below investment grade. Senior loans","page_number":14,"box":{"x":81,"y":118,"width":385,"height":12}},{"id":"5a65785a-f77b-4270-83ee-d9704d59c6fa","block_type":"box","text":"made in connection with highly leveraged transactions","page_number":14,"box":{"x":81,"y":134,"width":407,"height":12}},{"id":"d2ff247e-ca3b-4515-8d42-0cc4b357bb21","block_type":"box","text":"are subject to greater risks than other senior loans.","page_number":14,"box":{"x":81,"y":149,"width":383,"height":12}},{"id":"0dddca5e-58cd-449d-8730-d4a92e4b70a6","block_type":"box","text":"For example, the risks of default or bankruptcy of the","page_number":14,"box":{"x":82,"y":165,"width":396,"height":12}},{"id":"539f1270-2b38-452a-ba82-a99cf5a64db4","block_type":"box","text":"borrower or the risks that other creditors of the","page_number":14,"box":{"x":81,"y":180,"width":350,"height":10}},{"id":"4fd29478-73f3-4dc5-881a-2e58140f40fb","block_type":"box","text":"borrower may seek to nullify or subordinate the","page_number":14,"box":{"x":81,"y":196,"width":354,"height":12}},{"id":"1a4f826e-cee9-4e1e-8f1c-0595c45e8361","block_type":"box","text":"Fund’s claims on any collateral securing the loan are","page_number":14,"box":{"x":82,"y":211,"width":395,"height":12}},{"id":"7272027f-e0ad-49b3-b2d0-ecb1eab167d9","block_type":"box","text":"greater in highly leveraged transactions.","page_number":14,"box":{"x":81,"y":227,"width":302,"height":12}},{"id":"61209a33-be77-41c3-b7bb-17187c7ea403","block_type":"box","text":"Short Sales and Short Position Risk","page_number":14,"box":{"x":81,"y":258,"width":288,"height":9}},{"id":"5de1a2d5-7e0a-47f7-8875-a65fb5be0386","block_type":"box","text":". Because","page_number":14,"box":{"x":369,"y":258,"width":78,"height":9}},{"id":"2a482d3a-fd0d-442e-82de-f5b507ea8888","block_type":"box","text":"making short sales or taking short positions in","page_number":14,"box":{"x":81,"y":273,"width":345,"height":12}},{"id":"56b98d44-acbd-4b34-a04d-08166c34ef6b","block_type":"box","text":"securities that it does not own would expose the Fund","page_number":14,"box":{"x":81,"y":289,"width":404,"height":12}},{"id":"ded35a28-6d09-4909-827b-90bd7ad7c2c7","block_type":"box","text":"to the risks associated with those securities, such","page_number":14,"box":{"x":81,"y":304,"width":372,"height":11}},{"id":"026e3ad4-8609-4bc3-9bea-982362e3ad4b","block_type":"box","text":"short sales or positions involve speculative exposure","page_number":14,"box":{"x":81,"y":320,"width":396,"height":12}},{"id":"5c9121a4-0a92-4ccf-8d2b-f226e24bc876","block_type":"box","text":"risk. In such situations, the Fund will incur a loss as a","page_number":14,"box":{"x":81,"y":335,"width":400,"height":11}},{"id":"b6b68e0c-73f1-494f-a8af-3e1c86eaba52","block_type":"box","text":"result of a short sale or position if the price of the","page_number":14,"box":{"x":81,"y":351,"width":367,"height":12}},{"id":"b1ac7118-ce5c-4a56-9cd0-0dd5dc0c844f","block_type":"box","text":"reference instrument increases after the Fund entered","page_number":14,"box":{"x":81,"y":366,"width":407,"height":10}},{"id":"f5e96ee0-7d69-48b6-ae1c-d1f54378b2e7","block_type":"box","text":"into the short sale or position. The Fund may engage","page_number":14,"box":{"x":81,"y":382,"width":398,"height":12}},{"id":"dec04705-3771-4e9d-9252-ebd21afe291f","block_type":"box","text":"in short sales and gain short exposure through certain","page_number":14,"box":{"x":81,"y":397,"width":405,"height":12}},{"id":"3ff9d305-7770-4bf9-a726-0d93a5d4bf5a","block_type":"box","text":"derivative instruments, such as futures, options or","page_number":14,"box":{"x":81,"y":413,"width":375,"height":12}},{"id":"6b16da80-eb9a-4356-9878-bd5016d0eced","block_type":"box","text":"swaps. The Fund may lose more money than the","page_number":14,"box":{"x":81,"y":428,"width":369,"height":12}},{"id":"037e4970-50a3-41f2-991a-6814d4fb5661","block_type":"box","text":"actual cost of a short sale or position and the potential","page_number":14,"box":{"x":81,"y":444,"width":407,"height":12}},{"id":"a2715e70-f868-4ae7-8262-4f50a4ba8522","block_type":"box","text":"losses are theoretically unlimited on a short sale or","page_number":14,"box":{"x":81,"y":459,"width":382,"height":12}},{"id":"60a2a364-50cd-4544-9592-7aedc002df78","block_type":"box","text":"position.","page_number":14,"box":{"x":81,"y":475,"width":67,"height":12}},{"id":"d8decc71-e3b5-46a7-8c6a-87776d5362a6","block_type":"box","text":"Small Cap and Emerging Growth Securities","page_number":14,"box":{"x":81,"y":506,"width":345,"height":12}},{"id":"b29d884d-baa9-4b16-8464-f01c034c9301","block_type":"box","text":"Risk.","page_number":14,"box":{"x":81,"y":521,"width":38,"height":10}},{"id":"bc253059-1a24-40c9-af2d-d13bed081a16","block_type":"box","text":"Small cap or emerging growth companies may","page_number":14,"box":{"x":120,"y":521,"width":348,"height":12}},{"id":"f83c41f5-8b40-4170-a735-8d69912a87e5","block_type":"box","text":"have limited product lines or markets. They may be","page_number":14,"box":{"x":81,"y":537,"width":377,"height":12}},{"id":"c47ce3b5-9ddd-46ea-86ea-c1b1b667d4b3","block_type":"box","text":"less financially secure than larger, more established","page_number":14,"box":{"x":81,"y":552,"width":381,"height":12}},{"id":"a16068d3-ed38-41f3-b35b-6f5b948da0df","block_type":"box","text":"companies. They may depend on a more limited","page_number":14,"box":{"x":81,"y":568,"width":356,"height":12}},{"id":"54237ce7-88db-4334-8451-3cd6432b33d1","block_type":"box","text":"management group than larger","page_number":14,"box":{"x":81,"y":583,"width":226,"height":12}},{"id":"1cb6bdf0-bb1e-45d3-b77d-04c40c51b421","block_type":"box","text":"r capitalized companies.","page_number":14,"box":{"x":307,"y":583,"width":169,"height":12}},{"id":"a2bbf214-34dd-4ac3-805b-a25025274add","block_type":"box","text":"Small Fund Risk","page_number":14,"box":{"x":81,"y":614,"width":131,"height":10}},{"id":"401e6e72-0d60-4e4d-9ea3-d8720e1b05bd","block_type":"box","text":". When the Fund’s size is small, the","page_number":14,"box":{"x":213,"y":614,"width":268,"height":11}},{"id":"699e1178-9127-4d5f-ba24-2c97266780ca","block_type":"box","text":"Fund may experience low trading volume and wide","page_number":14,"box":{"x":82,"y":630,"width":382,"height":12}},{"id":"07f366dd-a8ef-4707-9996-a58d672f9039","block_type":"box","text":"bid/ask spreads. The Fund’s performance near its","page_number":14,"box":{"x":81,"y":645,"width":375,"height":12}},{"id":"f830e1c6-6a22-4519-a7d4-345ae97fb2cb","block_type":"box","text":"inception date may not represent how the Fund will","page_number":14,"box":{"x":81,"y":661,"width":378,"height":12}},{"id":"139cac10-4a2e-4a4c-a5fd-acdd6136e205","block_type":"box","text":"perform in the future or with a larger asset base. The","page_number":14,"box":{"x":81,"y":676,"width":391,"height":12}},{"id":"99fd4af7-46f4-444c-9a32-b6e10d04e159","block_type":"box","text":"Fund may buy smaller-sized bonds known as “odd","page_number":14,"box":{"x":82,"y":692,"width":372,"height":12}},{"id":"e4ccbd7a-d38f-4382-a181-dbcec317b146","block_type":"box","text":"lots,” which may be purchased or sold at a discount to","page_number":14,"box":{"x":81,"y":707,"width":400,"height":12}},{"id":"b9cfb861-be3c-42c4-bdcb-af0a9b5bf59b","block_type":"box","text":"similar “round lot” bonds. 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Structured notes may also be","page_number":14,"box":{"x":516,"y":366,"width":373,"height":12}},{"id":"755b1123-1655-4ab9-9569-1661cb4a384d","block_type":"box","text":"less liquid and more difficult to price accurately than","page_number":14,"box":{"x":516,"y":382,"width":389,"height":12}},{"id":"0ca1bb31-ee45-4856-a8bf-56e37164e482","block_type":"box","text":"less complex securities and instruments or more","page_number":14,"box":{"x":516,"y":397,"width":364,"height":12}},{"id":"b7ef7b7b-f9d7-4054-b85c-fa338c093596","block_type":"box","text":"traditional debt securities.","page_number":14,"box":{"x":515,"y":413,"width":195,"height":9}},{"id":"bb23f4dc-1fe5-4e53-a19d-67991d74865b","block_type":"box","text":"Structured Securities Risk.","page_number":14,"box":{"x":516,"y":444,"width":213,"height":9}},{"id":"b3bee770-9cc4-4085-bab1-8cb2d5171067","block_type":"box","text":"Because structured","page_number":14,"box":{"x":730,"y":444,"width":154,"height":9}},{"id":"023c5f62-3dde-429e-ac8e-65f8bac07d72","block_type":"box","text":"securities of the type in which the Fund may invest","page_number":14,"box":{"x":515,"y":459,"width":381,"height":12}},{"id":"26dc0cb0-0733-459f-8ed6-bfd4f45a9b58","block_type":"box","text":"typically involve no credit enhancement, their credit","page_number":14,"box":{"x":515,"y":475,"width":385,"height":12}},{"id":"cbb94f20-92d1-4928-bae5-637a1cb7ec7f","block_type":"box","text":"risk generally will be equivalent to that of the","page_number":14,"box":{"x":516,"y":490,"width":334,"height":12}},{"id":"0b071563-7f79-4c04-9f65-55ed8a381b62","block_type":"box","text":"underlying instruments, index or reference obligation","page_number":14,"box":{"x":516,"y":506,"width":394,"height":12}},{"id":"e13fd894-7420-4124-a5bc-317d211d7da1","block_type":"box","text":"and will also be subject to counterparty risk. The Fund","page_number":14,"box":{"x":515,"y":521,"width":407,"height":12}},{"id":"635b4383-6461-4613-8af1-da5302d7306b","block_type":"box","text":"may have the right to receive payments only from the","page_number":14,"box":{"x":516,"y":537,"width":399,"height":12}},{"id":"bc8b0b5f-62a6-4f0c-8d07-58bb2e0f30cd","block_type":"box","text":"structured security, and generally does not have","page_number":14,"box":{"x":515,"y":552,"width":363,"height":12}},{"id":"c5b93e2a-dabf-473b-a3a7-72a5ce905562","block_type":"box","text":"direct rights against the issuer or the entity that sold","page_number":14,"box":{"x":515,"y":568,"width":389,"height":12}},{"id":"d1290ee6-5673-4366-9fcc-8d1e8dd94bdc","block_type":"box","text":"the assets to be securitized. In addition to the general","page_number":14,"box":{"x":515,"y":583,"width":403,"height":12}},{"id":"eea11696-5d1d-4057-b1c0-f366c89f18fb","block_type":"box","text":"risks associated with debt securities discussed herein,","page_number":14,"box":{"x":516,"y":599,"width":406,"height":11}},{"id":"36d0c928-d940-4da6-b062-8978f0ad996f","block_type":"box","text":"structured securities carry additional risks, including,","page_number":14,"box":{"x":515,"y":614,"width":394,"height":12}},{"id":"08cf6e34-3508-44b5-8095-40797c137d80","block_type":"box","text":"but not limited to: the possibility that distributions from","page_number":14,"box":{"x":516,"y":630,"width":403,"height":12}},{"id":"b03fd27d-22a9-447d-a83f-f5c62553eef6","block_type":"box","text":"collateral securities will not be adequate to make","page_number":14,"box":{"x":515,"y":645,"width":366,"height":12}},{"id":"3f731dc2-25aa-4929-a527-24bc4a0f2c53","block_type":"box","text":"interest or other payments; the quality of the collateral","page_number":14,"box":{"x":516,"y":661,"width":398,"height":12}},{"id":"9dc32362-489f-449c-94f4-3013a40f3bf5","block_type":"box","text":"may decline in value or default; and the possibility that","page_number":14,"box":{"x":516,"y":676,"width":402,"height":12}},{"id":"1638a536-afa3-4e5a-b92f-c4ac563b008c","block_type":"box","text":"the structured securities are subordinate to other","page_number":14,"box":{"x":515,"y":692,"width":362,"height":9}},{"id":"223e1963-8c3d-46da-beca-c44eb00fa8f0","block_type":"box","text":"classes. The Fund is permitted to invest in a class of","page_number":14,"box":{"x":515,"y":707,"width":390,"height":12}},{"id":"cb98828f-40b1-4e5a-81dd-bb3a35c7f883","block_type":"box","text":"structured securities that is either subordinated or","page_number":14,"box":{"x":515,"y":723,"width":369,"height":9}},{"id":"65d6f27d-adb2-4e0b-b973-209d3b5d3477","block_type":"box","text":"unsubordinated to the right of payment of another","page_number":14,"box":{"x":516,"y":738,"width":368,"height":12}},{"id":"297786e2-f7fa-423d-8abe-ac7a47bb6000","block_type":"box","text":"class. Subordinated structured securities typically","page_number":14,"box":{"x":515,"y":754,"width":367,"height":12}},{"id":"de66e129-6a10-41f7-8bb5-c50dcfa931ae","block_type":"box","text":"have higher yields and present greater risks than","page_number":14,"box":{"x":516,"y":769,"width":362,"height":12}},{"id":"dd92d19c-d031-46c0-9883-3325cd2a65c5","block_type":"box","text":"unsubordinated structured securities. Structured","page_number":14,"box":{"x":516,"y":785,"width":356,"height":9}},{"id":"49f1004c-b8ab-459a-b0f4-af35b0f264ba","block_type":"box","text":"securities are typically sold in private","page_number":14,"box":{"x":515,"y":800,"width":272,"height":12}},{"id":"c937bea3-d79d-40cf-8474-6f1831ac2c99","block_type":"box","text":"placement transactions, and there currently is no","page_number":14,"box":{"x":516,"y":816,"width":361,"height":12}},{"id":"5fff9a89-00d1-4e4c-8a20-39d78fa6e089","block_type":"box","text":"active trading market for structured securities.","page_number":14,"box":{"x":515,"y":831,"width":345,"height":12}},{"id":"2a5e66d6-7351-4347-8d9c-204fc5577961","block_type":"box","text":"Structured securities are based upon the movement","page_number":14,"box":{"x":515,"y":847,"width":391,"height":12}},{"id":"e25b3f19-91af-416c-91eb-d3e85f9a3750","block_type":"box","text":"of one or more factors, including currency exchange","page_number":14,"box":{"x":515,"y":862,"width":392,"height":12}},{"id":"100cdd31-7de3-494f-980f-7edd5d1bedee","block_type":"box","text":"rates, interest rates, reference bonds and stock","page_number":14,"box":{"x":516,"y":878,"width":355,"height":11}},{"id":"85032ccc-4d4d-46c8-9062-89b83177bb1f","block_type":"box","text":"indices, and changes in interest rates and impact of","page_number":14,"box":{"x":516,"y":893,"width":387,"height":12}},{"id":"f58a21ec-6dc7-4ad0-841f-4c6afcb1867b","block_type":"box","text":"these factors may cause significant price fluctuations.","page_number":14,"box":{"x":515,"y":909,"width":396,"height":12}},{"id":"e0d8cdee-3c4b-476f-ae93-ab78eb3bdd92","block_type":"box","text":"S-12","page_number":14,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"bf170986-f96c-44bb-b418-93150d58f573","block_type":"box","text":"NM1026U-6042719-14/56","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6f32c143-009b-4fb2-91b7-c8966a3328d9","block_type":"box","text":"Additionally, changes in the reference instrument or","page_number":15,"box":{"x":80,"y":56,"width":389,"height":12}},{"id":"9ddd08a1-209b-48ce-ae02-6893d2c5f235","block_type":"box","text":"security may cause the interest rate on the structured","page_number":15,"box":{"x":81,"y":72,"width":401,"height":12}},{"id":"0dfa38b8-c14b-422e-a863-997acb7835f2","block_type":"box","text":"security to be reduced to zero. Certain issuers of such","page_number":15,"box":{"x":81,"y":87,"width":407,"height":12}},{"id":"0f47eefa-3a56-48b5-9d1a-c649cd3fc34e","block_type":"box","text":"structured securities may be deemed to be","page_number":15,"box":{"x":81,"y":103,"width":322,"height":12}},{"id":"a736e78d-dce0-428f-baf4-f8056917873d","block_type":"box","text":"“investment companies” as defined in the Investment","page_number":15,"box":{"x":81,"y":118,"width":398,"height":12}},{"id":"13571bec-f5f9-46d3-a099-2732bfdff583","block_type":"box","text":"Company Act. 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The commodity-related","page_number":15,"box":{"x":81,"y":227,"width":399,"height":12}},{"id":"365db982-0026-44fa-867e-f9624b23f7f4","block_type":"box","text":"instruments held by the Subsidiary are generally","page_number":15,"box":{"x":81,"y":242,"width":363,"height":12}},{"id":"bf9863f8-2cd5-4497-bf82-13897dd3c09a","block_type":"box","text":"similar to those that are permitted to be held by the","page_number":15,"box":{"x":81,"y":258,"width":383,"height":12}},{"id":"2e360fde-a8f9-449a-8614-acaeb53ae274","block_type":"box","text":"Fund and are subject to the same risks that apply to","page_number":15,"box":{"x":82,"y":273,"width":390,"height":12}},{"id":"0ca8d8a1-a494-4cf0-a545-cb848e365b0c","block_type":"box","text":"similar investments if held directly by the Fund (see","page_number":15,"box":{"x":81,"y":289,"width":386,"height":12}},{"id":"f95bea66-15a8-4074-8bd6-a9711adcda51","block_type":"box","text":"“Commodities Related Investment Risk” above).","page_number":15,"box":{"x":81,"y":304,"width":361,"height":12}},{"id":"4bc8680e-58be-4f49-a950-6b3e82263d6c","block_type":"box","text":"There can be no assurance that the investment","page_number":15,"box":{"x":81,"y":320,"width":356,"height":9}},{"id":"9f862aeb-4d0a-40bb-beb5-0ad606f0cb85","block_type":"box","text":"objective of the Subsidiary will be achieved. The","page_number":15,"box":{"x":81,"y":335,"width":362,"height":12}},{"id":"d16f5cc7-dbb5-41fe-a342-e16bcd3a034d","block_type":"box","text":"Subsidiary is not registered under the Investment","page_number":15,"box":{"x":81,"y":351,"width":370,"height":12}},{"id":"9ff39ff4-9007-4f4f-956f-16cc94b3aa9c","block_type":"box","text":"Company Act, and, unless otherwise noted in this","page_number":15,"box":{"x":81,"y":366,"width":373,"height":12}},{"id":"4f2f2bc6-92ee-48c2-b8c1-016f6e46bfec","block_type":"box","text":"Prospectus, is not subject to all the investor","page_number":15,"box":{"x":82,"y":382,"width":327,"height":12}},{"id":"c9fe3bee-c73d-44c3-af04-aac806ce693c","block_type":"box","text":"protections of the Investment Company Act. However,","page_number":15,"box":{"x":81,"y":397,"width":407,"height":12}},{"id":"49ab1610-71bf-4592-b719-d68a1858dd3c","block_type":"box","text":"the Fund wholly owns and controls the Subsidiary,","page_number":15,"box":{"x":81,"y":413,"width":378,"height":12}},{"id":"09ff3504-f260-4aa3-acc2-0bd1821f8a55","block_type":"box","text":"and the Fund and the Subsidiary are both managed","page_number":15,"box":{"x":81,"y":428,"width":389,"height":12}},{"id":"fd51281c-f922-4b19-b095-3e6bb0ec7ef6","block_type":"box","text":"by BFA, making it unlikely that the Subsidiary will take","page_number":15,"box":{"x":81,"y":444,"width":405,"height":12}},{"id":"126431c5-043e-452a-96f5-765cf41e60a3","block_type":"box","text":"action contrary to the interests of the Fund and its","page_number":15,"box":{"x":81,"y":459,"width":374,"height":12}},{"id":"5b15c351-9f3b-4fc2-ac39-1ee7a4486397","block_type":"box","text":"shareholders. 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TOB Residuals generally will underperform","page_number":15,"box":{"x":516,"y":614,"width":396,"height":12}},{"id":"4e0e2472-f841-487d-ba24-d502445db430","block_type":"box","text":"the market for fixed rate municipal securities in a","page_number":15,"box":{"x":515,"y":630,"width":366,"height":12}},{"id":"56a07f6d-6fc9-485a-b134-d04b555df7c8","block_type":"box","text":"rising interest rate environment. The Fund may invest","page_number":15,"box":{"x":516,"y":645,"width":401,"height":12}},{"id":"769cd429-d9fb-4908-96bf-3d5a2982ad21","block_type":"box","text":"in special purpose entities (“TOB Trusts”) on either a","page_number":15,"box":{"x":516,"y":661,"width":389,"height":12}},{"id":"98aed648-d63d-45d8-9b39-6ee170de8575","block_type":"box","text":"non-recourse or recourse basis. 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Thus, investments in warrants may","page_number":16,"box":{"x":515,"y":56,"width":383,"height":12}},{"id":"ce4957d6-f79a-4d9e-a8ed-bb4c1fcd1bb0","block_type":"box","text":"involve substantially more risk than investments in","page_number":16,"box":{"x":516,"y":72,"width":377,"height":12}},{"id":"c066b7da-cc2a-4eec-9d1d-98ea887faf2c","block_type":"box","text":"common stock. Warrants may trade in the same","page_number":16,"box":{"x":515,"y":87,"width":362,"height":12}},{"id":"d840be9c-4b2d-4539-b115-0eae037465ff","block_type":"box","text":"markets as their underlying stock; however, the price","page_number":16,"box":{"x":516,"y":103,"width":396,"height":12}},{"id":"9dae09b2-939f-49a7-8efb-7cb751f50867","block_type":"box","text":"of the warrant does not necessarily move with the","page_number":16,"box":{"x":515,"y":118,"width":374,"height":12}},{"id":"14b27b36-2c5e-4f87-a8dc-27dc5fa6944b","block_type":"box","text":"price of the underlying stock.","page_number":16,"box":{"x":516,"y":134,"width":218,"height":12}},{"id":"86ec05fe-7a86-464d-aeae-bd3c6d1f1a32","block_type":"box","text":"Zero Coupon Securities Risk.","page_number":16,"box":{"x":515,"y":165,"width":233,"height":11}},{"id":"3cc79594-8613-4d6a-a507-297a9d1ca890","block_type":"box","text":"While interest","page_number":16,"box":{"x":749,"y":165,"width":112,"height":9}},{"id":"41f8eb2d-2a7f-4a93-bd94-11179d791db2","block_type":"box","text":"payments are not made on such securities, holders of","page_number":16,"box":{"x":516,"y":180,"width":403,"height":12}},{"id":"7a326d68-2266-4030-8cb3-e6cea64785d2","block_type":"box","text":"such securities are deemed to have received income","page_number":16,"box":{"x":515,"y":196,"width":397,"height":9}},{"id":"1e19c0ad-eb51-497c-ae5e-45dbb09a29ed","block_type":"box","text":"(“phantom income”) annually, notwithstanding that","page_number":16,"box":{"x":516,"y":211,"width":377,"height":12}},{"id":"c9e68335-8a56-4c2d-9e18-24538e9689c1","block_type":"box","text":"cash may not be received currently. The effect of","page_number":16,"box":{"x":515,"y":227,"width":369,"height":12}},{"id":"d46c3119-79f1-465b-831f-11b7aaffddd2","block_type":"box","text":"owning instruments that do not make current interest","page_number":16,"box":{"x":515,"y":242,"width":397,"height":12}},{"id":"34f6a07d-36f3-4791-bd6d-8fb53d8c0c09","block_type":"box","text":"payments is that a fixed yield is earned not only on","page_number":16,"box":{"x":516,"y":258,"width":380,"height":12}},{"id":"d5d84f5c-4093-4b3f-a632-f4c624934a8c","block_type":"box","text":"the original investment but also, in effect, on all","page_number":16,"box":{"x":515,"y":273,"width":354,"height":12}},{"id":"bcd041a4-5be3-42be-9372-978aa1c26b37","block_type":"box","text":"discount accretion during the life of the obligations.","page_number":16,"box":{"x":515,"y":289,"width":382,"height":12}},{"id":"3d077d05-1698-4087-bc1a-97024382eca3","block_type":"box","text":"This implicit reinvestment of earnings at a fixed rate","page_number":16,"box":{"x":515,"y":304,"width":388,"height":12}},{"id":"a721a2c5-9767-470f-a67e-226fcffa6be4","block_type":"box","text":"eliminates the risk of being unable to invest","page_number":16,"box":{"x":515,"y":320,"width":326,"height":12}},{"id":"c8d48030-648a-440c-9df1-0edf5d1f6052","block_type":"box","text":"distributions at a rate as high as the implicit yield on","page_number":16,"box":{"x":515,"y":335,"width":389,"height":12}},{"id":"8a6c1b9d-32c1-4c53-a6be-09e4df66007c","block_type":"box","text":"the zero coupon bond, but at the same time","page_number":16,"box":{"x":515,"y":351,"width":329,"height":12}},{"id":"bb4fa5e0-f5e9-4c21-bfe5-c479f80df3c6","block_type":"box","text":"eliminates the holder’s ability to reinvest at higher","page_number":16,"box":{"x":515,"y":366,"width":372,"height":12}},{"id":"4c24e9b8-e8b4-4511-bb4a-72ebd626165b","block_type":"box","text":"rates in the future. For this reason, some of these","page_number":16,"box":{"x":516,"y":382,"width":371,"height":11}},{"id":"fec82f26-b4c8-48ec-8133-59c570e44bee","block_type":"box","text":"securities may be subject to substantially greater","page_number":16,"box":{"x":515,"y":397,"width":367,"height":12}},{"id":"2d5fd808-1814-4a81-b666-b2ac7ee7c3a4","block_type":"box","text":"price fluctuations during periods of changing market","page_number":16,"box":{"x":516,"y":413,"width":389,"height":12}},{"id":"0b2ada82-7734-4a08-af3c-79ef0292d121","block_type":"box","text":"interest rates than are comparable securities that pay","page_number":16,"box":{"x":516,"y":428,"width":400,"height":12}},{"id":"3571bdaa-a2cf-4f43-9cca-7c3962ba8d09","block_type":"box","text":"interest currently. Longer term zero coupon bonds are","page_number":16,"box":{"x":516,"y":444,"width":405,"height":12}},{"id":"fcace103-61eb-466f-bd9e-d0bcfeb7f737","block_type":"box","text":"more exposed to interest rate risk than shorter term","page_number":16,"box":{"x":516,"y":459,"width":386,"height":12}},{"id":"07a9aff3-23a7-4543-9598-52a4538d7503","block_type":"box","text":"zero coupon bonds. These investments benefit the","page_number":16,"box":{"x":515,"y":475,"width":381,"height":12}},{"id":"ff95ffda-97d3-45a4-89a7-3f028550825e","block_type":"box","text":"issuer by mitigating its need for cash to meet debt","page_number":16,"box":{"x":516,"y":490,"width":374,"height":12}},{"id":"33740f73-4480-488c-93b4-e7e49c02adc7","block_type":"box","text":"service, but also require a higher rate of return to","page_number":16,"box":{"x":515,"y":506,"width":369,"height":12}},{"id":"c1f92d79-bb7e-48b5-85c5-09196a454017","block_type":"box","text":"attract investors who are willing to defer receipt of","page_number":16,"box":{"x":515,"y":521,"width":374,"height":12}},{"id":"671e56fe-4701-49eb-bbcd-407ede40d2c6","block_type":"box","text":"cash.","page_number":16,"box":{"x":515,"y":537,"width":45,"height":9}},{"id":"447cf0cc-4690-4459-8eae-1a20ca2d758d","block_type":"box","text":"Performance Information","page_number":16,"box":{"x":516,"y":576,"width":214,"height":10}},{"id":"0e2b2c29-c42f-44c1-9c9f-a652c06a0993","block_type":"box","text":"Because the Fund has not commenced operations as","page_number":16,"box":{"x":516,"y":597,"width":402,"height":12}},{"id":"e3c53f26-4bfe-4864-9d5b-ac544d762070","block_type":"box","text":"of the date of this Prospectus, it does not have","page_number":16,"box":{"x":515,"y":612,"width":351,"height":12}},{"id":"c026b6be-3968-4577-9fe7-754145582bfc","block_type":"box","text":"performance information an investor would find useful","page_number":16,"box":{"x":516,"y":628,"width":403,"height":12}},{"id":"74061fba-ec91-40e5-abf0-1ecee2e7931b","block_type":"box","text":"in evaluating the risks of investing in the Fund.","page_number":16,"box":{"x":516,"y":643,"width":349,"height":12}},{"id":"8279de50-45d6-4171-a2eb-e5e674c05a3b","block_type":"box","text":"Updated performance information, including the","page_number":16,"box":{"x":516,"y":674,"width":353,"height":12}},{"id":"b2414dd4-04d4-48c4-ba96-bfe5d0abfcba","block_type":"box","text":"Fund’s current NAV, may be obtained by visiting our","page_number":16,"box":{"x":516,"y":690,"width":387,"height":12}},{"id":"e67bf8f4-a2b4-4c54-800f-8b2356e24143","block_type":"box","text":"website at www.blackrock.com or by calling","page_number":16,"box":{"x":515,"y":705,"width":322,"height":12}},{"id":"3c1bb3f6-b525-4f8b-8796-eec37daf6236","block_type":"box","text":"1-800-474-2737 (toll free).","page_number":16,"box":{"x":517,"y":721,"width":192,"height":12}},{"id":"ab02c492-dc51-415b-a49d-a0a999c02205","block_type":"box","text":"Management","page_number":16,"box":{"x":516,"y":757,"width":112,"height":13}},{"id":"13092bda-616a-46e8-9e21-6d44d62f430d","block_type":"box","text":"Investment Adviser and Sub-Advisers.","page_number":16,"box":{"x":516,"y":778,"width":305,"height":10}},{"id":"e53abf2e-9a42-40b1-9f34-3507950a40bd","block_type":"box","text":"The Fund’s","page_number":16,"box":{"x":827,"y":778,"width":84,"height":10}},{"id":"77e4fbf1-beb1-48f3-8870-70aee35927a0","block_type":"box","text":"investment adviser is BFA. 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These","page_number":17,"box":{"x":521,"y":202,"width":383,"height":12}},{"id":"10c9d5fd-4e1a-4454-9769-c79dbf1f7757","block_type":"box","text":"payments may create a conflict of interest by","page_number":17,"box":{"x":521,"y":217,"width":337,"height":13}},{"id":"13a0b1ac-c332-42e0-bdef-a75181e59206","block_type":"box","text":"influencing the broker-dealer or other intermediary","page_number":17,"box":{"x":521,"y":233,"width":377,"height":12}},{"id":"952193ec-0e3f-49cc-812e-e4a4c3f22666","block_type":"box","text":"and your salesperson to recommend the Fund over","page_number":17,"box":{"x":520,"y":249,"width":386,"height":12}},{"id":"d80b9a57-48dd-4b14-84bd-64e05caaba82","block_type":"box","text":"another investment. Ask your salesperson or visit","page_number":17,"box":{"x":520,"y":264,"width":371,"height":12}},{"id":"40d3cab9-1381-4bd7-9974-a9b1e25e5df3","block_type":"box","text":"your financial intermediary’s website for more","page_number":17,"box":{"x":520,"y":279,"width":342,"height":13}},{"id":"e2bf1a6a-304d-49a8-a9d1-3a9bfb7c498d","block_type":"box","text":"information.","page_number":17,"box":{"x":521,"y":295,"width":91,"height":10}},{"id":"5aa4b8b5-9e27-47c2-8dff-c79e2ba476b3","block_type":"box","text":"S-15","page_number":17,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"179e931e-30ac-4789-8c58-a4972ed338d6","block_type":"box","text":"NM1026U-6042719-17/56","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6bdd44f0-843d-4681-ba25-7bcf1ad3ee9b","block_type":"box","text":"More Information About the Fund","page_number":18,"box":{"x":62,"y":42,"width":326,"height":12}},{"id":"d41d05bc-99d9-45a6-a74c-d0c87ea456c5","block_type":"box","text":"This Prospectus contains important information about investing in iShares Macro AlphaBeta Active ETF (the “Fund”).","page_number":18,"box":{"x":60,"y":65,"width":872,"height":12}},{"id":"476b0851-bf17-4373-adc8-93b3ab64cab2","block_type":"box","text":"Please read this Prospectus carefully before you make any investment decisions. 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The Fund’s investment objective","page_number":18,"box":{"x":239,"y":205,"width":693,"height":12}},{"id":"aa645bec-e012-404f-8102-a8febc3b3837","block_type":"box","text":"is a non-fundamental policy and may be changed without shareholder approval.","page_number":18,"box":{"x":61,"y":220,"width":596,"height":12}},{"id":"962e5401-1b5b-4ccf-a3ad-b4e066ce23cf","block_type":"box","text":"Additional Information on Principal Investment Strategies.","page_number":18,"box":{"x":60,"y":251,"width":470,"height":12}},{"id":"087c674c-39d0-44a5-85c5-29b54fccb0ad","block_type":"box","text":"The Fund seeks to achieve its investment objective of","page_number":18,"box":{"x":530,"y":251,"width":404,"height":12}},{"id":"9c6540ea-2d36-4b82-b14f-9f0e7be63cc1","block_type":"box","text":"seeking total return by combining two sources of returns: (i) a “beta” component that seeks to provide exposure to the","page_number":18,"box":{"x":61,"y":267,"width":877,"height":12}},{"id":"0661fdd7-b73c-4b3b-97bd-4577b23af2ec","block_type":"box","text":"U.S. large cap equity market (the “U.S. Large Cap Equity Strategy”), and (ii) an “alpha” component that consists of a","page_number":18,"box":{"x":61,"y":282,"width":867,"height":12}},{"id":"06537b16-517e-47c2-8be4-5de4335d7e92","block_type":"box","text":"macro, tactical asset allocation strategy (the “Macro Asset Allocation Strategy”). 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The Fund may invest in non-U.S. dollar-denominated bonds on a currency hedged or","page_number":18,"box":{"x":61,"y":763,"width":826,"height":12}},{"id":"a45a764a-0025-4185-bea2-53ac4c06dd1e","block_type":"box","text":"unhedged basis.","page_number":18,"box":{"x":61,"y":778,"width":121,"height":12}},{"id":"861e7f76-6ec7-4d4c-8d85-2141fd1b88f0","block_type":"box","text":"With respect to its money market and cash investments,","page_number":18,"box":{"x":60,"y":809,"width":416,"height":12}},{"id":"0c09f0f9-d02d-4596-beb8-4518bfd98ed4","block_type":"box","text":"the Fund may hold high quality money market securities,","page_number":18,"box":{"x":483,"y":809,"width":419,"height":12}},{"id":"908df918-5d2d-4419-b246-68fd54321924","block_type":"box","text":"including short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S.","page_number":18,"box":{"x":61,"y":825,"width":823,"height":12}},{"id":"2b2e4400-b30d-426f-8825-91cf9f5a0573","block_type":"box","text":"Government-sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial paper,","page_number":18,"box":{"x":61,"y":840,"width":841,"height":12}},{"id":"93336997-c058-46cb-9b7f-5c79543ef553","block_type":"box","text":"including asset-backed commercial paper, corporate notes and repurchase agreements. The Fund may invest a","page_number":18,"box":{"x":61,"y":856,"width":836,"height":12}},{"id":"e4806c04-fa4e-4a72-af53-1acb09b588f6","block_type":"box","text":"significant portion of its assets in money market funds, including those advised by BFA or its affiliates.","page_number":18,"box":{"x":61,"y":871,"width":760,"height":12}},{"id":"98f0ced9-19aa-4aeb-ba75-b1be7c46db51","block_type":"box","text":"The Fund may invest in derivatives, including, but not limited to, swaps, including interest rate, total return, index and","page_number":18,"box":{"x":60,"y":902,"width":872,"height":12}},{"id":"215596a8-0060-4769-bf25-1fbdae295f45","block_type":"box","text":"credit default swaps; options; futures; options on futures and swaps; and foreign currency transactions (including","page_number":18,"box":{"x":61,"y":918,"width":835,"height":12}},{"id":"4a19f2d4-b307-4c3a-a005-276ae14e8e1a","block_type":"box","text":"1","page_number":18,"box":{"x":497,"y":955,"width":12,"height":10}},{"id":"17b5b31a-2924-4cef-ad8d-3cdb42a1eb9a","block_type":"box","text":"NM1026U-6042719-18/56","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2c154d13-8f0f-46fa-84d6-a161db0bcf77","block_type":"box","text":"swaps), for hedging purposes, as well as to seek to increase the return on its portfolio investments. The Fund may","page_number":19,"box":{"x":61,"y":40,"width":853,"height":13}},{"id":"ca351ec5-9220-4fc9-9d14-483a644b0c28","block_type":"box","text":"utilize derivatives to a significant extent. The Fund may seek to obtain market exposure to the securities in which it","page_number":19,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"84067b10-f25a-4f82-8202-a6e66107e583","block_type":"box","text":"primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques","page_number":19,"box":{"x":61,"y":71,"width":844,"height":13}},{"id":"31d5d731-6586-44d8-a6d3-39e0318c6871","block_type":"box","text":"(such as reverse repurchase agreements or dollar rolls). The Fund may utilize derivative instruments to maintain a","page_number":19,"box":{"x":61,"y":87,"width":853,"height":12}},{"id":"ec1885e2-e0e4-4ccc-ba40-541c93cd88cf","block_type":"box","text":"portion of its portfolio long and short positions. The Fund may also use forward foreign currency exchange contracts","page_number":19,"box":{"x":61,"y":102,"width":865,"height":13}},{"id":"ba1cdbd1-16ec-4b7b-bb3a-421b889637c4","block_type":"box","text":"(obligations to buy or sell a currency at a set rate in the future) to hedge against movement in the value of a currency.","page_number":19,"box":{"x":61,"y":118,"width":876,"height":12}},{"id":"afce36f5-576d-4e71-9c99-84556ce6773f","block_type":"box","text":"The Fund may also invest in indexed and inverse floating rate securities.","page_number":19,"box":{"x":60,"y":134,"width":544,"height":12}},{"id":"6306db3d-1c22-4fe8-a41e-967471b9cd24","block_type":"box","text":"The Fund may invest in U.S. and non-U.S. real estate investment trusts (“REITs”), structured products (including, but","page_number":19,"box":{"x":60,"y":165,"width":873,"height":12}},{"id":"b72f657f-ee5f-4e78-99d1-f226c661fab2","block_type":"box","text":"not limited to, structured notes, credit linked notes and participation notes, or other instruments evidencing interests in","page_number":19,"box":{"x":61,"y":180,"width":879,"height":12}},{"id":"a9e09bc8-b4e7-4452-b6fe-9a320ff9aed0","block_type":"box","text":"special purpose vehicles, trusts, or other entities that hold or represent interests in fixed-income securities) and","page_number":19,"box":{"x":61,"y":196,"width":828,"height":12}},{"id":"e77349d8-ae2f-4a11-a082-5ae3dbc61c30","block_type":"box","text":"floating rate securities (such as bank loans).","page_number":19,"box":{"x":60,"y":211,"width":333,"height":12}},{"id":"74498698-099c-47aa-b2b7-da626f1344eb","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":19,"box":{"x":60,"y":242,"width":874,"height":12}},{"id":"4bd26c2f-94eb-4299-9bcb-b79bb7ce2889","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles, such as exchange-traded","page_number":19,"box":{"x":60,"y":258,"width":853,"height":12}},{"id":"ea3c0a16-e9e0-41a9-bbb6-9e3a1e29549c","block_type":"box","text":"funds, that invest in commodities and are designed to provide investment exposure to physical commodities. The","page_number":19,"box":{"x":60,"y":273,"width":844,"height":12}},{"id":"55d917ad-0027-444a-8c7a-bc8761740b49","block_type":"box","text":"Fund expects to gain exposure to commodity markets by investing up to 25% of its total assets, inclusive of leverage,","page_number":19,"box":{"x":61,"y":289,"width":874,"height":12}},{"id":"15d9d095-f6ed-42e3-990d-4e5066fa410a","block_type":"box","text":"in iShares Cayman Macro AlphaBeta Active ETF, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund","page_number":19,"box":{"x":61,"y":304,"width":833,"height":12}},{"id":"24e7ec97-af05-4daf-8abc-052095509c72","block_type":"box","text":"formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary may also","page_number":19,"box":{"x":60,"y":320,"width":853,"height":12}},{"id":"f4eec852-a9f3-4c09-a0ae-be54c6a1d200","block_type":"box","text":"hold cash and invest in other instruments, including fixed income securities, either as investments or to serve as","page_number":19,"box":{"x":61,"y":335,"width":836,"height":12}},{"id":"f4c8ebf8-4638-4806-8115-99f0ef98bdf1","block_type":"box","text":"margin or collateral for the Subsidiary’s derivative positions. The Subsidiary (unlike the Fund) may invest without","page_number":19,"box":{"x":61,"y":351,"width":838,"height":12}},{"id":"0cfc651d-0820-4217-aa08-da5d1695fae6","block_type":"box","text":"limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental,","page_number":19,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"57308f67-af35-479b-99c5-0876066cd067","block_type":"box","text":"non-fundamental and certain other investment restrictions as the Fund.","page_number":19,"box":{"x":61,"y":382,"width":532,"height":9}},{"id":"36b9e45e-3cb4-4af3-9b56-2cc3f300597e","block_type":"box","text":"The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment","page_number":19,"box":{"x":60,"y":413,"width":862,"height":12}},{"id":"31e548ad-19ea-46c2-a11d-3e6831e948c4","block_type":"box","text":"Company Act” or the “1940 Act”).","page_number":19,"box":{"x":61,"y":428,"width":251,"height":12}},{"id":"6f8564e6-dec2-424e-979a-5731fc97b00d","block_type":"box","text":"Investment Process.","page_number":19,"box":{"x":61,"y":459,"width":162,"height":10}},{"id":"7f961fa0-62b3-4042-afcd-9901743c6fc3","block_type":"box","text":"In selecting investments for the U.S. Large Cap Equity Strategy, the Fund management team","page_number":19,"box":{"x":224,"y":459,"width":702,"height":12}},{"id":"e0ab5a07-7e83-4bbd-87c6-a8841ba103bc","block_type":"box","text":"will seek to identify equity securities that will provide exposure to the returns of the U.S. large cap equity market and","page_number":19,"box":{"x":60,"y":475,"width":866,"height":12}},{"id":"71e6652b-5a44-4145-80e5-bde57b383818","block_type":"box","text":"position the Fund using a combination of individual equity securities and derivatives.","page_number":19,"box":{"x":61,"y":490,"width":628,"height":12}},{"id":"d5420bc3-ecbf-47d5-9b72-345dc6719c60","block_type":"box","text":"In selecting investments for the Macro Asset Allocation Strategy, the Fund management team will identify global","page_number":19,"box":{"x":62,"y":521,"width":835,"height":12}},{"id":"8163da31-0956-4eac-8ae8-51a0aff40186","block_type":"box","text":"macro-opportunities and position the Fund using a combination of individual securities and derivatives. The Fund uses","page_number":19,"box":{"x":61,"y":537,"width":882,"height":12}},{"id":"466a211f-d41c-467c-bf89-f64eecbf7a66","block_type":"box","text":"a combination of a systematic (i.e., rule-based) investment process and a discretionary investment process to allocate","page_number":19,"box":{"x":61,"y":552,"width":881,"height":12}},{"id":"7a382baa-3861-4f16-adc1-cb1ae5631002","block_type":"box","text":"assets for the Macro Asset Allocation Strategy. The systematic process compares data across similar assets to rank","page_number":19,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"da6baa03-7a3a-401f-b58e-2a55c38a1a82","block_type":"box","text":"expected return opportunities and to appropriately scale the Fund’s exposure. The discretionary process derives","page_number":19,"box":{"x":61,"y":583,"width":837,"height":12}},{"id":"3c51ddbd-1695-4774-9246-66d85c51c93a","block_type":"box","text":"investment themes based on research and analysis of macro-economic data and seeks exposure to these themes.","page_number":19,"box":{"x":61,"y":599,"width":857,"height":12}},{"id":"7446ae3c-093b-4016-be9a-0a000b5f1c79","block_type":"box","text":"Securities are selected to achieve asset allocations tactically determined by the Fund management team. In selecting","page_number":19,"box":{"x":61,"y":630,"width":876,"height":12}},{"id":"47d3ab7a-1019-4516-9ef9-e78d48c054f8","block_type":"box","text":"fixed-income investments for the Macro Asset Allocation Strategy, the Fund management team evaluates the global","page_number":19,"box":{"x":60,"y":645,"width":866,"height":12}},{"id":"048218d9-dc7a-40e5-bf0c-bcb106b0aad4","block_type":"box","text":"bond market including, but not limited to, U.S. Treasuries and agency securities, sovereign bonds, commercial and","page_number":19,"box":{"x":61,"y":661,"width":850,"height":12}},{"id":"174fa537-978b-4e05-b145-d161339598a5","block_type":"box","text":"residential mortgage-backed securities and corporate bonds. The Fund management team may shift the Fund’s","page_number":19,"box":{"x":61,"y":676,"width":828,"height":12}},{"id":"4d864733-123d-4243-ac6f-4914e1aca512","block_type":"box","text":"assets among these various sectors based upon changing market conditions. Investments are made when the Fund","page_number":19,"box":{"x":61,"y":692,"width":861,"height":12}},{"id":"43076693-6eb6-40fc-8de2-f7a68a591cb5","block_type":"box","text":"management team believes that they have the potential for above-average total return.","page_number":19,"box":{"x":61,"y":707,"width":642,"height":12}},{"id":"14dff41e-a00d-4270-b1e2-cb26b9b34b6f","block_type":"box","text":"In selecting equity investments for the Macro Asset Allocation Strategy, the Fund management team evaluates the","page_number":19,"box":{"x":62,"y":738,"width":848,"height":12}},{"id":"5ac153a0-72ed-49f9-adf6-75c3a05ab762","block_type":"box","text":"attractiveness of countries and sectors as well as average market capitalization, and will assess each investment’s","page_number":19,"box":{"x":61,"y":754,"width":850,"height":12}},{"id":"3bd7356f-c965-4873-a46e-4100af3d48b0","block_type":"box","text":"changing characteristics relative to its contribution to portfolio risk within that discipline and will sell the investment","page_number":19,"box":{"x":61,"y":769,"width":844,"height":12}},{"id":"bb113167-5d02-4a92-8dce-cd8d276c34e2","block_type":"box","text":"when it no longer offers an appropriate return-to-risk trade-off. The Fund will make investments that the Fund","page_number":19,"box":{"x":60,"y":785,"width":809,"height":12}},{"id":"f26eacd3-c3a5-411f-8f22-fdf8d7066780","block_type":"box","text":"management team believes offer attractive returns through long-term capital appreciation and income.","page_number":19,"box":{"x":61,"y":800,"width":757,"height":12}},{"id":"8628704f-cdd3-46a6-8d45-649e2144a26f","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities and may make significant investments in","page_number":19,"box":{"x":60,"y":831,"width":862,"height":12}},{"id":"11e1b5da-774c-41f0-90a4-9b0135510f9c","block_type":"box","text":"index futures or other derivative instruments to achieve its primary investment strategies.","page_number":19,"box":{"x":61,"y":847,"width":664,"height":12}},{"id":"c05f6fd4-80cd-478e-b974-dfbf01908b11","block_type":"box","text":"An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance","page_number":19,"box":{"x":60,"y":878,"width":872,"height":12}},{"id":"d8652239-af5a-4f1f-a137-93aea0a3d1bb","block_type":"box","text":"Corporation or any other government agency, BFA or any of its affiliates.","page_number":19,"box":{"x":61,"y":893,"width":544,"height":12}},{"id":"a80af24a-5fd6-49d0-a2c8-031f81b852fa","block_type":"box","text":"2","page_number":19,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"0882d1f5-195e-43ef-858b-62bd877fc0f4","block_type":"box","text":"NM1026U-6042719-19/56","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6336a275-8667-46b2-9479-1c5a044196a2","block_type":"box","text":"Other Strategies Applicable to the Fund.","page_number":20,"box":{"x":61,"y":40,"width":320,"height":13}},{"id":"7ff02f45-6ff0-42c5-b405-f5e1f4770df9","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also","page_number":20,"box":{"x":382,"y":41,"width":557,"height":12}},{"id":"9e9b8e34-cd3d-4fc7-9420-e5ac031d1a84","block_type":"box","text":"invest or engage in the following investments/strategies:","page_number":20,"box":{"x":61,"y":56,"width":421,"height":12}},{"id":"fb3a975e-fddd-41b7-8d30-3221d9cceac3","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":83,"width":4,"height":3}},{"id":"730310bc-bab1-4062-9a1e-c4aa2abdf855","block_type":"box","text":"Borrowing.","page_number":20,"box":{"x":128,"y":80,"width":87,"height":12}},{"id":"f20343c9-50c6-4d04-8985-012e22852ed5","block_type":"box","text":"The Fund may borrow up to the limits set forth under the Investment Company Act, the rules","page_number":20,"box":{"x":216,"y":80,"width":696,"height":12}},{"id":"7d792d6d-c2af-4d3e-9643-3d7064033773","block_type":"box","text":"and regulations thereunder and any applicable exemptive relief.","page_number":20,"box":{"x":128,"y":95,"width":477,"height":12}},{"id":"3e8e7c0e-7ca8-451b-a7ef-ccb5bcdc3ee4","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":117,"width":4,"height":3}},{"id":"54f4ab5a-3e2e-4400-a4ad-ff80e46c2b88","block_type":"box","text":"Illiquid Investments.","page_number":20,"box":{"x":128,"y":114,"width":160,"height":11}},{"id":"8d37f8ec-49a6-435e-a3a8-a22d4d874979","block_type":"box","text":"The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":20,"box":{"x":289,"y":113,"width":643,"height":13}},{"id":"653796c9-0a65-498a-9456-85eab6187bd6","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment","page_number":20,"box":{"x":128,"y":129,"width":799,"height":12}},{"id":"b9e5917a-2a68-42c0-9d2d-2aff9020a396","block_type":"box","text":"is any investment that the Fund reasonably expects cannot be sold or disposed of in current market","page_number":20,"box":{"x":129,"y":144,"width":742,"height":13}},{"id":"e6af4c49-7db2-4344-8f07-d6f5e532c0f2","block_type":"box","text":"conditions in seven calendar days or less without the sale or disposition significantly changing the market","page_number":20,"box":{"x":128,"y":160,"width":785,"height":12}},{"id":"c64b3b5f-6082-4bdf-9ed9-7a55baa25af1","block_type":"box","text":"value of the investment. The Subsidiary will also limit its investment in illiquid investments to 15% of its net","page_number":20,"box":{"x":128,"y":175,"width":794,"height":13}},{"id":"f129cec5-a961-47a5-b5ac-2d0f7ad6a13a","block_type":"box","text":"assets. In applying the illiquid investments restriction to the Fund, the Fund’s investment in the Subsidiary is","page_number":20,"box":{"x":128,"y":191,"width":805,"height":12}},{"id":"066552f9-dbfd-4c51-b0a5-e53928878192","block_type":"box","text":"considered to be liquid.","page_number":20,"box":{"x":128,"y":207,"width":177,"height":11}},{"id":"3629876f-af19-4cd0-9da8-dfe66bf6df97","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":228,"width":4,"height":3}},{"id":"754e23bb-0ee0-4b01-a14b-551c5c1b827f","block_type":"box","text":"Investment Companies.","page_number":20,"box":{"x":128,"y":225,"width":187,"height":12}},{"id":"27b9d098-a18f-4737-90df-d41474c0fe58","block_type":"box","text":"The Fund has the ability to invest in other investment companies, such as","page_number":20,"box":{"x":316,"y":225,"width":557,"height":12}},{"id":"8b0649f7-6142-4628-8c14-5eee82f025e0","block_type":"box","text":"exchange-traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable","page_number":20,"box":{"x":128,"y":240,"width":814,"height":12}},{"id":"81ae6f23-62e4-4c92-8000-8dcd6795054a","block_type":"box","text":"limits under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated","page_number":20,"box":{"x":129,"y":256,"width":750,"height":12}},{"id":"b1fc8b13-bfa7-4add-a332-6ed09da092eb","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated exchange-traded funds.","page_number":20,"box":{"x":129,"y":271,"width":753,"height":12}},{"id":"5fc2c58c-0be0-4c4e-9bec-287710223df7","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":293,"width":4,"height":3}},{"id":"a5ee3406-5fdc-4550-93cd-c3dea9cc33bf","block_type":"box","text":"Master Limited Partnerships","page_number":20,"box":{"x":128,"y":290,"width":226,"height":11}},{"id":"e668fd70-093a-4211-80f6-e480ac6d4c55","block_type":"box","text":". The Fund may invest in master limited partnerships (“MLPs”) that are","page_number":20,"box":{"x":355,"y":289,"width":527,"height":13}},{"id":"c0f378c3-6acc-4207-9c32-6036eed7c07e","block_type":"box","text":"generally in energy-related industries. MLPs are limited partnerships or limited liability companies taxable as","page_number":20,"box":{"x":128,"y":305,"width":808,"height":12}},{"id":"07f0fc40-ac37-4ac9-9eaf-e19fb1b5bfed","block_type":"box","text":"partnerships. MLPs may derive income and gains from the exploration, development, mining, production,","page_number":20,"box":{"x":129,"y":320,"width":783,"height":13}},{"id":"f71a4032-0fd2-4304-8723-9edc07c9b5f1","block_type":"box","text":"processing, refining, transportation (including pipelines transporting gas, oil or products thereof) or the","page_number":20,"box":{"x":129,"y":336,"width":760,"height":12}},{"id":"de724a37-34d6-4184-a545-9958b4ca4b7e","block_type":"box","text":"marketing of any mineral or natural resources. MLPs generally have two classes of owners, the general","page_number":20,"box":{"x":129,"y":351,"width":771,"height":13}},{"id":"d5f11dcb-54a6-4023-8346-f08877a6d919","block_type":"box","text":"partner and limited partners. When investing in an MLP, the Fund intends to purchase publicly traded","page_number":20,"box":{"x":129,"y":367,"width":754,"height":12}},{"id":"3b59cfbb-24d0-457d-adac-d32a0dd93985","block_type":"box","text":"common units issued to limited partners of the MLP. The general partner is typically owned by a major","page_number":20,"box":{"x":128,"y":382,"width":763,"height":13}},{"id":"354d77d0-f8b6-4074-b4cd-a201ed4bbcd9","block_type":"box","text":"energy company, an investment fund or the direct management of the MLP or is an entity owned by one or","page_number":20,"box":{"x":128,"y":398,"width":797,"height":12}},{"id":"349b22f4-dd9d-4c9b-ba43-409d96b45e15","block_type":"box","text":"more of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":20,"box":{"x":129,"y":413,"width":786,"height":13}},{"id":"02638a13-83cf-440e-a4cb-2790a0881f9e","block_type":"box","text":"other entity.","page_number":20,"box":{"x":128,"y":429,"width":92,"height":12}},{"id":"a83d9dce-391b-43fb-8f4f-5cd82bfdfb36","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":450,"width":4,"height":4}},{"id":"84c59f5d-2ce9-4de6-8b38-33b51ca01ba4","block_type":"box","text":"”New Issues”","page_number":20,"box":{"x":130,"y":447,"width":107,"height":10}},{"id":"6e5fd661-fcbd-4ce1-9c5c-bb888bc55892","block_type":"box","text":".","page_number":20,"box":{"x":237,"y":455,"width":2,"height":2}},{"id":"5abef95b-4c12-445c-b06c-983cf3ee5a1f","block_type":"box","text":"From time to time, the Fund may invest in shares of companies through initial public offerings","page_number":20,"box":{"x":241,"y":447,"width":702,"height":12}},{"id":"fd5b8cbf-de1b-4589-8e9d-b088b6dae3e5","block_type":"box","text":"(“IPOs”).","page_number":20,"box":{"x":128,"y":463,"width":69,"height":12}},{"id":"a0a9ed3a-c76f-42cd-82c0-e609332f266c","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":484,"width":4,"height":3}},{"id":"3243fe48-6353-4ba6-99bc-5c4e97a717bf","block_type":"box","text":"Restricted