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You may request a copy of the","page_number":15,"box":{"x":69,"y":415,"width":840,"height":12}},{"id":"cfb8481d-fc34-4ea7-a351-598e2b6431c3","block_type":"box","text":"2026 Annual Financial Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m.","page_number":15,"box":{"x":69,"y":430,"width":822,"height":12}},{"id":"0a5ab72e-23fb-44b6-9435-806b2ea7f7a7","block_type":"box","text":"Eastern time on any business day.","page_number":15,"box":{"x":70,"y":445,"width":258,"height":12}},{"id":"a62978b9-6630-4b17-8fe1-6595bdcaba17","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":15,"box":{"x":103,"y":468,"width":786,"height":12}},{"id":"f838989b-c9a2-488f-8d1a-3bcd1d4f5ccf","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":15,"box":{"x":69,"y":483,"width":772,"height":12}},{"id":"d25020df-4630-4bc5-9e20-ef2391fdf949","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":15,"box":{"x":70,"y":498,"width":804,"height":12}},{"id":"7f5f7e2f-dd13-41bd-a0c5-a1710a0a2ea9","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":15,"box":{"x":67,"y":513,"width":819,"height":12}},{"id":"716e8d60-c34f-49b3-98e4-58eda16c61a7","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":378,"height":12}},{"id":"916b1d7b-1433-4c21-aa4f-9b36c1e7b298","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"218379cf-0d9d-4b18-ba9d-97a6426e1524","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"949edb62-4833-4aa7-8795-ff366ef666cb","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"08c393ef-808f-45b2-be3d-ca2f6659920a","block_type":"box","text":".......................................................................... 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M","page_number":15,"box":{"x":208,"y":590,"width":647,"height":8}},{"id":"0db48137-1e9d-430f-a9e2-b7bfa88db524","block_type":"box","text":"CRFX","page_number":15,"box":{"x":857,"y":590,"width":36,"height":9}},{"id":"a554f471-4eff-44b0-a94f-145e8c669d2c","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":605,"width":137,"height":9}},{"id":"27517041-1376-4d78-b2a3-3cdaa618d954","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MARFX","page_number":15,"box":{"x":216,"y":605,"width":677,"height":9}},{"id":"4720b37e-01f1-41ad-8bfe-585cbf70f589","block_type":"box","text":"Class R Shares","page_number":15,"box":{"x":69,"y":620,"width":109,"height":9}},{"id":"4973939a-c503-4968-88d9-c31d3c712f70","block_type":"box","text":"............................................................................ 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MJRFX","page_number":15,"box":{"x":183,"y":635,"width":709,"height":9}},{"id":"a029a4de-aae8-4f84-8d52-75abfe8283dd","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":690,"width":460,"height":19}},{"id":"e29b94c7-13e3-4da6-919b-85a897b5a122","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":712,"width":536,"height":18}},{"id":"8d6bfbca-11da-44f7-acde-215cb38fe39c","block_type":"box","text":"The date of this Statement of Additional Information is August 28, 2026.","page_number":15,"box":{"x":214,"y":772,"width":550,"height":12}},{"id":"b63b2451-b658-420a-82f1-6ff35879f0bd","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00166441-35dd-42f4-84f5-1f4b27989751","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"d517d792-0289-45e8-8d68-7cbcab9649bf","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"4e624176-80d1-4141-ac29-39f5c6f7a492","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"b663f049-d44e-46d8-847d-852ee27fb919","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"84b45fbb-9eb9-43e1-90ef-4d99e03c2504","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"189dc8dd-e9f6-469b-b7b3-234d3bda7f77","block_type":"box","text":"Information on Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-22","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"402ec915-685a-4839-859c-1770567ce88d","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"d214cf07-5298-4a9d-8168-7176ec068a50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"834a2a23-52f7-4123-905a-147b03dd59a8","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"303376f2-ae04-4d73-94ee-72806c1d977d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"416a87c5-1759-4d59-88f9-b10c91355865","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"d0f75861-0e6a-4c15-a47d-72b9383aa1bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"8b3c0c13-6729-43d1-9d2d-f7cdbaf75c50","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"634e4e7a-27bb-4f15-8e66-d5a17a4f4ff5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"d94629ab-c51e-41fa-941c-f0c70edd6f07","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"4c2c27b6-b8d7-46e7-8ed2-7d868b6abbd1","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"dd8106ab-bdae-4a3d-a14a-75809eddcc86","block_type":"box","text":".............................................................. I","page_number":16,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"78131c17-39d2-4140-a2ed-106d88d48abc","block_type":"box","text":"I-124","page_number":16,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"ac77e414-dbd7-4e38-af75-73742cf6380a","block_type":"box","text":"Dividends and Taxes . .","page_number":16,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"e50f2e2d-a74b-437f-af13-960b767711b9","block_type":"box","text":"............................................................................. I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"dd0d3136-d951-4fbb-889f-6826da319323","block_type":"box","text":"I-129","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"b61642b5-fe49-418d-812e-53f1650a18de","block_type":"box","text":"Performance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"090004a9-eab9-4961-96ab-408bf5dd917e","block_type":"box","text":"................................................................................. I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"bbb6edce-6261-4748-98cb-1d793c51c3ec","block_type":"box","text":"I-137","page_number":16,"box":{"x":874,"y":435,"width":34,"height":9}},{"id":"e878c29e-35d6-43d0-a45e-1998c7e8befa","block_type":"box","text":"Proxy Voting Policies and Procedures. . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"82dce470-c98c-439b-91f3-59a14c106bab","block_type":"box","text":"........................................... 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I","page_number":16,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"8e7aac16-77f2-4cd6-9f9c-6df665fe3236","block_type":"box","text":"I-139","page_number":16,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"2e3f1e1f-3542-40e0-8605-7d0c26524a16","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":16,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"71f1d3df-d49e-46af-8efc-25a3ed85f4ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"afa320f1-c49e-40dc-babe-7f136ca75fbe","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"0a81e0cd-8a9f-4a8d-8b30-016fdc448062","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"cb40c899-6658-4f70-bae5-59a9f1d3c658","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b719976d-423e-401f-a795-b8cde89f4cb0","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK MID-CAP VALUE FUND","page_number":17,"box":{"x":247,"y":45,"width":484,"height":9}},{"id":"7a3eb84b-c7c0-40c2-aae0-811ae40314a3","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about BlackRock Mid-Cap Value","page_number":17,"box":{"x":102,"y":67,"width":790,"height":11}},{"id":"9192489e-d2a8-422c-9cd5-7b25d39c4f77","block_type":"box","text":"Fund (the “Fund”), a series of BlackRock Mid-Cap Value Series, Inc. (the “Corporation”). 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with","page_number":22,"box":{"x":102,"y":271,"width":771,"height":12}},{"id":"089c8ea8-4598-40fd-b038-3da39bcc637f","block_type":"box","text":"applicable law and the guidelines set forth in the Fund’s Prospectus and Statement of Additional Information, as","page_number":22,"box":{"x":102,"y":286,"width":802,"height":12}},{"id":"147249e6-de2b-479e-966e-82b9cb4ff0a4","block_type":"box","text":"they may be amended from time to time.","page_number":22,"box":{"x":101,"y":302,"width":289,"height":11}},{"id":"84615f5d-77f5-4c30-8b8d-541e3f94c684","block_type":"box","text":"(6) Issue senior securities to the extent such issuance would violate applicable law.","page_number":22,"box":{"x":134,"y":324,"width":595,"height":11}},{"id":"580cd19b-46dc-4e4b-9f15-34db8a07f4a0","block_type":"box","text":"(7) Borrow money, except that (i) the Fund may borrow from banks (as defined in the Investment 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temporary purposes, (iii) the Fund may obtain such short-term credit as","page_number":22,"box":{"x":102,"y":377,"width":787,"height":11}},{"id":"cb2bc45a-6a1c-4d56-8c6a-fcac551a9b47","block_type":"box","text":"may be necessary for the clearance of purchases and the sales of portfolio securities and (iv) the Fund may","page_number":22,"box":{"x":102,"y":392,"width":770,"height":12}},{"id":"9335aa62-450f-4c9c-9a86-1b7272f0a924","block_type":"box","text":"purchase securities on margin to the extent permitted by applicable law. The Fund may not pledge its assets","page_number":22,"box":{"x":102,"y":408,"width":773,"height":11}},{"id":"2296c890-9daa-4869-9c23-2be1fd9cc043","block_type":"box","text":"other than to secure such borrowings or, to the extent permitted by the Fund’s investment policies as set forth in","page_number":22,"box":{"x":102,"y":423,"width":807,"height":11}},{"id":"74c97c1f-67fb-4303-a372-5711ff42114d","block_type":"box","text":"its Prospectus and Statement of Additional Information, as they may be amended from time to time, in","page_number":22,"box":{"x":102,"y":438,"width":731,"height":11}},{"id":"2538e73d-624d-4638-a037-c739bbba0a46","block_type":"box","text":"connection with hedging transactions, short sales, when issued and forward commitment transactions and","page_number":22,"box":{"x":101,"y":453,"width":762,"height":11}},{"id":"9967f77b-57b8-4e3b-ad9e-fc31360018e2","block_type":"box","text":"similar investment strategies.","page_number":22,"box":{"x":102,"y":468,"width":209,"height":11}},{"id":"e6944dce-4256-4cff-907b-97d2f1d9bab1","block_type":"box","text":"(8) Underwrite securities of other issuers except insofar as the Fund technically may be deemed an","page_number":22,"box":{"x":134,"y":491,"width":707,"height":11}},{"id":"21b90860-be4f-4620-b091-bacddbcba130","block_type":"box","text":"underwriter under the Securities Act in selling portfolio securities.","page_number":22,"box":{"x":102,"y":506,"width":467,"height":11}},{"id":"c6d75523-3147-492b-a72e-c7c2ac4caadc","block_type":"box","text":"(9) Purchase or sell commodities or contracts on commodities, except to the extent that the Fund may do so","page_number":22,"box":{"x":134,"y":529,"width":773,"height":11}},{"id":"d68de35f-67f2-4c3f-bde2-8b2f7c0690cb","block_type":"box","text":"in accordance with applicable law and the Fund’s Prospectus and this Statement of Additional Information, as","page_number":22,"box":{"x":102,"y":543,"width":782,"height":11}},{"id":"5646779a-0045-4369-9546-53439a3b3cdf","block_type":"box","text":"they may be amended from time to time, and without registering as a commodity pool operator under the","page_number":22,"box":{"x":101,"y":559,"width":748,"height":11}},{"id":"8b6c0128-1672-4071-983a-d7a11bbecb34","block_type":"box","text":"Commodity Exchange Act.","page_number":22,"box":{"x":102,"y":574,"width":181,"height":11}},{"id":"2edc4ce1-8282-4fc7-b6a3-59c574bec784","block_type":"box","text":"Under its non-fundamental investment restrictions, the Fund may not:","page_number":22,"box":{"x":102,"y":596,"width":493,"height":12}},{"id":"bb2cf5b0-0681-4927-b6f7-ca7ca222b50d","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":22,"box":{"x":134,"y":619,"width":747,"height":11}},{"id":"c1a18c10-8ce3-4fc3-8f5c-e250eda0f77e","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":22,"box":{"x":102,"y":634,"width":759,"height":12}},{"id":"3c390536-5396-476e-9de3-962d3992312a","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":22,"box":{"x":102,"y":649,"width":779,"height":12}},{"id":"ac882e6b-cb25-4cb8-b835-36abb6192102","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":22,"box":{"x":101,"y":664,"width":761,"height":12}},{"id":"db2cccb9-95f1-49f2-867c-9ae04e45291e","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":22,"box":{"x":102,"y":680,"width":795,"height":11}},{"id":"05d7695e-3f4b-400c-a8f2-e5a8fa85203d","block_type":"box","text":"12(d)(1).","page_number":22,"box":{"x":102,"y":695,"width":60,"height":11}},{"id":"05f66c27-7eaf-4acb-8e35-8dddeee5300a","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":22,"box":{"x":134,"y":717,"width":770,"height":12}},{"id":"a1b2b6a3-932f-4735-be23-054868462801","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":22,"box":{"x":102,"y":732,"width":740,"height":11}},{"id":"cb998248-b649-4ce0-a49a-7c9682e99f53","block_type":"box","text":"Except with respect to restriction (7) or with respect to policies adopted pursuant to Rule 35d-1 under the","page_number":22,"box":{"x":102,"y":755,"width":752,"height":11}},{"id":"09e41638-416b-4f09-8a72-79fb7ee9aa38","block_type":"box","text":"Investment Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions","page_number":22,"box":{"x":70,"y":770,"width":810,"height":11}},{"id":"2cf84469-1460-4731-b333-a3a172050008","block_type":"box","text":"apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s assets invested","page_number":22,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"b4295432-334f-4709-97ae-c3d03a241f65","block_type":"box","text":"in certain securities or other instruments resulting from market fluctuations or other changes in the Fund’s total","page_number":22,"box":{"x":70,"y":801,"width":797,"height":11}},{"id":"8870851c-6140-4049-87f7-2920ea496c8b","block_type":"box","text":"assets will not require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell","page_number":22,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"972bbd07-aa1c-4e4f-b62e-aff9902bffdf","block_type":"box","text":"or close out the investment without undue market or tax consequences.","page_number":22,"box":{"x":69,"y":831,"width":511,"height":11}},{"id":"5278c631-2f5f-4b2d-a505-ac27e2270410","block_type":"box","text":"For purposes of investment restriction 2 above, with respect to the Fund’s industry classifications, the Fund","page_number":22,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"168ac7d1-f53f-47a4-ae2a-e04af44301a6","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":22,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"4c26e0ae-c1cd-4fa2-b626-e210c9fde84d","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":22,"box":{"x":70,"y":884,"width":817,"height":11}},{"id":"684058b4-b56a-4782-819c-be826d539c26","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":69,"y":899,"width":597,"height":11}},{"id":"ca083679-3392-486f-9526-837ab91034ad","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"44f19e86-2545-4267-a9fb-478a9cc072b8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9449d339-28fd-4bb2-b411-f69e06e7c8b1","block_type":"box","text":"III. Information on Directors and Officers","page_number":23,"box":{"x":69,"y":45,"width":294,"height":9}},{"id":"47c9598f-46e3-4784-a7b8-87367b884c78","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Director”), thirteen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":67,"width":790,"height":11}},{"id":"d57c08d9-4449-4dda-ac8d-4be538813e2d","block_type":"box","text":"the Corporation as defined in the Investment Company Act (the “Independent Directors”). The registered investment","page_number":23,"box":{"x":68,"y":82,"width":828,"height":12}},{"id":"2bf01050-ac5c-4d2e-9f8d-aab713c7573b","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":98,"width":837,"height":11}},{"id":"602f49dc-05c5-4fb0-ba48-2688bd504263","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":113,"width":793,"height":11}},{"id":"8c86991a-1c10-4323-8cd8-0aee0325f162","block_type":"box","text":"Complex”). The Corporation is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset","page_number":23,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"f2af3020-bb62-4e94-ab99-14c29ae49372","block_type":"box","text":"Complex. The Directors also oversee as board members the operations of the other open-end registered investment","page_number":23,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"10bc7b55-f0fa-4287-a65e-f39899d2759e","block_type":"box","text":"companies included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":158,"width":418,"height":11}},{"id":"eca99353-c9d8-4394-a6c3-bc37b3daed4b","block_type":"box","text":"The Board has overall responsibility for the oversight of the Corporation and the Fund. The Chair of the Board is","page_number":23,"box":{"x":101,"y":181,"width":794,"height":11}},{"id":"81121934-30c0-49be-bce3-a71a5d88f236","block_type":"box","text":"an Independent Director, and the Chair of each Board committee (each, a “Committee”) is an Independent Director.","page_number":23,"box":{"x":69,"y":196,"width":823,"height":11}},{"id":"44d196af-e8d3-498f-8c5e-03c08b33e2a4","block_type":"box","text":"The Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a","page_number":23,"box":{"x":68,"y":211,"width":766,"height":11}},{"id":"e1a72a81-18e3-4273-bc1d-e4d831e0ad23","block_type":"box","text":"Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair","page_number":23,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"c97ed7c1-0b9d-4498-9521-e08864dffbc2","block_type":"box","text":"of the Board is to preside at all meetings of the Board and to act as a liaison with service providers, officers,","page_number":23,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"e9f74222-493e-43e7-88e3-3cf686f4d8ee","block_type":"box","text":"attorneys and other Directors generally between meetings. The Chair of each Committee performs a similar role with","page_number":23,"box":{"x":69,"y":256,"width":830,"height":12}},{"id":"ae20042b-6a0f-4aee-b69a-bd54629ff291","block_type":"box","text":"respect to the Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions","page_number":23,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"9c9e86ab-8d46-481c-841a-c47d6d1d9dae","block_type":"box","text":"as may be delegated by the Board or the Committee from time to time. The Independent Directors meet regularly","page_number":23,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"130421e4-5fcf-49b1-99cb-1700e3b0ff19","block_type":"box","text":"outside the presence of Fund management, in executive session or with other service providers to the Fund. The","page_number":23,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"79a0dfbe-6e39-47bd-b2e6-c13c3551cbd6","block_type":"box","text":"Board has regular meetings five times a year, and may hold special meetings if required before its next regular","page_number":23,"box":{"x":70,"y":317,"width":788,"height":11}},{"id":"8efb9158-448d-44b2-83a3-e24fcd19e911","block_type":"box","text":"meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the","page_number":23,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"1091b742-7666-408c-9367-0036545dd72d","block_type":"box","text":"Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments","page_number":23,"box":{"x":70,"y":347,"width":821,"height":11}},{"id":"a0d21c41-27a8-49b4-8e45-f334f29bf3a4","block_type":"box","text":"of their oversight function and structure. The Board has determined that the Board’s leadership structure is","page_number":23,"box":{"x":69,"y":362,"width":767,"height":11}},{"id":"e9990a86-4ee2-4b62-9929-5887e4c0f718","block_type":"box","text":"appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of","page_number":23,"box":{"x":69,"y":377,"width":839,"height":12}},{"id":"dbd8a093-0a40-4129-bcbe-0b5b64af401e","block_type":"box","text":"responsibility among Committees and the full Board to enhance effective oversight.","page_number":23,"box":{"x":69,"y":392,"width":593,"height":12}},{"id":"7e389635-abe1-4a85-9b9b-b37e648a32c9","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":23,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"573f3830-5089-4640-8fb5-c9dc46dbc934","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":23,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"d0e2f135-00ee-443f-9639-bf79b6a2fa49","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Corporation’s charter, and the","page_number":23,"box":{"x":68,"y":445,"width":815,"height":11}},{"id":"a98bec97-5a38-4986-a33b-08e713c03c83","block_type":"box","text":"Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance,","page_number":23,"box":{"x":70,"y":460,"width":784,"height":12}},{"id":"55eb437e-9523-493f-96d9-1caf9a811360","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":23,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"05f26c7b-0611-4d91-a755-455c9e6508fb","block_type":"box","text":"in running the operations of the Fund.","page_number":23,"box":{"x":70,"y":491,"width":266,"height":11}},{"id":"077d22d3-9794-4fe7-a537-8369af58bcbf","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":23,"box":{"x":102,"y":513,"width":785,"height":12}},{"id":"af5ab69b-1364-4e88-9414-01e36b823550","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":23,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"1f1a8474-d805-4547-ab81-148ea7569109","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":23,"box":{"x":69,"y":543,"width":832,"height":12}},{"id":"8ab71b18-ca48-41c5-b1a9-b3c419d3eee4","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":23,"box":{"x":68,"y":559,"width":820,"height":11}},{"id":"87400771-f75c-45a5-8c15-c0f9ef25540a","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":23,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"764a6f4a-b456-4395-bd80-c3169b91c4e2","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":23,"box":{"x":70,"y":589,"width":767,"height":11}},{"id":"f3401878-9481-42d9-88dd-a9c301ff9216","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":23,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"e7f474b2-ad95-4a4a-8f34-9114732c6fdd","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":23,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"4f87d594-f8ff-494a-9eb2-f39ae2d188f1","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":23,"box":{"x":69,"y":634,"width":840,"height":12}},{"id":"42764c94-441d-4203-9672-23f10b619189","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Directors,","page_number":23,"box":{"x":69,"y":649,"width":814,"height":12}},{"id":"aea66f69-ff2c-4ab2-b16f-8349bea1028c","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":23,"box":{"x":69,"y":664,"width":817,"height":12}},{"id":"818e0f4c-4fe3-48af-80f7-5d1c582af8ed","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":23,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"096c5412-4d35-41cd-a5db-55568b2ab750","block_type":"box","text":"testing of the Corporation’s compliance program and reports to the Board regarding compliance matters for the Fund","page_number":23,"box":{"x":68,"y":695,"width":834,"height":11}},{"id":"b4459376-4e4f-44ae-9b16-785d3dfed51d","block_type":"box","text":"and its service providers. The Independent Directors have engaged independent legal counsel to assist them in","page_number":23,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"afc73f60-a1b2-46f3-bd10-c99608873161","block_type":"box","text":"performing their oversight responsibilities.","page_number":23,"box":{"x":70,"y":725,"width":299,"height":11}},{"id":"f58893a9-dc14-4bde-b459-5762a75c28a7","block_type":"box","text":"Audit Committee.","page_number":23,"box":{"x":101,"y":748,"width":122,"height":9}},{"id":"2e9340b3-d69e-4766-bf6d-e9e1dd814cc7","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":23,"box":{"x":229,"y":748,"width":673,"height":11}},{"id":"475454be-36c7-401c-af3d-2e2c5f93e81f","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Directors.","page_number":23,"box":{"x":68,"y":763,"width":834,"height":11}},{"id":"6be5a809-e679-43db-943f-79e4f98b98ed","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":23,"box":{"x":68,"y":778,"width":820,"height":11}},{"id":"71b1ca16-6665-4019-968a-6bc8dc43e363","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":23,"box":{"x":68,"y":793,"width":823,"height":11}},{"id":"02b4f321-616a-467e-9f27-0a5372925825","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":23,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"8c87b1a2-d80c-4563-8390-2533bdfa5867","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":23,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"424e8f6d-3276-4a1c-a63c-9771032df8ea","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":23,"box":{"x":70,"y":838,"width":807,"height":12}},{"id":"1e1a9e62-26bc-4f91-97e0-62ae31daa77a","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":23,"box":{"x":68,"y":853,"width":781,"height":11}},{"id":"a2c2fb23-eb17-4921-bfef-a2afa33e461e","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":23,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"74d0db14-2f62-461c-a043-d2e2f45e69ce","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":23,"box":{"x":69,"y":884,"width":838,"height":11}},{"id":"8982007c-9a47-4a2c-9b42-4447ca8a7551","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":23,"box":{"x":69,"y":899,"width":825,"height":11}},{"id":"a3af2786-5e48-4b94-a627-0c93814a8d36","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"9eaff7cb-852a-4d74-94e8-7ec4c42eb932","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88801f9c-eeca-45b9-b398-4b35ffabc94f","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"87944176-c5e2-4945-8b54-4165a20435f4","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":60,"width":815,"height":11}},{"id":"ad057b6c-e124-47bd-b840-99a87bf1200a","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":24,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"5efc4341-a090-40b9-b78c-b4718412044f","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"30659e59-d926-4aff-a01e-79d6981eb91f","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":24,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"bed1f390-481b-4dd0-b351-8f7b3d973e87","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":24,"box":{"x":69,"y":120,"width":812,"height":12}},{"id":"10599aec-8e46-4176-8b6d-74a4c7ef2e6c","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":135,"width":576,"height":12}},{"id":"f14533b6-54ec-40c2-9ee9-21eabbd83a9c","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":158,"width":286,"height":11}},{"id":"c493e74a-ae56-4a3c-a97b-2f8437bd935d","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":158,"width":464,"height":11}},{"id":"a40cd335-6ac6-4729-ac68-bb164558f833","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton,","page_number":24,"box":{"x":70,"y":173,"width":838,"height":11}},{"id":"633ab5c0-d6b4-460e-a1a9-5d69b2871c80","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Directors. The principal responsibilities of the","page_number":24,"box":{"x":70,"y":188,"width":786,"height":11}},{"id":"14a52073-d9eb-4d03-a560-b4ad1d551e3f","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Directors of the Corporation","page_number":24,"box":{"x":69,"y":203,"width":821,"height":12}},{"id":"78d3f543-5f05-49e6-a1a2-3128b3a1e95d","block_type":"box","text":"and recommend Independent Director nominees for election by shareholders or appointment by the Board; (2) advise","page_number":24,"box":{"x":69,"y":218,"width":835,"height":12}},{"id":"007821dc-4b56-4e03-b517-ee2baaec2957","block_type":"box","text":"the Board with respect to Board composition, procedures and committees (other than the Audit Committee);","page_number":24,"box":{"x":68,"y":234,"width":772,"height":11}},{"id":"c7b39517-4dcd-4d23-9d24-c20df0cfcbe2","block_type":"box","text":"(3) oversee periodic self-assessments of the Board and committees of the Board (other than the Audit Committee);","page_number":24,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"777f79e6-1a18-4329-ad1f-42da4ae895fb","block_type":"box","text":"(4) review and make recommendations regarding Independent Director compensation; (5) monitor corporate","page_number":24,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"8fc410be-ea4e-44a9-823a-df2e87fc22ae","block_type":"box","text":"governance matters and develop appropriate recommendations to the Board; (6) act as the administrative committee","page_number":24,"box":{"x":68,"y":279,"width":837,"height":11}},{"id":"f1d9be14-a11f-4d5b-9e63-de6de656ef45","block_type":"box","text":"with respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee)","page_number":24,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"ac5dd81e-b6a5-4e1b-94c0-05f74baaa0b3","block_type":"box","text":"and codes of ethics as they relate to Independent Directors; and (7) undertake such other duties and responsibilities","page_number":24,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"e62a2f03-58d4-4aff-aff3-ea69c3d8be9a","block_type":"box","text":"as may from time to time be delegated by the Board to the Governance Committee. The Governance Committee may","page_number":24,"box":{"x":69,"y":324,"width":831,"height":12}},{"id":"a0be0b14-5221-42c2-89dc-9e5850f79431","block_type":"box","text":"consider nominations for Directors made by the Fund’s shareholders as it deems appropriate. Under the","page_number":24,"box":{"x":69,"y":339,"width":744,"height":12}},{"id":"a4f4064f-ab7b-4c9b-b6ca-f345cb5a2363","block_type":"box","text":"Corporation’s Amended and Restated Bylaws (“Bylaws”), shareholders must follow certain procedures to nominate a","page_number":24,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"069546e9-9016-4cbc-9d00-5bf3de65f63c","block_type":"box","text":"person for election as a Director at a shareholder meeting at which Directors are to be elected. Under these advance","page_number":24,"box":{"x":70,"y":370,"width":833,"height":11}},{"id":"b58e355a-5125-4c2f-82c6-5ea32f14587e","block_type":"box","text":"notice procedures, notice of the proposed nominee to the Secretary of the Corporation must be delivered to or","page_number":24,"box":{"x":69,"y":385,"width":789,"height":11}},{"id":"f0a2720c-fd7f-4fed-a41d-900a0950eba0","block_type":"box","text":"mailed and received at the principal executive offices of the Corporation not later than the close of business on the","page_number":24,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"e10c5712-3a92-498a-af9a-b22aa4785655","block_type":"box","text":"fifth day following the day on which notice of the date of the meeting was mailed or public disclosure of the date of","page_number":24,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"05c5b78c-fc37-49c1-b065-66d38465d823","block_type":"box","text":"the meeting was made, whichever first occurs. The Corporation’s Bylaws provide that notice of a proposed","page_number":24,"box":{"x":68,"y":430,"width":758,"height":11}},{"id":"d36122dc-f2ff-4043-87af-136656155e1c","block_type":"box","text":"nomination must include certain information about the shareholder and the nominee, as well as certain other","page_number":24,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"5f3cbcd3-b0c8-4670-8a4f-9fbf0f5701b2","block_type":"box","text":"information, including a written consent of the proposed nominee to serve if elected. Reference is made to the","page_number":24,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"d66b96b4-13e5-4bc5-acda-96f0ba6a9056","block_type":"box","text":"Corporation’s Bylaws for more details. The Board has adopted a written charter for the Governance Committee.","page_number":24,"box":{"x":69,"y":475,"width":792,"height":12}},{"id":"b35faa5a-5625-47fe-ac74-3a3656eda89e","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Governance Committee met eleven times.","page_number":24,"box":{"x":70,"y":491,"width":643,"height":11}},{"id":"31b2809c-be93-4e6f-bc9a-8314974e3967","block_type":"box","text":"Compliance Committee.","page_number":24,"box":{"x":102,"y":513,"width":168,"height":11}},{"id":"7770b614-834b-4b27-bd1c-1488907ce113","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":24,"box":{"x":276,"y":513,"width":629,"height":11}},{"id":"e332d21c-2d0b-4b96-a495-93bda1a9ddac","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":24,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"8d90e004-6aca-452e-9743-ec7802273fe2","block_type":"box","text":"whom are Independent Directors. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":24,"box":{"x":68,"y":543,"width":773,"height":12}},{"id":"03e45bd2-96e1-4749-a715-40363439d11c","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Corporation, the fund-related","page_number":24,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"956fa0e5-c234-4f80-b816-041fb6a10b03","block_type":"box","text":"activities of BlackRock and any sub-adviser and the Corporation’s third-party service providers. The Compliance","page_number":24,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"61eaf8b8-9099-4d79-bf0f-bf6225ea61c1","block_type":"box","text":"Committee’s responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the","page_number":24,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"8886292e-2df2-41c1-8f3d-1d93dc8018c4","block_type":"box","text":"Corporation and its service providers and recommend changes or additions to such policies and procedures;","page_number":24,"box":{"x":69,"y":604,"width":773,"height":11}},{"id":"995e437a-0e4d-43dc-a3aa-8673667bbc95","block_type":"box","text":"(2) review information on and, where appropriate, recommend policies concerning the Corporation’s compliance with","page_number":24,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"4207194e-3d00-4ea7-a641-6eb2c5b005ac","block_type":"box","text":"applicable law; (3) review reports from, oversee the annual performance review of, and make certain","page_number":24,"box":{"x":69,"y":634,"width":719,"height":11}},{"id":"2ec5b741-b328-4ce8-bd38-b25938881369","block_type":"box","text":"recommendations and determinations regarding the Corporation’s Chief Compliance Officer (the “CCO”), including","page_number":24,"box":{"x":69,"y":649,"width":814,"height":12}},{"id":"569357b8-6d1a-42a7-a2e1-065c4102d5ca","block_type":"box","text":"determining the amount and structure of the CCO’s compensation and recommending such amount and structure to","page_number":24,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"c9505d61-ee94-4d3f-a74f-750f20eb59a1","block_type":"box","text":"the full Board for approval and ratification; and (4) undertake such other duties and responsibilities as may from time","page_number":24,"box":{"x":68,"y":680,"width":839,"height":11}},{"id":"971488ad-36e2-4953-86be-bedac00221b6","block_type":"box","text":"to time be delegated by the Board to the Compliance Committee. The Board has adopted a written charter for the","page_number":24,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"04cd92ec-0d42-40de-b73b-749657516dab","block_type":"box","text":"Compliance Committee. During the fiscal year ended April 30, 2026, the Compliance Committee met four times.","page_number":24,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"6908e60a-3d90-4349-8c1e-51eeafb29130","block_type":"box","text":"Per formance Oversight Committee.","page_number":24,"box":{"x":102,"y":732,"width":248,"height":12}},{"id":"5706c639-6006-4452-ac98-e8948541db90","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":24,"box":{"x":356,"y":732,"width":531,"height":12}},{"id":"1e32e770-280a-498a-8d7e-cb9c8644149e","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton, Neil A.","page_number":24,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"1bbd99d1-00f8-47b4-b8cb-9b355993f9d6","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Directors. The Performance Oversight Committee’s purpose is","page_number":24,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"380a0532-c8b5-462f-a937-e4275203ef67","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed","page_number":24,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"0b5121a5-e1b6-45ca-9411-9704ebf00891","block_type":"box","text":"upon performance objectives and to assist the Independent Directors in their consideration of investment advisory","page_number":24,"box":{"x":69,"y":793,"width":818,"height":11}},{"id":"41523d42-2881-4e69-a2a8-f506a55baa15","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":24,"box":{"x":69,"y":808,"width":782,"height":11}},{"id":"e32c5611-023a-45ca-a6be-1b05b19bec41","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":24,"box":{"x":70,"y":823,"width":829,"height":11}},{"id":"2ad73faf-815d-4abd-a34f-a3b8b7a61eaf","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":24,"box":{"x":69,"y":838,"width":816,"height":11}},{"id":"0c491901-4848-446b-8d68-db6ca62aefa8","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":24,"box":{"x":69,"y":854,"width":803,"height":10}},{"id":"1b84b7b3-716c-4463-9575-da8ccfd81533","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":24,"box":{"x":69,"y":869,"width":827,"height":11}},{"id":"3bf78ab3-840b-4f61-905a-2e2e14e9f402","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":24,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"b3e5d517-0a2e-4f84-a8bc-6ee98e9de8a1","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":24,"box":{"x":69,"y":899,"width":757,"height":11}},{"id":"3446e5c9-b657-43a0-b3ec-f58a26890cf0","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c9b09106-f7ec-4c6c-91ce-afe71bd8c54a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b1a9de7-d607-481a-bb4e-48602c8a42c5","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"d09b35ef-56fa-4e99-ba86-3631f575f36f","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":25,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"f557c444-3906-420c-8f27-5741b2e51759","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":25,"box":{"x":69,"y":75,"width":780,"height":11}},{"id":"bff67e85-c731-44d4-bc83-28145575c1d3","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":25,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"99b2ff35-8228-4639-935a-c580273260da","block_type":"box","text":"ended April 30, 2026, the Performance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":105,"width":546,"height":11}},{"id":"bee6dfb6-04ae-41d4-9176-88d82b7e11f6","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":128,"width":186,"height":11}},{"id":"5a8d794c-a1e9-4d76-8293-c4749c9ebc7d","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":128,"width":598,"height":11}},{"id":"57745d8f-782f-4a66-8de5-9d6fb563a3e7","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Directors, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"968a558c-d4d1-4df3-acdb-9ec71a28326a","block_type":"box","text":"serves as an interested Director. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":25,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"a785d35e-4849-4e7e-b5d7-7bc8309bcffb","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"71c82f73-ce01-4c28-9969-7d00e2090119","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":25,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"83fde4ce-37e5-4d38-8768-ae1eb381cff2","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":25,"box":{"x":68,"y":203,"width":816,"height":12}},{"id":"d49080d7-c328-4cf4-81d9-3cd8a37a04f7","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":218,"width":577,"height":12}},{"id":"227d9df6-7312-47e4-a361-25492c69554a","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":25,"box":{"x":101,"y":241,"width":771,"height":11}},{"id":"5327dea8-45af-4995-83a4-402db0ce334b","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Director candidates (the “Statement","page_number":25,"box":{"x":69,"y":256,"width":830,"height":11}},{"id":"b8b97fec-7f1d-43af-bb5f-bd9b96fd29b4","block_type":"box","text":"of Policy”). The Board believes that each Independent Director satisfied, at the time he or she was initially elected or","page_number":25,"box":{"x":69,"y":271,"width":833,"height":12}},{"id":"6817c62d-7282-469b-add7-c73d958f70b9","block_type":"box","text":"appointed a Director, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":25,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"c5fe4669-14ef-47cd-9b37-6da7283b0d2a","block_type":"box","text":"in determining that a particular Independent Director was and continues to be qualified to serve as a Director, the","page_number":25,"box":{"x":70,"y":302,"width":811,"height":11}},{"id":"20bad8ba-3e31-45bc-b8f9-d67001106c52","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":25,"box":{"x":70,"y":317,"width":787,"height":11}},{"id":"cf230357-f114-45cb-9756-e4bfe0e6aac4","block_type":"box","text":"collectively, the Independent Directors have balanced and diverse experience, skills, attributes and qualifications,","page_number":25,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"2610a980-5e72-472a-baf4-0943ae99ac99","block_type":"box","text":"which allow the Board to operate effectively in governing the Corporation and protecting the interests of shareholders.","page_number":25,"box":{"x":68,"y":347,"width":840,"height":11}},{"id":"ed99143a-0a83-43aa-af06-52c0320c4fbd","block_type":"box","text":"Among the attributes common to all Independent Directors are their ability to review critically, evaluate, question and","page_number":25,"box":{"x":68,"y":362,"width":832,"height":11}},{"id":"e9b796e6-6be4-4c49-9165-c052d973bc1d","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":25,"box":{"x":69,"y":377,"width":823,"height":11}},{"id":"248f5218-49c9-46d4-bb21-5795a822c360","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":25,"box":{"x":69,"y":392,"width":771,"height":12}},{"id":"908ef29f-702d-48a5-a994-e6ad3af561f3","block_type":"box","text":"business judgment in the performance of their duties as Directors.","page_number":25,"box":{"x":69,"y":407,"width":475,"height":12}},{"id":"3584ab41-ac56-4eaf-afd1-46d4907db1c0","block_type":"box","text":"Each Director’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":25,"box":{"x":102,"y":430,"width":794,"height":11}},{"id":"53606ff4-036b-4112-8f21-aa72bb759806","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":25,"box":{"x":69,"y":445,"width":807,"height":12}},{"id":"5e48577b-6fdc-4204-8dd3-d0cde1ec62a4","block_type":"box","text":"board member of the Corporation and the other funds in the BlackRock Fund Complexes (and any predecessor","page_number":25,"box":{"x":69,"y":460,"width":787,"height":12}},{"id":"36b146a7-8761-4cc9-b4c8-a4687b8121b9","block_type":"box","text":"funds), other investment funds, public companies, non-profit entities or other organizations; ongoing commitment to","page_number":25,"box":{"x":68,"y":475,"width":827,"height":12}},{"id":"cc9b5e6c-ff92-4a6a-a79c-8d00cc8ee5c7","block_type":"box","text":"and participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":25,"box":{"x":69,"y":491,"width":717,"height":11}},{"id":"f0e8b8fc-6c09-42d4-a2dd-40a56f53b98b","block_type":"box","text":"ad hoc","page_number":25,"box":{"x":793,"y":491,"width":47,"height":9}},{"id":"e8e85b39-d64e-4a27-9083-e57c4d0e1482","block_type":"box","text":"committees throughout the years; or other relevant life experiences.","page_number":25,"box":{"x":69,"y":506,"width":483,"height":11}},{"id":"6f75ba41-bd37-4473-85b8-3fb55e3b1c65","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Directors that","page_number":25,"box":{"x":101,"y":528,"width":754,"height":11}},{"id":"16fc02c7-24ad-4c59-94d9-3aeafd722f4a","block_type":"box","text":"support the conclusion that each Director should serve on the Board.","page_number":25,"box":{"x":69,"y":544,"width":494,"height":10}},{"id":"e1f72bd9-ea7f-422a-84be-ad62a28b60e1","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":25,"box":{"x":69,"y":572,"width":408,"height":9}},{"id":"af80c454-8fa3-4957-8c08-6f858fbbfc65","block_type":"box","text":"Independent