Securities.","page_number":20,"box":{"x":128,"y":481,"width":170,"height":9}},{"id":"ba4b842f-db74-46a3-af1f-f169313048e2","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":20,"box":{"x":300,"y":481,"width":611,"height":12}},{"id":"8dbfa09b-95be-4fa6-afde-0995d29bc06c","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits","page_number":20,"box":{"x":129,"y":497,"width":784,"height":12}},{"id":"659be3a0-2217-4791-89ae-e0b267fb09af","block_type":"box","text":"their resale. They may include Rule 144A securities, which are privately placed securities that can be resold","page_number":20,"box":{"x":128,"y":512,"width":805,"height":12}},{"id":"c31201b7-c7f6-43dc-86c5-9dbe7aa0308d","block_type":"box","text":"to qualified institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are","page_number":20,"box":{"x":128,"y":527,"width":802,"height":13}},{"id":"fb15afd1-8a8f-4788-8b83-b13835ab59d2","block_type":"box","text":"offered pursuant to Regulation S under the Securities Act of 1933, as amended, and securities of private","page_number":20,"box":{"x":128,"y":543,"width":780,"height":12}},{"id":"0b6fcf07-1a3d-4c9c-96db-d50a4ef0f3e9","block_type":"box","text":"companies.","page_number":20,"box":{"x":128,"y":559,"width":90,"height":11}},{"id":"729ccb0d-2255-4cce-8c5a-03c849a5bac1","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":580,"width":4,"height":3}},{"id":"ac5eda62-f0c2-495b-b428-421196133587","block_type":"box","text":"Securities Lending.","page_number":20,"box":{"x":128,"y":577,"width":154,"height":12}},{"id":"e4ac5d44-bea0-48c7-885a-f5bb7455571f","block_type":"box","text":"The Fund may lend securities with a value up to 33 1 /3 % of its total assets to financial","page_number":20,"box":{"x":283,"y":577,"width":657,"height":12}},{"id":"16a0a8f3-ff84-453a-8f33-964d1c16c36d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":20,"box":{"x":129,"y":592,"width":758,"height":12}},{"id":"08e2d0b6-6b05-4348-b731-b06748c4cd04","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":614,"width":4,"height":3}},{"id":"90ea852c-b656-4901-8379-5687c066717f","block_type":"box","text":"Temporary Defensive Strategies.","page_number":20,"box":{"x":129,"y":610,"width":265,"height":12}},{"id":"c529cb42-5c6b-4004-9e33-fdd265cd619a","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse","page_number":20,"box":{"x":395,"y":610,"width":530,"height":12}},{"id":"c9142d35-5172-4cf5-a3c2-ac2ab4e342f6","block_type":"box","text":"market, economic, political or other conditions, the Fund may depart from its principal investment strategies","page_number":20,"box":{"x":129,"y":626,"width":801,"height":12}},{"id":"ff0e516f-e722-44b3-8208-fc92c4508613","block_type":"box","text":"and may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents,","page_number":20,"box":{"x":128,"y":642,"width":797,"height":11}},{"id":"8f72c702-e62d-45f0-bd5a-631bb92f29b9","block_type":"box","text":"money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities,","page_number":20,"box":{"x":129,"y":657,"width":801,"height":12}},{"id":"e6558adf-7f8e-4994-ba2f-ec4c34f40ef7","block_type":"box","text":"short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial","page_number":20,"box":{"x":128,"y":672,"width":782,"height":13}},{"id":"7c4140bc-0650-49a6-9880-45a8e87a3335","block_type":"box","text":"paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high","page_number":20,"box":{"x":129,"y":688,"width":771,"height":12}},{"id":"820f9602-c2ed-467d-b033-59730d021478","block_type":"box","text":"quality fixed income securities. Temporary defensive positions may affect the Fund’s ability to achieve its","page_number":20,"box":{"x":128,"y":703,"width":777,"height":13}},{"id":"95e7ebe0-0109-43ba-ad06-730042a2d7cd","block_type":"box","text":"investment objective.","page_number":20,"box":{"x":129,"y":719,"width":154,"height":12}},{"id":"c25ddf97-36cd-4cf7-ac6f-09526521a729","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":740,"width":4,"height":4}},{"id":"b6c1fab2-33f8-470e-8820-a58195000a4f","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments.","page_number":20,"box":{"x":129,"y":737,"width":589,"height":12}},{"id":"3b91fda1-fdd9-4013-bd1d-2e1795a12c2e","block_type":"box","text":"The purchase or sale of","page_number":20,"box":{"x":724,"y":737,"width":177,"height":12}},{"id":"69a7fd9f-13cf-434b-8572-c0df568d5158","block_type":"box","text":"securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves","page_number":20,"box":{"x":128,"y":753,"width":796,"height":12}},{"id":"0a936b9b-5293-4e00-9f1a-b7b9efa92cc1","block_type":"box","text":"the purchase or sale of securities by the Fund at an established price with payment and delivery taking place","page_number":20,"box":{"x":128,"y":768,"width":806,"height":12}},{"id":"944b0205-2bdb-4f0d-bd1e-a844bde7d6ff","block_type":"box","text":"in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to","page_number":20,"box":{"x":129,"y":784,"width":800,"height":12}},{"id":"ca801f1f-512c-4968-8b12-d24fea977ba1","block_type":"box","text":"the Fund at the time of entering into the transaction.","page_number":20,"box":{"x":128,"y":799,"width":384,"height":12}},{"id":"72e31187-dd5c-4938-9c3c-dcceac26acfa","block_type":"box","text":"A Further Discussion of Principal Risks","page_number":20,"box":{"x":60,"y":838,"width":384,"height":15}},{"id":"81f8f569-899f-454e-a4cf-0d82296dfca7","block_type":"box","text":"The Fund is subject to various risks, including the principal risks noted below, any of which may adversely affect the","page_number":20,"box":{"x":60,"y":862,"width":865,"height":12}},{"id":"f5ff7323-a349-407b-8aa1-60eaac942668","block_type":"box","text":"Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. You could lose all or part of","page_number":20,"box":{"x":61,"y":877,"width":863,"height":12}},{"id":"69cd2a47-613a-4216-936b-e20c7b534f85","block_type":"box","text":"your investment in the Fund, and the Fund could underperform other investments. The order of the below risk factors","page_number":20,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"8adfcab3-172f-4915-bf00-2372e4225e1c","block_type":"box","text":"does not indicate the significance of any particular risk factor. The Fund discloses its portfolio holdings daily at","page_number":20,"box":{"x":61,"y":908,"width":816,"height":12}},{"id":"c1b846f7-aeb1-4109-81b0-e54fc3a71491","block_type":"box","text":"www.blackrock.com","page_number":20,"box":{"x":60,"y":924,"width":148,"height":9}},{"id":"09a9dcdc-f1ea-4d5a-bb72-2d92c13510ac","block_type":"box","text":".","page_number":20,"box":{"x":210,"y":932,"width":2,"height":1}},{"id":"61984aa7-2b16-4b70-b307-1f6d1f69f032","block_type":"box","text":"3","page_number":20,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"46096dba-9790-453c-beb4-38dae27b6b7c","block_type":"box","text":"NM1026U-6042719-20/56","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"87013dd2-fcaa-470b-a8e1-b4a1f8cba685","block_type":"box","text":"Allocation Risk.","page_number":21,"box":{"x":60,"y":41,"width":125,"height":9}},{"id":"cfab4768-9814-46b8-a2fe-5e3c3f66cae7","block_type":"box","text":"The Fund’s ability to achieve its investment objective depends upon BFA’s skill in determining the","page_number":21,"box":{"x":186,"y":41,"width":734,"height":12}},{"id":"3f406d71-94c3-4195-ace8-3ca7cdcfe6ed","block_type":"box","text":"Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There","page_number":21,"box":{"x":61,"y":56,"width":877,"height":12}},{"id":"184553ca-10f4-4ce9-99b1-a7ca90539772","block_type":"box","text":"is a risk that BFA’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view","page_number":21,"box":{"x":61,"y":71,"width":880,"height":13}},{"id":"008f6275-9efb-4722-b762-e75588d90322","block_type":"box","text":"of actual market conditions. In addition, there is no guarantee that the underlying funds will achieve their investment","page_number":21,"box":{"x":61,"y":87,"width":863,"height":12}},{"id":"743fd01f-2b71-450c-a418-a8aeda86e77c","block_type":"box","text":"objectives, and the underlying funds’ performance may be lower than the performance of the asset class which they","page_number":21,"box":{"x":61,"y":102,"width":864,"height":13}},{"id":"24569f4c-db7e-42a4-acb9-f79d3ecd9fdb","block_type":"box","text":"were selected to represent. The underlying funds may change their investment objectives or policies without the","page_number":21,"box":{"x":60,"y":118,"width":836,"height":12}},{"id":"dad726a2-1a18-4216-8dbe-1022b2d219ca","block_type":"box","text":"approval of the Fund. If an underlying fund were to change its investment objective or policies, the Fund might be","page_number":21,"box":{"x":61,"y":134,"width":844,"height":12}},{"id":"cde75c12-6d27-4349-ad6b-f5711f30b0da","block_type":"box","text":"forced to withdraw its investment from the underlying fund at a disadvantageous time and price.","page_number":21,"box":{"x":60,"y":149,"width":715,"height":12}},{"id":"6f54a659-88c7-4509-9533-07c841276879","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":21,"box":{"x":60,"y":180,"width":312,"height":12}},{"id":"663dccdf-8c79-4d7a-beba-ed864fc815de","block_type":"box","text":". From time to time, an Authorized Participant (as defined in the Creations","page_number":21,"box":{"x":372,"y":180,"width":552,"height":12}},{"id":"275b9222-3a3e-4b9e-a258-12e2afb9299f","block_type":"box","text":"and Redemptions section of the Prospectus), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":21,"box":{"x":61,"y":196,"width":833,"height":12}},{"id":"ebde33ec-23d2-42ed-b0c6-dca53cd69836","block_type":"box","text":"adviser, or another fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund","page_number":21,"box":{"x":61,"y":211,"width":871,"height":12}},{"id":"fa26aff5-e13e-4904-bb32-40211240ae7d","block_type":"box","text":"to achieve size or scale. There can be no assurance that","page_number":21,"box":{"x":60,"y":227,"width":427,"height":9}},{"id":"34db3f24-6c7d-4b9b-b809-32b91bf27dc0","block_type":"box","text":"any such entity would not redeem its investment or that the","page_number":21,"box":{"x":488,"y":227,"width":443,"height":12}},{"id":"d2186657-7068-4ce5-ad1c-0016f049caf5","block_type":"box","text":"size of the Fund would be maintained at such levels, which could negatively impact the Fund.","page_number":21,"box":{"x":61,"y":242,"width":697,"height":12}},{"id":"e4a36c83-fc23-4a9d-a397-fa9fb97feb72","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":21,"box":{"x":60,"y":273,"width":340,"height":12}},{"id":"c9b9516e-63d3-4250-bc1c-2ae7e96ddb85","block_type":"box","text":". Only an Authorized Participant may engage in creation or redemption","page_number":21,"box":{"x":400,"y":273,"width":528,"height":12}},{"id":"92349f34-4027-47d7-b03e-dbdb7046fa3d","block_type":"box","text":"transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants","page_number":21,"box":{"x":60,"y":289,"width":871,"height":12}},{"id":"80202ac3-7938-4a79-96d1-2c6f5093e600","block_type":"box","text":"for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is","page_number":21,"box":{"x":60,"y":304,"width":821,"height":12}},{"id":"83211418-c8d2-4dbb-a188-adf19d937f35","block_type":"box","text":"obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the","page_number":21,"box":{"x":61,"y":320,"width":815,"height":12}},{"id":"81628584-bab6-42e5-b118-ce01e2b55232","block_type":"box","text":"business or do not place creation or redemption orders for the Fund and no other Authorized Participant places","page_number":21,"box":{"x":61,"y":335,"width":829,"height":12}},{"id":"57b17fec-f459-4d78-a87e-01e15f708b05","block_type":"box","text":"orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or","page_number":21,"box":{"x":61,"y":351,"width":829,"height":12}},{"id":"1d0a7c20-0608-42a7-85e0-bf377407915d","block_type":"box","text":"delisting. Authorized Participant concentration risk may be heightened for the Fund because it may invest in securities","page_number":21,"box":{"x":61,"y":366,"width":879,"height":12}},{"id":"0650ec3d-4dd1-427b-937a-41aec561a98d","block_type":"box","text":"issued by non-U.S. issuers or instruments with lower trading volume. Such assets often entail greater settlement and","page_number":21,"box":{"x":61,"y":382,"width":871,"height":12}},{"id":"0d36e432-6fda-4130-9122-30b401fa83ea","block_type":"box","text":"operational complexity and higher capital costs for Authorized Participants, which may limit the number of Authorized","page_number":21,"box":{"x":61,"y":397,"width":872,"height":12}},{"id":"7e75782b-6961-4408-8f80-370630ff68d2","block_type":"box","text":"Participants that engage with the Fund.","page_number":21,"box":{"x":61,"y":413,"width":296,"height":12}},{"id":"dc5f61b3-abf4-49bb-942f-d850bd9d445c","block_type":"box","text":"Cash Transactions Risk.","page_number":21,"box":{"x":62,"y":444,"width":198,"height":9}},{"id":"dc412821-0d7e-4449-8da1-b71f9b79bf8a","block_type":"box","text":"The Fund may effect part or all of its creations and redemptions for cash, rather than","page_number":21,"box":{"x":261,"y":444,"width":632,"height":12}},{"id":"bbd405d3-b538-4f77-929a-b9811d3b5a29","block_type":"box","text":"in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may","page_number":21,"box":{"x":61,"y":459,"width":871,"height":12}},{"id":"a2941247-ae7b-4dc9-a602-3adaa5e26d5e","block_type":"box","text":"require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash","page_number":21,"box":{"x":61,"y":475,"width":843,"height":12}},{"id":"2399b84c-f7d1-4c81-9757-b20cebece7e4","block_type":"box","text":"needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss","page_number":21,"box":{"x":61,"y":490,"width":854,"height":12}},{"id":"12c13bc4-db84-4f4f-bc62-83fa1493081d","block_type":"box","text":"that might not have been incurred if it had made a redemption in-kind. As a result, the Fund may pay out higher or","page_number":21,"box":{"x":60,"y":506,"width":851,"height":12}},{"id":"e0c1e1e1-fc9d-4133-a703-e10a31d9883a","block_type":"box","text":"lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions","page_number":21,"box":{"x":61,"y":521,"width":855,"height":12}},{"id":"980c03df-fc4a-407e-9411-b7f7457da528","block_type":"box","text":"may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts","page_number":21,"box":{"x":61,"y":537,"width":875,"height":12}},{"id":"7a001527-e7d1-4596-98f3-4b8c387517a3","block_type":"box","text":"to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption","page_number":21,"box":{"x":60,"y":552,"width":872,"height":12}},{"id":"830f2a1f-5222-465c-a52b-395ca40d442f","block_type":"box","text":"purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for","page_number":21,"box":{"x":61,"y":568,"width":872,"height":12}},{"id":"f44ae914-cdd9-4e91-86e6-d0bd5cd7e5b7","block_type":"box","text":"creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be","page_number":21,"box":{"x":61,"y":583,"width":857,"height":12}},{"id":"5d0841bd-1740-4928-b2b4-eddb8fb7968e","block_type":"box","text":"negatively impacted.","page_number":21,"box":{"x":61,"y":599,"width":157,"height":12}},{"id":"b3b234fb-aadd-44c3-aa65-526c0a7161db","block_type":"box","text":"Collateralized Debt Obligations Risk.","page_number":21,"box":{"x":62,"y":630,"width":291,"height":12}},{"id":"43f15e5a-8a28-4c48-9cc6-dcdfe3b2ef16","block_type":"box","text":"In addition to the typical risks associated with fixed-income securities","page_number":21,"box":{"x":354,"y":630,"width":521,"height":12}},{"id":"0d8f0ab1-4858-4d64-8ef7-0c8e155b2c59","block_type":"box","text":"and asset-backed securities, CDOs, including collateralized loan obligations, carry additional risks including, but","page_number":21,"box":{"x":61,"y":645,"width":834,"height":12}},{"id":"7826901b-da41-4330-a681-a32251b9f26e","block_type":"box","text":"not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest","page_number":21,"box":{"x":61,"y":661,"width":817,"height":12}},{"id":"386eca88-faa7-4811-b547-254a52f0db3c","block_type":"box","text":"or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by","page_number":21,"box":{"x":61,"y":676,"width":811,"height":12}},{"id":"62666c88-3139-47ca-a351-67bf2fe7330d","block_type":"box","text":"a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that","page_number":21,"box":{"x":61,"y":692,"width":765,"height":12}},{"id":"537d16bc-9984-499d-b12e-180f12ba5323","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents","page_number":21,"box":{"x":61,"y":707,"width":817,"height":12}},{"id":"da0f18b4-e5c5-4d97-bad0-dd227cd760c2","block_type":"box","text":"could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved","page_number":21,"box":{"x":61,"y":723,"width":873,"height":12}},{"id":"b1be413d-b808-4688-a1b8-567dd6ffd7b4","block_type":"box","text":"by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily","page_number":21,"box":{"x":61,"y":738,"width":801,"height":12}},{"id":"77acf645-2018-4c6e-a788-9507372fc1f9","block_type":"box","text":"available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as","page_number":21,"box":{"x":61,"y":754,"width":848,"height":12}},{"id":"f60e3e02-1e28-4be6-b430-0141dd366912","block_type":"box","text":"coverage test failures; and (viii) the CDO’s manager may perform poorly.","page_number":21,"box":{"x":61,"y":769,"width":539,"height":12}},{"id":"594dccc1-0af1-4201-8032-98dca3095072","block_type":"box","text":"Commodities Related Investment Risk.","page_number":21,"box":{"x":62,"y":800,"width":308,"height":10}},{"id":"1e0f3a77-69ac-44df-be02-e296ae59c8d4","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":21,"box":{"x":377,"y":800,"width":523,"height":12}},{"id":"20d951f9-eb8c-4fc0-895f-2cf525e30fe2","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":21,"box":{"x":60,"y":816,"width":831,"height":12}},{"id":"4a72a9e2-56ff-4179-a543-42ab4b483bce","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":21,"box":{"x":61,"y":831,"width":859,"height":12}},{"id":"15be24a1-46df-40f0-9631-f213c58142dc","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, insufficient storage capacity,","page_number":21,"box":{"x":60,"y":847,"width":855,"height":12}},{"id":"21d2db2c-6de9-46c1-bc53-f844078fdf69","block_type":"box","text":"embargoes, tariffs, war and international economic, political and regulatory developments.","page_number":21,"box":{"x":61,"y":862,"width":673,"height":12}},{"id":"048b909c-ec4a-4072-942d-1e2a9d1daa4f","block_type":"box","text":"The Fund’s investments in commodity-related instruments can be limited by the Fund’s intention to qualify as a","page_number":21,"box":{"x":60,"y":893,"width":827,"height":12}},{"id":"4bc1d0cc-534a-4343-808b-1d29e0c44f42","block_type":"box","text":"regulated investment company, and can bear on the Fund’s ability to so qualify. Income and gains from certain","page_number":21,"box":{"x":61,"y":909,"width":820,"height":12}},{"id":"41a3c567-968e-4e23-b5e6-ba81ce243e5c","block_type":"box","text":"commodity-related instruments do not constitute qualifying income to a regulated investment company, for purposes","page_number":21,"box":{"x":61,"y":924,"width":861,"height":12}},{"id":"7401867d-55af-4630-8ef6-45f562752a03","block_type":"box","text":"4","page_number":21,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"234c9a35-b511-4609-bf04-f43ebf01f03e","block_type":"box","text":"NM1026U-6042719-21/56","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7adafd76-cdf8-4498-810a-07f934151421","block_type":"box","text":"of the 90% gross income test described above. The tax treatment of some other commodity-related instruments in","page_number":22,"box":{"x":61,"y":40,"width":851,"height":13}},{"id":"f9be90cb-8a85-4462-8981-88ac6df6d4f9","block_type":"box","text":"which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments","page_number":22,"box":{"x":60,"y":56,"width":882,"height":12}},{"id":"0e3a2e0b-6227-4b84-b3c1-78a4f69060d1","block_type":"box","text":"constitute qualifying income to a regulated investment company. If the Fund were to treat income or gain from a","page_number":22,"box":{"x":61,"y":71,"width":833,"height":13}},{"id":"85130eb8-52e8-4c44-b015-40c829f3e309","block_type":"box","text":"particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying","page_number":22,"box":{"x":61,"y":87,"width":856,"height":12}},{"id":"9efb4c60-943f-4ecd-b438-0fc5edfbbb11","block_type":"box","text":"income and, together with any other nonqualifying income, caused the Fund’s nonqualifying income to exceed 10% of","page_number":22,"box":{"x":61,"y":102,"width":878,"height":13}},{"id":"0537670d-863e-4aae-8515-f0adb27e8e7e","block_type":"box","text":"its gross income in any taxable year, the Fund would fail to qualify as a regulated investment company unless it is","page_number":22,"box":{"x":61,"y":118,"width":848,"height":12}},{"id":"512c4869-bb10-4b4f-a50e-86dcc02742e2","block_type":"box","text":"eligible to and does pay a tax at the Fund level.","page_number":22,"box":{"x":61,"y":134,"width":356,"height":12}},{"id":"fe45eb24-29f0-476d-82f5-a99c4c36512c","block_type":"box","text":"Convertible Securities Risk.","page_number":22,"box":{"x":62,"y":166,"width":220,"height":10}},{"id":"49f93341-125c-46fd-9b5a-0d3603c9b87a","block_type":"box","text":"The market value of a convertible security performs like that of a regular debt security;","page_number":22,"box":{"x":283,"y":166,"width":650,"height":13}},{"id":"e39b623b-3bff-4af6-b852-d3e8db8373ba","block_type":"box","text":"that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities","page_number":22,"box":{"x":60,"y":182,"width":862,"height":12}},{"id":"924e876e-dfad-4d12-978b-99d9f5dacdef","block_type":"box","text":"are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market","page_number":22,"box":{"x":61,"y":198,"width":877,"height":12}},{"id":"56d19021-850b-4c59-b873-5b5bf0b62863","block_type":"box","text":"value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s","page_number":22,"box":{"x":60,"y":213,"width":792,"height":12}},{"id":"f986f08b-2016-4cc3-81e6-bd29f613d073","block_type":"box","text":"creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a","page_number":22,"box":{"x":61,"y":228,"width":834,"height":13}},{"id":"fcd51b7e-3997-495a-b8c0-2d11e247600e","block_type":"box","text":"convertible security is also subject to the same types of market and issuer risks that apply to the underlying common","page_number":22,"box":{"x":61,"y":244,"width":869,"height":12}},{"id":"2e35848c-7cc7-435f-abd8-33dff331b533","block_type":"box","text":"stock, including the potential for increased volatility in the price of the convertible security.","page_number":22,"box":{"x":61,"y":259,"width":669,"height":13}},{"id":"f6f83111-92c3-4023-ae5d-b44968dc8f19","block_type":"box","text":"Corporate Loans Risk.","page_number":22,"box":{"x":62,"y":292,"width":176,"height":12}},{"id":"d2a5d60d-bae7-400b-a5d3-797424871923","block_type":"box","text":"Commercial banks and other financial institutions or institutional investors make","page_number":22,"box":{"x":240,"y":292,"width":601,"height":10}},{"id":"8ce73a50-4a52-4848-85cb-533fbe5d3545","block_type":"box","text":"corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate","page_number":22,"box":{"x":61,"y":308,"width":868,"height":12}},{"id":"2009657c-1db1-4073-bb7a-4de6739f3fc0","block_type":"box","text":"loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing","page_number":22,"box":{"x":61,"y":323,"width":866,"height":13}},{"id":"f8ce5f53-d62a-4752-a6cb-3cca8423aaf2","block_type":"box","text":"Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally","page_number":22,"box":{"x":61,"y":339,"width":838,"height":12}},{"id":"8e490928-018c-4df4-b65f-19893e272ff9","block_type":"box","text":"less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of","page_number":22,"box":{"x":61,"y":354,"width":810,"height":13}},{"id":"20c766c1-559e-4adb-a916-42099d3de583","block_type":"box","text":"interest. However, because the trading market for certain corporate loans may be less developed than the secondary","page_number":22,"box":{"x":61,"y":370,"width":873,"height":12}},{"id":"8c3ec0ce-53f1-4697-8114-058390d9c315","block_type":"box","text":"market for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in","page_number":22,"box":{"x":61,"y":385,"width":823,"height":13}},{"id":"07a3c1a0-079a-4c46-9508-fc03bfc8397c","block_type":"box","text":"corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be","page_number":22,"box":{"x":61,"y":401,"width":872,"height":12}},{"id":"92672ba8-4cd9-4468-a991-69b0a3a6a9aa","block_type":"box","text":"readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the","page_number":22,"box":{"x":61,"y":417,"width":834,"height":12}},{"id":"7a5e5407-c40e-4ea1-bfc5-2ed4d4d6ed4b","block_type":"box","text":"extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell","page_number":22,"box":{"x":61,"y":432,"width":807,"height":12}},{"id":"02a792e3-ed73-4c46-99f5-e69453fdc408","block_type":"box","text":"investments or temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a","page_number":22,"box":{"x":61,"y":447,"width":878,"height":13}},{"id":"a2c1ffba-9ce7-4452-9ae3-fda24526cca7","block_type":"box","text":"broader group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans,","page_number":22,"box":{"x":61,"y":463,"width":858,"height":12}},{"id":"1814a8c4-f671-46cd-9e95-6d338e6ba8a1","block_type":"box","text":"holds collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund","page_number":22,"box":{"x":61,"y":478,"width":850,"height":13}},{"id":"8705226c-54af-4f2c-b059-c3b7d7e98d47","block_type":"box","text":"may not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become","page_number":22,"box":{"x":61,"y":494,"width":866,"height":12}},{"id":"5b1074dc-c125-4e55-8257-9a6574a61441","block_type":"box","text":"a member of the syndicate.","page_number":22,"box":{"x":61,"y":509,"width":207,"height":13}},{"id":"2eaa0f56-b157-4400-a63e-53b9e30d4c6c","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":22,"box":{"x":60,"y":542,"width":750,"height":13}},{"id":"ef9d3e38-2c60-4b57-80ce-3472d92c6143","block_type":"box","text":"The corporate loans in which the Fund invests are subject","page_number":22,"box":{"x":60,"y":576,"width":435,"height":11}},{"id":"fbb4924e-5dd8-4481-9cb5-f87e25721eea","block_type":"box","text":"to the risk of loss of principal and income.","page_number":22,"box":{"x":495,"y":575,"width":314,"height":12}},{"id":"f6e7ef3d-7518-469f-8489-b98d29869025","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If","page_number":22,"box":{"x":60,"y":591,"width":878,"height":12}},{"id":"4b2a6390-4350-4931-a7bf-54538c324d7e","block_type":"box","text":"they do provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of","page_number":22,"box":{"x":60,"y":606,"width":883,"height":12}},{"id":"17585afd-203b-4030-9bb7-1232b920d055","block_type":"box","text":"a default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit","page_number":22,"box":{"x":61,"y":622,"width":838,"height":12}},{"id":"aea31945-ad9b-4cf4-9805-ff8340c001e3","block_type":"box","text":"the Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event","page_number":22,"box":{"x":60,"y":637,"width":871,"height":12}},{"id":"d8a89255-b0c2-43be-9e31-ed807c1dfcc7","block_type":"box","text":"of a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in","page_number":22,"box":{"x":61,"y":653,"width":804,"height":12}},{"id":"0084d5ff-9ed2-4f52-b05f-a5f8d1b8889e","block_type":"box","text":"recovering its investment and may not receive interest during the delay.","page_number":22,"box":{"x":61,"y":669,"width":529,"height":11}},{"id":"4f3fb6a9-54c8-4bc6-9ce8-62d770d00a28","block_type":"box","text":"Counterparty Risk.","page_number":22,"box":{"x":62,"y":701,"width":148,"height":12}},{"id":"e83ca8f7-b8c8-4328-a778-73907bc0584f","block_type":"box","text":"The counterparty to an over-the-counter derivatives contract or a borrower of the","page_number":22,"box":{"x":216,"y":701,"width":598,"height":12}},{"id":"60fb9119-6d66-4fe8-b7c3-0a8d74003744","block_type":"box","text":"Fund’s securities may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise","page_number":22,"box":{"x":61,"y":717,"width":855,"height":12}},{"id":"2bcb7e3d-2020-4ec2-b14c-89212cad8c1f","block_type":"box","text":"to honor its obligations. Any such failure to honor its obligations may cause significant losses to the Fund.","page_number":22,"box":{"x":60,"y":732,"width":782,"height":12}},{"id":"4753659f-d098-4aee-b774-3a38dd662fca","block_type":"box","text":"Debt Securities Risk.","page_number":22,"box":{"x":61,"y":765,"width":165,"height":10}},{"id":"1f77f795-66d3-4a4d-905a-0d22f375fafa","block_type":"box","text":"Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension","page_number":22,"box":{"x":234,"y":765,"width":682,"height":12}},{"id":"17396c8c-5bf3-4e94-a1b0-90b1d3f3fe12","block_type":"box","text":"risk, and prepayment risk, each of which is described in further detail below:","page_number":22,"box":{"x":61,"y":781,"width":562,"height":12}},{"id":"cb220c08-424a-4008-b22e-877bcb5d01fb","block_type":"box","text":"Credit Risk","page_number":22,"box":{"x":62,"y":814,"width":81,"height":9}},{"id":"54001adb-bb15-47ce-83d3-877ed8f7b04d","block_type":"box","text":". Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to","page_number":22,"box":{"x":144,"y":814,"width":776,"height":12}},{"id":"287602de-c4c9-4dbb-bf7c-cf3e0e83850e","block_type":"box","text":"make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of","page_number":22,"box":{"x":61,"y":829,"width":869,"height":12}},{"id":"ca71d4e3-a3b5-4a7f-92e7-343e7ef4ee04","block_type":"box","text":"an issuer’s creditworthiness may also affect the value of the","page_number":22,"box":{"x":61,"y":845,"width":448,"height":12}},{"id":"01ab2762-a34f-4661-b340-8716d749188e","block_type":"box","text":"Fund’s investment in that issuer. The degree of credit risk","page_number":22,"box":{"x":511,"y":845,"width":431,"height":12}},{"id":"ea92852a-5208-4037-8e0b-ad8c96f0cb88","block_type":"box","text":"depends on both the financial condition of the issuer and the terms of the obligation.","page_number":22,"box":{"x":61,"y":860,"width":628,"height":12}},{"id":"3d11c91f-fcfc-4476-9a61-befb4d7ca223","block_type":"box","text":"Interest Rate Risk","page_number":22,"box":{"x":61,"y":893,"width":134,"height":10}},{"id":"f1019a8c-076e-4f14-aa80-e6deb44d1d64","block_type":"box","text":". The market value of bonds and other fixed-income securities changes in response to interest rate","page_number":22,"box":{"x":195,"y":893,"width":736,"height":12}},{"id":"7cb10038-80b2-4e24-8397-d0ca1025f937","block_type":"box","text":"changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will","page_number":22,"box":{"x":61,"y":909,"width":830,"height":12}},{"id":"a6aa3b7b-5f2e-4613-81bb-86fede5f21c1","block_type":"box","text":"increase as interest rates fall and decrease as interest rates rise.","page_number":22,"box":{"x":61,"y":924,"width":480,"height":10}},{"id":"bc386cbc-ef07-49e5-b75f-0619677b017c","block_type":"box","text":"5","page_number":22,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"165a3c4b-81bc-464c-891c-c12c66bc5dfe","block_type":"box","text":"NM1026U-6042719-22/56","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0dd736c6-7b4d-49b8-a0d4-f145b8814a5d","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest","page_number":23,"box":{"x":60,"y":40,"width":440,"height":13}},{"id":"b67dd9ae-428f-4afb-aeb1-2c1f6db26568","block_type":"box","text":"rates during a period of low interest rates. For example, if","page_number":23,"box":{"x":501,"y":40,"width":430,"height":13}},{"id":"3745fd82-9a76-4985-a57a-22949767e0b5","block_type":"box","text":"interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the","page_number":23,"box":{"x":61,"y":56,"width":878,"height":12}},{"id":"b5a7f426-39c8-4d65-867b-33af359d9bba","block_type":"box","text":"value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price","page_number":23,"box":{"x":60,"y":71,"width":808,"height":13}},{"id":"7ecc12c1-d60b-45cb-8138-07f49ed21708","block_type":"box","text":"sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of","page_number":23,"box":{"x":61,"y":87,"width":838,"height":12}},{"id":"1c1703ff-d0f8-4345-8eb2-14a81659acf8","block_type":"box","text":"these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":23,"box":{"x":60,"y":102,"width":818,"height":13}},{"id":"99763dd9-5153-48d3-a76f-e6444a211e1c","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":23,"box":{"x":61,"y":118,"width":840,"height":12}},{"id":"094df371-8d81-410a-9567-603fecfd7a7e","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":23,"box":{"x":61,"y":134,"width":867,"height":12}},{"id":"30fbecdf-3d2d-4388-8eb8-3976d289a334","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":23,"box":{"x":61,"y":149,"width":826,"height":12}},{"id":"e454e253-bd21-416a-94c5-2da02af966ba","block_type":"box","text":"management.","page_number":23,"box":{"x":61,"y":165,"width":107,"height":12}},{"id":"258af04f-a142-4893-b8f2-23c8d3edd8e2","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":23,"box":{"x":60,"y":198,"width":860,"height":12}},{"id":"5dccc676-cc96-42dd-b7aa-dd3914369f20","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the","page_number":23,"box":{"x":61,"y":213,"width":871,"height":12}},{"id":"c6a92c64-d73c-441d-be08-7d942220dd9d","block_type":"box","text":"Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only","page_number":23,"box":{"x":61,"y":229,"width":849,"height":12}},{"id":"f610b26f-efab-49f4-99d7-15c778833faa","block_type":"box","text":"periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to","page_number":23,"box":{"x":61,"y":244,"width":875,"height":12}},{"id":"22537835-bae2-4a50-a6aa-8c761319e184","block_type":"box","text":"cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.","page_number":23,"box":{"x":61,"y":260,"width":867,"height":12}},{"id":"5e4393c7-38e3-4077-b1c8-4904763b4cfa","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full","page_number":23,"box":{"x":60,"y":293,"width":816,"height":12}},{"id":"9152b9ac-f6dd-4e55-9387-eeb558d0c5ad","block_type":"box","text":"faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity,","page_number":23,"box":{"x":60,"y":308,"width":854,"height":13}},{"id":"e5e93e04-5d16-4e8e-b045-6b65a7c0de88","block_type":"box","text":"not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate","page_number":23,"box":{"x":61,"y":324,"width":854,"height":12}},{"id":"a7918d49-c013-404e-b9c8-b75b44e30219","block_type":"box","text":"in value when interest rates change.","page_number":23,"box":{"x":61,"y":340,"width":273,"height":12}},{"id":"f2aa8c49-0843-4364-97e7-f528761cbb10","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":23,"box":{"x":61,"y":373,"width":855,"height":12}},{"id":"17321185-c714-4a54-90d8-13e42d57e7d9","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors to","page_number":23,"box":{"x":61,"y":388,"width":882,"height":12}},{"id":"3e325901-6eab-408f-9754-8c55567b5477","block_type":"box","text":"move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold","page_number":23,"box":{"x":61,"y":404,"width":855,"height":12}},{"id":"f5cb892d-fb0b-4490-bc40-182682438154","block_type":"box","text":"large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune","page_number":23,"box":{"x":61,"y":419,"width":839,"height":12}},{"id":"24f4722d-a0af-4ceb-a74a-d4f910d7512c","block_type":"box","text":"times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":23,"box":{"x":60,"y":435,"width":578,"height":12}},{"id":"25c483c1-9595-4b03-ab7a-ee29ef4af961","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":23,"box":{"x":61,"y":468,"width":849,"height":12}},{"id":"b8659f31-e754-426a-9bbd-44bf5fb4d1ff","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or negative","page_number":23,"box":{"x":61,"y":483,"width":876,"height":12}},{"id":"7311cab3-2311-4a30-a01f-0e239a79fddb","block_type":"box","text":"interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have","page_number":23,"box":{"x":61,"y":499,"width":855,"height":12}},{"id":"6f157859-22e8-4a4e-8219-ee87fa9969d1","block_type":"box","text":"unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance","page_number":23,"box":{"x":61,"y":514,"width":867,"height":12}},{"id":"b5c9e407-35ad-4cff-8e44-7bc24af9e170","block_type":"box","text":"to the extent the Fund is exposed to such interest rates.","page_number":23,"box":{"x":60,"y":530,"width":413,"height":12}},{"id":"2e7130e8-5594-4ce2-9f08-fc110be918b4","block_type":"box","text":"Extension Risk","page_number":23,"box":{"x":61,"y":563,"width":111,"height":10}},{"id":"68d48079-0ca2-44f9-983e-fa3007ffff49","block_type":"box","text":". When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":23,"box":{"x":173,"y":563,"width":683,"height":12}},{"id":"f353317e-28ad-4119-92f5-41620f4118e6","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities,","page_number":23,"box":{"x":61,"y":579,"width":882,"height":12}},{"id":"b570ef50-e428-4ecb-b4c2-600b2eb9b90d","block_type":"box","text":"making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more","page_number":23,"box":{"x":61,"y":594,"width":873,"height":12}},{"id":"e25f2890-d080-462f-8bd6-fdb84b98b392","block_type":"box","text":"in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates,","page_number":23,"box":{"x":61,"y":610,"width":855,"height":12}},{"id":"3572fbb6-4438-4146-888a-3f4cea67a4aa","block_type":"box","text":"securities may exhibit additional volatility and may lose value.","page_number":23,"box":{"x":61,"y":625,"width":460,"height":12}},{"id":"47a8c69a-4de4-429c-ab96-355f42504e3b","block_type":"box","text":"Prepayment Risk","page_number":23,"box":{"x":61,"y":658,"width":128,"height":12}},{"id":"4e1d13b6-6f1e-4b12-8300-f326e5e69276","block_type":"box","text":". When interest rates fall, certain obligations will be paid off by the obligor more quickly","page_number":23,"box":{"x":190,"y":658,"width":646,"height":12}},{"id":"f53f8e09-c608-41e5-8188-ca8a621e59cf","block_type":"box","text":"than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":23,"box":{"x":60,"y":674,"width":869,"height":12}},{"id":"d35cb5d7-4731-4c5c-97c9-62cf5d8b761f","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated","page_number":23,"box":{"x":60,"y":689,"width":871,"height":12}},{"id":"aee6ea36-1f8f-419d-9977-be8fe7761e2a","block_type":"box","text":"to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by","page_number":23,"box":{"x":60,"y":705,"width":856,"height":12}},{"id":"f1aee4ee-3bf5-40f7-98ed-389929d33025","block_type":"box","text":"the management team will generally be at lower rates of return than the return on the assets that were prepaid.","page_number":23,"box":{"x":60,"y":720,"width":823,"height":12}},{"id":"bed4e382-ecc6-477b-853b-81add658278a","block_type":"box","text":"Prepayment reduces the yield to maturity and the average life of the security.","page_number":23,"box":{"x":61,"y":736,"width":570,"height":12}},{"id":"5c260223-b22f-461b-b1ce-eec1e863d4da","block_type":"box","text":"Depositary Receipts Risk","page_number":23,"box":{"x":61,"y":769,"width":202,"height":12}},{"id":"9cc3f6f5-7246-4b6b-8551-cb20af95ad4d","block_type":"box","text":". Depositary receipts are generally subject to the same risks as the foreign securities that","page_number":23,"box":{"x":264,"y":769,"width":659,"height":12}},{"id":"fd7ec62e-8e34-420c-9d24-698f656b8b0a","block_type":"box","text":"they evidence or into which they may be converted. In addition to investment risks associated with the underlying","page_number":23,"box":{"x":60,"y":785,"width":838,"height":12}},{"id":"778a7ee6-8a7d-4592-b7e0-c97c14135feb","block_type":"box","text":"issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to","page_number":23,"box":{"x":61,"y":800,"width":844,"height":12}},{"id":"f87dad05-2fe2-4cc0-9145-36e1bbc5a24b","block_type":"box","text":"depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom","page_number":23,"box":{"x":61,"y":816,"width":869,"height":12}},{"id":"1f8c965a-490b-49de-8c76-f3ad1cb39433","block_type":"box","text":"the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.","page_number":23,"box":{"x":60,"y":831,"width":866,"height":12}},{"id":"35382069-aa26-4c60-9c55-a3d2694cb9b2","block_type":"box","text":"The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States,","page_number":23,"box":{"x":60,"y":847,"width":871,"height":12}},{"id":"6a722c87-80ed-4459-a3f0-a357caacf8ae","block_type":"box","text":"considered material. Therefore, there may be less information available regarding these issuers and there may not be","page_number":23,"box":{"x":61,"y":862,"width":878,"height":12}},{"id":"2d9d3879-12e9-42ad-ae02-f2655f83eeec","block_type":"box","text":"a correlation between such information and the market value of the depositary receipts. While depositary receipts","page_number":23,"box":{"x":61,"y":878,"width":845,"height":12}},{"id":"88c89394-df1f-4367-bca0-97e52ddc714f","block_type":"box","text":"provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies,","page_number":23,"box":{"x":61,"y":893,"width":864,"height":12}},{"id":"8302f37a-2821-4741-a100-7c4f15bb4db9","block_type":"box","text":"they continue to be subject to many of the risks associated with investing directly in foreign securities, including","page_number":23,"box":{"x":60,"y":909,"width":824,"height":12}},{"id":"f7a64aba-1745-4564-8bc3-5390a380ebc5","block_type":"box","text":"political, economic, and currency risk.","page_number":23,"box":{"x":61,"y":924,"width":277,"height":12}},{"id":"dc4c060f-f0ee-4f38-8bf1-8bad9e39f838","block_type":"box","text":"6","page_number":23,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"64cd0628-9b9c-4ed7-af9d-294b15bc9416","block_type":"box","text":"NM1026U-6042719-23/56","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"61067f82-1f44-451f-b700-2a0fcf019436","block_type":"box","text":"Derivatives Risk.","page_number":24,"box":{"x":61,"y":41,"width":139,"height":9}},{"id":"745548c9-4af8-48d2-b17b-c9db175c1ab1","block_type":"box","text":"The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase","page_number":24,"box":{"x":200,"y":40,"width":716,"height":13}},{"id":"93c5a157-5279-4936-ae1b-768672e2d086","block_type":"box","text":"volatility. Derivatives involve significant risks, including:","page_number":24,"box":{"x":60,"y":56,"width":413,"height":12}},{"id":"a9138376-8ac8-4bbd-b0be-db50b87eda12","block_type":"box","text":"Leverage Risk.","page_number":24,"box":{"x":61,"y":87,"width":116,"height":12}},{"id":"1ceed03c-947a-45ce-99e9-58d2c87cb124","block_type":"box","text":"The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":24,"box":{"x":177,"y":87,"width":716,"height":12}},{"id":"902f0988-0249-4fad-9baa-edd08c504e00","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":24,"box":{"x":61,"y":102,"width":841,"height":13}},{"id":"145632bb-75ab-479d-9d3a-0da777c53ca9","block_type":"box","text":"exceed the amount originally invested.","page_number":24,"box":{"x":61,"y":118,"width":290,"height":12}},{"id":"b75075d6-92fc-4bfb-b2b1-24f9920118a1","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":61,"y":149,"width":89,"height":10}},{"id":"361c2b9b-1b3b-4065-b2dc-74d9dd08e6f0","block_type":"box","text":". Some derivatives are more sensitive to interest rate changes and market price fluctuations than other","page_number":24,"box":{"x":150,"y":149,"width":766,"height":12}},{"id":"01c5a69c-d5be-41d6-9874-e8ce3cb09deb","block_type":"box","text":"securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market","page_number":24,"box":{"x":61,"y":165,"width":851,"height":11}},{"id":"1a4b4067-7d7a-449b-a4eb-42e024e46a7e","block_type":"box","text":"movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the direction of","page_number":24,"box":{"x":61,"y":180,"width":859,"height":12}},{"id":"74ee4c4d-bc42-45d0-b9bb-d50fd5c7ba68","block_type":"box","text":"securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose","page_number":24,"box":{"x":61,"y":196,"width":880,"height":11}},{"id":"45ba8a3f-f996-4364-a556-8f7177123693","block_type":"box","text":"value.","page_number":24,"box":{"x":60,"y":211,"width":50,"height":10}},{"id":"55c10fd3-5c73-4d33-a4fe-9bcbfb9aa35c","block_type":"box","text":"Counterparty Risk","page_number":24,"box":{"x":62,"y":242,"width":134,"height":12}},{"id":"12eaa5f1-b58d-4573-a41f-44ab971e486e","block_type":"box","text":". Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":24,"box":{"x":196,"y":242,"width":687,"height":12}},{"id":"f97fae63-cbde-4772-96f1-ac8db7d11b06","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":24,"box":{"x":60,"y":258,"width":861,"height":12}},{"id":"eebf2791-c208-4491-98b4-e51f24a8395f","block_type":"box","text":"exposure to such a counterparty.","page_number":24,"box":{"x":61,"y":273,"width":249,"height":12}},{"id":"3280e4a7-40d1-4fa1-9b46-a1b9e7aaa72c","block_type":"box","text":"Illiquidity Risk.","page_number":24,"box":{"x":61,"y":304,"width":110,"height":12}},{"id":"8340e98d-b8a1-480e-822d-a6437df7ce9b","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to","page_number":24,"box":{"x":172,"y":304,"width":757,"height":12}},{"id":"b6912c16-ef4e-4405-9e78-496a9dfb8a49","block_type":"box","text":"sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives","page_number":24,"box":{"x":61,"y":320,"width":786,"height":12}},{"id":"bbd8682f-7503-4d8d-b36c-fad8bbad1e8d","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":24,"box":{"x":61,"y":335,"width":345,"height":12}},{"id":"5b965ec3-1bf1-4d7e-ad24-0329d29f4657","block_type":"box","text":"Operational Risk.","page_number":24,"box":{"x":62,"y":366,"width":132,"height":12}},{"id":"16fff170-963c-4f7f-9cf2-128d6a473434","block_type":"box","text":"The use of derivatives includes the risk of potential operational issues, including documentation","page_number":24,"box":{"x":194,"y":366,"width":713,"height":12}},{"id":"3259e6e9-1983-497d-8abc-ef668799349d","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":24,"box":{"x":61,"y":382,"width":611,"height":12}},{"id":"28ad6de8-3b9a-4a49-af3b-cd50c365a64f","block_type":"box","text":"Legal Risk","page_number":24,"box":{"x":61,"y":413,"width":79,"height":12}},{"id":"6ff03f45-39c1-428d-883a-3980dc1444a9","block_type":"box","text":". The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":24,"box":{"x":140,"y":413,"width":733,"height":12}},{"id":"969dd79a-5f83-4765-ab3a-4e25f51c1a15","block_type":"box","text":"or enforceability of a contract.","page_number":24,"box":{"x":61,"y":428,"width":225,"height":12}},{"id":"713fb46c-9ff0-4089-a1c8-5e01eef36799","block_type":"box","text":"Volatility and Correlation Risk","page_number":24,"box":{"x":62,"y":459,"width":219,"height":12}},{"id":"5794e3cd-fb0a-4f1e-a49f-6594fe97bdc1","block_type":"box","text":". The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility.","page_number":24,"box":{"x":281,"y":459,"width":656,"height":12}},{"id":"f651a61a-f2df-4019-8fcc-bae3342a4b97","block_type":"box","text":"Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a","page_number":24,"box":{"x":60,"y":475,"width":856,"height":12}},{"id":"beb8cd9b-b053-451f-97a3-93a0ba35bc69","block_type":"box","text":"short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with","page_number":24,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"2e985218-6616-4d66-a3e4-492a5bafed7e","block_type":"box","text":"the overall securities markets.","page_number":24,"box":{"x":60,"y":506,"width":227,"height":9}},{"id":"bca8c069-22c1-441f-bf73-e66dbff9e5bf","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":62,"y":537,"width":106,"height":9}},{"id":"11f9b468-685c-4e07-95c8-8a5a9e70449a","block_type":"box","text":". Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in","page_number":24,"box":{"x":169,"y":537,"width":765,"height":12}},{"id":"8c329961-8bff-430b-b424-7f0f59c3f21d","block_type":"box","text":"times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments","page_number":24,"box":{"x":60,"y":552,"width":867,"height":12}},{"id":"23d8d22c-aebf-4f59-a6e0-c02c7d9eb78b","block_type":"box","text":"or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs. Certain","page_number":24,"box":{"x":61,"y":568,"width":814,"height":12}},{"id":"24ecb3df-a44d-4494-82bb-54f2bd7746d4","block_type":"box","text":"transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed","page_number":24,"box":{"x":60,"y":583,"width":871,"height":12}},{"id":"8472d115-1978-4d6a-9663-6133d38fe6fa","block_type":"box","text":"the amount originally invested by the Fund.","page_number":24,"box":{"x":60,"y":599,"width":326,"height":12}},{"id":"53a483f1-ac88-4ade-8eee-16317f592146","block_type":"box","text":"Hedging Risk","page_number":24,"box":{"x":61,"y":630,"width":100,"height":12}},{"id":"30a1e58e-1943-416b-875c-993105219304","block_type":"box","text":". When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the","page_number":24,"box":{"x":162,"y":630,"width":779,"height":12}},{"id":"aff56e73-0b9d-4cc4-9ae6-dab7d5dc2177","block_type":"box","text":"derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging","page_number":24,"box":{"x":61,"y":645,"width":869,"height":12}},{"id":"c3029c55-427d-4f31-862f-e0d09a31c075","block_type":"box","text":"can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect","page_number":24,"box":{"x":61,"y":661,"width":837,"height":12}},{"id":"8edb1edd-690d-4fe8-95e5-c152396c2555","block_type":"box","text":"matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging","page_number":24,"box":{"x":61,"y":676,"width":867,"height":12}},{"id":"89eec020-b9a3-4112-a505-9741b463bd29","block_type":"box","text":"transactions will be effective. The use of hedging may result in certain adverse tax consequences noted below.","page_number":24,"box":{"x":60,"y":692,"width":822,"height":12}},{"id":"682992e5-7678-4b56-b72e-f2f62e5bfbe2","block_type":"box","text":"Tax Risk","page_number":24,"box":{"x":62,"y":723,"width":64,"height":9}},{"id":"b71756e4-5eb0-43cf-9292-a0dec2d92201","block_type":"box","text":". The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":24,"box":{"x":127,"y":723,"width":758,"height":12}},{"id":"4df8a1ca-cab8-4a51-9e27-f1d2e2c394eb","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":24,"box":{"x":61,"y":738,"width":835,"height":12}},{"id":"7390ff0c-7ebe-4f55-9728-b034c534bfb1","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":24,"box":{"x":61,"y":754,"width":846,"height":12}},{"id":"eaac53b1-00e3-4edd-8744-3459d5eeff0f","block_type":"box","text":"capital gains. In addition, certain transactions are subject to mark-to-market, straddle or constructive sale provisions","page_number":24,"box":{"x":61,"y":769,"width":859,"height":12}},{"id":"c6f4a1c9-7e0f-444a-a15d-085035101cf1","block_type":"box","text":"of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable,","page_number":24,"box":{"x":61,"y":785,"width":863,"height":12}},{"id":"f8377b4a-f166-4eee-becd-f3bec5d52216","block_type":"box","text":"there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax","page_number":24,"box":{"x":60,"y":800,"width":840,"height":12}},{"id":"529dcc48-cce5-44e0-ad4c-36843ad56356","block_type":"box","text":"treatment of certain derivatives, such as swaps and commodity-linked derivative instruments, as applicable, is","page_number":24,"box":{"x":60,"y":816,"width":815,"height":12}},{"id":"d880c6d7-76ba-4cb5-8421-e11cb1ff5c9c","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the Internal","page_number":24,"box":{"x":61,"y":831,"width":875,"height":12}},{"id":"73cdff50-601d-416b-8312-a11866c3270b","block_type":"box","text":"Revenue Service (the “IRS”). The pursuit of certain investment strategies by the Fund may be limited by the Fund’s","page_number":24,"box":{"x":61,"y":847,"width":859,"height":12}},{"id":"f64d663d-decf-424b-b2b3-7e4264b58333","block_type":"box","text":"intention to qualify for treatment as a regulated investment company under Subchapter M of the Internal Revenue","page_number":24,"box":{"x":61,"y":862,"width":847,"height":12}},{"id":"24142439-1d18-4fc8-a7c9-4209ffb113db","block_type":"box","text":"Code and/or could adversely bear on the Fund’s ability to so qualify.","page_number":24,"box":{"x":61,"y":878,"width":510,"height":12}},{"id":"36f0ac47-5b54-4292-934c-1e43e0285775","block_type":"box","text":"Regulatory Risk","page_number":24,"box":{"x":61,"y":909,"width":119,"height":12}},{"id":"767006b1-2a13-43af-8dd9-73421d202213","block_type":"box","text":". Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform","page_number":24,"box":{"x":180,"y":909,"width":656,"height":12}},{"id":"c8175af9-c1d3-46bf-beb6-c5eb15f2cd4c","block_type":"box","text":"and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe,","page_number":24,"box":{"x":61,"y":924,"width":861,"height":12}},{"id":"6c72cfe3-85e1-4583-bcac-1d4ffc2ea72e","block_type":"box","text":"7","page_number":24,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"211409c9-dcaa-419f-8a44-3d38a70e5e72","block_type":"box","text":"NM1026U-6042719-24/56","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"74e9421d-bcea-45f1-8e4c-e7b0d3f15266","block_type":"box","text":"Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers","page_number":25,"box":{"x":60,"y":40,"width":840,"height":13}},{"id":"3c8d4b5d-7386-434a-b520-9ac9fd346c06","block_type":"box","text":"are required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/","page_number":25,"box":{"x":61,"y":56,"width":874,"height":12}},{"id":"d119e00f-c0f6-40dd-8b9d-65d77428b9e1","block_type":"box","text":"or exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":25,"box":{"x":61,"y":71,"width":879,"height":13}},{"id":"4862e672-f238-4306-bab3-44daa80c209a","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":25,"box":{"x":61,"y":87,"width":843,"height":12}},{"id":"1de26389-8468-4331-8b33-692a311b3097","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require certain","page_number":25,"box":{"x":61,"y":103,"width":873,"height":12}},{"id":"9c7218f2-cb32-4ac9-9d88-90383feba754","block_type":"box","text":"bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":25,"box":{"x":61,"y":118,"width":849,"height":12}},{"id":"ca7a5a9c-4384-4354-a595-688b37c0ef9a","block_type":"box","text":"derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such","page_number":25,"box":{"x":61,"y":134,"width":843,"height":12}},{"id":"e70e6b89-7f5e-4977-8145-2ebc888d46fe","block_type":"box","text":"contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that","page_number":25,"box":{"x":61,"y":149,"width":875,"height":12}},{"id":"1346bab5-7110-4ba6-ae34-a08724192ed2","block_type":"box","text":"the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The","page_number":25,"box":{"x":60,"y":165,"width":807,"height":12}},{"id":"426537be-822b-4809-85d7-fb8003c8c159","block_type":"box","text":"implementation of these requirements with respect to derivatives, as well as regulations under global regulations","page_number":25,"box":{"x":61,"y":180,"width":838,"height":12}},{"id":"4ed038c0-e118-45dc-8333-1395f4989ec2","block_type":"box","text":"regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the","page_number":25,"box":{"x":61,"y":196,"width":842,"height":12}},{"id":"e0c16550-ebfa-47b3-b89d-25199f5078ac","block_type":"box","text":"Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.","page_number":25,"box":{"x":61,"y":211,"width":721,"height":12}},{"id":"41539f5a-ff5f-46cb-a6dd-73486e718678","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain","page_number":25,"box":{"x":61,"y":242,"width":747,"height":12}},{"id":"64dbad47-61da-44a2-8a68-90c4f9e18a52","block_type":"box","text":"derivatives. Legislation or regulation may also change the way in which the Fund itself is regulated. BFA cannot","page_number":25,"box":{"x":61,"y":258,"width":832,"height":12}},{"id":"1e41bc6c-0db5-437a-b1bd-7377d4a635ef","block_type":"box","text":"predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use","page_number":25,"box":{"x":61,"y":273,"width":842,"height":12}},{"id":"aa835506-fb7f-49c3-acd2-a1df756b512f","block_type":"box","text":"swaps or any other financial derivative product, and there can be no assurance that any new governmental regulation","page_number":25,"box":{"x":61,"y":289,"width":877,"height":12}},{"id":"0ed2538e-d81b-492e-a53e-48b4c45b52f5","block_type":"box","text":"will not adversely affect the Fund’s ability to achieve its investment objective.","page_number":25,"box":{"x":60,"y":304,"width":575,"height":12}},{"id":"ab14ca08-2882-42fe-9cb3-026e83ba59f0","block_type":"box","text":"Risks Specific to Certain Derivatives Used by the Fund","page_number":25,"box":{"x":61,"y":335,"width":412,"height":12}},{"id":"b662164f-1a60-45df-9eb7-13bb0ddd196f","block_type":"box","text":"Swaps","page_number":25,"box":{"x":61,"y":366,"width":50,"height":12}},{"id":"9497dc1a-4daf-4f72-a800-cea142240bb7","block_type":"box","text":". Swap agreements, including total return swaps that may be referred to as contracts for difference,","page_number":25,"box":{"x":112,"y":366,"width":740,"height":12}},{"id":"f5e60c84-d542-44b9-941d-080964f415e9","block_type":"box","text":"are two-party contracts entered into for periods ranging from a few days to more than one year. In a standard","page_number":25,"box":{"x":61,"y":382,"width":815,"height":12}},{"id":"6d785a17-db27-4f5d-a654-e821cb0cc832","block_type":"box","text":"“swap” transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a","page_number":25,"box":{"x":61,"y":397,"width":817,"height":12}},{"id":"472580e6-b033-41e8-af72-3ff38a665eb3","block_type":"box","text":"certain period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the","page_number":25,"box":{"x":61,"y":413,"width":834,"height":12}},{"id":"f24bb8a0-9958-49e0-92fb-720e4e60348c","block_type":"box","text":"swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations","page_number":25,"box":{"x":61,"y":428,"width":849,"height":12}},{"id":"0b6b7486-7015-4308-b665-b9f54f5fcda4","block_type":"box","text":"to pay the other party to the agreement. Swap agreements may also involve the risk that there is an","page_number":25,"box":{"x":60,"y":444,"width":745,"height":12}},{"id":"d2c1c852-292b-4a51-9949-25761068d580","block_type":"box","text":"imperfect correlation between the return on the Fund’s obligation to its counterparty and the return on the","page_number":25,"box":{"x":61,"y":459,"width":784,"height":12}},{"id":"1fd346e9-023c-4228-ba71-d216d6a5ceee","block_type":"box","text":"referenced asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging","page_number":25,"box":{"x":61,"y":475,"width":854,"height":12}},{"id":"aef7cc7e-383e-4e10-a58e-a85c83708557","block_type":"box","text":"risk.","page_number":25,"box":{"x":61,"y":490,"width":35,"height":10}},{"id":"57f3798c-9d3b-466d-91a8-a4b44a322618","block_type":"box","text":"Credit Default Swaps","page_number":25,"box":{"x":62,"y":521,"width":156,"height":12}},{"id":"06caf9ca-cf76-4f4e-a3ce-5770e5361920","block_type":"box","text":". Credit default swaps may have as reference obligations one or more securities that are not","page_number":25,"box":{"x":220,"y":521,"width":687,"height":12}},{"id":"7aa67f42-f8ba-40d5-9741-1a851e8ef573","block_type":"box","text":"currently held by the Fund, the underlying funds and/or ETFs. The protection “buyer” may be obligated to pay the","page_number":25,"box":{"x":61,"y":537,"width":843,"height":12}},{"id":"f3398736-56c0-465b-b65b-572166af74c5","block_type":"box","text":"protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided","page_number":25,"box":{"x":61,"y":552,"width":829,"height":12}},{"id":"1864eb14-b4f3-45b8-bcac-8d7d16ed087b","block_type":"box","text":"generally that no credit event on a reference obligation has occurred. Credit default swaps involve special risks in","page_number":25,"box":{"x":61,"y":568,"width":845,"height":12}},{"id":"0b0fdd4e-8be6-4685-9747-15ce94b98ae4","block_type":"box","text":"addition to those mentioned above because they are difficult to value, are highly susceptible to illiquid investments risk","page_number":25,"box":{"x":61,"y":583,"width":882,"height":12}},{"id":"590f5803-e0bc-4154-b629-e3832b63c72c","block_type":"box","text":"and credit risk, and generally pay a return to the party that","page_number":25,"box":{"x":61,"y":599,"width":435,"height":12}},{"id":"cc183399-d41d-46eb-80de-c559d2c0747d","block_type":"box","text":"has paid the premium only in the event of an actual default","page_number":25,"box":{"x":498,"y":599,"width":439,"height":12}},{"id":"bef266c7-fec0-4c99-a77c-0410b2e39f81","block_type":"box","text":"by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":25,"box":{"x":61,"y":614,"width":868,"height":12}},{"id":"da4520a3-1390-4a21-a42b-7612bd2c655e","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":25,"box":{"x":61,"y":645,"width":352,"height":12}},{"id":"2194be08-6858-4501-8e8c-3812a0afdd87","block_type":"box","text":". Forward foreign currency exchange transactions are OTC contracts","page_number":25,"box":{"x":414,"y":645,"width":515,"height":12}},{"id":"628cc703-9ea6-4db4-afab-9cdbde3452aa","block_type":"box","text":"to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date","page_number":25,"box":{"x":60,"y":661,"width":868,"height":12}},{"id":"39989377-b485-4b0a-9d22-a7c901c1b46f","block_type":"box","text":"set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations in the value","page_number":25,"box":{"x":61,"y":676,"width":867,"height":12}},{"id":"eec5dce1-5e7d-493d-8fbe-574707100942","block_type":"box","text":"of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This","page_number":25,"box":{"x":61,"y":692,"width":847,"height":12}},{"id":"6185d91b-8717-4fd5-8632-214402998f17","block_type":"box","text":"strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":25,"box":{"x":61,"y":707,"width":633,"height":12}},{"id":"cbe8ad03-3998-49e2-aee1-014d47483c7c","block_type":"box","text":"Futures","page_number":25,"box":{"x":61,"y":738,"width":56,"height":10}},{"id":"2ec6274e-d351-4815-bf54-6c80dd89e5ff","block_type":"box","text":". Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller","page_number":25,"box":{"x":119,"y":738,"width":808,"height":12}},{"id":"5594347a-34ea-4c07-ba6d-95e3479d0bf3","block_type":"box","text":"to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks","page_number":25,"box":{"x":60,"y":754,"width":841,"height":12}},{"id":"5c000a4f-9795-4257-b9f3-f6b9794e34d9","block_type":"box","text":"associated with the use of futures contracts and options","page_number":25,"box":{"x":61,"y":769,"width":413,"height":12}},{"id":"e5aaaa32-f66b-42d1-a3b0-be4cd365e6af","block_type":"box","text":"are: (a) the imperfect correlations between the change in","page_number":25,"box":{"x":480,"y":769,"width":421,"height":12}},{"id":"a53bb09f-79df-4d45-8a6c-94e62c0e6da2","block_type":"box","text":"market value of the instruments held by the Fund and the","page_number":25,"box":{"x":61,"y":785,"width":425,"height":12}},{"id":"533424d8-94ec-4a09-bd64-f2da59e2ebd9","block_type":"box","text":"price of the futures contract or option; (b) the possible lack","page_number":25,"box":{"x":492,"y":785,"width":432,"height":12}},{"id":"2e1e9d61-fbae-4727-99fe-38b2d6dfd1c7","block_type":"box","text":"of a liquid secondary market for a futures contract and","page_number":25,"box":{"x":61,"y":800,"width":401,"height":12}},{"id":"41d54798-923b-4bb0-8e1c-6ec7a2d469f6","block_type":"box","text":"the resulting inability to close a futures contract when desired;","page_number":25,"box":{"x":468,"y":800,"width":457,"height":12}},{"id":"ed7fa0e9-89bc-44b1-ba72-9960340b2662","block_type":"box","text":"(c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s","page_number":25,"box":{"x":61,"y":816,"width":854,"height":12}},{"id":"61386a37-756f-4dfb-bcad-310df0755c3f","block_type":"box","text":"inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other","page_number":25,"box":{"x":61,"y":831,"width":819,"height":12}},{"id":"6c258129-d36e-4ccb-a8ec-16fb980409bd","block_type":"box","text":"economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.","page_number":25,"box":{"x":61,"y":847,"width":817,"height":12}},{"id":"06497c61-20a7-4ecd-a99e-b78e42c2cbd1","block_type":"box","text":"Options","page_number":25,"box":{"x":62,"y":878,"width":56,"height":12}},{"id":"fc7a8386-0970-4562-829f-eda705da139b","block_type":"box","text":". An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the","page_number":25,"box":{"x":120,"y":878,"width":798,"height":12}},{"id":"201b374c-39f4-484e-a31b-11c9b7f07baa","block_type":"box","text":"right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash in an","page_number":25,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"cb33dd36-92fb-4550-b0c0-1dfac6c61929","block_type":"box","text":"amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time","page_number":25,"box":{"x":61,"y":909,"width":869,"height":12}},{"id":"839ac416-80f9-4b1c-b34b-310e90477e5f","block_type":"box","text":"or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may","page_number":25,"box":{"x":61,"y":924,"width":877,"height":12}},{"id":"e6762b41-1306-4248-bd09-f992cc043e71","block_type":"box","text":"8","page_number":25,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"7b928f94-d4a6-43f6-931e-987682564874","block_type":"box","text":"NM1026U-6042719-25/56","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a8c3685a-ccb7-4147-9c0e-958596609253","block_type":"box","text":"lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same","page_number":26,"box":{"x":61,"y":40,"width":871,"height":13}},{"id":"1a2f2b43-8f8b-4aee-b616-775b3cdcd4d0","block_type":"box","text":"or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the","page_number":26,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"9873d240-2473-4c30-b3f1-d8890ee6852f","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a put or call option","page_number":26,"box":{"x":61,"y":71,"width":868,"height":13}},{"id":"59e94e4c-b46a-4d1f-94c6-fc836ea8abb2","block_type":"box","text":"purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss","page_number":26,"box":{"x":61,"y":87,"width":867,"height":12}},{"id":"e7abe340-d44a-4a80-9262-7713f1be9161","block_type":"box","text":"to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is","page_number":26,"box":{"x":60,"y":102,"width":864,"height":13}},{"id":"9971391e-bb4b-4ba4-9e34-3555d526d9d0","block_type":"box","text":"significantly below or above the exercise price of the written option, the Fund could experience a substantial loss.","page_number":26,"box":{"x":61,"y":118,"width":844,"height":12}},{"id":"03bdc5e5-8e0a-4b18-b6e9-079c9e0710aa","block_type":"box","text":"Distressed Securities Risk.","page_number":26,"box":{"x":61,"y":149,"width":220,"height":10}},{"id":"f8ed7885-82c7-4435-bab4-fed1d0ac6053","block_type":"box","text":"Distressed securities are speculative and involve substantial risks in addition to the risks","page_number":26,"box":{"x":282,"y":149,"width":658,"height":12}},{"id":"e6e35dbe-adb6-4357-9c36-a4d615dc1c8c","block_type":"box","text":"of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may","page_number":26,"box":{"x":61,"y":165,"width":878,"height":12}},{"id":"d69c3063-4538-435f-bd8d-6c099d043846","block_type":"box","text":"incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not","page_number":26,"box":{"x":61,"y":180,"width":873,"height":12}},{"id":"a53e98a6-0ed2-4960-bf26-838a26dd7103","block_type":"box","text":"be repaid. These securities may present a substantial risk of default or may be in default at the time of investment.","page_number":26,"box":{"x":61,"y":196,"width":853,"height":12}},{"id":"db84d7be-d19b-4bf5-b254-bae9331ba656","block_type":"box","text":"The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of","page_number":26,"box":{"x":60,"y":211,"width":875,"height":12}},{"id":"08288df1-2f53-44d4-bc87-baf99addab16","block_type":"box","text":"principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio","page_number":26,"box":{"x":61,"y":227,"width":853,"height":12}},{"id":"9f94010f-16f1-4ea9-82b9-b995b20db07a","block_type":"box","text":"company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less","page_number":26,"box":{"x":61,"y":242,"width":857,"height":12}},{"id":"41cb01a1-da47-4669-beb8-31c5c3a61686","block_type":"box","text":"than its original investment. Distressed securities and any securities received in an exchange for such securities may","page_number":26,"box":{"x":60,"y":258,"width":873,"height":12}},{"id":"c5f0c035-a58a-4124-aa59-8f149d681547","block_type":"box","text":"be subject to restrictions on resale.","page_number":26,"box":{"x":61,"y":273,"width":264,"height":12}},{"id":"7a3e0452-a873-44e7-8f79-6369923e693c","block_type":"box","text":"Dollar Rolls Risk.","page_number":26,"box":{"x":61,"y":304,"width":136,"height":10}},{"id":"be6ee59d-b9c9-4cc3-b1c4-c60a218a3007","block_type":"box","text":"A dollar roll transaction involves a sale by the Fund of a mortgage-backed, U.S. Treasury or other","page_number":26,"box":{"x":199,"y":304,"width":733,"height":12}},{"id":"a5211178-1d17-448c-ab2c-42f850fc347a","block_type":"box","text":"security (as permitted by the Fund’s investment strategies) concurrently with an agreement by the Fund to repurchase","page_number":26,"box":{"x":61,"y":320,"width":881,"height":12}},{"id":"eea4c653-becb-42c1-94e1-eb277fd51bff","block_type":"box","text":"a similar security at a later date at an agreed-upon price. The market value of the securities the Fund is required to","page_number":26,"box":{"x":61,"y":335,"width":856,"height":12}},{"id":"94b9f191-3e47-4f18-ad95-69111a3a9b5e","block_type":"box","text":"purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the","page_number":26,"box":{"x":61,"y":351,"width":861,"height":12}},{"id":"d3fd0276-9ae1-4a6d-a9d7-9e382ba00740","block_type":"box","text":"Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted.","page_number":26,"box":{"x":61,"y":366,"width":841,"height":12}},{"id":"2990740c-8308-4b8d-8747-529e4275511a","block_type":"box","text":"Successful use of dollar rolls may depend upon the adviser’s ability to correctly predict interest rates","page_number":26,"box":{"x":61,"y":382,"width":748,"height":12}},{"id":"5a553ead-536e-402b-b6ad-47e2740468a1","block_type":"box","text":"and prepayments, depending on the underlying security. There is no assurance that dollar rolls can be","page_number":26,"box":{"x":61,"y":397,"width":763,"height":12}},{"id":"65393cbb-2076-4280-be28-a90e014ca44c","block_type":"box","text":"successfully employed.","page_number":26,"box":{"x":61,"y":413,"width":177,"height":12}},{"id":"34f5489b-0bc9-47cc-9b85-553b7b83c178","block_type":"box","text":"Emerging Markets Risk.","page_number":26,"box":{"x":61,"y":444,"width":189,"height":12}},{"id":"749dcd84-4ff1-4bff-8251-d162532f3a26","block_type":"box","text":"The risks of foreign investments are usually much greater for emerging","page_number":26,"box":{"x":251,"y":444,"width":536,"height":12}},{"id":"4ef577c4-bea3-478f-acb6-8e524bbef7fe","block_type":"box","text":"markets. Investments in emerging markets may be considered speculative. Emerging markets may include those in","page_number":26,"box":{"x":61,"y":459,"width":861,"height":12}},{"id":"18ca9f84-67d8-4686-8a24-bdf59cd8fd7d","block_type":"box","text":"countries considered emerging or developing by the World Bank, the International Finance Corporation or the United","page_number":26,"box":{"x":61,"y":475,"width":870,"height":12}},{"id":"59b882ad-d262-455a-8002-4107343df48d","block_type":"box","text":"Nations. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may","page_number":26,"box":{"x":61,"y":490,"width":879,"height":12}},{"id":"14b9bba1-aca5-49ae-9024-247dc7da4876","block_type":"box","text":"never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely","page_number":26,"box":{"x":61,"y":506,"width":846,"height":12}},{"id":"0426a385-a195-4bd5-9beb-8a9529678188","block_type":"box","text":"affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity","page_number":26,"box":{"x":61,"y":521,"width":870,"height":12}},{"id":"576a3c7b-9522-4d53-914d-c5dcf23e677d","block_type":"box","text":"than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent","page_number":26,"box":{"x":60,"y":537,"width":859,"height":12}},{"id":"f0730d0f-baea-4ac3-af13-feeb5d07c7ee","block_type":"box","text":"price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a","page_number":26,"box":{"x":61,"y":552,"width":848,"height":12}},{"id":"313a8e57-50a3-479e-b0bb-b92524a1141f","block_type":"box","text":"few large investors. In addition, traditional measures of investment value used in the United States, such as price","page_number":26,"box":{"x":60,"y":568,"width":844,"height":12}},{"id":"a57afb9c-9724-4a47-8372-bf6e4469ee23","block_type":"box","text":"to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information","page_number":26,"box":{"x":60,"y":583,"width":835,"height":12}},{"id":"ce9a70f2-7566-494f-9942-9874b9dfa814","block_type":"box","text":"about issuers in emerging markets than would be available about issuers in more developed capital markets, and","page_number":26,"box":{"x":61,"y":599,"width":845,"height":12}},{"id":"260a67b1-8bf4-4049-ad54-e834af52f027","block_type":"box","text":"such issuers may not be subject to accounting, auditing and financial reporting standards and requirements","page_number":26,"box":{"x":61,"y":614,"width":801,"height":12}},{"id":"db3586aa-a2be-442a-8901-37e907c09699","block_type":"box","text":"comparable to those to which U.S. companies are subject.","page_number":26,"box":{"x":61,"y":630,"width":438,"height":12}},{"id":"eaa3f41e-780c-49e4-a59b-d105f2d3e992","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":26,"box":{"x":61,"y":661,"width":805,"height":12}},{"id":"55fdac9a-671f-4191-a696-47f6d2ed09d4","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment","page_number":26,"box":{"x":61,"y":676,"width":862,"height":12}},{"id":"ed763f95-4adc-4d0e-b6a5-9feff4f8bfef","block_type":"box","text":"than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation","page_number":26,"box":{"x":60,"y":692,"width":872,"height":12}},{"id":"f125d674-ee6f-4b53-9481-22e52803fccd","block_type":"box","text":"or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial","page_number":26,"box":{"x":61,"y":707,"width":833,"height":12}},{"id":"dee37f1d-4c2b-402f-ab8b-d4ed76d055bb","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled. There is no","page_number":26,"box":{"x":61,"y":723,"width":820,"height":12}},{"id":"07694a13-52f8-4513-8362-6d21aae8b79a","block_type":"box","text":"assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire","page_number":26,"box":{"x":61,"y":738,"width":870,"height":12}},{"id":"719b91db-112b-4c36-97e1-910180e1d6f8","block_type":"box","text":"value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder","page_number":26,"box":{"x":60,"y":754,"width":865,"height":12}},{"id":"ab76c740-9c06-4f7a-b48a-52d0ec9d3611","block_type":"box","text":"investments. Certain emerging markets may also face other significant internal or external risks, including the risk of","page_number":26,"box":{"x":61,"y":769,"width":861,"height":12}},{"id":"41c38f92-5d07-4ceb-a995-12bfa2b2aff3","block_type":"box","text":"war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate","page_number":26,"box":{"x":60,"y":785,"width":873,"height":12}},{"id":"ff9168ec-0b5a-4106-bade-4e94c3154c62","block_type":"box","text":"to a significant degree in their economies and securities markets, which may impair investment and economic growth.","page_number":26,"box":{"x":60,"y":800,"width":873,"height":12}},{"id":"8585ad83-4e7a-4cda-8c8c-967c156b83b3","block_type":"box","text":"National policies that may limit the Fund’s investment opportunities include restrictions on investment in issuers or","page_number":26,"box":{"x":61,"y":816,"width":845,"height":12}},{"id":"7f2b9c59-7945-43fb-999e-b1625a3d9247","block_type":"box","text":"industries deemed sensitive to national interests.","page_number":26,"box":{"x":61,"y":831,"width":367,"height":10}},{"id":"75c4022f-9434-41f2-8a7d-3975d7ac608b","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of","page_number":26,"box":{"x":61,"y":862,"width":747,"height":12}},{"id":"b09c8ec3-7aa2-40a2-8d1b-55cd7901a281","block_type":"box","text":"exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to","page_number":26,"box":{"x":61,"y":878,"width":828,"height":12}},{"id":"ba47e809-3ef5-4bee-bd0a-4803f28f9418","block_type":"box","text":"such investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively","page_number":26,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"6edcb699-437c-4a8b-9d64-09767e385889","block_type":"box","text":"early development of legal structures governing private and foreign investments and private property. Many","page_number":26,"box":{"x":61,"y":909,"width":796,"height":12}},{"id":"0caa24e1-d436-4308-8471-46bb6e42cb7c","block_type":"box","text":"emerging markets do not have income tax treaties with the United States, and as a result, investments by the Fund","page_number":26,"box":{"x":61,"y":924,"width":853,"height":12}},{"id":"3707466c-4da3-4ef3-9343-9a10ac51ad44","block_type":"box","text":"9","page_number":26,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"601d4dd8-cb34-4509-a3a2-c6dfc52b12ce","block_type":"box","text":"NM1026U-6042719-26/56","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"119e9162-ee02-4b38-8b76-d09b93ef7a56","block_type":"box","text":"may be subject to higher withholding taxes in such countries. In addition, some countries with emerging markets","page_number":27,"box":{"x":61,"y":41,"width":836,"height":12}},{"id":"be986def-9169-4427-ad1c-1e7e44df23b4","block_type":"box","text":"may impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on","page_number":27,"box":{"x":61,"y":56,"width":802,"height":12}},{"id":"84ec0e88-209c-4fa5-b844-83217d959702","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements,","page_number":27,"box":{"x":61,"y":71,"width":860,"height":13}},{"id":"c5aefa74-7268-4ba4-a5fd-e50a39cbe758","block_type":"box","text":"which may significantly decrease the liquidity and value of the securities.","page_number":27,"box":{"x":60,"y":87,"width":544,"height":12}},{"id":"17956329-6d36-46df-82a7-635e11e79c06","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":27,"box":{"x":61,"y":118,"width":830,"height":12}},{"id":"c947775a-9ff1-412b-ab29-6362fa440b72","block_type":"box","text":"in developed markets, in part because the Fund will need to use brokers and counterparties that are less","page_number":27,"box":{"x":61,"y":134,"width":781,"height":11}},{"id":"7d04cda7-d049-4c50-ba96-8bec0c42101c","block_type":"box","text":"well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of","page_number":27,"box":{"x":60,"y":149,"width":820,"height":12}},{"id":"f0a4cbc1-fdf3-45bd-a634-9c88c4a621ee","block_type":"box","text":"fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some","page_number":27,"box":{"x":60,"y":165,"width":833,"height":12}},{"id":"3bf39772-c893-4f6c-a0ef-c05b18257d42","block_type":"box","text":"emerging markets, and, along with other factors, could result in ownership registration being completely lost. The","page_number":27,"box":{"x":61,"y":180,"width":842,"height":12}},{"id":"52ad2e71-25cb-4cdb-b438-89d52ae3413b","block_type":"box","text":"Fund would absorb any loss resulting from such registration problems and may have no successful claim for","page_number":27,"box":{"x":61,"y":196,"width":807,"height":12}},{"id":"4231f189-ad3b-49fa-889a-51d9f35165a3","block_type":"box","text":"compensation. In addition, communications between the United States and emerging market countries may be","page_number":27,"box":{"x":61,"y":211,"width":825,"height":12}},{"id":"844356f9-da13-42d1-8bc9-813f0e372193","block_type":"box","text":"unreliable, increasing the risk of delayed settlements or losses of security certificates.","page_number":27,"box":{"x":61,"y":227,"width":638,"height":12}},{"id":"a06e6e54-abb0-41c4-be64-df648d0c9061","block_type":"box","text":"Equity Securities Risk.","page_number":27,"box":{"x":61,"y":258,"width":179,"height":12}},{"id":"2030ad09-56fc-4cb0-a068-661919114f8f","block_type":"box","text":"Common and preferred stocks represent equity ownership in a company. Stock markets are","page_number":27,"box":{"x":242,"y":258,"width":692,"height":12}},{"id":"6cd88352-5274-4c19-99e2-2944bc706d03","block_type":"box","text":"volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in","page_number":27,"box":{"x":60,"y":273,"width":848,"height":12}},{"id":"a001c54d-4733-4294-a4cc-fb64c8fa8480","block_type":"box","text":"equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies","page_number":27,"box":{"x":61,"y":289,"width":881,"height":12}},{"id":"abfe20fc-a471-4fdd-ad21-86ecc5407f9a","block_type":"box","text":"the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities","page_number":27,"box":{"x":60,"y":304,"width":858,"height":12}},{"id":"423a51b3-b5e9-4dd0-b42a-cd1a3ef23310","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in","page_number":27,"box":{"x":61,"y":320,"width":880,"height":12}},{"id":"c7a415db-5427-4450-ade7-004f9f3a9ede","block_type":"box","text":"production costs and competitive conditions within an industry. In addition, the value may decline due to general","page_number":27,"box":{"x":61,"y":335,"width":836,"height":12}},{"id":"db795edd-f597-4dfa-8d65-de8003346040","block_type":"box","text":"market conditions that are not specifically related to a company or industry, such as real or perceived adverse","page_number":27,"box":{"x":61,"y":351,"width":819,"height":12}},{"id":"030c583e-2522-45e6-ad19-1e0ab1ae706b","block_type":"box","text":"economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency","page_number":27,"box":{"x":61,"y":366,"width":871,"height":12}},{"id":"c5da241f-c9ec-4647-9960-ecd4ad9c2e3b","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":27,"box":{"x":61,"y":382,"width":344,"height":12}},{"id":"45efca8c-1006-4a56-b6b9-0ce1f71ada10","block_type":"box","text":"Foreign Securities Risk.","page_number":27,"box":{"x":61,"y":413,"width":190,"height":12}},{"id":"e36f1dbe-2745-4e2e-a0ef-0275b31acb4f","block_type":"box","text":"Securities traded in foreign markets have often (though not always) performed","page_number":27,"box":{"x":252,"y":413,"width":591,"height":12}},{"id":"081f28f4-594e-4f0f-821d-4c20b12d6f00","block_type":"box","text":"differently from securities traded in the United States. However, such investments often involve special risks not","page_number":27,"box":{"x":61,"y":428,"width":834,"height":12}},{"id":"dd16d1c6-a182-4b40-b3a3-55d401f5cfc3","block_type":"box","text":"present in U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is","page_number":27,"box":{"x":61,"y":444,"width":851,"height":12}},{"id":"c13a822c-3a24-4825-a90a-fdd84fd359df","block_type":"box","text":"subject to the risk that because there may be fewer investors on foreign exchanges and a smaller number of","page_number":27,"box":{"x":61,"y":459,"width":809,"height":12}},{"id":"925cd39a-d5e2-4313-a99e-86d20089fc41","block_type":"box","text":"securities traded each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In","page_number":27,"box":{"x":61,"y":475,"width":841,"height":12}},{"id":"e93bb83a-60d1-444e-90c2-eee5bbc4ac8a","block_type":"box","text":"addition, prices of foreign securities may go up and down more than prices of securities traded in the United States.","page_number":27,"box":{"x":61,"y":490,"width":862,"height":12}},{"id":"a5d593e9-b9e3-4b3d-bf2f-d94208ccc08e","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":27,"box":{"x":62,"y":521,"width":483,"height":12}},{"id":"670c4f01-87b7-4a57-ac4a-aff6ac15d18a","block_type":"box","text":"The Fund generally holds its foreign securities and","page_number":27,"box":{"x":545,"y":521,"width":380,"height":12}},{"id":"ebbb81f1-f184-486c-b090-eee499c38864","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":27,"box":{"x":61,"y":537,"width":853,"height":12}},{"id":"fdd5f57d-3f45-4dab-9b79-f3cd43dea749","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their","page_number":27,"box":{"x":61,"y":552,"width":870,"height":12}},{"id":"067c4b6e-1bbb-4b92-a8f5-81f0dd808e3f","block_type":"box","text":"operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a foreign bank, depository","page_number":27,"box":{"x":61,"y":568,"width":874,"height":12}},{"id":"102a8313-b1f9-4c4a-b6bc-bba15db31a8a","block_type":"box","text":"or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to","page_number":27,"box":{"x":61,"y":583,"width":849,"height":12}},{"id":"79ebc397-59ff-4931-8ae5-296deda259c4","block_type":"box","text":"buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":27,"box":{"x":61,"y":599,"width":867,"height":12}},{"id":"875f0049-9676-4e00-8bb6-a07e77b8beee","block_type":"box","text":"in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating","page_number":27,"box":{"x":61,"y":614,"width":882,"height":12}},{"id":"a4deb0f2-ea10-4778-bf8e-848ca62af242","block_type":"box","text":"expense ratio for the Fund than for investment companies invested only in the United States.","page_number":27,"box":{"x":61,"y":630,"width":693,"height":12}},{"id":"1b018056-d2f0-4c5a-bf34-5e17bb963f1d","block_type":"box","text":"Currency Risk.","page_number":27,"box":{"x":62,"y":661,"width":107,"height":12}},{"id":"84b4dde3-5030-4d19-880b-62af5616b942","block_type":"box","text":"Securities and other instruments in which the Fund invests may be denominated or quoted","page_number":27,"box":{"x":176,"y":661,"width":671,"height":12}},{"id":"04486594-8449-4c3a-8309-e7d20dc04710","block_type":"box","text":"in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect","page_number":27,"box":{"x":61,"y":676,"width":822,"height":12}},{"id":"72245132-71be-4e82-bc80-b2a811a22ff7","block_type":"box","text":"the value of the Fund’s portfolio.","page_number":27,"box":{"x":60,"y":692,"width":238,"height":12}},{"id":"7700cbf5-82bc-488f-b7ba-07400e7d5560","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that","page_number":27,"box":{"x":61,"y":723,"width":767,"height":12}},{"id":"7eb18ff8-27db-43ca-a612-6ddce87fd921","block_type":"box","text":"currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in","page_number":27,"box":{"x":61,"y":738,"width":872,"height":12}},{"id":"e408c9c0-80a7-4709-99a6-5cb2871022cd","block_type":"box","text":"value against a foreign currency, a security denominated in that currency gains value because the currency is worth","page_number":27,"box":{"x":60,"y":754,"width":859,"height":12}},{"id":"8c9fed9d-d698-42e2-a49e-6f394bba7068","block_type":"box","text":"more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns","page_number":27,"box":{"x":61,"y":769,"width":848,"height":12}},{"id":"63023c10-8a6f-407e-8147-80ca14fb401c","block_type":"box","text":"for U.S. investors while a weak U.S. dollar will increase those returns.","page_number":27,"box":{"x":60,"y":785,"width":516,"height":9}},{"id":"1670f59f-41e4-4136-b63b-58ddd230dd3b","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose","page_number":27,"box":{"x":61,"y":816,"width":749,"height":12}},{"id":"bfb5f40a-118f-4eb9-8b6c-85a8696f3f70","block_type":"box","text":"functional currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S.","page_number":27,"box":{"x":60,"y":831,"width":855,"height":12}},{"id":"42f35525-0d9d-436a-baab-b24fbe02fc38","block_type":"box","text":"dollar, such issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively","page_number":27,"box":{"x":61,"y":847,"width":828,"height":12}},{"id":"f476881a-f8b7-4e9f-a6d7-1f8c111dd2be","block_type":"box","text":"impacted.","page_number":27,"box":{"x":61,"y":862,"width":77,"height":12}},{"id":"66e7e3a6-8062-4d73-a8e3-7f984cbce32e","block_type":"box","text":"Foreign Economy Risk.","page_number":27,"box":{"x":61,"y":893,"width":178,"height":12}},{"id":"581fd94b-be0a-4365-aa33-abd404b9303e","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the","page_number":27,"box":{"x":239,"y":893,"width":705,"height":12}},{"id":"8bf4a5f5-fce6-4692-8574-b7bac35df7d1","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and","page_number":27,"box":{"x":61,"y":909,"width":866,"height":12}},{"id":"f1586e0b-2f14-47c5-aa4c-4cf66511bb6b","block_type":"box","text":"balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital","page_number":27,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"a5d447fb-3d9d-4286-86fb-4f2327029caa","block_type":"box","text":"10","page_number":27,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"283cdb4e-9ba1-42da-9d3a-310c3cb9f7c9","block_type":"box","text":"NM1026U-6042719-27/56","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8ab1cf42-15b5-4403-98b4-13e07bae95c8","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":28,"box":{"x":61,"y":40,"width":826,"height":13}},{"id":"0f4d1bb0-6c7a-4897-ad5d-d3a1ac6b93ac","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory","page_number":28,"box":{"x":61,"y":56,"width":840,"height":12}},{"id":"afd9a83a-c015-4da4-8e82-dbf57650997f","block_type":"box","text":"measures. Investments in foreign markets may also be adversely affected by governmental actions such as the","page_number":28,"box":{"x":61,"y":71,"width":831,"height":13}},{"id":"45cfe5b2-7660-40c8-931f-bb033273c837","block_type":"box","text":"imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of","page_number":28,"box":{"x":61,"y":87,"width":859,"height":12}},{"id":"394029fc-e270-4dd5-a8e5-db136c044776","block_type":"box","text":"punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political","page_number":28,"box":{"x":61,"y":103,"width":869,"height":12}},{"id":"241c5351-9a16-4e68-8fd4-9030404ddcf2","block_type":"box","text":"events, military action and other conditions may, without prior warning, lead to the governments of certain countries,","page_number":28,"box":{"x":61,"y":118,"width":865,"height":12}},{"id":"941bbeab-e861-4bab-9d4d-3dde43c3e30c","block_type":"box","text":"or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through","page_number":28,"box":{"x":61,"y":134,"width":835,"height":12}},{"id":"fd6c5c71-bc2d-4bec-ac5c-6094723b50b0","block_type":"box","text":"capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries.","page_number":28,"box":{"x":61,"y":149,"width":875,"height":12}},{"id":"5c0f3c01-0d3e-49b1-b00f-49c803a795f0","block_type":"box","text":"Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer","page_number":28,"box":{"x":61,"y":165,"width":822,"height":12}},{"id":"79b4537a-87f2-4bd4-ad22-a5c90d4c7033","block_type":"box","text":"currency, securities, derivatives or other assets and may also include retaliatory actions of one government against","page_number":28,"box":{"x":61,"y":180,"width":858,"height":12}},{"id":"e325a24c-f684-4a8d-82c9-3bff75556156","block_type":"box","text":"another government, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to","page_number":28,"box":{"x":61,"y":196,"width":826,"height":12}},{"id":"683c97d0-2f2c-4c87-a5ea-d739a1e5de75","block_type":"box","text":"purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":28,"box":{"x":61,"y":211,"width":858,"height":12}},{"id":"a8fe48a5-4804-40f7-a1e2-4d561b341f73","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/","page_number":28,"box":{"x":61,"y":227,"width":871,"height":12}},{"id":"5482472b-a04b-4e3e-8ec3-3fee5d9acae3","block_type":"box","text":"or liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value.","page_number":28,"box":{"x":61,"y":242,"width":860,"height":12}},{"id":"c1f0516e-a0fd-4f49-b3b4-fdd7564e07cb","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults","page_number":28,"box":{"x":61,"y":273,"width":821,"height":12}},{"id":"9fae4467-0bd5-4fee-9761-63e0471cb5b9","block_type":"box","text":"on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and","page_number":28,"box":{"x":61,"y":289,"width":796,"height":12}},{"id":"19879cf3-1c78-425b-9d25-31b84de44e1e","block_type":"box","text":"social instability. Diplomatic and political developments, including rapid and adverse political changes, social","page_number":28,"box":{"x":61,"y":304,"width":808,"height":12}},{"id":"b454df91-3e90-4783-ab53-01de7178fd27","block_type":"box","text":"instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency","page_number":28,"box":{"x":61,"y":320,"width":850,"height":12}},{"id":"6ba910d5-761e-4608-8eb1-d2f5e8c90e03","block_type":"box","text":"markets, and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if","page_number":28,"box":{"x":61,"y":335,"width":830,"height":12}},{"id":"a21355ef-22c3-4df1-b740-1d640f1dfe5a","block_type":"box","text":"not impossible, to predict and take into account with respect to the Fund’s investments.","page_number":28,"box":{"x":61,"y":351,"width":650,"height":12}},{"id":"9f6aaff3-488a-4858-be10-011824e8ae2e","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":28,"box":{"x":62,"y":382,"width":493,"height":12}},{"id":"a4ce8fe0-1c99-4607-b4e3-c437259b5a95","block_type":"box","text":"Many foreign governments do not supervise and","page_number":28,"box":{"x":556,"y":382,"width":364,"height":12}},{"id":"5ce12b1f-7ee7-4555-bce5-89613add0eee","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United","page_number":28,"box":{"x":61,"y":397,"width":883,"height":12}},{"id":"7c395095-9fe8-42e2-8c7c-249f312851e7","block_type":"box","text":"States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example,","page_number":28,"box":{"x":61,"y":413,"width":857,"height":12}},{"id":"bc082853-39ac-443f-99b9-02f03b1317c8","block_type":"box","text":"some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys","page_number":28,"box":{"x":61,"y":428,"width":869,"height":12}},{"id":"d08b0ccf-fece-4fc7-b35b-1b249c724ee8","block_type":"box","text":"or sells a company’s securities based on material non-public information about that company. In addition, some","page_number":28,"box":{"x":61,"y":444,"width":831,"height":12}},{"id":"e0363913-3b4b-469b-989e-93c7bc9c17be","block_type":"box","text":"countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights,","page_number":28,"box":{"x":61,"y":459,"width":868,"height":12}},{"id":"141c269b-58b0-4b6b-8e60-9ad4a70af9e1","block_type":"box","text":"and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not","page_number":28,"box":{"x":61,"y":475,"width":850,"height":12}},{"id":"24d37bc2-b96b-4020-915f-95b0067deacd","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":28,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"eea6fa6c-7f98-44de-9d9b-22593ebbfd5f","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":28,"box":{"x":61,"y":506,"width":882,"height":12}},{"id":"8282c127-d4d1-45d8-acdc-5117ae935940","block_type":"box","text":"company’s financial condition.","page_number":28,"box":{"x":61,"y":521,"width":227,"height":12}},{"id":"38764aff-c51b-4c6a-b9d7-8fb498465b44","block_type":"box","text":"Settlement Risk.","page_number":28,"box":{"x":61,"y":552,"width":126,"height":10}},{"id":"6b0de140-46fd-4685-ab18-6e9e02ec053f","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those in the","page_number":28,"box":{"x":188,"y":552,"width":742,"height":12}},{"id":"2d4fc3a6-4d9d-4ad9-82b2-9daa22511a5b","block_type":"box","text":"United States. Foreign settlement and clearance procedures and trade regulations also may involve certain","page_number":28,"box":{"x":61,"y":568,"width":800,"height":12}},{"id":"c9b108ca-cb8b-4280-91c9-64891f97e3c4","block_type":"box","text":"risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of","page_number":28,"box":{"x":61,"y":583,"width":796,"height":12}},{"id":"48c7a02f-59ce-4bd2-ab97-ded79837e452","block_type":"box","text":"U.S. investments.","page_number":28,"box":{"x":61,"y":599,"width":136,"height":9}},{"id":"f41f6859-3adc-45e9-8f46-2e67e0b177b0","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These","page_number":28,"box":{"x":60,"y":630,"width":881,"height":12}},{"id":"435df363-09b2-4160-9a89-a83440a3dd98","block_type":"box","text":"problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling","page_number":28,"box":{"x":61,"y":645,"width":872,"height":12}},{"id":"69a7d803-1b24-421f-8d78-8c2177e899e9","block_type":"box","text":"a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested","page_number":28,"box":{"x":61,"y":661,"width":857,"height":12}},{"id":"6c756097-737d-43b0-a72e-8f7cc871843c","block_type":"box","text":"with no return earned thereon for some period. If the Fund cannot","page_number":28,"box":{"x":60,"y":676,"width":488,"height":12}},{"id":"83b9cb92-7bbc-41da-992c-5249c5c57715","block_type":"box","text":"settle or is delayed in settling a sale of securities, it","page_number":28,"box":{"x":553,"y":676,"width":377,"height":12}},{"id":"749df23d-5cc4-49da-a2f6-f126cd5a2c46","block_type":"box","text":"may lose money if the value of the security then declines or, if it has contracted to sell the security to another party,","page_number":28,"box":{"x":61,"y":692,"width":852,"height":12}},{"id":"ce69ae6d-a870-4e3a-9b04-8d95981d48ea","block_type":"box","text":"the Fund could be liable for any losses incurred.","page_number":28,"box":{"x":60,"y":707,"width":356,"height":12}},{"id":"5d5e19c3-f58b-40ea-afc8-8a1c5490e245","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":28,"box":{"x":62,"y":738,"width":231,"height":12}},{"id":"940b16d7-ab8c-4028-b16d-a265560f1954","block_type":"box","text":". The Fund may file claims to recover foreign withholding taxes on dividend","page_number":28,"box":{"x":293,"y":738,"width":554,"height":12}},{"id":"e186dab5-c348-4ef4-9eea-ffc271d68af8","block_type":"box","text":"and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks","page_number":28,"box":{"x":61,"y":754,"width":850,"height":12}},{"id":"1ed835b2-6ea5-4796-be89-33ba80e9aca8","block_type":"box","text":"or securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding","page_number":28,"box":{"x":61,"y":769,"width":836,"height":12}},{"id":"e9fb82e3-8d48-4f62-b348-e66fcbec36bd","block_type":"box","text":"tax refund is within the control of the tax authorities in such countries. Where the Fund expects to recover","page_number":28,"box":{"x":60,"y":785,"width":783,"height":12}},{"id":"03f01ecb-048c-427d-8b5f-2c1597062588","block_type":"box","text":"withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund","page_number":28,"box":{"x":60,"y":800,"width":809,"height":12}},{"id":"51628d83-8205-4b44-9d68-242cf2ce4cda","block_type":"box","text":"regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example,","page_number":28,"box":{"x":61,"y":816,"width":863,"height":12}},{"id":"2d65f169-6b03-4b45-b2ff-7454e53cc542","block_type":"box","text":"a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds","page_number":28,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"91d01b1d-d555-439e-9a90-83612530b74b","block_type":"box","text":"may be written down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the","page_number":28,"box":{"x":61,"y":847,"width":844,"height":12}},{"id":"c6143f8f-75fb-45b2-ab20-bfe419e5d045","block_type":"box","text":"Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless","page_number":28,"box":{"x":61,"y":862,"width":881,"height":12}},{"id":"b5cb983c-896a-4f34-ac7b-464b762f858e","block_type":"box","text":"of whether they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has","page_number":28,"box":{"x":61,"y":878,"width":860,"height":12}},{"id":"f4296d07-b6a9-469b-808a-48a250b8181a","block_type":"box","text":"not been previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the","page_number":28,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"5391c2b7-bc75-464b-b83d-17a413afad1f","block_type":"box","text":"resulting increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit","page_number":28,"box":{"x":61,"y":909,"width":868,"height":12}},{"id":"47ff674a-cf44-478a-8c61-2aec8e9487e5","block_type":"box","text":"from such increase in the Fund’s net asset value.","page_number":28,"box":{"x":60,"y":924,"width":365,"height":10}},{"id":"178f30b1-7458-4068-935c-b9310165779d","block_type":"box","text":"11","page_number":28,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"2cc77dde-5a67-438a-b071-b9d5a611e664","block_type":"box","text":"NM1026U-6042719-28/56","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5f5ba90f-c12d-47dd-8453-d6ec4dc93a3e","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":29,"box":{"x":61,"y":40,"width":232,"height":13}},{"id":"e8dde996-12dd-4042-94ed-bc872dde4dd8","block_type":"box","text":"The Fund may engage in active and frequent trading of its portfolio securities.","page_number":29,"box":{"x":294,"y":40,"width":586,"height":13}},{"id":"78be54a5-95b4-4d99-a9e2-6ca7b9f619ba","block_type":"box","text":"High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including","page_number":29,"box":{"x":61,"y":56,"width":784,"height":12}},{"id":"714e56d5-5698-4b31-bf9a-292d3ead167a","block_type":"box","text":"brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on","page_number":29,"box":{"x":61,"y":71,"width":785,"height":13}},{"id":"53a37d6e-77e1-405f-a786-0f1630758489","block_type":"box","text":"reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":29,"box":{"x":61,"y":87,"width":880,"height":12}},{"id":"b09316c6-3f2d-4bb1-9f73-f9cfec7afbb9","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies, such as index","page_number":29,"box":{"x":61,"y":102,"width":861,"height":13}},{"id":"89e1c5ac-acb4-424b-8f12-55ffe73ff93a","block_type":"box","text":"ETFs. These effects of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":29,"box":{"x":61,"y":118,"width":755,"height":12}},{"id":"556779c1-5a9d-4146-9737-6b00121ed964","block_type":"box","text":"High Yield Bonds Risk.","page_number":29,"box":{"x":61,"y":149,"width":182,"height":12}},{"id":"e8fd1326-fede-4150-9490-426e794df7c2","block_type":"box","text":"Although junk bonds generally pay higher rates of interest than investment grade","page_number":29,"box":{"x":244,"y":149,"width":611,"height":12}},{"id":"80e9d4f4-68f1-448d-8a13-6a0138c5dbf1","block_type":"box","text":"bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal","page_number":29,"box":{"x":61,"y":165,"width":847,"height":12}},{"id":"6e8db188-b3a2-4b64-b46b-95b2a26c797b","block_type":"box","text":"losses for the Fund. The major risks of junk bond investments include:","page_number":29,"box":{"x":61,"y":180,"width":525,"height":12}},{"id":"9aa2438a-6c60-4e0b-902c-1899ed5183e6","block_type":"box","text":"• Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount","page_number":29,"box":{"x":95,"y":203,"width":816,"height":12}},{"id":"ccf6eaba-2a09-440a-9995-8bb3f6e6982e","block_type":"box","text":"of outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an","page_number":29,"box":{"x":128,"y":219,"width":754,"height":12}},{"id":"be5cd16c-08b7-4e0e-890e-8beef4a2fecf","block_type":"box","text":"issuer’s bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving","page_number":29,"box":{"x":129,"y":234,"width":805,"height":12}},{"id":"595b3eeb-8fd7-4a86-8078-d721f4440f3f","block_type":"box","text":"few or no assets available to repay junk bond holders.","page_number":29,"box":{"x":128,"y":250,"width":406,"height":12}},{"id":"8273fdc9-ae41-4af8-86d6-6f9174fbe1cb","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry","page_number":29,"box":{"x":95,"y":268,"width":797,"height":12}},{"id":"c2cea19e-d2d1-423a-b469-b5bf503cdd9d","block_type":"box","text":"and general economic conditions may have a greater impact on the prices of junk bonds than on other higher","page_number":29,"box":{"x":128,"y":283,"width":815,"height":12}},{"id":"0cebfdc7-e7e2-437e-9d2e-c541e00fbc53","block_type":"box","text":"rated fixed-income securities.","page_number":29,"box":{"x":129,"y":299,"width":222,"height":9}},{"id":"1428fe76-1b98-4f44-97b9-d8d56df905f3","block_type":"box","text":"• Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of","page_number":29,"box":{"x":95,"y":317,"width":798,"height":12}},{"id":"ae32ae04-0372-4912-a569-c07f9d669823","block_type":"box","text":"an economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":29,"box":{"x":128,"y":332,"width":723,"height":13}},{"id":"438290fc-0e7a-4932-a77f-77bc6d6e0c27","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the","page_number":29,"box":{"x":95,"y":351,"width":820,"height":12}},{"id":"86b24b50-2b86-40ac-bcdb-346775d56dc4","block_type":"box","text":"Fund before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in","page_number":29,"box":{"x":129,"y":366,"width":766,"height":12}},{"id":"802ccd61-c4d9-46ba-a66f-68befe27a060","block_type":"box","text":"bonds with lower yields and may lose income.","page_number":29,"box":{"x":129,"y":382,"width":344,"height":12}},{"id":"5fa5a388-3837-4a1c-a5db-1a5f3e7cdba8","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic","page_number":29,"box":{"x":95,"y":400,"width":796,"height":12}},{"id":"18570ea1-8d20-478b-a2b1-231060930290","block_type":"box","text":"conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the","page_number":29,"box":{"x":128,"y":415,"width":800,"height":12}},{"id":"af68918b-dda1-456b-b969-81bfcf070587","block_type":"box","text":"prices quoted for junk bonds by the dealers. Because they are less liquid than higher rated fixed-income","page_number":29,"box":{"x":129,"y":431,"width":776,"height":12}},{"id":"9f9267ee-7252-44b4-998f-2c0d02844b80","block_type":"box","text":"securities, judgment may play a greater role in valuing junk bonds than is the case with securities trading in a","page_number":29,"box":{"x":128,"y":446,"width":813,"height":12}},{"id":"03989189-a53c-4329-ad27-52f1f23a6e60","block_type":"box","text":"more liquid market.","page_number":29,"box":{"x":129,"y":462,"width":146,"height":12}},{"id":"7354c8cd-5117-4e39-8daa-af9f20295583","block_type":"box","text":"• The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new","page_number":29,"box":{"x":95,"y":480,"width":816,"height":12}},{"id":"51075eec-f3be-4fe9-980d-f28a05a51e79","block_type":"box","text":"terms with a defaulting issuer.","page_number":29,"box":{"x":128,"y":495,"width":227,"height":12}},{"id":"540be8c5-724a-4f06-a794-2e8c333eed95","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value","page_number":29,"box":{"x":60,"y":526,"width":874,"height":12}},{"id":"fc3fdd92-0494-498f-b2c0-58a7cb9c40a1","block_type":"box","text":"may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":29,"box":{"x":61,"y":542,"width":782,"height":12}},{"id":"45d71473-1a0e-46c4-866f-a812100947bf","block_type":"box","text":"Illiquid Investments Risk.","page_number":29,"box":{"x":61,"y":573,"width":200,"height":12}},{"id":"62c76df6-d516-48f0-bb5f-fc6d4a64356f","block_type":"box","text":"The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":29,"box":{"x":262,"y":573,"width":671,"height":12}},{"id":"ce66cc9d-c836-4127-8c6f-ab7c30f6a7bc","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is","page_number":29,"box":{"x":61,"y":588,"width":788,"height":12}},{"id":"beab93eb-4c00-4439-b64b-635357c462f1","block_type":"box","text":"any investment that the Fund reasonably expects cannot be","page_number":29,"box":{"x":61,"y":604,"width":449,"height":12}},{"id":"a7690608-94d7-4727-b5a7-735d8dbdeaff","block_type":"box","text":"sold or disposed of in current market conditions in","page_number":29,"box":{"x":511,"y":604,"width":375,"height":12}},{"id":"4a0edffc-ad36-43d7-a236-a6c4f0f0313e","block_type":"box","text":"seven calendar days or less without the sale or disposition significantly changing the market value of the","page_number":29,"box":{"x":61,"y":619,"width":778,"height":12}},{"id":"e7971b87-453a-4a4f-afed-5e47fa0a23a5","block_type":"box","text":"investment. The Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the","page_number":29,"box":{"x":61,"y":635,"width":874,"height":12}},{"id":"aade8107-8646-45c4-a05d-b7eee1bff066","block_type":"box","text":"illiquid investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid.","page_number":29,"box":{"x":61,"y":650,"width":810,"height":12}},{"id":"7a28c546-0f19-41f5-9495-d3eb051e5c3d","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":29,"box":{"x":61,"y":666,"width":832,"height":12}},{"id":"7946551c-59f8-4ed0-a313-368c18a1c918","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to","page_number":29,"box":{"x":60,"y":681,"width":861,"height":12}},{"id":"39c742a4-2e52-41d0-ac78-bdd4950a30ad","block_type":"box","text":"be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":29,"box":{"x":61,"y":697,"width":840,"height":12}},{"id":"571495c8-4d3f-46d6-8328-0b9b620423ea","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":29,"box":{"x":61,"y":712,"width":842,"height":12}},{"id":"1f496caa-fb7d-425a-976e-ceaeb2ed4e3a","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or","page_number":29,"box":{"x":61,"y":728,"width":856,"height":12}},{"id":"d629ea36-bb6d-4c04-bb41-0d10274aa7f8","block_type":"box","text":"price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":29,"box":{"x":61,"y":743,"width":770,"height":12}},{"id":"da2867fd-a0f5-41a7-af57-a2c622fdcc7c","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":29,"box":{"x":61,"y":759,"width":849,"height":12}},{"id":"d122f2b3-0637-4aab-a5ee-e20ee9a67cdd","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":29,"box":{"x":61,"y":774,"width":831,"height":12}},{"id":"2533adee-82d1-4588-86e1-375290da7055","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":29,"box":{"x":61,"y":790,"width":828,"height":12}},{"id":"5c6fb89b-6c72-4c12-a80c-d7cb8b502d03","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market. To","page_number":29,"box":{"x":60,"y":805,"width":863,"height":12}},{"id":"10eb47da-1af4-4821-bb53-4da0b7ab495e","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":29,"box":{"x":60,"y":821,"width":872,"height":12}},{"id":"b05e0d32-0041-4870-9bf6-ec79d9c5c1a8","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":29,"box":{"x":61,"y":837,"width":785,"height":11}},{"id":"b61250d1-4156-47f1-bb80-ff72472e3bfc","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell","page_number":29,"box":{"x":62,"y":852,"width":799,"height":12}},{"id":"03bb6ca5-4fd3-4b83-91fc-211f70c41054","block_type":"box","text":"these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may","page_number":29,"box":{"x":60,"y":867,"width":823,"height":12}},{"id":"ba3e4f68-1da5-4f4d-a623-16d336e45b79","block_type":"box","text":"be magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":29,"box":{"x":61,"y":883,"width":880,"height":12}},{"id":"d62295ce-69a9-4e22-b60a-e126a26a260f","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the Fund,","page_number":29,"box":{"x":61,"y":898,"width":862,"height":12}},{"id":"f2f5027a-4809-44f5-9671-280985fb7e19","block_type":"box","text":"due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":29,"box":{"x":61,"y":914,"width":667,"height":12}},{"id":"9feffe90-5681-468e-bacf-4d5744cc4c1d","block_type":"box","text":"12","page_number":29,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"5fe64ce5-1a5a-4487-903e-b9f565aef2cd","block_type":"box","text":"NM1026U-6042719-29/56","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4fb9a92b-1b63-4d7a-82a2-439b93d4d696","block_type":"box","text":"Indexed and Inverse Securities Risk.","page_number":30,"box":{"x":61,"y":40,"width":296,"height":10}},{"id":"3cdecb7a-5e89-4712-af05-c89875038bf4","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a particular","page_number":30,"box":{"x":358,"y":41,"width":584,"height":11}},{"id":"b2ded1ee-d154-4ca7-9383-f6abc51d762a","block_type":"box","text":"index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of","page_number":30,"box":{"x":61,"y":56,"width":881,"height":12}},{"id":"0e51c089-5a73-46b2-83ae-94c4897d8b26","block_type":"box","text":"the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse","page_number":30,"box":{"x":60,"y":71,"width":851,"height":13}},{"id":"7d76c11a-3b63-4ed2-bc06-8043bc2aa6de","block_type":"box","text":"securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s","page_number":30,"box":{"x":61,"y":87,"width":848,"height":12}},{"id":"4b3a2a7d-9d1a-4b24-9533-be6855125d24","block_type":"box","text":"investment in such instruments may decline significantly in value if","page_number":30,"box":{"x":61,"y":102,"width":497,"height":13}},{"id":"d0a4f5ba-e738-47f1-be7a-34e3b986d2df","block_type":"box","text":"interest rates or index levels move in a way Fund","page_number":30,"box":{"x":559,"y":103,"width":368,"height":12}},{"id":"23382b8c-2541-4ced-bb7b-440f84c7191f","block_type":"box","text":"management does not anticipate.","page_number":30,"box":{"x":61,"y":118,"width":253,"height":12}},{"id":"262d2887-1b38-4a61-9b2a-552bd9d65646","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":30,"box":{"x":61,"y":149,"width":235,"height":10}},{"id":"d687e035-68f2-41a7-a483-4a0e14b9e7e0","block_type":"box","text":"The principal value of an investment in the Fund is not protected or","page_number":30,"box":{"x":297,"y":149,"width":507,"height":12}},{"id":"700779d7-8785-488d-b590-5fb6e5cb02d3","block_type":"box","text":"otherwise guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation","page_number":30,"box":{"x":61,"y":165,"width":833,"height":12}},{"id":"c30e9852-15ac-4dc1-b235-6a46218a96f1","block_type":"box","text":"indexed securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise","page_number":30,"box":{"x":61,"y":180,"width":847,"height":12}},{"id":"d3618cea-d772-4ee3-8e25-46d70e2f1bba","block_type":"box","text":"and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus","page_number":30,"box":{"x":61,"y":196,"width":838,"height":12}},{"id":"c0886e5f-fd71-4c7e-8023-a3cc521292fc","block_type":"box","text":"the inflation rates. If the Fund purchases TIPS in the secondary market and the bonds’ principal values previously","page_number":30,"box":{"x":60,"y":211,"width":848,"height":12}},{"id":"289fc148-e56f-486b-946d-00d7cffa74db","block_type":"box","text":"were adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less","page_number":30,"box":{"x":60,"y":227,"width":849,"height":12}},{"id":"c4aa082b-e691-4643-83c6-f77d963ca3cc","block_type":"box","text":"than it invested.","page_number":30,"box":{"x":60,"y":242,"width":123,"height":10}},{"id":"cb400336-59f3-474c-8b72-23f1a2f528db","block_type":"box","text":"In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation,","page_number":30,"box":{"x":62,"y":273,"width":875,"height":12}},{"id":"ea4dab8b-7d96-48ff-9dee-9aec70fef097","block_type":"box","text":"and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index","page_number":30,"box":{"x":61,"y":289,"width":825,"height":12}},{"id":"a0cf307d-be21-4050-a47c-ee20c30553c4","block_type":"box","text":"measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently","page_number":30,"box":{"x":61,"y":304,"width":863,"height":12}},{"id":"0c51ceb1-cc67-4ac4-bf19-15fd1c061f91","block_type":"box","text":"the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.","page_number":30,"box":{"x":60,"y":320,"width":824,"height":12}},{"id":"248eac9a-3e7f-4ea5-ac3d-da4455a69735","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":30,"box":{"x":60,"y":351,"width":814,"height":12}},{"id":"f1f3dcb3-20e9-4731-95ef-26b6377da09b","block_type":"box","text":"even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the","page_number":30,"box":{"x":61,"y":366,"width":783,"height":12}},{"id":"859d117a-3397-4773-a6c5-c826c9d9a3a1","block_type":"box","text":"principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the","page_number":30,"box":{"x":61,"y":382,"width":861,"height":12}},{"id":"e337259e-df86-425b-9a50-42ac0556a286","block_type":"box","text":"Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions","page_number":30,"box":{"x":61,"y":397,"width":805,"height":12}},{"id":"6f7f9fc8-09e8-40e9-8947-70e06a8f63ef","block_type":"box","text":"to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it","page_number":30,"box":{"x":60,"y":413,"width":853,"height":12}},{"id":"413579fe-a0d8-4fa3-b245-e1be3ef4f56b","block_type":"box","text":"is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due","page_number":30,"box":{"x":61,"y":428,"width":830,"height":12}},{"id":"d2f1033a-de1b-42c4-95a7-cbcd57c43dc1","block_type":"box","text":"to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as","page_number":30,"box":{"x":60,"y":444,"width":830,"height":12}},{"id":"70e4f346-11ce-424c-ae29-4b50d3460624","block_type":"box","text":"a return of capital.","page_number":30,"box":{"x":61,"y":459,"width":139,"height":12}},{"id":"3cab8ff1-08b8-4f68-96fe-a1935cca8b60","block_type":"box","text":"Investment Style Risk.","page_number":30,"box":{"x":61,"y":490,"width":177,"height":12}},{"id":"25fcb9a6-75d7-4009-8b54-d17350cb66ed","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the later","page_number":30,"box":{"x":239,"y":490,"width":689,"height":12}},{"id":"a4675130-c215-401c-830a-eb6d37115d40","block_type":"box","text":"stages of economic expansion and value investments have performed better during periods of economic recovery.","page_number":30,"box":{"x":61,"y":506,"width":853,"height":12}},{"id":"ecf69c70-8292-4a26-92f9-5fd7b5bfd959","block_type":"box","text":"Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by","page_number":30,"box":{"x":60,"y":521,"width":868,"height":12}},{"id":"00554c7f-a749-4e5d-85db-a855566d4bb1","block_type":"box","text":"the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.","page_number":30,"box":{"x":60,"y":537,"width":803,"height":12}},{"id":"d11a3f49-7800-463e-af68-99c153c6b17d","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":30,"box":{"x":61,"y":568,"width":305,"height":12}},{"id":"7989cbc1-c200-4e37-9bb0-47234dcdb8bd","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":30,"box":{"x":367,"y":568,"width":566,"height":12}},{"id":"b6eb54d6-07d6-40b2-bc47-a04b1d905b7f","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":30,"box":{"x":61,"y":583,"width":864,"height":12}},{"id":"47d26fb4-9220-48c9-89fe-474ab1db2f6d","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":30,"box":{"x":61,"y":599,"width":852,"height":12}},{"id":"ed9153b5-4236-48dd-ba7d-36204073e910","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":30,"box":{"x":61,"y":614,"width":861,"height":12}},{"id":"b41e23ff-a645-46ff-95b6-097a8e6a6f36","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":30,"box":{"x":61,"y":645,"width":434,"height":12}},{"id":"e4681d10-69fd-4f90-980d-13ee3455548a","block_type":"box","text":"Certain shareholders, including an Authorized Participant, a","page_number":30,"box":{"x":496,"y":645,"width":447,"height":12}},{"id":"c5f351f7-7bf7-479e-9955-88d99d0f1fe9","block_type":"box","text":"third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":30,"box":{"x":60,"y":661,"width":847,"height":12}},{"id":"321e7f2c-1eaf-494b-8665-faaf5f642f87","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, including funds or accounts over which the","page_number":30,"box":{"x":60,"y":676,"width":849,"height":12}},{"id":"c8b97a84-b526-4b08-a3f9-accc4b64f4e3","block_type":"box","text":"Fund’s adviser has discretion, or may invest in the Fund and hold their investment for a limited period of time. These","page_number":30,"box":{"x":61,"y":692,"width":862,"height":12}},{"id":"68f8cb09-bf9f-40b6-a0f5-944d352c8f1b","block_type":"box","text":"shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares","page_number":30,"box":{"x":61,"y":707,"width":867,"height":12}},{"id":"4bf97ff1-2c28-4db9-ae0b-c5b32b62f921","block_type":"box","text":"becoming concentrated in another party. There can be no assurance that any large shareholder or large group of","page_number":30,"box":{"x":61,"y":723,"width":839,"height":12}},{"id":"a878a72b-67f0-48e1-8592-761639cda263","block_type":"box","text":"shareholders would not redeem their investment or that the size of the Fund would be maintained. Redemptions of a","page_number":30,"box":{"x":61,"y":738,"width":863,"height":12}},{"id":"b34bf24a-4cd4-46e6-8361-cbb5d11c2a04","block_type":"box","text":"large number of Fund shares by these shareholders may adversely affect the Fund’s liquidity and net assets. To the","page_number":30,"box":{"x":61,"y":754,"width":860,"height":12}},{"id":"2f308785-bd83-4476-86d8-7cb6f7398d85","block_type":"box","text":"extent the Fund permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities when it","page_number":30,"box":{"x":61,"y":769,"width":876,"height":12}},{"id":"d50567b3-9b92-4bf4-a415-bccea5ef762b","block_type":"box","text":"might not otherwise do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of","page_number":30,"box":{"x":61,"y":785,"width":876,"height":12}},{"id":"15ed2554-b080-4eaf-9484-9a01dad3562e","block_type":"box","text":"the Shares and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income and/or gains","page_number":30,"box":{"x":60,"y":800,"width":868,"height":12}},{"id":"ac052613-be8b-4ebe-bca2-a60e4b6f4ac7","block_type":"box","text":"and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In","page_number":30,"box":{"x":61,"y":816,"width":857,"height":9}},{"id":"c4e026bc-b35d-428b-bfee-64385c813da9","block_type":"box","text":"addition, under certain circumstances, non redeeming shareholders may be treated as receiving a disproportionately","page_number":30,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"b02fddd3-7cad-40fe-a259-ed2d40198d59","block_type":"box","text":"large taxable distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting","page_number":30,"box":{"x":61,"y":847,"width":870,"height":12}},{"id":"b97d5f02-f8da-4088-af92-eba2e4a26870","block_type":"box","text":"from such transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an","page_number":30,"box":{"x":60,"y":862,"width":883,"height":12}},{"id":"e28cf12a-c073-4101-841e-7960b04eac5e","block_type":"box","text":"IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":30,"box":{"x":62,"y":878,"width":869,"height":12}},{"id":"16c538c3-3a32-492f-a7c6-6d9506208041","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable","page_number":30,"box":{"x":61,"y":893,"width":874,"height":12}},{"id":"aba93769-bb59-4182-bca1-0a5db60a7ffc","block_type":"box","text":"account. The Fund also may be required to sell its more liquid Fund investments to meet a large redemption, in which","page_number":30,"box":{"x":61,"y":909,"width":871,"height":12}},{"id":"3261a62e-c3d7-424f-a815-0c16c05dc993","block_type":"box","text":"case the Fund’s remaining assets may be less liquid, more","page_number":30,"box":{"x":61,"y":924,"width":435,"height":12}},{"id":"bf595603-e17c-4d2a-ac55-1b8c60f88e09","block_type":"box","text":"volatile, and more difficult to price. To the extent these","page_number":30,"box":{"x":502,"y":924,"width":403,"height":12}},{"id":"2220c015-2032-47fb-8232-bb73b3d3739c","block_type":"box","text":"13","page_number":30,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"41e0686f-e6c5-4420-948a-84c47e9714f9","block_type":"box","text":"NM1026U-6042719-30/56","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5b0a73b0-3a62-4ac6-a410-d54fabbfbf65","block_type":"box","text":"large shareholders transact in shares on the secondary market, such transactions may account for a large percentage","page_number":31,"box":{"x":61,"y":40,"width":881,"height":13}},{"id":"ab815288-ef85-4e79-b5fa-8e4a50fc9625","block_type":"box","text":"of the trading volume for the shares of the Fund and may, therefore, have a material upward or downward effect on","page_number":31,"box":{"x":61,"y":56,"width":860,"height":12}},{"id":"bd2d8cda-2825-4f7f-a566-dfdd42a18be4","block_type":"box","text":"the market price of the Fund shares. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":31,"box":{"x":60,"y":71,"width":846,"height":13}},{"id":"f494221c-fab9-4775-a32d-2e1604eee27c","block_type":"box","text":"performance to the extent that the Fund is delayed in investing","page_number":31,"box":{"x":61,"y":87,"width":469,"height":12}},{"id":"b1928856-4e07-4df2-a8f0-709a8c7128c8","block_type":"box","text":"new cash and is required to maintain a larger cash","page_number":31,"box":{"x":531,"y":87,"width":380,"height":12}},{"id":"802bd92f-77d4-40c8-be44-aeffdbdfd352","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":31,"box":{"x":61,"y":103,"width":466,"height":12}},{"id":"42b380b8-0b08-4fee-829d-cfad93a55cec","block_type":"box","text":"Leverage Risk.","page_number":31,"box":{"x":61,"y":136,"width":117,"height":12}},{"id":"71b42362-e4db-4d13-9ed1-04185d7b80a5","block_type":"box","text":"Some transactions may give rise to a form of economic leverage. These transactions may","page_number":31,"box":{"x":179,"y":136,"width":677,"height":12}},{"id":"d3f1a9aa-5391-4b17-9699-f0aa74d37618","block_type":"box","text":"include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an","page_number":31,"box":{"x":61,"y":152,"width":790,"height":12}},{"id":"8dd101d4-b7bb-4c4c-b506-a8486105004d","block_type":"box","text":"open-end investment company registered with the Securities and Exchange Commission (“SEC”), the Fund is subject","page_number":31,"box":{"x":61,"y":167,"width":877,"height":12}},{"id":"d91846f8-9fe3-4860-a7c8-79e91263dc17","block_type":"box","text":"to the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4","page_number":31,"box":{"x":60,"y":183,"width":839,"height":12}},{"id":"f6a16773-7211-41dc-92e4-220e5c5b004c","block_type":"box","text":"under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":31,"box":{"x":61,"y":198,"width":869,"height":12}},{"id":"e0d833a5-d846-417c-9d60-f2f1786a984b","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":31,"box":{"x":61,"y":214,"width":858,"height":12}},{"id":"460d381c-f0cd-4b80-b5cf-84cc47c14604","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":31,"box":{"x":61,"y":229,"width":809,"height":12}},{"id":"9ffc9fc3-09d9-40b0-a9c6-49736804ae8a","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":31,"box":{"x":61,"y":245,"width":854,"height":12}},{"id":"b9990673-2305-4fd4-b513-45421fa6db14","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":31,"box":{"x":60,"y":260,"width":571,"height":12}},{"id":"8e111735-36ea-4940-9a54-05ced61a6c03","block_type":"box","text":"Market Risk and Selection Risk.","page_number":31,"box":{"x":61,"y":294,"width":249,"height":9}},{"id":"d874f594-32d6-4ec5-b912-fef4d6cde8e8","block_type":"box","text":"Market risk is the risk that one or more markets in which the Fund invests will go","page_number":31,"box":{"x":311,"y":294,"width":599,"height":12}},{"id":"7bae1239-56be-4fc7-bafa-a5fe17debf78","block_type":"box","text":"down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose","page_number":31,"box":{"x":61,"y":309,"width":871,"height":12}},{"id":"b621d3eb-3002-43bd-8b58-ca07a017ddee","block_type":"box","text":"money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market movements","page_number":31,"box":{"x":61,"y":325,"width":876,"height":12}},{"id":"8a2e26ae-0a80-4a59-903f-5f7bfb0af487","block_type":"box","text":"and over longer periods during market downturns. Securities or other investments held by the Fund may underperform","page_number":31,"box":{"x":61,"y":340,"width":874,"height":12}},{"id":"0b1136dd-3a05-4826-ba06-9fd249b5dee8","block_type":"box","text":"the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment","page_number":31,"box":{"x":60,"y":356,"width":835,"height":12}},{"id":"0f99e289-63b8-471b-8c5d-282ca3d1a2ba","block_type":"box","text":"objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security or other","page_number":31,"box":{"x":61,"y":371,"width":845,"height":12}},{"id":"653ea9e0-c481-433d-91df-f55b04a81264","block_type":"box","text":"asset may decline due to changes in general market conditions, economic trends or events that are not specifically","page_number":31,"box":{"x":61,"y":387,"width":847,"height":12}},{"id":"c487429f-b034-4642-ae81-542e87a8e7c1","block_type":"box","text":"related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange,","page_number":31,"box":{"x":61,"y":402,"width":820,"height":12}},{"id":"ed4343e7-396c-4c16-986a-12de9c6d3af1","block_type":"box","text":"country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the","page_number":31,"box":{"x":61,"y":418,"width":841,"height":12}},{"id":"2144c2dd-b743-43d8-9e0d-ec111064afbc","block_type":"box","text":"Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes","page_number":31,"box":{"x":61,"y":433,"width":874,"height":12}},{"id":"60f3a98c-cb6f-4e60-a64e-000ef48d7613","block_type":"box","text":"in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local,","page_number":31,"box":{"x":61,"y":449,"width":877,"height":12}},{"id":"e40aff2d-4d22-4b1e-ae3d-10abea5107b9","block_type":"box","text":"regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious","page_number":31,"box":{"x":61,"y":464,"width":862,"height":12}},{"id":"ae43e169-131b-4955-84bb-38e6c1aa6ca1","block_type":"box","text":"illness or other public health issues, recessions, or other events.","page_number":31,"box":{"x":61,"y":480,"width":476,"height":12}},{"id":"4ac0c2dd-f4a8-4b72-987e-f12c66890cae","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade","page_number":31,"box":{"x":61,"y":513,"width":872,"height":12}},{"id":"939c53c9-be9e-42dd-a2b8-d79049709260","block_type":"box","text":"agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic","page_number":31,"box":{"x":61,"y":529,"width":858,"height":12}},{"id":"f6701a5c-a74e-4d84-86d8-c9ac1fef4548","block_type":"box","text":"and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken","page_number":31,"box":{"x":61,"y":544,"width":860,"height":12}},{"id":"be402611-00da-4811-8f3c-15e24cd9f4ea","block_type":"box","text":"by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for","page_number":31,"box":{"x":61,"y":560,"width":819,"height":12}},{"id":"fce3d980-6a50-4642-bad3-81cec06c25c1","block_type":"box","text":"imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund","page_number":31,"box":{"x":61,"y":575,"width":858,"height":12}},{"id":"670e0f06-b4af-4096-abfa-156eb6c63d2f","block_type":"box","text":"invests.","page_number":31,"box":{"x":61,"y":591,"width":61,"height":9}},{"id":"6f319c53-32e9-49fb-87d5-75fd1e68a335","block_type":"box","text":"Market Trading Risk","page_number":31,"box":{"x":61,"y":624,"width":161,"height":12}},{"id":"aab1a1bf-7933-4b3b-8b72-e3d351b8237a","block_type":"box","text":". The Fund faces numerous market trading risks, any of which may lead to its shares trading in","page_number":31,"box":{"x":223,"y":624,"width":706,"height":12}},{"id":"d40c6495-29da-4688-bd34-600f52e08075","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you","page_number":31,"box":{"x":60,"y":640,"width":875,"height":12}},{"id":"f9228244-4d21-4933-a39d-3e553e18731b","block_type":"box","text":"buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the","page_number":31,"box":{"x":61,"y":655,"width":837,"height":12}},{"id":"515e8e5d-3918-4bfa-a19c-59c58a78c41b","block_type":"box","text":"market price is at a discount to the NAV, you may pay significantly more or receive significantly less than the","page_number":31,"box":{"x":61,"y":671,"width":804,"height":12}},{"id":"a1b6803b-824e-44c6-8657-be2e52f47514","block_type":"box","text":"underlying value of the Fund shares.","page_number":31,"box":{"x":61,"y":686,"width":270,"height":12}},{"id":"0acae418-d88d-498e-a4a9-28c48ed338f3","block_type":"box","text":"Absence of an Active Primary Market","page_number":31,"box":{"x":60,"y":720,"width":278,"height":12}},{"id":"78e1df1b-a3f9-4cea-b18c-28970d6c62e2","block_type":"box","text":". Although Fund shares are listed for trading on one or more stock exchanges,","page_number":31,"box":{"x":339,"y":720,"width":578,"height":12}},{"id":"5f308d81-5603-47ce-82c9-9517116697ea","block_type":"box","text":"there can be no assurance that an active primary trading market for Fund shares will develop or be maintained by","page_number":31,"box":{"x":60,"y":735,"width":844,"height":12}},{"id":"a2296dce-6673-448e-a06d-c46d13f27898","block_type":"box","text":"market makers or Authorized Participants.","page_number":31,"box":{"x":61,"y":751,"width":311,"height":12}},{"id":"54d06e29-8dbb-4286-80c9-9f6adef5fd06","block_type":"box","text":"Secondary Listing Risks","page_number":31,"box":{"x":61,"y":784,"width":179,"height":12}},{"id":"1534775c-5d52-4df8-9aee-e00b3d9a726b","block_type":"box","text":". The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other","page_number":31,"box":{"x":241,"y":784,"width":661,"height":12}},{"id":"8eba9b78-ed36-471c-9408-d7221533806d","block_type":"box","text":"than the U.S. stock exchange where the Fund’s primary listing is maintained. Fund shares also may be available to","page_number":31,"box":{"x":60,"y":800,"width":854,"height":12}},{"id":"6c338fa8-68b8-402b-9595-1965d0c9e310","block_type":"box","text":"non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no","page_number":31,"box":{"x":61,"y":815,"width":846,"height":12}},{"id":"9eee58d0-f711-4fb8-b7f6-cd22e0ba6d98","block_type":"box","text":"assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the","page_number":31,"box":{"x":61,"y":831,"width":834,"height":12}},{"id":"14736461-260c-40f9-9ee0-fa733002547c","block_type":"box","text":"Fund’s shares will continue to meet the requirements for exchange listing or market trading. The Fund’s shares may","page_number":31,"box":{"x":61,"y":846,"width":865,"height":12}},{"id":"7babb796-4d75-46af-9a53-4ec717d55c5e","block_type":"box","text":"be less actively traded in certain markets than in others, and investors are subject to the execution and settlement","page_number":31,"box":{"x":61,"y":862,"width":850,"height":12}},{"id":"3d447436-6aa4-436e-9386-54df1f59773b","block_type":"box","text":"risks and market standards of the market where they or their broker direct their trades for execution. Certain","page_number":31,"box":{"x":61,"y":877,"width":805,"height":12}},{"id":"0661236a-d931-4efb-b843-d60f942556f4","block_type":"box","text":"information that is available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market","page_number":31,"box":{"x":61,"y":893,"width":874,"height":12}},{"id":"9166c667-17e4-4bae-b48f-0b4d38d753b2","block_type":"box","text":"hours may not be available to investors who trade in other markets, which may result in secondary market prices in","page_number":31,"box":{"x":61,"y":908,"width":852,"height":12}},{"id":"09cdad34-9580-4ea3-ac97-a1133c92391a","block_type":"box","text":"such markets being less efficient.","page_number":31,"box":{"x":61,"y":924,"width":246,"height":12}},{"id":"e63b1183-7300-4e30-b1be-2319f34a8c6c","block_type":"box","text":"14","page_number":31,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"409a516b-7758-43ad-94fd-a41f70ed5896","block_type":"box","text":"NM1026U-6042719-31/56","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6a5ed034-4b70-4a02-94fa-b751b96d33cd","block_type":"box","text":"Secondary Market Trading Risk","page_number":32,"box":{"x":61,"y":40,"width":236,"height":13}},{"id":"fa16612e-c25d-4f23-941b-0561b0db0fde","block_type":"box","text":". Shares of the Fund may trade in the secondary market at times when the Fund does","page_number":32,"box":{"x":297,"y":40,"width":641,"height":13}},{"id":"c75839d3-1c88-4143-aa94-69da3734f649","block_type":"box","text":"not accept orders to create or redeem shares. At such times, shares may trade in the secondary market with more","page_number":32,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"eb38df8e-bc7b-4d70-a0c7-0fc449a9b30a","block_type":"box","text":"significant premiums or discounts to NAV than might be experienced at times when the Fund accepts creation and","page_number":32,"box":{"x":61,"y":71,"width":853,"height":13}},{"id":"80510da5-331b-456c-9a24-d7a7fbb13ea4","block_type":"box","text":"redemption orders. Securities held by the Fund may be traded in markets that close at a different time than an","page_number":32,"box":{"x":61,"y":87,"width":821,"height":12}},{"id":"eda7399d-65d3-4078-8015-ae4d71152e98","block_type":"box","text":"exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable closing","page_number":32,"box":{"x":61,"y":102,"width":867,"height":13}},{"id":"7b89639e-575d-4fd2-8532-94ee4f702da5","block_type":"box","text":"time. As a result, during the time when the exchange","page_number":32,"box":{"x":60,"y":118,"width":397,"height":12}},{"id":"b3c05c86-e037-45b1-8802-9cf136064d27","block_type":"box","text":"is open but after the applicable market closing, fixing or","page_number":32,"box":{"x":458,"y":118,"width":414,"height":12}},{"id":"4453c06e-1f95-4074-815d-8545fa1607c6","block_type":"box","text":"settlement time, there may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":32,"box":{"x":61,"y":134,"width":847,"height":12}},{"id":"7253ef6e-dd52-4d49-950d-86a13f8d6ec3","block_type":"box","text":"In stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating","page_number":32,"box":{"x":62,"y":165,"width":862,"height":12}},{"id":"17203eac-9c2c-4e23-93e0-a3484d2fa2d1","block_type":"box","text":"liquidity in the markets for the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":32,"box":{"x":61,"y":180,"width":838,"height":12}},{"id":"cba85c84-d409-4d80-96a3-8f5c36ad27de","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for","page_number":32,"box":{"x":61,"y":211,"width":849,"height":12}},{"id":"ad9ad765-39f1-4eeb-a8dc-a1021fa18f22","block_type":"box","text":"other reasons. In times of extraordinary market volatility, Fund shares may be subject to trading halts pursuant to","page_number":32,"box":{"x":61,"y":227,"width":843,"height":12}},{"id":"84b87fbb-dec0-4946-b9f6-a54da5edbbaa","block_type":"box","text":"“circuit breaker” rules of a stock exchange or market. If there is a trading halt or unanticipated closure of an exchange","page_number":32,"box":{"x":61,"y":242,"width":876,"height":12}},{"id":"564b861f-8283-4714-9639-f055a1f4c374","block_type":"box","text":"or market, an investor may be unable to purchase or sell Fund shares. In addition, if trading in certain securities or","page_number":32,"box":{"x":61,"y":258,"width":852,"height":12}},{"id":"54ea1fd6-4aa9-4e07-bc16-3aadae861b7e","block_type":"box","text":"financial instruments is restricted, this may disrupt the Fund’s creation/redemption process, affect the price at which","page_number":32,"box":{"x":60,"y":273,"width":863,"height":12}},{"id":"27e27144-120e-4ea1-a1e4-a921b35774c1","block_type":"box","text":"Fund shares trade in the secondary market, and result in the Fund being unable to trade certain securities or financial","page_number":32,"box":{"x":61,"y":289,"width":877,"height":12}},{"id":"ee080b73-a4de-4dc7-80ab-fbda12522687","block_type":"box","text":"instruments. In such circumstances, the Fund may be unable to rebalance its portfolio or accurately price its portfolio","page_number":32,"box":{"x":61,"y":304,"width":870,"height":12}},{"id":"f043e755-3eb9-45ba-82bf-0a18635c4603","block_type":"box","text":"holdings and may incur substantial trading losses.","page_number":32,"box":{"x":61,"y":320,"width":375,"height":12}},{"id":"aebf8a40-198c-4989-aacf-6ecba72a1a8c","block_type":"box","text":"Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore","page_number":32,"box":{"x":61,"y":351,"width":878,"height":12}},{"id":"5f2daacc-310c-4e89-a96e-7a975984e0d8","block_type":"box","text":"subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading","page_number":32,"box":{"x":61,"y":366,"width":843,"height":12}},{"id":"4f7e77a7-fc1e-48c3-b358-004f9ea59bb3","block_type":"box","text":"activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary","page_number":32,"box":{"x":61,"y":382,"width":874,"height":12}},{"id":"da311a9c-641e-46e0-a966-c95add000037","block_type":"box","text":"market for the shares of the Fund.","page_number":32,"box":{"x":61,"y":397,"width":258,"height":10}},{"id":"7b117a1d-56e9-4185-b96b-e92c9bcce876","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":32,"box":{"x":61,"y":428,"width":382,"height":12}},{"id":"e6c371ab-d561-47f0-8e5d-d9948afa5284","block_type":"box","text":"V. Shares of the Fund trade on stock exchanges at prices at, above","page_number":32,"box":{"x":442,"y":428,"width":495,"height":12}},{"id":"db445ec7-2b1e-43d8-9520-c979dbb50faa","block_type":"box","text":"or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates","page_number":32,"box":{"x":61,"y":444,"width":864,"height":12}},{"id":"f19df9a4-2bff-4bc8-9f3f-e564d256ae6b","block_type":"box","text":"with changes in the market value of the Fund’s portfolio holdings. The trading price of the Fund’s shares fluctuates","page_number":32,"box":{"x":60,"y":459,"width":853,"height":12}},{"id":"8a92d8fb-522e-49be-967f-cd9d93a3a219","block_type":"box","text":"throughout trading hours based on both market supply of and demand for Fund shares and the underlying value of the","page_number":32,"box":{"x":60,"y":475,"width":884,"height":12}},{"id":"121f5b1f-74b7-4d14-aab6-129a68230fbd","block_type":"box","text":"Fund’s portfolio holdings or NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from","page_number":32,"box":{"x":61,"y":490,"width":855,"height":12}},{"id":"1b0fd7ca-3402-40ac-b442-c36ccea58eaa","block_type":"box","text":"NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":32,"box":{"x":61,"y":506,"width":789,"height":12}},{"id":"462f0f1e-b84a-43f5-86cb-37cfdc7b0e73","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large","page_number":32,"box":{"x":61,"y":537,"width":841,"height":12}},{"id":"cc02b870-c2a5-40fe-8ac0-68fc3256c019","block_type":"box","text":"discounts or premiums to the Fund’s NAV are not likely to be sustained over the long term (unlike shares of many","page_number":32,"box":{"x":61,"y":552,"width":847,"height":12}},{"id":"47b43023-aaa4-488e-b8c2-7306f3d8177f","block_type":"box","text":"closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs).","page_number":32,"box":{"x":61,"y":568,"width":870,"height":12}},{"id":"a360f4ab-986c-440b-ae44-19e8baed2ebf","block_type":"box","text":"While the creation/redemption feature is designed to make it more likely that a Fund’s shares normally will trade on","page_number":32,"box":{"x":60,"y":583,"width":858,"height":12}},{"id":"ac9fe901-b970-4c2b-a2e8-8319542087fd","block_type":"box","text":"stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate","page_number":32,"box":{"x":61,"y":599,"width":851,"height":12}},{"id":"9d66555e-e141-4d8c-b6de-a359e52f2982","block_type":"box","text":"exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition,","page_number":32,"box":{"x":61,"y":614,"width":848,"height":12}},{"id":"88114f70-a6bc-496b-ac4f-b8c948ed8a42","block_type":"box","text":"disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other","page_number":32,"box":{"x":61,"y":630,"width":853,"height":12}},{"id":"8fc6cf0b-adcc-4a38-bc35-546d2e77c576","block_type":"box","text":"market participants, and during periods of significant market volatility, may result in trading prices for shares of a Fund","page_number":32,"box":{"x":61,"y":645,"width":880,"height":12}},{"id":"160bbc94-4120-45cc-ace9-e305552dd718","block_type":"box","text":"that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem a Fund’s shares if","page_number":32,"box":{"x":60,"y":661,"width":878,"height":12}},{"id":"3d92ced3-fe55-4cf5-8c43-da473b9d38b1","block_type":"box","text":"there is a lack of an active market for such shares or the Fund’s underlying investments, which may contribute to the","page_number":32,"box":{"x":60,"y":676,"width":864,"height":12}},{"id":"dfd669ff-d4a3-4350-a395-b312a4eb3369","block_type":"box","text":"Fund’s shares trading at a premium or discount to NAV.","page_number":32,"box":{"x":61,"y":692,"width":412,"height":12}},{"id":"a67410f1-ec74-42ed-986b-bff0a5006586","block_type":"box","text":"Costs of Buying or Selling Fund Shares","page_number":32,"box":{"x":62,"y":723,"width":292,"height":12}},{"id":"48107520-9b40-4e20-bc00-19898c6a685d","block_type":"box","text":". Buying or selling Fund shares on an exchange involves two types of costs","page_number":32,"box":{"x":355,"y":723,"width":557,"height":12}},{"id":"ea4cf228-3f55-49ae-aca3-26a8b500e07f","block_type":"box","text":"that apply to all securities transactions. When buying or selling Fund shares through a broker, you will likely incur a","page_number":32,"box":{"x":60,"y":738,"width":852,"height":12}},{"id":"822bb302-9897-45f6-b4a7-5bdde212154b","block_type":"box","text":"brokerage commission and other charges. In addition, you may incur the cost of the “spread,” which is the difference","page_number":32,"box":{"x":61,"y":754,"width":864,"height":12}},{"id":"ae550196-5865-4711-9288-052ddae1c2fd","block_type":"box","text":"between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to","page_number":32,"box":{"x":61,"y":769,"width":849,"height":12}},{"id":"cb8ccf3c-5564-44f3-bd14-0ed729fccd88","block_type":"box","text":"sell Fund shares (the “ask” price). The spread varies over","page_number":32,"box":{"x":61,"y":785,"width":427,"height":12}},{"id":"196207a4-0a4f-4f45-b14d-752faf53e3f8","block_type":"box","text":"time for Fund shares based on trading volume and market","page_number":32,"box":{"x":493,"y":785,"width":432,"height":12}},{"id":"3f4571a1-6bf8-488d-bba7-fec38962a74b","block_type":"box","text":"liquidity. It is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has","page_number":32,"box":{"x":61,"y":800,"width":852,"height":12}},{"id":"bda77d9e-6b9a-435c-9fef-2a9f85a27468","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there","page_number":32,"box":{"x":61,"y":816,"width":863,"height":12}},{"id":"9434a072-be8f-42c7-85a6-4d2d7cb921b4","block_type":"box","text":"may be regulatory and other charges that are incurred as a result of trading activity. Because of the costs inherent in","page_number":32,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"fb281f4c-0e62-4d77-b8ac-1af87dc6b969","block_type":"box","text":"buying or selling Fund shares, frequent trading may detract significantly from investment results, and an investment in","page_number":32,"box":{"x":61,"y":847,"width":879,"height":12}},{"id":"c29f0f1d-232a-463e-8b95-e02771b47ebe","block_type":"box","text":"Fund shares may not be advisable for investors who anticipate regularly making small investments through a","page_number":32,"box":{"x":61,"y":862,"width":812,"height":12}},{"id":"f232b58e-6552-4d29-82bc-51e2c7d3ad22","block_type":"box","text":"brokerage account.","page_number":32,"box":{"x":61,"y":878,"width":148,"height":12}},{"id":"034a8735-5fde-4c00-b7f2-3e645008f39c","block_type":"box","text":"Mid Cap Securities Risk.","page_number":32,"box":{"x":61,"y":909,"width":194,"height":12}},{"id":"b3d902be-fa5e-406a-a0b6-855ffc5d2845","block_type":"box","text":"The securities of mid cap companies generally trade in lower volumes and are","page_number":32,"box":{"x":261,"y":909,"width":580,"height":12}},{"id":"616d6569-7c2b-49b1-854b-57a868375f39","block_type":"box","text":"generally subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":32,"box":{"x":61,"y":924,"width":865,"height":12}},{"id":"d2c1601b-60cd-4ce9-9c6f-0a32c1b7dfe7","block_type":"box","text":"15","page_number":32,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"bc281ee2-f65b-4f33-bd84-daeff2b528d4","block_type":"box","text":"NM1026U-6042719-32/56","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3400c429-9491-4cd4-af2b-180bc449a81b","block_type":"box","text":"Money Market Securities Risk.","page_number":33,"box":{"x":61,"y":40,"width":240,"height":13}},{"id":"919f8501-88be-429c-8792-92081dcbd0b6","block_type":"box","text":"If market conditions improve while the Fund has invested some or all of its assets in","page_number":33,"box":{"x":303,"y":40,"width":631,"height":12}},{"id":"c6b59c2f-17e7-46b0-bac4-5b55f07be51e","block_type":"box","text":"high quality money market securities, this strategy could result in reducing the potential gain from the market upswing,","page_number":33,"box":{"x":61,"y":56,"width":881,"height":12}},{"id":"e1d6cc22-558b-4c29-b159-4b213d595de4","block_type":"box","text":"thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":33,"box":{"x":60,"y":72,"width":542,"height":12}},{"id":"092f15ff-f13a-43ac-937d-6c75bde4a847","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks.","page_number":33,"box":{"x":61,"y":100,"width":362,"height":12}},{"id":"845b60a7-1184-49a4-9f7e-71e3e510a04b","block_type":"box","text":"Mortgage-backed securities (residential and commercial) and asset","page_number":33,"box":{"x":424,"y":100,"width":499,"height":12}},{"id":"b75ecb5f-a07d-43ab-bf99-6c31303c0d37","block_type":"box","text":"backed securities represent interests in “pools” of mortgages","page_number":33,"box":{"x":61,"y":116,"width":440,"height":12}},{"id":"97c11eba-02eb-4313-aab2-063ed5b3c3e6","block_type":"box","text":"or other assets, including consumer loans or receivables","page_number":33,"box":{"x":501,"y":116,"width":420,"height":12}},{"id":"44d6d193-d424-4937-b58b-fb3aa4c90984","block_type":"box","text":"held in trust. Although asset-backed and commercial mortgage-","page_number":33,"box":{"x":61,"y":131,"width":461,"height":12}},{"id":"95a92748-f6a9-479a-8259-8f7d8e6d1162","block_type":"box","text":"backed securities (“CMBS”) generally experience less","page_number":33,"box":{"x":524,"y":131,"width":395,"height":12}},{"id":"71d97ac6-30f0-4261-88d0-c1f9259008d1","block_type":"box","text":"prepayment than residential mortgage-backed securities, mo","page_number":33,"box":{"x":61,"y":147,"width":441,"height":12}},{"id":"1b344782-d4ee-45a3-8c9f-3863547b3443","block_type":"box","text":"rtgage-backed and asset-backed securities, like traditional","page_number":33,"box":{"x":503,"y":147,"width":427,"height":12}},{"id":"c25ec6d8-7826-45c3-b951-a4267b12e7cb","block_type":"box","text":"fixed-income securities, are subject to credi","page_number":33,"box":{"x":60,"y":162,"width":315,"height":12}},{"id":"77bbde41-e52b-4cd3-b1fc-3a91316430d1","block_type":"box","text":"t, interest rate, prepayment and extension risks.","page_number":33,"box":{"x":376,"y":162,"width":351,"height":12}},{"id":"c67ad8b9-41f6-481f-8bce-1e0618d10543","block_type":"box","text":"Small movements in interest rates (both increases and","page_number":33,"box":{"x":61,"y":191,"width":401,"height":12}},{"id":"e8b5ac0a-b4fb-4386-825d-ef10dfe90217","block_type":"box","text":"decreases) may quickly and significantly reduce the value","page_number":33,"box":{"x":462,"y":191,"width":424,"height":12}},{"id":"c5179e88-2cd7-4b98-8cc2-e8a632fb33de","block_type":"box","text":"of certain mortgage-backed securities. The Fund’s investments in","page_number":33,"box":{"x":61,"y":207,"width":480,"height":12}},{"id":"78981d41-9f5b-4466-b186-37f5b1fc5d32","block_type":"box","text":"asset-backed securities are subject to risks similar to","page_number":33,"box":{"x":541,"y":207,"width":388,"height":12}},{"id":"d4de7c7f-e47f-45fc-9fc9-4171396c31fd","block_type":"box","text":"those associated with mortgage-related securities, as well as","page_number":33,"box":{"x":60,"y":222,"width":442,"height":12}},{"id":"318b5731-7b77-4b3b-8aaa-82a78ce29845","block_type":"box","text":"additional risks associated with the nature of the assets","page_number":33,"box":{"x":503,"y":222,"width":411,"height":10}},{"id":"75d7f6eb-e2c2-45df-a676-180a9cfe64d2","block_type":"box","text":"and the servicing of those assets. These securities also ar","page_number":33,"box":{"x":61,"y":238,"width":422,"height":12}},{"id":"f7ad6d8c-5f4e-46a8-a7b7-8ac6f0809e37","block_type":"box","text":"e subject to the risk of default on the underlying mortgages or","page_number":33,"box":{"x":483,"y":238,"width":451,"height":12}},{"id":"04a969d3-5e7d-4c9d-aa28-dc8ecaf3ba79","block_type":"box","text":"assets, particularly during periods of economic downturn.","page_number":33,"box":{"x":61,"y":253,"width":419,"height":12}},{"id":"da7af68d-15b9-4d14-8bb0-729453c07dac","block_type":"box","text":"Certain CMBS are issued in several classes with different","page_number":33,"box":{"x":481,"y":253,"width":421,"height":10}},{"id":"bcbcb33b-4c05-4a4b-b2a3-4b4eab0e82c6","block_type":"box","text":"levels of yield and credit protection. The Fund’s investments","page_number":33,"box":{"x":61,"y":269,"width":440,"height":12}},{"id":"ed0cf5c8-bf74-49c1-9768-8f88973e05c9","block_type":"box","text":"in CMBS with several classes may be in the lower classes","page_number":33,"box":{"x":502,"y":269,"width":426,"height":12}},{"id":"8a2c9be7-f8bd-4141-af50-ac5fab526a5e","block_type":"box","text":"that have greater risks than the higher classes, includi","page_number":33,"box":{"x":60,"y":284,"width":391,"height":12}},{"id":"727951f9-3113-40a1-ad35-2f54311c1c98","block_type":"box","text":"ng greater interest rate, credit and prepayment risks.","page_number":33,"box":{"x":453,"y":284,"width":386,"height":12}},{"id":"24dece5a-9a22-4363-bd0c-0e9a5458c50f","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations","page_number":33,"box":{"x":61,"y":313,"width":779,"height":12}},{"id":"1331719a-4583-4d00-be25-744c1f5f1c5e","block_type":"box","text":"(“CMOs”). Pass-through securities represent a right to receive principal and interest payments collected on a pool","page_number":33,"box":{"x":61,"y":328,"width":847,"height":12}},{"id":"113082a4-9cbb-49e3-adec-c51b426feca0","block_type":"box","text":"of mortgages, which are passed through to security holders. CMOs are created by dividing the principal and","page_number":33,"box":{"x":61,"y":344,"width":805,"height":12}},{"id":"7870c619-3d49-466f-872b-eaad41e900fa","block_type":"box","text":"interest payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority","page_number":33,"box":{"x":61,"y":359,"width":853,"height":12}},{"id":"8405612f-b605-4430-993d-6793eb1ae255","block_type":"box","text":"rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive","page_number":33,"box":{"x":61,"y":375,"width":830,"height":12}},{"id":"d60605ca-7bf6-44da-abcf-4858717f4fd7","block_type":"box","text":"interest only (“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse","page_number":33,"box":{"x":61,"y":390,"width":877,"height":12}},{"id":"d1a66670-8cc9-4499-b15d-7b98f0dc706e","block_type":"box","text":"floater”). These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to","page_number":33,"box":{"x":60,"y":406,"width":839,"height":12}},{"id":"1aa9a499-a638-4816-a02b-16a488af5f07","block_type":"box","text":"changes in interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate","page_number":33,"box":{"x":61,"y":421,"width":870,"height":12}},{"id":"4b45167b-c622-4020-9108-a6cdfa2f2c06","block_type":"box","text":"(which may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and","page_number":33,"box":{"x":61,"y":437,"width":875,"height":12}},{"id":"cb006754-aeb1-4b20-8fc8-012aae368888","block_type":"box","text":"will increase when short-term rates decrease. These securities have the effect of providing a degree of","page_number":33,"box":{"x":60,"y":452,"width":768,"height":12}},{"id":"831c9296-0ce1-4150-b281-ccf3619c228e","block_type":"box","text":"investment leverage. In response to changes in market interest rates or other market conditions, the value of an","page_number":33,"box":{"x":61,"y":468,"width":834,"height":12}},{"id":"c0eb9e0e-a087-4f1b-b0c8-a006b3e4010d","block_type":"box","text":"inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying","page_number":33,"box":{"x":61,"y":483,"width":832,"height":12}},{"id":"6cc446b9-49e4-4030-9140-2d965c8fcfc1","block_type":"box","text":"securities. If the Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest","page_number":33,"box":{"x":61,"y":499,"width":882,"height":12}},{"id":"b79aed2e-7b17-4acd-a1b1-c3bdf5261c91","block_type":"box","text":"rates move in a manner not anticipated by Fund management, it is possible that the Fund could lose all or","page_number":33,"box":{"x":61,"y":514,"width":790,"height":12}},{"id":"44a8b33e-35b4-48d6-84f9-07628a5625c2","block_type":"box","text":"substantially all of its investment. Certain mortgage-backed securities in which the Fund may invest may also provide","page_number":33,"box":{"x":61,"y":530,"width":873,"height":12}},{"id":"d902af5b-1370-462f-8562-1448919b164c","block_type":"box","text":"a degree of investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":33,"box":{"x":61,"y":545,"width":807,"height":12}},{"id":"91ccbfee-8a6d-4137-82de-d00871f62e8d","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance and","page_number":33,"box":{"x":60,"y":574,"width":876,"height":12}},{"id":"3c72e1cd-9a9a-48cd-ad6c-fa248273440a","block_type":"box","text":"market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans","page_number":33,"box":{"x":61,"y":590,"width":848,"height":12}},{"id":"6d85d374-67b6-41d7-93fe-8693b0bbb20e","block_type":"box","text":"(including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in each case","page_number":33,"box":{"x":61,"y":605,"width":875,"height":12}},{"id":"0096652b-14b9-460c-a0ae-70d431cb050f","block_type":"box","text":"as has been experienced and may continue to be experienced in many housing markets) may exacerbate such","page_number":33,"box":{"x":61,"y":621,"width":830,"height":12}},{"id":"efde6833-63a0-4bb0-8813-27dd448248e8","block_type":"box","text":"delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial difficulties","page_number":33,"box":{"x":61,"y":636,"width":870,"height":12}},{"id":"fc96c303-665c-4cbe-9bf4-74dbfc12f352","block_type":"box","text":"or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor","page_number":33,"box":{"x":61,"y":652,"width":872,"height":12}},{"id":"2105f694-6357-4163-a4cb-de792b14e26b","block_type":"box","text":"yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can","page_number":33,"box":{"x":60,"y":667,"width":852,"height":12}},{"id":"37348078-19ef-40e2-aeee-21143e747e6c","block_type":"box","text":"adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such","page_number":33,"box":{"x":61,"y":683,"width":820,"height":12}},{"id":"86e496d8-61a5-4010-ab75-63eb2f68fbad","block_type":"box","text":"secondary markets could continue or worsen.","page_number":33,"box":{"x":61,"y":698,"width":336,"height":12}},{"id":"d8989d24-fbdd-4a62-b85c-760b7c8e1447","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that","page_number":33,"box":{"x":60,"y":727,"width":826,"height":12}},{"id":"6707acaf-9f65-46ab-9d5e-50e52a0b8875","block_type":"box","text":"in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed","page_number":33,"box":{"x":61,"y":742,"width":779,"height":12}},{"id":"3fbdcebd-b258-4b3f-835e-d8a7dbf6e60d","block_type":"box","text":"securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there","page_number":33,"box":{"x":61,"y":758,"width":874,"height":11}},{"id":"073d74a6-ac33-4eb4-9bef-8b6dec71cf5f","block_type":"box","text":"is no collateral to seize if the underlying borrower defaults.","page_number":33,"box":{"x":61,"y":773,"width":431,"height":12}},{"id":"e2d583c0-185d-4f90-a440-1bfb203240d9","block_type":"box","text":"Municipal Securities Risks.","page_number":33,"box":{"x":61,"y":802,"width":215,"height":12}},{"id":"80375a62-96fe-4bc3-943f-8a62b00a9e58","block_type":"box","text":"Municipal securities risks include the ability of the issuer to repay the obligation,","page_number":33,"box":{"x":283,"y":802,"width":589,"height":12}},{"id":"b7e6331e-7546-44ee-8050-b2532c8cbb8c","block_type":"box","text":"the relative lack of information about certain issuers of municipal securities, and the possibility of future","page_number":33,"box":{"x":60,"y":818,"width":763,"height":12}},{"id":"d7b36537-d87f-41d2-9e1b-131aa7319d65","block_type":"box","text":"legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local,","page_number":33,"box":{"x":61,"y":833,"width":876,"height":12}},{"id":"b441be06-a80d-4f2c-bae8-bb9ccc1d646c","block_type":"box","text":"state, and federal governments upon which the issuers may be relying for funding may also impact municipal","page_number":33,"box":{"x":61,"y":849,"width":812,"height":12}},{"id":"0fdb057b-acc6-42d5-9538-bac5c1332840","block_type":"box","text":"securities. These risks include:","page_number":33,"box":{"x":61,"y":864,"width":233,"height":10}},{"id":"0eb63d8e-63ab-4ffb-8e09-50b4423248fb","block_type":"box","text":"General Obligation Bonds Risks.","page_number":33,"box":{"x":62,"y":893,"width":240,"height":12}},{"id":"26000e88-1f3c-4d87-af07-cd955942c802","block_type":"box","text":"The full faith, credit and taxing power of the municipality that issues a","page_number":33,"box":{"x":303,"y":893,"width":523,"height":12}},{"id":"5a7a54a2-5827-4594-b47b-4ea2a95b43e5","block_type":"box","text":"general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the","page_number":33,"box":{"x":61,"y":908,"width":837,"height":12}},{"id":"25a8fd56-b91f-4c8b-b1fb-27427691780b","block_type":"box","text":"issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":33,"box":{"x":61,"y":924,"width":706,"height":12}},{"id":"b227b062-18e6-48d5-9e93-6bde9506c6d9","block_type":"box","text":"16","page_number":33,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"405df3d2-5b20-4696-b6af-bb036270c612","block_type":"box","text":"NM1026U-6042719-33/56","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"61b23a3b-bbc0-4418-8177-b20c48e7bb93","block_type":"box","text":"Revenue Bonds Risks.","page_number":34,"box":{"x":61,"y":41,"width":168,"height":9}},{"id":"689b6199-6f85-439a-88d7-a69263d82d17","block_type":"box","text":"Payments of interest and principal on revenue bonds are made only from the","page_number":34,"box":{"x":230,"y":40,"width":580,"height":13}},{"id":"d026a817-9cd8-438e-bc87-fbfde81802d9","block_type":"box","text":"revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source.","page_number":34,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"a179a1a4-b08a-4902-a986-407e3f798f8f","block_type":"box","text":"These payments depend on the money earned by the particular facility or class of facilities, or the amount of","page_number":34,"box":{"x":60,"y":71,"width":808,"height":13}},{"id":"d28fc116-9cee-4a58-ad03-10775610d287","block_type":"box","text":"revenues derived from another source.","page_number":34,"box":{"x":61,"y":87,"width":293,"height":10}},{"id":"035ac242-f4b9-4ea5-9b6c-74b9467167b4","block_type":"box","text":"Private Activity Bonds Risks.","page_number":34,"box":{"x":61,"y":118,"width":206,"height":12}},{"id":"f5d1524b-eb08-4d26-804a-5240b2e7e953","block_type":"box","text":"Municipalities and other public authorit","page_number":34,"box":{"x":268,"y":118,"width":284,"height":12}},{"id":"06b5039e-4905-414e-9fdd-cc74bfc2b5f1","block_type":"box","text":"ies issue private activity bonds to","page_number":34,"box":{"x":553,"y":118,"width":244,"height":12}},{"id":"f801b17d-69a0-4e3d-94a5-ac3ed951e360","block_type":"box","text":"finance development of industrial facilities for use by a pr","page_number":34,"box":{"x":60,"y":134,"width":413,"height":12}},{"id":"ebec0fcc-734f-4a88-9a09-df01ca930c30","block_type":"box","text":"ivate enterprise. The private","page_number":34,"box":{"x":474,"y":134,"width":207,"height":11}},{"id":"e69014a2-ee53-44c0-b1e6-8acc0b99f743","block_type":"box","text":"enterprise pays the principal","page_number":34,"box":{"x":682,"y":134,"width":210,"height":12}},{"id":"476aeeab-624a-4373-bff4-5083abc68f56","block_type":"box","text":"and interest on the bond, and the issuer does not pledge its full f","page_number":34,"box":{"x":61,"y":149,"width":462,"height":12}},{"id":"dfb6b25c-c057-41f9-9217-c86165e43fcb","block_type":"box","text":"faith, credit and taxing power for repayment. If the private","page_number":34,"box":{"x":523,"y":149,"width":420,"height":12}},{"id":"3b7e734a-cee2-4d42-95b5-a18c8ff41bdd","block_type":"box","text":"enterprise defaults on its payments, the","page_number":34,"box":{"x":61,"y":165,"width":291,"height":12}},{"id":"804954b2-5105-4f45-b4bb-673d6d181363","block_type":"box","text":"Fund may not receive any income or get its money back from the investment.","page_number":34,"box":{"x":353,"y":165,"width":566,"height":12}},{"id":"927a65f6-2375-4e74-9c91-21782c77f0fb","block_type":"box","text":"Moral Obligation Bonds Risks.","page_number":34,"box":{"x":61,"y":196,"width":223,"height":12}},{"id":"50322444-fc44-416f-b423-1399adef1314","block_type":"box","text":"Moral obligation bonds are generally issued by special purpose public authorities of a","page_number":34,"box":{"x":285,"y":196,"width":643,"height":12}},{"id":"ef4129d7-0330-405d-b89b-fdb352c6509d","block_type":"box","text":"state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a","page_number":34,"box":{"x":61,"y":211,"width":780,"height":12}},{"id":"ecf74dc2-2151-4b9b-8a19-c4f19a11c8e7","block_type":"box","text":"moral commitment, but not a legal obligation, of the state or municipality.","page_number":34,"box":{"x":61,"y":227,"width":544,"height":12}},{"id":"b7fb2c5a-8afc-4bdc-9af9-9843a2371b64","block_type":"box","text":"Municipal Notes Risks.","page_number":34,"box":{"x":61,"y":258,"width":168,"height":11}},{"id":"5b92ec4d-39a2-40c8-9a89-f4a14ca45169","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide","page_number":34,"box":{"x":230,"y":258,"width":593,"height":12}},{"id":"59eb9a14-7d2f-42f7-914e-ea95630e1a34","block_type":"box","text":"interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a","page_number":34,"box":{"x":61,"y":273,"width":845,"height":12}},{"id":"6bd138cf-d23d-46e3-a7be-66a20e32874b","block_type":"box","text":"shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":34,"box":{"x":61,"y":289,"width":757,"height":12}},{"id":"9cd30011-7a4c-4e29-92d1-af0845e83d23","block_type":"box","text":"Municipal Lease Obligations Risks.","page_number":34,"box":{"x":61,"y":320,"width":258,"height":12}},{"id":"9eaf6906-9c79-4981-bea2-92bbfcaa2b5b","block_type":"box","text":"In a municipal lease obligation, the issuer agrees to make payments when due on","page_number":34,"box":{"x":321,"y":320,"width":616,"height":12}},{"id":"a9d9c46f-ab4d-4e4c-a842-a38270e546a7","block_type":"box","text":"the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do","page_number":34,"box":{"x":60,"y":335,"width":865,"height":12}},{"id":"23b6367f-1ffa-4cab-a8dc-9cd395c6c8d5","block_type":"box","text":"so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease","page_number":34,"box":{"x":61,"y":351,"width":833,"height":12}},{"id":"ed980cad-8e9f-41f9-9ff8-5cd4a05465e9","block_type":"box","text":"obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be","page_number":34,"box":{"x":61,"y":366,"width":848,"height":12}},{"id":"c04682c9-6d8f-45d2-9f54-d19ff5a54baf","block_type":"box","text":"difficult to sell the property and the proceeds of a sale may not cover the Fund’s loss.","page_number":34,"box":{"x":61,"y":382,"width":636,"height":12}},{"id":"90127038-973d-4b79-bd83-0ad81e5e37ee","block_type":"box","text":"Tax-Exempt Status Risk.","page_number":34,"box":{"x":62,"y":413,"width":182,"height":12}},{"id":"f3203d21-eb64-47e6-8f22-f5a45d4aac72","block_type":"box","text":"In making investments, the Fund and its investment manager will rely on the opinion","page_number":34,"box":{"x":245,"y":413,"width":635,"height":12}},{"id":"acff522d-8f7b-4371-827a-a597fb2a76a7","block_type":"box","text":"of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status","page_number":34,"box":{"x":61,"y":428,"width":817,"height":12}},{"id":"4a6733c8-cfd7-4371-9b39-de80dbe33988","block_type":"box","text":"of interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor","page_number":34,"box":{"x":61,"y":444,"width":824,"height":12}},{"id":"e24ea51c-976c-4398-9e81-b823ac0992e4","block_type":"box","text":"its investment manager will independently review the bases for those tax opinions. If any of those tax opinions","page_number":34,"box":{"x":61,"y":459,"width":821,"height":12}},{"id":"65770d01-9efa-4c4e-8aef-298f15be0d28","block_type":"box","text":"are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s","page_number":34,"box":{"x":61,"y":475,"width":843,"height":12}},{"id":"2fd74180-fdf0-455c-abd5-950d410fcbdf","block_type":"box","text":"tax-exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has","page_number":34,"box":{"x":60,"y":490,"width":798,"height":12}},{"id":"1f60e280-1dbf-4066-a1a0-f684396756b0","block_type":"box","text":"generally not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt","page_number":34,"box":{"x":61,"y":506,"width":852,"height":12}},{"id":"576f723b-9fbb-4026-b575-5fba73912766","block_type":"box","text":"from U.S. federal income tax (contrary to indications from the issuer) could affect the Fund’s and its shareholders’","page_number":34,"box":{"x":60,"y":521,"width":848,"height":12}},{"id":"37737b34-be55-45f2-8e97-1f266a180788","block_type":"box","text":"income tax liability for the current or past years and could create liability for information reporting penalties. In","page_number":34,"box":{"x":61,"y":537,"width":815,"height":12}},{"id":"8cd19f53-366f-4b55-a664-79f338342edf","block_type":"box","text":"addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":34,"box":{"x":61,"y":552,"width":779,"height":12}},{"id":"fce6c08d-c526-4a18-8d50-1ec8bd56b5d4","block_type":"box","text":"New Fund Risk.","page_number":34,"box":{"x":61,"y":583,"width":129,"height":10}},{"id":"9f555376-57d6-4eea-aba7-0f9821ffe5ce","block_type":"box","text":"The","page_number":34,"box":{"x":191,"y":583,"width":28,"height":10}},{"id":"6ea5a391-3b19-4f15-91ec-69968395961e","block_type":"box","text":"Fund is new and has limited or no performance history as of the date of this Prospectus. Like","page_number":34,"box":{"x":225,"y":583,"width":694,"height":12}},{"id":"660b7045-6b73-4476-b3dc-88c461fd3d16","block_type":"box","text":"other new funds, large inflows and outflows may impact the Fund’s market exposure, and in turn, the Fund’s returns","page_number":34,"box":{"x":61,"y":599,"width":864,"height":12}},{"id":"943f5cfc-6293-4ff5-97b5-d5a060852306","block_type":"box","text":"for limited periods of time. While the Fund is new, it","page_number":34,"box":{"x":60,"y":614,"width":386,"height":12}},{"id":"2174d8c4-0de7-41cc-b569-e12b3659aae8","block_type":"box","text":"may temporarily not be fully invested consistent with the principal","page_number":34,"box":{"x":447,"y":614,"width":487,"height":12}},{"id":"9b9fb88a-3c27-490b-b6d6-55e51f56c024","block_type":"box","text":"investment strategies disclosed in its prospectus.","page_number":34,"box":{"x":61,"y":630,"width":369,"height":12}},{"id":"91363c9b-6db3-4ef6-8752-342cbb3970da","block_type":"box","text":"Non-Diversification Risk.","page_number":34,"box":{"x":61,"y":661,"width":197,"height":9}},{"id":"70e776fd-9ce2-453d-b215-789cf72aa41a","block_type":"box","text":"The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller","page_number":34,"box":{"x":265,"y":661,"width":670,"height":12}},{"id":"b91a1f32-3651-42bb-9b00-a9e00f99a4f3","block_type":"box","text":"number of issuers, it may be more exposed to the risks associated with and developments affecting an individual","page_number":34,"box":{"x":61,"y":676,"width":836,"height":12}},{"id":"e3a25238-661a-4d25-8f6d-f7dfcdb8cab5","block_type":"box","text":"issuer than a fund that invests more widely.","page_number":34,"box":{"x":61,"y":692,"width":321,"height":12}},{"id":"12fa0516-67f6-46c4-bff1-5867baaf5356","block_type":"box","text":"Operational and Technology Risks.","page_number":34,"box":{"x":62,"y":723,"width":279,"height":12}},{"id":"8dfd1e84-0367-4fe5-bf83-29e947678f4a","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly","page_number":34,"box":{"x":347,"y":723,"width":503,"height":12}},{"id":"c45e34de-2acc-40e5-8ac2-89f8e3262d5b","block_type":"box","text":"are susceptible to operational and technology risks, including those related to human errors, processing","page_number":34,"box":{"x":61,"y":738,"width":768,"height":12}},{"id":"2940c7fa-cd38-4880-a431-24ab523e0492","block_type":"box","text":"errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and","page_number":34,"box":{"x":61,"y":754,"width":822,"height":12}},{"id":"4efad9d0-f04a-409a-af53-13519c19690a","block_type":"box","text":"machine learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations.","page_number":34,"box":{"x":61,"y":769,"width":867,"height":12}},{"id":"59a6c678-ba73-4119-a753-d9faf426e20b","block_type":"box","text":"These entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers","page_number":34,"box":{"x":60,"y":785,"width":841,"height":12}},{"id":"ad9444e4-b241-4a1b-b88e-73477b1e2ae0","block_type":"box","text":"(e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial","page_number":34,"box":{"x":61,"y":800,"width":697,"height":12}},{"id":"e5ae9def-af52-4880-a05c-1773fc65d715","block_type":"box","text":"intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other financial market","page_number":34,"box":{"x":61,"y":816,"width":833,"height":12}},{"id":"46397f91-33a2-4e03-9ba8-fda84f33f7da","block_type":"box","text":"operators, and governmental authorities, as applicable. Operational and technology risks for the issuers in which the","page_number":34,"box":{"x":61,"y":831,"width":867,"height":12}},{"id":"ad0fb34a-b925-44a7-994d-938a5d127508","block_type":"box","text":"Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s","page_number":34,"box":{"x":61,"y":847,"width":810,"height":12}},{"id":"f9137732-6d1c-4202-8f7a-f51e0214458d","block_type":"box","text":"investments in such issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and","page_number":34,"box":{"x":61,"y":862,"width":862,"height":12}},{"id":"2a340b5d-c83e-4797-913b-bfebb28f206d","block_type":"box","text":"technology risks.","page_number":34,"box":{"x":60,"y":878,"width":130,"height":12}},{"id":"3e930c6b-ddcb-41c3-9a4a-9369b0e1b5b9","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Fund","page_number":34,"box":{"x":61,"y":909,"width":867,"height":12}},{"id":"1e8e1ceb-bfa7-4d87-b7b0-689228c66181","block_type":"box","text":"invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to","page_number":34,"box":{"x":61,"y":924,"width":859,"height":12}},{"id":"3e91da01-95c4-497d-adba-5ae1d30284a9","block_type":"box","text":"17","page_number":34,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"3b38accb-c6d8-4d1c-b20e-8c4f13cd40e3","block_type":"box","text":"NM1026U-6042719-34/56","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"378393cf-8614-4241-bc29-45c48c97e727","block_type":"box","text":"systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":35,"box":{"x":61,"y":40,"width":842,"height":13}},{"id":"cf378d99-0690-4ad2-8c0e-76aec1c5107f","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from","page_number":35,"box":{"x":61,"y":56,"width":879,"height":12}},{"id":"fab160ab-d5de-4879-862c-200fb05d0f97","block_type":"box","text":"nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following:","page_number":35,"box":{"x":61,"y":71,"width":841,"height":13}},{"id":"70da934d-cea4-4626-8b7c-c24375f52ab3","block_type":"box","text":"financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":35,"box":{"x":60,"y":87,"width":819,"height":12}},{"id":"4c4203a5-f5a4-421f-b1d7-f48fa7a10794","block_type":"box","text":"impediments to trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":35,"box":{"x":61,"y":102,"width":872,"height":13}},{"id":"710fead8-81e6-4ca6-a7f3-0e1b966c2890","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws;","page_number":35,"box":{"x":60,"y":118,"width":862,"height":12}},{"id":"8a17eb18-f740-4f19-8aa0-3b707856eac3","block_type":"box","text":"regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and","page_number":35,"box":{"x":61,"y":134,"width":850,"height":12}},{"id":"452c478a-ae6c-49a1-a76a-16e758640e91","block_type":"box","text":"compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records","page_number":35,"box":{"x":61,"y":149,"width":824,"height":12}},{"id":"3f6efbad-622e-46dc-aec9-8ea35fe69e5d","block_type":"box","text":"relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund’s","page_number":35,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"228defd9-ad34-4847-81e2-10a7d1f16f7d","block_type":"box","text":"functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and","page_number":35,"box":{"x":60,"y":180,"width":854,"height":12}},{"id":"cac6952d-216f-4e23-b48b-21c0936b8c86","block_type":"box","text":"processing errors that threaten information and technology systems relied upon by the Fund or its service providers,","page_number":35,"box":{"x":61,"y":196,"width":866,"height":12}},{"id":"0e866ff8-9ec9-4565-bf50-af181c283dc3","block_type":"box","text":"as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":35,"box":{"x":61,"y":211,"width":870,"height":12}},{"id":"6d961b89-979d-4920-bbd4-0132ed10808e","block_type":"box","text":"impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data","page_number":35,"box":{"x":61,"y":227,"width":869,"height":12}},{"id":"6b5502b5-6967-4c34-8c41-6bf61419a986","block_type":"box","text":"risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection","page_number":35,"box":{"x":61,"y":242,"width":862,"height":12}},{"id":"c7937bf8-7c3a-4c75-bda7-c98741a8d4d5","block_type":"box","text":"and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable","page_number":35,"box":{"x":61,"y":258,"width":875,"height":12}},{"id":"c3646e18-3314-4c03-b965-1b34de10cde2","block_type":"box","text":"to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":35,"box":{"x":60,"y":273,"width":813,"height":12}},{"id":"3a277b97-5d3f-430c-94ae-a9f4e71e432e","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is","page_number":35,"box":{"x":60,"y":289,"width":879,"height":12}},{"id":"1a0ce319-09f3-4578-8a7e-a2903137eedf","block_type":"box","text":"utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities","page_number":35,"box":{"x":61,"y":304,"width":866,"height":12}},{"id":"0270158c-7fc4-4f77-81a5-c81b6310981e","block_type":"box","text":"into infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":35,"box":{"x":61,"y":320,"width":875,"height":12}},{"id":"19399b40-35b1-4f48-bd43-7000b8a219a7","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":35,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"bee2990d-6047-4cd1-a2c0-8515adda9096","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":35,"box":{"x":61,"y":351,"width":866,"height":12}},{"id":"8e970a7b-74b0-4cf6-ba55-d160c626ba9f","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":35,"box":{"x":61,"y":366,"width":564,"height":12}},{"id":"3e5ea4a3-477d-4968-a340-d1c9f78495ff","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":35,"box":{"x":60,"y":397,"width":750,"height":12}},{"id":"0acf609c-2f80-4f2c-825d-76ebb3eb10ba","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may differ from those","page_number":35,"box":{"x":61,"y":413,"width":879,"height":12}},{"id":"662d7edd-e824-4953-a68a-ceeb0c0abacb","block_type":"box","text":"of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant","page_number":35,"box":{"x":61,"y":428,"width":804,"height":12}},{"id":"64f501d9-016c-4a4e-a017-a3bf4bf0a09d","block_type":"box","text":"controls. The Fund and its adviser seek to reduce these risks through controls, procedures and oversight,","page_number":35,"box":{"x":61,"y":444,"width":787,"height":12}},{"id":"e323c126-97e1-4558-88aa-e87f76249d16","block_type":"box","text":"including establishing business continuity plans and risk management systems. However, there are inherent","page_number":35,"box":{"x":61,"y":459,"width":806,"height":12}},{"id":"d3f396ae-2b04-4055-bfdd-f8bf4c44b36a","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect the Fund have not","page_number":35,"box":{"x":61,"y":475,"width":845,"height":12}},{"id":"bf6b0daa-f681-49b8-8270-18ac6e3e4d70","block_type":"box","text":"been identified or may emerge in the future; that such plans and systems may not completely eliminate the","page_number":35,"box":{"x":61,"y":490,"width":797,"height":12}},{"id":"0b7fa24d-f2a7-47f6-aabc-4c4d30b4d4c8","block_type":"box","text":"occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity","page_number":35,"box":{"x":61,"y":506,"width":837,"height":12}},{"id":"c5624984-4907-4430-9d83-7e9847fa6f37","block_type":"box","text":"incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The","page_number":35,"box":{"x":61,"y":521,"width":852,"height":12}},{"id":"8b59aaf6-e1fe-437e-80b5-1c965cb909c4","block_type":"box","text":"Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its","page_number":35,"box":{"x":61,"y":537,"width":851,"height":12}},{"id":"c595e4c7-5ed0-47c2-851f-8af91234e038","block_type":"box","text":"service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":35,"box":{"x":61,"y":552,"width":665,"height":12}},{"id":"aa52251b-c5fa-4f1f-8fa1-f5536010707a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may","page_number":35,"box":{"x":61,"y":583,"width":777,"height":12}},{"id":"0837b05a-bab5-47ce-bfd2-4a0f5a8a2501","block_type":"box","text":"vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to","page_number":35,"box":{"x":60,"y":599,"width":787,"height":12}},{"id":"0b097341-605f-4b92-96f5-6d989eee8454","block_type":"box","text":"cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring","page_number":35,"box":{"x":61,"y":614,"width":836,"height":12}},{"id":"ef40c852-71ba-4eec-a087-c51df852b2e0","block_type":"box","text":"substantial resources to monitor and implement required changes.","page_number":35,"box":{"x":61,"y":630,"width":497,"height":12}},{"id":"0ed3e87c-0c80-4ea2-a74f-525f7a1a7541","block_type":"box","text":"Preferred Securities Risk.","page_number":35,"box":{"x":61,"y":661,"width":203,"height":9}},{"id":"c6443f30-6415-4ca6-b88d-b498f0c25d79","block_type":"box","text":"Preferred securities may pay fixed or adjustable rates of return. Preferred securities are","page_number":35,"box":{"x":271,"y":661,"width":648,"height":12}},{"id":"10e5087a-1b25-42e1-9428-78a7ca5f3baf","block_type":"box","text":"subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred","page_number":35,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"078fae4f-bd0a-47e2-a1b4-2c757c246751","block_type":"box","text":"securities generally pay dividends only after the company makes required payments to holders of its bonds and other","page_number":35,"box":{"x":61,"y":692,"width":870,"height":12}},{"id":"bf4a1a15-4914-4d38-ad3b-890221037932","block_type":"box","text":"debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to","page_number":35,"box":{"x":61,"y":707,"width":852,"height":12}},{"id":"a0fb8bcc-54c4-4e50-8ad2-8b8f67812269","block_type":"box","text":"actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller","page_number":35,"box":{"x":61,"y":723,"width":810,"height":12}},{"id":"495c1099-5f38-4eef-b0f3-96e24432fd40","block_type":"box","text":"companies may be more vulnerable to adverse developments than preferred securities of larger companies.","page_number":35,"box":{"x":61,"y":738,"width":801,"height":12}},{"id":"0802dbc1-e397-4ed9-a7d4-2997fd8d9d26","block_type":"box","text":"Real Estate-Related Securities Risk.","page_number":35,"box":{"x":61,"y":769,"width":285,"height":10}},{"id":"dd755320-fe4c-4b52-a970-30a4d32608d2","block_type":"box","text":"The main risk of real estate-related securities is that the value of","page_number":35,"box":{"x":352,"y":769,"width":478,"height":10}},{"id":"0d82a372-881b-499f-b8d2-a3de9ec9249a","block_type":"box","text":"the underlying real estate may go down. Many factors may affect real estate values. These factors include both","page_number":35,"box":{"x":60,"y":785,"width":825,"height":12}},{"id":"080121a9-9215-4b5b-9d73-65d48485dbc3","block_type":"box","text":"the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to","page_number":35,"box":{"x":60,"y":800,"width":815,"height":12}},{"id":"3ee78d8c-4be2-44bd-870c-48542c84e8c2","block_type":"box","text":"re-lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws","page_number":35,"box":{"x":61,"y":816,"width":875,"height":12}},{"id":"a897e846-a808-4664-9d57-f30c5c88999c","block_type":"box","text":"and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning,","page_number":35,"box":{"x":61,"y":831,"width":807,"height":12}},{"id":"1aafda86-313f-4912-96d2-d4549780360b","block_type":"box","text":"maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also","page_number":35,"box":{"x":61,"y":847,"width":864,"height":12}},{"id":"2bf3c736-5d41-4a4a-a88e-d43d5f9e03d7","block_type":"box","text":"affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in","page_number":35,"box":{"x":61,"y":862,"width":864,"height":12}},{"id":"a10e7a35-1b4c-4d51-9fad-d9294c45e086","block_type":"box","text":"one property type, the Fund will be particularly subject to the risks associated with that area or property type.","page_number":35,"box":{"x":61,"y":878,"width":811,"height":12}},{"id":"2cecb459-4100-4d2d-9f35-275e2e71ca19","block_type":"box","text":"Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such","page_number":35,"box":{"x":61,"y":893,"width":820,"height":12}},{"id":"25e4c3ac-e8a5-46da-b29d-63f99be6ab24","block_type":"box","text":"securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments","page_number":35,"box":{"x":61,"y":909,"width":869,"height":12}},{"id":"7c17472b-3dd4-4456-93b8-f531df90b9ba","block_type":"box","text":"of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed","page_number":35,"box":{"x":61,"y":924,"width":833,"height":12}},{"id":"703c6007-c9b1-4fe2-a224-bdb3bfd36939","block_type":"box","text":"18","page_number":35,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"c72a5a12-4349-47bc-bf2a-8c435258ebc8","block_type":"box","text":"NM1026U-6042719-35/56","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2fdb4110-f995-4d15-a801-f56d16cbfd5b","block_type":"box","text":"or commenced development on properties and may develop additional properties in the future. Real","page_number":36,"box":{"x":61,"y":40,"width":746,"height":13}},{"id":"0907bff0-6dfb-411d-9166-f8c888ef926e","block_type":"box","text":"estate development involves significant risks in addition to those involved in the ownership and operation of","page_number":36,"box":{"x":61,"y":56,"width":801,"height":12}},{"id":"0a739671-5391-4bdd-a50c-aa41c4db03fc","block_type":"box","text":"established properties. Real estate securities may have limited diversification and are, therefore, subject to risks","page_number":36,"box":{"x":61,"y":71,"width":836,"height":13}},{"id":"392cc43b-1498-4365-961f-30afa9c8d432","block_type":"box","text":"inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash","page_number":36,"box":{"x":61,"y":87,"width":875,"height":12}},{"id":"c5f4e798-9442-400a-8a2f-55ad478e59a7","block_type":"box","text":"flow dependency and defaults by borrowers or tenants.","page_number":36,"box":{"x":60,"y":102,"width":414,"height":13}},{"id":"d704d3f4-8007-476e-9705-5950251372f5","block_type":"box","text":"REIT Investment Risk.","page_number":36,"box":{"x":61,"y":136,"width":181,"height":10}},{"id":"096299a6-159b-4726-8965-9784d912b1ea","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in","page_number":36,"box":{"x":243,"y":136,"width":590,"height":12}},{"id":"e300ac87-ec1c-4354-be7e-81fcc739ebf1","block_type":"box","text":"property values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or","page_number":36,"box":{"x":61,"y":152,"width":820,"height":12}},{"id":"aa7c3fc1-602c-44cf-baa2-38a53140eeee","block_type":"box","text":"technological developments or a decline in the price of securities of real estate companies due to a failure of","page_number":36,"box":{"x":60,"y":167,"width":808,"height":12}},{"id":"726f7fb1-a5d5-47ac-9cd9-c4ce57a8941c","block_type":"box","text":"borrowers to pay their loans or poor management, investments","page_number":36,"box":{"x":61,"y":183,"width":472,"height":12}},{"id":"d9f0c1db-0613-446e-a551-6130baa6566f","block_type":"box","text":"in REITs involve unique risks. REITs may have limited","page_number":36,"box":{"x":534,"y":183,"width":407,"height":12}},{"id":"a1e81379-aa2e-40af-95e1-3584e29821cd","block_type":"box","text":"financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and","page_number":36,"box":{"x":60,"y":198,"width":879,"height":12}},{"id":"af2eb70a-5fff-4310-a76d-6dc01f5f9507","block_type":"box","text":"may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from","page_number":36,"box":{"x":61,"y":214,"width":773,"height":12}},{"id":"c7379661-ec27-4324-a183-6ec348943564","block_type":"box","text":"investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code,","page_number":36,"box":{"x":61,"y":229,"width":876,"height":12}},{"id":"4f5a48a1-cd49-4da3-af7a-23a01b1fdbcb","block_type":"box","text":"which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary","page_number":36,"box":{"x":60,"y":245,"width":825,"height":12}},{"id":"396ce014-669b-4f46-bcfd-263b7f2b9937","block_type":"box","text":"REIT dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":36,"box":{"x":61,"y":260,"width":804,"height":12}},{"id":"8cb138d9-8fcd-4f7f-aa88-5e0eaccf2440","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct","page_number":36,"box":{"x":61,"y":276,"width":879,"height":12}},{"id":"c34b2d84-4124-437d-a964-505fee4dbf80","block_type":"box","text":"REIT shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a","page_number":36,"box":{"x":61,"y":291,"width":815,"height":12}},{"id":"ee89729b-12d1-4785-9f50-8ca3330924ab","block_type":"box","text":"regulated investment company may report dividends as eligible for this deduction to the extent the regulated","page_number":36,"box":{"x":61,"y":307,"width":807,"height":12}},{"id":"fd3c918e-1a45-49af-8157-cbe733ae08be","block_type":"box","text":"investment company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment","page_number":36,"box":{"x":61,"y":322,"width":854,"height":12}},{"id":"817e0dff-5213-40e2-8e75-97541dd6d6aa","block_type":"box","text":"company expenses). A shareholder may treat the dividends as such provided the regulated investment company and","page_number":36,"box":{"x":61,"y":338,"width":874,"height":12}},{"id":"e6addd4a-7a1a-42e6-a03d-4c1caa35028e","block_type":"box","text":"the shareholder satisfy applicable holding period requirements.","page_number":36,"box":{"x":60,"y":353,"width":472,"height":12}},{"id":"a1b3f70c-9151-4388-a264-b2b4fea9ba43","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk.","page_number":36,"box":{"x":61,"y":387,"width":513,"height":12}},{"id":"bfcded6b-8b33-4971-98bb-3127f58ab9ca","block_type":"box","text":"If the other party to a repurchase agreement","page_number":36,"box":{"x":575,"y":387,"width":339,"height":12}},{"id":"ffe62177-2d34-475d-ba90-65756382e8e1","block_type":"box","text":"or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and","page_number":36,"box":{"x":61,"y":402,"width":817,"height":12}},{"id":"1088206f-4afc-4024-9d12-64863250d5e9","block_type":"box","text":"incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security","page_number":36,"box":{"x":61,"y":418,"width":846,"height":12}},{"id":"abf9a2f3-769b-4b4f-8183-0e1ec4b7275b","block_type":"box","text":"in either situation and the market value of the security declines, the Fund may lose money.","page_number":36,"box":{"x":61,"y":433,"width":677,"height":12}},{"id":"30568bf5-b642-47b0-9e46-0f105106b989","block_type":"box","text":"Reverse Repurchase Agreements Risk.","page_number":36,"box":{"x":61,"y":467,"width":311,"height":12}},{"id":"22384a6f-6660-40b6-8dcf-4b116989a0af","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities held by the","page_number":36,"box":{"x":373,"y":467,"width":557,"height":12}},{"id":"eb4736a6-acce-4ceb-a245-b15385532c4c","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":36,"box":{"x":61,"y":482,"width":856,"height":12}},{"id":"47f8e061-673b-43b1-a6ac-a40679355f1c","block_type":"box","text":"repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at","page_number":36,"box":{"x":61,"y":498,"width":859,"height":12}},{"id":"ad691fe8-c0f3-4402-9979-de1f8bea2583","block_type":"box","text":"all. The Fund could lose money if it is unable to recover","page_number":36,"box":{"x":61,"y":513,"width":415,"height":12}},{"id":"f7b68ce8-588f-42fe-b48a-4b61c8caef43","block_type":"box","text":"the securities and the value of the collateral held by the Fund,","page_number":36,"box":{"x":477,"y":513,"width":463,"height":12}},{"id":"6d1de82c-e8a1-4ae9-94e1-be9befd2964b","block_type":"box","text":"including the value of the investments made with cash collateral, is less than the value of the securities. These events","page_number":36,"box":{"x":61,"y":529,"width":878,"height":12}},{"id":"79f1b786-c9e7-42af-9968-17e6fd1eb2ce","block_type":"box","text":"could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the","page_number":36,"box":{"x":61,"y":544,"width":853,"height":12}},{"id":"b7a4f296-8522-4647-a603-3ec2b417ca2e","block_type":"box","text":"risk that the interest income earned in the investment of the proceeds will be less than the interest expense.","page_number":36,"box":{"x":61,"y":560,"width":804,"height":12}},{"id":"ae65787c-9c29-42a0-bd2f-6cdcaf74ef08","block_type":"box","text":"Risk of Investing in the United States.","page_number":36,"box":{"x":61,"y":593,"width":299,"height":12}},{"id":"41dad303-6788-429d-bee3-8abcc77e52b7","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":36,"box":{"x":362,"y":593,"width":528,"height":12}},{"id":"cda69c84-ac8a-491a-800b-3ad1f47eed36","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy","page_number":36,"box":{"x":61,"y":609,"width":871,"height":12}},{"id":"4fac69d8-fbe0-4a70-b7f5-e60fe17ac3b8","block_type":"box","text":"and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United","page_number":36,"box":{"x":61,"y":624,"width":833,"height":12}},{"id":"70b20766-8e5b-4f61-9af8-9af7bc6256ad","block_type":"box","text":"States are changing many aspects of financial, commercial, public health, environmental, and other regulation and","page_number":36,"box":{"x":61,"y":640,"width":853,"height":12}},{"id":"9a1f974b-5bef-456c-8dff-ad9c04b11733","block_type":"box","text":"may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":36,"box":{"x":61,"y":655,"width":749,"height":12}},{"id":"8b7d7a14-79f1-4a13-a51f-ed8be5caf5bf","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":36,"box":{"x":61,"y":671,"width":836,"height":12}},{"id":"07fe884e-3c7b-4cb3-b3f8-533dc34069bd","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":36,"box":{"x":60,"y":686,"width":860,"height":12}},{"id":"5242645d-f1e7-43b2-9560-9a1045f5774b","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":36,"box":{"x":61,"y":702,"width":475,"height":12}},{"id":"18f99888-2318-4aa0-b694-01d07315e0c2","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations","page_number":36,"box":{"x":60,"y":735,"width":820,"height":12}},{"id":"dcf75e0d-b0cf-4e08-86e0-0e23eae2f8ae","block_type":"box","text":"with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on","page_number":36,"box":{"x":60,"y":751,"width":819,"height":12}},{"id":"e976c4ca-b65c-4846-96f2-7df7b05428c5","block_type":"box","text":"the United States for trade. The United States has also","page_number":36,"box":{"x":60,"y":766,"width":408,"height":10}},{"id":"5f11031d-858c-4f6d-bc90-ca5048849d3a","block_type":"box","text":"experienced increased internal unrest and political discord. If","page_number":36,"box":{"x":474,"y":766,"width":451,"height":12}},{"id":"5f10e64e-9107-4e5a-8459-8344d210589f","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Fund","page_number":36,"box":{"x":60,"y":782,"width":875,"height":12}},{"id":"2bc4e6f2-2236-48f3-bca3-73df0413175c","block_type":"box","text":"invests.","page_number":36,"box":{"x":61,"y":797,"width":55,"height":10}},{"id":"0dc91fc9-c22e-4e8c-b3ad-4dfb9c6fe1d9","block_type":"box","text":"Risks of Loan Assignments and Participations.","page_number":36,"box":{"x":61,"y":831,"width":374,"height":12}},{"id":"1c3ad63e-6caf-4dfe-90c3-d271e9d0e229","block_type":"box","text":"As the purchaser of an assignment, the Fund typically succeeds to","page_number":36,"box":{"x":436,"y":831,"width":505,"height":12}},{"id":"538ceb72-fb60-4228-9235-527efe2b19a9","block_type":"box","text":"all the rights and obligations of the assigning institution and becomes a lender under the credit agreement","page_number":36,"box":{"x":61,"y":846,"width":789,"height":12}},{"id":"55031377-4809-4ee8-a45b-6f4354ed6cf4","block_type":"box","text":"with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and","page_number":36,"box":{"x":60,"y":862,"width":794,"height":12}},{"id":"604fc16d-e384-4ca2-9e78-2551e37e1868","block_type":"box","text":"remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through","page_number":36,"box":{"x":61,"y":877,"width":881,"height":12}},{"id":"8240067c-214a-4601-bdff-17d95aaed21f","block_type":"box","text":"private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the","page_number":36,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"1a40ad5b-8a4f-4aa4-b870-63e10936a047","block_type":"box","text":"Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning","page_number":36,"box":{"x":61,"y":908,"width":825,"height":12}},{"id":"8f961ed0-c621-44a2-bbf6-a57364e6786a","block_type":"box","text":"lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the","page_number":36,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"27c22be5-22aa-452b-b9c3-db24a367c850","block_type":"box","text":"19","page_number":36,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"6a7d176f-be9f-46ee-b353-e7c6c16e3816","block_type":"box","text":"NM1026U-6042719-36/56","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1444f326-fd5d-4044-b9ca-354bf6b09f66","block_type":"box","text":"costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser","page_number":37,"box":{"x":61,"y":40,"width":873,"height":13}},{"id":"8c4d47e4-1837-4c45-90cc-7c55256f116b","block_type":"box","text":"that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the","page_number":37,"box":{"x":60,"y":56,"width":846,"height":12}},{"id":"6b73e7ea-6a8e-4437-ba27-d3c6cfb0e753","block_type":"box","text":"loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by","page_number":37,"box":{"x":61,"y":71,"width":841,"height":13}},{"id":"b35eda42-02ac-4600-81df-90fcf9425c01","block_type":"box","text":"the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the","page_number":37,"box":{"x":60,"y":87,"width":789,"height":12}},{"id":"9dde72ce-ad9f-4a3d-8380-3a7ecef1cf53","block_type":"box","text":"borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased","page_number":37,"box":{"x":61,"y":102,"width":840,"height":13}},{"id":"6f76fa76-9232-4439-ba3f-b56c95c6434a","block_type":"box","text":"the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that","page_number":37,"box":{"x":60,"y":118,"width":822,"height":12}},{"id":"27b22bc5-7e3a-40f6-8685-7b0a26881dab","block_type":"box","text":"is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be","page_number":37,"box":{"x":61,"y":134,"width":815,"height":12}},{"id":"75739bbb-e58e-46a8-897f-8b288ed1da36","block_type":"box","text":"treated as a general creditor of the lender and may not","page_number":37,"box":{"x":60,"y":149,"width":411,"height":12}},{"id":"86adec49-f5cd-41bd-9dfc-7991cf68928c","block_type":"box","text":"benefit from any set-off between the lender and the borrower.","page_number":37,"box":{"x":472,"y":149,"width":461,"height":12}},{"id":"8ed3bb8f-2cd7-483d-9a7d-4883e18b1bff","block_type":"box","text":"Second Lien Loans Risk.","page_number":37,"box":{"x":61,"y":180,"width":203,"height":10}},{"id":"23b0da29-4e46-4cd3-930c-5e897cd75a80","block_type":"box","text":"Second lien loans generally are subject to similar risks as those associated","page_number":37,"box":{"x":265,"y":180,"width":561,"height":12}},{"id":"324ba4da-9758-4777-96d8-8f4b884ae211","block_type":"box","text":"with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority","page_number":37,"box":{"x":60,"y":196,"width":873,"height":12}},{"id":"e87fa050-59a9-4792-baa7-db076c241b98","block_type":"box","text":"of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and","page_number":37,"box":{"x":61,"y":211,"width":770,"height":12}},{"id":"be7e0cc7-4b20-4fd1-81b4-7cc15d97f3f7","block_type":"box","text":"property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the","page_number":37,"box":{"x":61,"y":227,"width":854,"height":12}},{"id":"1edde574-4907-42e6-a365-a633a450cabc","block_type":"box","text":"senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt,","page_number":37,"box":{"x":61,"y":242,"width":847,"height":12}},{"id":"a0f5e898-af24-46c2-a666-324fe2b5571b","block_type":"box","text":"which are not backed by a security interest in any specific collateral. Second lien loans generally have greater","page_number":37,"box":{"x":60,"y":258,"width":819,"height":12}},{"id":"8bf74086-9ede-4218-8183-c58d4bdf4833","block_type":"box","text":"price volatility and may be less liquid than senior loans.","page_number":37,"box":{"x":61,"y":273,"width":413,"height":12}},{"id":"deed85fe-e598-422b-8733-ce446adbe25d","block_type":"box","text":"There is also a possibility that originators will not be able to sell participations in second lien loans, which would create","page_number":37,"box":{"x":60,"y":304,"width":882,"height":12}},{"id":"14025182-2be8-43e5-bf49-0e4abcd9a809","block_type":"box","text":"greater credit risk exposure for the holders of such loans. Second lien loans share the same risks as other below","page_number":37,"box":{"x":61,"y":320,"width":841,"height":12}},{"id":"990aa9dd-f612-44b0-a23d-554bfc1b3c9a","block_type":"box","text":"investment grade securities.","page_number":37,"box":{"x":61,"y":335,"width":213,"height":12}},{"id":"a5446dcf-657e-4b38-85c6-9a8d4c58ae6e","block_type":"box","text":"Senior Loans Risk.","page_number":37,"box":{"x":61,"y":366,"width":155,"height":10}},{"id":"e75d8502-3460-475c-ade8-ab7108d5661f","block_type":"box","text":"There is less readily available, reliable information about most senior loans than is the case for","page_number":37,"box":{"x":217,"y":366,"width":706,"height":12}},{"id":"15fce469-8900-43a8-ba83-4a72d72e408f","block_type":"box","text":"many other types of securities. In addition, there is no minimum rating or other independent evaluation of a borrower","page_number":37,"box":{"x":61,"y":382,"width":868,"height":12}},{"id":"b67e76ff-74a3-4407-9826-cdbabbc374a8","block_type":"box","text":"or its securities limiting the Fund’s investments, and BFA relies primarily on its own evaluation of a borrower’s credit","page_number":37,"box":{"x":61,"y":397,"width":863,"height":12}},{"id":"20e5661b-dc18-4a69-8593-2bfbd650f41f","block_type":"box","text":"quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the","page_number":37,"box":{"x":61,"y":413,"width":829,"height":12}},{"id":"9a63ab40-8e5f-4520-b765-44dddcc9f8c2","block_type":"box","text":"analytical abilities of BFA.","page_number":37,"box":{"x":61,"y":428,"width":195,"height":12}},{"id":"fbc4172e-8a6d-4c20-909c-ba3a8de291f0","block_type":"box","text":"An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant","page_number":37,"box":{"x":60,"y":459,"width":805,"height":12}},{"id":"9398c7ae-a375-4b28-a8a3-55ae4f62e91e","block_type":"box","text":"value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value","page_number":37,"box":{"x":60,"y":475,"width":844,"height":12}},{"id":"f088cc33-05f4-440a-82d5-12ca4b3b435d","block_type":"box","text":"or become illiquid, which would adversely affect the senior loan’s value.","page_number":37,"box":{"x":61,"y":490,"width":535,"height":12}},{"id":"9b0a3554-6dbc-425d-ae76-da2880c9deb3","block_type":"box","text":"No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize","page_number":37,"box":{"x":61,"y":521,"width":815,"height":12}},{"id":"25adda54-d8ea-4767-9e60-2e239dad6460","block_type":"box","text":"full value in the event of the need to sell a senior","page_number":37,"box":{"x":60,"y":537,"width":365,"height":9}},{"id":"5be9420a-99a8-48b9-b1af-a33530746e8f","block_type":"box","text":"loan and which may make it difficult to value senior loans.","page_number":37,"box":{"x":426,"y":537,"width":432,"height":12}},{"id":"e2328851-ba40-43ae-add3-2d1767108a6b","block_type":"box","text":"Adverse market conditions may impair the liquidity of some actively traded senior loans. To the extent that a","page_number":37,"box":{"x":60,"y":552,"width":807,"height":12}},{"id":"2184f58a-86e3-4e1f-9919-e696cd2eeb7d","block_type":"box","text":"secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/","page_number":37,"box":{"x":61,"y":568,"width":869,"height":12}},{"id":"49ab10b0-7892-49da-8d86-82dcaf5dfb0a","block_type":"box","text":"ask spreads and extended trade settlement periods. See “Illiquid Investments Risk.”","page_number":37,"box":{"x":61,"y":583,"width":627,"height":12}},{"id":"6fd6eb4d-10be-499a-ace2-51c18142064e","block_type":"box","text":"Although senior loans in which the Fund will invest generally will be secured by specific collateral, there can be","page_number":37,"box":{"x":60,"y":614,"width":827,"height":12}},{"id":"0b751b4f-88f5-4ee1-91e1-613f5b30d196","block_type":"box","text":"no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment","page_number":37,"box":{"x":61,"y":630,"width":851,"height":12}},{"id":"6a705bb3-f428-4632-bb46-c9b288dacb94","block_type":"box","text":"of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of","page_number":37,"box":{"x":61,"y":645,"width":860,"height":12}},{"id":"216bd8ee-ac7c-4224-8ac0-e6ec26f55f5c","block_type":"box","text":"a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of","page_number":37,"box":{"x":61,"y":661,"width":806,"height":12}},{"id":"d83c6125-9613-48d9-a0ff-cb9a45e20abb","block_type":"box","text":"the collateral securing a senior loan. If the terms of a senior loan do not require the borrower to pledge","page_number":37,"box":{"x":60,"y":676,"width":760,"height":12}},{"id":"a14d29c7-c89c-4b03-b45d-47b1f66a0f6f","block_type":"box","text":"additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to","page_number":37,"box":{"x":61,"y":692,"width":873,"height":12}},{"id":"9835a377-0dcc-43aa-ad53-7870d48d601e","block_type":"box","text":"the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower’s obligations","page_number":37,"box":{"x":60,"y":707,"width":848,"height":12}},{"id":"c492f254-9df3-4bee-9603-cfb988dce047","block_type":"box","text":"under the senior loans. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries,","page_number":37,"box":{"x":61,"y":723,"width":848,"height":12}},{"id":"dd61bde1-af5f-4c19-ba12-33903b4ad237","block_type":"box","text":"such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans","page_number":37,"box":{"x":61,"y":738,"width":825,"height":12}},{"id":"bedcde05-2549-4374-8470-bb536509ee51","block_type":"box","text":"involve a greater risk of loss. Some senior loans are subject to the risk that a court, pursuant to fraudulent","page_number":37,"box":{"x":61,"y":754,"width":783,"height":12}},{"id":"d8318501-6409-4054-a9a7-2960f6e40bcd","block_type":"box","text":"conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of","page_number":37,"box":{"x":61,"y":769,"width":854,"height":12}},{"id":"aeb1e597-218c-4e35-beee-a6196ccae55c","block_type":"box","text":"the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain","page_number":37,"box":{"x":60,"y":785,"width":843,"height":12}},{"id":"211107c5-d9f5-46e7-b598-8d903a50a26b","block_type":"box","text":"circumstances include invalidation of senior loans.","page_number":37,"box":{"x":61,"y":800,"width":371,"height":10}},{"id":"a19c61b1-13d4-471d-9fc1-31e60c93e2e5","block_type":"box","text":"If a senior loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights","page_number":37,"box":{"x":62,"y":831,"width":808,"height":12}},{"id":"69896c45-05fb-487e-812f-8deebebbf94e","block_type":"box","text":"and remedies under the loan and with regard to any associated collateral. If a senior loan is acquired through","page_number":37,"box":{"x":61,"y":847,"width":814,"height":12}},{"id":"064359b1-a98c-45bb-9a1e-d252dee02fef","block_type":"box","text":"a participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the","page_number":37,"box":{"x":61,"y":862,"width":835,"height":12}},{"id":"2bd9a350-368d-48f6-addb-3913af46422a","block_type":"box","text":"loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the","page_number":37,"box":{"x":61,"y":878,"width":815,"height":12}},{"id":"c8252ae1-280e-4c5b-adf5-568b98975529","block_type":"box","text":"debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of","page_number":37,"box":{"x":61,"y":893,"width":857,"height":12}},{"id":"c0fb2b4e-b3ce-4fce-91f2-72fc4aa57027","block_type":"box","text":"both the borrower and the institution selling the participation.","page_number":37,"box":{"x":61,"y":909,"width":447,"height":12}},{"id":"36fd0909-83a4-43b2-8302-ee8d472ed174","block_type":"box","text":"20","page_number":37,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"4bacaec8-c30c-49a3-8810-c1daf012a054","block_type":"box","text":"NM1026U-6042719-37/56","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0ef6edd0-3dc6-4d40-88d9-eb2bd8d2c39c","block_type":"box","text":"The senior loans in which the Fund invests are usually rated below investment grade. As a result, the risks associated","page_number":38,"box":{"x":60,"y":41,"width":881,"height":12}},{"id":"78e3557c-51af-4177-a23c-b2b7e87684b3","block_type":"box","text":"with senior loans are similar to the risks of below investment grade securities, although senior loans are typically","page_number":38,"box":{"x":60,"y":56,"width":838,"height":12}},{"id":"ef0f0477-b290-444d-94f7-0ceabf1e4a53","block_type":"box","text":"senior and secured in contrast to other below investment grade securities, which are often subordinated and","page_number":38,"box":{"x":61,"y":71,"width":808,"height":13}},{"id":"0ced734c-3138-41cd-8b80-24fc3fbfdf3d","block_type":"box","text":"unsecured. See “High Yield Bonds Risk.” The higher standing of senior loans has historically resulted in generally","page_number":38,"box":{"x":61,"y":87,"width":846,"height":12}},{"id":"37c6017c-8f76-435d-aa75-fc17bcaf9ad1","block_type":"box","text":"higher recoveries in the event of a corporate reorganization. In addition, because their interest rates are typically","page_number":38,"box":{"x":61,"y":102,"width":838,"height":13}},{"id":"c0931d57-6e3e-4c31-9635-6f912ca27e54","block_type":"box","text":"adjusted for changes in short-term interest rates, senior loans generally are subject to less interest rate risk than other","page_number":38,"box":{"x":61,"y":118,"width":880,"height":12}},{"id":"58d4453f-b57a-4825-a461-5307672e7cab","block_type":"box","text":"below investment grade securities, which are typically fixed rate.","page_number":38,"box":{"x":61,"y":134,"width":482,"height":12}},{"id":"efae5d0e-2e86-431b-a38b-aa11253e6351","block_type":"box","text":"Senior loans made in connection with highly leveraged transactions are subject to greater risks than other senior","page_number":38,"box":{"x":61,"y":165,"width":839,"height":12}},{"id":"5f8f0c6a-5568-4006-a1db-6b91fc696578","block_type":"box","text":"loans. For example, the risks of default or bankruptcy of the borrower or the risks that other creditors of the borrower","page_number":38,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"a8304493-ebe5-4013-b29a-57b8309684d3","block_type":"box","text":"may seek to nullify or subordinate the Fund’s claims on any collateral securing the loan are greater in highly leveraged","page_number":38,"box":{"x":61,"y":196,"width":882,"height":12}},{"id":"aeb8a9f3-cd73-4921-9bb8-bee545fbd217","block_type":"box","text":"transactions.","page_number":38,"box":{"x":60,"y":211,"width":100,"height":10}},{"id":"4cb5692f-a205-4e15-be52-76f7413621bd","block_type":"box","text":"Short Sales and Short Position Risk","page_number":38,"box":{"x":61,"y":242,"width":287,"height":10}},{"id":"90e7e077-9de4-4e5b-a629-6fbd21dca596","block_type":"box","text":". Because making short sales or taking short positions in securities that it does","page_number":38,"box":{"x":349,"y":242,"width":586,"height":12}},{"id":"673e8ca8-1b89-42ed-ac09-655a82248e9d","block_type":"box","text":"not own would expose the Fund to the risks associated with those securities, such short sales or positions involve","page_number":38,"box":{"x":61,"y":258,"width":848,"height":11}},{"id":"1f46522f-5230-4ec7-b329-3e60f6b85b0b","block_type":"box","text":"speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position if the","page_number":38,"box":{"x":61,"y":273,"width":842,"height":12}},{"id":"6fcca53a-5086-4c99-94b3-f909cb3b50c9","block_type":"box","text":"price of the reference instrument increases after the Fund entered into the short sale or position. As a result, if the","page_number":38,"box":{"x":61,"y":289,"width":849,"height":12}},{"id":"409d2964-ddaf-44d1-b6e7-72c1789f0960","block_type":"box","text":"Fund makes short sales or takes a short position in a reference instrument that increases in value, it will likely","page_number":38,"box":{"x":61,"y":304,"width":817,"height":12}},{"id":"8f13479e-505d-43e9-87b3-150a037c79b1","block_type":"box","text":"underperform similar funds that do not make short sales or take short positions in such reference instrument. The","page_number":38,"box":{"x":61,"y":320,"width":845,"height":12}},{"id":"b920c1fe-7cef-4ce3-a97a-b034083657bd","block_type":"box","text":"Fund may engage in short sales and gain short exposure through certain derivative instruments, such as futures,","page_number":38,"box":{"x":61,"y":335,"width":842,"height":12}},{"id":"5b664dc4-bfa6-43b4-ba14-9449ea90c995","block_type":"box","text":"options or swaps. There can be no assurance that the Fund will","page_number":38,"box":{"x":61,"y":351,"width":476,"height":12}},{"id":"22bba767-0f2f-4e82-b33a-6cf856fc5057","block_type":"box","text":"be able to close out a short sale or position at any","page_number":38,"box":{"x":538,"y":351,"width":375,"height":12}},{"id":"7863f0dd-51df-4f07-b339-3a9a2f710b80","block_type":"box","text":"particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security","page_number":38,"box":{"x":61,"y":366,"width":864,"height":12}},{"id":"f251593f-2459-466b-90c5-913ede307df6","block_type":"box","text":"short or the amount paid in connection with a short","page_number":38,"box":{"x":61,"y":382,"width":381,"height":12}},{"id":"794b30de-4e7d-4fb5-b045-fb2960208f69","block_type":"box","text":"position, its potential loss is limited only by the maximum","page_number":38,"box":{"x":443,"y":382,"width":425,"height":12}},{"id":"91109e54-9b42-4f71-9340-4c4ab802f5c4","block_type":"box","text":"attainable price of the position, less the price at which the position was sold. Therefore, the Fund may lose more","page_number":38,"box":{"x":61,"y":397,"width":837,"height":12}},{"id":"734fd7d2-b800-4628-9d35-0d70827106e2","block_type":"box","text":"money than the actual cost of a short sale or position","page_number":38,"box":{"x":61,"y":413,"width":398,"height":12}},{"id":"5e591867-47d1-4a7e-837b-73691d14c33d","block_type":"box","text":"and the potential losses are theoretically unlimited on a short","page_number":38,"box":{"x":460,"y":413,"width":455,"height":12}},{"id":"558f32ce-7500-45d3-ab4d-dca58974c969","block_type":"box","text":"sale or position. Short sales and positions generally involve a form of leverage because they can provide investment","page_number":38,"box":{"x":61,"y":428,"width":867,"height":12}},{"id":"f294b0e6-7725-4250-8820-a2adedff5983","block_type":"box","text":"exposure in an amount exceeding the initial investment, which can exaggerate the Fund’s losses. The Fund may also","page_number":38,"box":{"x":61,"y":444,"width":876,"height":12}},{"id":"2268619d-a217-4539-a8db-fca6b69ae5c1","block_type":"box","text":"pay transaction costs and borrowing fees in connection with short sales or positions. There is the risk that the","page_number":38,"box":{"x":61,"y":459,"width":815,"height":12}},{"id":"42c10e0e-bb6d-4d77-812e-ba3542ad4ee3","block_type":"box","text":"counterparty to a short sale or position may fail to honor its contractual terms, causing a loss to the Fund.","page_number":38,"box":{"x":61,"y":475,"width":786,"height":12}},{"id":"fe57a901-7e96-4be7-a9e9-0fb0db32de36","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk.","page_number":38,"box":{"x":61,"y":506,"width":390,"height":12}},{"id":"d34a99ff-7f95-437d-83a8-ca3ee838561e","block_type":"box","text":"Small cap or emerging growth companies may have","page_number":38,"box":{"x":452,"y":506,"width":397,"height":12}},{"id":"ba7a4f1a-a06b-400c-b271-7c1f34c40090","block_type":"box","text":"limited product lines or markets. They may be less financially secure than larger, more established companies. They","page_number":38,"box":{"x":61,"y":521,"width":867,"height":12}},{"id":"7bc8fb82-d8a6-42ee-b5d8-e9b92dd3397d","block_type":"box","text":"may depend on a small number of key personnel. If a product fails or there are other adverse developments, or","page_number":38,"box":{"x":61,"y":537,"width":829,"height":12}},{"id":"a538389e-ce5b-4ee4-a029-13119d02818c","block_type":"box","text":"if management changes, the Fund’s investment in a small cap or emerging growth company may lose","page_number":38,"box":{"x":61,"y":552,"width":760,"height":12}},{"id":"2d67dba6-7422-46bb-a87f-48be2add055d","block_type":"box","text":"substantial value. In addition, it is more difficult to get information on smaller companies, which tend to be less well","page_number":38,"box":{"x":61,"y":568,"width":854,"height":12}},{"id":"703be600-ba15-4f99-a4dd-95f13a8e4894","block_type":"box","text":"known, have shorter operating histories, do not have significant ownership by large investors and are followed by","page_number":38,"box":{"x":61,"y":583,"width":843,"height":12}},{"id":"4739892b-d434-463e-8a5f-600406c9dac7","block_type":"box","text":"relatively few securities analysts.","page_number":38,"box":{"x":61,"y":599,"width":248,"height":12}},{"id":"1aa1125c-6685-40d7-a54a-b074c6c59670","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject","page_number":38,"box":{"x":60,"y":630,"width":819,"height":12}},{"id":"fd3d6cc9-2f92-442c-9605-3a03e95c6fca","block_type":"box","text":"to greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition,","page_number":38,"box":{"x":60,"y":645,"width":842,"height":12}},{"id":"ed562c60-7766-49e2-8709-66f02d4c09c1","block_type":"box","text":"small cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs","page_number":38,"box":{"x":61,"y":661,"width":858,"height":12}},{"id":"26de9e66-7a00-43c9-ae15-e1f8e2cc277d","block_type":"box","text":"and earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":38,"box":{"x":61,"y":676,"width":716,"height":12}},{"id":"398a77ae-9808-4509-b551-c0a47fcdd5fe","block_type":"box","text":"Small Fund Risk","page_number":38,"box":{"x":61,"y":707,"width":131,"height":10}},{"id":"f35a84b4-e02d-4ce5-81ee-762d77ea073c","block_type":"box","text":". When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask","page_number":38,"box":{"x":193,"y":707,"width":704,"height":12}},{"id":"6bdad190-3dc1-47ff-a959-e6b4ed7974d9","block_type":"box","text":"spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or","page_number":38,"box":{"x":61,"y":723,"width":873,"height":12}},{"id":"5d6ecaaa-ee33-4480-ba9c-7c77b9075b38","block_type":"box","text":"with a larger asset base. The Fund may buy smaller-sized bonds known as “odd lots,” which may be purchased or","page_number":38,"box":{"x":60,"y":738,"width":848,"height":12}},{"id":"e9c21140-bc2b-4d66-b551-c31012a3c239","block_type":"box","text":"sold at a discount to similar “round lot” bonds. The prices used by the Fund may differ from the value that would be","page_number":38,"box":{"x":61,"y":754,"width":851,"height":12}},{"id":"8e939dac-a9c7-43c1-a48f-9cb2ffca52e2","block_type":"box","text":"realized if these securities were sold, and the impact of such pricing differences on the Fund’s performance may be","page_number":38,"box":{"x":61,"y":769,"width":855,"height":12}},{"id":"286a10fb-d6e3-497c-974c-034e9a11eab2","block_type":"box","text":"heightened when the Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet","page_number":38,"box":{"x":61,"y":785,"width":865,"height":12}},{"id":"02a0e336-f0bc-446c-a54d-1425f313f564","block_type":"box","text":"certain requirements set by the listing exchange. If the Fund were required to delist from the listing exchange, the","page_number":38,"box":{"x":61,"y":800,"width":840,"height":12}},{"id":"af40dcb0-d608-4c2c-a005-1038befc45d7","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of the","page_number":38,"box":{"x":61,"y":816,"width":843,"height":12}},{"id":"7208aef2-cd80-4f22-82c4-eea3d8879f1a","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":38,"box":{"x":61,"y":831,"width":831,"height":12}},{"id":"d2038ad6-885e-42db-9f45-5dab4e020042","block_type":"box","text":"Sovereign Debt Risk.","page_number":38,"box":{"x":61,"y":862,"width":172,"height":12}},{"id":"15bb6d10-9065-466a-8ffe-37c664119e35","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay","page_number":38,"box":{"x":234,"y":862,"width":654,"height":12}},{"id":"517e0b0f-150d-4d11-a771-f9f31295a6a7","block_type":"box","text":"or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems,","page_number":38,"box":{"x":61,"y":878,"width":786,"height":12}},{"id":"f1719e35-8d7d-4d75-8e85-f5695e89cedf","block_type":"box","text":"insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt","page_number":38,"box":{"x":61,"y":893,"width":831,"height":12}},{"id":"d433472d-a894-4956-a2a8-a6649dc4ebb8","block_type":"box","text":"position in relation to the economy or the failure to put in place economic reforms required by the International","page_number":38,"box":{"x":61,"y":909,"width":814,"height":12}},{"id":"b5e6373a-178e-4583-a0a0-5dea2e357750","block_type":"box","text":"Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to","page_number":38,"box":{"x":61,"y":924,"width":854,"height":12}},{"id":"36fcb52d-1392-4f38-b026-4b19d8521b03","block_type":"box","text":"21","page_number":38,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"a811535d-0188-47f0-8e52-a0e6604a0d15","block_type":"box","text":"NM1026U-6042719-38/56","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"73767754-ba00-439d-bf71-2f13a2e98902","block_type":"box","text":"pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor","page_number":39,"box":{"x":61,"y":40,"width":856,"height":13}},{"id":"6e5fbfed-f894-4aef-b721-88bdf2fb3579","block_type":"box","text":"are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not","page_number":39,"box":{"x":61,"y":56,"width":859,"height":12}},{"id":"57c8e77a-393f-4b35-8086-8c0bbccbf2f1","block_type":"box","text":"repaid may be collected.","page_number":39,"box":{"x":61,"y":72,"width":186,"height":12}},{"id":"423cdeff-827f-4e3f-8c38-e4beda6c5166","block_type":"box","text":"Structured Notes Risk.","page_number":39,"box":{"x":61,"y":102,"width":179,"height":10}},{"id":"7fcaf7bf-ca0d-4963-ae75-7752d487b295","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are","page_number":39,"box":{"x":242,"y":102,"width":562,"height":13}},{"id":"b8fa4f94-4c7b-4ca2-820a-f09c29058038","block_type":"box","text":"generally privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":39,"box":{"x":61,"y":118,"width":826,"height":12}},{"id":"f0ecf2a4-115b-4166-baa8-22caa2d56807","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The interest","page_number":39,"box":{"x":60,"y":134,"width":845,"height":12}},{"id":"69e1597b-2795-4889-81b4-d5f91a068b43","block_type":"box","text":"rate or the principal amount payable upon maturity or redemption may increase or decrease, depending upon","page_number":39,"box":{"x":61,"y":149,"width":816,"height":12}},{"id":"432e35f1-adfd-41e1-a9ce-8411289add3f","block_type":"box","text":"changes in the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":39,"box":{"x":61,"y":165,"width":793,"height":12}},{"id":"06c25cfc-3153-4223-b2fc-8a14778d18e5","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by the Fund. The","page_number":39,"box":{"x":61,"y":180,"width":874,"height":12}},{"id":"fa782df2-598d-4da7-a91f-975bbec0791c","block_type":"box","text":"interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety","page_number":39,"box":{"x":61,"y":196,"width":878,"height":12}},{"id":"5bd26aaa-995f-48df-a102-8b0bf4610093","block_type":"box","text":"of factors, including the volatility of the reference measure.","page_number":39,"box":{"x":61,"y":211,"width":439,"height":12}},{"id":"a11d90d8-00a7-4c2a-be31-0bf023b6bf57","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":39,"box":{"x":61,"y":242,"width":806,"height":12}},{"id":"2547d1c1-5011-4c87-8c30-a1387774b6e0","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","page_number":39,"box":{"x":61,"y":258,"width":833,"height":12}},{"id":"2f1dda00-29c8-4b35-acec-57ec784c9bbc","block_type":"box","text":"on structured notes may be determined by applying a multiplier to the performance or differential performance","page_number":39,"box":{"x":61,"y":273,"width":820,"height":12}},{"id":"a54b3d44-d0c9-4acd-9731-9e2b128302b8","block_type":"box","text":"of reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain","page_number":39,"box":{"x":61,"y":289,"width":850,"height":12}},{"id":"a04bd80d-9437-4796-be5c-1e694349ef75","block_type":"box","text":"and the risk of loss.","page_number":39,"box":{"x":61,"y":304,"width":149,"height":10}},{"id":"20033f6c-86d3-4c03-ba3a-9e1e3b440855","block_type":"box","text":"The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured","page_number":39,"box":{"x":60,"y":335,"width":737,"height":12}},{"id":"786d28c5-625e-4436-b8d9-f34819b299eb","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less","page_number":39,"box":{"x":61,"y":351,"width":823,"height":12}},{"id":"bc671535-5cd7-4933-8446-a3ea047d05b9","block_type":"box","text":"complex securities and instruments or more traditional debt securities.","page_number":39,"box":{"x":61,"y":366,"width":525,"height":12}},{"id":"a336efad-7308-4db8-8220-3dff06298330","block_type":"box","text":"Structured Securities Risk.","page_number":39,"box":{"x":61,"y":397,"width":219,"height":10}},{"id":"f433e5ac-bb61-4907-9ee1-45d0107be272","block_type":"box","text":"Because structured securities of the type in which the Fund may invest typically involve","page_number":39,"box":{"x":281,"y":397,"width":651,"height":12}},{"id":"319597b8-a472-46f2-a0d5-05d02206265d","block_type":"box","text":"no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or","page_number":39,"box":{"x":61,"y":413,"width":841,"height":12}},{"id":"0ee9c18d-24dc-4427-9faa-7110b7d9c2fb","block_type":"box","text":"reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive payments","page_number":39,"box":{"x":61,"y":428,"width":857,"height":12}},{"id":"165d382b-f987-460c-bc58-51e76a5a6fb1","block_type":"box","text":"only from the structured security, and generally does not have direct","page_number":39,"box":{"x":61,"y":444,"width":510,"height":12}},{"id":"b60bd8c8-10c0-4943-9ae1-cc50a0d413be","block_type":"box","text":"rights against the issuer or the entity that sold the","page_number":39,"box":{"x":572,"y":444,"width":371,"height":12}},{"id":"760024ac-0e1a-41dd-b9bd-ed6a5333f191","block_type":"box","text":"assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured","page_number":39,"box":{"x":61,"y":459,"width":862,"height":12}},{"id":"40de12a7-9c6a-46d8-a39a-f3237b7a4bc9","block_type":"box","text":"securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities","page_number":39,"box":{"x":61,"y":475,"width":860,"height":12}},{"id":"63570303-2227-4cca-9795-ffc2871d096e","block_type":"box","text":"will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default;","page_number":39,"box":{"x":60,"y":490,"width":861,"height":12}},{"id":"e4e76af2-4736-45eb-882d-40867c33fa3c","block_type":"box","text":"and the possibility that the structured securities are subordinate to other classes. The Fund is permitted to invest in a","page_number":39,"box":{"x":61,"y":506,"width":870,"height":12}},{"id":"68c9b134-0543-4708-8074-fb88877d19b7","block_type":"box","text":"class of structured securities that is either subordinated or unsubordinated to the right of payment of another class.","page_number":39,"box":{"x":61,"y":521,"width":856,"height":12}},{"id":"16515dd0-a999-4cca-83fd-1d0994c972d3","block_type":"box","text":"Subordinated structured securities typically have higher yields and present greater risks than unsubordinated","page_number":39,"box":{"x":61,"y":537,"width":813,"height":12}},{"id":"351901d2-735d-4641-91b6-3c8cd12842a3","block_type":"box","text":"structured securities. Structured securities are typically sold in private placement transactions, and there currently is","page_number":39,"box":{"x":61,"y":552,"width":864,"height":12}},{"id":"a135846d-56c2-4d1d-88c8-b2f27052ffda","block_type":"box","text":"no active trading market for structured securities. Structured securities are based upon the movement of one or more","page_number":39,"box":{"x":61,"y":568,"width":874,"height":12}},{"id":"e0532649-0577-49b7-8b3c-7358752b27d5","block_type":"box","text":"factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest","page_number":39,"box":{"x":60,"y":583,"width":875,"height":12}},{"id":"96bf3949-938e-4266-a229-8878c7b0c99b","block_type":"box","text":"rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference","page_number":39,"box":{"x":61,"y":599,"width":835,"height":12}},{"id":"d5e5ffc8-c719-4606-973a-e1bc71e98d13","block_type":"box","text":"instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of","page_number":39,"box":{"x":61,"y":614,"width":871,"height":12}},{"id":"ccabe828-89a0-4847-9050-46487e31cc2f","block_type":"box","text":"such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act.","page_number":39,"box":{"x":61,"y":630,"width":871,"height":12}},{"id":"f83046e7-c4f8-4239-99d7-babcbd801d80","block_type":"box","text":"As a result, the Fund’s investment in such securities may be limited by certain investment restrictions contained in the","page_number":39,"box":{"x":60,"y":645,"width":879,"height":12}},{"id":"8aa7e926-ed14-4f07-a178-f18daa8d47e3","block_type":"box","text":"Investment Company Act.","page_number":39,"box":{"x":62,"y":661,"width":189,"height":12}},{"id":"7ac60a50-e331-4256-b3c9-6699fc21aff6","block_type":"box","text":"Subsidiary Risk","page_number":39,"box":{"x":61,"y":692,"width":126,"height":12}},{"id":"6fc6b082-f808-48d3-adf4-00b3f6d62b34","block_type":"box","text":". By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":39,"box":{"x":188,"y":692,"width":693,"height":12}},{"id":"a66c83a1-5cd0-461e-a9a5-dfc7e845de83","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":39,"box":{"x":61,"y":707,"width":847,"height":12}},{"id":"20c54b2c-cf63-4b74-996b-f27818707bca","block_type":"box","text":"that are permitted to be held by the Fund and are subject","page_number":39,"box":{"x":60,"y":723,"width":424,"height":12}},{"id":"27116033-d7a4-4c9e-aaf7-884144ce381a","block_type":"box","text":"to the same risks that apply to similar investments if held","page_number":39,"box":{"x":489,"y":723,"width":420,"height":12}},{"id":"0988b0bd-246a-418a-8a38-685e87968256","block_type":"box","text":"directly by the Fund (see “Commodities Related Investment Risk” above). There can be no assurance that the","page_number":39,"box":{"x":61,"y":738,"width":816,"height":12}},{"id":"ca55e17e-8988-4b4d-b69e-14cedcd0472f","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":39,"box":{"x":61,"y":754,"width":814,"height":12}},{"id":"5594224a-880f-4421-88f8-bd99cf5d26ed","block_type":"box","text":"Company Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the","page_number":39,"box":{"x":61,"y":769,"width":830,"height":12}},{"id":"ac738b7a-dde3-400f-bdba-f2b4364dbaa9","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":39,"box":{"x":62,"y":785,"width":810,"height":12}},{"id":"c16f0923-48d7-4f6b-a5e1-5e6631c612f9","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":39,"box":{"x":61,"y":800,"width":833,"height":12}},{"id":"2471fe56-0fb8-405f-a2a2-969980b356a5","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the","page_number":39,"box":{"x":61,"y":816,"width":858,"height":12}},{"id":"7a62e696-037e-4477-9f27-006c4847f7ea","block_type":"box","text":"Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":39,"box":{"x":61,"y":831,"width":828,"height":12}},{"id":"e6cdf3e6-f34c-463e-85b2-952ff380199b","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":39,"box":{"x":61,"y":847,"width":852,"height":12}},{"id":"dd258853-84cb-4aaa-842a-5eeb1849f33f","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":39,"box":{"x":61,"y":862,"width":797,"height":12}},{"id":"ea527e31-041c-45c3-9d7b-ce886611ba02","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":39,"box":{"x":61,"y":878,"width":854,"height":12}},{"id":"6b5a26e9-1dec-4205-b9e0-0ff33b098942","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the","page_number":39,"box":{"x":61,"y":893,"width":845,"height":12}},{"id":"f4c8cbe1-7e64-4117-9db1-7ead8546ec00","block_type":"box","text":"Fund.","page_number":39,"box":{"x":61,"y":909,"width":41,"height":9}},{"id":"01e8a8c0-c05b-4033-be4e-00b66584ddc8","block_type":"box","text":"22","page_number":39,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"3b81258d-efb5-40e9-ab50-ee0375321866","block_type":"box","text":"NM1026U-6042719-39/56","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2a2bac2f-bb27-497e-ac0b-f05f7eb4825d","block_type":"box","text":"Supranational Entities Risk.","page_number":40,"box":{"x":61,"y":40,"width":221,"height":12}},{"id":"d932290a-7924-46ff-aad2-2c050f089d7f","block_type":"box","text":"The Fund may invest in obligations issued or guaranteed by the World Bank.","page_number":40,"box":{"x":283,"y":41,"width":579,"height":12}},{"id":"478d5e03-27e4-4e5a-9796-f4ea19a1cd7a","block_type":"box","text":"The government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":40,"box":{"x":60,"y":56,"width":876,"height":12}},{"id":"e11c4c4d-2e5d-41dd-a1fa-e6fd3def0d32","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":40,"box":{"x":61,"y":71,"width":837,"height":13}},{"id":"3b5367b5-cd19-401b-9b27-1b3f2e380a5f","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":40,"box":{"x":60,"y":87,"width":810,"height":12}},{"id":"85f65fac-7e59-483d-9f07-093a07c139dd","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":40,"box":{"x":61,"y":102,"width":862,"height":13}},{"id":"4b47fdc2-c5e1-40bd-a0f9-09827633f300","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":40,"box":{"x":61,"y":118,"width":623,"height":12}},{"id":"bf27fd32-b211-4be8-a47d-7581327dff3d","block_type":"box","text":"Tax Risk.","page_number":40,"box":{"x":62,"y":149,"width":77,"height":10}},{"id":"a4ef55f9-f5e1-477f-afc2-deaeee6ef161","block_type":"box","text":"The Fund invests in commodity-related instruments indirectly through the Subsidiary because income from","page_number":40,"box":{"x":139,"y":149,"width":796,"height":12}},{"id":"0ea44650-80cf-425d-b781-4210060a1061","block_type":"box","text":"these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund qualifying as","page_number":40,"box":{"x":60,"y":165,"width":877,"height":12}},{"id":"34d241ee-f79d-4598-8d3e-9daedbd4dfc9","block_type":"box","text":"a regulated investment company for U.S. federal income tax purposes. Based on final regulations issued by the IRS","page_number":40,"box":{"x":61,"y":180,"width":865,"height":12}},{"id":"088dc453-7c57-441e-b1dc-6f1c3cba8152","block_type":"box","text":"on which taxpayers may rely for taxable years beginning after September 28, 2016, the Fund expects its income with","page_number":40,"box":{"x":61,"y":196,"width":872,"height":12}},{"id":"aa1a8f33-8e7a-4652-8e87-dc0320c012d2","block_type":"box","text":"respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other guidance, or","page_number":40,"box":{"x":61,"y":211,"width":879,"height":12}},{"id":"a3314887-a0b1-4880-ae47-b2c1a51cd60c","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which the Fund’s income with respect to the Subsidiary will","page_number":40,"box":{"x":61,"y":227,"width":872,"height":12}},{"id":"4ebe26d3-5f92-4213-bd33-647168593fba","block_type":"box","text":"be considered “qualifying income,” the Fund might be required to make changes to its operations, which could reduce","page_number":40,"box":{"x":61,"y":242,"width":877,"height":12}},{"id":"b1760475-690f-4c1f-ab90-cfade50f4fe0","block_type":"box","text":"the Fund’s ability to gain investment exposure to commodities. Fund shareholders could also experience adverse tax","page_number":40,"box":{"x":60,"y":258,"width":873,"height":12}},{"id":"2089d858-260d-496e-b90a-f699aca74d83","block_type":"box","text":"consequences in such circumstances.","page_number":40,"box":{"x":61,"y":273,"width":287,"height":12}},{"id":"8f1d035c-2ef6-488b-9288-35a47ec30c70","block_type":"box","text":"Tender Option Bonds and Related Securities Risk","page_number":40,"box":{"x":62,"y":304,"width":397,"height":12}},{"id":"ceb96c8c-c291-4c89-b942-242d19e4f76b","block_type":"box","text":". The Fund’s participation in tender option bond transactions","page_number":40,"box":{"x":459,"y":304,"width":451,"height":12}},{"id":"36642a1b-ade6-4410-aa32-8de4c3a5fa43","block_type":"box","text":"may reduce the Fund’s returns and/or increase volatility. Investments in tender option bond transactions expose the","page_number":40,"box":{"x":61,"y":320,"width":863,"height":12}},{"id":"351d1f41-2914-481d-92e5-28d7455bd8b9","block_type":"box","text":"Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve","page_number":40,"box":{"x":61,"y":335,"width":852,"height":12}},{"id":"bcc954d6-93e6-44bf-bfb8-c517ddaca466","block_type":"box","text":"greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on","page_number":40,"box":{"x":61,"y":351,"width":879,"height":12}},{"id":"9b618cd6-7419-4899-8f98-8247b5296b24","block_type":"box","text":"residual inverse floating rate interests (“TOB Residuals”) will bear an inverse relationship to short-term municipal","page_number":40,"box":{"x":61,"y":366,"width":838,"height":12}},{"id":"87f9e76c-6c00-41a2-b170-679ada241ee0","block_type":"box","text":"security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated","page_number":40,"box":{"x":61,"y":382,"width":872,"height":12}},{"id":"c7b3f880-1b2d-45aa-af23-beb24fa43720","block_type":"box","text":"as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB","page_number":40,"box":{"x":61,"y":397,"width":816,"height":12}},{"id":"24ca1b4f-07bc-403d-b7c5-1a94e8bd18c9","block_type":"box","text":"Residuals generally will underperform the market for fixed rate municipal securities in a rising interest","page_number":40,"box":{"x":61,"y":413,"width":755,"height":12}},{"id":"94c39f44-2c59-4c59-8e41-657ad4213a54","block_type":"box","text":"rate environment.","page_number":40,"box":{"x":61,"y":428,"width":135,"height":10}},{"id":"ae47280a-0e4a-4dc6-bfa4-4a5e367f6281","block_type":"box","text":"The Fund may invest in special purpose entities (“TOB Trusts”) on either a non-recourse or recourse basis. TOB","page_number":40,"box":{"x":60,"y":459,"width":840,"height":12}},{"id":"03c47f97-13e8-4a20-add4-2570a134dda2","block_type":"box","text":"Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the","page_number":40,"box":{"x":60,"y":475,"width":839,"height":12}},{"id":"10ee573a-9171-4b5e-bc48-ea20cce47af7","block_type":"box","text":"“Liquidity Provider”) that allows the holders of the TOB Floaters to tender their certificates in exchange for payment of","page_number":40,"box":{"x":61,"y":490,"width":875,"height":12}},{"id":"ac3fe612-3664-488d-82e4-ce5de7618713","block_type":"box","text":"par plus accrued interest on any business day, subject to the non-occurrence of tender option termination events.","page_number":40,"box":{"x":61,"y":506,"width":846,"height":12}},{"id":"bc5ea4e3-71d3-4595-b6e6-7143da000d01","block_type":"box","text":"When the Fund invests in a TOB Trust on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":40,"box":{"x":60,"y":521,"width":838,"height":12}},{"id":"95d050b5-cb06-4e5b-b0d5-dad6eaac20b3","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the municipal","page_number":40,"box":{"x":61,"y":537,"width":817,"height":12}},{"id":"a23c2e0c-5d35-4c63-a73f-6c8ffedd6bd4","block_type":"box","text":"securities held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over","page_number":40,"box":{"x":61,"y":552,"width":871,"height":12}},{"id":"3e6bedfa-e45c-4a83-a13c-6da3bdefe396","block_type":"box","text":"the liquidation proceeds (the “Liquidation Shortfall”).","page_number":40,"box":{"x":60,"y":568,"width":390,"height":12}},{"id":"9a49dbc1-de59-414c-980f-5b5712966bb1","block_type":"box","text":"If the Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement","page_number":40,"box":{"x":62,"y":599,"width":780,"height":12}},{"id":"7270627d-60f8-45d5-abf3-95d4369a893d","block_type":"box","text":"agreement with the Liquidity Provider where the Fund is required to reimburse the Liquidity Provider the amount of","page_number":40,"box":{"x":61,"y":614,"width":853,"height":12}},{"id":"9c748649-940a-4f43-ac1d-f2b06e9c8eee","block_type":"box","text":"any Liquidation Shortfall. As a result, if the Fund invests in a TOB Trust on a recourse basis, the Fund will bear the","page_number":40,"box":{"x":61,"y":630,"width":854,"height":12}},{"id":"8651b327-21a1-4b76-ab64-0bd0980f91d5","block_type":"box","text":"risk of loss with respect to any Liquidation Shortfall.","page_number":40,"box":{"x":61,"y":645,"width":386,"height":12}},{"id":"2506af09-8757-47d8-b82a-337c32bd3939","block_type":"box","text":"To the extent that the Fund, rather than a third-party bank or financial institution, sponsors a TOB Trust,","page_number":40,"box":{"x":60,"y":676,"width":768,"height":12}},{"id":"8d99f061-1439-4cd8-8a5f-04df5d36c7f6","block_type":"box","text":"certain responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, the Fund.","page_number":40,"box":{"x":61,"y":692,"width":856,"height":12}},{"id":"a0712129-1a93-4c76-ac41-6ba8a13d605d","block_type":"box","text":"The Fund’s additional duties and responsibilities under the new TOB Trust structure may give rise to certain","page_number":40,"box":{"x":60,"y":707,"width":799,"height":12}},{"id":"5adaa633-3dbd-4ae2-90fc-71907b5a3550","block_type":"box","text":"additional risks including compliance, securities law and operational risks.","page_number":40,"box":{"x":61,"y":723,"width":544,"height":12}},{"id":"e2c705b5-1df9-4fd3-a864-03b66967d47c","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk.","page_number":40,"box":{"x":62,"y":754,"width":411,"height":12}},{"id":"d5a5ee2f-9625-4f0e-a30b-7e718a91fc61","block_type":"box","text":"There are a number of important differences among","page_number":40,"box":{"x":479,"y":754,"width":384,"height":12}},{"id":"6091c37a-3694-4f3d-99df-5655a176fe1a","block_type":"box","text":"the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among","page_number":40,"box":{"x":60,"y":769,"width":809,"height":12}},{"id":"afca91cc-56e8-4637-b792-41a6bad24a43","block_type":"box","text":"the securities that they issue. Mortgage-related securities guaranteed by the Government National","page_number":40,"box":{"x":60,"y":785,"width":729,"height":12}},{"id":"5cb98b2c-02ef-40d9-8170-0932367a8afb","block_type":"box","text":"Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by","page_number":40,"box":{"x":61,"y":800,"width":868,"height":12}},{"id":"f870b7e4-c970-44c0-95ee-7f7768955e4d","block_type":"box","text":"GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are","page_number":40,"box":{"x":61,"y":816,"width":823,"height":12}},{"id":"f4ada027-00b1-4d71-80de-da2c883ebfaa","block_type":"box","text":"supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee.","page_number":40,"box":{"x":61,"y":831,"width":833,"height":12}},{"id":"1ffabbc5-6252-4118-971f-0363084260f0","block_type":"box","text":"Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie","page_number":40,"box":{"x":61,"y":847,"width":879,"height":12}},{"id":"0d847579-af28-4be6-a899-cde6834606d7","block_type":"box","text":"Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but","page_number":40,"box":{"x":61,"y":862,"width":815,"height":12}},{"id":"c9059aeb-c510-49fe-9dca-b10edf8d8d10","block_type":"box","text":"are supported by the right of the issuer to borrow from the Treasury.","page_number":40,"box":{"x":61,"y":878,"width":509,"height":12}},{"id":"b5b41887-e6a4-4bf9-8854-1baecaa1f5d4","block_type":"box","text":"U.S. Government Obligations Risk.","page_number":40,"box":{"x":62,"y":909,"width":276,"height":12}},{"id":"983a9c92-dbb6-4441-bab2-9534b8286aad","block_type":"box","text":"Not all U.S. Government securities are backed by the full faith and credit of the","page_number":40,"box":{"x":345,"y":909,"width":583,"height":12}},{"id":"6f61feb3-4c57-48eb-8f42-1200c42a4819","block_type":"box","text":"United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S.","page_number":40,"box":{"x":61,"y":924,"width":844,"height":12}},{"id":"f4c92be6-85b7-4f8f-9ab1-883f8f569475","block_type":"box","text":"23","page_number":40,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"ddb5e1cf-570e-4823-8529-11b6122c0713","block_type":"box","text":"NM1026U-6042719-40/56","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c54ff49c-06e3-4663-aa64-0067a4b64b81","block_type":"box","text":"Government are backed by the full faith and credit of the United States (","page_number":41,"box":{"x":61,"y":40,"width":534,"height":13}},{"id":"d146494e-3163-4b9c-a297-dabeb0db274a","block_type":"box","text":"e.g","page_number":41,"box":{"x":597,"y":43,"width":22,"height":10}},{"id":"28f4ade0-d3d7-4cfa-b10a-633209b4c1da","block_type":"box","text":"., the Government National Mortgage","page_number":41,"box":{"x":621,"y":40,"width":280,"height":13}},{"id":"3ebef404-13dd-496f-8978-7fe23a609ea0","block_type":"box","text":"Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (","page_number":41,"box":{"x":60,"y":56,"width":757,"height":12}},{"id":"bee23dca-8687-4cd2-a250-5168077141e7","block_type":"box","text":"e.g","page_number":41,"box":{"x":818,"y":59,"width":23,"height":9}},{"id":"ed9311d6-2645-4d66-9836-3aad962c2723","block_type":"box","text":"., the","page_number":41,"box":{"x":842,"y":56,"width":41,"height":11}},{"id":"1f2276b1-73e9-4916-9a9b-4a0c5f6a1534","block_type":"box","text":"Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to","page_number":41,"box":{"x":61,"y":71,"width":823,"height":13}},{"id":"eb369cd4-c270-4258-b95d-402cc44bd8fc","block_type":"box","text":"purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority, instrumentality or","page_number":41,"box":{"x":61,"y":87,"width":878,"height":12}},{"id":"e0e661d4-a875-43a3-bc6c-758cf7401b59","block_type":"box","text":"sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide","page_number":41,"box":{"x":61,"y":102,"width":841,"height":13}},{"id":"4dd64abc-ca33-456c-890f-d6bf61b257fc","block_type":"box","text":"financial support to any of these entities if it is not obligated to do so by law. In addition, circumstances could arise","page_number":41,"box":{"x":60,"y":118,"width":852,"height":12}},{"id":"cb19a564-a4d7-4f6b-bcd4-81f75e4ab277","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":41,"box":{"x":60,"y":134,"width":858,"height":12}},{"id":"7b840c93-5ad0-412b-8e1f-a80066bdf7dd","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences","page_number":41,"box":{"x":61,"y":149,"width":879,"height":12}},{"id":"e58b5516-a0b3-496d-9924-2d4617c985e4","block_type":"box","text":"for the U.S. economy and the global financial system.","page_number":41,"box":{"x":60,"y":165,"width":402,"height":12}},{"id":"60b9a757-7aa5-43f7-bbac-ac9da1bcbcb2","block_type":"box","text":"Variable and Floating Rate Instrument Risk.","page_number":41,"box":{"x":62,"y":196,"width":351,"height":12}},{"id":"a421fa4f-159f-42f6-b5b1-0d49f52a4085","block_type":"box","text":"Variable and floating rate securities provide for periodic adjustment in","page_number":41,"box":{"x":413,"y":196,"width":520,"height":12}},{"id":"e585d6de-8409-48a4-8aa1-451b9e443f3b","block_type":"box","text":"the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive","page_number":41,"box":{"x":60,"y":211,"width":808,"height":12}},{"id":"6538e9ca-8b73-434b-afed-66355aa25b17","block_type":"box","text":"to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do","page_number":41,"box":{"x":60,"y":227,"width":837,"height":12}},{"id":"60acf3f4-3a7f-48d7-84d4-fa19b3a3c18c","block_type":"box","text":"not reset as high, or as quickly, as comparable","page_number":41,"box":{"x":61,"y":242,"width":351,"height":12}},{"id":"6afacf4e-b776-44df-a287-adbef4c80a2f","block_type":"box","text":"market interest rates, and generally carry lower yields than","page_number":41,"box":{"x":413,"y":242,"width":440,"height":12}},{"id":"75160b18-c202-4ca4-859c-4783fe9c8164","block_type":"box","text":"fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline.","page_number":41,"box":{"x":60,"y":258,"width":843,"height":12}},{"id":"646861d4-eb3e-4696-9397-b4bbcd655db2","block_type":"box","text":"A decline in interest rates may result in a reduction in income received from variable and floating rate securities","page_number":41,"box":{"x":60,"y":273,"width":830,"height":12}},{"id":"64e169bd-45e4-4b38-af5c-7c456740fb05","block_type":"box","text":"held by the Fund and may adversely affect the value of the Fund’s shares. These securities may be subject to","page_number":41,"box":{"x":61,"y":289,"width":820,"height":12}},{"id":"892537c9-6c7e-4d10-a2dc-288c1a08d15e","block_type":"box","text":"greater illiquidity risk than other fixed-income securities, meaning the absence of an active market for these","page_number":41,"box":{"x":61,"y":304,"width":800,"height":12}},{"id":"25a8dd85-a734-4979-91ae-47e97bc2c652","block_type":"box","text":"securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities generally","page_number":41,"box":{"x":61,"y":320,"width":857,"height":12}},{"id":"8f33b45f-ab0c-4edb-aefa-3094963d4965","block_type":"box","text":"are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired","page_number":41,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"7e922177-ec3b-45fc-9d5e-1662b86edf44","block_type":"box","text":"when the Fund needs to liquidate such loans. Benchmark interest rates may not accurately track market interest","page_number":41,"box":{"x":60,"y":351,"width":838,"height":12}},{"id":"bea13a34-de42-4fe1-b020-3ce1eab8e383","block_type":"box","text":"rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject","page_number":41,"box":{"x":61,"y":366,"width":879,"height":12}},{"id":"321f70b8-9156-49d8-bd90-e3eb89680070","block_type":"box","text":"to credit risk and default risk, which could impair their value.","page_number":41,"box":{"x":60,"y":382,"width":449,"height":12}},{"id":"9556fec8-82f1-44ae-9550-2a80e9bdc9c7","block_type":"box","text":"Warrants Risk.","page_number":41,"box":{"x":62,"y":413,"width":121,"height":9}},{"id":"76b39c14-d153-48eb-9444-5613d70d342b","block_type":"box","text":"If the price of the underlying stock does not rise above the exercise price before the warrant expires,","page_number":41,"box":{"x":184,"y":413,"width":749,"height":12}},{"id":"ac15c645-da4f-4fbd-9e51-80bb9a888800","block_type":"box","text":"the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus,","page_number":41,"box":{"x":60,"y":428,"width":830,"height":12}},{"id":"11f4fe25-64fc-411b-aac8-a97aa6b6375f","block_type":"box","text":"investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade","page_number":41,"box":{"x":61,"y":444,"width":866,"height":12}},{"id":"ef46358c-362a-4a70-ac03-a37becf092f2","block_type":"box","text":"in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the","page_number":41,"box":{"x":61,"y":459,"width":863,"height":12}},{"id":"9861e70b-7cce-4e45-9958-dd3db4b84f58","block_type":"box","text":"price of the underlying stock.","page_number":41,"box":{"x":61,"y":475,"width":218,"height":12}},{"id":"df614d6b-a2d1-4726-bcf6-75b271cd669f","block_type":"box","text":"Zero Coupon Securities Risk.","page_number":41,"box":{"x":60,"y":506,"width":240,"height":12}},{"id":"c741ab0d-a97d-48d0-bf75-b0a07d2a5c7d","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities","page_number":41,"box":{"x":300,"y":506,"width":627,"height":12}},{"id":"ca446ffe-be87-4637-88eb-ffcfd7684b7e","block_type":"box","text":"are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":41,"box":{"x":61,"y":521,"width":855,"height":12}},{"id":"289a8e2f-ba70-4f12-906d-a5c097d5eb74","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned","page_number":41,"box":{"x":61,"y":537,"width":863,"height":12}},{"id":"c0c37dca-8649-49a2-9a31-f3c057f4a236","block_type":"box","text":"not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This","page_number":41,"box":{"x":61,"y":552,"width":860,"height":12}},{"id":"889c9b18-a50c-4153-b560-82298713e187","block_type":"box","text":"implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as","page_number":41,"box":{"x":61,"y":568,"width":861,"height":12}},{"id":"5c2a3d6d-9938-4891-b92c-c9d993f36788","block_type":"box","text":"high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at","page_number":41,"box":{"x":61,"y":583,"width":855,"height":12}},{"id":"babfdea7-7e0d-438f-b38b-c7438a0f445a","block_type":"box","text":"higher rates in the future. For this reason, some of these securities may be subject to substantially greater price","page_number":41,"box":{"x":61,"y":599,"width":832,"height":12}},{"id":"f8f18315-8e13-46f0-b6a0-de080e39a44b","block_type":"box","text":"fluctuations during periods of changing market interest rates than are comparable securities that pay interest","page_number":41,"box":{"x":60,"y":614,"width":811,"height":12}},{"id":"0fb1b76a-6ed0-44bd-a02b-d35829524cbd","block_type":"box","text":"currently. Longer term zero coupon bonds are more exposed","page_number":41,"box":{"x":61,"y":630,"width":457,"height":12}},{"id":"414db9ec-9bdf-4b84-8634-9bd3bb863fa5","block_type":"box","text":"to interest rate risk than shorter term zero coupon","page_number":41,"box":{"x":518,"y":630,"width":374,"height":12}},{"id":"4a309ca6-b2e6-450e-85de-c2c1f451b2f1","block_type":"box","text":"bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":41,"box":{"x":61,"y":645,"width":856,"height":12}},{"id":"0368277e-acae-41d2-8ff0-ceff78bd0570","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":41,"box":{"x":61,"y":661,"width":584,"height":12}},{"id":"355acba5-3981-43e4-8ba2-89528e0821e0","block_type":"box","text":"A Further Discussion of Other Risks","page_number":41,"box":{"x":60,"y":698,"width":354,"height":12}},{"id":"1325db58-53ba-462b-9e7f-cc9b5d3517f7","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":41,"box":{"x":60,"y":722,"width":837,"height":11}},{"id":"8b8f429b-31b7-4b10-9366-94776470bb77","block_type":"box","text":"strategies.","page_number":41,"box":{"x":61,"y":737,"width":75,"height":12}},{"id":"1b169246-1941-4c64-93fb-63c142e2b566","block_type":"box","text":"Borrowing Risk.","page_number":41,"box":{"x":61,"y":768,"width":127,"height":12}},{"id":"e322851b-9128-421c-8027-e34f3ed42c02","block_type":"box","text":"Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the","page_number":41,"box":{"x":195,"y":768,"width":727,"height":12}},{"id":"02972c79-bbaa-4249-9cf0-8bb1775f5356","block_type":"box","text":"Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the","page_number":41,"box":{"x":61,"y":783,"width":874,"height":12}},{"id":"a6d193ef-dfb4-4953-93f7-058161922aa3","block_type":"box","text":"Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":41,"box":{"x":61,"y":799,"width":837,"height":12}},{"id":"a163a497-333c-4e8e-b031-f9f3e8743935","block_type":"box","text":"satisfy its obligations.","page_number":41,"box":{"x":61,"y":814,"width":157,"height":12}},{"id":"8a5d4845-72a6-4a3b-83ba-cf75666512e0","block_type":"box","text":"Expense Risk.","page_number":41,"box":{"x":61,"y":846,"width":112,"height":11}},{"id":"746c75eb-367b-46fc-9bab-a0455aee9713","block_type":"box","text":"Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":41,"box":{"x":174,"y":845,"width":725,"height":12}},{"id":"dfc83ab2-4f80-4040-b570-4d9cf987b002","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":41,"box":{"x":60,"y":861,"width":872,"height":12}},{"id":"1cd8f436-5ee4-488e-bf27-23194846fb51","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":41,"box":{"x":61,"y":876,"width":851,"height":13}},{"id":"a5fc67bf-de69-4c48-8b1d-45a04c26aa30","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":41,"box":{"x":61,"y":892,"width":821,"height":12}},{"id":"3496e8a6-d7b6-49e9-bfd1-5c196b85d86c","block_type":"box","text":"significant.","page_number":41,"box":{"x":61,"y":907,"width":83,"height":13}},{"id":"bef0abc0-5935-4004-92c0-145022c552f5","block_type":"box","text":"24","page_number":41,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"6df7489e-cf29-4285-b482-08d74e1eed58","block_type":"box","text":"NM1026U-6042719-41/56","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6352e926-a30b-4486-9f5c-ab6ab509afab","block_type":"box","text":"Investment in Other Investment Companies Risk.","page_number":42,"box":{"x":61,"y":40,"width":390,"height":12}},{"id":"6794acd0-da64-49b0-bac8-e51bd02b69c6","block_type":"box","text":"As with other investments, investments in other investment","page_number":42,"box":{"x":452,"y":41,"width":448,"height":11}},{"id":"af37f4d2-51b2-4cb9-9ed0-aca0d99644ae","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":42,"box":{"x":61,"y":56,"width":825,"height":12}},{"id":"2dbb24ad-071e-4086-ab61-e9a9f5f7999c","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":42,"box":{"x":61,"y":71,"width":850,"height":13}},{"id":"6b6454b1-ef16-4c47-a49d-b9dedf18420e","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":42,"box":{"x":61,"y":87,"width":837,"height":12}},{"id":"3747977d-6b32-4786-85b5-1ede5828dac9","block_type":"box","text":"companies (to the extent not offset by BFA through waivers). To","page_number":42,"box":{"x":61,"y":102,"width":480,"height":13}},{"id":"9bbaf52d-d9f0-4a25-a62e-29f18a073267","block_type":"box","text":"the extent the Fund is held by an affiliated fund, the","page_number":42,"box":{"x":542,"y":102,"width":386,"height":13}},{"id":"9175ec6d-77f4-42af-950e-d33132276efd","block_type":"box","text":"ability of the Fund itself to hold other investment companies may be limited.","page_number":42,"box":{"x":61,"y":118,"width":564,"height":12}},{"id":"e9a3f870-91b5-4bca-877d-361cf4a352e0","block_type":"box","text":"Master Limited Partnerships Risk.","page_number":42,"box":{"x":61,"y":147,"width":275,"height":11}},{"id":"f55f2925-4320-4dcd-89df-079ff5210c6e","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally","page_number":42,"box":{"x":337,"y":146,"width":591,"height":12}},{"id":"133c37cc-dab6-4aeb-83cc-8480e7605900","block_type":"box","text":"in energy-related industries. MLPs are limited partnerships or limited liability companies taxable as partnerships.","page_number":42,"box":{"x":61,"y":162,"width":836,"height":12}},{"id":"62a4ec11-7ede-467d-b579-293f7949377b","block_type":"box","text":"MLPs may derive income and gains from the exploration, development, mining, production, processing, refining,","page_number":42,"box":{"x":61,"y":177,"width":837,"height":12}},{"id":"c683d91b-e16e-49eb-8710-7bd8242267e4","block_type":"box","text":"transportation (including pipelines transporting gas, oil or products thereof) or the marketing of any mineral or natural","page_number":42,"box":{"x":60,"y":193,"width":871,"height":12}},{"id":"e91497ca-7c3d-44e8-b75f-7a779adee4dc","block_type":"box","text":"resources. MLPs generally have two classes of owners, the general partner and limited partners. When investing in","page_number":42,"box":{"x":61,"y":208,"width":860,"height":12}},{"id":"588c07a5-872a-422e-b845-b9c289976dec","block_type":"box","text":"an MLP, the Fund intends to purchase publicly traded common units issued to limited partners of the MLP. The","page_number":42,"box":{"x":61,"y":224,"width":828,"height":12}},{"id":"81ec6d77-2bd5-4358-b669-d9e20c92ccba","block_type":"box","text":"general partner is typically owned by a major energy company, an investment fund or the direct management of the","page_number":42,"box":{"x":61,"y":239,"width":861,"height":12}},{"id":"10498474-22c0-4f2b-a703-593c743286e4","block_type":"box","text":"MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or","page_number":42,"box":{"x":61,"y":255,"width":838,"height":12}},{"id":"b43db18b-b6a9-40b2-bf02-e6e04fa7f8c1","block_type":"box","text":"publicly traded corporation or other entity.","page_number":42,"box":{"x":61,"y":271,"width":314,"height":11}},{"id":"8894d5e8-e8e7-45bf-a091-58356223a2a5","block_type":"box","text":"“New Issues” Risk.","page_number":42,"box":{"x":62,"y":299,"width":156,"height":9}},{"id":"babfe1fa-4f0a-46b3-80a4-45a5188e5b12","block_type":"box","text":"“New issues” are initial public offerings (“IPOs”) of equity securities. Investments in companies","page_number":42,"box":{"x":219,"y":299,"width":704,"height":12}},{"id":"1e1a5718-5087-4913-8e3f-34e846202e77","block_type":"box","text":"that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no","page_number":42,"box":{"x":60,"y":314,"width":840,"height":12}},{"id":"4c8acd88-1042-45ac-ae6f-4f6699d17400","block_type":"box","text":"assurance that the Fund will have access to profitable IPOs and therefore investors should not rely on these past","page_number":42,"box":{"x":61,"y":330,"width":843,"height":12}},{"id":"072cbce1-96b4-4721-91ab-93bdab0e2dac","block_type":"box","text":"gains as an indication of future performance. The investment performance of the Fund during periods when it