Directors","page_number":25,"box":{"x":70,"y":588,"width":156,"height":11}},{"id":"78876100-e0f2-43bf-98fb-22546e406ee2","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":25,"box":{"x":69,"y":603,"width":781,"height":12}},{"id":"249fdb27-405c-4cc9-a5ec-d0b76e9ac21c","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":25,"box":{"x":265,"y":618,"width":604,"height":12}},{"id":"3d52edf6-9271-4e84-94da-7e535e45c5a2","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":25,"box":{"x":265,"y":634,"width":623,"height":11}},{"id":"8c309766-eef8-4107-9a6c-7e655897d7d5","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":25,"box":{"x":265,"y":649,"width":637,"height":11}},{"id":"05b6ee79-89a9-4793-846b-1b62ae0048b5","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":25,"box":{"x":265,"y":664,"width":631,"height":11}},{"id":"ab8486d5-be05-470e-855a-d968048c306e","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":25,"box":{"x":264,"y":679,"width":626,"height":10}},{"id":"0d564e39-fa86-4dfa-9ebd-41c1f4567cb8","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":25,"box":{"x":265,"y":694,"width":639,"height":11}},{"id":"9031d698-02c9-42df-9987-728bb8c2aca0","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":25,"box":{"x":264,"y":709,"width":637,"height":11}},{"id":"97fabf84-a782-4e9f-afde-589803a5feed","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":25,"box":{"x":265,"y":725,"width":586,"height":11}},{"id":"0b3e909e-2073-4dca-9cd3-0cea2fa7b4c0","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":25,"box":{"x":265,"y":739,"width":640,"height":12}},{"id":"0db5259e-5dd7-4bbe-a4bd-192ad97a981e","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":25,"box":{"x":265,"y":755,"width":389,"height":11}},{"id":"0b599d76-f0c7-42c6-b924-66e3d0916d9a","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"921e6b97-e3e1-49f3-bd21-5d7e2fc6f3c8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08b7c9ee-e3a4-4496-9eee-c70a4f81b543","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":26,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"31544e30-d73c-40b7-a545-abfb4c916ab5","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":26,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"24532177-0ee9-45e6-a62d-a80b4a2db163","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"68078050-b51d-45fd-b8ac-a4f51f73ebd7","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"f5852be4-04f0-41a1-871f-e384ddb1fcb4","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"cb9deb78-2ead-4c9f-9d47-a079241debe8","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"313d89dd-5250-41e2-be52-21b89e95950c","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"fb07290c-883b-4013-a69b-3d5c421c59e6","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"619085c3-582b-4b5c-b526-307899183098","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"299215ce-8d25-4b08-a610-c1a9a87923f7","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"c3f25954-fd4d-4760-ad8c-f17ca37ebfc4","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"1f733414-84e8-4d89-9ec1-3e6a7aa6da2e","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"652fd124-1686-4b20-b0fc-16b36f844a19","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"153c3469-707d-42eb-87ad-0fcea99b7f0d","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"22ef4c41-67bd-4d57-a75a-fff53173b320","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":26,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"5368e4f1-f9d7-4f9e-9c02-c9505bf8383d","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":26,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"b08ff02b-b13f-432f-a872-c6e8631c30ac","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":26,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"39e154be-ce83-4863-9cac-25287e150d14","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":26,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"51215dd8-5ae8-4a85-b9c7-284d319e6095","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":26,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"da559840-cb37-4b51-9ed3-8a9557338447","block_type":"box","text":"perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"267d7f79-8ed9-4429-a184-cda26ef81392","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":26,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"9a471179-3783-4aa0-8fc3-a24353398dbf","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":26,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"3696ac94-e144-47ed-a82f-6da31af93251","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":26,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"88ff8db1-34ed-47d0-9157-f3d6d16befa2","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":26,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"e0e693f7-c807-42b8-befa-50f89b3cc264","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":26,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"f2c9fb5f-64f3-4a8a-bf8b-49240286ff28","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":26,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"c7adcdbe-2906-45db-a930-8edaca1e7bf1","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":26,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"10f8303f-e81a-46be-8569-db9e2d95994a","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":26,"box":{"x":69,"y":481,"width":777,"height":11}},{"id":"fb639758-4270-4ec2-838c-1c8d3da39834","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":26,"box":{"x":265,"y":496,"width":613,"height":12}},{"id":"9d892dfc-595e-402d-81b4-8d06504ed827","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":26,"box":{"x":265,"y":511,"width":563,"height":12}},{"id":"7499459e-0d53-4977-9287-40e042f96fca","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":26,"box":{"x":265,"y":527,"width":607,"height":11}},{"id":"c337a58b-5847-4461-b157-84372ec6bfac","block_type":"box","text":"partner at Deloitte and Arthur Andersen for approximately 17 years. These positions have","page_number":26,"box":{"x":265,"y":542,"width":638,"height":11}},{"id":"e9af7c70-b84d-4f1a-a90b-1696c01d7635","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":26,"box":{"x":265,"y":557,"width":626,"height":11}},{"id":"1bfdcbb8-4501-413c-bfd8-9f8a777bf7da","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":26,"box":{"x":265,"y":572,"width":563,"height":11}},{"id":"1a6a11cf-4c1e-4547-87ff-737e0610bb5a","block_type":"box","text":"Mr. Jarczyk also served as a consultant to the Independent Directors prior to becoming an","page_number":26,"box":{"x":265,"y":587,"width":641,"height":11}},{"id":"5bc27a6d-3401-44bd-9e9a-1843b5d0d1a8","block_type":"box","text":"Independent Director.","page_number":26,"box":{"x":265,"y":602,"width":151,"height":11}},{"id":"369f49c3-03a9-4c0c-a514-459b35427352","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":26,"box":{"x":70,"y":625,"width":806,"height":11}},{"id":"31dac425-500c-4d0f-b6de-25cba008dda6","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":26,"box":{"x":264,"y":640,"width":584,"height":11}},{"id":"3f8de6f1-6119-4b17-a4f9-b6dd9ed65ee5","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":26,"box":{"x":265,"y":655,"width":622,"height":11}},{"id":"50046eba-870f-4f45-b2b8-e2e883f7568b","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":26,"box":{"x":265,"y":670,"width":638,"height":11}},{"id":"c16cdb31-4916-4c24-b153-c1f4b75ad0b3","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":26,"box":{"x":265,"y":685,"width":570,"height":12}},{"id":"95405551-961a-40e1-9c63-18f927da5b67","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":26,"box":{"x":265,"y":700,"width":642,"height":12}},{"id":"4b265863-0acf-4cb0-99ad-4e65681275ca","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":26,"box":{"x":265,"y":716,"width":626,"height":11}},{"id":"c579c1ea-d0c8-406e-b074-2b5a3fc89db9","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":26,"box":{"x":265,"y":731,"width":630,"height":11}},{"id":"1af8943d-8d83-421c-a670-1b5963c8ae25","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":26,"box":{"x":265,"y":746,"width":602,"height":11}},{"id":"8432f896-4d8f-46df-855e-d0b7ed304b6b","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":26,"box":{"x":264,"y":761,"width":643,"height":11}},{"id":"4e57ec0d-bf6a-444e-beda-52395b977456","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":26,"box":{"x":264,"y":776,"width":639,"height":11}},{"id":"c6a69e67-5803-480d-8f47-256700451d42","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":26,"box":{"x":264,"y":791,"width":641,"height":11}},{"id":"e0dc073e-d32f-4fba-a5e6-4d3d4b681734","block_type":"box","text":"applicable Commission rules.","page_number":26,"box":{"x":265,"y":806,"width":208,"height":11}},{"id":"78b7f144-33ae-4cdf-8fe5-b880038eec9a","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e6155989-fd9c-4084-b84a-3f81c20867f0","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9b00cd1-441e-45dc-bdcf-a915150f66cd","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":27,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"84635b21-48cd-4bcb-981f-381c4b3a1722","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":65,"width":769,"height":12}},{"id":"346596ea-8079-46cb-99b0-e75043812d60","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":27,"box":{"x":265,"y":81,"width":621,"height":11}},{"id":"1138c568-778d-433b-9d8c-e828998dbdf9","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":96,"width":599,"height":11}},{"id":"a8a0b3d4-324c-45c9-bfa9-06323cbfad12","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":111,"width":641,"height":11}},{"id":"32a29b80-37e6-4867-8884-93f9318c9ab8","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":126,"width":602,"height":11}},{"id":"e1b5790b-b8fa-4dde-8796-9ddbde4b6d24","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":141,"width":617,"height":11}},{"id":"abc7c203-fa3a-4368-9044-87dcbad481a2","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":156,"width":629,"height":11}},{"id":"6fc4bd4c-6fa5-4893-9cff-1bc8203d1cdf","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":171,"width":628,"height":11}},{"id":"02a21034-24de-41e2-a510-95da06e0d759","block_type":"box","text":"articles and books on these topics.","page_number":27,"box":{"x":265,"y":187,"width":251,"height":10}},{"id":"c4f1d0da-9fc6-4ac2-ba22-a11845229dd2","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":209,"width":764,"height":11}},{"id":"b84d18c0-b6a5-4dc1-9191-0ba74da59762","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":224,"width":642,"height":11}},{"id":"f015748b-d994-478d-84b4-9c559df491cd","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":27,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"f56ad1c0-7286-4206-b079-784de1bc4e08","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":254,"width":603,"height":12}},{"id":"55257604-b45e-47cb-b32b-2666c95c2327","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"21c626da-a196-4113-8538-87f38f0712c0","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":292,"width":804,"height":11}},{"id":"b7685c94-1ec9-4ff7-82bb-6726a87639a3","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":27,"box":{"x":265,"y":307,"width":552,"height":11}},{"id":"d0d5cae3-ae35-4bf2-903e-53619234d100","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":27,"box":{"x":265,"y":322,"width":636,"height":12}},{"id":"aca8411d-0eee-49ec-ba2e-cc70f12c61be","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":27,"box":{"x":265,"y":338,"width":639,"height":11}},{"id":"9affe8fa-500f-40dc-a54a-56fdfb039b1e","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":27,"box":{"x":265,"y":353,"width":576,"height":11}},{"id":"c98d89cc-955e-48ee-a2bd-232860d7603a","block_type":"box","text":"exchanges, and other industry firms. 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More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":27,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"0bb17dad-f896-46ae-bd9d-5a2320738a25","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":27,"box":{"x":264,"y":428,"width":608,"height":12}},{"id":"11ada709-fd92-440f-9e30-cc3e85ac3098","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":27,"box":{"x":265,"y":443,"width":575,"height":12}},{"id":"c4a7682d-1c9c-404e-a148-777f4d489dd5","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":27,"box":{"x":264,"y":459,"width":591,"height":11}},{"id":"2d44a054-7e6d-4460-ac71-003e74dac739","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":27,"box":{"x":265,"y":474,"width":627,"height":11}},{"id":"55b14f26-fceb-4589-ac43-a73fb2aea67c","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":27,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"9ea12d50-ab78-4e4e-b3cd-4319185ad4ec","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":27,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"4c856c78-7f4c-452c-a17a-5545c90ad296","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":27,"box":{"x":265,"y":519,"width":615,"height":11}},{"id":"6230fed9-4791-4f75-bc26-2a5377c3d1b9","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":27,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"d877a9ce-88a6-40a3-945e-e038397d85f6","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":27,"box":{"x":265,"y":549,"width":635,"height":11}},{"id":"a6e550ff-3c3a-4c92-9953-797d0059306f","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":27,"box":{"x":265,"y":564,"width":642,"height":12}},{"id":"9e122720-c99f-43ed-9eea-eabc1b01197f","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":27,"box":{"x":265,"y":580,"width":627,"height":11}},{"id":"9f85ef80-2edf-426e-85b8-0908350cd9a6","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":27,"box":{"x":265,"y":595,"width":628,"height":11}},{"id":"8a16194b-7ba3-4274-b66b-bf96b7b6f814","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":27,"box":{"x":265,"y":610,"width":460,"height":11}},{"id":"7381ccc2-08cd-4fac-b777-f3cc9c9e4c81","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":27,"box":{"x":70,"y":632,"width":818,"height":12}},{"id":"5bb767ee-b8c0-4869-94a6-9547b2ceec90","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":27,"box":{"x":264,"y":647,"width":603,"height":12}},{"id":"1be9a87d-0b25-408c-9b39-b919653eb247","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":27,"box":{"x":265,"y":663,"width":606,"height":11}},{"id":"fdf1977f-080f-4e8a-addf-9c327ede0830","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":27,"box":{"x":265,"y":678,"width":608,"height":9}},{"id":"2bac3ebe-9080-4b91-956f-eccc4aee1fe6","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":27,"box":{"x":265,"y":693,"width":626,"height":11}},{"id":"f36cdc29-52c4-4d1b-aea0-30cd43b649ef","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":27,"box":{"x":265,"y":708,"width":591,"height":11}},{"id":"599373a9-6700-4e5f-a801-a98799ce1f45","block_type":"box","text":"various private and non-profit boards.","page_number":27,"box":{"x":264,"y":723,"width":265,"height":11}},{"id":"2c132302-977e-43b1-998e-ae9baa613f9b","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":27,"box":{"x":70,"y":746,"width":833,"height":11}},{"id":"759a4c4a-5fbe-4435-9654-31397ada866c","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":27,"box":{"x":265,"y":761,"width":638,"height":11}},{"id":"d9b3d75f-898f-4444-b9b8-18d87af7900c","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":27,"box":{"x":265,"y":776,"width":608,"height":11}},{"id":"a73a952c-737a-4fde-bf14-c91ebe7a7348","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":27,"box":{"x":264,"y":791,"width":645,"height":11}},{"id":"71c64ad3-50c5-428d-9781-15f6f144d125","block_type":"box","text":"firm’s executive committee. 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These positions","page_number":27,"box":{"x":265,"y":852,"width":610,"height":11}},{"id":"cf11458b-127b-4e61-b598-947afc3d749f","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":27,"box":{"x":265,"y":867,"width":642,"height":11}},{"id":"ce1a1927-d17e-41fe-8047-d96521400011","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as a consultant to the Independent","page_number":27,"box":{"x":265,"y":882,"width":597,"height":11}},{"id":"384e9d69-09fd-4693-a929-7f332377aff3","block_type":"box","text":"Directors prior to becoming an Independent Director.","page_number":27,"box":{"x":265,"y":897,"width":372,"height":11}},{"id":"691e42c3-6c61-4edb-b561-07df3f739ec9","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"88c3e7c8-cd02-4946-81ec-f37cba77e92c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d00af7da-aad4-4b82-87bf-621abc6a20b9","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":28,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"dbfb9ee8-2323-4d26-a490-2f36e6236566","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":65,"width":807,"height":12}},{"id":"573ad2f7-ebd2-43c3-ad58-2adf893f3a73","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":81,"width":641,"height":11}},{"id":"871eaf54-e86a-4f35-9a90-b628e34b8cfc","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":96,"width":618,"height":11}},{"id":"390b5182-e6db-49d2-b527-03fe3dedee3b","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":111,"width":594,"height":11}},{"id":"8884445c-9238-4572-8dca-48bd34ab82cb","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"68f233dc-33ef-413f-886c-f17780ee72af","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":141,"width":575,"height":11}},{"id":"ec4eea31-62f6-4103-9011-3511cf3062ba","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":156,"width":131,"height":9}},{"id":"07c816b5-0e1b-46a0-a6b9-1d3365cf11a0","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":28,"box":{"x":69,"y":179,"width":808,"height":11}},{"id":"97ada80f-9b03-4529-82b7-75e4058e9d7d","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":28,"box":{"x":265,"y":194,"width":630,"height":11}},{"id":"8a143d3a-b5d8-45c8-8dab-ec02b08e3416","block_type":"box","text":"Management, LP / Steel Partners Japan Asset Management, LP from 1998 to 2015, an","page_number":28,"box":{"x":265,"y":209,"width":627,"height":11}},{"id":"fd5859ad-beaf-42f7-91e2-e477dfc7fc43","block_type":"box","text":"investment manager that specialized in long/short non-U.S. equity investments, and was","page_number":28,"box":{"x":265,"y":224,"width":632,"height":11}},{"id":"0dae6ab2-9a09-463b-a8af-fbb7c648150d","block_type":"box","text":"an owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to","page_number":28,"box":{"x":265,"y":239,"width":615,"height":12}},{"id":"b0b2fca6-0111-4ee3-be26-797ac900ca3f","block_type":"box","text":"2023, a firm focusing on long/short equities in global emerging and frontier markets.","page_number":28,"box":{"x":265,"y":254,"width":608,"height":12}},{"id":"84636674-d0c3-4468-ba4a-9d1feeedae68","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":28,"box":{"x":264,"y":270,"width":620,"height":11}},{"id":"fbabef3a-8de7-4a3d-9a14-a65722b5d74f","block_type":"box","text":"economy. Ms. Walton has been determined by the Audit Committee to be an audit","page_number":28,"box":{"x":265,"y":285,"width":584,"height":11}},{"id":"cfa1fb8f-8804-4d81-a2d6-c56b60a475a8","block_type":"box","text":"committee financial expert, as such term is defined in the applicable Commission rules.","page_number":28,"box":{"x":264,"y":300,"width":629,"height":11}},{"id":"d0aba862-fbbd-40e4-a1ea-37595626c150","block_type":"box","text":"Interested Directors","page_number":28,"box":{"x":70,"y":323,"width":140,"height":8}},{"id":"6c9aaf51-9ba7-4c31-b277-afe94d37c079","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":28,"box":{"x":70,"y":338,"width":823,"height":11}},{"id":"3700cad6-4146-4ff7-a13e-56f4712ec382","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":28,"box":{"x":264,"y":353,"width":593,"height":11}},{"id":"0a60f27a-69e3-415f-8647-c2e804f950d4","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":28,"box":{"x":265,"y":368,"width":629,"height":11}},{"id":"259078a6-9676-41f5-940a-30185f7f59a0","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":28,"box":{"x":265,"y":383,"width":639,"height":11}},{"id":"28ab0268-b0ab-46a2-bae4-cf3679a6d5b3","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":28,"box":{"x":265,"y":398,"width":617,"height":11}},{"id":"00aa3cca-0066-4c33-86a9-8fdf92ab539b","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":28,"box":{"x":264,"y":413,"width":634,"height":11}},{"id":"f681fe44-34ab-467d-8765-e4ace5485935","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":28,"box":{"x":265,"y":428,"width":624,"height":11}},{"id":"1095190e-c0ad-4dce-a9a2-1606ff1a1146","block_type":"box","text":"and iShares","page_number":28,"box":{"x":265,"y":443,"width":84,"height":9}},{"id":"39decffa-61ce-4db7-91d2-1f2fb82068ba","block_type":"box","text":"®","page_number":28,"box":{"x":350,"y":444,"width":6,"height":4}},{"id":"ba6e0693-38c1-42f9-9ec0-01b43a91fc18","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":28,"box":{"x":362,"y":443,"width":478,"height":11}},{"id":"3d3065ba-a941-4146-a8f5-a7089ca9ad6e","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":28,"box":{"x":265,"y":459,"width":585,"height":11}},{"id":"d8efa389-d157-479b-802b-f8a1c452f184","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":28,"box":{"x":265,"y":474,"width":620,"height":11}},{"id":"8d0a0f1f-ca74-4d0a-9775-f4cd1b76258b","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":28,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"0027b778-b0cf-479f-a398-7606e8e1f304","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Senior Managing Director of BlackRock, Inc. since","page_number":28,"box":{"x":69,"y":511,"width":800,"height":12}},{"id":"d18972d6-3758-47fa-a857-efb887f877e5","block_type":"box","text":"2026, as Managing Director of BlackRock, Inc. from 2009 to 2025, as the Head of","page_number":28,"box":{"x":265,"y":526,"width":593,"height":12}},{"id":"91962a6e-629e-4e7a-a083-36058053ed9d","block_type":"box","text":"BlackRock Global Business Operations Services since 2009, and as President and Chief","page_number":28,"box":{"x":265,"y":542,"width":633,"height":11}},{"id":"fc5968cd-be11-40be-945a-3757df376a5f","block_type":"box","text":"Executive Officer of the BlackRock-advised Funds provides him with a strong","page_number":28,"box":{"x":265,"y":557,"width":542,"height":11}},{"id":"d159eac8-4476-47c6-b3bb-7cafe067a394","block_type":"box","text":"understanding of the BlackRock-advised Funds, their operations, and the business and","page_number":28,"box":{"x":265,"y":572,"width":617,"height":11}},{"id":"25728d0d-3ed3-467b-a004-473cfc4e0e8f","block_type":"box","text":"regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position as","page_number":28,"box":{"x":265,"y":587,"width":620,"height":11}},{"id":"2481a462-e8c6-44f8-8e96-c9520f7405e1","block_type":"box","text":"Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":28,"box":{"x":265,"y":602,"width":616,"height":11}},{"id":"66a59131-04ff-4dc9-a8ec-498ca1d6d725","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":28,"box":{"x":265,"y":617,"width":639,"height":12}},{"id":"193f0fcf-e46b-47e5-a2f7-9883b3627bdb","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":28,"box":{"x":265,"y":632,"width":603,"height":9}},{"id":"53c1c3ba-4aa6-4539-a6c7-a760fce911a0","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":28,"box":{"x":265,"y":647,"width":582,"height":12}},{"id":"fa8b7e52-bf33-4441-acfe-119247ac5e17","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":28,"box":{"x":265,"y":663,"width":632,"height":11}},{"id":"41c6f5d7-b9fe-4fdb-a824-0b6811fd8093","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":28,"box":{"x":264,"y":678,"width":572,"height":11}},{"id":"34d54864-1534-43fa-984d-79fb87a4bc1d","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":28,"box":{"x":265,"y":693,"width":294,"height":9}},{"id":"5ec66a7e-ee8d-429d-a6e9-8676441901d1","block_type":"box","text":"Biographical Information","page_number":28,"box":{"x":69,"y":724,"width":178,"height":11}},{"id":"3ffe05d3-31c6-43e4-b690-bde8521daa66","block_type":"box","text":"Certain biographical and other information relating to the Directors of the Corporation is set forth below,","page_number":28,"box":{"x":102,"y":747,"width":741,"height":11}},{"id":"bb5e6c2c-c540-4f7d-b934-6a1c4dfc6036","block_type":"box","text":"including their address and year of birth, principal occupations for at least the last five years, length of time served,","page_number":28,"box":{"x":70,"y":762,"width":824,"height":11}},{"id":"5fd2c8ce-1782-4d66-9ca2-16dea3cceb7f","block_type":"box","text":"total number of registered investment companies and investment portfolios overseen in the BlackRock-advised Funds","page_number":28,"box":{"x":68,"y":777,"width":839,"height":12}},{"id":"035e1843-ae7d-4130-9a7c-daa57fca918d","block_type":"box","text":"and any currently held public company and other investment company 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Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":188,"width":510,"height":9}},{"id":"755edc39-4cf9-4f4a-9d38-8cc38f92b9a5","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":678,"y":187,"width":231,"height":11}},{"id":"fcb82304-7836-4e8e-9791-9988a5e54cbb","block_type":"box","text":"Interested Directors","page_number":33,"box":{"x":70,"y":203,"width":140,"height":9}},{"id":"4685ee2f-3af9-4411-bf7c-08a649cab30f","block_type":"box","text":"Robert Fairbairn","page_number":33,"box":{"x":79,"y":218,"width":113,"height":9}},{"id":"c412e252-0035-44ac-bd16-b5b7b02661a9","block_type":"box","text":".................................................","page_number":33,"box":{"x":196,"y":225,"width":393,"height":2}},{"id":"c074df72-081e-4231-b0c1-630d0c35c0b5","block_type":"box","text":"$50,001 - $100,000 Over $100,000","page_number":33,"box":{"x":621,"y":217,"width":288,"height":11}},{"id":"eee318aa-e7c8-421b-8210-da05eeac23c5","block_type":"box","text":"John M. 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As of December 31, 2025","page_number":33,"box":{"x":69,"y":293,"width":819,"height":12}},{"id":"368ee483-fb44-4e41-bbb1-0d5f73f5b897","block_type":"box","text":"(and, with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Directors of the","page_number":33,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"cb0dd9aa-71fb-4467-b66f-747cfe72ac53","block_type":"box","text":"Corporation or their immediate family members owned beneficially or of record any securities of the Fund’s","page_number":33,"box":{"x":69,"y":324,"width":760,"height":11}},{"id":"3f94f159-5488-4c2c-822a-e6e8b6fcc032","block_type":"box","text":"investment adviser, principal underwriter, or any person directly or indirectly controlling, controlled by, or under","page_number":33,"box":{"x":70,"y":339,"width":784,"height":11}},{"id":"51cac6cc-2abb-4fe5-9ee1-c321ae8c9d13","block_type":"box","text":"common control with such entities.","page_number":33,"box":{"x":69,"y":354,"width":248,"height":9}},{"id":"0264f85a-0bd3-40ee-97f7-1a49d19bb7f1","block_type":"box","text":"Compensation of Directors","page_number":33,"box":{"x":69,"y":384,"width":194,"height":11}},{"id":"1a36f98c-ea17-4cd4-aac3-94a1a1d52f63","block_type":"box","text":"Each Director who is an Independent Director is paid as compensation an annual retainer of $375,000 per year","page_number":33,"box":{"x":102,"y":406,"width":796,"height":12}},{"id":"5102b4a2-d180-40ad-80ae-3d39073d4b53","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":33,"box":{"x":68,"y":422,"width":810,"height":11}},{"id":"3fa04ea6-abef-4908-a0e6-53e06b67f5d8","block_type":"box","text":"including the Corporation, and a $20,000 board meeting fee to be paid for each in-person board meeting attended","page_number":33,"box":{"x":70,"y":436,"width":814,"height":12}},{"id":"0665b97d-2cd9-4550-aa0d-7ce919cd43e3","block_type":"box","text":"(and may receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings","page_number":33,"box":{"x":69,"y":452,"width":811,"height":11}},{"id":"76da30ca-77bc-43d0-8dda-488439b5cb1b","block_type":"box","text":"held in a calendar year (compensation for meetings in excess of this number to be determined on a case-by-case","page_number":33,"box":{"x":69,"y":467,"width":805,"height":12}},{"id":"ecb0ee1e-e524-46ef-8847-ecf6773d06a7","block_type":"box","text":"basis), together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":33,"box":{"x":69,"y":482,"width":838,"height":12}},{"id":"e855c9b4-21a9-4e12-82e6-f6b26f2ce8d8","block_type":"box","text":"relating to attendance at meetings. 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Perlowski","page_number":34,"box":{"x":78,"y":107,"width":127,"height":9}},{"id":"dd766b72-9367-458a-8987-7ac15a0f6d32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":34,"box":{"x":211,"y":107,"width":660,"height":9}},{"id":"ffea6c47-bc1c-4808-9422-cb27a8209227","block_type":"box","text":"1","page_number":34,"box":{"x":69,"y":132,"width":3,"height":3}},{"id":"26de5eac-7e00-4e52-a8c6-fb0e5ce17322","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Director receives compensation, see “Biographical Information” beginning on","page_number":34,"box":{"x":94,"y":131,"width":788,"height":9}},{"id":"9bd682d7-3ace-405f-ac80-7758c9520d3a","block_type":"box","text":"page I-12.","page_number":34,"box":{"x":94,"y":142,"width":55,"height":9}},{"id":"b04f4388-344d-4844-9e41-f88f7b788a0f","block_type":"box","text":"2","page_number":34,"box":{"x":69,"y":154,"width":3,"height":4}},{"id":"3eb16a14-fab2-4b35-a956-8eab0f36fbfd","block_type":"box","text":"Compensation includes $216 earned as a consultant to the Independent Directors for the period April 1, 2026 to July 1, 2026.","page_number":34,"box":{"x":93,"y":154,"width":726,"height":9}},{"id":"fc81e761-f4d5-4d17-9d1e-adb70a075342","block_type":"box","text":"3","page_number":34,"box":{"x":69,"y":167,"width":3,"height":3}},{"id":"36b22b8d-6966-48e7-a8a7-3cd9856287fd","block_type":"box","text":"Chair of the Audit Committee.","page_number":34,"box":{"x":93,"y":167,"width":168,"height":7}},{"id":"f40f9465-5936-40eb-b4fd-bfe3076733fd","block_type":"box","text":"4","page_number":34,"box":{"x":68,"y":180,"width":4,"height":3}},{"id":"f1e97f52-b0bc-496c-a9ba-70aba9257f5f","block_type":"box","text":"Chair of the Governance Committee.","page_number":34,"box":{"x":93,"y":179,"width":206,"height":8}},{"id":"01f687d2-8e13-4fb2-9edb-ee08d71663cc","block_type":"box","text":"5","page_number":34,"box":{"x":69,"y":192,"width":3,"height":4}},{"id":"698e43bc-1d33-4644-8f1b-13874a7c169a","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":34,"box":{"x":93,"y":192,"width":269,"height":9}},{"id":"61d24ad9-9417-45c3-a792-9db853d50c09","block_type":"box","text":"6","page_number":34,"box":{"x":69,"y":205,"width":3,"height":3}},{"id":"0a9aadb9-27a1-47ca-814d-de7c5ebd6131","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":34,"box":{"x":93,"y":204,"width":352,"height":9}},{"id":"2f437b62-6893-43c4-930c-89b4f386837f","block_type":"box","text":"7","page_number":34,"box":{"x":69,"y":217,"width":3,"height":4}},{"id":"3d7de3b9-c49d-4ecc-b0b5-a8ae5996f4fc","block_type":"box","text":"Chair of the Compliance Committee.","page_number":34,"box":{"x":93,"y":217,"width":205,"height":9}},{"id":"d30bf294-f0fa-4171-9dd2-552f7621a25e","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":34,"box":{"x":69,"y":246,"width":432,"height":11}},{"id":"b8e8a92d-166c-45d4-ae83-49c77d52e5d4","block_type":"box","text":"The Fund has entered into an investment advisory agreement with the Manager (the “Management Agreement”),","page_number":34,"box":{"x":101,"y":268,"width":802,"height":12}},{"id":"66feb632-abcb-47a9-aa92-ed31dbdab864","block_type":"box","text":"pursuant to which the Manager receives, as compensation for its services to the Fund, a fee with respect to the Fund","page_number":34,"box":{"x":70,"y":283,"width":836,"height":12}},{"id":"7f323bdc-786c-43af-80cf-bb04f27688c2","block_type":"box","text":"at the end of each month.","page_number":34,"box":{"x":69,"y":298,"width":183,"height":9}},{"id":"c0ceffa9-fb8d-4694-abc6-1d648ecd3cd3","block_type":"box","text":"The Manager has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":34,"box":{"x":101,"y":321,"width":782,"height":11}},{"id":"fe5f7285-dd3f-4a0e-b531-704c590be669","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":34,"box":{"x":69,"y":336,"width":799,"height":12}},{"id":"e4caf865-8514-4adc-8e07-3ff0b6b579a5","block_type":"box","text":"traded funds managed by the Manager or its affiliates that have a contractual management fee, through","page_number":34,"box":{"x":68,"y":351,"width":742,"height":12}},{"id":"20f95aa0-bfb8-4705-afec-d613aae1784a","block_type":"box","text":"June 30, 2028. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":34,"box":{"x":69,"y":366,"width":797,"height":12}},{"id":"99c496c2-a874-41ce-b7b8-2f4d63947037","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":34,"box":{"x":69,"y":382,"width":789,"height":11}},{"id":"d5c5fb2b-6c11-4b88-8287-f8d06dd1d885","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’","page_number":34,"box":{"x":70,"y":397,"width":810,"height":11}},{"id":"1dead776-9c61-4b84-a3f3-be74073f3ea5","block_type":"box","text":"notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the","page_number":34,"box":{"x":69,"y":412,"width":830,"height":11}},{"id":"49c5ce4a-e482-40a2-a706-63a699bde15f","block_type":"box","text":"Fund.","page_number":34,"box":{"x":70,"y":427,"width":36,"height":9}},{"id":"59fc950e-5087-4105-8590-265a6ec56d1c","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":34,"box":{"x":102,"y":450,"width":773,"height":11}},{"id":"3a73c3b0-ad50-4a64-ae22-e6a97a8b2b69","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":34,"box":{"x":68,"y":465,"width":787,"height":11}},{"id":"c8d736e3-754b-4810-8a87-2cdc47b83064","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined in the","page_number":34,"box":{"x":70,"y":480,"width":811,"height":11}},{"id":"befef9bf-cf05-4960-a2c3-4e3d594c83f8","block_type":"box","text":"Fund’s Prospectuses)) to 0.99% for Investor A Shares, 1.74% for Investor C Shares, 0.74% for Institutional Shares,","page_number":34,"box":{"x":70,"y":495,"width":820,"height":11}},{"id":"f7aa2dc0-9958-438a-9d2a-2b845e190c89","block_type":"box","text":"1.24% for Class R Shares and 0.69% for Class K Shares of average daily net assets through June 30, 2028. The","page_number":34,"box":{"x":70,"y":510,"width":806,"height":11}},{"id":"1721c5fb-b3f7-4e0e-829d-58030ba308e3","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a","page_number":34,"box":{"x":69,"y":525,"width":810,"height":12}},{"id":"996f9799-98cd-4b35-a4a2-0e2c47ed1e96","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":34,"box":{"x":68,"y":540,"width":468,"height":12}},{"id":"520cf9ee-657b-438f-9c65-a58c24dc1872","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":34,"box":{"x":102,"y":563,"width":800,"height":11}},{"id":"f79b437e-fdc9-41a7-a83c-f819b3ddbdb7","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":34,"box":{"x":70,"y":578,"width":834,"height":11}},{"id":"b9f1a889-7655-4caf-9a89-a0a57c7c247f","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":34,"box":{"x":68,"y":593,"width":825,"height":12}},{"id":"f7b39048-d141-4052-a86c-e9a73a8462ae","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":34,"box":{"x":70,"y":608,"width":801,"height":12}},{"id":"4fca88a2-741a-4f9c-8ddd-7c4a9b53f05a","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":34,"box":{"x":70,"y":624,"width":823,"height":11}},{"id":"c188b34a-9367-440f-aee6-c97aeecaf25d","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":34,"box":{"x":70,"y":639,"width":508,"height":11}},{"id":"0d8af1c1-ebcd-44bc-b353-d09bfb30c0b5","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager, and","page_number":34,"box":{"x":101,"y":661,"width":787,"height":12}},{"id":"09bdce24-4a0a-4e65-af31-af32b410ca40","block_type":"box","text":"the amounts waived and/or reimbursed by the Manager, for the periods shown:","page_number":34,"box":{"x":68,"y":676,"width":565,"height":12}},{"id":"0bebbb73-587b-4f01-a2f9-82b2394e1bd6","block_type":"box","text":"Fees Paid to 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Year Ended April 30, 2024. . . . . . . .","page_number":34,"box":{"x":70,"y":763,"width":294,"height":11}},{"id":"4c25fdeb-85a0-4bba-b101-89eab1fafcb0","block_type":"box","text":". . . . . . . . . . . . . $7,","page_number":34,"box":{"x":370,"y":762,"width":158,"height":11}},{"id":"aee7751f-d4e1-4571-b0ec-3d8538019145","block_type":"box","text":"413,406 $122,069 $846,343","page_number":34,"box":{"x":530,"y":762,"width":345,"height":11}},{"id":"7817c76f-0f7b-4fad-b57e-5c3287a0dd0d","block_type":"box","text":"Information Regarding the Portfolio Manager","page_number":34,"box":{"x":69,"y":794,"width":327,"height":11}},{"id":"a1e26fb9-e1f8-4e7a-b1c0-16a0b2e29fe9","block_type":"box","text":"David Zhao is the portfolio manager and is primarily responsible for the day-to-day management of the Fund.","page_number":34,"box":{"x":102,"y":817,"width":770,"height":11}},{"id":"8054d3cc-6801-4ddb-ba74-a99cdec1369b","block_type":"box","text":"Other Funds and Accounts Managed","page_number":34,"box":{"x":70,"y":847,"width":265,"height":11}},{"id":"4fbeae26-bef2-4e69-a8c9-20d60c95f1f4","block_type":"box","text":"The following table sets forth information about funds and accounts other than the Fund for which the Fund’s","page_number":34,"box":{"x":101,"y":870,"width":778,"height":11}},{"id":"181114a4-174e-4321-a17f-9e679aec71ee","block_type":"box","text":"portfolio manager is primarily responsible for the day-to-day portfolio management as of April 30, 2026.","page_number":34,"box":{"x":70,"y":885,"width":737,"height":11}},{"id":"388b75cb-40cc-447f-b304-f60705a9b6c9","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e708e59e-caca-412d-9738-d7ed10420cf3","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"851a704f-492b-4e71-8413-fc543f414170","block_type":"box","text":"Number of Other Accounts Managed","page_number":35,"box":{"x":365,"y":49,"width":211,"height":9}},{"id":"a6f5ca19-c4d9-433b-82c5-fff5721d16b3","block_type":"box","text":"and Assets by Account Type","page_number":35,"box":{"x":388,"y":59,"width":165,"height":9}},{"id":"87e1d576-f04c-4fcd-888e-f1e84ad86e63","block_type":"box","text":"Number of Other Accounts and Assets","page_number":35,"box":{"x":656,"y":49,"width":222,"height":7}},{"id":"64af8350-ec16-4d70-8dee-df4969f6e5fb","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":35,"box":{"x":634,"y":59,"width":265,"height":9}},{"id":"8b853152-40c1-4674-86a1-fcf57cfc8d35","block_type":"box","text":"Name of Portfolio 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Pooled","page_number":35,"box":{"x":428,"y":82,"width":74,"height":7}},{"id":"5508c980-c11c-4599-871f-a58ace37be37","block_type":"box","text":"Investment","page_number":35,"box":{"x":433,"y":92,"width":64,"height":7}},{"id":"d78bf916-42c4-4913-a4f0-8fb11a5294c6","block_type":"box","text":"Vehicles","page_number":35,"box":{"x":441,"y":102,"width":48,"height":7}},{"id":"f080b1d9-48a0-48ea-b646-d9f5b2c43b31","block_type":"box","text":"Other","page_number":35,"box":{"x":553,"y":92,"width":31,"height":7}},{"id":"0148b898-bc73-4b12-ba7a-5a6118d77dbc","block_type":"box","text":"Accounts","page_number":35,"box":{"x":541,"y":102,"width":54,"height":7}},{"id":"7cbabb8b-c5e0-461d-9a20-aad8d9f4561a","block_type":"box","text":"Other","page_number":35,"box":{"x":651,"y":72,"width":32,"height":7}},{"id":"e5ec48ca-3bb0-4bf2-b771-90fd384bb53d","block_type":"box","text":"Registered","page_number":35,"box":{"x":636,"y":82,"width":62,"height":9}},{"id":"494542c5-e4bf-403b-9c35-b89ad6437459","block_type":"box","text":"Investment","page_number":35,"box":{"x":635,"y":92,"width":64,"height":7}},{"id":"6adf1c5e-8d21-40e1-beae-f0f19d130a2a","block_type":"box","text":"Companies","page_number":35,"box":{"x":635,"y":102,"width":64,"height":9}},{"id":"462ca613-f003-4c6a-89ac-097a84c5431f","block_type":"box","text":"Other Pooled","page_number":35,"box":{"x":720,"y":82,"width":75,"height":7}},{"id":"3e80c5fc-5b33-4b0e-91f0-e788c4a131e7","block_type":"box","text":"Investment","page_number":35,"box":{"x":726,"y":92,"width":64,"height":7}},{"id":"08571f63-7998-4c8d-be83-4fdc0495dd6e","block_type":"box","text":"Vehicles","page_number":35,"box":{"x":733,"y":102,"width":48,"height":7}},{"id":"a5e52c15-59dd-48fd-987a-1e7130595602","block_type":"box","text":"Other","page_number":35,"box":{"x":842,"y":92,"width":31,"height":7}},{"id":"4993b31f-4d8c-4dd2-858e-210b1669a51a","block_type":"box","text":"Accounts","page_number":35,"box":{"x":830,"y":102,"width":55,"height":7}},{"id":"d6ea55d1-4e7c-4045-8b4a-b4d55b89bc7e","block_type":"box","text":"David Zhao 14 11 7 0 0 1","page_number":35,"box":{"x":74,"y":116,"width":787,"height":7}},{"id":"6ba5d823-ba1a-451a-bb8b-10af03840a0e","block_type":"box","text":"$31.22 Billion $6.90 Billion $407.62 Million $0 $0 $53.36 Million","page_number":35,"box":{"x":327,"y":128,"width":572,"height":8}},{"id":"5e5c997b-95fa-41a5-a57b-f03571e61620","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":35,"box":{"x":69,"y":162,"width":304,"height":12}},{"id":"6caf59c6-eea1-44c3-b280-3e7c499821db","block_type":"box","text":"The discussion below describes the portfolio manager’s compensation as of April 30, 2026.","page_number":35,"box":{"x":101,"y":185,"width":658,"height":11}},{"id":"82beb8c2-5589-4661-b513-b860f01a3670","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":35,"box":{"x":102,"y":208,"width":774,"height":11}},{"id":"76f3c0b8-237f-411c-ba14-24c0dae207b7","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":35,"box":{"x":70,"y":223,"width":837,"height":11}},{"id":"71279801-6afa-4ada-8d40-aa4015aabaf3","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":35,"box":{"x":69,"y":238,"width":823,"height":11}},{"id":"e9c66d9b-721c-41ee-8303-6009f71c9c9c","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":35,"box":{"x":69,"y":253,"width":799,"height":11}},{"id":"02ccca80-fcfa-409b-9246-50fb6690daa2","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":35,"box":{"x":70,"y":268,"width":670,"height":12}},{"id":"60a13136-3380-4ffb-99db-0bd428de3be6","block_type":"box","text":"Base Compensation.","page_number":35,"box":{"x":102,"y":291,"width":148,"height":11}},{"id":"b0e26e6a-c773-43dc-a30f-d1d448d46fd5","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":35,"box":{"x":257,"y":291,"width":640,"height":11}},{"id":"0d11fc62-1d93-42c1-9e8a-714d9e7f9522","block_type":"box","text":"firm.","page_number":35,"box":{"x":68,"y":306,"width":32,"height":9}},{"id":"bbad1818-dc29-49e3-b47d-d0e97727d572","block_type":"box","text":"Discretionary Incentive Compensation","page_number":35,"box":{"x":102,"y":329,"width":277,"height":11}},{"id":"eeb1f5c3-e66b-47ee-a00d-15d44311ae91","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a","page_number":35,"box":{"x":102,"y":351,"width":763,"height":12}},{"id":"0a1b6e71-81bc-44e0-aba7-bba3b03baf63","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team","page_number":35,"box":{"x":68,"y":366,"width":832,"height":12}},{"id":"1a6c0bb6-1bae-40d2-bc66-7164f02ea4bc","block_type":"box","text":"revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":35,"box":{"x":69,"y":382,"width":815,"height":11}},{"id":"8905f692-d686-408c-9f68-0f786eb3b293","block_type":"box","text":"performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":35,"box":{"x":70,"y":397,"width":757,"height":11}},{"id":"3278f7ba-8088-4a71-a654-f51ba30676aa","block_type":"box","text":"benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are","page_number":35,"box":{"x":69,"y":412,"width":814,"height":11}},{"id":"bfb4441f-1c9b-4f8a-af57-dd386ad735c4","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":35,"box":{"x":69,"y":427,"width":780,"height":11}},{"id":"d31c7f44-c16c-4d47-b616-4f891d7fbd45","block_type":"box","text":"performance of funds and other accounts managed by each portfolio management team is compared and the period","page_number":35,"box":{"x":70,"y":442,"width":829,"height":11}},{"id":"3fdcbfd7-4fb1-4230-9514-9da3d2486117","block_type":"box","text":"of time over which performance is evaluated. With respect to the portfolio manager, such benchmarks for the Fund","page_number":35,"box":{"x":69,"y":457,"width":819,"height":12}},{"id":"e96e6be8-e282-437f-b3bc-59cbb2f94fd8","block_type":"box","text":"and other accounts are: FTSE United States in GBP; MSCI All Country (AC) Americas Index; Russell 1000 Index (GBP);","page_number":35,"box":{"x":69,"y":472,"width":839,"height":12}},{"id":"c563178d-b97c-4b1e-be90-109330bab822","block_type":"box","text":"Russell 1000 Index (Gross Total Return); Russell 1000 Value Index (Total Return); Russell 1000 Value Index TR in","page_number":35,"box":{"x":70,"y":488,"width":809,"height":10}},{"id":"8f893232-5ca8-4863-8e4a-c3305a903cb1","block_type":"box","text":"GBP; Russell 1000 Value TR Customized Index Performance Benchmark JPY; Russell 1000, expressed in EUR;","page_number":35,"box":{"x":69,"y":503,"width":789,"height":11}},{"id":"842650a9-e374-4f7b-8131-5c5daa4a1149","block_type":"box","text":"Russell MidCap Value Index; S&P United States MidSmallCap Index; S&P US MidSmallCap Index (GBP).","page_number":35,"box":{"x":70,"y":518,"width":734,"height":11}},{"id":"74658a6f-4071-4806-a68d-fd91e3fa79fd","block_type":"box","text":"A smaller element of portfolio manager discretionary compensation may include consideration of: financial","page_number":35,"box":{"x":101,"y":540,"width":759,"height":12}},{"id":"0f755f2c-9468-456a-a42b-529fc00b2478","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":35,"box":{"x":69,"y":555,"width":798,"height":12}},{"id":"870f71f9-b595-4ab7-9a97-4af125391c99","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":35,"box":{"x":69,"y":571,"width":814,"height":11}},{"id":"9635c7ab-9b35-479a-a085-92632ab38186","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":35,"box":{"x":68,"y":586,"width":798,"height":11}},{"id":"8ad6e05f-1464-4446-b175-714df85c482b","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":35,"box":{"x":102,"y":608,"width":389,"height":12}},{"id":"8f59752c-0cd2-4df3-81ec-cbdccb393655","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":35,"box":{"x":499,"y":609,"width":383,"height":11}},{"id":"02beeeec-1d17-4971-81e3-7d30a8903b3b","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":35,"box":{"x":70,"y":623,"width":815,"height":12}},{"id":"9b4f28c2-1e38-4aa6-b537-68d703cb7842","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":35,"box":{"x":68,"y":639,"width":522,"height":11}},{"id":"71b4763e-ce05-4d1c-a653-35eea54d0ee0","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":35,"box":{"x":102,"y":661,"width":760,"height":12}},{"id":"05d5c090-66f5-4889-ad74-5c3b6fe7de98","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":35,"box":{"x":69,"y":676,"width":795,"height":12}},{"id":"da3fc629-bb2d-4716-ba6f-1477c9f08cb8","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":35,"box":{"x":69,"y":692,"width":805,"height":11}},{"id":"bbd9c408-fdb9-41d8-b7c1-f24c59ab5a34","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":35,"box":{"x":69,"y":707,"width":822,"height":11}},{"id":"f3220f10-0da6-43c8-ad08-335be1fb45f3","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":35,"box":{"x":68,"y":722,"width":839,"height":11}},{"id":"148e1470-dab0-461f-a581-5b57a3f2a4d8","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":35,"box":{"x":69,"y":737,"width":802,"height":11}},{"id":"514c41b6-10be-4003-9d5b-bbd62f854546","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":35,"box":{"x":70,"y":752,"width":820,"height":11}},{"id":"6a080746-612a-45a1-956e-49dec344f2d7","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":35,"box":{"x":70,"y":767,"width":801,"height":11}},{"id":"40b8dd92-4905-49d3-bb8c-8898e0662f2f","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":35,"box":{"x":70,"y":782,"width":831,"height":11}},{"id":"c56d8d0e-7c14-4563-838f-bb70bc39f982","block_type":"box","text":"manager of this Fund has deferred BlackRock, Inc. stock awards.","page_number":35,"box":{"x":69,"y":797,"width":463,"height":12}},{"id":"1a3f12dc-9161-4368-910b-2f422a7fe429","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":35,"box":{"x":102,"y":820,"width":785,"height":11}},{"id":"df2a9e1c-3e92-4a37-bf60-ab2acc154c39","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":35,"box":{"x":68,"y":835,"width":836,"height":11}},{"id":"756aa324-9415-48ea-9460-ca338678f122","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":35,"box":{"x":68,"y":850,"width":821,"height":12}},{"id":"0d6b7a3a-0161-4555-bd8a-12171b9c4bfa","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":35,"box":{"x":69,"y":865,"width":829,"height":12}},{"id":"b0de0aaa-6965-40dc-8e34-e6228c16544e","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":35,"box":{"x":70,"y":881,"width":835,"height":11}},{"id":"7af4362f-3bb8-4865-bcc7-34ec5834dff5","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":35,"box":{"x":69,"y":896,"width":414,"height":11}},{"id":"1508a54a-9d28-43cb-b82d-387421edadf8","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"d06c8a81-033b-48a7-885f-a46deb3340e8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"387fa566-f235-44f1-8a7f-7760a1f336f8","block_type":"box","text":"Other Compensation Benefits.","page_number":36,"box":{"x":101,"y":45,"width":218,"height":11}},{"id":"b4d95a6d-5e70-4647-afb6-ad58c7703358","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":36,"box":{"x":327,"y":45,"width":552,"height":11}},{"id":"c3367719-c4b1-4bb2-b35b-53a6851578d3","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":36,"box":{"x":69,"y":60,"width":582,"height":11}},{"id":"c253c3ff-43e2-45e3-9506-ef6e8dd2d17a","block_type":"box","text":"Incentive Savings Plans","page_number":36,"box":{"x":102,"y":83,"width":167,"height":11}},{"id":"c8cd2a02-1279-4c0a-9e6d-f17a64fc19e4","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":36,"box":{"x":274,"y":82,"width":614,"height":12}},{"id":"76eac3c7-45c0-4f15-a12b-c0b565943238","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":36,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"5d171eaf-408c-4e2b-98fc-cbbee23c5619","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":36,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"7aaa587e-8682-4ff3-b5f1-900766a69d9b","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":36,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"4896582b-4f1f-4584-be10-5d8aa0543960","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":36,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"9b84cba2-e033-4955-9b92-e7c085275fe3","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":36,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"0b66542e-0cd1-484d-95ce-d4e4774a2006","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":36,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"2c51c582-90d1-4987-a2d9-f6b9dc9e1a2d","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":36,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"c0fddd75-beef-409e-8fd0-a7f39e3746da","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":36,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"8187735c-e9cb-4d7d-ac86-8d90b9608006","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":36,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"862b9ec9-56a7-4ea2-806b-41dd37a5654e","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":36,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"2b9f0ed3-3ee9-41c6-a5cb-82ac571619e5","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":36,"box":{"x":69,"y":248,"width":808,"height":12}},{"id":"e5f0e98b-d2a2-42f8-9df0-acd3a7047e84","block_type":"box","text":"participate in these plans.","page_number":36,"box":{"x":70,"y":264,"width":185,"height":11}},{"id":"ad778d17-1097-4cda-9d17-fb9298c48aba","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":36,"box":{"x":69,"y":294,"width":268,"height":11}},{"id":"13ecd111-ffd6-4a68-89d3-b7cfe5c83133","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":36,"box":{"x":101,"y":317,"width":733,"height":11}},{"id":"4516a621-63b3-4eaa-8272-2904cbd05beb","block_type":"box","text":"beneficially owned by the portfolio manager in the Fund is shown below:","page_number":36,"box":{"x":69,"y":332,"width":511,"height":11}},{"id":"a8b4e13e-9607-40af-96e7-f5304629c4ed","block_type":"box","text":"Portfolio Manager","page_number":36,"box":{"x":69,"y":370,"width":105,"height":9}},{"id":"48909e44-2e38-4b5a-80f8-26ae529cdf8a","block_type":"box","text":"Dollar Range of Equity","page_number":36,"box":{"x":759,"y":360,"width":129,"height":9}},{"id":"fd8c1ee2-ab5d-4e94-8b1b-17b37a86e941","block_type":"box","text":"Securities Beneficially Owned","page_number":36,"box":{"x":736,"y":370,"width":173,"height":9}},{"id":"6bf0ff6e-b1b9-4241-b232-ae1c27d8aa18","block_type":"box","text":"David Zhao","page_number":36,"box":{"x":70,"y":388,"width":77,"height":9}},{"id":"38f7ba18-a140-4e1c-9284-e659a74bca2c","block_type":"box","text":"....................................................................","page_number":36,"box":{"x":157,"y":395,"width":548,"height":2}},{"id":"a9981046-303a-46ac-8099-2a1d258951fa","block_type":"box","text":"$50,001 - $100,000","page_number":36,"box":{"x":749,"y":387,"width":148,"height":11}},{"id":"5865416c-40f1-4eac-b101-3e4594cad950","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":36,"box":{"x":69,"y":419,"width":403,"height":12}},{"id":"e02e3e9d-da69-48b8-8e6e-da072d2ddfee","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":36,"box":{"x":102,"y":442,"width":727,"height":11}},{"id":"91e20098-0f80-4418-9834-998799442c8c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":36,"box":{"x":70,"y":457,"width":814,"height":12}},{"id":"0239d354-5e48-49b5-ab56-95a35579c6a2","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":36,"box":{"x":70,"y":472,"width":837,"height":11}},{"id":"0a5ab36e-d9b9-4571-b3f8-cfc4e441dc96","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":36,"box":{"x":70,"y":487,"width":810,"height":12}},{"id":"a83d538f-5803-4c45-9b3d-96b6a2d68fc3","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":36,"box":{"x":69,"y":503,"width":782,"height":11}},{"id":"4011d778-b89b-4f46-8258-baf4ee8b3f37","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":36,"box":{"x":69,"y":518,"width":830,"height":11}},{"id":"5d226c97-9efb-4164-ac18-3132947b2025","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":36,"box":{"x":69,"y":533,"width":828,"height":11}},{"id":"e5d20baa-d407-41a3-9375-d84e90500014","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":36,"box":{"x":68,"y":548,"width":834,"height":11}},{"id":"9c789d5c-b989-4c6c-8bda-63337f1855a3","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":36,"box":{"x":70,"y":563,"width":777,"height":11}},{"id":"7c97cb2b-142d-4197-960a-af1c82c071f8","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":36,"box":{"x":70,"y":578,"width":821,"height":11}},{"id":"8a05fbaf-d73c-4271-bc6b-22f73eb2c1bd","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":36,"box":{"x":69,"y":594,"width":819,"height":10}},{"id":"21e3435c-96f2-4672-8bbb-a94be39d5156","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":36,"box":{"x":69,"y":608,"width":832,"height":12}},{"id":"ae9ed1b7-06e5-496e-a42e-577880244795","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":36,"box":{"x":68,"y":623,"width":804,"height":12}},{"id":"043033bc-4ab9-4025-88b1-b9a8ee7fc88f","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":36,"box":{"x":69,"y":639,"width":760,"height":11}},{"id":"d21ba783-bfaa-4985-a753-a587de8d9bdd","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":36,"box":{"x":69,"y":654,"width":834,"height":11}},{"id":"b092d01a-93d1-4854-9fea-0ea829b48a84","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":36,"box":{"x":69,"y":669,"width":836,"height":11}},{"id":"af6b73d2-49f8-43c8-8310-7a19dcd102d5","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":36,"box":{"x":69,"y":684,"width":822,"height":11}},{"id":"919cae7d-e9d8-4507-99dc-a20cc51c4887","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":36,"box":{"x":70,"y":699,"width":835,"height":11}},{"id":"d34b5caf-c3d4-44b4-a9af-d825213ddfc6","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a portfolio manager may be managing","page_number":36,"box":{"x":69,"y":714,"width":820,"height":12}},{"id":"81dac685-1ef5-4a99-b78e-b223d59d4852","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":36,"box":{"x":69,"y":729,"width":811,"height":12}},{"id":"5fa75be9-bd65-4504-8ebf-fa419cb9c4c1","block_type":"box","text":"subject to incentive fees. Such portfolio manager may therefore be entitled to receive a portion of any incentive fees","page_number":36,"box":{"x":69,"y":744,"width":831,"height":12}},{"id":"ee0dd138-8b19-4710-9b77-129793609238","block_type":"box","text":"earned on such accounts. Currently, the portfolio manager of this Fund is not entitled to receive a portion of incentive","page_number":36,"box":{"x":69,"y":760,"width":839,"height":11}},{"id":"6a4c3f8a-3614-4c47-899e-0fda95553cc4","block_type":"box","text":"fees of other accounts.","page_number":36,"box":{"x":68,"y":775,"width":164,"height":9}},{"id":"7cd501bb-4027-4c52-b960-8c6e20a60677","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":36,"box":{"x":101,"y":797,"width":788,"height":12}},{"id":"be991250-11b3-4dbb-b911-6bc9d47b59eb","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":36,"box":{"x":70,"y":812,"width":839,"height":11}},{"id":"c8b6068e-9e5d-4d84-8b4c-a9587b46b101","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":36,"box":{"x":68,"y":828,"width":823,"height":11}},{"id":"86441169-fd6c-478e-9c1b-1495d1e35abe","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":36,"box":{"x":68,"y":843,"width":812,"height":11}},{"id":"0bceeeee-8ee8-492c-8b36-f7390cfd69c1","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":36,"box":{"x":69,"y":858,"width":777,"height":11}},{"id":"162d80ca-2933-4075-b1ab-46a0fb6f55d2","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":36,"box":{"x":70,"y":873,"width":826,"height":11}},{"id":"509177f2-1d10-4b40-b52f-de98dc9f3713","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9c6fc62d-e61c-489f-b729-6df7a71d214d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c41e4d78-0b76-4dc9-a174-b4ff988c1966","block_type":"box","text":"Accounting Services","page_number":37,"box":{"x":68,"y":45,"width":150,"height":11}},{"id":"46049bf5-1607-4591-8ece-89747ffa48c6","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as the accounting services provider for the Fund.","page_number":37,"box":{"x":102,"y":67,"width":791,"height":12}},{"id":"40d81885-e57f-4371-9c93-46174091fa99","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":37,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"1a7c1b8c-82ea-41ef-9806-a1a9f94c1454","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":37,"box":{"x":69,"y":98,"width":779,"height":11}},{"id":"8dba71eb-a47b-491b-855b-f2ed0f7f7c78","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":37,"box":{"x":69,"y":113,"width":796,"height":11}},{"id":"6fb07975-f4b2-4d25-ac38-e567e4087c54","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides certain","page_number":37,"box":{"x":69,"y":128,"width":760,"height":11}},{"id":"7395a8aa-f838-4f34-af1c-d677be7ebf31","block_type":"box","text":"administration services.","page_number":37,"box":{"x":69,"y":143,"width":170,"height":9}},{"id":"8eb726f5-8acd-46ac-9216-81262d38ad15","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street and the Manager for accounting services","page_number":37,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"405d027d-34db-4e69-ba17-08a595a000d8","block_type":"box","text":"for the periods shown:","page_number":37,"box":{"x":68,"y":181,"width":159,"height":11}},{"id":"a909ae54-0188-432b-87db-bb166ea7a64b","block_type":"box","text":"Fees Paid to State Street Fees Paid to the Manager","page_number":37,"box":{"x":581,"y":209,"width":328,"height":9}},{"id":"0b5ba668-2daa-42f0-85df-1ada4f378dc7","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":227,"width":446,"height":11}},{"id":"93cb4b74-a025-4a09-bc36-aa747c5b47c1","block_type":"box","text":"....","page_number":37,"box":{"x":523,"y":234,"width":26,"height":2}},{"id":"88ce4e15-523a-4a76-a909-2d26f22f579c","block_type":"box","text":"$138,477 $0","page_number":37,"box":{"x":619,"y":226,"width":224,"height":11}},{"id":"753cbd28-2ca8-4cf8-be23-35fb695fdcdd","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":242,"width":446,"height":11}},{"id":"917ed562-a531-436c-8660-89735e6ca10a","block_type":"box","text":"....","page_number":37,"box":{"x":523,"y":249,"width":26,"height":2}},{"id":"da59efa6-1736-4132-8879-98a681218acc","block_type":"box","text":"$152,579 $0","page_number":37,"box":{"x":619,"y":241,"width":224,"height":11}},{"id":"223f1214-0dd3-4002-95dd-c09be96f3a72","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":257,"width":446,"height":11}},{"id":"f7da77ad-0c57-49ca-b55f-97c1390582ff","block_type":"box","text":"....","page_number":37,"box":{"x":523,"y":264,"width":26,"height":2}},{"id":"a9c4b663-41ab-461d-a7ed-0f2d5254766e","block_type":"box","text":"$168,816 $0","page_number":37,"box":{"x":619,"y":256,"width":224,"height":11}},{"id":"34b042c5-3d4c-4a4d-8e87-71abaee35ad9","block_type":"box","text":"Custodian","page_number":37,"box":{"x":69,"y":289,"width":72,"height":8}},{"id":"048a1e12-982a-4db5-9b73-cf3b9fbc45e0","block_type":"box","text":"State Street has been retained to act as custodian for the Fund and is located at One Congress Street, Suite 1,","page_number":37,"box":{"x":102,"y":311,"width":796,"height":11}},{"id":"445131e9-3b28-47e2-b3b2-4c43b5238edc","block_type":"box","text":"Boston, Massachusetts 02114-2016. The custodian, among other responsibilities, maintains a custody account or","page_number":37,"box":{"x":70,"y":326,"width":820,"height":11}},{"id":"4673e711-00cc-4d28-94c1-dc20e0e48b2a","block_type":"box","text":"accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or","page_number":37,"box":{"x":69,"y":341,"width":801,"height":11}},{"id":"23d80520-ce9d-443d-8c24-79e703332452","block_type":"box","text":"maturity, and collects and receives all income and other payments and distributions on account of the assets of the","page_number":37,"box":{"x":69,"y":356,"width":825,"height":12}},{"id":"5cbb21ad-6e7b-4293-b12e-1fbd57099104","block_type":"box","text":"Fund.","page_number":37,"box":{"x":70,"y":372,"width":36,"height":9}},{"id":"064b2405-197d-48c2-9bd1-99330c73f169","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":37,"box":{"x":68,"y":402,"width":432,"height":11}},{"id":"171fbaf6-5db6-4f40-87cd-1ef032de8954","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":37,"box":{"x":102,"y":424,"width":764,"height":12}},{"id":"a05c4398-019b-4b17-bff8-ffb817c4bd92","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer and dividend disbursing agent for the Fund.","page_number":37,"box":{"x":68,"y":440,"width":747,"height":11}},{"id":"0bd417e6-fd6f-4088-8f8f-48fdc368bb12","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides certain shareholder","page_number":37,"box":{"x":102,"y":462,"width":762,"height":12}},{"id":"f000b18e-a5a4-437c-9ced-96788dfdefc7","block_type":"box","text":"liaison services in connection with the Fund’s investor service center. The Fund reimburses the Manager for its costs","page_number":37,"box":{"x":70,"y":477,"width":834,"height":12}},{"id":"9b4b28b0-2742-469b-94ae-8a046994a028","block_type":"box","text":"in maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses,","page_number":37,"box":{"x":70,"y":493,"width":823,"height":11}},{"id":"0a21a5ff-fe12-44bd-8ae8-a72b8e845b2b","block_type":"box","text":"and other out-of-pocket expenses which are a component of the transfer agency fees in the Fund’s annual report.","page_number":37,"box":{"x":69,"y":508,"width":807,"height":11}},{"id":"54d6580b-68ba-43dd-a29e-48b7ebc2e3d1","block_type":"box","text":"The following table sets forth the fees paid by the Fund to the Manager pursuant to the Shareholders’","page_number":37,"box":{"x":101,"y":530,"width":725,"height":12}},{"id":"2cb03709-57e6-455c-8210-594c9689e4e7","block_type":"box","text":"Administrative Services Agreement for the periods shown:","page_number":37,"box":{"x":68,"y":545,"width":412,"height":12}},{"id":"d5a1f07d-4d50-4aea-9e79-dac0a6a00909","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager","page_number":37,"box":{"x":561,"y":574,"width":348,"height":9}},{"id":"02c8f825-a7d5-43bf-add7-242da23921d4","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":37,"box":{"x":70,"y":592,"width":232,"height":10}},{"id":"d10344ca-b5e6-4b88-813c-7385eb52faca","block_type":"box","text":"............................","page_number":37,"box":{"x":307,"y":599,"width":222,"height":1}},{"id":"ba38f387-34bd-4c29-ad70-b64761ac0cc1","block_type":"box","text":"$11,575 $11,575","page_number":37,"box":{"x":605,"y":591,"width":251,"height":11}},{"id":"165bf756-be59-4164-b2b0-4a525341f697","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":37,"box":{"x":70,"y":607,"width":232,"height":10}},{"id":"b05ba120-6d13-4c2a-8c71-b884d8d1a70b","block_type":"box","text":"............................","page_number":37,"box":{"x":307,"y":614,"width":222,"height":1}},{"id":"bed6dbe9-5668-4aa8-b96c-659962ee4a46","block_type":"box","text":"$21,006 $20,945","page_number":37,"box":{"x":605,"y":606,"width":251,"height":11}},{"id":"1954bb32-2b08-4527-a572-b879f8f31e6d","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":37,"box":{"x":70,"y":622,"width":232,"height":11}},{"id":"21690777-64f3-49c2-b159-bd97d0ed553f","block_type":"box","text":"............................","page_number":37,"box":{"x":307,"y":629,"width":222,"height":2}},{"id":"5d7ac973-4481-434a-b3f6-672dd3de0c97","block_type":"box","text":"$16,749 $16,749","page_number":37,"box":{"x":605,"y":621,"width":251,"height":11}},{"id":"9294d044-a696-4d9b-b07b-6efbf9364c08","block_type":"box","text":"Credit Agreement","page_number":37,"box":{"x":69,"y":653,"width":129,"height":11}},{"id":"08ad5366-1f53-41b7-b698-acdc8abb6349","block_type":"box","text":"The Corporation, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates","page_number":37,"box":{"x":101,"y":676,"width":804,"height":11}},{"id":"e7b0dea3-1228-4325-b958-0143fd5f1d66","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":37,"box":{"x":69,"y":690,"width":817,"height":12}},{"id":"16a14fee-883e-4a92-9708-2ddebd65e9c7","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). 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However, the Fund may not borrow under the Credit","page_number":37,"box":{"x":69,"y":766,"width":768,"height":12}},{"id":"832d2820-a5c7-4b1d-8791-22bf9c9fd9b0","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under the Fund’s current","page_number":37,"box":{"x":68,"y":782,"width":781,"height":11}},{"id":"a0bb62c4-930d-4f61-aaca-437e412806b5","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":37,"box":{"x":69,"y":797,"width":812,"height":11}},{"id":"18a1806b-3eb5-470c-8f3d-97623627a065","block_type":"box","text":"expense and other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of","page_number":37,"box":{"x":69,"y":812,"width":774,"height":11}},{"id":"a74719fb-63f2-4008-b012-745bc8df3a6b","block_type":"box","text":"borrowing may reduce the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees","page_number":37,"box":{"x":69,"y":827,"width":836,"height":11}},{"id":"03a466e4-c425-4345-9200-7ea50cc464d2","block_type":"box","text":"on the aggregate commitment amount based on its net assets. If the Fund borrows pursuant to the Credit","page_number":37,"box":{"x":69,"y":842,"width":756,"height":11}},{"id":"2fa000e3-1fba-4fee-b541-2dcd60945688","block_type":"box","text":"Agreement, the Fund will be charged interest at a variable rate.","page_number":37,"box":{"x":68,"y":857,"width":449,"height":12}},{"id":"13130549-e3dc-4b00-93fa-6b7330620fb7","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"36867161-4cfb-4a94-a9b3-5dfc764c3518","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1752c3fa-0786-4325-8d8c-609863fb089f","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":38,"box":{"x":68,"y":45,"width":491,"height":11}},{"id":"dce4eeca-0af0-4fd7-9ce2-a2b62885c797","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":38,"box":{"x":102,"y":67,"width":773,"height":12}},{"id":"09f8a5fa-9a8c-450c-bda1-adff5214c3ab","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for the periods indicated.","page_number":38,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"e6ee83e4-bc8c-4fca-a01a-5ca42984ca0e","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the Fund’s 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on","page_number":38,"box":{"x":832,"y":167,"width":70,"height":7}},{"id":"000c2c06-ac30-4a98-9efc-fc5d3d37b512","block_type":"box","text":"Redemption of","page_number":38,"box":{"x":826,"y":177,"width":84,"height":9}},{"id":"4dadf382-3e28-4b7c-a5a6-252a7ac09eed","block_type":"box","text":"Load-Waived","page_number":38,"box":{"x":832,"y":187,"width":71,"height":7}},{"id":"e67d69aa-7777-4608-a15e-c953fec6bf18","block_type":"box","text":"Shares","page_number":38,"box":{"x":847,"y":197,"width":40,"height":7}},{"id":"d2df3457-38c5-4267-9e58-c8cf04e7a9e2","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . . . . . . . . . . . . . . . $144,434 $11,594 $11,594 $9,982","page_number":38,"box":{"x":70,"y":214,"width":823,"height":12}},{"id":"6365c818-a969-4596-a14d-84364a4963bb","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . . . . . . . . . . . . . $105,838 $ 8,274 $ 8,274 $6,786","page_number":38,"box":{"x":70,"y":229,"width":823,"height":12}},{"id":"ef38cefd-11ed-4be3-8a3a-670a8f37748e","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . . . . . . . . . . . . . $130,363 $ 9,678 $ 9,678 $3,909","page_number":38,"box":{"x":70,"y":244,"width":823,"height":12}},{"id":"53cff4cd-50a3-4c12-a901-234b9978a26c","block_type":"box","text":"Investor C Shares","page_number":38,"box":{"x":782,"y":275,"width":102,"height":7}},{"id":"93e4268e-4d56-4cf4-93db-4ac39f6e877a","block_type":"box","text":"CDSCs","page_number":38,"box":{"x":771,"y":290,"width":40,"height":7}},{"id":"dc7247d2-fe69-4819-a978-7abeb9ef6a52","block_type":"box","text":"Received by","page_number":38,"box":{"x":757,"y":300,"width":69,"height":9}},{"id":"8b0f0ed9-5c2b-4db7-876f-39512cf02335","block_type":"box","text":"BRIL","page_number":38,"box":{"x":778,"y":311,"width":27,"height":6}},{"id":"f0993192-9730-4505-92cd-f0b9b03bb752","block_type":"box","text":"CDSCs","page_number":38,"box":{"x":863,"y":290,"width":39,"height":7}},{"id":"c91731d8-0b32-4a95-b0d4-a1ddbfe49f3e","block_type":"box","text":"Paid to","page_number":38,"box":{"x":863,"y":300,"width":40,"height":7}},{"id":"bddf49d8-30d0-4ed0-a20c-8a07dd2ab0e1","block_type":"box","text":"Affiliates","page_number":38,"box":{"x":856,"y":310,"width":52,"height":8}},{"id":"b3e7c7eb-c5e6-4835-b01c-934c79556d56","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . .","page_number":38,"box":{"x":70,"y":328,"width":304,"height":11}},{"id":"ba0a025f-1528-4124-b21f-3aa550563ab7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,044 $1,044","page_number":38,"box":{"x":381,"y":327,"width":528,"height":12}},{"id":"8beed1fc-1ed5-40f5-9a52-0c0a9a697347","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . .","page_number":38,"box":{"x":70,"y":343,"width":304,"height":11}},{"id":"d7f57d5d-01a0-4a35-b0b9-8ff544316296","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,481 $1,481","page_number":38,"box":{"x":381,"y":343,"width":528,"height":11}},{"id":"40198dd1-6c88-46f5-8707-40a165c33cf0","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . .","page_number":38,"box":{"x":70,"y":358,"width":304,"height":11}},{"id":"3f2a756b-e26e-4c1a-b306-8f0668f1e5b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,223 $2,223","page_number":38,"box":{"x":381,"y":358,"width":528,"height":11}},{"id":"9ad43941-4815-4ad2-9060-5141ad64ce28","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":38,"box":{"x":101,"y":382,"width":807,"height":11}},{"id":"d56ef0c4-6b69-477d-932e-35cf038016e0","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A portion of the fees collected by BRIL were paid to affiliates, for providing","page_number":38,"box":{"x":68,"y":397,"width":801,"height":12}},{"id":"9140914d-33f4-418e-81d1-b40a9edd11bf","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":38,"box":{"x":69,"y":412,"width":826,"height":12}},{"id":"5f9bc26f-def6-4675-8629-ddbf6d2d8c6e","block_type":"box","text":"activities and services for Investor C and Class R Shares.","page_number":38,"box":{"x":69,"y":428,"width":409,"height":9}},{"id":"2d3a7d3c-d7d0-4a78-aaa1-c1000ebed624","block_type":"box","text":"Class Name","page_number":38,"box":{"x":69,"y":456,"width":68,"height":7}},{"id":"ece2e643-d70e-4844-adab-dd1ca08e2f90","block_type":"box","text":"Fees Paid to BRIL","page_number":38,"box":{"x":806,"y":456,"width":103,"height":7}},{"id":"756da90d-ddb8-4ba9-aaa0-0d2c5b207fed","block_type":"box","text":"Investor A Shares .","page_number":38,"box":{"x":70,"y":474,"width":134,"height":9}},{"id":"be0cfa20-d1b2-49e8-9f09-4c4106a3aa39","block_type":"box","text":"......................................................................","page_number":38,"box":{"x":210,"y":481,"width":564,"height":1}},{"id":"dfa9afb0-cd38-4b58-a731-4c5966855aba","block_type":"box","text":"$709,748","page_number":38,"box":{"x":822,"y":473,"width":71,"height":11}},{"id":"b56b7786-5106-489c-ad41-9127f0d40cda","block_type":"box","text":"Investor C Shares . . .","page_number":38,"box":{"x":70,"y":489,"width":150,"height":9}},{"id":"6e1b23d9-8d82-4e5c-a103-cf91f49731a1","block_type":"box","text":"....................................................................","page_number":38,"box":{"x":226,"y":496,"width":548,"height":2}},{"id":"255ef0e5-e066-4f8a-87ce-788ca97f6c9c","block_type":"box","text":"$183,241","page_number":38,"box":{"x":822,"y":488,"width":71,"height":11}},{"id":"d78af976-8a1b-4ad1-b488-d7aa859441fc","block_type":"box","text":"Class R Shares","page_number":38,"box":{"x":69,"y":504,"width":109,"height":9}},{"id":"4131c0fe-3a43-471c-ace3-e12059d48e99","block_type":"box","text":".........................................................................","page_number":38,"box":{"x":185,"y":511,"width":589,"height":2}},{"id":"77c09981-c46f-4cb8-9bc3-12fc6edcd069","block_type":"box","text":"$153,668","page_number":38,"box":{"x":822,"y":503,"width":71,"height":11}},{"id":"8ab20936-6f2e-4327-b758-2dd48f887669","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":38,"box":{"x":68,"y":535,"width":318,"height":11}},{"id":"586effde-f196-4314-bae9-71fb9f2c4531","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":38,"box":{"x":101,"y":558,"width":790,"height":11}},{"id":"3c7b358b-a506-47d0-a11a-332896eb9615","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding as of","page_number":38,"box":{"x":68,"y":573,"width":750,"height":11}},{"id":"d9bbafa7-cfb2-4cfb-957f-ff2f5bf04be5","block_type":"box","text":"April 30, 2026, is set forth below.","page_number":38,"box":{"x":68,"y":588,"width":242,"height":11}},{"id":"a33dac7a-24e7-40aa-86d9-9fff7ff5fb18","block_type":"box","text":"Investor A Shares","page_number":38,"box":{"x":805,"y":617,"width":102,"height":7}},{"id":"705e932d-4069-4cc4-8639-5a157d03ba35","block_type":"box","text":"Net Assets","page_number":38,"box":{"x":70,"y":634,"width":76,"height":9}},{"id":"465a7301-585f-4911-b87c-0eff47ae1f0b","block_type":"box","text":".............................................................................","page_number":38,"box":{"x":150,"y":642,"width":621,"height":1}},{"id":"9d7ecb7a-143b-41f7-85ea-3f961baa3de8","block_type":"box","text":"$300,846,985","page_number":38,"box":{"x":803,"y":634,"width":106,"height":11}},{"id":"14e736cf-24c3-4461-a40f-7f43500743e7","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":38,"box":{"x":70,"y":649,"width":245,"height":12}},{"id":"b7c6c1da-a037-4ead-98cb-cb77e20bf96b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,","page_number":38,"box":{"x":321,"y":649,"width":524,"height":11}},{"id":"e75e97ca-5edd-4a0c-94cc-862cc565e83c","block_type":"box","text":"553,773","page_number":38,"box":{"x":847,"y":649,"width":62,"height":11}},{"id":"9d71e42c-fb6f-4d6a-9cc3-2d39dbf97954","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":38,"box":{"x":70,"y":664,"width":571,"height":12}},{"id":"06f2bf08-6d11-46c5-8885-83751250e2ec","block_type":"box","text":"................","page_number":38,"box":{"x":647,"y":672,"width":124,"height":1}},{"id":"bf382858-623a-446b-b5b9-2638b20cb5cc","block_type":"box","text":"$22.20","page_number":38,"box":{"x":857,"y":664,"width":52,"height":10}},{"id":"bcd9b002-7888-4265-ada5-0df02318f4b0","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":38,"box":{"x":69,"y":680,"width":534,"height":11}},{"id":"5fc903f9-55af-4c93-8d8f-1f16220701d2","block_type":"box","text":"1","page_number":38,"box":{"x":604,"y":680,"width":4,"height":4}},{"id":"fbddfb14-c1a7-44f0-91d9-8f6b76e9d7d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $1.23","page_number":38,"box":{"x":615,"y":679,"width":294,"height":10}},{"id":"e347f448-8744-4d6a-aa90-03f1c39dd980","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":69,"y":699,"width":702,"height":11}},{"id":"2efe5869-533c-4019-b54c-dc853c9a5dff","block_type":"box","text":"$23.43","page_number":38,"box":{"x":857,"y":698,"width":52,"height":11}},{"id":"292360e6-2829-4126-b594-b98f4d012a30","block_type":"box","text":"1","page_number":38,"box":{"x":69,"y":731,"width":3,"height":4}},{"id":"b723924a-055f-44cd-b509-7a4bf2a79946","block_type":"box","text":"Rounded to the nearest one hundredth percent; assumes maximum sales charge is applicable.","page_number":38,"box":{"x":94,"y":731,"width":542,"height":9}},{"id":"54e52958-97e5-4c22-839a-0335821a4130","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’s net asset value computed as","page_number":38,"box":{"x":101,"y":752,"width":796,"height":11}},{"id":"d92a65d4-7320-42c7-896d-cd02f18101cf","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":38,"box":{"x":69,"y":767,"width":833,"height":11}},{"id":"e0393cf6-9cb8-4e79-847a-9e1dd914d6e3","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":38,"box":{"x":69,"y":782,"width":813,"height":12}},{"id":"44c25cba-ad31-4852-932f-832e9de9d588","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":38,"box":{"x":69,"y":797,"width":377,"height":12}},{"id":"af6ce417-a172-4385-bca3-cf8e02e1316b","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":38,"box":{"x":68,"y":828,"width":302,"height":11}},{"id":"04f7d431-f069-4896-99d3-9cedf36eacad","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":38,"box":{"x":102,"y":850,"width":609,"height":12}},{"id":"3dbbb650-19c6-4faf-9330-d358a1535e50","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"62a3b3f2-ddb6-4c95-8ddd-8f4624279356","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a9497b5-ff67-45ad-948e-90c4660e981a","block_type":"box","text":"Brokerage Commissions","page_number":39,"box":{"x":69,"y":45,"width":176,"height":11}},{"id":"2fbf01e4-cd13-4724-9bf9-31c6db90e703","block_type":"box","text":"Information about the brokerage commissions paid by the Fund for the periods shown, including commissions","page_number":39,"box":{"x":102,"y":67,"width":782,"height":12}},{"id":"0a02500c-24d1-4399-a87e-9e2bbd0ac19f","block_type":"box","text":"paid to Affiliates, is set forth in the following table:","page_number":39,"box":{"x":70,"y":82,"width":360,"height":12}},{"id":"df4ba7e6-d314-4b02-8cb1-d94e6b68be44","block_type":"box","text":"Aggregate Brokerage","page_number":39,"box":{"x":613,"y":111,"width":125,"height":9}},{"id":"244a02d3-9ba1-4452-a75f-d08b1cbb0ed8","block_type":"box","text":"Commissions Paid","page_number":39,"box":{"x":623,"y":121,"width":106,"height":7}},{"id":"ab91b431-6f84-41fd-9a0c-e40b4f625744","block_type":"box","text":"Brokerage Commissions","page_number":39,"box":{"x":769,"y":111,"width":140,"height":9}},{"id":"6146b072-fd29-46e2-95e5-97ec3db13644","block_type":"box","text":"Paid to Affiliates","page_number":39,"box":{"x":791,"y":121,"width":96,"height":7}},{"id":"8e9f91cc-b576-4238-bb31-8e29b276d6b1","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $676,612 $0","page_number":39,"box":{"x":70,"y":138,"width":778,"height":11}},{"id":"41fa8d7a-8ded-4606-8290-2e09163cda5f","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $778,649 $0","page_number":39,"box":{"x":70,"y":153,"width":778,"height":12}},{"id":"167f98eb-d59b-4d0a-9373-8373f2707116","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $967,165 $0","page_number":39,"box":{"x":70,"y":168,"width":778,"height":12}},{"id":"6474a42f-7347-4957-bc99-87c733c887c5","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":39,"box":{"x":101,"y":193,"width":770,"height":11}},{"id":"f896e308-7583-4182-97b2-4206b994fc9e","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":39,"box":{"x":69,"y":208,"width":814,"height":11}},{"id":"3fdefbd3-dfa7-4138-8e17-8bec5776b9c1","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended April 30, 2026. The provision of","page_number":39,"box":{"x":68,"y":223,"width":831,"height":11}},{"id":"1de8e9b0-b89e-404b-9f6c-a873d8af499a","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":39,"box":{"x":69,"y":238,"width":822,"height":11}},{"id":"3d556840-2359-4588-bee9-f6f20cd66b9f","block_type":"box","text":"with such brokers.","page_number":39,"box":{"x":68,"y":253,"width":130,"height":9}},{"id":"ebe4a90a-1026-4262-9e72-579267cd1a6b","block_type":"box","text":"Amount of Commissions","page_number":39,"box":{"x":333,"y":281,"width":141,"height":8}},{"id":"74dc657f-90dc-42c8-9fa0-0d9f05db080a","block_type":"box","text":"Paid to Brokers for Providing","page_number":39,"box":{"x":320,"y":291,"width":168,"height":9}},{"id":"5e77de29-6f89-4018-80a0-011810d55705","block_type":"box","text":"28(e) Eligible Research Services","page_number":39,"box":{"x":308,"y":302,"width":191,"height":8}},{"id":"59d89558-7624-4486-ab55-770e1a2d6088","block_type":"box","text":"Amount of Brokerage","page_number":39,"box":{"x":545,"y":291,"width":124,"height":9}},{"id":"b856f872-77b6-49ea-b537-e9a8ae427436","block_type":"box","text":"Transactions Involved","page_number":39,"box":{"x":544,"y":302,"width":125,"height":7}},{"id":"31d9b9b5-568c-454b-af86-1758de39b6f5","block_type":"box","text":"$322,025 $529,450,791","page_number":39,"box":{"x":368,"y":319,"width":292,"height":11}},{"id":"9d3d7728-6586-4fbd-95d7-21243c36609b","block_type":"box","text":"As of April 30, 2026, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":39,"box":{"x":101,"y":343,"width":764,"height":12}},{"id":"588a975a-708d-4337-8df1-13b2f907883b","block_type":"box","text":"under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":39,"box":{"x":69,"y":358,"width":792,"height":12}},{"id":"e979e8c0-81eb-4f11-b2e4-f1a33a15238f","block_type":"box","text":"April 30, 2026.","page_number":39,"box":{"x":68,"y":374,"width":108,"height":10}},{"id":"e2fefe42-b827-4444-9143-6b432f7e4529","block_type":"box","text":"Securities Lending","page_number":39,"box":{"x":68,"y":404,"width":135,"height":11}},{"id":"12af694e-1db0-4074-b0fe-c4b12405dc5c","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":39,"box":{"x":101,"y":427,"width":807,"height":11}},{"id":"756ee71c-8018-4eda-b5bf-d860a9373e23","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":39,"box":{"x":69,"y":441,"width":817,"height":12}},{"id":"52ebf5e9-1c77-41a8-bfb5-123b5e9a2f27","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":39,"box":{"x":69,"y":457,"width":813,"height":11}},{"id":"728fb828-e65f-43fd-9b41-223ec589a0b8","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":39,"box":{"x":70,"y":472,"width":838,"height":11}},{"id":"7a529914-602f-4070-8a22-e611d5d09412","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":39,"box":{"x":69,"y":487,"width":813,"height":11}},{"id":"7dbd37b5-e279-4e71-b499-10b5262c80d7","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":39,"box":{"x":70,"y":502,"width":646,"height":11}},{"id":"abc6dcc9-4d87-4c32-bbba-40413209f4f3","block_type":"box","text":"The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as","page_number":39,"box":{"x":101,"y":525,"width":735,"height":11}},{"id":"d0171037-952d-411f-b637-cfa7e91b87ba","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":39,"box":{"x":69,"y":540,"width":834,"height":11}},{"id":"4e3e3469-de18-409a-ba6a-e90318df344b","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":39,"box":{"x":70,"y":555,"width":822,"height":11}},{"id":"98ae5f0e-9515-432f-888d-ec900620cdb9","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":39,"box":{"x":69,"y":570,"width":787,"height":11}},{"id":"be4cf68f-e346-4910-b15b-d11eadbe83fb","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":39,"box":{"x":69,"y":585,"width":783,"height":11}},{"id":"402d7625-9664-45b1-b1b7-62cf8416e928","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":39,"box":{"x":70,"y":600,"width":800,"height":12}},{"id":"f4546380-4078-45d8-8c57-8b48ecc53a83","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":39,"box":{"x":70,"y":615,"width":813,"height":12}},{"id":"dfb34268-f0d2-403c-8758-222facea47a5","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":39,"box":{"x":70,"y":630,"width":830,"height":12}},{"id":"6596da9b-6b26-4fc7-a5a8-dc893beb949b","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":39,"box":{"x":69,"y":646,"width":773,"height":11}},{"id":"d9fc2d6d-e4bd-4576-afe6-5d03c49331ba","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":39,"box":{"x":101,"y":668,"width":776,"height":12}},{"id":"4c962be1-ae21-4aad-8d55-52b2c5ce9bac","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":39,"box":{"x":69,"y":683,"width":831,"height":12}},{"id":"220ca7e4-0165-4c96-ae65-1514118bd2cf","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":39,"box":{"x":68,"y":698,"width":812,"height":12}},{"id":"1964dc13-999b-4aa3-9d2a-d673b793872d","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":39,"box":{"x":69,"y":714,"width":799,"height":11}},{"id":"8b0b8c74-674a-4432-9b8c-19588b035e21","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":39,"box":{"x":68,"y":729,"width":835,"height":11}},{"id":"6a1e27cb-1dff-439d-b451-a17e32a3a278","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":39,"box":{"x":69,"y":744,"width":818,"height":11}},{"id":"cf6cda62-e729-4c3a-9012-cdabaed112fe","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":39,"box":{"x":68,"y":759,"width":789,"height":11}},{"id":"0c931cd3-0632-40a6-8ab3-398760f58334","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":39,"box":{"x":69,"y":774,"width":829,"height":11}},{"id":"a574bc86-7b97-4738-bbea-3f57984549d1","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":39,"box":{"x":69,"y":789,"width":839,"height":11}},{"id":"d5d09a7e-9c35-4262-840d-5053d4c1f357","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":39,"box":{"x":69,"y":804,"width":802,"height":12}},{"id":"f7e8c2d0-21a9-416d-b304-409a29ad5b58","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":39,"box":{"x":70,"y":819,"width":830,"height":12}},{"id":"6730e5bb-62cd-451f-a7b5-d96762bbbf79","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":39,"box":{"x":69,"y":835,"width":838,"height":11}},{"id":"92a9120c-2526-4549-bb56-e210617f083d","block_type":"box","text":"Fund’s returns on securities lending.","page_number":39,"box":{"x":70,"y":850,"width":258,"height":11}},{"id":"965c54ba-0865-4f98-b3ef-9142bcf2c922","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"6f7d8782-c9b8-49c9-b209-f9b199ece0c1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5c6fc4f-efb4-4edd-8974-91d9f3d195b6","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":40,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"77d1cde5-817f-4153-8284-c448d7aaf600","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":40,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"0acc6a5d-fbe4-459c-8afa-1088d4ec2099","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":40,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"b7d04a31-e81d-434f-b495-ef01c671f10c","block_type":"box","text":"Fund and BIM.","page_number":40,"box":{"x":70,"y":90,"width":100,"height":9}},{"id":"7e4bc55b-e7c8-4a34-a986-6a0d92d775b4","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 81% of securities","page_number":40,"box":{"x":102,"y":113,"width":783,"height":11}},{"id":"70981444-fba9-4aba-8a5a-e1211c866678","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":40,"box":{"x":70,"y":128,"width":815,"height":11}},{"id":"21b6aeda-eda9-4c7f-973a-66357e9044a5","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":40,"box":{"x":69,"y":143,"width":463,"height":11}},{"id":"2659e300-734c-4a42-b643-5875b6736408","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":40,"box":{"x":102,"y":166,"width":753,"height":11}},{"id":"5f678490-12e3-49b2-99ba-5e93e880f996","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":40,"box":{"x":69,"y":181,"width":778,"height":11}},{"id":"bc2e22e2-23d3-41ae-bd3a-b556374a6fe3","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":40,"box":{"x":70,"y":196,"width":817,"height":11}},{"id":"da1860a6-5b25-4907-8d21-a8b20b1d3eef","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":40,"box":{"x":70,"y":211,"width":794,"height":11}},{"id":"b52df3b9-cc98-4759-9d53-efb14d34b8f5","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":40,"box":{"x":69,"y":226,"width":825,"height":11}},{"id":"916683bc-616b-4476-9a91-3c9088a289a2","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":40,"box":{"x":102,"y":249,"width":683,"height":11}},{"id":"2c8ec998-a2ca-4892-91ed-2c6847004718","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily included","page_number":40,"box":{"x":101,"y":271,"width":804,"height":12}},{"id":"c3874e50-7e39-47e9-acfb-4183ff800fa1","block_type":"box","text":"the following:","page_number":40,"box":{"x":68,"y":286,"width":93,"height":12}},{"id":"e5d62a65-4478-472d-a0b9-e53eaf909cfd","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":40,"box":{"x":69,"y":307,"width":818,"height":11}},{"id":"40d11196-a1f5-45bc-b1e4-596d24a7cc6d","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":40,"box":{"x":102,"y":322,"width":333,"height":10}},{"id":"3b5f8c1c-c26c-4cd1-8cd4-b78fa4459cc0","block_type":"box","text":"(2) 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For ease and clarity of presentation, shares of common","page_number":43,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"4bbdfbb8-9a91-4304-8cd8-6df05c0ced3c","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":43,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"748d102b-1048-423b-9d50-347858a6535e","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":43,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"1d694c94-9bba-4105-b3c8-96602dd802b8","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":43,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"2f783c48-d73e-4e71-a0cf-0326b31f4ec7","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":43,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"4863f305-2153-471f-b727-fc8b4b02c87d","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":43,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"f60e1889-6484-4418-96fb-f7b35985585a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":43,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"4ec1e321-a1ba-4e39-880b-9c743667c6d3","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":43,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"e4a93d06-d005-4799-aabe-0655b7da1dcc","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":43,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"2be03f54-d0b4-4cf8-9d87-3455937fe01d","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":43,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"aad7a364-989f-434b-9e35-6d914a044c31","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":43,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"9e0a9d9f-9c66-4aa5-803d-09a516025bd4","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":43,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"19cf9e9f-8963-441c-acfd-9edeeab86757","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":43,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"f6e476f5-2972-46e9-a49b-29e881085e6e","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":43,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"7a68d9a9-d260-4b00-92c1-334d4910cba0","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":43,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"242cafa9-511d-47f4-b79d-ac96b3373081","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":43,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"86242085-33cd-444d-9a93-0bcc2da6f858","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":43,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"e0b18316-6b8a-4910-8158-990348ce704b","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":43,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"82492c3c-5f72-4394-a23d-e6f602f37d8d","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":43,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"1f8b86ad-3b77-4a0c-b256-caf1f5a1449c","block_type":"box","text":"particular