is","page_number":42,"box":{"x":61,"y":345,"width":831,"height":12}},{"id":"03e20d41-11f1-4f8d-8d3b-1223b54d889c","block_type":"box","text":"unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In","page_number":42,"box":{"x":61,"y":361,"width":844,"height":12}},{"id":"61c1afbb-b01d-428c-b9dd-8fefaeff92c0","block_type":"box","text":"addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.","page_number":42,"box":{"x":61,"y":376,"width":823,"height":12}},{"id":"bb094343-8da8-4a83-b8f8-330d58e7a038","block_type":"box","text":"Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":42,"box":{"x":61,"y":392,"width":822,"height":12}},{"id":"6b39534e-24de-4dc3-af66-2327f38fc516","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be","page_number":42,"box":{"x":61,"y":407,"width":827,"height":12}},{"id":"6cdc230a-8e7c-4bad-a463-2934f0f7de1c","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may","page_number":42,"box":{"x":61,"y":423,"width":825,"height":12}},{"id":"b66f6d42-f4b3-4458-a278-69f6e47776b9","block_type":"box","text":"decline shortly after the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not","page_number":42,"box":{"x":61,"y":438,"width":872,"height":12}},{"id":"e08e3b44-c52e-464b-97a3-75a2f2886fed","block_type":"box","text":"be able to buy any shares at the offering price, or, if it is","page_number":42,"box":{"x":61,"y":454,"width":418,"height":12}},{"id":"47207fea-3bde-4c38-8fe9-35c53a6a31db","block_type":"box","text":"able to buy shares, it may not be able to buy as many shares","page_number":42,"box":{"x":479,"y":454,"width":458,"height":12}},{"id":"d35ab25a-b9ed-4b9f-ad2e-6f85b693b0a7","block_type":"box","text":"at the offering price as it would like.","page_number":42,"box":{"x":61,"y":469,"width":267,"height":12}},{"id":"70d009cf-d1c9-4a31-9c35-6f9652ce8357","block_type":"box","text":"Ownership Limitations Risk.","page_number":42,"box":{"x":62,"y":498,"width":222,"height":12}},{"id":"d4f1e5ce-03d5-4a9a-81de-a8e4c4703b15","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":42,"box":{"x":286,"y":498,"width":578,"height":12}},{"id":"869c2dc7-2dba-4e5a-9a8b-4f0c78ea6959","block_type":"box","text":"transactions undertaken by BFA, its affiliates or the Fund, or as a result of third-party transactions or actions by an issuer","page_number":42,"box":{"x":60,"y":513,"width":872,"height":12}},{"id":"bd0388e8-c5d3-4ddd-81a3-3f7152267287","block_type":"box","text":"or regulator, the ability of BFA and its affiliates on behalf of clients (including the Fund) to purchase or dispose of","page_number":42,"box":{"x":61,"y":529,"width":811,"height":12}},{"id":"53371dac-7621-4aaf-a78c-f858c3916da6","block_type":"box","text":"investments, exercise rights or undertake business transactions may be restricted by law, regulation or rule or otherwise","page_number":42,"box":{"x":61,"y":544,"width":866,"height":12}},{"id":"ba3ba83e-2a5a-4486-9e6a-74400867b675","block_type":"box","text":"impaired. The capacity of the Fund to invest in certain securities or other assets may be affected by the relevant threshold","page_number":42,"box":{"x":61,"y":560,"width":878,"height":12}},{"id":"3431e928-7532-43e8-aeba-6bf532d1eb52","block_type":"box","text":"limits, and such limitations may have adverse effects on the liquidity and performance of the Fund’s portfolio holdings.","page_number":42,"box":{"x":61,"y":575,"width":849,"height":12}},{"id":"a09f5c61-0cb7-490b-b979-8cef3cb84ffb","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or","page_number":42,"box":{"x":61,"y":604,"width":820,"height":12}},{"id":"60933d9e-7e8c-4441-b095-ac77257e042c","block_type":"box","text":"in certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject","page_number":42,"box":{"x":61,"y":619,"width":855,"height":12}},{"id":"e4d0bc4a-6643-4a3b-9a59-50da2d8bd3f0","block_type":"box","text":"to corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In certain","page_number":42,"box":{"x":60,"y":635,"width":881,"height":12}},{"id":"70927a16-e12b-45c9-b47c-fb10b1a1738a","block_type":"box","text":"circumstances, aggregate and/or fund-level amounts invested or voted by BFA and its affiliates for client funds and","page_number":42,"box":{"x":61,"y":650,"width":856,"height":12}},{"id":"142ef87b-4a06-4f8b-a57f-172c69388946","block_type":"box","text":"accounts managed by BFA (including the Fund) may not exceed the relevant limits without the grant of a license or","page_number":42,"box":{"x":61,"y":666,"width":853,"height":12}},{"id":"9dd3c634-a701-4ade-aed2-8eb6b0435e93","block_type":"box","text":"other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":42,"box":{"x":61,"y":681,"width":866,"height":12}},{"id":"b8318b7f-9aed-4010-8aba-a7c4b6d160f2","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":42,"box":{"x":61,"y":697,"width":856,"height":12}},{"id":"29ba118d-c1a4-4853-a1eb-62322311f157","block_type":"box","text":"notice. In other cases, exceeding such thresholds may cause BFA and its affiliates, the Fund or other client accounts","page_number":42,"box":{"x":61,"y":712,"width":866,"height":12}},{"id":"543c7646-ce99-418b-82b3-6e3d3b666aed","block_type":"box","text":"to suffer disadvantages or business restrictions.","page_number":42,"box":{"x":60,"y":728,"width":354,"height":12}},{"id":"85ac693b-fee7-4bbb-8ac4-fce821e80129","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted","page_number":42,"box":{"x":61,"y":756,"width":860,"height":12}},{"id":"92c7c8f7-bc26-40d1-aaf0-4123bcad4333","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":42,"box":{"x":61,"y":772,"width":854,"height":12}},{"id":"0342cc7f-2bb4-4a6c-aea1-aa094ca12bb2","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":42,"box":{"x":61,"y":787,"width":510,"height":12}},{"id":"2019a377-28ca-4410-9131-50c27c8505fd","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":42,"box":{"x":61,"y":815,"width":275,"height":12}},{"id":"b4a8ab13-1dd6-46b0-bf0f-b2e2ebb63cea","block_type":"box","text":"The Fund’s investments, payment obligations and financing terms may be","page_number":42,"box":{"x":342,"y":815,"width":548,"height":12}},{"id":"f7eaefa7-cf76-44d1-a774-fb15b82f1674","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":42,"box":{"x":61,"y":831,"width":825,"height":12}},{"id":"a74e602e-dac7-4121-a47e-5d771f056426","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":42,"box":{"x":60,"y":846,"width":813,"height":12}},{"id":"01f004db-4774-455b-a8da-57399e980f67","block_type":"box","text":"Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have","page_number":42,"box":{"x":61,"y":862,"width":870,"height":12}},{"id":"fcf5ba75-cb61-48d5-9757-a7df8bef8ec6","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":42,"box":{"x":61,"y":877,"width":860,"height":12}},{"id":"36ba644d-a0ca-4151-bf7a-005d59f9623c","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing","page_number":42,"box":{"x":61,"y":893,"width":880,"height":12}},{"id":"2debf3ea-d814-41a7-bd7d-6c2e4b58d245","block_type":"box","text":"adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s performance","page_number":42,"box":{"x":61,"y":908,"width":857,"height":12}},{"id":"6a329d68-de5c-4d56-a1dc-a0358e0b03eb","block_type":"box","text":"and/or net asset value.","page_number":42,"box":{"x":61,"y":924,"width":168,"height":10}},{"id":"47635643-ff9d-44b4-88ef-c2f0945f54d4","block_type":"box","text":"25","page_number":42,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"cf36523f-c3c5-4f17-aabf-9a918598c4fb","block_type":"box","text":"NM1026U-6042719-42/56","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ad78857b-301b-4e89-be9c-95170d91c540","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the","page_number":43,"box":{"x":62,"y":40,"width":838,"height":13}},{"id":"a01fcaae-fd5f-43d4-8f6f-d4a6a9c4b36c","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”) regulation","page_number":43,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"423bc75d-5fd5-4d57-bc87-02959dbeebd5","block_type":"box","text":"on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks","page_number":43,"box":{"x":61,"y":71,"width":801,"height":13}},{"id":"3f7c6160-f849-4770-886f-3df48cbebdd3","block_type":"box","text":"Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue of the EU","page_number":43,"box":{"x":61,"y":87,"width":835,"height":12}},{"id":"4f0682b0-52d9-46ce-8773-27e060360e92","block_type":"box","text":"(Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional","page_number":43,"box":{"x":61,"y":102,"width":883,"height":13}},{"id":"53edd77c-7dce-44ce-b745-d2baa21fb674","block_type":"box","text":"Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of","page_number":43,"box":{"x":61,"y":118,"width":876,"height":12}},{"id":"08d27466-6292-4d4c-a321-ebd65a9ad621","block_type":"box","text":"these reforms, the manner of administration of benchmarks has changed and may further change in the future, with","page_number":43,"box":{"x":60,"y":134,"width":862,"height":12}},{"id":"9c15fdfb-4320-47bf-bb7c-fb222638da2f","block_type":"box","text":"the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":43,"box":{"x":60,"y":149,"width":835,"height":12}},{"id":"ad376571-ea05-4f6c-81a9-464215fe0c7b","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be","page_number":43,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"fa206140-7ed1-4906-b609-58107087e00f","block_type":"box","text":"eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments","page_number":43,"box":{"x":61,"y":180,"width":861,"height":12}},{"id":"915d75f6-7921-4e83-9975-f45ab2c8721a","block_type":"box","text":"that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be","page_number":43,"box":{"x":60,"y":196,"width":863,"height":12}},{"id":"3b4bde07-074e-4290-9b73-baa2690688cd","block_type":"box","text":"predicted.","page_number":43,"box":{"x":61,"y":211,"width":78,"height":12}},{"id":"5500db73-8b9b-434e-9096-8b3ee511fe0e","block_type":"box","text":"Reliance on Advisor Risk","page_number":43,"box":{"x":61,"y":240,"width":202,"height":9}},{"id":"fb9eae21-0395-4471-a0a5-dd1f8a883872","block_type":"box","text":". The Fund is dependent upon services and resources provided by BFA, and therefore","page_number":43,"box":{"x":264,"y":239,"width":644,"height":12}},{"id":"3969b55f-53b0-438b-9b3a-3f3f75c6324f","block_type":"box","text":"BFA’s parent, BlackRock, Inc. BFA is not required to devote its full time to the business of the Fund and there is no","page_number":43,"box":{"x":61,"y":255,"width":857,"height":12}},{"id":"d5375833-5c5a-4407-a892-d487cd9110c2","block_type":"box","text":"guarantee or requirement that any investment professional or other employee of BFA will allocate a substantial portion","page_number":43,"box":{"x":61,"y":270,"width":882,"height":12}},{"id":"2d6d83e9-8af5-46d9-a15e-e8b65a6235aa","block_type":"box","text":"of his or her time to the Fund. The loss of, or changes in, BFA’s personnel could have a negative effect on the","page_number":43,"box":{"x":61,"y":286,"width":820,"height":12}},{"id":"d0d3d7d7-9914-46a3-9e6f-fe32eeeabc4b","block_type":"box","text":"performance or the continued operation of the Fund.","page_number":43,"box":{"x":61,"y":301,"width":393,"height":12}},{"id":"874eba34-e530-43d1-a591-4b2f33060cb0","block_type":"box","text":"Restricted Securities Risk","page_number":43,"box":{"x":61,"y":330,"width":208,"height":9}},{"id":"c8240947-0442-464c-95f9-f947f24f97c9","block_type":"box","text":".","page_number":43,"box":{"x":269,"y":337,"width":2,"height":2}},{"id":"14a6090a-af1a-46fe-ba20-4a34337aedea","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of restricted","page_number":43,"box":{"x":273,"y":330,"width":659,"height":12}},{"id":"5c563936-cd2c-4e4d-97ea-c3758e831200","block_type":"box","text":"securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund from","page_number":43,"box":{"x":61,"y":345,"width":822,"height":12}},{"id":"b5c20418-1303-42cf-aa00-0608969973fa","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":43,"box":{"x":61,"y":361,"width":859,"height":12}},{"id":"904455bc-624f-4877-aab9-411f672c6649","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":43,"box":{"x":61,"y":376,"width":854,"height":12}},{"id":"86cd6bbb-54d6-4c3a-b7b8-e56f003be198","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":43,"box":{"x":61,"y":392,"width":851,"height":12}},{"id":"0e08fd52-96cd-4c03-aa0b-a3c10d8c49ea","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":43,"box":{"x":60,"y":407,"width":843,"height":12}},{"id":"db5bd169-ad22-4cbe-be31-08a9edf82b38","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":43,"box":{"x":61,"y":423,"width":832,"height":12}},{"id":"7ef2d69c-bf06-49f3-86e3-627b650491cf","block_type":"box","text":"regarding the investment’s market or fair value, and the securities’ values may have significant volatility. 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Certain restricted securities may represent limited investment opportunities","page_number":43,"box":{"x":61,"y":500,"width":856,"height":12}},{"id":"4359cee1-108e-4e69-9eb9-5de5f81e4645","block_type":"box","text":"and each shareholder’s proportionate investment exposure to such limited investment opportunities may be reduced","page_number":43,"box":{"x":61,"y":516,"width":867,"height":12}},{"id":"18705a7c-00ec-4a73-8e79-c87bb1a81363","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by other","page_number":43,"box":{"x":61,"y":531,"width":809,"height":12}},{"id":"861b7e0e-2d8e-4115-ac32-e5d1fb51a81f","block_type":"box","text":"shareholders.","page_number":43,"box":{"x":61,"y":547,"width":106,"height":9}},{"id":"8bb6391c-1c4b-4eeb-aa16-795b3bf1336d","block_type":"box","text":"Securities Lending Risk.","page_number":43,"box":{"x":61,"y":575,"width":193,"height":12}},{"id":"d9bb765e-9d64-4c30-a288-e3815e88a22a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":43,"box":{"x":256,"y":575,"width":658,"height":12}},{"id":"9033ab02-0a56-4a0c-8ecd-3f572e3865aa","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or","page_number":43,"box":{"x":61,"y":591,"width":883,"height":12}},{"id":"e69a36fc-2b93-4761-811c-14363ef5c1d8","block_type":"box","text":"at all. The Fund could also lose money in the event of","page_number":43,"box":{"x":61,"y":606,"width":402,"height":12}},{"id":"9ca4a5ae-cfe5-4e24-a376-3993bb46463f","block_type":"box","text":"a decline in the value of collateral provided for loaned securities","page_number":43,"box":{"x":464,"y":606,"width":477,"height":12}},{"id":"aa1e3f93-5ff7-4628-a7f1-2686f41fd7c3","block_type":"box","text":"or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax","page_number":43,"box":{"x":61,"y":622,"width":855,"height":12}},{"id":"783337d9-e8f6-47c4-8503-2a275d9ce920","block_type":"box","text":"consequences for the Fund.","page_number":43,"box":{"x":61,"y":637,"width":212,"height":12}},{"id":"0621ce72-fb8b-4b9d-a923-a31b1458ed2c","block_type":"box","text":"Valuation Risk.","page_number":43,"box":{"x":62,"y":666,"width":118,"height":9}},{"id":"d4bdcb83-3b4c-4251-bef3-92a59bf8699c","block_type":"box","text":"The price the Fund could receive upon the sale of a security or other asset may differ from the","page_number":43,"box":{"x":186,"y":666,"width":698,"height":12}},{"id":"392366f4-357e-4c7c-b4da-159e98f20b4f","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or","page_number":43,"box":{"x":61,"y":681,"width":848,"height":12}},{"id":"edcd40cf-eddb-4382-af2f-e04499762ce8","block_type":"box","text":"volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other","page_number":43,"box":{"x":60,"y":697,"width":816,"height":12}},{"id":"e3840ada-a225-4686-a02c-b4053716ef7e","block_type":"box","text":"reasons. Because non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of","page_number":43,"box":{"x":61,"y":712,"width":857,"height":12}},{"id":"9a164059-9e80-4d5c-9baa-fe654bb3b196","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders","page_number":43,"box":{"x":60,"y":728,"width":855,"height":12}},{"id":"a16842b8-0dc7-4adc-a5fc-9362a815bcbd","block_type":"box","text":"will not be able to purchase or sell the Fund’s shares.","page_number":43,"box":{"x":60,"y":743,"width":395,"height":12}},{"id":"e6222a7a-fc9a-480b-bc51-5d88f13df2ad","block_type":"box","text":"Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities","page_number":43,"box":{"x":60,"y":771,"width":876,"height":13}},{"id":"69760df1-60cc-4eb3-8462-5ded9470d44f","block_type":"box","text":"may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the","page_number":43,"box":{"x":61,"y":787,"width":854,"height":12}},{"id":"a5e3a563-1615-443f-bc91-8bac71e36ba9","block_type":"box","text":"Fund not fair-valued securities or other instruments or used a different valuation methodology. The Fund’s ability to","page_number":43,"box":{"x":61,"y":802,"width":852,"height":13}},{"id":"4cf1cdfe-87a6-4f36-a440-9c62b8d6c8b7","block_type":"box","text":"value investments may be impacted by technological issues or errors by pricing services or other third-party service","page_number":43,"box":{"x":60,"y":818,"width":858,"height":12}},{"id":"1df954d5-e7ef-4bb8-919a-d631be8c9436","block_type":"box","text":"providers.","page_number":43,"box":{"x":61,"y":834,"width":78,"height":11}},{"id":"441082e9-90fe-48bd-a6a5-e3263737712a","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk.","page_number":43,"box":{"x":62,"y":862,"width":629,"height":12}},{"id":"cd2c14e8-7d5b-4342-bd29-6f234affd5de","block_type":"box","text":"When-issued and","page_number":43,"box":{"x":692,"y":862,"width":140,"height":9}},{"id":"a0c21da9-f312-440e-b5e8-075ebae5f5d8","block_type":"box","text":"delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value","page_number":43,"box":{"x":61,"y":877,"width":859,"height":12}},{"id":"2e07169a-9719-4dba-b047-ff498cba67ac","block_type":"box","text":"prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction","page_number":43,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"aabb314e-569a-497d-af89-24836a18b73f","block_type":"box","text":"will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set","page_number":43,"box":{"x":60,"y":908,"width":829,"height":12}},{"id":"fc204d54-e7ab-42e6-868f-e396bccbaccf","block_type":"box","text":"aside to pay for the security and any gain in the security’s price.","page_number":43,"box":{"x":61,"y":924,"width":471,"height":12}},{"id":"31f11c56-51a6-4a38-a730-fa5c46205edb","block_type":"box","text":"26","page_number":43,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"d3ac2644-cd70-4491-82e2-c80bcf37639a","block_type":"box","text":"NM1026U-6042719-43/56","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3043ef94-d116-4bc4-bfc0-8d61927b67db","block_type":"box","text":"Portfolio Holdings Information","page_number":44,"box":{"x":62,"y":42,"width":292,"height":15}},{"id":"7f9b130c-50d3-44b9-9a04-ccf9d4cebacc","block_type":"box","text":"A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is","page_number":44,"box":{"x":60,"y":65,"width":867,"height":12}},{"id":"54bbcce9-bbc0-4838-b927-8eeb616dc7db","block_type":"box","text":"available in the Fund’s Statement of Additional Information (“SAI”). The Fund discloses its portfolio holdings daily at","page_number":44,"box":{"x":61,"y":81,"width":860,"height":12}},{"id":"7abebdbe-2148-4bd5-a0d1-37b1f7eaaa27","block_type":"box","text":"www.blackrock.com. Fund fact sheets providing information regarding the Fund’s top holdings are posted on","page_number":44,"box":{"x":60,"y":96,"width":810,"height":12}},{"id":"20914dbe-9a2a-4914-84fb-e87fe92498f2","block_type":"box","text":"www.blackrock.com when available and may be requested by calling 1-800-474-2737.","page_number":44,"box":{"x":60,"y":112,"width":645,"height":12}},{"id":"aac152e1-a583-4269-b086-327a474369ae","block_type":"box","text":"Management","page_number":44,"box":{"x":62,"y":150,"width":132,"height":16}},{"id":"2267dfd1-09dd-4edf-8ccc-50cbbde57d8a","block_type":"box","text":"Investment Adviser.","page_number":44,"box":{"x":61,"y":174,"width":158,"height":9}},{"id":"2ff06401-b893-4fa6-a37c-ae9f53f337af","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and","page_number":44,"box":{"x":220,"y":174,"width":653,"height":12}},{"id":"0c7bdad1-911c-4882-92cb-617d83d075ed","block_type":"box","text":"administration of the Fund. BFA provides an investment program for the Fund and manages the investment of the","page_number":44,"box":{"x":61,"y":189,"width":849,"height":12}},{"id":"6557dcd3-cf6f-4472-bc8b-e01c2540f679","block_type":"box","text":"Fund’s assets. In managing the Fund, BFA may draw upon the research and expertise of its asset management","page_number":44,"box":{"x":61,"y":205,"width":835,"height":12}},{"id":"3304d227-231a-49d7-b785-df7ffc69b6d7","block_type":"box","text":"affiliates with respect to certain portfolio securities. In seeking to achieve the Fund’s investment objective, BFA uses","page_number":44,"box":{"x":61,"y":220,"width":865,"height":12}},{"id":"303b2acf-748b-4947-aae5-df2a34992043","block_type":"box","text":"teams of portfolio managers, investment strategists and other investment specialists. This team approach brings","page_number":44,"box":{"x":60,"y":236,"width":839,"height":12}},{"id":"2291b936-5afe-4d91-a391-f9f5eb105e3d","block_type":"box","text":"together many disciplines and leverages BFA’s extensive resources.","page_number":44,"box":{"x":60,"y":251,"width":514,"height":12}},{"id":"02fce8e4-efa7-4b35-921f-060b92c58b87","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Fund), BFA","page_number":44,"box":{"x":61,"y":283,"width":882,"height":12}},{"id":"ded8864c-9016-456c-a11f-f4e5f0edf9cc","block_type":"box","text":"is responsible for substantially all expenses of the Fund, except the management fees, interest expenses, taxes,","page_number":44,"box":{"x":61,"y":299,"width":839,"height":12}},{"id":"98e071c6-5871-45c3-a741-c3d5243c0a98","block_type":"box","text":"expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":44,"box":{"x":61,"y":314,"width":864,"height":12}},{"id":"87b3b361-3136-453e-9402-6833c02a1c2c","block_type":"box","text":"transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any","page_number":44,"box":{"x":60,"y":330,"width":790,"height":12}},{"id":"fead81c3-30c4-4785-9022-94b00a00020a","block_type":"box","text":"extraordinary expenses (as determined by a majority of the Trustees who are not “interested persons” of the Trust).","page_number":44,"box":{"x":61,"y":345,"width":860,"height":12}},{"id":"f5bf7993-7a20-4e40-9be3-8c5ad49fc98a","block_type":"box","text":"For its investment advisory services to the Fund, BFA will be paid a management fee by the Fund, based on a","page_number":44,"box":{"x":61,"y":377,"width":822,"height":12}},{"id":"aa50d7b8-beab-475c-8e9c-feb8622557dc","block_type":"box","text":"percentage of the Fund’s average daily net assets, at an annual rate of 0.85%.","page_number":44,"box":{"x":61,"y":392,"width":588,"height":13}},{"id":"d09996f5-f32f-45f7-9620-31fa8cf90f93","block_type":"box","text":"BFA has entered into a sub-advisory agreement with each Sub-Adviser, each an affiliate of BFA, under which BFA","page_number":44,"box":{"x":61,"y":424,"width":854,"height":12}},{"id":"dca97dce-9488-4168-93d4-75630e08f4c2","block_type":"box","text":"pays each Sub-Adviser for services it provides for that portion of the Fund for which it acts as sub-adviser a monthly","page_number":44,"box":{"x":61,"y":440,"width":865,"height":12}},{"id":"5942592d-5573-4644-af27-fb5da478b9d3","block_type":"box","text":"fee at an annual rate equal to a percentage of the management fee paid to BFA under the Investment Advisory","page_number":44,"box":{"x":60,"y":455,"width":829,"height":12}},{"id":"491699d1-6e83-41cc-b1a2-732fbc94b7bb","block_type":"box","text":"Agreement.","page_number":44,"box":{"x":60,"y":471,"width":92,"height":12}},{"id":"9d7d9850-7054-4db6-8b12-aa56fe2fb2b5","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees by an amount equal to the aggregate","page_number":44,"box":{"x":61,"y":502,"width":821,"height":13}},{"id":"1788a7c4-b242-4a03-bfe0-5ed3c63ca5fc","block_type":"box","text":"Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income","page_number":44,"box":{"x":60,"y":518,"width":860,"height":12}},{"id":"58ef71d1-2f8b-489c-bbdf-989ed8d3f17d","block_type":"box","text":"mutual funds and ETFs advised by BFA or its affiliates through","page_number":44,"box":{"x":61,"y":534,"width":470,"height":12}},{"id":"76dea7ca-863b-4355-81d7-c133f35e1a25","block_type":"box","text":"June 30, 2028. BFA has also contractually agreed to","page_number":44,"box":{"x":531,"y":534,"width":395,"height":12}},{"id":"7d2cc8df-fcf7-4586-aaab-f03047b639ef","block_type":"box","text":"waive a portion of its management fees by an amount equal to the aggregate Acquired Fund Fees and Expenses, if","page_number":44,"box":{"x":60,"y":549,"width":863,"height":12}},{"id":"d2654a6f-3edd-4ee2-a68a-a0f142417841","block_type":"box","text":"any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30,","page_number":44,"box":{"x":61,"y":565,"width":867,"height":12}},{"id":"bdcb378c-f5ef-4c02-94c1-c7e9f225e4d1","block_type":"box","text":"2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the","page_number":44,"box":{"x":61,"y":580,"width":840,"height":12}},{"id":"76c78a36-1a10-4389-aff7-4e8ba51b15e3","block_type":"box","text":"non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":44,"box":{"x":61,"y":596,"width":814,"height":12}},{"id":"d9321ac4-e101-47be-9de9-67e5febde407","block_type":"box","text":"BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual","page_number":44,"box":{"x":61,"y":627,"width":882,"height":12}},{"id":"02c7c560-cf7f-411a-b2c3-f66b5a0e7b3a","block_type":"box","text":"fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or","page_number":44,"box":{"x":60,"y":643,"width":803,"height":12}},{"id":"4b47ecfe-09ae-4888-95be-a0cb7e416c1a","block_type":"box","text":"reimbursement may be eliminated by BFA at any time.","page_number":44,"box":{"x":61,"y":658,"width":409,"height":12}},{"id":"2a83884c-20cd-4284-aa93-776c56b895b9","block_type":"box","text":"BFA is located at 400 Howard Street, San Francisco, CA 94105. It is an indirect majority-owned subsidiary of","page_number":44,"box":{"x":61,"y":690,"width":809,"height":12}},{"id":"10107a39-da09-4549-b198-eea80bcb6efd","block_type":"box","text":"BlackRock, Inc. (“BlackRock”). As of June 30, 2026, BFA and its affiliates provided investment advisory services for","page_number":44,"box":{"x":61,"y":706,"width":857,"height":12}},{"id":"ef90a5df-0a7a-4ab5-9b02-39e5a9a61e10","block_type":"box","text":"assets of approximately $15.3 trillion. BlackRock Asset Management North Asia Limited (“BNA”) is an investment","page_number":44,"box":{"x":61,"y":720,"width":840,"height":13}},{"id":"9fa3a3dd-ecc9-4155-9144-aad38eebfe4f","block_type":"box","text":"adviser located in Hong Kong at 16/F, 2 Queen’s Road Central, Cheung Kong Center, Hong Kong. BNA is a","page_number":44,"box":{"x":61,"y":737,"width":801,"height":12}},{"id":"78d2cdf6-d1b8-4702-be82-1baf8d5c5f95","block_type":"box","text":"registered investment adviser organized in 1988. BlackRock (Singapore) Limited (“BSL”) is an investment adviser","page_number":44,"box":{"x":61,"y":752,"width":842,"height":12}},{"id":"56016da7-423e-4529-92ea-31b420aac634","block_type":"box","text":"located in Singapore at 20 Anson Road #18-01, 079912 Singapore. BSL is a registered investment adviser organized","page_number":44,"box":{"x":61,"y":768,"width":870,"height":12}},{"id":"400ea6bf-4bd4-4216-906c-369943d8577e","block_type":"box","text":"in 2000. BFA, the Sub-Advisers, and their affiliates trade and invest for their own accounts in the actual securities and","page_number":44,"box":{"x":61,"y":783,"width":872,"height":11}},{"id":"91c5110c-59b9-497b-8137-eb3742211d47","block_type":"box","text":"types of securities in which the Fund may also invest, which may affect the price of such securities.","page_number":44,"box":{"x":60,"y":799,"width":734,"height":12}},{"id":"06b7d52d-71ad-4027-92cc-b63a141c4141","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA and","page_number":44,"box":{"x":60,"y":830,"width":864,"height":13}},{"id":"1b76bb0d-1400-4886-a024-f46bd3435405","block_type":"box","text":"the sub-advisory agreements between BFA and the Sub-Advisers will be available in the Fund’s first report filed on","page_number":44,"box":{"x":60,"y":846,"width":856,"height":12}},{"id":"bf6bac4c-3ef8-4b4f-afbf-32ee411a6883","block_type":"box","text":"Form N-CSR following the commencement of operations.","page_number":44,"box":{"x":61,"y":861,"width":430,"height":13}},{"id":"42f74852-ae42-4863-9271-70a6093b7062","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":44,"box":{"x":61,"y":893,"width":880,"height":12}},{"id":"f37b033d-f0ce-4917-98e7-e4c25e43fcb0","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":44,"box":{"x":61,"y":909,"width":876,"height":12}},{"id":"87471b6c-222a-4518-bc40-b72a89029c04","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":44,"box":{"x":60,"y":924,"width":870,"height":12}},{"id":"13a86ce7-46f3-4577-86c2-5ed09a8777af","block_type":"box","text":"27","page_number":44,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"1a375bc9-5726-4bdb-9bce-092b82fd39be","block_type":"box","text":"NM1026U-6042719-44/56","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bdfe6391-a55a-4527-a516-24ae10057297","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":45,"box":{"x":61,"y":41,"width":881,"height":12}},{"id":"f98af2fb-c0af-409f-89db-b2d136b445af","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied","page_number":45,"box":{"x":61,"y":56,"width":865,"height":12}},{"id":"bf8a4069-c4cb-45f8-94f0-686f07178d9a","block_type":"box","text":"on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":45,"box":{"x":61,"y":71,"width":877,"height":13}},{"id":"8f16b366-d0a8-4ebd-8f5c-7ba4ea9c0d30","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":45,"box":{"x":61,"y":87,"width":479,"height":12}},{"id":"8e6da69b-a028-40d5-be0f-04998859641a","block_type":"box","text":"BFA has been granted relief from the SEC that permits BFA, subject to Board approval, to hire, terminate and replace","page_number":45,"box":{"x":61,"y":117,"width":878,"height":12}},{"id":"37b087ef-63f1-407e-8fb7-edcc37bcaca6","block_type":"box","text":"sub-advisers for the Fund, and to amend sub-advisory agreements between BFA and sub-advisers with respect to the","page_number":45,"box":{"x":61,"y":132,"width":881,"height":12}},{"id":"40ea8b23-78fb-44e8-8d55-a5dc166ec0a5","block_type":"box","text":"Fund without obtaining shareholder approval. If a new sub-adviser is retained for the Fund or a sub-advisory","page_number":45,"box":{"x":61,"y":148,"width":808,"height":12}},{"id":"541e2c1d-3996-4a54-8e2e-c208b8adc352","block_type":"box","text":"agreement is materially amended, shareholders will receive notice of such action. The relief does not extend to any","page_number":45,"box":{"x":61,"y":163,"width":859,"height":12}},{"id":"7fb8e01c-1f47-49bb-ab02-d42f4b6cf011","block_type":"box","text":"increase in the advisory fee paid by the Fund to BFA; any such increase would be subject to the approval of Fund","page_number":45,"box":{"x":61,"y":179,"width":848,"height":12}},{"id":"ea19f427-c51c-4e1e-acf3-c33c43d4b093","block_type":"box","text":"shareholders.","page_number":45,"box":{"x":61,"y":194,"width":106,"height":10}},{"id":"b8b8f566-22e7-4dde-97f7-f78ba61cbae3","block_type":"box","text":"Portfolio Managers.","page_number":45,"box":{"x":61,"y":224,"width":155,"height":12}},{"id":"a76fdf6a-4be0-40b0-8eeb-4735590bd697","block_type":"box","text":"Philip Green, Thomas Becker, Michael Pensky, CFA, and Richard Murrall, CFA are jointly and","page_number":45,"box":{"x":217,"y":224,"width":708,"height":12}},{"id":"d1644c0d-34be-466e-8841-ea66bdc2ffcd","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund.","page_number":45,"box":{"x":61,"y":239,"width":492,"height":12}},{"id":"e8efd55f-d63b-4e09-8b4b-42e374e3ef8c","block_type":"box","text":"Philip Green has been with BlackRock since 1999 including his years with Merrill Lynch Investment Managers (MLIM),","page_number":45,"box":{"x":61,"y":269,"width":882,"height":12}},{"id":"d8c3c6eb-43d3-4861-a44c-eb7fd9fecb5c","block_type":"box","text":"which merged with BlackRock in 2006. Mr. Green has been employed by BFA or its affiliates as a portfolio manager","page_number":45,"box":{"x":60,"y":284,"width":865,"height":13}},{"id":"0eedeff5-0247-4cd6-9c55-9027ca31a4b8","block_type":"box","text":"since 2006 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":300,"width":589,"height":12}},{"id":"dc13e9ad-ee81-4012-81c4-a2a99c646872","block_type":"box","text":"Thomas Becker has been with BlackRock since 2010. Thomas Becker has been employed by BFA or its affiliates as","page_number":45,"box":{"x":60,"y":330,"width":870,"height":12}},{"id":"d05efc66-6191-45f5-8eb5-d240196cb867","block_type":"box","text":"a portfolio manager since 2010 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":345,"width":738,"height":12}},{"id":"03106386-bb99-45eb-bc03-34bded2f32fd","block_type":"box","text":"Michael Pensky, CFA has been with BlackRock since 2012. Michael Pensky, CFA has been employed by BFA or its","page_number":45,"box":{"x":61,"y":375,"width":866,"height":12}},{"id":"e2490e37-b1f5-41be-ab5a-490c62c2ddc3","block_type":"box","text":"affiliates as a portfolio manager since 2012 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":390,"width":827,"height":12}},{"id":"860f4eed-6a22-4049-883f-e15dadf4cce8","block_type":"box","text":"Richard Murrall, CFA has been with BlackRock since 2010. Richard Murrall, CFA has been employed by BFA or its","page_number":45,"box":{"x":61,"y":420,"width":859,"height":12}},{"id":"44814d29-53eb-465c-a838-df179b666c12","block_type":"box","text":"affiliates as a portfolio manager since 2017 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":435,"width":827,"height":13}},{"id":"6b25470e-c461-4d8b-81c7-e24ed6b2a004","block_type":"box","text":"The Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed","page_number":45,"box":{"x":60,"y":465,"width":882,"height":12}},{"id":"aa4ac6b8-892d-434b-bf81-1267ac7e4dac","block_type":"box","text":"by the Portfolio Managers and the Portfolio Managers’ ownership (if any) of shares in the Fund.","page_number":45,"box":{"x":61,"y":481,"width":711,"height":12}},{"id":"a26c0877-02d4-4d3d-9ba3-ec3e58bdc7a4","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":45,"box":{"x":60,"y":510,"width":365,"height":12}},{"id":"9a6f753d-61ce-4aea-bcb9-ac3aeeb6b883","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) is the","page_number":45,"box":{"x":426,"y":510,"width":455,"height":12}},{"id":"b4c035ee-885e-4d56-b341-c4a6910cf5a5","block_type":"box","text":"administrator, custodian and transfer agent for the Fund.","page_number":45,"box":{"x":61,"y":526,"width":424,"height":12}},{"id":"0b651b50-3330-42fa-b83d-0da82d4d3b46","block_type":"box","text":"Conflicts of Interest.","page_number":45,"box":{"x":61,"y":555,"width":167,"height":10}},{"id":"87d16d34-0ad7-45d8-8320-da2f85c75402","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries","page_number":45,"box":{"x":228,"y":555,"width":674,"height":13}},{"id":"a9603745-03ab-4f59-964d-55d0aa35cb40","block_type":"box","text":"(collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts","page_number":45,"box":{"x":61,"y":571,"width":855,"height":12}},{"id":"6d53cf03-e76b-4518-85ce-0d79050a7a7f","block_type":"box","text":"and other accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":45,"box":{"x":61,"y":586,"width":808,"height":13}},{"id":"a5076f1b-e4af-41cd-b1a3-7fd13a56b997","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":45,"box":{"x":61,"y":616,"width":836,"height":12}},{"id":"b1e82051-e803-4e96-b33d-968772759eb0","block_type":"box","text":"activities and in the ordinary course of business may engage","page_number":45,"box":{"x":61,"y":632,"width":455,"height":12}},{"id":"54c8da14-d52f-4329-ad6e-c998d7d8bec2","block_type":"box","text":"in activities in which their interests or the interests of","page_number":45,"box":{"x":517,"y":632,"width":392,"height":9}},{"id":"c9d035a8-ba2e-4023-8f11-2b8e96128d78","block_type":"box","text":"other clients may conflict with those of the Fund. 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BFA and its Affiliates may have other direct and indirect interests","page_number":45,"box":{"x":60,"y":678,"width":877,"height":12}},{"id":"480ce95d-1f4c-49f4-9097-7f46b94a34cb","block_type":"box","text":"in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or indirectly invest.","page_number":45,"box":{"x":61,"y":694,"width":871,"height":12}},{"id":"7faa02d9-98d2-4f2a-938d-b9659bf4f7f0","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment","page_number":45,"box":{"x":61,"y":723,"width":850,"height":12}},{"id":"e878edb1-57a0-4e1b-90ad-3726f273d93b","block_type":"box","text":"objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or similar types","page_number":45,"box":{"x":61,"y":739,"width":876,"height":12}},{"id":"9147f8df-2306-4805-9292-27b2278ae5c3","block_type":"box","text":"of securities, currencies and other assets as are held by the Fund. This may include transactions in securities issued","page_number":45,"box":{"x":61,"y":754,"width":863,"height":12}},{"id":"8a284dc1-97f1-4a54-aa8b-95ff95039d1d","block_type":"box","text":"by other open-end and closed-end investment companies, including investment companies that are affiliated with the","page_number":45,"box":{"x":61,"y":770,"width":867,"height":12}},{"id":"81ef30ba-f52f-434c-9b95-d6f0b232e4a5","block_type":"box","text":"Fund and BFA, to the extent permitted under the Investment Company Act. The trading activities of BFA and its","page_number":45,"box":{"x":61,"y":785,"width":827,"height":12}},{"id":"0d888ff7-590f-4178-a444-afb68db1e74c","block_type":"box","text":"Affiliates are carried out without reference to positions held directly or indirectly by the Fund. 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The Fund may also invest in issuances (such as debt","page_number":45,"box":{"x":61,"y":877,"width":816,"height":12}},{"id":"7793245b-3492-4d9d-8d3c-2c2ec794ea97","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":45,"box":{"x":61,"y":892,"width":872,"height":13}},{"id":"1433f1a6-6794-47a3-8e86-2697b0ddd7c0","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":45,"box":{"x":61,"y":908,"width":869,"height":12}},{"id":"9c7442c1-bcb8-4462-9a42-a8b8bea2ab49","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":45,"box":{"x":61,"y":924,"width":454,"height":12}},{"id":"c2462363-90ab-4173-ac47-906979db203e","block_type":"box","text":"28","page_number":45,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"e825a9c9-ae25-44a6-aa72-d7c6845ba2a7","block_type":"box","text":"NM1026U-6042719-45/56","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"61a1aebd-5db8-4f0e-a932-9fc7a5056c9f","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":46,"box":{"x":60,"y":40,"width":869,"height":13}},{"id":"e0f10e43-06f3-4523-b7ef-914402536636","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":46,"box":{"x":60,"y":56,"width":584,"height":12}},{"id":"0bf2dcf6-f2f7-47a1-a01f-3902809d4493","block_type":"box","text":"Neither BFA nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the","page_number":46,"box":{"x":61,"y":84,"width":849,"height":13}},{"id":"cf47d4b2-8659-478e-b2c2-9468b1b01703","block_type":"box","text":"Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the","page_number":46,"box":{"x":61,"y":100,"width":871,"height":12}},{"id":"310f64f1-7565-4a1d-ae6c-5030a31be9f4","block_type":"box","text":"Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":46,"box":{"x":61,"y":115,"width":844,"height":13}},{"id":"fe8bf867-28be-4c6b-8594-06e97b3b47a1","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":46,"box":{"x":60,"y":131,"width":837,"height":12}},{"id":"8bbafba9-f736-46f2-92f9-13d89a371cb2","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":46,"box":{"x":61,"y":146,"width":822,"height":13}},{"id":"683a929f-a8d1-4839-b500-f751ea6aa939","block_type":"box","text":"In addition, the Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or","page_number":46,"box":{"x":62,"y":175,"width":869,"height":12}},{"id":"eebf59d8-1549-453f-bf95-01565851d659","block_type":"box","text":"clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions undertaken by","page_number":46,"box":{"x":61,"y":190,"width":862,"height":12}},{"id":"61749f94-e1d0-4b51-83e5-24c80232545e","block_type":"box","text":"BFA or an Affiliate or their directors, officers, employees or clients.","page_number":46,"box":{"x":61,"y":206,"width":497,"height":12}},{"id":"f429d16c-86ce-40ec-a4ae-5c0e60b7ccd6","block_type":"box","text":"From time to time, BFA or its advisory clients (including other funds and accounts) may, subject to compliance with","page_number":46,"box":{"x":61,"y":234,"width":856,"height":12}},{"id":"664e9578-db6e-46d4-942a-30e31dad3e5f","block_type":"box","text":"applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases) expense","page_number":46,"box":{"x":61,"y":250,"width":863,"height":12}},{"id":"d1f4528c-09e3-441a-bb04-c2da4cf1a710","block_type":"box","text":"ratio of the Fund may be impacted by purchases and sales of the Fund by BFA or its advisory clients.","page_number":46,"box":{"x":61,"y":265,"width":756,"height":12}},{"id":"0aff3250-87a7-4f71-ae97-6fb052e873f4","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies","page_number":46,"box":{"x":60,"y":294,"width":881,"height":12}},{"id":"e4d330c1-dac3-4ad2-9c6b-666fd0497cde","block_type":"box","text":"designed to comply with such restrictions.","page_number":46,"box":{"x":61,"y":309,"width":314,"height":12}},{"id":"ea959d5d-96f1-424d-b8df-d99b984b0047","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Institutional Trust","page_number":46,"box":{"x":61,"y":338,"width":831,"height":12}},{"id":"3f163ca1-a9d2-4040-a8ad-ab7e095070f4","block_type":"box","text":"Company, N.A., an Affiliate of BFA, to serve as its securities lending agent to the extent that it participates in the","page_number":46,"box":{"x":61,"y":353,"width":837,"height":12}},{"id":"f90e7518-eec6-44d9-8cc4-02aef108b980","block_type":"box","text":"securities lending program. For these services, the securities lending agent will receive a fee from the participating","page_number":46,"box":{"x":61,"y":369,"width":853,"height":12}},{"id":"8c77cefe-c374-477f-b837-7789b0cfcfa9","block_type":"box","text":"Fund based on the returns earned on the Fund’s lending activities, including the investment of the cash received as","page_number":46,"box":{"x":61,"y":384,"width":861,"height":12}},{"id":"a973313d-04b4-4764-8878-39e3d4686c98","block_type":"box","text":"collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund","page_number":46,"box":{"x":61,"y":400,"width":850,"height":12}},{"id":"eaf4dbe5-67c1-4acf-8cf2-bdc598987573","block_type":"box","text":"may lend its portfolio securities under the securities lending program.","page_number":46,"box":{"x":61,"y":415,"width":516,"height":12}},{"id":"0e22e5c7-227f-4568-8a52-1ea550a1b551","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BlackRock Investments, LLC (the “Distributor” or “BRIL”),","page_number":46,"box":{"x":61,"y":444,"width":868,"height":12}},{"id":"abdc496b-0600-44c9-915b-cd92bf46cf03","block_type":"box","text":"an Affiliate of BFA, to perform certain order processing, Authorized Participant communications, and related services","page_number":46,"box":{"x":61,"y":459,"width":870,"height":12}},{"id":"abdb43e7-f878-45c0-9e7a-9d6224dd6c8f","block_type":"box","text":"in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A.","page_number":46,"box":{"x":61,"y":475,"width":873,"height":12}},{"id":"b97ae7a7-83f0-4438-bd46-0c46129bdc49","block_type":"box","text":"(“Citibank”) as a subcontractor to provide certain ETF Services. BRIL retains a portion of the standard transaction fee","page_number":46,"box":{"x":61,"y":490,"width":874,"height":12}},{"id":"1f59e1df-04ad-42a8-bc51-f975fa1a5958","block_type":"box","text":"received from Authorized Participants on each creation or redemption order from the Authorized Participant for the","page_number":46,"box":{"x":61,"y":506,"width":854,"height":12}},{"id":"99887721-2d5f-4114-b01b-4dfa8a6c1866","block_type":"box","text":"ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the design and","page_number":46,"box":{"x":61,"y":521,"width":816,"height":12}},{"id":"5b50a9ed-b743-4c51-b922-d36cdfa10e37","block_type":"box","text":"development of the ETF Services platform. Citibank has, and may, from time to time, develop additional relationships","page_number":46,"box":{"x":61,"y":537,"width":873,"height":12}},{"id":"71de4e99-e0f5-417a-b509-1750e3a1e88c","block_type":"box","text":"with BlackRock or funds managed by BFA and its Affiliates.","page_number":46,"box":{"x":60,"y":552,"width":446,"height":12}},{"id":"d78a3823-563b-41e0-b1d1-a8d3eb767f4d","block_type":"box","text":"BFA and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":46,"box":{"x":61,"y":581,"width":834,"height":12}},{"id":"0fc114c6-4546-43ac-8dfd-a310ea9aeb21","block_type":"box","text":"marketplace for such indexes. BFA and its Affiliates are not obligated to license an index to a fund, and no fund is","page_number":46,"box":{"x":61,"y":596,"width":847,"height":12}},{"id":"b43dafed-a098-45b0-a9c6-ab2c8e092224","block_type":"box","text":"under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BFA or its","page_number":46,"box":{"x":61,"y":612,"width":821,"height":12}},{"id":"73f8e9cd-7128-4ca9-9912-840a06f0c6bb","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":46,"box":{"x":60,"y":627,"width":549,"height":12}},{"id":"86bc80b9-9d8f-4e13-8dd8-8329bf2accde","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees, may give rise to other","page_number":46,"box":{"x":60,"y":655,"width":842,"height":13}},{"id":"76c2f378-4f9c-4751-934c-9eff340ad440","block_type":"box","text":"conflicts of interest that could disadvantage the Fund and its shareholders. BFA has adopted policies and procedures","page_number":46,"box":{"x":61,"y":671,"width":869,"height":12}},{"id":"7a5311a3-6d7a-453a-86d5-b26fd38dd6c0","block_type":"box","text":"designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":46,"box":{"x":61,"y":686,"width":730,"height":13}},{"id":"b575deee-894a-4f38-ac10-bf8938fb5244","block_type":"box","text":"Shareholder Information","page_number":46,"box":{"x":61,"y":720,"width":240,"height":13}},{"id":"9760d729-2461-432c-b47d-eab2d8a28c65","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Fund, is available free of charge by","page_number":46,"box":{"x":60,"y":743,"width":850,"height":12}},{"id":"ed2803b7-dd55-4b8f-b84c-dcd303d71de6","block_type":"box","text":"calling toll-free: 1-800-474-2737 or visiting our website at www.blackrock.com.","page_number":46,"box":{"x":61,"y":758,"width":578,"height":12}},{"id":"24a313b0-9fce-478e-8b2b-6fbe71b78a8a","block_type":"box","text":"Buying and Selling Shares.","page_number":46,"box":{"x":61,"y":787,"width":215,"height":12}},{"id":"335ef2a9-12d9-45ef-8953-e9a9710985cf","block_type":"box","text":"Shares of the Fund may be acquired or redeemed directly from the Fund only in","page_number":46,"box":{"x":283,"y":787,"width":591,"height":12}},{"id":"45045966-04c3-4ce1-ade4-aac5cbaeb2d2","block_type":"box","text":"Creation Units or multiples thereof, as discussed in the","page_number":46,"box":{"x":61,"y":802,"width":406,"height":12}},{"id":"965bb156-1401-4ed7-814e-5d90c62534d4","block_type":"box","text":"Creations and Redemptions","page_number":46,"box":{"x":473,"y":802,"width":207,"height":12}},{"id":"c1d10f1d-8dbe-4b30-8bef-9447e67ba1be","block_type":"box","text":"section of this Prospectus. Only","page_number":46,"box":{"x":686,"y":802,"width":235,"height":12}},{"id":"dbb88b82-e7c4-4f9b-9887-54b06fd03eed","block_type":"box","text":"an Authorized Participant (as defined in the Creations and Redemptions section below) may engage in creation or","page_number":46,"box":{"x":61,"y":818,"width":846,"height":12}},{"id":"1c3cc0cd-8a0e-4505-8f7e-67a75abe5495","block_type":"box","text":"redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary","page_number":46,"box":{"x":61,"y":833,"width":852,"height":12}},{"id":"ea725b03-5600-4ead-ba34-367b87c9adbd","block_type":"box","text":"market in amounts less than a Creation Unit.","page_number":46,"box":{"x":61,"y":849,"width":336,"height":9}},{"id":"6b9d8404-e17b-47be-903f-9dbc92cf12f7","block_type":"box","text":"Shares of the Fund are listed on a national securities exchange for trading during the trading day. Shares can be","page_number":46,"box":{"x":61,"y":877,"width":840,"height":12}},{"id":"922d8a72-18c8-4a16-9724-390a817f6692","block_type":"box","text":"bought and sold throughout the trading day like shares of other publicly-traded companies. The Trust does not impose","page_number":46,"box":{"x":61,"y":893,"width":882,"height":12}},{"id":"b864e46d-77b1-43c7-b271-534c97ed3a24","block_type":"box","text":"any minimum investment for shares of the Fund purchased on an exchange or otherwise in the secondary market.","page_number":46,"box":{"x":61,"y":908,"width":846,"height":12}},{"id":"bbdfd54d-7382-49e7-a312-42b1c0cfaa89","block_type":"box","text":"The Fund’s shares trade under the ticker symbol “GMIX”.","page_number":46,"box":{"x":60,"y":924,"width":424,"height":12}},{"id":"274fef14-765b-41cf-a420-c5fde0fea3c7","block_type":"box","text":"29","page_number":46,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"366b775c-126e-4132-811b-07c9c0d57572","block_type":"box","text":"NM1026U-6042719-46/56","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c3100487-8f7f-449e-8a5e-dd287c5a7824","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market involves two types of costs that may apply","page_number":47,"box":{"x":61,"y":40,"width":869,"height":13}},{"id":"a5f67d0b-82ab-4105-be13-e56a852b1b53","block_type":"box","text":"to all securities transactions. When buying or selling shares of the Fund through a broker, you may incur a brokerage","page_number":47,"box":{"x":60,"y":56,"width":873,"height":12}},{"id":"419ee896-3033-432e-a4cd-ffc907883314","block_type":"box","text":"commission and other charges. The commission is frequently a fixed amount and may be a significant proportional","page_number":47,"box":{"x":61,"y":71,"width":855,"height":13}},{"id":"1f34017d-942b-4103-bcd5-da54d57c9455","block_type":"box","text":"cost for investors seeking to buy or sell small amounts of shares. In addition, you may incur the cost of the “spread,”","page_number":47,"box":{"x":61,"y":87,"width":865,"height":12}},{"id":"6aed9d4e-c2e0-44a1-b914-790629ba87d7","block_type":"box","text":"that is, any difference between the bid price and the ask price. The spread varies over time for shares of the Fund","page_number":47,"box":{"x":60,"y":102,"width":850,"height":13}},{"id":"ca22d808-1a61-47ae-84dd-45a4ea91f22b","block_type":"box","text":"based on the Fund’s trading volume and market liquidity, and is generally lower if the Fund has high trading volume","page_number":47,"box":{"x":61,"y":118,"width":861,"height":12}},{"id":"e4fec35e-4132-4ee4-ad4d-ebec9cca4922","block_type":"box","text":"and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for","page_number":47,"box":{"x":61,"y":134,"width":858,"height":12}},{"id":"9f869643-4976-409d-b8c4-a04c29a56aa5","block_type":"box","text":"funds that are newly launched or small in size). The Fund’s spread may also be impacted by the liquidity or illiquidity","page_number":47,"box":{"x":60,"y":149,"width":867,"height":12}},{"id":"cdcbd8ed-d521-49ce-97a9-831e3de3e8ce","block_type":"box","text":"of the underlying securities held by the Fund, particularly for newly launched or smaller funds or in instances of","page_number":47,"box":{"x":61,"y":165,"width":826,"height":12}},{"id":"2d38a1c8-4519-49cf-b673-5382c519e4b1","block_type":"box","text":"significant volatility of the underlying securities.","page_number":47,"box":{"x":61,"y":180,"width":353,"height":12}},{"id":"27dc5f61-bd28-4306-ac0f-1c60ff95706e","block_type":"box","text":"The Fund does not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with","page_number":47,"box":{"x":60,"y":209,"width":862,"height":12}},{"id":"cf228caa-010a-4624-a146-d9f6485cbb28","block_type":"box","text":"the Fund. The Board determined not to adopt policies and procedures designed to prevent or monitor for frequent","page_number":47,"box":{"x":60,"y":225,"width":848,"height":12}},{"id":"87983a78-00d6-4c66-8b2c-3a01b872bd19","block_type":"box","text":"purchases and redemptions of Fund shares because the Fund