Fund.","page_number":43,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"babd3528-a070-469a-a59f-865fa49c50b2","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":43,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"c47c9817-830a-4406-ad26-36c9ef31838c","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":43,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"5daa8ed0-e141-4f1a-9227-f259d2b00bf0","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":43,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"d0033f6c-1376-4c85-8828-bb28557ae011","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":43,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"63b1bf15-24fa-442e-b242-017fe8d5452f","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":43,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"f73baced-d6b4-4685-832e-e95ebcf7c250","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":43,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"bd8e3d0d-3b10-46e8-bb4f-fd95bb09eed3","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":43,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"84caafbd-11c8-464d-9961-112d4351a709","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":43,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"052de532-272b-4db6-b505-c8847a8f8e16","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":43,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"633d8f9f-d526-4a95-9f46-451561bbac14","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":43,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"1e0afea9-f3ab-4182-95da-90f2389e186c","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":43,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"90f00572-2f04-4794-bba1-c68082206cee","block_type":"box","text":"Asset-Backed Securities.","page_number":43,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"3623b19d-526d-424a-908a-fd45f4f52b53","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":43,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"fdda3ed2-5c03-49a9-8d0f-c5fe3d0e7497","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":43,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"8ea62cbd-9dd3-46dd-9786-26a6ffcd35aa","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":43,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"4dbbcb4a-08d2-492c-845a-b1b80fb4ebb6","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":43,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"02f8f65c-e134-4bd7-a1ab-2db1913b6618","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":43,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"0030cbb2-99ac-4ae2-8288-7a816a0be1f0","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":43,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"ddbdea45-d982-4f68-affc-ee9280261935","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":43,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"d408deac-3724-466b-bf39-0cba47321cc8","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":43,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"1d22a1d4-bfea-45b1-b76a-37a8d75a8a27","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":43,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"a4e50b6f-e666-4ae7-b92e-7df3f4d0bb8a","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":43,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"414cb582-9bfc-4724-b863-75fc10b10f3f","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":43,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"4fefe1f6-ee6d-4531-886c-422ecbf8b242","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":43,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"a4b2d3b9-fa8f-4531-83a6-b1c7fb3bce5f","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":43,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"942b719c-b8e9-42a4-96d8-b6ea21ae0bdb","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":43,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"22e6498e-0c55-4c3b-a1f7-7144cb1ed251","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":43,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"92581d1b-f997-4922-99b7-56b8f7ec39c3","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":43,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"51f9e468-8294-4a4c-8670-7ee8753f69ad","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":43,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"c0ed177c-0045-4415-ae9b-7408b5d18433","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":43,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"f207b69f-a20f-4d8a-be04-872790546e07","block_type":"box","text":"II-1","page_number":43,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"bf7c3252-ee39-4409-aaf9-9211bd69b785","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"793bc969-b180-4ef7-8d1d-a801c8e0e84b","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":44,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"78fb5eee-189f-4058-bf2d-fb30f2b92b5b","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":44,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"f47f192e-d3cc-408a-a0a3-e32f95a3eb8e","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":44,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"bcf9e242-67af-4078-a90e-50c1ab64377f","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":44,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"0e2aba37-a96d-421a-811c-e5ef69643df6","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":44,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"18be1682-895c-43c4-b70f-2e053e35681c","block_type":"box","text":"Asset-Based Securities.","page_number":44,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"204b62df-bad1-4f0b-8f90-1a460ef5267f","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":44,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"3efb2e3c-095e-4601-bce7-1729c5c12541","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":44,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"80051408-d9f2-4168-86f2-6661343f297b","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":44,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"110eb322-2a3f-4fd6-8001-792861db1940","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":44,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"7a131d07-9ca5-4993-b7be-215534ac3b2c","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":44,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"b7562dae-56e0-45b7-a84e-a1dbb603ee7c","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":44,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"0d620268-cc62-44d9-8a2b-d94a59c81cce","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":44,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"d2f1637a-862e-4795-b5f5-0db14bfa15ba","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":44,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"81916e4d-84dc-4d0c-b666-2b335e2f81aa","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":44,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"0dba3b2d-3f25-46bd-91d6-b297f939b4cb","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":44,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"0c6a3b92-bc00-4782-9d0b-0e24297a78d0","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":44,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"31c5f2b4-d0cf-45df-88fc-3cf4319ca354","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":44,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"d088e5ff-fb15-4103-a366-be7bbb7c0ace","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":44,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"26f6ecd2-beef-40f3-8afb-6200ad149fb9","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":44,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"34279ca5-81d2-4286-8429-d038543c68fb","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":44,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"23eef43e-24ad-4852-9425-8af5da9b342f","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":44,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"279b417a-f645-4b7b-8923-e7327d21398e","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":44,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"91d3192d-cd76-4e82-8644-5ed43aec0405","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":44,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"3dfcb3b6-eda2-4fb8-8599-40570b5ee21d","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":44,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"f449ba52-7e66-4be6-a5b0-b0cb92abc1ce","block_type":"box","text":"appreciation in the underlying asset.","page_number":44,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"d56cff05-2cb4-43bb-ba60-084899351c36","block_type":"box","text":"Precious Metal-Related Securities.","page_number":44,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"6bf9a860-7354-4bf3-ad76-2f5721ba47a2","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":44,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"4c7cee33-bc9f-420d-bae4-10e988a005f6","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":44,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"2d28156f-c726-400a-8411-ac36f1b3c2e9","block_type":"box","text":"e.g.","page_number":44,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"28dcc42b-75b1-4dab-8744-ea544e589516","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":44,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"c362d9b8-40e3-46c5-8cbc-7e0ddeffa565","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":44,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"1dc69eb5-27cf-452d-a8a4-25259657a719","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":44,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"e1fa179e-1696-4c4c-8989-2817acd53876","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":44,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"60f6c2a4-163b-441a-bb8f-938dc4bda3d2","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":44,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"58b2c5f0-cc84-473e-b423-f1b51533c06e","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":44,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"977a056e-ff00-4663-8681-2d8bb016925b","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":44,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"0f01a6e9-c877-4198-b755-b8627bbfcc8a","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":44,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"c8fdc7ff-87d2-472e-ba07-cbd6d292d38e","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":44,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"35167d4c-eaf8-4b29-b2b5-3a8e1db25a65","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":44,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"dc4b2ac6-1bb5-4eb4-af3c-41ac2106071f","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":44,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"df44d412-7ab3-44ab-81f4-2c4e984749a1","block_type":"box","text":"South African gold production.","page_number":44,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"6668feb9-e928-43cf-83aa-848925452cbb","block_type":"box","text":"Borrowing and Leverage.","page_number":44,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"fa66c6fe-0320-4fdf-b1ab-2cd7fb4283e8","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":44,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"86a2a87f-0d6a-4b44-942e-8f8073fc88a8","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":44,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"233b1103-a755-4405-87fd-6a20c04a3f53","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":44,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"e0a55628-3959-417c-a5cc-9337add8f6ea","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":44,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"a55de269-66f5-42a3-8b68-ea65d246314c","block_type":"box","text":"other securities transactions.","page_number":44,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"cad125f5-634c-4f07-8a28-ec21340db1e6","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":44,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"0474ed3b-7b17-4016-bfea-366f8a20dbb5","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":44,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"f8eb5756-182d-4e48-9874-2725b27c3f75","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":44,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"8aa8aeb3-6cc2-4d0d-9e72-ccea79b82235","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":44,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"aa52133b-47b7-4da2-a45e-ae886ab01a60","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":44,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"1bd3f48c-c31a-42fd-8a68-3bc1c7a98197","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":44,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"68ed613b-7c0f-4486-806f-462db3ac6e34","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":44,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"32c235a0-8ead-4dd0-8fea-e4f8debc7ae0","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":44,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"71bbcabb-1916-461f-bce3-9bc7cec2d169","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":44,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"cf63b93f-e545-46f4-97bc-7ef4c1297f32","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":44,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"dc43a6cb-5c12-4f85-b962-fa9dd02e7853","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":44,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"1e7b259c-2bfc-494d-bfbb-8c64315005e5","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":44,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"56cfe5c3-2129-4282-bd49-4983a89970d5","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":44,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"9eb35097-f85d-419b-b780-06550dcf42ac","block_type":"box","text":"II-2","page_number":44,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0866ad05-2b78-40a0-84ba-16f78b42e734","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"080ed052-d616-4bdf-80f3-d2b69b9929bb","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":45,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"6376d2fd-109d-47af-9206-6edfb7034e67","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":45,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"a7f606b0-2727-4a12-85c8-b977c3f2216d","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":45,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"481cdecb-2a25-46c2-a8b5-c14aa52ef1ee","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":45,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"3a73b104-cd20-4770-8792-24d1ee10ccdf","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":45,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"541c81db-eae4-477d-a954-921935c60175","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":45,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"754ddfa0-01f0-43fc-a00e-176472217da4","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":45,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"b1c057ab-d898-4dfa-9cd5-6c65c3258905","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":45,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"d9125a5b-4c94-4f6f-9335-6cd4ee63ca04","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":45,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"c96c7d76-1a37-4d24-ba71-37f5cd7fa490","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":45,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"612d3d31-43fe-4263-a25f-f71329c9b86e","block_type":"box","text":"Cash Management.","page_number":45,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"436e0574-d89b-456d-ab60-3bb615b92d5c","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":45,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"94107385-a183-4d0a-81ca-7783b8e835d9","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":45,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"d1c143d3-7467-4f13-901b-babd5c7019de","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":45,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"6b5fb536-26b3-4086-a3b1-3661a424870d","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":45,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"90359046-0755-4605-a6e6-71322d0ad892","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":45,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"a3a9a92b-9fd2-4345-b18a-69629e9831f6","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":45,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"8b811e51-7879-4717-bd74-cce5abf218c0","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":45,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"acc6430f-48e8-42e8-b2f0-d4c73dc4b985","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":45,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"2f3caeb1-42db-4658-9fee-5c66b1fa4c0e","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":45,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"72454560-856e-463d-8001-ebf329ccd701","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":45,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"14bf2758-04df-4a59-b986-2b603efe0d71","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":45,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"d26e796a-d24b-437c-a086-6edc1f66efbf","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":45,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"65cb0916-446f-4d4c-9d13-5e45c41522eb","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":45,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"3c677b61-452c-41b7-a285-8087fa1f4665","block_type":"box","text":"Collateralized Debt Obligations.","page_number":45,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"4130f799-9406-4735-b561-b87da0a6def7","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":45,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"d65d1b80-ca30-4d41-becc-3008ec6d117c","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":45,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"c4ad594b-66eb-4717-913b-6e0ac67faf63","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":45,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"b9702cf5-f652-4c9f-9774-37ddc5ff8363","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":45,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"72674b35-b175-4cbb-917b-2d8cf278d377","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":45,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"9af35fce-5fc1-4155-a4bf-be5184cee6ae","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":45,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"c1987fcd-901f-4888-b138-b76af4093ed2","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":45,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"d334c3ac-9bbe-4e8d-b45c-2f5675780241","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":45,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"146998c1-cd79-4ea3-9307-154e92a0294b","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":45,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"8e5c2453-e3ef-46c1-a365-7ce5c936917f","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":45,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"340fc839-841a-4963-afc1-584d3d01b694","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":45,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"7f643d8d-863d-44fa-86fc-2b8d10d85970","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":45,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"a997c059-86c7-4e2c-8ccf-cc53daeabe9b","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":45,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"7508a91c-51e4-44a8-be02-6e584188682d","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":45,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"705803a8-1032-447f-a984-31d391d9be2d","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":45,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"d3bf8834-51dd-453c-ba23-61e25671afaf","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":45,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"dccd9aaf-6b69-4f0a-924a-8b8b1a57a0a0","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":45,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"dcb4545c-9321-4f69-bb10-2dbc10056eae","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":45,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"99c1ba8a-56dc-4ddd-af19-4040b69b3800","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":45,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"5c130ae9-ef05-440e-9b0b-dbda261ce356","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":45,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"59fbacb9-5c98-4028-ab10-f92de90ea114","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":45,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"85eadfa9-2c1c-4351-8872-fc833537335d","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":45,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"b8fc0145-f70a-4471-979b-002879fb6dbe","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":45,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"f81e9b4d-9daa-4dee-93f6-74150bd6ca78","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":45,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"2d48affb-48c3-4753-89c7-b1b4cb072927","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":45,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"cb5c140e-0e61-4e1c-89cc-56883cb01dfe","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":45,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"82410212-2ae2-428c-9d95-f6fc84fa1ca3","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":45,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"ce41ef2a-c04d-49ba-867d-35dee8995da4","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":45,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"a1c835a6-66c7-4920-bb91-aa6ead1b8831","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":45,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"111e72f7-8fad-4e6a-9c5d-4c8b6cb3796f","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":45,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"bed43a00-39a6-486d-8567-2ce96c798eb0","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":45,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"37e7961f-329a-4070-b3a6-87f1eec1f594","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":45,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"500fab56-c302-4aa2-a0fd-e7f0ec1ea61d","block_type":"box","text":"II-3","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"86c398b1-fec1-4a7d-a983-bbb1e7a2c55f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf6e4610-f579-4902-9c29-ac58f4559582","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":46,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"73468e79-2a6b-471a-aa1f-84de5a76abea","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":46,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"73dfa267-2487-458e-8bcb-afbb3523c53e","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":46,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"bb548130-bb99-4b55-a947-d32429f12a85","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":46,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"4b9dd961-3e4e-4cc9-84f6-fd1e67baf54a","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":46,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"fea7532f-0e9e-4e6c-98c8-e652233c2296","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":46,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"9847036c-506e-498a-a61b-457d0258b690","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":46,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"ce97808d-1347-43c9-85ba-1da41570781b","block_type":"box","text":"Commercial Paper.","page_number":46,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"4a2f1e40-f0e1-4efe-be60-8ade35fc9228","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":46,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"8bb773de-0931-4f8d-b567-a7b3351781b8","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":46,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"ffdbf496-1ebe-42cb-895e-287a479a77e8","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":46,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"b9428049-17f1-4ad1-baae-9415321984c0","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":46,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"d42d83f4-9ede-423a-a8e9-e2a1c5f4c0ab","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":46,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"a33b456a-60af-4ad0-a662-f055c6383868","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":46,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"5b78b667-2540-4078-8e1b-1e4cabd7a37b","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":46,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"57dc3877-7ab0-45b6-9398-2af7682b9013","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":46,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"8ce8919b-fb37-41a0-833d-8c41fba79688","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":46,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"03ad1a4f-8c30-4871-a4a2-c0f3f0b11731","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":46,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"3439c8b4-447e-4935-be91-25faae2cc420","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":46,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"9e308b84-2b9d-449f-b01b-00b321787ae2","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":46,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"80880954-876c-4a55-843e-8aeac036d70b","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":46,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"e29c90e4-d3cf-4dbf-bc16-a8df35087d69","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":46,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"be49fc3e-1059-434f-93d0-bd4af9b8c9e5","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":46,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"751c90fa-ce45-4d7d-83c5-986b72f89586","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":46,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"030ba12b-6c80-4f7b-9074-45789ae78196","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":46,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"2b5ea347-e79a-405e-b39d-a303faf024da","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":46,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"d682cc16-1a60-4fb7-bdbe-08b359e4e548","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":46,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"4b18181a-e0fa-4e61-8f75-5feafea65807","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":46,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"25404e57-9acd-46de-ac54-825e361b66bc","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":46,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"6590cbf6-6231-454f-9f23-c8848290f960","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":46,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"23ac2567-4be7-4853-b4bb-d996bc7c3909","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":46,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"6f9244ad-9385-423f-b4a2-b06ed72c280f","block_type":"box","text":"variable.","page_number":46,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"dc25c18c-ed33-4b8d-a1cd-479ae40f70b6","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":46,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"8fb0f87d-ef63-4cd5-99a9-6754fa5a0fbd","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":46,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"9b6ecbf8-c751-4cd9-b064-72c43d3d77a7","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":46,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"8150ec42-2e5d-41ec-b365-3ccce6a895ad","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":46,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"1df3f54f-d594-4d32-954e-d7b762cce3f0","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":46,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"95829a6f-d8c6-409b-a029-0b7ea11d50ca","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":46,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"8a0ffb31-7083-41bc-8573-12e11825bf00","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":46,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"08a1197f-09b9-4e81-a67e-8a6bfabb37b1","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":46,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"2a5208b0-ed0b-4d16-b44f-4b48296c90fc","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":46,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"2d426ede-dc47-494b-8b99-72870d22e840","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":46,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"a9cfaf97-090c-49db-a82a-15805d20c90b","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":46,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"fdd717ef-1659-4ca5-8f22-1a807ac85c44","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":46,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"297d8ce6-e418-474d-8e4b-905b6eae289c","block_type":"box","text":"correlation with stocks and bonds.","page_number":46,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"ec307012-0f88-465b-a281-cb1f47ac8275","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":46,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"78ab471b-c12a-406d-b992-f0ee6c288b08","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":46,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"f5dc4cb9-6a72-4bb2-8de5-4d066536c13d","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":46,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"d0f368b9-f998-4cd4-9248-c9edc217feda","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":46,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"3dedfe89-e1c2-4849-941a-76023ce81603","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":46,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"63dbdac3-4d52-4e1d-b99f-133cfc99770d","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":46,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"7eb5951b-cdf2-424c-b171-2945357b84e4","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":46,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"81e30f89-547b-4397-acc0-4bff36c8c5a4","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":46,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"a5837c09-b29b-49be-bfd7-d9626d151ce8","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":46,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"d016c5ad-f25e-4db6-8138-d09a71975866","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":46,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"cda85b16-d5ba-4f56-b824-5155c5ff3dea","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":46,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"46b294b1-8e26-4972-811f-2f1a3486d25b","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":46,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"95d5e525-5f6d-4c2a-a092-0dc4c6c370d5","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":46,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"e0322036-f2cf-4d73-b6a6-d278b566bff9","block_type":"box","text":"II-4","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f056b892-704f-400f-af77-ae78e3a986a4","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9af736a2-c858-43a4-ac69-9d3618d06c50","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":47,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"1b6487a0-cedc-42f1-9dea-a8a3d170e1a6","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":47,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"4a1568d7-b3ee-4a49-b12e-8d936bc959d9","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":47,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"a3bcf510-656c-45f5-ac4b-3ceb11073a10","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":47,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"5b5f971e-891c-4906-87ed-0e6d872ded5a","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":47,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"640a21a5-de41-47fb-996e-07fee9956a09","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":47,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"d22749da-fa96-40e4-a52a-766a64f7de34","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":47,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"4273a375-6bfa-4821-9454-d3426e240194","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":47,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"1710f09f-3d6b-4a3c-868a-5a9eff3d79fb","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":47,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"cc47c763-306c-47fd-8121-a99dd922f7e2","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":47,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"82cfbd31-6571-49ce-8d36-15163b997043","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":47,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"d4b047e1-73ae-4e5d-8668-a35344a7b1f2","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":47,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"79f0a141-3f6a-4c5b-ab8c-d91c3aa47272","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":47,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"1ef74305-60b7-4df3-95c1-e566eda8564b","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":47,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"6ed44f4d-a9ba-46a8-ac50-74fd40b1830b","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":47,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"8145a659-a618-4d42-820e-92c052497f6b","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":47,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"e88a7a55-9a4d-44e7-8cc7-46b0ccc8c768","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":47,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"592cb32d-a630-43da-9b5f-625b394b13b9","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":47,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"a2f9d1a7-ed6e-4cae-8afc-da72d6e4525f","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":47,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"0cbe46df-17e7-4ce8-a140-227d46396357","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":47,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"bee227ac-df1a-4a86-b2dc-9710909871e8","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":47,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"1d8c7434-0d4e-41d7-baf8-45b6e04091c1","block_type":"box","text":"the Manager believes are relevant.","page_number":47,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"04ba260a-2208-40da-9968-d73bafde6825","block_type":"box","text":"Limitations on Leverage.","page_number":47,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"305a5e28-e2d5-4ebc-8a35-b3f832f2bdb5","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":47,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"c17941f4-8617-49aa-93e8-e66cd14559bf","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":47,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"d5e5cca1-b838-467c-8493-5289a7e92cef","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":47,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"f825b603-ca59-4e09-b439-f7be6b174bb0","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":47,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"f0c0ca3f-c2a7-4978-ac14-3ff4cb4e8ebe","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":47,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"df966af8-26aa-4794-8f82-6da4fa309e83","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":47,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e6dccdd8-9988-4319-828c-cad676de6d0a","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":47,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"c684634b-455f-49bc-9ba0-da8f7fa6a596","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":47,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"6326c57f-41c8-411d-b28d-eba8fbfbe4c3","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":47,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"55f7dadd-7c0a-4043-a460-f75e8d3f168a","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":47,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"b8ecd364-e5ed-434f-8c3f-445a9cb4b210","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":47,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"11d715a1-6c2d-4cef-834e-a6203de68898","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":47,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"f1638c27-03f6-4e7c-b067-a1ecd4cfaf3c","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":47,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"b90f9d1e-f4d9-45b4-9057-734f3d3102ed","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":47,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"e61199c7-b84b-4ef3-b639-19fb8ec7fdfe","block_type":"box","text":"Counterpar ty Risk.","page_number":47,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"97ab559f-905b-454a-a434-0e81748a05a8","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":47,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"c3515653-ca07-46a8-b20d-cfc35d9898f5","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":47,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"d96e2e80-7349-4a00-938c-4bdcf814687c","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":47,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"0319cb07-4990-499b-b882-431fba90f128","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":47,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"91bfc65c-3951-4392-b62d-04b2978a9555","block_type":"box","text":"e.g.","page_number":47,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"607b8d79-5e70-462d-8f49-b4328e3443f5","block_type":"box","text":",","page_number":47,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"1bd6c10d-42d0-4652-be8e-292cc0721f08","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":47,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"449fb258-a2f0-4881-8041-837d120ce920","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":47,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"9f4d1871-df61-4f37-90ac-b5c42802549a","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":47,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"1a916205-0416-4ad9-9fdb-477d0a26a9d6","block_type":"box","text":"obligations under the structured note.","page_number":47,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"b79b6814-d902-4696-9e3d-fbe61a255f79","block_type":"box","text":"Convertible Securities.","page_number":47,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"d5268314-a876-4d8a-b15a-d5093a8b0347","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":47,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"4e7a2296-6a4b-49d5-b74e-9869d92b51c8","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":47,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"99cbcc7e-f971-4272-975a-0d8fbe924023","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":47,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"e669bf3c-da38-4045-993a-5d0e4bda6049","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":47,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"c63953a2-290f-44bd-be67-1c7cd3df0388","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":47,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"1ae9c314-6feb-43f0-97e3-d35a6eff7bb1","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":47,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"12a134bd-ca7c-428c-af36-298cc8a156f4","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":47,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"b2077d85-5b09-4234-aa92-956d6caedd40","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":47,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"960eaba6-cbe7-4c23-832a-d440bcea2c29","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":47,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"c6b2b41e-eaae-4185-81a9-22969e79f059","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":47,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"bdcebad5-462d-4cf3-8fdd-57bbbfe06be0","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":47,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"1e54da76-596a-49a2-8027-445ceb8e5220","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":47,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"b084fa6d-807f-44e3-8ca6-7704f5693c0e","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":47,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"18f53ed0-6629-4e57-b42d-30128c2713b5","block_type":"box","text":"II-5","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c4be1221-5ff5-4b14-a31b-4bdb293ec703","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"233b7375-05da-47ea-a28b-fe49700d3838","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":48,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"f4670cdd-5038-4b1b-b25a-2f90b9a17072","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":48,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"376cf683-e3cd-4220-9cbf-2e20f0264c20","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":48,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"41c9735a-9636-4963-9858-6c2b47ed5f6a","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":48,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"bb92d268-e579-4b99-bb1f-46f81290fb5d","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":48,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"f08f1115-b172-4542-a7ac-4a50f0c6d2f0","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":48,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"5cacee26-ba60-4b03-bd5a-f36c80ff7acb","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":48,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"9be05c6d-f793-4d14-81c2-2b48ec193538","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":48,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"c699258f-db3e-41ec-80fc-a10fa1adff88","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":48,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"da9c554a-99e9-4269-bdc3-6d8bb1e41382","block_type":"box","text":"things.","page_number":48,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"28b9014f-9d52-4e41-8a20-a28683a0dea2","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":48,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"c311b280-6ce2-4831-87fe-44a2db89a0fe","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":48,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"54c69667-bb1e-4759-8ace-c48ca272a786","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":48,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"4a858e61-c5cf-4f6e-80d5-b3dc80fa32ba","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":48,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"2346ef3f-5792-410a-be85-60243f23459c","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":48,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"4609ba49-ae92-4d32-807e-975eebd4650e","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":48,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"249502fb-2513-468c-9c3a-d9fb78652344","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":48,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"1fcc48d0-fbd9-41fb-8b36-7436532cf7ce","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":48,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"03688eda-12c2-4e69-9c5c-01c117d2f203","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":48,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"dc13559a-8f2a-4f5f-80d9-b6f4448182be","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":48,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"52574a7f-dc8c-4b47-9f68-0e15ae80cd53","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":48,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"32e9ae7d-bc5a-47c3-ab72-502566d56ba0","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":48,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"ffbabe94-7333-4833-81cd-dd21fa9a246d","block_type":"box","text":"i.e.","page_number":48,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"a6ac7af2-fd3a-4bbd-8d6b-6ca0aa0e3437","block_type":"box","text":", strictly on the basis of its yield) is","page_number":48,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"49e2265e-e7f0-474f-a611-61a7647fe627","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":48,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"a130c852-ca1d-4fa8-b4e8-4b0075ef811f","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":48,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"f2483c1d-9271-4500-a224-e3293c65a9eb","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":48,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"86f00f2c-2ba7-4698-b775-a8651ece299b","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":48,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"db7cc5ae-caaa-473e-8da5-b741e3687dee","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":48,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"7e331425-b055-4f13-a180-c9ee094f4db3","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":48,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"1cc60a37-a802-4ebc-b001-cff782685158","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"f59903fd-5d92-4b28-9d26-b8d6f24fe2d3","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":48,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"bc1d2d05-8902-4447-8e94-60b23375ac05","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":48,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"8c8826b4-2186-4a3e-84b4-5804fc802b27","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":48,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"a02b678d-c153-48e8-9387-0e5eb8ed8dc3","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":48,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"e3a5d69c-d8a7-48a3-ac75-116e3e65b463","block_type":"box","text":"than the securities’ investment value.","page_number":48,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"dec671e4-625d-4c47-b29e-5d7105ee0438","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":48,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"9602cbec-a84f-4890-9249-28db7b59ffa5","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":48,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"6bd81f06-e771-44da-ba47-cee0fedda1e6","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":48,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"bcfcd1e6-9b6f-4367-be6b-6c58dabc3639","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":48,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"f4cf8a16-0ba0-4216-97db-4c73f6b7937f","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":48,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"8536f381-b9e1-4c3c-9e93-a0a89e40c1ad","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":48,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"571a2d19-90df-443f-8d54-e2d60154808d","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":48,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"89dbb6da-c53a-4639-8a37-1260865e0106","block_type":"box","text":"security under certain circumstances.","page_number":48,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"b7d49e3a-c232-4c76-9ded-d46e94aa9033","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":48,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"39837d85-b62d-4d01-8193-d3899e444e6d","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":48,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"863ed634-da1f-4076-b57c-014c09fe04aa","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":48,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"58862a48-c439-4afa-ad66-b710544e11db","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":48,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"ffa9aa81-1339-40b8-8c85-838fb2b665a6","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":48,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"76c5a180-c5e1-409d-a49f-c897d02db6ef","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":48,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"2ea8e801-f11b-4fbd-b259-df0ec6dc7e98","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":48,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a87bdd0e-705f-4356-bccd-6ca7921871a6","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":48,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"a1d94159-c9a9-4697-90a9-24cf53a3ff33","block_type":"box","text":"i.e.","page_number":48,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"f5ea4ff5-7428-4463-acfc-b34231873e0c","block_type":"box","text":", fixed-income (“fixed","page_number":48,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"f81b7c3e-79f4-488a-bb85-13ef71321164","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":48,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"14dcd1b2-9e8d-4d88-a58d-77267fdab5ed","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":48,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"8217ddc0-8b71-4074-a702-40dc0d76c702","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":48,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"63a0d805-4e5b-4aef-92a5-e1d471146dfd","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":48,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"698bc74c-4419-4ac0-8434-87aa4c196141","block_type":"box","text":"II-6","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"db6cf663-8f2e-40f4-b108-ea054c7c6ea1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed8fb352-1151-42c0-b536-e4765dadedc1","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":49,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f1afc685-087f-48b0-974e-cd8bf201ca94","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":49,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"852bd0cd-c3ca-46d8-93a1-b5852f6b219d","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":49,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"88213d15-623d-464c-a985-b1be3d28d463","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":49,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"ecb68cc6-543f-488b-b449-d4563df5d88b","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":49,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"2d153d2b-5b40-44c3-8b7e-b0b6f8c03297","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":49,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"3e7010ca-82db-4f79-a522-22f0bd5c77a5","block_type":"box","text":"component.","page_number":49,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"626de501-81dc-4e1c-b9dc-f560fb7bc5ad","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":49,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"b5b84191-372b-4a15-9b87-4cbc042cc7c4","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":49,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"822be82d-7365-4f9e-82d2-774cf4381011","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":49,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"13432e05-3a66-4725-a0d4-4e0f4b6d8406","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":49,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"ee9052a5-a903-449c-84d7-9cd9d32590e7","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":49,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"04b87758-1a55-43dc-982c-88d11c2f8283","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":49,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"eb2c81e9-2e0d-4f24-858b-a42e5751a789","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":49,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"96a92d69-81a6-4ac3-9ddb-1aeee85a892c","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":49,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"e07e8d92-01c0-4fe6-95f6-5dcc378378b5","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":49,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"7b2776cf-7c34-4f23-a126-ce0bcdbc4d5f","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":49,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"51e2a1b0-5eea-4f4a-a444-0e93d2f4d039","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":49,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"ddfdc912-ac64-4f88-9a08-b05bda4807b8","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":49,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"e77b3c39-91a2-4a21-a5de-533cb0749433","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":49,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"0de83048-b650-40d7-8067-8e351261f9f9","block_type":"box","text":"favorable market conditions.","page_number":49,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"45abe035-7389-40e5-8e8d-a3000ddf2a9b","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":49,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"47eea043-40b5-455d-91f2-5a48a403d024","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":49,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"43163c2d-997f-4ce7-a655-d7d126da2fae","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":49,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"d82304d7-3b6b-4c8f-8a5c-9c604f2f47d1","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":49,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"c66ae872-8982-49b5-b994-79e8d8cd95ff","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":49,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"adf222ae-17b9-4905-b090-5c7c9b0d98ef","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":49,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"56a78067-ae3f-4f46-86fe-700d25d64b14","block_type":"box","text":"Corporate Loans.","page_number":49,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"a58cda47-3365-4935-a7fb-ddc33b3e6494","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":49,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"1a6294c7-11f0-4e9d-acef-abc76f47404a","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":49,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"1d9369da-66d8-483d-ba70-dedb1a3e6aca","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":49,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"e1d3a219-b7de-4790-877f-792b8667c2e1","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":49,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"056db560-357a-41fc-bc64-c8bf2262c073","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":49,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"fd4c4349-1308-41e5-af66-2b81f0c73216","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":49,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"9b6b78c5-1212-4ff2-92cf-4d1d96cc62d9","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":49,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"87d08e12-60e5-4f5c-a958-8004b5963bf1","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":49,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"7788c6cb-8a94-40cd-96e5-e5f407bf44e9","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":49,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"a7e68b1a-e742-4cc5-bc06-1b77a1afb55d","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":49,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"3dcd58a8-6eb0-48e6-8f18-d2c2d7a59312","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":49,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"6dff375a-183a-4cf5-820f-f3c65ecf4df2","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":49,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"9d641d06-bf8a-432a-80c2-69dffe86dd98","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":49,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"93beaa01-1a75-4074-802a-29bd55bfe3db","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":49,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"1b2eaa93-081f-469b-acd4-08dcefbcf455","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":49,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"db29fd6b-1671-47ae-b882-d12fd4174be4","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":49,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"939890c9-aa56-4553-a65e-4727f233de66","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":49,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"9ae55c14-08f7-44c0-a8dc-f67f593d361b","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":49,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"ce1af935-5033-4327-8e45-2e50979c2f39","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":49,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"472414c8-a1dd-4df2-8564-f0170b770735","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":49,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"cb8fd439-fffe-4be6-be5b-f6809930d668","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":49,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"4bf1448b-f6d0-4895-b03c-ba45c6dce0bb","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":49,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"e5fd4812-204f-44a4-9faf-c749d9cdbf89","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":49,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"83a86d49-4366-4aea-8bfe-a3ea24b22287","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":49,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"890e7a57-d35a-4599-96df-2d33724a009e","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":49,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"7f17576b-372f-4136-b09a-d143bbc98cfc","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":49,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"fb71f42f-6aeb-422a-957c-eb61aa4b1c03","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":49,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"a316c990-6294-4185-9ff2-116a2449c910","block_type":"box","text":"of the borrower.","page_number":49,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"2b62c417-31a9-4177-a6a5-bc22f13ae700","block_type":"box","text":"II-7","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4bc4e09d-9874-48f4-aaa8-74af980906b6","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79945f9d-e84a-4bbb-a0a7-c77683c6a846","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":50,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"95a14df2-a786-4392-8ad6-a61754e5e23b","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":50,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"cf0cfa89-22f4-48d8-9c58-7fa11c189264","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":50,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"9da27abf-9602-4b98-8fd4-0a0220e309b4","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":50,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"60aabb33-de0a-4819-a5ef-b62f6571ea4f","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":50,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"e112af20-a471-4e90-9e26-72723fc86823","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":50,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"eac1f363-9718-4487-b068-c4d09e9b5b92","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"06960b61-6713-457a-ab4e-5e2b8dc25376","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":50,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"b54c8f5a-4718-4fb6-9088-11361d8087ae","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":50,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"596ed60f-626a-43c9-8f2a-6f7ecfcbf40a","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":50,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"96e4bcca-2e8d-4cb8-8ee9-350217832d74","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":50,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"b29edb9a-89aa-48dd-8c17-2afcfec8ab17","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":50,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"0859a4d2-b042-4e79-a542-df737b3ae0d5","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":50,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"60908c5c-5cf1-496a-a602-46bdd6284079","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":50,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"c8c9b3fa-f6a5-45f0-aa29-6918651bb02f","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":50,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"d88282c3-e285-43d0-8884-bf3370eefdfa","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":50,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"2c40916a-a23e-4c19-99ff-c6befe55d63b","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":50,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"d838ea2c-7831-426f-8948-d8513a002c7d","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":50,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"90fce08e-6763-4bfb-a3cc-d2824c896682","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":50,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"fb0d3d24-1ed1-4c0e-8632-8cd524fbc035","block_type":"box","text":"state law.","page_number":50,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"ceafa8f6-8821-4630-a884-bdeec5092cda","block_type":"box","text":"Direct Lending.","page_number":50,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"c9f00e05-63fc-4240-a492-b580bd5437a8","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":50,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"5126e357-f2be-4019-be68-f83ff86d8cb0","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":50,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"4dfa6365-daad-472b-b4a7-733854eb01d2","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":50,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"e031f701-bd2e-4d8f-ad05-470ebe799018","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":50,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"895f6cb9-03b6-4d2f-abf6-c57f2ddc1f62","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":50,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"9fae7aa6-5f49-412a-8d88-fca8147774f3","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":50,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"11687277-78ca-4143-8943-b1d456a88745","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":50,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"68df370e-f794-4fb5-a527-4ba329510f94","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":50,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"66b65a6b-ff15-4984-aaed-3c894b199ef4","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":50,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"0d2f584f-f0ef-48f3-863b-3a2c201f6118","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":50,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"2ddac1c4-893a-4253-8330-bc5d6a0845be","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":50,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"1640fe7d-4ae9-4b5f-bf5c-3d6e45584542","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":50,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"200593f6-5a81-47d9-b86d-b3450f98dc5c","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":50,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"55c300ab-4c6a-481f-8984-2d352a987818","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":50,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"33181d98-db14-4094-880d-f8b8f85bfc05","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":50,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"7296faf3-85bf-4203-8c36-bf81cbc63c76","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":50,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"2034934e-70d3-4baa-8ca5-a563b03145ee","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":50,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"a06ce95f-4269-4022-b273-8c6faaa58eec","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":50,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"1f9c8e1f-7ffe-4731-a7c2-138e1dd77577","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":50,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"7d23f1d5-6607-4767-a814-d3a3ab0c4b4c","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":50,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"747a4b0f-4355-4fb0-ba44-91b40d3e9615","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":50,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"c2320363-4d74-44f3-a2c6-7f0972d79f85","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":50,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"d662b080-46f1-4c40-8081-0eb3046655e7","block_type":"box","text":"Credit Linked Securities.","page_number":50,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"b790d896-c770-45eb-b11e-74ba69001b72","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":50,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"f47d286d-8917-42ee-ae95-edc1a10583b0","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":50,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"3b93974a-b3b2-4db4-8851-01f7309ff2d4","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":50,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"aba94e30-222a-4102-b274-c94d1410bee5","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":50,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"1041b4c6-40b7-452f-8f41-992ba1e0ace2","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":50,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"f4649018-47b0-4a30-a495-2849bd866d72","block_type":"box","text":"traditional income producing securities are not available.","page_number":50,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"90fe9ea4-f14a-4738-b0b9-db9d2bbca618","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":50,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"963452b8-c168-40e2-be0c-e3efb79006bf","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":50,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"3f855966-ea87-4b4a-aa07-0e8d33dbc0b1","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":50,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"8f65d5e5-ef40-43f0-8719-6c2a51f9f710","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":50,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0e9b0417-2b7a-4946-899e-5cac02c011c3","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":50,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"16957345-09cb-4047-8cc8-cc6b2b824cb0","block_type":"box","text":"II-8","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4d8b0d97-1c32-4cd2-aada-2372039b787e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79e1e99a-5b57-4409-b680-03e54ed90415","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":51,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ba42de74-b4fc-4a45-8094-0302857bcd6b","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":51,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"b4903bdd-0499-46c3-bacf-4eaaeacfa640","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":51,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"b8334907-36db-4c3e-89c6-961670daebb0","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":51,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"3a3b2cf8-072e-4c9f-b247-aa201dc93ba6","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":51,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"f98eeb9f-999e-4d20-9ce5-248d6a34fc7a","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":51,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"9c58b217-502c-40e8-b63e-eea91a7022e0","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":51,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"8ea7fd44-447c-4a8b-8d6c-05df12c1d8b3","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":51,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"1b8d4c88-59df-4582-af00-849e1e63631c","block_type":"box","text":"investments.","page_number":51,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"b26dbb41-77e2-46c0-b83b-2ce827f3c378","block_type":"box","text":"Debt Securities.","page_number":51,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"e2dd3425-65f5-48bc-8d5a-8caf5f757b74","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":51,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"d02ca43c-591d-4e82-bee7-3d1df8c7e91c","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":51,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"f3df7ce4-bd02-4f53-ad62-73e14989aa6a","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":51,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"b37a863b-1bb4-4119-9165-593618826919","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"579a8fb6-669b-4614-ad52-007857c9f829","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":51,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"ebbefddd-4d7b-470c-a95b-4f7f361ee096","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":51,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"1f88eeb8-1145-40c0-8bef-edde08b50789","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":51,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"186947a7-12a2-4742-be52-8484fb01ad1d","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":51,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"22a80a42-b500-49e6-9441-8fc91b708c7c","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":51,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"165cc89a-1e6e-4a82-b3ee-3e314527cdc0","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":51,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"e5bac33b-f34a-4adc-a7c0-c8d145a5f552","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":51,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"69791885-1cd9-46f7-b175-351ae6d2fee5","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":51,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"677326cc-a0c6-4fa8-946d-60b936ab739c","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":51,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"37de63ab-cff6-491d-bd90-1dba51298d01","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":51,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"6f391eeb-d7c1-4d8b-80b5-741703442fde","block_type":"box","text":"lose value. This is known as extension risk.","page_number":51,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"441d1376-a3b8-46ea-a455-1e22bb493c6c","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":51,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"6121e958-4f0e-4a05-b03f-c4b2cdd73272","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":51,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"cb0fbe2b-ef19-465f-aa80-52748e4bfcc9","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":51,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"40d48c80-52cf-47b4-a9f1-ab14473789ae","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":51,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"37a2baec-3c36-4a88-bf48-160acd427f64","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":51,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"3c207861-0218-4bc2-8df5-7767a07f9efc","block_type":"box","text":"Floating and Variable Rate Securities","page_number":51,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"26e53432-b9e1-4baf-8535-e3e44f43d9fc","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":51,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"7a018838-72dd-43fd-8404-c2c1813c9d28","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":51,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"3a863fa1-1610-4d47-83b4-41716f37c32c","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":51,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"d4f0ee77-3926-4f23-b2a4-b8c6209df666","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":51,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"11fc15c9-1d3b-4516-a5fc-144f4bba5dbd","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":51,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"7f0c721a-0175-4ea9-bbd8-64d026b7e85c","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":51,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"80181a99-0063-4b1d-9455-0dc416187208","block_type":"box","text":"market interest rates.","page_number":51,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"8c5e28c6-4369-498c-aaf4-b8c8072c7319","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":51,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"fa31d23f-d08f-4406-975e-91497f5dd1ac","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":51,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"3459f027-4037-4842-a5ed-9646ead27f71","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":51,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"e0c1f094-5ea6-44dc-b49d-48d4c181b16c","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":51,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"a959b244-51f1-4268-85bd-e23c97d66359","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":51,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"2ad2f5fb-7f99-4b64-b8b5-c2b6655a5bd0","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":51,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"0aea25ff-d31e-483e-b4b2-a2fadd0f5ee1","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":51,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"ed2fb23b-65bd-4fc5-85f1-b98c5f552a2e","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":51,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"effc63d3-2b2a-40e2-9c41-2167245a2e8b","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":51,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"fc24d84b-f5ff-4f9c-b64e-43ee7eba897f","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":51,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"324131ec-4f25-4b76-b945-a1d83e7385a2","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":51,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"77d00d80-fb4e-4fb7-8738-d893be96d712","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":51,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"3ba800c4-2352-47a4-9969-72918956aa19","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":51,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"ffd995f2-b6e4-46a1-be3b-e0bbca964698","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":51,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"c55f2f2c-084d-47f1-9557-81d5922fac55","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":51,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"500536b0-beef-4a9e-aaa3-f14af365c8c1","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":51,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"69e338b9-9266-4282-ac17-15bef0b8f594","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":51,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"72b35745-0eea-4dfc-8a5a-6d265e00fcae","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":51,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"a3c62eea-ab17-4c36-baca-eb7dcf051546","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":51,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"a8f78783-7625-455d-a00e-9e4351f06a02","block_type":"box","text":"II-9","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"52eaf10a-0691-4607-84e9-77d8088b7c8d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e85e138c-ab1a-4954-b5d3-59b365bd56d0","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":52,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"a6aba35a-3034-441d-86a1-91e2e775e010","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":52,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"634e1578-949f-4482-9889-be2e444dbca0","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":52,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"710b5876-1d85-4335-aeff-e43de3e4dadd","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":52,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"4b16f145-d0dc-446c-8945-ff54c3a80cd7","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":52,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"e282d5f6-1352-40e7-9220-acf49e32db73","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":52,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"782f65e8-abe3-4961-942e-482e3d94588a","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":52,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"84b09637-dd01-4416-aa1f-736afe5f66b0","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":52,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"f196c016-297c-4e40-9cc8-44ead0b91036","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":52,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"c466f296-9831-4753-a8c1-e256c82822d2","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":52,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"4a33052e-c097-4eda-b1f1-c9427c073ef3","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":52,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"644be678-54d3-4494-a453-3e5f6abb1eb4","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":52,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"5e1d348f-3f18-4e03-8b7b-469e3ca57485","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":52,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"5b4b6807-dc73-4836-aeec-6b83ca2b80ff","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":52,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"1259170b-41ca-4d22-94b4-877dc1dbcc60","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":52,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"9e53f203-4cb4-475b-8228-168d372acefe","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":52,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"f28a5e84-41a7-4369-a16c-23e3238134cf","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":52,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"9541a71a-14e8-4760-86a4-6d3b5fa87bf7","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":52,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"0cb62d47-7558-4402-8b6d-2a9fe55a5d8e","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":52,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"cab46d3b-c4c2-4b91-be41-c66b1ce7436e","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":52,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"a416f374-af84-43d9-8389-6bab936a1f5f","block_type":"box","text":"United States.","page_number":52,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"dc9630ab-bea9-4227-8693-923166d67a96","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":52,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"1c6eae10-23f9-4ca7-802d-bf0ffddb7b31","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":52,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"2835e122-692c-4eb2-85b9-886b72436e70","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":52,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"384101df-5534-4d86-8b67-dead7d639235","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":52,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"924ebb8c-103b-4572-8d23-96851f008218","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":52,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"caf88ec3-8c71-4d68-8da8-9fe078c4c929","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":52,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"93c8f935-5c60-4543-a034-4b6631ec9eac","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":52,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"8db55a9d-38f0-4503-a38d-6a8989585643","block_type":"box","text":"i.e.","page_number":52,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"7c1c33fb-e105-4347-93f7-3b209bb06ca6","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":52,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"e477c061-d4b0-46f2-abb8-6cdf7069bc9d","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":52,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"52598704-30da-42bc-b846-7822d0015582","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":52,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"0fa79d30-2fee-4605-8e04-91e6ed8bc212","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":52,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"a7a0e96f-bc8a-494e-b6d9-80627de1fef9","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":52,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"19f50c3b-07ad-4924-b0bd-6b52dd6d7598","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":52,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"c8e00bcb-980a-4171-b530-5cf8f5dce8c7","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":52,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"877ad129-e0fc-4525-be32-35ee65f6e0cb","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":52,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"a1acb1b3-a0aa-49ea-bb39-9bf95df35205","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":52,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"ea16a9c5-4ec1-4ac0-8c26-b30edeceb1ed","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":52,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"bcdffbda-0f05-428e-abd1-ebf50311e315","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":52,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"69e05b1e-2e1b-4caf-b7d5-21c167fdbd7d","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"20d40fb5-da04-4415-a763-3d3fe043bfc6","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":52,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"10f76b97-3f25-43df-b9d4-29c693fc2be2","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":52,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"d422b732-c6d5-41f0-8a8a-13cb106834ef","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":52,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"4252aaae-a0b8-4e72-ac84-a59db57761b5","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":52,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"5ddf10a2-9c3e-4417-a4d9-d6db7d12e209","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":52,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"f3b64f0a-4eb2-41be-ac47-4798095ebc13","block_type":"box","text":"risk than higher rated securities.","page_number":52,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"cff51608-ecb3-404c-a77c-0f35a188c76f","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":52,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"d4d8c9f2-dc2a-4246-af7b-237d090ce913","block_type":"box","text":"•","page_number":52,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"def3b6d3-75ea-45bf-a81d-4371eff4c197","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":52,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"7bb8e54f-e154-4355-84a7-6eea6405b14f","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":52,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"770c9a8b-9e1b-4844-be45-7bf7bfb169d0","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":52,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"3e868722-89de-4371-acdc-924ad1ac3182","block_type":"box","text":"unavailability of additional financing.","page_number":52,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"cc5ec933-56be-4487-b8a1-1dda61fc9142","block_type":"box","text":"•","page_number":52,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"33ec3cad-ee0c-4846-b048-4d053abf1f96","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":52,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"91adbb9f-0a6d-4292-9f26-0800c13ee558","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":52,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"ec7ac474-f58e-4588-91a8-d749f6854c37","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":52,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"68b8e2c9-541e-47cf-8fd3-23e226054d19","block_type":"box","text":"II-10","page_number":52,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6603612f-3068-4d86-848f-b32028640ae2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00131685-1bf6-4e0d-bec9-ed4a9a39c7b9","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":53,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"ac500102-b0d1-4fe6-a43d-8f103a8146c1","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":53,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"8d6d1814-04e9-4a84-9867-daa9584328a0","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"0f334b3e-56f9-45e8-8eaa-3c52f5b9bd51","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":53,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"b0ec7c04-9aa7-42c6-90d7-a35b4a39d107","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":53,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"92fbb87b-95f0-413d-8faa-6962d8bfc168","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":53,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"b7d633c1-a44a-4a88-9016-0b81cbbea4b7","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":53,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"661fa637-6af7-44c8-969e-4ac94dbf3a8d","block_type":"box","text":"investors in higher rated securities.","page_number":53,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"043041bd-a1c2-4257-911b-9f92397e1fd2","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"2f4f58a9-b387-405d-a21d-a75be196430c","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":53,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"74fee3a4-8459-4540-ade4-7dad9afc1e5e","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":53,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"6996031e-e2b8-4d3d-bd52-359831c55bdf","block_type":"box","text":"lower yields and may lose income.","page_number":53,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"03d57310-2e8d-483e-9c85-0933dcd9798e","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"85890f19-ce3f-4ec5-b0fa-92af53daea7c","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":53,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"26f9029e-18de-423e-8af0-97baa08feae5","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":53,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"79db2050-73cd-4060-8e88-77aa74b19acb","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"b4d617fd-864c-4b7a-9479-de87ffa09774","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":53,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"c59c5b50-fb90-4d96-b617-f686aff9eb3a","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":53,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"cdc3a4bf-8e1f-42eb-a4b5-a01d29a7c655","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":53,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"69a4ef5a-d758-4c1a-93f9-3ae9c198a69c","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":53,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"9ef73175-d732-4dee-b19d-57a68cfd6353","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":53,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"29dfcc1c-877b-41a2-ae6f-321dcab5347a","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":53,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"e1615c36-55b8-4fda-bccc-a45888b6d457","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":53,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"b9bd4f74-3686-47f1-bdac-028d01cfbeec","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"673faddb-2f1a-4480-9d25-e6d9194322dd","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":53,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"b6543fe1-b79f-406a-9459-3751dea05996","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":53,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"76e6dc6d-e02e-4ceb-ad38-c2413e6a2652","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":53,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"153f051a-ef49-4ab1-981d-09eb07002588","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":53,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"2fcdc998-6e28-4d57-b01b-221c5159bd1d","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":53,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"39099738-0b8e-40c1-b1c4-f596e1202d55","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":53,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"491a0d8f-cbd8-4795-a32e-1b07059b0331","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":53,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"cc6a8305-1eb9-47d3-b017-7b365aa9707d","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":53,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"e40e3ea2-2460-43c3-b523-465408e337f7","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":53,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"8e92b62c-92fc-4e83-bda3-48d9c425d49f","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":53,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"1f9d6c9a-b817-47a1-a483-1ae6e2e598bf","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":53,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"b7a84db8-afdf-4594-a4c6-f1d6a862c1ce","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":53,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"d8529d29-1d0b-4d9d-8147-f27b4127a816","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":53,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"4050a4f9-774d-4db6-b58a-bdacee026ee9","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":53,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"b8a79144-6681-471a-82a8-d30d4408442e","block_type":"box","text":"role in determining such valuations.","page_number":53,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"f9cce869-5c16-4859-bd02-1e105a13d4e1","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"90367428-42e4-43df-9e47-342349221866","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":53,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"ecbf9b21-25c8-463a-a742-0d4539702714","block_type":"box","text":"a defaulting issuer.","page_number":53,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"e202ef3c-c37d-4ee6-b05d-da588cec55be","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"96e669cc-53d1-4a61-854f-58f073404b6b","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":53,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"282fef4b-f48d-4c1c-9427-89f9a818dad2","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":53,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"331042b2-471f-460b-ac4c-756cea943853","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":53,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"de436eb0-d36a-4853-8a9f-94574ded7826","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":53,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"bd53779a-f097-4fa0-86bf-80264864634c","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":53,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"917dac42-d8c3-4abc-abb0-657a21bdfec7","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":53,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"6eed3d90-9de8-48ea-ac24-1141e659f763","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":53,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"bb192268-8648-4b8c-8f2d-eed9545d39de","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":53,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"367a22c9-f724-41f4-a904-52dffc668b88","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"9afbbe9b-8271-422e-b2fe-447b8b444e8b","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":53,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"68cdb0c5-86f4-4098-9901-62b2bd73d34d","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":53,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"e0083a9a-bb2d-4deb-992f-410d4bde354b","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":53,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"0c5935d8-e15e-4b9f-bf5e-bd31084510b1","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":53,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"a88f3f01-3c11-4e61-b92c-08d3590aa71d","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":53,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"743649d2-80b5-4741-b9cc-8adeb549ff0a","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":53,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"a8616224-fd33-4605-bce4-eb7463d2ab7b","block_type":"box","text":"higher-rated