generally sells and redeems its shares directly through","page_number":47,"box":{"x":61,"y":240,"width":879,"height":12}},{"id":"c4579771-8308-4377-872e-6abf64794a13","block_type":"box","text":"transactions that are in-kind and/or for cash, with a deadline for placing cash-related transactions no later than the","page_number":47,"box":{"x":60,"y":256,"width":852,"height":12}},{"id":"ef6b761a-3784-49ac-bf5e-9275e3a9ef56","block_type":"box","text":"close of the primary markets for the Fund’s portfolio securities. However, the Fund has taken certain measures (e.g.,","page_number":47,"box":{"x":61,"y":271,"width":870,"height":12}},{"id":"52d0b112-7dfc-4130-ba98-77a1044ee781","block_type":"box","text":"imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject purchases","page_number":47,"box":{"x":61,"y":287,"width":880,"height":12}},{"id":"7bbbab15-4969-4f32-8c00-7b2761b9b136","block_type":"box","text":"of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases","page_number":47,"box":{"x":61,"y":302,"width":857,"height":12}},{"id":"1deb82f1-c2f7-42e6-8665-4b401c239392","block_type":"box","text":"and redemptions by Authorized Participants, such as disruption of portfolio management, dilution to the Fund, and/or","page_number":47,"box":{"x":61,"y":318,"width":870,"height":12}},{"id":"dfc666d4-cb03-4c14-808e-9ff3b95d8728","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market,","page_number":47,"box":{"x":61,"y":333,"width":843,"height":12}},{"id":"68de9911-ec1c-45ef-8920-498de19276d0","block_type":"box","text":"which does not involve the Fund directly, and such trading is unlikely to cause many of the harmful effects of frequent","page_number":47,"box":{"x":60,"y":349,"width":876,"height":12}},{"id":"e568119b-187c-41e0-92f9-2eae4cc7d9ca","block_type":"box","text":"cash purchases or redemptions of Fund shares.","page_number":47,"box":{"x":61,"y":364,"width":360,"height":12}},{"id":"8f67a72b-49a8-41b2-8eb9-4b6c9723831f","block_type":"box","text":"The national securities exchange on which the Fund’s shares are listed is open for trading Monday through Friday and","page_number":47,"box":{"x":60,"y":393,"width":883,"height":12}},{"id":"9e588e0d-1983-4c4c-aaf8-18b783acc898","block_type":"box","text":"is closed on weekends and the following holidays (or the days on which they are observed): New Year’s Day, Martin","page_number":47,"box":{"x":61,"y":409,"width":866,"height":12}},{"id":"7815a255-037c-4561-97a9-108c4e5733ef","block_type":"box","text":"Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day,","page_number":47,"box":{"x":61,"y":424,"width":830,"height":12}},{"id":"cc303864-3807-423a-8277-728ec33d027a","block_type":"box","text":"Thanksgiving Day and Christmas Day. The Fund’s listing exchange is NYSE Arca.","page_number":47,"box":{"x":60,"y":440,"width":616,"height":12}},{"id":"25c08af9-006b-4bbf-8db2-a93bf2a319e3","block_type":"box","text":"Book Entry.","page_number":47,"box":{"x":61,"y":469,"width":92,"height":12}},{"id":"eea70754-7ed4-4cf7-96d6-82f1694e1bf5","block_type":"box","text":"Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The","page_number":47,"box":{"x":155,"y":469,"width":772,"height":12}},{"id":"53cfe1c7-c6f6-489e-b930-08271132b29a","block_type":"box","text":"Depository Trust Company (“DTC”) or its nominee is the record owner of, and holds legal title to, all outstanding","page_number":47,"box":{"x":61,"y":484,"width":833,"height":12}},{"id":"8c87dedf-66a3-4b5a-bfb0-e6f49395dc1a","block_type":"box","text":"shares of the Fund.","page_number":47,"box":{"x":61,"y":500,"width":149,"height":9}},{"id":"9ea0229d-3628-4daa-933c-ef675d67e294","block_type":"box","text":"Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC","page_number":47,"box":{"x":62,"y":529,"width":860,"height":12}},{"id":"6efece1f-9070-428b-bc6b-66a7f18318ad","block_type":"box","text":"serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers,","page_number":47,"box":{"x":61,"y":544,"width":858,"height":12}},{"id":"2f490c79-1000-492e-a712-45662b3bf0f9","block_type":"box","text":"banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":47,"box":{"x":61,"y":560,"width":838,"height":12}},{"id":"ceac81c6-679d-4188-9962-44599c2fea06","block_type":"box","text":"relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock","page_number":47,"box":{"x":61,"y":575,"width":828,"height":12}},{"id":"9e89a33d-b4e4-42bd-950f-b468c6c22e6c","block_type":"box","text":"certificates or to have shares registered in your name, and you are not considered a registered owner of shares.","page_number":47,"box":{"x":61,"y":591,"width":837,"height":12}},{"id":"9951566b-03cc-45e5-a464-a9b787bc9093","block_type":"box","text":"Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its","page_number":47,"box":{"x":60,"y":606,"width":789,"height":12}},{"id":"0d0f3bd2-b373-474f-9965-8965f636889d","block_type":"box","text":"participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or","page_number":47,"box":{"x":61,"y":622,"width":876,"height":12}},{"id":"f6f03d55-b98d-472f-8aff-1bec1db090c3","block_type":"box","text":"“street name” form.","page_number":47,"box":{"x":61,"y":637,"width":147,"height":10}},{"id":"05534ea7-dde5-4ed4-aea9-bfbc12cd289c","block_type":"box","text":"Share Prices.","page_number":47,"box":{"x":61,"y":666,"width":105,"height":10}},{"id":"696d3fd4-d20a-4ecc-a061-a049ea379841","block_type":"box","text":"The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily","page_number":47,"box":{"x":172,"y":666,"width":752,"height":13}},{"id":"c0b21328-4bce-4c1e-bb62-c53ae6488bbd","block_type":"box","text":"NAV and are affected by market forces such as the supply","page_number":47,"box":{"x":61,"y":682,"width":433,"height":12}},{"id":"7e666419-d5e9-413c-9d04-4061e183dc08","block_type":"box","text":"of and demand for ETF shares and shares of underlying","page_number":47,"box":{"x":500,"y":682,"width":416,"height":12}},{"id":"6cc9db36-97a3-450f-b418-67b1c99f4752","block_type":"box","text":"securities held by the Fund, economic conditions and other factors.","page_number":47,"box":{"x":61,"y":697,"width":496,"height":13}},{"id":"cfb3521d-8193-42e6-ae32-9a36dbea8c59","block_type":"box","text":"Determination of Net Asset Value.","page_number":47,"box":{"x":61,"y":727,"width":268,"height":9}},{"id":"7cc3b102-e6c1-4b9f-8840-f8dc2ebbbfc4","block_type":"box","text":"The NAV of the Fund normally is determined once daily Monday through Friday,","page_number":47,"box":{"x":336,"y":727,"width":593,"height":12}},{"id":"1bf625b0-6474-4f4b-ad95-d0848d08790e","block_type":"box","text":"generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.,","page_number":47,"box":{"x":61,"y":742,"width":835,"height":12}},{"id":"cc0b2c2e-0af7-48ed-8252-904de24e06bb","block_type":"box","text":"Eastern time) on each day that the NYSE is open for trading,","page_number":47,"box":{"x":61,"y":758,"width":450,"height":12}},{"id":"d597b09e-56da-439e-8b5b-f99f7a942b9f","block_type":"box","text":"based on prices at the time of closing, provided that any","page_number":47,"box":{"x":518,"y":758,"width":415,"height":12}},{"id":"5bf69209-6e95-4e52-8c57-bb6609221aa7","block_type":"box","text":"Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the","page_number":47,"box":{"x":61,"y":773,"width":850,"height":10}},{"id":"277dbd6d-55f3-42fc-ad52-44370075f708","block_type":"box","text":"prevailing market rates on the date of valuation as quoted by one or more data service providers. The NAV of the","page_number":47,"box":{"x":61,"y":789,"width":839,"height":12}},{"id":"7143b225-57b8-4deb-b2a0-bfe78da794d8","block_type":"box","text":"Fund is calculated by dividing the value of the net assets of the Fund (","page_number":47,"box":{"x":61,"y":804,"width":520,"height":12}},{"id":"1a5d0479-0909-4ab7-a7f2-bc429f104509","block_type":"box","text":"i.e.","page_number":47,"box":{"x":582,"y":804,"width":20,"height":10}},{"id":"acfc1f90-b1dc-4158-a4c3-1355666db8db","block_type":"box","text":", the value of its total assets less total","page_number":47,"box":{"x":605,"y":804,"width":277,"height":11}},{"id":"0d87cc4f-56c8-4d0b-840b-e62e85d648f7","block_type":"box","text":"liabilities) by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.","page_number":47,"box":{"x":61,"y":820,"width":764,"height":12}},{"id":"e33e6d37-53cf-4496-8871-37721170362a","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BFA’s valuation","page_number":47,"box":{"x":60,"y":849,"width":878,"height":12}},{"id":"27f55022-52a5-4e21-ba08-83ae55b72947","block_type":"box","text":"policies and procedures. BFA has been designated by the Board as the valuation designee for the Fund pursuant to","page_number":47,"box":{"x":61,"y":864,"width":864,"height":12}},{"id":"50181272-abc4-433e-bc3e-21a053478642","block_type":"box","text":"Rule 2a-5 under the Investment Company Act.","page_number":47,"box":{"x":61,"y":880,"width":350,"height":12}},{"id":"4303b4bd-d744-46d2-aeb4-fb6638bcd315","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":47,"box":{"x":61,"y":909,"width":874,"height":12}},{"id":"085cf6e2-7d5d-42f9-ab58-47ce74ffa053","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":47,"box":{"x":60,"y":924,"width":867,"height":12}},{"id":"bea7c0c6-8674-4c31-92d4-a095716dea27","block_type":"box","text":"30","page_number":47,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"d42748c9-1d92-4691-ad7a-0d51437d8a22","block_type":"box","text":"NM1026U-6042719-47/56","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ebd6c377-6f59-4786-aa93-40580128ba7a","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":48,"box":{"x":61,"y":40,"width":868,"height":13}},{"id":"9382649c-79bb-4ea5-aa09-3001e396053c","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying","page_number":48,"box":{"x":61,"y":56,"width":815,"height":12}},{"id":"11f9b611-89ae-40cd-921c-01e47f6c60f9","block_type":"box","text":"open-end funds that are not traded on an exchange (including money market funds) are valued at net asset value.","page_number":48,"box":{"x":61,"y":71,"width":852,"height":13}},{"id":"9b91f2fb-02e3-42d9-baa5-3ead931a57ae","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":48,"box":{"x":61,"y":87,"width":865,"height":12}},{"id":"230a8459-6779-4a88-b0f6-88a8ac0d9a94","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":48,"box":{"x":60,"y":119,"width":873,"height":12}},{"id":"a358f384-e739-4c11-861f-1ab5cf801f75","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each","page_number":48,"box":{"x":61,"y":134,"width":870,"height":12}},{"id":"509b9ee9-78f4-425e-a07f-75be50118f2e","block_type":"box","text":"in accordance with BFA’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":48,"box":{"x":61,"y":150,"width":854,"height":12}},{"id":"bba930f7-3822-485f-960e-739e55211453","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":48,"box":{"x":61,"y":165,"width":856,"height":12}},{"id":"f28b9764-6d69-4417-87e1-0d369c490ea6","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":48,"box":{"x":61,"y":181,"width":858,"height":12}},{"id":"f0389b4d-8441-4548-8963-f652485d2c4a","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and","page_number":48,"box":{"x":61,"y":196,"width":878,"height":12}},{"id":"afc420c8-114a-46be-98d7-67c20175ce2b","block_type":"box","text":"the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The amortized","page_number":48,"box":{"x":60,"y":212,"width":881,"height":12}},{"id":"6db7b1c2-bfac-4275-8064-0c8bfcab2505","block_type":"box","text":"cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":48,"box":{"x":61,"y":227,"width":838,"height":12}},{"id":"75423632-59d3-4620-a191-d776faa6760d","block_type":"box","text":"unless BFA determines in good faith that such method does not represent fair value.","page_number":48,"box":{"x":61,"y":243,"width":631,"height":12}},{"id":"4d01ee0a-94b0-4a00-af9f-bf10190f89b2","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":48,"box":{"x":61,"y":275,"width":841,"height":12}},{"id":"cd102591-091a-410d-b1ad-df2e1f4da96c","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the NAV of the Fund are","page_number":48,"box":{"x":61,"y":290,"width":810,"height":12}},{"id":"247728ba-a21a-4a44-9772-1c889d60d148","block_type":"box","text":"determined as of such times. U.S. government securities, money market instruments and fixed-income securities are","page_number":48,"box":{"x":61,"y":306,"width":871,"height":12}},{"id":"4e9a86c1-d52e-49d0-9d89-3ed2511a4197","block_type":"box","text":"generally priced as of close of regular trading hours on the NYSE.","page_number":48,"box":{"x":61,"y":321,"width":493,"height":12}},{"id":"3bc2c7e4-f671-4e30-a884-2595047ef7bd","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value the","page_number":48,"box":{"x":60,"y":353,"width":836,"height":12}},{"id":"feedec69-a262-4448-9e31-df2c0ca7ea4e","block_type":"box","text":"Fund’s investments in accordance with its policies and procedures. BFA may conclude that a market quotation is not","page_number":48,"box":{"x":61,"y":369,"width":869,"height":11}},{"id":"d1b7fed5-c2e8-422b-8406-749514559d04","block_type":"box","text":"readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of","page_number":48,"box":{"x":61,"y":384,"width":858,"height":12}},{"id":"7e55c7c5-bd34-4b3f-a23e-de4ba162a4ce","block_type":"box","text":"trading or other reasons, if a market quotation differs significantly from recent price quotations or otherwise no longer","page_number":48,"box":{"x":60,"y":399,"width":873,"height":13}},{"id":"19a7c6b1-1368-484c-b8a4-41686fc8d65f","block_type":"box","text":"appears to reflect fair value, where the security or other asset or liability is thinly traded, when there is a significant","page_number":48,"box":{"x":61,"y":415,"width":852,"height":12}},{"id":"fc1e0be3-04c4-4c87-8146-5bc0a8a485d7","block_type":"box","text":"event subsequent to the most recent market quotation, or if the trading market on which a security is listed is","page_number":48,"box":{"x":61,"y":430,"width":810,"height":13}},{"id":"b2d9a9e6-7a46-4528-8f6f-de0ceb23d8ef","block_type":"box","text":"suspended or closed and no appropriate alternative trading market is available. A “significant event” is deemed to","page_number":48,"box":{"x":61,"y":446,"width":846,"height":12}},{"id":"7870fe57-f4ca-4a94-a8e8-7165373c2092","block_type":"box","text":"occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing the Fund’s assets or","page_number":48,"box":{"x":61,"y":461,"width":850,"height":13}},{"id":"09314082-0d55-4658-b123-c30d7b97c3d3","block_type":"box","text":"liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price","page_number":48,"box":{"x":61,"y":477,"width":872,"height":12}},{"id":"3c260594-ac3a-4bbe-8e03-63eaa845ca04","block_type":"box","text":"of one or more assets held by, or liabilities of, the Fund.","page_number":48,"box":{"x":61,"y":492,"width":418,"height":13}},{"id":"1595eb21-6bbe-4741-902c-3ba1bab90f05","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":48,"box":{"x":61,"y":524,"width":830,"height":12}},{"id":"eb85628a-0ae8-4ff4-b4d6-aba62e5d2853","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair","page_number":48,"box":{"x":61,"y":540,"width":839,"height":12}},{"id":"29f9a865-9b82-4dd1-8271-d2fdad1d7a04","block_type":"box","text":"value pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets","page_number":48,"box":{"x":60,"y":555,"width":834,"height":12}},{"id":"4b3c3f98-da59-43ea-8af1-67f1cbc640de","block_type":"box","text":"following the close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":48,"box":{"x":60,"y":571,"width":802,"height":12}},{"id":"c1fb9264-5e2b-4a92-9aa0-191cc4aa5be7","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":48,"box":{"x":61,"y":602,"width":837,"height":13}},{"id":"1d42575b-2413-430e-9496-6ff7055311da","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":48,"box":{"x":61,"y":618,"width":882,"height":12}},{"id":"fabb0a98-6450-4640-8272-bb6d777dac41","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":48,"box":{"x":61,"y":634,"width":856,"height":12}},{"id":"38233502-cb0d-423c-b7a6-20546793132c","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which those","page_number":48,"box":{"x":61,"y":649,"width":882,"height":12}},{"id":"f7804dd6-00c6-4035-a99c-fb31ccdfdadd","block_type":"box","text":"investments could have been sold during the period in which the particular fair values were used.","page_number":48,"box":{"x":61,"y":665,"width":718,"height":12}},{"id":"76e9aa3a-4b57-4986-9b10-ffeffba4c773","block_type":"box","text":"Dividends and Distributions","page_number":48,"box":{"x":61,"y":699,"width":239,"height":10}},{"id":"1d7b6b33-a040-40ec-ac61-f3d749b372d5","block_type":"box","text":"General Policies.","page_number":48,"box":{"x":62,"y":721,"width":124,"height":9}},{"id":"2e3c32da-603d-4046-b4b2-cc3884cfc6be","block_type":"box","text":"Dividends from net investment income, if any, generally are declared and paid at least once a year","page_number":48,"box":{"x":193,"y":721,"width":731,"height":12}},{"id":"d1ecff97-376d-4805-8cc8-2baa542f0e39","block_type":"box","text":"by the Fund. Distributions of net realized gains, if any, generally are declared and paid once a year, but the Trust may","page_number":48,"box":{"x":61,"y":736,"width":873,"height":12}},{"id":"fa4a3c87-3cec-497a-87e2-cc00643ba56d","block_type":"box","text":"make distributions on a more frequent basis for the Fund. The Trust reserves the right to declare special distributions","page_number":48,"box":{"x":61,"y":752,"width":867,"height":12}},{"id":"b33e514b-f93d-4aa4-b7c2-9a016b499412","block_type":"box","text":"if, in its reasonable discretion, such action is necessary or advisable to preserve its status as a regulated investment","page_number":48,"box":{"x":61,"y":767,"width":862,"height":12}},{"id":"6f67cfa3-93ff-43a2-8800-142e049066b7","block_type":"box","text":"company (“RIC”) or to avoid imposition of income or excise taxes on undistributed income or realized gains.","page_number":48,"box":{"x":61,"y":783,"width":797,"height":12}},{"id":"7ab6d295-fc67-424b-840b-2e5aeee05224","block_type":"box","text":"Dividends and other distributions on shares of the Fund are distributed on a pro rata basis to beneficial owners of","page_number":48,"box":{"x":61,"y":814,"width":840,"height":12}},{"id":"8c22059a-e3fe-4f7a-bafb-2ba5782bf496","block_type":"box","text":"such shares. Dividend payments are made through DTC participants and indirect participants to beneficial owners","page_number":48,"box":{"x":61,"y":830,"width":850,"height":12}},{"id":"a82d4a46-6367-4f71-92b6-434e527a79f7","block_type":"box","text":"then of record with proceeds received from the Fund.","page_number":48,"box":{"x":60,"y":845,"width":400,"height":12}},{"id":"933e7a8f-51f0-4e4d-83b8-811fdaed053a","block_type":"box","text":"Dividend Reinvestment Service.","page_number":48,"box":{"x":61,"y":877,"width":236,"height":10}},{"id":"b623f099-7990-4b01-9090-1e420ce63a4f","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make","page_number":48,"box":{"x":298,"y":877,"width":640,"height":12}},{"id":"218a3d4b-e690-46c1-9f4e-acdc24728010","block_type":"box","text":"available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for","page_number":48,"box":{"x":61,"y":893,"width":788,"height":12}},{"id":"32739b72-96bd-45f5-a270-9da5663d6d02","block_type":"box","text":"reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability","page_number":48,"box":{"x":61,"y":908,"width":866,"height":12}},{"id":"ea068c9e-51a3-41af-9e54-e7eaa95a8e28","block_type":"box","text":"and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to","page_number":48,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"f3b0de4b-6d6a-4a42-9037-357ca1be58cc","block_type":"box","text":"31","page_number":48,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"70e75232-de19-43ba-8a62-026bf11fec5c","block_type":"box","text":"NM1026U-6042719-48/56","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7309bc67-413d-4e38-b64b-b2de1fbd5d46","block_type":"box","text":"specific procedures and timetables. If this service is available and used, dividend distributions of both income and","page_number":49,"box":{"x":61,"y":40,"width":847,"height":12}},{"id":"8c6e8aae-93da-436a-8150-62a17f2c0e30","block_type":"box","text":"realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary","page_number":49,"box":{"x":61,"y":56,"width":844,"height":12}},{"id":"28f73ea7-8811-4ea6-990c-bdd1f87c39e9","block_type":"box","text":"market.","page_number":49,"box":{"x":61,"y":72,"width":60,"height":9}},{"id":"88e2d5fa-b567-4650-959e-c6a910101499","block_type":"box","text":"Note on Tax Information","page_number":49,"box":{"x":61,"y":102,"width":192,"height":10}},{"id":"d38e40ef-4901-4021-8403-077a739a5004","block_type":"box","text":". The following sections summarize some of the consequences under current U.S. federal","page_number":49,"box":{"x":255,"y":102,"width":670,"height":13}},{"id":"7cb501a1-fcde-4fcb-adef-03a6cbebbb73","block_type":"box","text":"tax law of an investment in the Fund. It is not a substitute for personal tax advice. You may also be subject to state","page_number":49,"box":{"x":60,"y":118,"width":856,"height":12}},{"id":"28777b02-8115-443f-b490-3ac602810b22","block_type":"box","text":"and local taxation on Fund distributions and sales of shares. Certain states and localities may exempt from tax","page_number":49,"box":{"x":61,"y":134,"width":823,"height":12}},{"id":"0106fdbe-e429-4586-8e51-3178923120b9","block_type":"box","text":"distributions attributable to interest from U.S. federal government obligations. Consult your personal tax advisor about","page_number":49,"box":{"x":61,"y":149,"width":877,"height":12}},{"id":"0927080c-8de2-4139-8eb8-e385c1983ff6","block_type":"box","text":"the potential tax consequences of an investment in shares of the Fund under all applicable tax laws.","page_number":49,"box":{"x":60,"y":165,"width":748,"height":11}},{"id":"440f9952-e9d2-4323-8790-40670277efdc","block_type":"box","text":"Taxes.","page_number":49,"box":{"x":60,"y":196,"width":51,"height":9}},{"id":"d517695a-5cb8-42b5-8aba-58b317044e81","block_type":"box","text":"As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax","page_number":49,"box":{"x":112,"y":196,"width":826,"height":12}},{"id":"58b316f9-cadb-4f87-913c-4270669820bf","block_type":"box","text":"information in this Prospectus is provided as general information, based on current law. You should consult your own","page_number":49,"box":{"x":61,"y":211,"width":872,"height":12}},{"id":"7e0ed19f-2772-47e8-a873-de6b3fdda4a8","block_type":"box","text":"tax professional about the tax consequences of an investment in shares of the Fund.","page_number":49,"box":{"x":60,"y":227,"width":634,"height":11}},{"id":"c5fa5afa-5fb3-4c49-92c9-104177430095","block_type":"box","text":"Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred retirement account, such","page_number":49,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"a155b43c-384a-4071-be19-4e5d632d8f2f","block_type":"box","text":"as an IRA, in which case your distributions generally will be taxable when withdrawn, you need to be aware of the","page_number":49,"box":{"x":61,"y":273,"width":847,"height":12}},{"id":"e0f9aab6-0a75-4468-8d6a-b8ee070546c9","block_type":"box","text":"possible tax consequences when the Fund makes distributions or you sell Fund shares.","page_number":49,"box":{"x":61,"y":289,"width":655,"height":12}},{"id":"f7d76740-294d-490c-857b-d67291fd2ef8","block_type":"box","text":"Taxes on Distributions.","page_number":49,"box":{"x":60,"y":320,"width":185,"height":9}},{"id":"847fd166-259d-4368-90aa-c33ca8fdb954","block_type":"box","text":"Distributions from the Fund’s investment company taxable income (other than qualified","page_number":49,"box":{"x":246,"y":320,"width":654,"height":12}},{"id":"823fa8cd-4596-438b-aa72-c2202f30befd","block_type":"box","text":"dividend income), including distributions of income from securities lending and distributions out of the Fund’s net","page_number":49,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"7175c886-28ea-4f8a-963c-abf02fa1c059","block_type":"box","text":"short-term capital gains, if any, are taxable to you as ordinary income. Distributions by the Fund of net long-term","page_number":49,"box":{"x":61,"y":351,"width":837,"height":12}},{"id":"0ed799b3-d6c3-4e82-ab7d-a81c4bfbad3a","block_type":"box","text":"capital gains, if any, in excess of net short-term capital losses (capital gain dividends) are taxable to you as long-term","page_number":49,"box":{"x":61,"y":366,"width":874,"height":12}},{"id":"b3727711-0cac-43c1-9790-21bb3fd56a24","block_type":"box","text":"capital gains, regardless of how long you have held the Fund’s shares. Distributions by the Fund that qualify as","page_number":49,"box":{"x":61,"y":382,"width":828,"height":12}},{"id":"9fde5491-ffac-443b-8fc7-2a67514d330d","block_type":"box","text":"qualified dividend income are taxable to you at long-term capital gain rates, subject to the holding period requirements","page_number":49,"box":{"x":61,"y":397,"width":880,"height":12}},{"id":"4832abae-ffd4-4eff-b648-8802a12d4302","block_type":"box","text":"applicable to both you and the Fund, as set forth below. Long-term capital gains and qualified dividend income are","page_number":49,"box":{"x":61,"y":413,"width":852,"height":12}},{"id":"ebdf1d14-e5b6-415d-bd62-75f7e762bf6c","block_type":"box","text":"generally eligible for taxation at a maximum rate of 15% or 20% for non-corporate shareholders, depending on","page_number":49,"box":{"x":61,"y":428,"width":824,"height":12}},{"id":"01a1fefe-e6d9-4c2b-bb3c-6a9019fa01a6","block_type":"box","text":"whether their income exceeds certain threshold amounts. In addition, a 3.8% U.S. federal Medicare contribution tax is","page_number":49,"box":{"x":60,"y":444,"width":879,"height":11}},{"id":"611ee3ae-eff3-4e55-81e4-0783560dcacc","block_type":"box","text":"imposed on “net investment income,” including, but not limited to, interest, dividends, and net gain, of U.S. individuals","page_number":49,"box":{"x":61,"y":459,"width":875,"height":12}},{"id":"c92d0aa3-247e-4e54-b7f6-12881bd75f7a","block_type":"box","text":"with income exceeding $200,000 (or $250,000 if married and filing jointly)","page_number":49,"box":{"x":60,"y":474,"width":550,"height":13}},{"id":"5f2bee91-7031-438b-b5bb-5a9d293f8cbb","block_type":"box","text":"and of estates and trusts to the extent their","page_number":49,"box":{"x":611,"y":475,"width":323,"height":9}},{"id":"ace11c7b-6430-42d9-8dbe-2be653d8e072","block_type":"box","text":"income exceeds certain threshold amounts.","page_number":49,"box":{"x":61,"y":490,"width":328,"height":10}},{"id":"859218f7-a9e8-4af0-9e5a-4b0af7e93c96","block_type":"box","text":"Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by the","page_number":49,"box":{"x":61,"y":521,"width":871,"height":12}},{"id":"3e8d9650-ef96-4a05-b535-08e3abf38bb2","block_type":"box","text":"Fund. Generally, qualified dividend income includes dividend income from taxable U.S. corporations and qualified","page_number":49,"box":{"x":61,"y":537,"width":846,"height":12}},{"id":"3b59f0bb-1878-45f5-bd7c-962b9cbf0132","block_type":"box","text":"non-U.S. corporations, provided that the Fund satisfies certain holding period requirements in respect of the stock of","page_number":49,"box":{"x":61,"y":552,"width":867,"height":12}},{"id":"9f8350a3-5dc9-46ef-9c0e-5d92eb41dcdb","block_type":"box","text":"such corporations and has not hedged its position in the stock in certain ways. For this purpose, a qualified non-U.S.","page_number":49,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"220b7754-3e6e-4747-b823-a4a9b7270a5c","block_type":"box","text":"corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive income tax treaty with","page_number":49,"box":{"x":61,"y":583,"width":878,"height":12}},{"id":"4a2b43c9-e1e7-404c-8439-421546816ccb","block_type":"box","text":"the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":49,"box":{"x":60,"y":599,"width":860,"height":12}},{"id":"b9a1678d-3ee3-4eb1-9969-28d618b8c37e","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive","page_number":49,"box":{"x":61,"y":614,"width":854,"height":12}},{"id":"d152e8e6-42b7-4a27-b235-42391495a0d1","block_type":"box","text":"foreign investment company.","page_number":49,"box":{"x":60,"y":630,"width":220,"height":12}},{"id":"91ccc1ea-154b-46cb-b63e-92713736b697","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of","page_number":49,"box":{"x":61,"y":661,"width":847,"height":12}},{"id":"8e7276de-863c-462c-9d3d-d0c01901f8ed","block_type":"box","text":"stock held without being hedged by the Fund, and with respect to a share of the Fund held without being hedged by","page_number":49,"box":{"x":61,"y":676,"width":858,"height":12}},{"id":"b3756316-3b3c-4e6a-8785-f837a691ae55","block_type":"box","text":"you, for 61 days during the 121-day period beginning at the date which is 60 days before the date on which such","page_number":49,"box":{"x":60,"y":692,"width":835,"height":12}},{"id":"7c176e26-7bc9-469f-8c29-ac91df6261c3","block_type":"box","text":"share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the","page_number":49,"box":{"x":61,"y":707,"width":875,"height":12}},{"id":"d8f5edb4-a6e3-48c4-816e-7a5bbcc9657e","block_type":"box","text":"181-day period beginning 90 days before such date. Substitute dividends received by the Fund with respect to","page_number":49,"box":{"x":62,"y":723,"width":816,"height":12}},{"id":"670dd15c-5f81-4c82-9fb0-78dd3cc09d01","block_type":"box","text":"dividends paid on securities lent out will not be qualified dividend income.","page_number":49,"box":{"x":61,"y":738,"width":542,"height":12}},{"id":"4b69a217-47b6-4ac7-b060-723ee4eae87e","block_type":"box","text":"It is expected that dividends received by the Fund from a real estate investment trust (“REIT”) and distributed to a","page_number":49,"box":{"x":62,"y":769,"width":840,"height":12}},{"id":"828e46db-1886-4bac-8359-fb1c0d1d6f46","block_type":"box","text":"shareholder generally will be taxable to the shareholder as ordinary income. However, the Fund may report dividends","page_number":49,"box":{"x":61,"y":785,"width":870,"height":12}},{"id":"ca4f19f6-1a97-4718-aee9-d07349e174e4","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent the Fund’s","page_number":49,"box":{"x":61,"y":800,"width":868,"height":12}},{"id":"3b31263b-b299-4147-80b8-0a9e38e7ec51","block_type":"box","text":"income is derived from ordinary REIT dividends, reduced by allocable Fund expenses, and a shareholder may treat","page_number":49,"box":{"x":61,"y":816,"width":856,"height":12}},{"id":"31055cae-ddc2-4caf-b02c-c8e054f91335","block_type":"box","text":"the dividends as such, provided that the Fund and such shareholder satisfy the applicable holding period","page_number":49,"box":{"x":60,"y":831,"width":782,"height":12}},{"id":"9a387b2e-8893-4658-bced-fb6da552ae00","block_type":"box","text":"requirements.","page_number":49,"box":{"x":61,"y":847,"width":107,"height":12}},{"id":"f020a76d-84b1-476b-aa56-acd07e64c9c2","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends","page_number":49,"box":{"x":61,"y":878,"width":836,"height":12}},{"id":"3668c7f7-74d7-4cb7-af91-bea333063302","block_type":"box","text":"received deduction for Fund shareholders that are corporations, subject to certain hedging and holding period","page_number":49,"box":{"x":61,"y":893,"width":818,"height":12}},{"id":"89690161-e344-4713-9286-fb9c0299730d","block_type":"box","text":"requirements.","page_number":49,"box":{"x":61,"y":909,"width":101,"height":12}},{"id":"96a4c01a-ed46-4308-8476-ea067c581f8d","block_type":"box","text":"32","page_number":49,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"fb6ced4f-59d0-4264-8622-6fd798eda83c","block_type":"box","text":"NM1026U-6042719-49/56","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e658415e-f5fb-479f-b287-92bd859abe3c","block_type":"box","text":"In general, your distributions are subject to U.S. federal income tax for the year when they are paid. Certain","page_number":50,"box":{"x":62,"y":40,"width":800,"height":13}},{"id":"717b9cb6-4a47-403f-9fd1-bd47993a17f0","block_type":"box","text":"distributions paid in January, however, may be treated as paid on December 31 of the prior year.","page_number":50,"box":{"x":61,"y":56,"width":723,"height":12}},{"id":"56493543-4b05-40f2-8772-b0eab399850d","block_type":"box","text":"If the Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions","page_number":50,"box":{"x":62,"y":87,"width":849,"height":12}},{"id":"070b179b-6f1f-4376-ae80-9676ff8af07c","block_type":"box","text":"made in the taxable year may be recharacterized as a return of capital to shareholders. Distributions in excess of the","page_number":50,"box":{"x":61,"y":102,"width":870,"height":13}},{"id":"288022c2-f077-4961-b000-17aa53aee3b9","block_type":"box","text":"Fund’s minimum distribution requirements, but not in excess of the Fund’s current and accumulated earnings and","page_number":50,"box":{"x":61,"y":118,"width":846,"height":12}},{"id":"c2c7670a-465d-4b59-82ac-b1e6d543e484","block_type":"box","text":"profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. A return of capital","page_number":50,"box":{"x":61,"y":134,"width":809,"height":11}},{"id":"e9d9f9ab-bd1a-4c92-8d29-3b6dd22e18e6","block_type":"box","text":"distribution generally will not be taxable but will reduce the shareholder’s cost basis and result in a higher capital gain","page_number":50,"box":{"x":61,"y":149,"width":874,"height":12}},{"id":"74adca44-d341-4c21-adee-90af8cbceb89","block_type":"box","text":"or lower capital loss when those shares on which the distribution was received are sold. 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Tax conventions between","page_number":50,"box":{"x":61,"y":242,"width":833,"height":12}},{"id":"33eb14ec-962d-4f0a-94e1-1fe1a9c9796d","block_type":"box","text":"certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the total assets of the Fund at","page_number":50,"box":{"x":61,"y":258,"width":878,"height":12}},{"id":"34b0ed36-2d1b-40e2-bf8e-48d133219507","block_type":"box","text":"the close of a year consists of non-U.S. stocks or securities (generally, for this purpose, depositary receipts, no matter","page_number":50,"box":{"x":60,"y":273,"width":881,"height":12}},{"id":"d1224336-1cc5-472f-9e53-4a14ab52ccae","block_type":"box","text":"where traded, of non-U.S. companies are treated as “non-U.S.”), generally the Fund may “pass through” to you","page_number":50,"box":{"x":60,"y":289,"width":830,"height":12}},{"id":"771a84e1-46e1-426b-9b2c-7c4cb32cfb43","block_type":"box","text":"certain non-U.S. income taxes (including withholding taxes) paid by the Fund. This means that you would be","page_number":50,"box":{"x":61,"y":304,"width":808,"height":12}},{"id":"dec65eb4-51f7-4b57-9bdd-e1b5468b65b2","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to","page_number":50,"box":{"x":61,"y":320,"width":866,"height":12}},{"id":"5b460df4-47db-4e85-bf85-282bd17cc30a","block_type":"box","text":"either a corresponding tax deduction in calculating your taxable income, or, subject to certain limitations, a credit in","page_number":50,"box":{"x":61,"y":335,"width":856,"height":12}},{"id":"67de8b47-4c89-403c-9c9b-aaf86adeb19a","block_type":"box","text":"calculating your U.S. federal income tax.","page_number":50,"box":{"x":61,"y":351,"width":305,"height":12}},{"id":"73b14a86-343f-486f-98be-e8613ec0966c","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of the Fund, foreign capital gains taxes may not produce","page_number":50,"box":{"x":61,"y":382,"width":847,"height":12}},{"id":"5fff0512-0ead-4b02-9160-46da3a1c23ef","block_type":"box","text":"associated foreign source income, limiting the availability of such credits for U.S. persons.","page_number":50,"box":{"x":61,"y":397,"width":671,"height":12}},{"id":"141bf827-af4f-4023-9183-016e53070078","block_type":"box","text":"If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity (other than a pass","page_number":50,"box":{"x":62,"y":428,"width":821,"height":12}},{"id":"2209b400-bccf-4e91-ac6b-6e1685de5dbb","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":50,"box":{"x":60,"y":444,"width":843,"height":12}},{"id":"90e33972-5682-49a2-9a25-c3cc8eaf5804","block_type":"box","text":"withholding tax, unless a lower treaty rate applies, provided that withholding tax will generally not apply to distributions","page_number":50,"box":{"x":60,"y":459,"width":881,"height":12}},{"id":"f07a3e95-2cba-4b40-baf1-5a48dc36ba45","block_type":"box","text":"properly reported by the Fund as capital gain dividends, interest-related dividends or short-term capital gain dividends","page_number":50,"box":{"x":61,"y":475,"width":878,"height":12}},{"id":"211f808c-6184-4dfa-9c32-5e1d5c1d7767","block_type":"box","text":"or upon the sale or other disposition of shares of the Fund.","page_number":50,"box":{"x":61,"y":490,"width":440,"height":12}},{"id":"232514fb-0809-44b3-a07d-b0508a50cfb8","block_type":"box","text":"If you are a resident or a citizen of the U.S., by law, backup withholding at a 24% rate will apply to your distributions","page_number":50,"box":{"x":62,"y":521,"width":860,"height":12}},{"id":"3508e02d-065e-4a51-9305-8963da6c0631","block_type":"box","text":"and proceeds if you have not provided a taxpayer identification number or social security number and made other","page_number":50,"box":{"x":61,"y":537,"width":847,"height":12}},{"id":"6701ee4e-c145-4e65-a19d-cd4b3dec2b2a","block_type":"box","text":"required certifications.","page_number":50,"box":{"x":61,"y":552,"width":168,"height":12}},{"id":"41a4eca3-7388-4f4c-9f3e-3f9ab07dcca9","block_type":"box","text":"Taxes on Sales of Shares.","page_number":50,"box":{"x":60,"y":583,"width":207,"height":10}},{"id":"ffb312ea-6984-486c-ba29-a8f2e5e6c77a","block_type":"box","text":"Currently, any capital gain or loss realized upon a sale of Fund shares is generally","page_number":50,"box":{"x":268,"y":583,"width":620,"height":12}},{"id":"34c629b7-c192-46d3-aba4-8ecf1d81ff35","block_type":"box","text":"treated as a long-term gain or loss if the shares have been","page_number":50,"box":{"x":60,"y":599,"width":440,"height":12}},{"id":"2147fe74-3ed4-4c9f-9427-fee290bc446d","block_type":"box","text":"held for more than one year. Any capital gain or loss","page_number":50,"box":{"x":501,"y":599,"width":393,"height":12}},{"id":"ecf20909-5f47-44e8-b278-c96accf5eb9d","block_type":"box","text":"realized upon a sale of Fund shares held for one year","page_number":50,"box":{"x":61,"y":614,"width":402,"height":12}},{"id":"464f3c71-8e51-4052-b353-b13611ef6aa1","block_type":"box","text":"or less is generally treated as short-term gain or loss, except","page_number":50,"box":{"x":464,"y":614,"width":454,"height":12}},{"id":"88263ee7-4634-4dc6-92a4-1e4535b41cb6","block_type":"box","text":"that any capital loss on the sale of shares held for six","page_number":50,"box":{"x":60,"y":630,"width":400,"height":12}},{"id":"8464235e-0e63-4ecd-9881-be9893cdfd63","block_type":"box","text":"months or less is treated as long-term capital loss to the extent","page_number":50,"box":{"x":461,"y":630,"width":471,"height":12}},{"id":"4629b9a4-1b48-470d-9874-03f915483156","block_type":"box","text":"that capital gain dividends were paid with respect to such shares. Any such capital gains, including from sales of Fund","page_number":50,"box":{"x":60,"y":645,"width":881,"height":12}},{"id":"6ce34e4e-6490-4dad-8044-5449f97801f1","block_type":"box","text":"shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal","page_number":50,"box":{"x":61,"y":661,"width":857,"height":12}},{"id":"a086bec7-d1cf-4546-aacf-3a9bd8f41069","block_type":"box","text":"Medicare contribution tax mentioned above.","page_number":50,"box":{"x":61,"y":676,"width":324,"height":10}},{"id":"178399a7-036e-4a52-a502-c40cfce0dedb","block_type":"box","text":"FATCA.","page_number":50,"box":{"x":61,"y":707,"width":60,"height":10}},{"id":"512305ba-22c9-484b-be59-ae68d1792ddb","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":50,"box":{"x":127,"y":707,"width":799,"height":12}},{"id":"b57aef1a-9413-402a-b716-b937dde1b82a","block_type":"box","text":"items paid to (i) foreign financial institutions, including non-U.S. investment funds and (ii) certain other foreign entities.","page_number":50,"box":{"x":61,"y":723,"width":872,"height":12}},{"id":"4587bb2a-da1b-448c-a2ee-9e5502f3d7c9","block_type":"box","text":"To avoid withholding, foreign financial institutions will need to (i) enter into agreements with the IRS that state that","page_number":50,"box":{"x":60,"y":738,"width":844,"height":12}},{"id":"a524c5ca-068f-4230-a19f-8b3c46da1670","block_type":"box","text":"they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct","page_number":50,"box":{"x":60,"y":754,"width":849,"height":12}},{"id":"7bfe279e-ae00-43a3-a9ac-51052428520f","block_type":"box","text":"and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S.","page_number":50,"box":{"x":61,"y":769,"width":831,"height":12}},{"id":"e9300ad5-87e0-479b-b993-3c7d2fd10eaf","block_type":"box","text":"accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on","page_number":50,"box":{"x":61,"y":785,"width":840,"height":12}},{"id":"5a30bee3-d327-4f26-a693-334f1352b4ca","block_type":"box","text":"certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the","page_number":50,"box":{"x":61,"y":800,"width":840,"height":12}},{"id":"09ef1a40-afb1-49db-ad01-bcb5f6fcd3d0","block_type":"box","text":"required information, and determine certain other information concerning their account holders, or (ii) in the event that","page_number":50,"box":{"x":61,"y":816,"width":872,"height":12}},{"id":"040679c1-6748-44e6-9652-03778cd86951","block_type":"box","text":"an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue","page_number":50,"box":{"x":61,"y":831,"width":808,"height":12}},{"id":"d14b2032-6fc9-4433-84b9-547091710c85","block_type":"box","text":"authorities with similar account holder information. Other foreign entities may need to report the name, address, and","page_number":50,"box":{"x":61,"y":847,"width":866,"height":12}},{"id":"c63f79a0-20b9-4ddc-aecc-8fdfa37de9e4","block_type":"box","text":"taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S.","page_number":50,"box":{"x":60,"y":862,"width":805,"height":12}},{"id":"ee84bda3-9383-4add-8946-7752d0008c38","block_type":"box","text":"ownership unless certain exceptions apply.","page_number":50,"box":{"x":61,"y":878,"width":324,"height":12}},{"id":"38fb8187-5b0f-42af-8c9d-38f6226b0587","block_type":"box","text":"Creations and Redemptions.","page_number":50,"box":{"x":61,"y":909,"width":226,"height":12}},{"id":"657b7c19-f795-450e-a82b-e5d6ccb41144","block_type":"box","text":"Prior to trading in the secondary market, shares of the Fund are “created” at NAV by","page_number":50,"box":{"x":294,"y":909,"width":625,"height":12}},{"id":"5b6b4779-cea5-4770-b45a-978cba232cc0","block_type":"box","text":"market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each “creator” or","page_number":50,"box":{"x":61,"y":924,"width":874,"height":12}},{"id":"95b50eed-758d-4459-8127-48988c8feb88","block_type":"box","text":"33","page_number":50,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"e2702638-d770-4cdc-b161-cd155845fe03","block_type":"box","text":"NM1026U-6042719-50/56","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3ee4a823-85bf-461f-8750-4ad6a1ef5f05","block_type":"box","text":"authorized participant (an “Authorized Participant”) has entered into an agreement with the Distributor. An Authorized","page_number":51,"box":{"x":61,"y":40,"width":873,"height":13}},{"id":"3cda435f-7b44-4fde-871a-35f128f6fcf1","block_type":"box","text":"Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement","page_number":51,"box":{"x":61,"y":56,"width":857,"height":12}},{"id":"299e74c6-988f-493b-a792-55770d128efe","block_type":"box","text":"with the Fund or one of its service providers that allows such member or participant to place orders for the purchase","page_number":51,"box":{"x":60,"y":71,"width":866,"height":12}},{"id":"0f895cbd-cf14-4237-94da-8657ba15392c","block_type":"box","text":"and redemption of Creation Units.","page_number":51,"box":{"x":61,"y":87,"width":255,"height":12}},{"id":"49b9e3b4-ace0-448d-9bc5-fddb0640b85e","block_type":"box","text":"A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an","page_number":51,"box":{"x":60,"y":118,"width":876,"height":12}},{"id":"ca4e4405-daf3-498b-9073-4bcd003deb7d","block_type":"box","text":"Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a “creation","page_number":51,"box":{"x":60,"y":134,"width":882,"height":12}},{"id":"59268d6c-d98b-4380-8d6f-b20c3b669d62","block_type":"box","text":"basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other","page_number":51,"box":{"x":61,"y":149,"width":867,"height":12}},{"id":"bf49af9a-50d2-424a-8ca4-13eb54aa4567","block_type":"box","text":"positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation","page_number":51,"box":{"x":61,"y":165,"width":881,"height":12}},{"id":"6775e2aa-5fb8-44f0-8989-d316d6e1bd35","block_type":"box","text":"Units.","page_number":51,"box":{"x":61,"y":180,"width":47,"height":10}},{"id":"3a7cb341-41fe-4096-85a0-ee35cf382a15","block_type":"box","text":"Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or","page_number":51,"box":{"x":61,"y":211,"width":867,"height":12}},{"id":"efb38783-511a-410c-b107-b8e9c6baa333","block_type":"box","text":"other positions (a “redemption basket”) held by the Fund and an amount of cash (including any portion of such","page_number":51,"box":{"x":61,"y":227,"width":823,"height":12}},{"id":"b22fb311-f31d-4e0d-9fc1-fb0d1c1b7348","block_type":"box","text":"securities for which cash may be substituted).","page_number":51,"box":{"x":61,"y":242,"width":343,"height":12}},{"id":"b94c3b4c-5802-4323-9026-bfbfc767c254","block_type":"box","text":"The Fund generally offers Creation Units partially for cash, but may, in certain circumstances, offer Creation Units","page_number":51,"box":{"x":60,"y":273,"width":849,"height":12}},{"id":"95c30599-1015-4d77-b844-c771d4c7e65c","block_type":"box","text":"solely for cash or solely in-kind. Except when aggregated in Creation Units, shares are not redeemable by the Fund.","page_number":51,"box":{"x":61,"y":289,"width":866,"height":12}},{"id":"353a0420-7bc7-4023-8233-997a2b346c4d","block_type":"box","text":"Creation and redemption baskets may differ and the Fund may accept “custom baskets.” More information regarding","page_number":51,"box":{"x":61,"y":304,"width":870,"height":12}},{"id":"14a8dcff-ff17-4a98-b4f7-ee459146cfce","block_type":"box","text":"custom baskets is contained in the Fund’s SAI.","page_number":51,"box":{"x":61,"y":320,"width":353,"height":9}},{"id":"dde26b88-a51d-4396-b378-db909050f2cd","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or","page_number":51,"box":{"x":60,"y":351,"width":845,"height":12}},{"id":"56bb9931-f7ed-4713-b963-f8db5499d58a","block_type":"box","text":"redemption order is received in an acceptable form under the authorized participant agreement.","page_number":51,"box":{"x":61,"y":366,"width":714,"height":12}},{"id":"921e754f-5d44-455d-ab4e-4bda1e3a5381","block_type":"box","text":"Only an Authorized Participant may create or redeem Creation Units with the Fund. Authorized Participants may","page_number":51,"box":{"x":61,"y":397,"width":837,"height":12}},{"id":"9e05081d-f9d5-49dc-a854-3bd73469241b","block_type":"box","text":"create or redeem Creation Units for their own accounts or for customers, including, without limitation, affiliates of the","page_number":51,"box":{"x":61,"y":413,"width":867,"height":12}},{"id":"3ddc1bd8-8780-4191-8e3f-50fd0e8fc754","block_type":"box","text":"Fund.","page_number":51,"box":{"x":61,"y":428,"width":47,"height":10}},{"id":"12acd738-2ebd-4027-8419-a9f20fe5f300","block_type":"box","text":"In the event of a system failure or other interruption, including disruptions at market makers or Authorized","page_number":51,"box":{"x":62,"y":459,"width":785,"height":12}},{"id":"469514e6-aee4-489a-a38f-7cfc098a3448","block_type":"box","text":"Participants, orders to purchase or redeem Creation Units either may not be executed according to the Fund’s","page_number":51,"box":{"x":61,"y":475,"width":822,"height":12}},{"id":"f4556814-160b-48b0-8507-340d422a366a","block_type":"box","text":"instructions or may not be executed at all, or the Fund may not be able to place or change orders.","page_number":51,"box":{"x":61,"y":490,"width":730,"height":12}},{"id":"fc896dea-bd03-4865-a3b7-c9041319388d","block_type":"box","text":"To the extent the Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities","page_number":51,"box":{"x":60,"y":521,"width":854,"height":12}},{"id":"349c0673-782b-4289-a2bd-009fd5e64d62","block_type":"box","text":"laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means,","page_number":51,"box":{"x":61,"y":537,"width":881,"height":12}},{"id":"e1b3d948-8264-4473-a786-1c32995370e3","block_type":"box","text":"assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in","page_number":51,"box":{"x":61,"y":552,"width":880,"height":12}},{"id":"54a3d835-0052-48c4-9013-796fe3f47a5e","block_type":"box","text":"transactions that would be exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).","page_number":51,"box":{"x":60,"y":568,"width":859,"height":12}},{"id":"3e3b3cbd-a2e7-4cb2-9dfc-67ab993e6b57","block_type":"box","text":"Further, an Authorized Participant that is not a “qualified institutional buyer,” as such term is defined in Rule 144A","page_number":51,"box":{"x":61,"y":583,"width":845,"height":12}},{"id":"ebfb0a3b-c466-48ae-9d89-4de07041eeef","block_type":"box","text":"under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":51,"box":{"x":61,"y":599,"width":762,"height":12}},{"id":"d715f46c-938e-44a7-8693-f0f5b3e08c1f","block_type":"box","text":"Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement","page_number":51,"box":{"x":61,"y":630,"width":856,"height":12}},{"id":"d13ba0c2-df36-4073-8c4c-328beca8f3ba","block_type":"box","text":"System of the National Securities Clearing Corporation or a DTC participant that has executed an agreement with the","page_number":51,"box":{"x":61,"y":645,"width":876,"height":12}},{"id":"01c20da0-9850-4394-9d14-511f7022aaca","block_type":"box","text":"Distributor with respect to creations and redemptions of Creation Units. Information about the procedures regarding","page_number":51,"box":{"x":61,"y":661,"width":854,"height":12}},{"id":"b414e41a-9799-43e7-b130-d7d792447316","block_type":"box","text":"creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is","page_number":51,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"e3ff8ee5-1f98-4ea1-9049-8e4b9fc50b9c","block_type":"box","text":"included in the Fund’s SAI.","page_number":51,"box":{"x":61,"y":692,"width":198,"height":9}},{"id":"3665344e-b75f-4f79-b2f0-7185ad9ec265","block_type":"box","text":"Because new shares may be created and issued on an ongoing basis, at any point during the life of the Fund a","page_number":51,"box":{"x":61,"y":723,"width":823,"height":12}},{"id":"d3e5ffc4-3b35-43d5-8f00-39a5d3511964","block_type":"box","text":"“distribution,” as such term is used in the 1933 Act, may be occurring. 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Any determination of whether one is an underwriter must take into","page_number":51,"box":{"x":61,"y":785,"width":842,"height":12}},{"id":"1852afcc-5101-4be0-82ef-9ced27329dff","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":51,"box":{"x":61,"y":800,"width":535,"height":12}},{"id":"c369dd79-0cbb-4b7b-98e8-ec2677a7820d","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as","page_number":51,"box":{"x":61,"y":831,"width":834,"height":12}},{"id":"60a9285e-90ac-49e4-8177-0699db5cbb1e","block_type":"box","text":"contrasted to ordinary secondary transactions), and thus dealing with shares that are part of an “unsold allotment”","page_number":51,"box":{"x":61,"y":847,"width":849,"height":12}},{"id":"2b66d3bc-0950-486c-a2b8-3ebf485eff3c","block_type":"box","text":"within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus","page_number":51,"box":{"x":60,"y":862,"width":826,"height":12}},{"id":"28065a28-4905-4f33-8dff-342ab03a42a7","block_type":"box","text":"delivery exemption provided by Section 4(a)(3) of the 1933 Act. 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