securities.","page_number":53,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"46a263af-048b-49cb-b0a5-eac893bad32c","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":53,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"1bea0508-9bf3-41e5-ad5f-8d60718e0e58","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":53,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"971006a0-5139-4b7c-a621-c022ec75154b","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":53,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"f38134e9-bd39-449c-9e11-8b5ec9247712","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":53,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"328a7991-b32e-414f-8657-d279ad5d00bb","block_type":"box","text":"II-11","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a50ab9c-c25b-425c-8757-0ec36782bce1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9fe0a7df-26d3-4a8a-858b-4e8b8148f900","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":54,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"8eec9bd0-fcf6-4744-ae7c-46bfd43d71e4","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":54,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"0e0c948c-b207-46a5-a55c-fa8862e0b18a","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":54,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"7768abef-8820-4552-a85d-ad8469d284d9","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":54,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"42c8621d-15a0-4611-bb7f-c16236b80bbe","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":54,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"5353cf20-18b4-4fdc-ae5d-804b3958923d","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":54,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"0ea0bc51-99ac-47da-9fa9-e4377b970c17","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":54,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"cb40ab6e-54e3-4da8-baee-1c8d204deae4","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":54,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"333ff316-fa49-4e01-9ea1-84a3c8d7fd43","block_type":"box","text":"Mezzanine Investments.","page_number":54,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"fe8d2838-fa96-4e6b-b0ec-635e5da264cb","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":54,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"21ec6278-fc67-4ef9-ab41-db2b24231a7d","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":54,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"9074b13e-f0b8-4ae8-a153-61b3f64b31b8","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":54,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"dbde7461-72df-491e-9b5c-e4bcf02209b8","block_type":"box","text":"e.g.","page_number":54,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"5e27f643-5d3e-4a5e-999d-228665d4107c","block_type":"box","text":", with","page_number":54,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"51b33097-ae0e-47a1-b79a-a5863b504aab","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":54,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"4050929f-39d2-4373-8f28-3e42d1a4c320","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":54,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"459f12eb-07a6-4649-913e-a296be9b83ec","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":54,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"46c178cd-9718-41ce-803d-3962e7fbcbd4","block_type":"box","text":"other obligations of the issuer.","page_number":54,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"8d788c20-686c-424a-94c6-29c1d77aaa0d","block_type":"box","text":"Pay-in-kind Bonds.","page_number":54,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"2ebb7afe-d1fb-4258-bd2b-4a250aaf9a3c","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":54,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"d2abb93d-f690-43b3-b095-65f138164fe4","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":54,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"dd79e701-d794-451f-b4f5-a0471df09aac","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":54,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"d114fd80-f950-407d-828b-c25b9cb507b5","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":54,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"bcd9d835-558e-485d-bc11-101698e1d9d9","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":54,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"ae029f4b-382c-4e9d-b4d9-3918beea7ba7","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":54,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"dff7cf39-e010-47cb-b14f-fc6876118431","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":54,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"90bcd9b6-d412-4514-b4c8-b89353161917","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":54,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"fbcade01-22c0-47ba-aa18-bab5284b2913","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":54,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"56a6d4c9-0b2c-43ec-96dd-ea9a09e99605","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":54,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"3e573d9a-29d2-42f5-9e9b-7e87678a45c0","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":54,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"0374d807-c5d3-4722-9340-173d7e6c9885","block_type":"box","text":"Supranational Entities.","page_number":54,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"bc592805-7f32-4a9e-9ee4-912e0e729e10","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":54,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"055f666f-bb83-4858-9aef-ed03f4cfd0aa","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":54,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"7aee7302-8531-4ad6-ae6d-b360c8078a4b","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":54,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"96f4f102-b531-4245-8e46-f4d8e6c9b371","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":54,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"baff4353-9603-4bbd-b1b4-11dd5467a13a","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":54,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"e74baaf7-37e0-4a6c-b9b5-fdc0354958cc","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":54,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"b4ac3f92-d68f-483f-943d-7cea80739609","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":54,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"e370a919-7683-4126-8d73-02a6289aa0c2","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":54,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"736c37db-940d-4f54-8767-c2505d52c1ac","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":54,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"a80cb340-7145-4b42-b058-837474e037b0","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":54,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"63aa4582-f9ce-4a5a-9c8e-d4c69c6ba3e4","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":54,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"035ae42e-9555-42f5-a46f-e2bb2687d83a","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":54,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"72d8afee-b8fb-44c5-8031-6a7888aa9c2f","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":54,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"fa60b7da-6ea9-438f-92f0-b7017e8659bb","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":54,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"29f08f5a-39b3-41ed-bc55-c01c95e877f6","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":54,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"788b4e30-a9d9-4a5c-b161-23d2cdefe41f","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":54,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"53b61b0f-6731-4cb9-b480-b7af715a8b1c","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":54,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"54fa33fb-612f-4c0d-b450-0bb931dc19ca","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":54,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"537a9e88-00a0-4705-8d9c-9c94c985dd3f","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":54,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"24fb369f-cdf0-42d8-8d2e-744966c00cdc","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":54,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"6f4ef921-1c40-4dd2-a524-947ce3b33ec5","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":54,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"0650c3a5-f188-41f9-bfbb-c8f72dc926a5","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":54,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"8c34fda3-e19b-4f77-b7cf-a1612b8544a4","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":54,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"da254a49-ce71-4246-a88d-5227ecd3cbab","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":54,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"7ddd9505-aa3d-49d8-8b7f-03f02c970b1c","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":54,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"64cef396-0b51-4267-850c-4a6047067ee9","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":54,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"dc01e6bc-2dc9-4692-973b-42a8334a6b09","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":54,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"cde42997-8143-4add-a27e-0d6d20441448","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":54,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"4d1812de-7db0-408c-916c-0d68ec4d9623","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":54,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"8bd5b02a-5895-4980-98db-ac417662a0fe","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":54,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"1f7257a1-ba35-4992-9f67-aabd5dd58037","block_type":"box","text":"II-12","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83a042d5-ecff-47a7-b9e7-cf9db31eac45","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"818df4ef-3c6e-458d-8298-3e739bcdd37c","block_type":"box","text":"Derivatives.","page_number":55,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"d9809a8a-8fff-4bad-bdab-fb23a079ec73","block_type":"box","text":"General.","page_number":55,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"9e0bc364-9b93-4696-8207-35342616c0cf","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":55,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"417f029e-5e5a-440b-85a3-f4216175578a","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":55,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"425ad0ac-89d3-4041-b24f-ef2a8c219f8c","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":55,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"e7be96b0-ad15-48ff-96b2-c99a5f87d11c","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":55,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"f39a5952-3d8c-472f-ad78-b46b81bed52d","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":55,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"5ed408d1-4af0-4ca4-a8ba-e526ec6d9512","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":55,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"4a51f4c9-a10f-4e86-997a-7935e29a227e","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":55,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"6d9dceaf-08df-4c73-b192-562c9b08072e","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":55,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"f216293e-ca26-4178-9067-3b2afc70553e","block_type":"box","text":"i.e.","page_number":55,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"08d160b0-cd2d-4592-865e-eb63a220cc80","block_type":"box","text":", the payment","page_number":55,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"5129b69f-339b-4cf0-8c9c-f4b36f7b6f99","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":55,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"62f7d656-6776-4bef-8db7-b49382ad8389","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":55,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"800a79c3-26c8-4f94-85bb-490bdd5ae663","block_type":"box","text":"Hedging.","page_number":55,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"27a0cea4-f6e9-4718-9388-b5b866d57811","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":55,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"78ed4b90-0f9e-4a1a-b5b3-557cdd445101","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":55,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"f5d10d91-de83-4fe8-a485-2b6cf53a5d0c","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":55,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"29513746-e63a-4fd4-bd46-825221526d26","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":55,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"924d167c-b71c-40ac-b4d6-d9b3e9e3b2fc","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":55,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"5808f03c-8641-45a4-97ef-958f2896bbf5","block_type":"box","text":"correlation risk,","page_number":55,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"8549a2b5-06ac-4347-9d0f-0fb533689e02","block_type":"box","text":"i.e.","page_number":55,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"9629d59c-195a-40d9-8981-f43c0846bed6","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":55,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"df3f621c-6668-4143-ac57-e9dc9707cb64","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":55,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"e7bbb0a5-2b87-4263-8bc3-da110fb964bf","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":55,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"d34df7fc-da48-4b70-a1a7-f862f2ea7b1c","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":55,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"3069652c-1657-4972-b499-a45f85c541eb","block_type":"box","text":"Speculation.","page_number":55,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"73f176c9-8299-434e-8808-f414f42779e9","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":55,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"a0a0edd6-9dcc-4f59-aada-fbf9eff777d8","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":55,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"06f666a1-f945-4eae-8b34-0334b38d2843","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":55,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"f9f6698f-9e4d-42b7-afee-9bbc00043920","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":55,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"a78fc5c2-487c-4f50-97ce-d3eab7f61ec6","block_type":"box","text":"in certain cases may be unlimited.","page_number":55,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"d9f23d97-4cf2-4e07-8236-d863259d0b59","block_type":"box","text":"Regulation of Derivatives.","page_number":55,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"015e740e-ffe8-4158-b6fa-1e946a440a2d","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":55,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"f0b8bd7c-fcab-434d-b318-ca7b7c08d494","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":55,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"5f7d4ba2-3a97-4be7-b31c-131cebd13e9a","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":55,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"ae9bfda6-346e-4a79-82b0-d873f81ac1be","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":55,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"2a159b65-38e6-4088-84c5-ce5f8b2f1344","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":55,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"b4077e5a-e070-4109-ae44-f33db3066fab","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":55,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"10663809-2baa-4bb3-8c5a-952eb6298f5d","block_type":"box","text":"coverage”).","page_number":55,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"a3f49e6f-2be7-4ed0-8cc7-f63e5ee000cf","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":55,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"331bce5d-a5cd-45fa-8d67-08b39d2b46e3","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":55,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"31b64c3e-861e-4550-b1db-4cc466883ebd","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":55,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"f60d1142-c04c-4df2-b885-74a3484d3329","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":55,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"f50f7d5b-e21f-4945-aa9a-ecadf5f75844","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":55,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"f311b32a-cd81-4620-80eb-8d953ff622e4","block_type":"box","text":"financing transactions (","page_number":55,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"adb4bf23-cd5e-4eb5-85b6-83ac19192ebd","block_type":"box","text":"e.g.","page_number":55,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"2b698738-10fb-4fdf-a8c1-e431aa8985c2","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":55,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"df2562d8-bb95-4be1-a6fe-945ae5cc864d","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":55,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"35563375-c398-477f-ae46-f73469dd498b","block_type":"box","text":"securities (","page_number":55,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"177a970d-8c63-4628-948d-7ab9ed0965b4","block_type":"box","text":"e.g.","page_number":55,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"97fa5e2e-d7c2-42cc-8af3-d33f804f8498","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":55,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"b4ed6022-5d42-4d00-b431-530d37602ce4","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":55,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"02bf4d23-1898-4b38-ab1b-14689b1c935d","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":55,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"f5cf4290-3686-45e3-bf29-4e699917aa88","block_type":"box","text":"Commitments”).","page_number":55,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"a5ccfca9-e2df-40e0-bbd5-f9c13a9d8615","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":55,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"660522ab-2b88-489a-82d9-58e549375742","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":55,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"c0e2e0d3-1754-4242-988e-07b6ebe4e73e","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":55,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"a1bbc91a-f68b-4382-a56a-8a2634f0f0a3","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":55,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"bdbc4d7a-81c3-4f0b-a53c-4ffe98a4e621","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":55,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"4ee29ee0-855c-4aa0-8423-d0613fb63685","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":55,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"950ad324-2417-4f81-9803-44dc55683839","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":55,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"88847092-f80b-44e6-a6e7-14825e950b6e","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":55,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"7bc91a39-4d34-4ba8-96b6-4e4fdb3f2742","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":55,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"43ef5ce8-0073-400e-ac78-6a4a2947a83d","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":55,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"304c4baa-a0a2-4637-8f57-734f3e9075b3","block_type":"box","text":"II-13","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f35984e1-9f31-4fa8-af0d-265fc21f2cd9","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daa563b4-c8d3-4839-9aa5-373fcef64e3a","block_type":"box","text":"Dodd-Frank Regulations.","page_number":56,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"84afda0b-98bf-440c-8085-4739290899a9","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":56,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"b78a9608-d4dc-41a0-9c65-eeab2d6af6d7","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":56,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"3d460971-ea18-4726-88a2-10e663543c17","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":56,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"9fc61e54-0e51-400b-95ad-7d1c56a7a2d1","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":56,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"dd97e9db-d9dc-47ca-bca9-6cfa140b0ae7","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":56,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"cd0b57f3-9f8c-4efe-b2d2-91d5fdf8f76a","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":56,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"e15be251-d804-4cf3-afeb-7e1b7a2a57f9","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":56,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"ef9376a1-807a-40e4-9247-016d61d16279","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":56,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"bce031af-debf-40da-9791-a5b3917c42a7","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":56,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"5df87ef7-2e06-4476-a8da-950d17b0ecaf","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":56,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"376bc2e6-b254-4713-b297-2a01efa08c7b","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":56,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"b26a8040-bffd-4675-88f0-15667199832c","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":56,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"2750bc33-a673-4d18-b836-1b8c8f7c336e","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":56,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"7de8cef0-bb6b-4ba3-923f-b4d4c059ee4f","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":56,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"a8ccf00f-40c8-4654-8e45-f490edf03ecd","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":56,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"4729c984-c316-4662-81a5-6539ee244bcf","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":56,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"811e8617-2b45-4e5b-b1a8-c9a9f5d0f33e","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":56,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"98725b79-b332-4130-81a3-d2fbad6d6819","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":56,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"b92f84d6-9a33-4019-9321-172fd5e40260","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":56,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"a19bc1df-9f56-4dfe-b1b2-74fba8263772","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":56,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"c3d8642f-abd4-4165-a447-bff5863977ce","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":56,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"c9879913-7faa-4953-974b-46f515ad8bc2","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":56,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"987cf771-c9b1-4a2a-91f9-00ca6781d72e","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":56,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"0e5c1daf-b903-4b4a-bdcd-b4c23ba08abf","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":56,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"69e8f4a2-cfd9-4728-a7b9-74f55bf87f4f","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":56,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"b514721c-e073-4623-84a8-e194b0063609","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":56,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"f8cb8a00-449c-4496-8241-359998aa01fa","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":56,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"fcb18e52-f737-49db-bed3-c1f96cd363e9","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":56,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"0920074e-8a0f-48e6-9443-d4db14202455","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":56,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"c66014b4-0af4-4cf4-a51c-9c52fd1f99b5","block_type":"box","text":"member.","page_number":56,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"4998c027-260f-4d54-8148-8752256c4131","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":56,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"cca12bba-605f-4afb-a55c-6e43e3d6e6fa","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":56,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"46557edd-623c-4616-87de-10183716d0c8","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":56,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"3f63c685-8cf8-406a-8c20-55c936cf5187","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":56,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"513bb2d0-4764-412e-acf0-def2fe7a4211","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":56,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"adca1139-ce01-4785-ad2e-de4a753015a8","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":56,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"4e8198a2-da8c-411f-bf2f-b9937064850e","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":56,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"0d083aeb-e43c-4afc-9b82-8e0edd7f0d1d","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":56,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"19f68d62-d825-4096-a86c-118b2117c0cf","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":56,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"fae45514-20c2-4c59-9507-c86c52a96b9a","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":56,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"b61f9ae3-444b-41e2-91c9-cb6fb698a483","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":56,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"a053478f-c77e-4a19-89dd-e8360cac96bf","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":56,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"da1a550f-d908-457b-a7af-95e2b4a0d881","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":56,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"cd83a123-9cd0-497a-9c30-0400d37d6074","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":56,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"05329a0f-b1c6-4f13-9d13-8a307c845136","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":56,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"ffd1b88d-0cc2-4920-b44a-44f9bc841669","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":56,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"18678568-ebb5-4374-a53d-547f0fff1b45","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":56,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"400e9479-0f8d-49ef-96ee-79a83a700f03","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":56,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"8d156992-dbbb-4b0a-8fd5-bbd0b1001ba5","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":56,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"f577bebf-7640-4850-8afd-3ebf0ecaf72a","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":56,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"35bd6ce8-1330-4137-865f-19934ef35b65","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":56,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"580b1681-fe2b-4121-bc24-8e14df34f45f","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":56,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"aa882dd7-b818-4a6a-94c4-e0f4b060505e","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":56,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"5a88a3b1-c106-4549-89c9-795da316b8bb","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":56,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"af20fcd1-7e26-41cd-a3b2-fa2c1e7452c8","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":56,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"0cd1ee06-43e9-4dea-9049-66488135922c","block_type":"box","text":"II-14","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"008d837f-ba0c-4c01-ab02-920306d9f6f8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbcfc187-6614-4c51-93d5-0c93642c9562","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":57,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"080842ae-af0a-41b8-b9cb-0f04c6c0f5e7","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":57,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"0465c2a2-7db1-4201-b6c9-5866dfe655e7","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":57,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"54f896d6-0fe1-472c-9041-d4a22040a3d0","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":57,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"254ece8e-62d1-4574-a890-3c190a455749","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":57,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"a4650cae-09e3-4412-af27-b5e50612df94","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":57,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"97e5641c-4e87-499a-9c6f-a228ae204083","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":57,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"f86dd9cf-0270-44c5-824d-ba42ed125e79","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":57,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"e146ddc4-02e5-4803-9121-247840cfa918","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":57,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"05dedffe-3f52-4c33-bbe2-31e059d887d6","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":57,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"f340afae-cf63-4d9f-ad28-cd8ddca07574","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":57,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"7788f3b0-6bb3-403c-a2f0-810534449a94","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":57,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"f5987495-6243-43e0-a9d5-467663d52dbe","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":57,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"890af3bf-5f34-4a8f-b8f7-b90253e4e72f","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":57,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"ffc7dedc-557a-46c5-b5de-62ea58787831","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":57,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"aa0046e4-078f-4c81-88c6-47b3278751aa","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":57,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"e8bd9752-4b8c-4e45-acd8-1d548051c1a5","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":57,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"6b2aad48-e95f-4e02-8af8-862461e0ea50","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":57,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"feea90dc-3c04-463f-bbfe-273fba03b897","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":57,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"d0082ef5-57b3-4f80-b662-3cb80dd7a569","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":57,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"e3cc8a05-f2a9-4c9c-b136-43decdc46b33","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":57,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"3b03fc2e-28a8-45d8-b244-feec7d847208","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":57,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"8fdfc48c-7401-4d42-9e00-8b87d24662f3","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":57,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"3d080755-2258-4adf-b74e-461a3be119d4","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":57,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"5d516dab-40d4-4e67-a604-da09e4f25695","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":57,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"ca8f5d2f-63d4-4285-8ed3-f060e7b40638","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":57,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"b2e98efd-d4de-4eeb-805c-a7376129f2a3","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":57,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"799c224a-2265-4332-9d23-41f3d0cda5d2","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":57,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"f181fbde-739f-43e6-b6e5-3ad2c56b1f02","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":57,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"86a08a90-fbdf-4879-91cd-80aa02b2f5b7","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":57,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"5c27b514-113f-4cbc-96f7-05d37ff5834e","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":57,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"115ab62e-48d4-40c9-a416-056ed9f1c0c8","block_type":"box","text":"collateral received under such contracts.","page_number":57,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"7ed8c7b6-fb6b-449d-b407-202cdf51756b","block_type":"box","text":"Risk Factors in Derivatives.","page_number":57,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"9e8a5611-ca58-43b9-8745-66bdba2706fc","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":57,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"a9a50547-e71b-4ea8-84c1-13f3bd33917b","block_type":"box","text":"Correlation Risk","page_number":57,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"2aa1cd8b-5c02-47d8-82d9-471f2b56781d","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":57,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"0c4c92fa-8ba1-4f93-bcec-6e6bd26dc13b","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":57,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"8fc77a83-7d38-46f0-afbf-93f29ad22528","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":57,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"6fe0bfd2-e7df-45d5-ba79-5b2dc6c3bb9f","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":57,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"95477aa5-ddd5-4d41-b0c7-5c13d51e00b7","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":57,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"4b38e69d-c79a-44b4-890a-0e5798ee0f0c","block_type":"box","text":"Counterpar ty Risk","page_number":57,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"a64255eb-4607-412e-8721-663da799ab30","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":57,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"b77c1f61-3d37-4120-b0ce-939558fb9944","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":57,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"bde21bdd-25b4-4cab-bb00-7330c3767b15","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":57,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"b1869919-bd14-44bd-8077-7dcb81a7e156","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":57,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"b1670605-fe70-4226-b00c-31a79a64ff7a","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":57,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"24c72c40-d0a0-4282-9577-62dfd8d11153","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":57,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"26f8987b-227f-42f6-bba5-68bd82162ec6","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":57,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"cadab0aa-6d19-4686-801d-22fe51b7e29a","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":57,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"f9a54567-a62f-428d-a920-d566133e653a","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":57,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"ab39f8b4-73bf-42bb-98b6-0644ee8184c9","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":57,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"743924a6-7d40-4eb0-bf6d-6a37d9e28a2f","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":57,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"84cfb8a2-d7d3-403c-88fb-1bb4694f5047","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":57,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"7fa7df93-e908-45b4-8c89-a7be8e4f357d","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":57,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"b6d584f2-9fab-4d1d-acfe-9716484dfd2d","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":57,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"42930996-df12-44cd-845b-e3f28ee97fa8","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":57,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"6c7645c7-d8ba-4d4b-9b33-3d7d86846ad9","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":57,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"88467f80-4731-46db-b533-f10fd79a4edc","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":57,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"dd1e2cf6-9a8d-43f4-abe9-f97f6cb75948","block_type":"box","text":"II-15","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8aa3c35f-f3ae-48d5-878a-d3a8e5d5b32d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01817c4e-08ec-49ae-b81c-165098649193","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":58,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"d73ba449-c6a4-468b-a417-6215cc57325b","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"6b4b5e08-1469-4845-a6c2-993e4d10e39e","block_type":"box","text":"by the clearing member.","page_number":58,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"b086db1f-b73e-488c-a9be-c5a7bbac68d1","block_type":"box","text":"Credit Risk","page_number":58,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"15aae39b-4337-4879-845f-8326de59cbfd","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":58,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"a88e3ed7-0475-40ec-83a2-ab2c6eaffe05","block_type":"box","text":"honor its financial obligations.","page_number":58,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"1a3e2d38-ee5c-46bf-934e-6a37f7d181be","block_type":"box","text":"Currency Risk","page_number":58,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"661e3af4-9c33-48b7-b28c-1f4ec54a5520","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":58,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"120ae404-4f61-4953-9563-110aeb17b4b9","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":58,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"3a7a8d9c-138a-4456-8593-2446207a85da","block_type":"box","text":"Illiquidity Risk","page_number":58,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"11d3bb42-679f-4337-9a88-c9cbdaa5942a","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":58,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"ec12e8c0-6c5e-41ab-92be-d0eb2ea75280","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":58,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"c53b29b3-201b-43fa-97d1-6fce33f90df2","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":58,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"9b5bf01b-4a53-4e58-ae3a-a172cb85f037","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":58,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"285f5a00-e841-4ccb-8241-17a760141afe","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":58,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"8dc5a1d5-fed2-463a-8b16-38362d7533af","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":58,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"2cbfd33a-b4b3-42c9-bedf-097eeb707940","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":58,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"8bdd15bb-287d-4331-9936-017e767efa74","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":58,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"7856cc35-db41-49b4-ab96-ed0de91c2991","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":58,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"c5a4edef-cea9-444a-8537-ce6715d79800","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":58,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"010b7379-bf9f-4834-8459-78775fc2849a","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":58,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"ca7eaf6e-f3d2-4e7a-a3c2-28946fa2b2e4","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":58,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"3954698f-bfe6-435b-af94-080a409f6bdb","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":58,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"b7c3e231-162b-4eb6-a26f-ed3f8c016ff9","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":58,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"b72c6815-ab56-4cb9-ad90-9063e510ae7f","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":58,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"53bd8ed3-ce71-41c2-95e8-330a6dd436b4","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":58,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"29d73ccc-8700-47b3-a37d-d7b1b61d6f46","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":58,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"b203ea7e-d4e2-40d5-9fea-6455757ba6d9","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":58,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"0554c076-61e4-43ba-a407-9013d445470a","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":58,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"09c8977b-a158-4102-91b6-e323bee2547d","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":58,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"bd23a010-b606-4a32-8d17-14432057aa0a","block_type":"box","text":"may be disadvantageous to do so.","page_number":58,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"c1daec0f-6dff-4772-be77-3544bfbab366","block_type":"box","text":"Index Risk","page_number":58,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"f2fd3fc8-1cf4-41fe-99ea-3dedb26ba983","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":58,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"4c7576eb-01d3-4e3d-8d9e-b9843dbd0b13","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":58,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"dbc9b609-ce2c-4e93-b460-797e6d6631ce","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":58,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"1f141d61-5013-4dc2-a011-e83795e77fdb","block_type":"box","text":"Legal Risk","page_number":58,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"2284d1a5-edbd-43e2-9736-b05cd5f6ae31","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":58,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"d497248a-4a56-4077-97e2-5ce3710a690f","block_type":"box","text":"or enforceability of a contract.","page_number":58,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"461a27bd-3966-4284-828c-597d89765298","block_type":"box","text":"Leverage Risk","page_number":58,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"7a913417-948d-43fb-a337-e66e5260a74b","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":58,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"8b068103-6795-4c44-ba3c-a5efb4eeb7ef","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":58,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"7437397b-0a99-4721-9c73-fb10d2d9aee7","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":58,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"62f970d1-11e4-49bc-8469-383746a95fa1","block_type":"box","text":"Market Risk","page_number":58,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"1576026d-5d0a-4215-82f3-7d4d15df9771","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":58,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"da0ffb8c-9132-488b-811c-c8c677829537","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":58,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"3317abfd-59e5-4782-8bef-24069767bc77","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":58,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"d6d2b910-959d-41d8-81e8-6067a454f3aa","block_type":"box","text":"affected.","page_number":58,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"6cf30d16-f1a9-4b26-8f1b-b907185b2efa","block_type":"box","text":"Operational Risk","page_number":58,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"4f5d4625-7a4e-4310-9cf9-eaa082cc0dc4","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":58,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"3caaad8c-6c52-4295-8004-ef741c225b60","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":58,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"7461ddc6-3da2-4ad0-8408-3db66dc02b7d","block_type":"box","text":"Valuation Risk","page_number":58,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"ff4057e5-bff0-4044-8f90-c6773bd1228d","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":58,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"95f0b0d4-9f2e-4dfc-bde4-925d670680a8","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":58,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"8f3f7ff0-696f-4bcc-8112-ec7f6ab97f3b","block_type":"box","text":"complex instruments or quote prices for them.","page_number":58,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"f09a2437-348d-454f-9b1a-6eaf64ec5998","block_type":"box","text":"Volatility Risk","page_number":58,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"625b35f9-f177-4466-bad6-883d064a1aeb","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":58,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"c9cbffaa-2519-4eb6-812c-3eff1dfcdae3","block_type":"box","text":"Types of Derivatives Transactions.","page_number":58,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"507b119e-01d2-4527-aade-e6553e900515","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":58,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"25a63c44-529f-413d-9c23-efb8daba4194","block_type":"box","text":"including the following:","page_number":58,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"ae6610c8-831e-4cc6-98c3-2c4f111d9943","block_type":"box","text":"Futures.","page_number":58,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"94f6a4fc-224d-4736-b5ab-e9a07ca26a0b","block_type":"box","text":"II-16","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d359588d-9d30-4236-a32f-827dc767732c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76d05a85-5d89-4b14-8059-ebe3f0efb6e0","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":59,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"7607331b-73b0-428a-9119-3e668b85e1da","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":59,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"47740a21-59f3-4fb0-82c4-572a32d2e376","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":59,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"3af75473-b725-47a5-89ec-bcacf48defd9","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":59,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"2fbda282-6ce4-4827-9f17-f8ff5e1e501e","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":59,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"3f79a9d6-db54-42b0-a04d-fc52d6ef6e73","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":59,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"e89d3214-4352-476e-b245-33822d7bf796","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":59,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"2d7ec4a7-d09a-4b5d-af53-a6b993ab3035","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":59,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"7b0f8dd7-4a7b-409d-99ae-642c1e6d1f72","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":59,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"9dc38398-24f6-4f91-871a-ae0d7667c101","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":59,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"09404f08-9e45-4283-ae74-8a8acc133e2d","block_type":"box","text":"of the futures contract.","page_number":59,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"0a0be689-684e-430c-a1ba-cf5ab7c9b7d2","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":59,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"0b17b0b5-cce6-4d75-9196-f09822f7a182","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":59,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"8ca23ee7-d330-4c1b-ad45-4778a0af3a6a","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":59,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"df05cfa4-8f10-4125-a913-fc72cf89e58b","block_type":"box","text":"relating to the futures position.","page_number":59,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"43dc703f-4f92-4703-a3a3-e0485988ecbe","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":59,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"99fe165a-d7f3-40c8-8d15-b70ffd786d4d","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":59,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"7c1c01a5-19c6-4012-9a21-4f0d6b0c2848","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":59,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"dfe43ea9-be1d-4114-b9fe-4ab129453729","block_type":"box","text":"Regulations” above.","page_number":59,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"ddb4e3c7-75a3-43f8-9bd1-cdbd4e87fe41","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":59,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"20c52732-f301-4c1d-bc01-1712d81fcdc0","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":59,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"65b49296-525d-4464-92d1-8dbd7c803350","block_type":"box","text":"(","page_number":59,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"e269cae2-46b7-436e-8bf4-87fbc32ade86","block_type":"box","text":"i.e.","page_number":59,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"fdadab5f-278d-421b-933e-f8a99003ce0f","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":59,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"5209ba06-a547-4cba-98ce-6619ee321fc5","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":59,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"d37c6150-6326-4ccd-b725-2046d99a1bfd","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":59,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"2a562655-a579-4a47-a3f9-27035392b973","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":59,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"00e4d8e0-0d28-45bf-a1d3-0c4142cc7b04","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":59,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3e52c118-0706-4d05-bdc0-616e9921f8cb","block_type":"box","text":"Fund intends to purchase.","page_number":59,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"03d77514-24d5-412c-9fbd-f609d0c72f54","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":59,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"d86b7c0e-afeb-4974-8d8e-426943ca7053","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":59,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"daf6b748-efa8-4163-9930-f1b25429cdb3","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":59,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"b7000800-7ce3-4c4f-aaa7-d0d9ab613364","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":59,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"c1d02d87-3ef8-4455-9dc3-f94f2330c9ba","block_type":"box","text":"illiquidity.","page_number":59,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"e3ffaec4-6432-4040-9f77-61dd164cd2a8","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":59,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"0495c595-0c8c-462b-8ea1-6ff9f8440658","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":59,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"5a3635e6-4ff0-4c6c-9a62-18efa2d30909","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":59,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"a3911a75-8722-4394-8363-b670008f2544","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":59,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"afe0e50b-4f7c-4e77-8455-4bbfbe9c954b","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":59,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"bc005e3d-b931-49ca-8de5-0e2a6e601b80","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":59,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"638ad68e-d7f1-47a7-8aca-be130eb2e586","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":59,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"13beea77-e1f0-472c-90c3-02b616d9f1d0","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":59,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"57c662d4-1587-45c4-8580-2d993e46e59d","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":59,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"8804d9a1-9a94-4da9-a961-e61c6acf2902","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":59,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"01dc671c-23bc-4ee3-9547-618cdd2a3308","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":59,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"7520eca0-80bd-4099-915d-0c1a54901e1f","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":59,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"9ad0a97a-2d1a-4e52-98f3-dc2b5a0da228","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":59,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"7d822c2b-12f2-45f4-9a09-5ff0dfc6e062","block_type":"box","text":"difficult to find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":59,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"34d0afc3-89c9-42b7-af65-2cb0131f212b","block_type":"box","text":"Swap Agreements.","page_number":59,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"189e20ac-af69-4ad7-bc42-ba25a7163e2c","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":59,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"810deaea-374f-4bb8-a3b7-647019c8486b","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":59,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"259f0ccb-ff28-4713-80ae-090b4ef06b40","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":59,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"5db406aa-11b2-480c-82bf-8f01603a6a24","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":59,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"553f0414-e509-43f0-b103-39723bc81051","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":59,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"04245f46-d537-4bff-9b6f-7eae9ad6dc66","block_type":"box","text":"a “notional amount,”","page_number":59,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"402307b6-39c5-4514-85a3-9c518fed85cc","block_type":"box","text":"e.g.","page_number":59,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"c259406b-1c70-4046-889f-5fe7d5ca0ffe","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":59,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"e2f7e931-34c0-478e-a185-ba25a0f13f7c","block_type":"box","text":"II-17","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"381d6e1f-bb8a-4b37-b0de-25587f13310c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abe1cd2a-5b8e-4ed0-bd2c-4ebc6c30cf5c","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":60,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"633ecf2e-742e-4f7f-80cd-8d6f5cf60a52","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":60,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"d6e854dc-6aee-4e27-8123-ec6912d6402d","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":60,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"6862ff79-7016-4da5-b9c4-8a7d9caedd9d","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":60,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"57bc8bc8-81c4-47f2-b197-b5a1813476ec","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":60,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"ae066158-d0fa-4fff-8334-cce660abbc8a","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":60,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"eb0a2ce8-50eb-44fc-88b9-9e00153354d6","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":60,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"a485fc64-514c-4fee-8481-021a6fed7f4f","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":60,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"28aeb64c-6774-48cb-8580-45f3678c72a7","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":60,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"6a077cda-432a-4392-9476-19d88ec9e74d","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":60,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"8385fa45-f73b-4209-9f1f-3186b7f73ac0","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":60,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"bff8062c-77be-4fe8-9bb4-7d34215358cd","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":60,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"363558b0-30b1-4463-b6fc-200a4353461b","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":60,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"191b8047-ce6e-4fcc-905a-fb01ceaec7d5","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":60,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"8f68eecf-5ecb-4e7e-9b70-f7a1d0d30aa4","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":60,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"2920e07b-24ed-46f5-98b0-ab66d2ad2939","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":60,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"5b7f2418-ca72-4582-a896-a645b45d8429","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":60,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"85999030-f67f-4cd7-8027-493b20d6f402","block_type":"box","text":"index CDS.","page_number":60,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"7a359c9e-6833-4ba0-bb9d-9a345b8d817f","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":60,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"31fe5bf6-f2b2-40ef-b98c-8b48407d3400","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":60,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"3740b417-ba16-4f0b-8e5b-a69a69f6c108","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":60,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"253f353e-c8ef-4abb-bb59-5a5dccef6e4f","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":60,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"e517a5a0-6d6a-49db-a8e0-cce018deffb2","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":60,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"7f590b0c-82f0-48f4-87ed-f73e6bb661f2","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":60,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"86a30f3e-c136-48c6-9f85-c1c894026373","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":60,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"0e5bdfd9-452b-4cb5-a750-a4e8e72ea1d0","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":60,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"14cb9554-3a40-45cf-a576-56c6f7523cd0","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":60,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"3ae71325-b6e7-4c7c-9353-2f58df326ee0","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":60,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"3270046d-7b1d-4e4f-876c-8460a2582325","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":60,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"6ef6e7d6-0beb-4925-86ca-d8de47257979","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":60,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"7bca2549-4532-4b2c-b59a-838d4f6741e8","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":60,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"42c2df08-78da-46bb-b6c1-c156bbe10eb6","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":60,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"228c3989-c797-43c8-a488-de8588f170e9","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":60,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"957c0277-6d27-47a2-bc31-cd1d32ec5e6a","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":60,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"df124920-8cb9-4c52-a2f4-ceaf93cd4f69","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":60,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"9bba46e7-d3ce-42ed-81f6-43deca4f214d","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":60,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"295e1dd0-273f-4a76-a1cd-ca9af77a12b3","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":60,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"a3b56567-9b4b-449f-876a-893fa4f17cf2","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":60,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"0c514a24-3897-4db0-b8e4-5fd142a5672d","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":60,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"98bad99e-5f72-4d31-9eea-3b602c82dfa8","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":60,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"a2bf7704-f169-4c51-ae00-c28fd6d8590d","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":60,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"2f5e11c4-78e0-4323-b09b-558405e00582","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":60,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"99b03ca0-9fdf-46c7-a6f0-32855b655f69","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":60,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"bd317467-9093-42e6-97fe-142267516433","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":60,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"ec70aeca-e495-4e8e-8585-bf0682dbb8f3","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":60,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"31844a6e-67eb-423f-a2a7-492dca2fde68","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":60,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"9d6ad3a0-5d29-4212-8338-209f723f9b06","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":60,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"f708fa3c-79d9-4f70-8b84-9480aa8f76f5","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":60,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"246ca182-a42e-4c5f-9dc6-85ec565079b2","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":60,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"ffe9c041-425a-4aab-8653-bdcb92a8c17c","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":60,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"2e9be91a-4ae8-490a-9c9b-2ffd4ca9dd4f","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":60,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"968d274e-b595-43a1-9828-2e7dfe33fef9","block_type":"box","text":"conditions.","page_number":60,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"6805fe7b-385c-47e7-8ae5-6048d31d9b84","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":60,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"00b54d57-97fb-476c-bfd7-b15bc45e07b5","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":60,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"ee1cec39-0b30-414d-9648-e8192127d9ca","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":60,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"85d86919-b02b-45a3-a88b-1508b15f7636","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":60,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"f51e51bd-e3fc-4160-9b93-cb5b058d55b7","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":60,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"04d5a39f-eee7-49f4-9a75-4b987d13e42b","block_type":"box","text":"II-18","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d5872e3-ae80-4e8e-a916-3bf2804ace9d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14eba6ad-0009-4163-b1c3-af24cdcb2407","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":61,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"cf01818e-79d0-4bd3-a11c-fcdf2fec41a4","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":61,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"aa42b3d8-29c2-48e0-b6d5-0df88c9297dc","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":61,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"f81f41b1-c161-472d-adce-6b89d68e3116","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":61,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"8f5038b7-76f9-4fca-a08e-c649109b5c01","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":61,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"c72c59a8-6d12-42a5-8011-8187472c0469","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":61,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"1adf9ca7-a42a-4629-bc69-eb9644b425f6","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":61,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"00a37cc5-9ac8-4ab9-821d-8a8bd52d4eb7","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":61,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"5ffbffef-e44f-43e7-9d01-50a4e599d9c1","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":61,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"34793714-632d-4db1-afff-4489f5b07de7","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":61,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"61f49c8d-cb7a-4cc6-aa64-ac0a3d1b7ce8","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":61,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"06c32ff9-2334-4b7a-84a4-eac15273d493","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":61,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"ebe5d277-08f3-4d9b-9ae1-66bdeb475012","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":61,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"3629b805-51aa-4d13-9361-63f3f62fe946","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":61,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"6379d780-59e8-48e8-ab80-7c1c78798e92","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"130267c6-235c-46e4-adc0-6a6e27b8f52d","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":61,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"314729b1-101d-4ee0-91d2-c4805306982c","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":61,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"c4999bbf-5bf4-4256-b79d-b9283f14f820","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":61,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"35d907ef-8285-4290-8b81-b343a4b6ce46","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":61,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"e70e1122-90e3-4580-8861-c8634ee83af1","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":61,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"9659a9b7-3f54-45bf-b17e-e0160fe3c465","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":61,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"66949376-4581-493f-81d6-c2ddb636b02a","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":61,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"dc7bb95e-efc5-433d-8301-66557489c440","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"95df6956-3018-4e6e-bc6d-81e1cba29b10","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":61,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"8e39708c-2e7f-45f5-9aee-cecbf627c549","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":61,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"803ac153-da94-4895-bacc-e5b813dd9789","block_type":"box","text":"cleared interest rate swaps.","page_number":61,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"77873e46-fd06-4350-b812-6e63e7cb31d4","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":61,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"2945a4bf-a2dd-4bab-9276-e749f4d91e68","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":61,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"ce1c79cd-a7ec-415a-a286-065dbc6cab89","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":61,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"bf0d4151-f191-4159-87b9-f4e6e3070dd0","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":61,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"5417f8c0-b1c7-4641-a511-d9a63fa19d21","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":61,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"f503bc59-ec0a-4b29-b87f-4bbcb237cede","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":61,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"b5668b1c-5ddc-4d29-86a6-1228360c0738","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":61,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"2cb9e604-6413-45ee-a8a5-0597016de152","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":61,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"6052bc2c-a577-454c-b13b-bd443a32019e","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":61,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"1cc63d06-be47-47f1-9757-0e19996af677","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":61,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"69f3123e-a118-418d-8e67-092e5ead7b32","block_type":"box","text":"or variable interest rate, index or asset.","page_number":61,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"34d147e8-90d2-4962-a1a8-589fd5ed0226","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":61,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"659a0908-bbc0-412d-91f2-898921f48788","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":61,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"f5471756-2157-4f4e-899e-b8bd729ea487","block_type":"box","text":"such interest rate floor.","page_number":61,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"2469d6cd-1689-49e2-b5b9-fce55d8d06e8","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":61,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"809050fb-d4d3-4389-90eb-718852dd7b18","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":61,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"015137af-8af2-4306-a917-120b2fbd65a8","block_type":"box","text":"such interest rate cap.","page_number":61,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"d3217401-3de2-4a0d-b86f-cf9420eaae40","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":61,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"08584733-1e3c-44ee-b55a-11f0855df700","block_type":"box","text":"commitments to pay or receive interest,","page_number":61,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"c0da28ea-a391-4120-abbe-b73f4601adb6","block_type":"box","text":"e.g.","page_number":61,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"93a5807a-8f0d-4dbf-b409-8c385841ddf5","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":61,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"a728e43b-238f-46ef-aa57-fd0a59f8a2a3","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":61,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"5300d55c-5fb1-44be-822b-75a29706f904","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":61,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"9f70d0c2-66bd-4b7a-9535-70eaf98df10a","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":61,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"39b8d7a4-86cb-45de-8978-4886f8cebaf5","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":61,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"c9a12d9b-b6f1-43d9-a647-9b19addaa47e","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":61,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"8e1e0095-eb28-42f8-a2a5-d960d29f3dd4","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":61,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"9be97871-9451-49be-a163-e613350266b8","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":61,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"8f5726fc-b019-4d2d-b8e5-70b78fc6c92f","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":61,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"062deaf3-a48d-46a4-995d-1e855551f3fb","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":61,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"f92492a3-1a58-49db-9142-c33c461e28ca","block_type":"box","text":"II-19","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a119aebc-de27-4b27-9ca3-a758eeada456","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d405084-e534-4a69-8b3b-8c87dd97be5c","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":62,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"4f99f316-4a64-4724-912a-76e67ff8644a","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":62,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"368b12bd-3d8e-42c2-97db-8d4fb121077c","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":62,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"a14e138b-a6b9-4f4b-b707-4b5d198e0911","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"d8572477-35f0-4275-95b6-cfceb71a4185","block_type":"box","text":"Total Return Swaps.","page_number":62,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"1e940e93-28c2-4da3-95c8-304ab6eac3f9","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":62,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"05ed96a5-28c9-4806-8d75-ae8feb348355","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":62,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"0f67416f-262d-46d2-95b8-9a3a9a367cf7","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":62,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"c525e074-925a-41ae-8ac5-c5f106603e76","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":62,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"bbad6ca3-e8e6-4699-ae9e-5c342fc1da16","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":62,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"c47c7dfd-c292-4606-883d-c2f91221468c","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":62,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"99cc4775-3782-4528-a4d2-60d3282d4d72","block_type":"box","text":"“contracts for difference.”","page_number":62,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"b77a0447-f37a-429d-80ab-796b6bb7f8ec","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":62,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"aa7af1d0-8e33-465c-b1a2-2c1919fa4e9c","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":62,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"509a8549-a12c-4232-9747-e0d427be8447","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":62,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"7736587a-162c-4794-89ac-72b75316e59d","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":62,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"5f1b27f5-2de6-4da5-a5d9-6eac07eb59d6","block_type":"box","text":"the notional amount of the swap.","page_number":62,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"04477765-65db-4c81-bd40-7229e4ca798b","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":62,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"44e3ccd2-3cc0-4068-9b9b-41ee30c23095","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"902d6e50-7b6c-4b51-bb97-900f85273cfc","block_type":"box","text":"Options.","page_number":62,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"fce01880-262c-42df-bbdd-00c741642374","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":62,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"8a20cad4-ffa3-4b30-a383-732dfe7119b9","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":62,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"af4a1149-b0da-46a2-a66d-ad794697ecc4","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":62,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"e550450d-fcc1-43d4-9019-900442f17cfc","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":62,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"999ff432-77d9-496a-80ec-f523352888fb","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":62,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"f34bf8d2-7f0a-4724-a0b5-8bbcf0047151","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":62,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"90f79601-120d-4119-a43e-43676dfbd085","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":62,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"965592fb-1fd9-4371-ba10-ba4af65ab1b3","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":62,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"98c0c5f0-e6e8-4c19-b232-b2e3d27d094c","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":62,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"baa67b73-561a-4a1a-a2eb-5ba742eab3ea","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":62,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"4963de46-e3e8-48af-9d31-37ec0982248b","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":62,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"84c51d93-0d17-4ce9-a191-22c3ae8f657a","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":62,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"5a02ddb7-0bed-4324-901c-082c0c372087","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":62,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"dd7fafcf-8bac-45cf-b137-cd2fb3948749","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":62,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"87d9a5f1-d681-4ad4-8435-ff1e66911b67","block_type":"box","text":"OTC markets.","page_number":62,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"dd59ac37-36a1-459d-8b33-77e1311c9b16","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":62,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"72e6e992-b30b-4bb6-b730-ef868389487f","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":62,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"1a74e297-43a7-4ae1-93db-a08e2805c764","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":62,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"0d41675b-548a-4498-9f69-a4761d24b488","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":62,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"8e2174fb-9b04-4ec0-a4e6-f3f112d9f08f","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":62,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"7c0f2927-d4e6-46a8-9b42-6bf894360d18","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":62,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"0d613062-f071-4d17-933d-0144710380e5","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":62,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"051b0744-ccf1-4a36-8ea6-95c174bd5552","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":62,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"c49eb7e4-b2a5-4ae8-a36e-91d51e8871a0","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":62,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"f00fce68-fb2b-4df8-8948-468d6b4e9a49","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":62,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"203a61a3-d121-4674-908b-a61efd6473f5","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":62,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"b9348eda-dcd9-4dc5-a2fd-e5d6ef4659ae","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":62,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"2ed75da7-ddcf-4146-9b27-87d659ecd51f","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":62,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"97628704-0b1b-4bfa-8ae2-3535d381d98f","block_type":"box","text":"terms.","page_number":62,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"615b8e21-4a7b-45e1-ba75-3db0f15fb9b6","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":62,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"d13286ad-9831-427c-aad7-c3c7fe8072b1","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":62,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"931d7903-43eb-4a8e-b184-15fbc587852d","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":62,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"af4658eb-5e42-4dc7-a475-ace6ca4c8895","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":62,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"2b6fc150-9f6b-4c7a-be28-f2b8da0da3ce","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":62,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"3e6aaf29-38e9-49ce-910c-bfa01c490522","block_type":"box","text":"II-20","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3407eda0-2dd2-4999-b091-5d1ac4da2169","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8734498-b218-4ce9-9b50-28285ba0a5b9","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":63,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"80baeb6e-e046-4f1c-9c44-5e9e2f1069da","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":63,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"76da3cab-6840-4508-b0f8-e9045a6df649","block_type":"box","text":"Call Options.","page_number":63,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"cf6e1c52-a1cf-4cde-bba8-a5c8a35a4966","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":63,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"3bce62dd-d283-4268-9225-120a27f461e2","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":63,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"142a5873-d9a3-4baa-9148-90e9d70353b1","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":63,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"4bfd3f58-9bed-4c84-9b39-ce68d531db54","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":63,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"718f7703-e621-4f0d-a2c1-db8ad2bf311f","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":63,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"cb983cc8-460b-4b28-83fc-1f93dd280d15","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":63,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"39ce3385-c759-48d0-beaa-622f11869c06","block_type":"box","text":"of the option.","page_number":63,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"c276ab8c-7d94-447f-a39d-da18355e3ee3","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":63,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"61672e24-9eb9-4644-9f5b-c374a8c059fd","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":63,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"c9b5b9f5-2343-4232-903e-721935cff7be","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":63,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"64a6ed7a-591e-4e7f-8e7b-7a541cf369a8","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":63,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"347a6f50-5db7-48aa-9bf6-1c1195503b2d","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":63,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"9a761373-874c-4947-b8dc-c0f0aa9ce952","block_type":"box","text":"A Fund may write (","page_number":63,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"1a8c5210-4e90-4619-8d9d-3e959d07f539","block_type":"box","text":"i.e.","page_number":63,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"1b0cec15-66b7-424a-9265-8d85cd22e67f","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":63,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"b80a9fc3-dc99-4697-883a-cc12d92c8d8c","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":63,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"d8e40008-8b36-45f5-b4c4-8ac9bc9da87f","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":63,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"75898ff3-20d8-48b1-b4e0-5eb18db6e81d","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":63,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"be9de52d-b53e-42de-a8eb-4a69b7361ca4","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":63,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"61ff2cb4-4df7-4846-9d40-cbbd6d91854e","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":63,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"746fbd0e-194c-41b0-8cff-7e7afb97035b","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":63,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"b3757146-5507-4a52-bb27-62262308907f","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":63,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"dbcf3510-936e-4c79-9f8b-8c8469a7e0b7","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":63,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"c4ad2efe-01bb-4d90-ba5d-fa141c4a8e5b","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":63,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"d5306b57-c21d-4653-a4cd-d025cdb5cfec","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":63,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"247c13b1-e9d9-47c9-901f-963c2b17c1b9","block_type":"box","text":"A Fund may write","page_number":63,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"9528855b-acfa-46d6-a9bd-5c920db4cfd9","block_type":"box","text":"(i.e.","page_number":63,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"82eb79e9-1f62-47e0-8c6d-aba14e122131","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":63,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"79c8f2c2-3925-4b3e-b372-9558f402c076","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":63,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"4a0a011f-ad9b-42ed-b114-0b6da09b520a","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":63,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"03e53e14-098a-4f3c-bced-4cfa0dc6380b","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":63,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"d50e3223-f824-43ca-b7a3-7e688129ae11","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":63,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"29d6bcef-53e4-4a28-8c4b-8499a9246173","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":63,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"620f29f7-9e91-4c1e-94af-8521416f45ae","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":63,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"3a6d1bf9-ad2a-4367-bd8a-1ace84a065bf","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":63,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"61d5b8bf-5065-4620-b265-f67e47e533a9","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":63,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"65e49a48-a363-42c7-b8fb-c79288ad661f","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":63,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"110e1806-693d-448c-babb-8bdedaea9321","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"620eb224-b1bd-46e1-bd9f-fe0fb3803555","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":63,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"ce2d23a3-6556-4067-aaad-8151c773ffe0","block_type":"box","text":"Put Options.","page_number":63,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"34af96eb-9b59-46d6-acd8-e8b050d0b6bc","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":63,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"af068ee1-cbab-4641-b64d-03584cb2900f","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":63,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"01b9afc7-2111-4e32-b1fa-8049fc236948","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":63,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"a065dea6-b35d-41c4-91bb-18571eeb7bfe","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":63,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"6b753550-83fc-4d6f-b604-d1328f3130e4","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":63,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"b45e97c5-93eb-4dd3-b175-872a46a27ea1","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":63,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"c61d8bb6-e356-4a6a-a61e-512433e2c75d","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":63,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"a6eec9c4-7193-4528-bbe8-baca3cadfffc","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":63,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"29fe5849-0b7f-4a12-a93c-6df4768198d7","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":63,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"daffb66e-48ad-44dc-b79c-1e3e201789e0","block_type":"box","text":"purchase uncovered put options.","page_number":63,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"27407032-0bb6-4ba3-8fa9-6a71bd0923e4","block_type":"box","text":"A Fund also may write (","page_number":63,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"246ae9cc-63c7-45a6-b22b-55847ced74d6","block_type":"box","text":"i.e.","page_number":63,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"7a89f710-e279-4a04-86cd-8a6f0534180f","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":63,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"ac126a49-654b-4652-9f5d-b9d47a56f3d5","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":63,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"34365a11-df69-4d2f-91cc-0fd11ec7f9cf","block_type":"box","text":"A Fund also may write (","page_number":63,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"3993b8c4-78ff-4151-968c-70eac22152cc","block_type":"box","text":"i.e.","page_number":63,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"ca4ba08c-3768-43c2-ae16-2f406f7d2ca4","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":63,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"35f940f1-68e0-4db5-99f5-23a2a6dd1aaf","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":63,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"b7803fb8-744d-4b53-8835-f2d041da1d4a","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":63,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"997ad833-d1f2-4e65-a256-57e5d1eac352","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":63,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"ea7365e7-20d3-41ca-98bb-ac00f20c9835","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":63,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"d0222308-3b9c-4e10-b465-3c16ada995d0","block_type":"box","text":"II-21","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83ac7c2c-9dba-45b5-834e-b984e59acab5","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78042f6a-5494-48ce-9a1d-d252918366df","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":64,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"0fbb149e-bb52-45db-a317-0942c1f0251c","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":64,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"45e71834-f6de-41bc-8d8c-d1614806e7fc","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":64,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"c073f8b9-a62e-46c5-bcec-af592a331f5e","block_type":"box","text":"the exercise price.","page_number":64,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"c1dd594d-cd4b-4a1c-b131-4e74d4587925","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":64,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"bb6a128b-f38d-445b-99c1-4a16d9472a71","block_type":"box","text":"The following information relates","page_number":64,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"e4eeee98-1309-4f95-ad8a-cec263324832","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":64,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"66f17e70-ebc6-4642-92ff-c708725b3808","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":64,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"200acbce-9a72-4df1-b6ee-ae8b04add682","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":64,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"1d796f1c-27b4-4192-9c69-5216b0482c05","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":64,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"32d7f20c-7557-4954-bf63-4da8f2aa5c44","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":64,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"3399dc1a-b91a-47f7-a4e3-6e54e485edde","block_type":"box","text":"market in order to maintain its “cover.”","page_number":64,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"ef28d911-1ee5-46d0-b8a4-765d4a67dd21","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":64,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"811f9c1e-d7a4-4885-b689-22f2dbe96547","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":64,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"432aa40b-9ce2-4f18-8a86-6c727e5f8150","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":64,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"a44019ae-3197-4b12-8a2a-e571fe59817e","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":64,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"c5856070-db59-4bdb-ba5c-aaffd4c7a9ff","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":64,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"dca4686d-beff-40e1-b385-a380054d3f4e","block_type":"box","text":"and incur transaction costs.","page_number":64,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"5763351e-1837-4a25-99de-9f2b45b1345b","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":64,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"fffc8040-e3f3-4f0f-8591-e54b889be4f9","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":64,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"603b3e09-1d1f-4b29-b5b5-836d981cbbb8","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":64,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"9d3723e1-7345-4dea-a688-f59c127f2da8","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":64,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"9cf5cded-37d9-4f45-8b63-da98cf3a78b6","block_type":"box","text":"i.e.","page_number":64,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"60d1a567-4152-4e0c-90f1-2246089fc644","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":64,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"e81d9d51-97cb-4e3b-bad3-af954883ba5d","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":64,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"e544a8bd-d05c-48d7-a546-5a285dcd6fb4","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":64,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"de68a9bc-fb30-49af-a84d-3fc828a92255","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":64,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"864bcdff-fd61-4175-8f6a-e34548cf5beb","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":64,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"118bfd06-a581-4b7c-8be7-e51ab353d45b","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":64,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"809da90c-b30e-4e71-b144-4cabf84c2845","block_type":"box","text":"required, to be cleared.","page_number":64,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"e961d020-223a-44b3-895c-55f7f2fe6c41","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":64,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"40aeb92b-dab8-4520-906b-0175fbd1e394","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":64,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"debe400f-e9fc-4d1a-96d2-2f4d9c692af5","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":64,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"72820d6d-ddde-41f1-b9bb-095734a1ef2a","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":64,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"6719a8f7-54bc-42d7-b778-515f6270d1d7","block_type":"box","text":"Derivatives” above.","page_number":64,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"401c22c9-9946-4e98-ac4f-89e6442c67d8","block_type":"box","text":"FLEX Options.","page_number":64,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"2b64be17-7f0c-4dfd-b526-87365c35e84e","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":64,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"de1b8222-ff64-4a9b-9ceb-9b3b647259a0","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":64,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"8a2a466f-fd7c-4548-9fff-0d48871d036f","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":64,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"d39d8031-da81-4e37-aa53-4c6dc9e9f4cd","block_type":"box","text":"exercise prices, exercise styles (","page_number":64,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"7772cca8-7c6b-4ccc-a4e4-f6bc7aec37e1","block_type":"box","text":"i.e.","page_number":64,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"908aa756-86b1-434e-95cf-e3c0cd40e046","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":64,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"306d8ab3-a4cb-4fe6-b83e-66b85e6d2c6a","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":64,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"8f36133e-1917-441d-ac95-f9aaaa7b8a31","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":64,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"cb98330c-d3b4-48ea-a16b-dc5ed459cfdd","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":64,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"93f89f97-4550-4f6f-8bd5-cb5b5473c45c","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":64,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"141e2bdb-3a0b-4cfa-b121-976f09e9cd79","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":64,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"93c06c01-11b9-4d39-bd41-dc4e0e4b0980","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":64,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"d2833e26-725b-44d6-a73d-b41397fa7eb9","block_type":"box","text":"FLEX Option’s expiration date.","page_number":64,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"7a57d858-df7b-47c6-bbc3-ddf5a62125a5","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":64,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"361647d2-144d-4a9b-8bd0-100d9c97a39f","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":64,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"27318cf2-821b-4f6b-9800-09f22ce54e59","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":64,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"ffff094a-3c39-4ee0-902c-ca6263aed086","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":64,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c01bd69d-6f2f-495f-ab2b-8f61ced046e5","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":64,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"842ab9a0-274a-461c-9af4-0a7f03d47399","block_type":"box","text":"FLEX Options contracts.","page_number":64,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"ccddac98-b670-42d0-912a-634e2e56e97b","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":64,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"0caf7cf3-4203-408d-b737-b12e405c5fdb","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":64,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"9bca49e4-cd79-45ef-90f4-389f68eafd7b","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":64,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"55ed3a9f-cb47-4449-b144-41fce28731fc","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":64,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"01321963-a2d9-48eb-a0b0-ff6ce9c27090","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":64,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"71555304-94cc-4547-b0b7-cae64c356863","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":64,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"7d6e0c20-5a74-4cca-bc74-52dc412f869f","block_type":"box","text":"II-22","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e693790-8ca2-4ce9-89b8-f3b0853ee087","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe5c49f5-3ffd-4139-9fb3-ac72c763d817","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":65,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"866ca86b-b3ad-4312-aa82-7e57011c51e4","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":65,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"1399a88d-b1ea-44b4-a29b-c8e41fc317aa","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":65,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"8f93ba65-21ff-47bc-9db7-982cd323dc0a","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":65,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"733a749e-a91d-494d-9f9f-b0eaa4b88979","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":65,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"98379521-7123-4537-b6e8-f8551846fa30","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":65,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"1fd2ab46-c24a-4850-9c83-20545f3a3051","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":65,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"b3ca0890-57e1-4434-beb2-a21a96316c08","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":65,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"f3eded1f-c93c-418a-8afb-84ec5c257eb8","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":65,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"4c825086-beb6-4d8c-bfea-33cf38c62b6d","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":65,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"f008a09e-c864-4f3d-aadc-421ed5f8b7c0","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":65,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"7a157d9d-8f7b-4575-a012-267096bb63d9","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":65,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"5f16b687-2a49-4728-8158-025d71db8874","block_type":"box","text":"expire unexercised have no value.","page_number":65,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"669358a6-3a59-4a29-9624-477c3dd98923","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":65,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"30e29e24-a07f-41b3-8050-37bf0f7f6512","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":65,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"4d915906-0826-46ce-b4f5-08bf1a067c0f","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":65,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"15bbab2e-8cbc-4352-9a9a-9c26ac169aab","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":65,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"a4cb406e-f5d1-4852-8a56-f0e82d47ecba","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":65,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"a0b5c851-2ff8-40b4-88f6-b09ede66c9a9","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":65,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"141e3bb8-1635-43d8-9fa5-7a986d27a74b","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":65,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"2927d672-2329-4d07-8226-320442f7d4b6","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":65,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"890d455f-96db-445a-8cd0-4037644c8880","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":65,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"5cf5939e-ef7f-4379-8b84-fdd129791aeb","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":65,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"c10bdd5e-d075-493a-bd77-b9b92d1ddd08","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":65,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"f32da8ed-38af-4365-8a1f-d5253539651b","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":65,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"3a6fc200-501d-44af-85f5-18766c6dc9fa","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":65,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"326629bd-77ed-490b-b391-713d10ad400c","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":65,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"5fb3fec9-9816-4814-8636-c60e6253e648","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":65,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"755c98f9-0432-42a1-b671-c32f4c0904a3","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":65,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"bb03626a-3e0c-4fee-a807-1036a4371dfc","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":65,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"6caeb0b0-a212-4a73-a04d-8bee3fe6bd2c","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":65,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"f7e2914e-3119-41d4-be78-708c1ee03698","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":65,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"d1d903cd-a076-4d03-8644-e842dc892b64","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":65,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"cdad9aa7-55ff-4242-9b00-1ad35425f4df","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":65,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"ae2deafc-df04-4273-bea4-1c0fddd6d35e","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":65,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"8fd656a0-f2b6-4190-89dd-c2496bf5ea00","block_type":"box","text":"Foreign Exchange Transactions.","page_number":65,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"ce0b6527-59b4-42dc-b9fb-19c1fe0b41b5","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":65,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"f1f6f2ba-1761-485e-bef5-bf8a9ffc11b2","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":65,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"75a70ad3-29b1-4eae-abbe-43ece5ca7b1e","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":65,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"2adace52-1b2e-41cd-b0b9-6e0c0af03b1f","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":65,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"f5a63c65-79b2-45c9-8ac7-c0ecdcf200d1","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":65,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"e81f462d-c881-4c12-a3f5-e41ff071daf0","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":65,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"6166bdff-9b0d-4934-8da6-a49227378355","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":65,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"ae2c60a7-4ed1-4282-a3be-c0696caf2076","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":65,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"e2e45a85-c0bc-4113-8e2a-6cc270a516f8","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":65,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"f13af0ce-74cd-464a-8b44-6236dad16398","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":65,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"f1787e75-a703-408e-98a0-c514fcc6265e","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":65,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"223052da-03d7-43d7-8ab4-5205de0fa438","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":65,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"1746691c-b930-4e8c-9b13-4b641dc6a3f2","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":65,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"30447b5b-dfc4-414d-a16c-76f59395a7f1","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":65,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"9fc5591e-7b8a-4b49-96ad-51d5400e199e","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":65,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"91529132-4c75-4f1f-922b-3b4453461657","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":65,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"19fd4eb8-0b4d-4140-bb50-e540d26c2df6","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":65,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"94a80644-5dec-4498-aa45-4da64d3bb140","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":65,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"d878b574-dbad-4bd0-9370-3c7dfa92d3a1","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":65,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"6ab76e40-e6ad-4b17-91e5-b2a787346998","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":65,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"9e06766f-9aa3-4631-accd-9ad2433a52df","block_type":"box","text":"II-23","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e98559d-0aac-4915-8a24-0817b755203f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09e8bfc0-ba71-4fd0-bf3c-81af1dfc4877","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":66,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"9968d2ca-f258-46d7-903d-33e52e579b2e","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":66,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"9663f72e-3efa-40eb-808a-cba289993354","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":66,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"a032db0f-def3-47ba-add7-548fa62b1006","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":66,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"acb2fbdc-5825-4899-ae31-95e9f8a52bad","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":66,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"bfcf6e1b-22ca-44f6-932c-7d68636aa437","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":66,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"cc1d2154-c084-4b62-9938-4e3150ba0eba","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":66,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"c1bf708f-5c56-4d50-8826-495d883ec82e","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":66,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"dea8cb3a-2be6-48b4-a78b-331554de1a60","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":66,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"5e98ce5a-772d-4f73-b948-6c47a6a5dfc7","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":66,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"00d8de82-1a79-42c9-8ebf-8a29cb822825","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":66,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"382ad81e-afcd-4734-920a-f47574994fa6","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":66,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"f208af95-9b64-40d5-a93a-7ca21888d259","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":66,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"feef5424-b4b0-4c6d-bb21-dcb9445730eb","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":66,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"e159724a-3c53-41d5-ac09-c4206cf3b527","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":66,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"952ee682-da31-44f8-a023-6d73dfd57a7c","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":66,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"21751174-bfc4-4900-b698-6c8874876a54","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":66,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"e489443c-1725-4a41-8f1b-d2d150e1f5da","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":66,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"f0b9a633-36c6-4b34-bdf0-4616e2e6e493","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":66,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"6790e9f9-54a9-40bd-87bf-6a58d04b3f7d","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":66,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"e2aecffc-fd05-47a5-94f9-d0fbade73352","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":66,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"8d586991-1f51-418b-9405-f0b5458869f3","block_type":"box","text":"involved.","page_number":66,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"0a86c2ef-4fc6-468b-84c4-b52a48305a73","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":66,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"f0fc9f12-43ef-4aca-854d-b09a144b2994","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":66,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"8053ce24-59ea-41ea-9290-8779a3c89ccc","block_type":"box","text":"denominated in such currency.","page_number":66,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"c79842a3-3c34-499e-99ae-db459f1dee13","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":66,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"7e8b3142-80e4-491a-80d5-26902e0f886d","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":66,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"a709d9c3-a72a-460a-a514-9aa5559d464c","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":66,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"8d94444a-52f2-44ac-a01b-9a008706dd07","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":66,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"d763a0cc-ddf2-4201-a120-0b851b7e0865","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":66,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"43c33fa6-4db1-4ded-b6e0-70e5e4536da6","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":66,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"7fa368ef-f1bf-4f12-9691-14234c72a3a7","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":66,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"687d14ef-5a1b-4b35-91c2-cfd8793d7a8e","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":66,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"dc64ae76-a4aa-49ea-b176-d8fefe763c46","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":66,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"74fc46ba-341d-41e7-935b-30378b8b2034","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":66,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"977918d7-4390-4c55-8009-7f3a7e959d70","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":66,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"e773e9d4-1c6e-42a1-8f9d-165ad421b48b","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":66,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"9c4f19b7-d89c-4725-bfc0-5ecc9a4a0ae9","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":66,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"6d2b66b1-7bfd-41b1-ab09-7da7e565c14f","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":66,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"542123d3-47e8-4bd8-9ab4-a1fffac25dd1","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":66,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"73f05ab8-9aeb-45fc-b2e5-71144effa920","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":66,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"225273fd-c060-49f9-a0cf-6bc43df22d06","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":66,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"90363ca2-fd0d-46be-87eb-ddd44a41e37b","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":66,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"0a1faa99-9316-4009-9eec-d9714817f109","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":66,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"d0d25718-1bfe-4c17-8f98-6a4de62950df","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":66,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"aee0df56-18ce-436c-a4bc-3c09af3b81b9","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":66,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"a40c48e8-98df-40ed-81cb-26d7e36d1b5d","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":66,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"61665bca-cd51-432c-84ba-989e765c3da4","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":66,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"d7f0377b-8b7b-4f29-9b41-bedb4c9ca793","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":66,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"79476969-7766-45e6-81e4-f956dc2b4ce3","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":66,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"3b591bae-f530-43a0-99c8-dfca6cb658e8","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":66,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"a5912c0c-e6b2-44f1-8480-2e8d0794ba19","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":66,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"4857a741-931f-4408-ba0a-2f565e10e82c","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":66,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"c9e9c0a7-88c6-41d1-bfa9-75eb26ecec0a","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":66,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"a394c666-a8f2-404a-966f-9d7c434b44df","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":66,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"2d59ba7c-883a-4508-a885-9351aadac029","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":66,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"8a6abf60-eff2-4b9a-947b-87d09247f43c","block_type":"box","text":"II-24","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f36dcd6-cfa3-48f8-a717-70f58923585c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"deb3ca64-4a4e-4e63-8de3-69c1ff276b7f","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":67,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"e06bcb01-9164-4544-b7aa-09129aa9219c","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":67,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"80a4a649-ee55-4ccd-85d1-54ea904e8d2a","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":67,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"ab29eda5-f80b-484e-8aa5-e2bf388773ec","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":67,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"239cc1d9-4d98-4c49-a817-73d5fca17a15","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":67,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"2aacc7dc-b1be-44b5-b1fb-a07c021a0e3f","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":67,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"e7b0b6b9-ed99-4ab8-bf7f-5403b6dba4a9","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":67,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"78e5325f-f3a8-4851-8e1b-60e916daf596","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":67,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"672e6360-2a50-4337-9d96-5b818fa63926","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":67,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"0ac35374-17b3-4baf-a7fb-96737069d860","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":67,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"e30a4842-ee75-44cd-8c64-333f45e1e522","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":67,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"34d0d3e4-3f2b-4822-86ae-dc6b504958ac","block_type":"box","text":"traded.","page_number":67,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"d887bce5-b5ca-43c3-844a-ad7ae638574f","block_type":"box","text":"Currency Futures.","page_number":67,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"9850778c-bfdc-4f27-83b5-bd12cf0c5a47","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":67,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"5a04d623-2cd7-4100-bdf4-e5dfbe13c496","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":67,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"2d469192-1cbe-4191-86d9-6b46c7c914d7","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":67,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"173aa61c-5e7a-437a-b89e-47cfc67e92f5","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":67,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"81e850ec-e897-41e4-b9b8-5cfae91cb92d","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":67,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"69e883f9-6ef3-468d-ae27-f557435cb37c","block_type":"box","text":"Currency Options.","page_number":67,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"44fc25d6-f3b6-4b80-98bb-283f11c5c1eb","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":67,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"5a627ef0-2bf5-4042-bdbb-98849e2f7478","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":67,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"2fd39c84-3533-4d37-aef2-8969eceaafe4","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":67,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"436a5b77-1389-4630-b5fb-dfa0a6fcd236","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":67,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"91dd976f-6546-4f15-ae8b-0c5ffa688447","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":67,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"a3568cd7-d8a9-4db4-834d-eb1303e5a220","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":67,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"a89a39de-5531-4985-a4d6-d5b3cdb41580","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":67,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"6d805745-150b-44de-86c5-2b8666b91f32","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":67,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"41c45a42-548f-4820-a572-eec4b26fa43c","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":67,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"328248bc-e79d-4fbe-b71d-3b96e991a490","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":67,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"f4b4fbaf-e02d-48ee-be7c-d34779edcd2b","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":67,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"0d70839d-a9e1-45ba-b663-7d3b3bed5f70","block_type":"box","text":"Currency Swaps.","page_number":67,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"c968b496-ddc4-4d1c-aa5b-af15744b8e8d","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":67,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"88d2f7c7-7da7-4ed6-a421-252101825a01","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":67,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"97027f3a-85f7-45ae-8fb2-5188d7c3500c","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":67,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"a5c958a6-de06-4cda-871e-ae4b2e5dd5ba","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":67,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"1755c7d7-c819-4697-bce3-81377f1f3482","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":67,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"e2b94131-940e-48c6-9165-9719bbd9628e","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":67,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"7edfe53b-4a94-44af-8c9b-02ef5a6323e8","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":67,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"974da4d7-eae5-4f9d-bdf3-56d7ca6ac37b","block_type":"box","text":"Distressed Securities.","page_number":67,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"4a270122-a7d4-4873-a21a-89ce3081816f","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":67,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"bac6440c-5344-4773-b23b-e940609d57bb","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":67,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"8cd745c4-e577-4f7b-b66e-e5dcb3e69ff3","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":67,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"1e1d5b5f-2b6a-4397-a354-c81cf1904926","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":67,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"1e478ef0-24e0-44de-8195-c5a547c3796a","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":67,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"af8d4315-4fef-4e8b-a626-93807e543428","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":67,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"54c83932-76e3-41e5-87e9-40bd0a7696c6","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":67,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"ff9ddb22-a3f4-403b-9b5b-2c4ce33d18de","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":67,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"1ec24f27-ce8f-4302-8091-c73e4e205d9e","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":67,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"347cfd1c-a842-4528-b21e-21aa9538b7b3","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":67,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"186d924b-9a7b-43bf-97b1-42024f551080","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":67,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"360a0c0f-d048-49c2-bf7d-eb43ba7837b5","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":67,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"09b4c921-6137-4432-b520-1f18490d2e24","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":67,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"39571a9a-91f0-4966-8722-3b9d04fc2ef8","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":67,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"ae96158b-40cf-4ac3-9a54-7c08b78fc6e3","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":67,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"a7d73730-62ba-4aff-bda8-cda58f7c1bb7","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":67,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"eae7c594-e3f4-4144-bc91-f06ee4582050","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":67,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"6efba9e4-bc99-4eb3-8d12-bb2a37771e15","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":67,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"57f01843-2497-45eb-a804-3dc005161b5a","block_type":"box","text":"satisfied (","page_number":67,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"d7eb68ad-5d83-4d8c-bf90-2834d29a084a","block_type":"box","text":"e.g.","page_number":67,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"6eccc001-7230-45fe-8fa5-2d093db94af5","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":67,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"c800ea80-ecba-4891-8e65-81c457071e6e","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":67,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"6c3e8519-058c-4e26-a5de-2a938810a1fc","block_type":"box","text":"II-25","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"066c5394-cd15-41aa-a8d4-64b6e44df63d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68f065d2-181c-4344-8255-3004e5de7d9d","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":68,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"98932e3d-f44c-417b-b934-70a9db1a56e1","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":68,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"be676940-7f0b-40ed-9a14-4c88aea1644e","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":68,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"d3c39ab4-f0b2-4289-89ac-58c6b8b18517","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":68,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"e4970342-88a8-4287-a720-5154773cee4f","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":68,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"73d69428-0bd4-411b-8c48-c5b15d9874e8","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":68,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"533a8fb8-80ee-4ee2-9db8-1db635cb7d51","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":68,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"c499bc01-bda3-4100-a1e3-08862472175d","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":68,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"1606749f-ef94-4521-a9c8-83ca98d8230f","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":68,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"07201063-cec9-46ad-bb98-ee5e1da100f3","block_type":"box","text":"affairs.","page_number":68,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"ee30f320-dffd-4d33-ab59-f3cd7700ebc8","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":68,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"775dc0fa-b079-4f67-b9c5-262e239cb87b","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":68,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"62ded50a-c1e6-4a6f-a987-9f08a512c77d","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":68,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"f3edbc9c-210f-4988-87aa-6efbbbe36b4f","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":68,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"bf5fad6f-13ea-4b70-b68d-b01fde07a431","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":68,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"5092f5ac-5c4d-4c97-a294-1c10fb5b412a","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":68,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"64a9789c-3c83-4c63-86da-2f6daef91603","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":68,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"e5afd0f1-4193-4c50-b8ea-c4ca14e69da1","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":68,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"10298502-e7cf-4711-8f19-dcfaa19cf3fc","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":68,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"f52d1a4d-78da-4048-938f-a409b10780fb","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":68,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"d4e8c021-15e2-4361-9986-93dad50db07c","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":68,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"94e15658-01bf-40d1-9438-ef21f3b099e2","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":68,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"d7a64d41-ef23-434d-8cff-59320e885dc2","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":68,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"72e0b9b4-7184-4109-80f4-279f9172c527","block_type":"box","text":"Equity Securities.","page_number":68,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"570d9650-c3a3-4180-b209-40f66d69cc64","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":68,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"979d12d4-fcb9-4ef1-bae4-8789a45ac0f6","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":68,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"8ef45521-8b51-4a28-be60-66192011e8a1","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":68,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"167b39c2-6ed5-4ffd-9fe9-270345d1ced2","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":68,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"ea9c72bf-6e61-44cf-8e0c-cf7d23a2068f","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":68,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"ed4a0594-3939-43e1-8759-23b302671b91","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":68,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"ffaba6fa-9766-416d-80df-34df0330cb58","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":68,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"c537e54b-f372-490d-ae28-62c1db1e7e4e","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":68,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"2e238e4e-64ae-413f-9fa0-77501f529460","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":68,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"83892ba1-ac7a-471a-8c75-a5b797dd5cba","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":68,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"e43074f7-3b8c-4bac-9b18-be192d8618d7","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":68,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"e5863132-2d30-4a08-b28e-51d05d83d2f6","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":68,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"f69bee04-f7c6-419c-8c30-b736365a7899","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":68,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"5e575097-1b65-40dc-805a-0dac182dd5ad","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":68,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"83aaf5a9-b843-4e92-b82e-ee7d161a91eb","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":68,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"9e2be8d9-2f3d-469d-8af4-2a8988cedba2","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":68,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"bc9d30be-44bc-41ba-abaa-789a74d9f20a","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":68,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"560afc70-6453-4107-a778-2f0098738900","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":68,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"379a0a78-a3c7-4635-ab49-759ce2f62e0b","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":68,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"28016db6-3cda-4ee5-b9a4-a9571f2024ec","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":68,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"3d60c77e-ef0e-4863-9938-92e750fc62bc","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":68,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"91d44d03-a944-497f-9c50-6db39d002044","block_type":"box","text":"initial public offering.","page_number":68,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"c3c89ebf-722c-4c82-a4d6-2e70c70f3871","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":68,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"f41480d5-8204-4d28-94fc-cc13618d2bf7","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":68,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"d183c4ce-1396-4fc2-982a-e7706b15daa1","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":68,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"6322d5ec-e3d5-4366-8ad3-98ecfa30b362","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":68,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"2012fd1e-6d56-43d7-9b99-7af86fa6df9e","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":68,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"982a10f8-8386-48fb-8b0a-fb2149057a08","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":68,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"988ffe5a-c230-4121-8acd-11a09c99a961","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":68,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"ff00dd08-c09f-4c2f-ab69-b4dd6214ecbe","block_type":"box","text":"more established companies.","page_number":68,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"3126c86f-db88-4fe0-a34e-5d7e5a77076c","block_type":"box","text":"II-26","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69d9bf0f-cf87-4e11-be57-5636883bdde7","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c0af11f-7d1e-4389-af85-333ea47badb5","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":69,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"03b7b555-4354-488b-a0df-05db464b43cf","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":69,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"135fdfd6-77ce-4740-a253-7e83dced068c","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":69,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"16abfecc-1dd8-46c0-9a08-d7c8690c3f69","block_type":"box","text":"below.","page_number":69,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"456a6f08-5ef8-43cf-bc52-cde1d70dd0f6","block_type":"box","text":"Real Estate-Related Securities.","page_number":69,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"c8acd27d-5cb8-4a48-8222-77e754b36b18","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":69,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"15adad40-529e-4294-a023-f37892b951dc","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":69,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"870fa538-6c14-4878-b6aa-b3a31211690d","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":69,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"694e513c-cc12-4c86-a53b-d74d52efc03e","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":69,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"1fd356f7-80b1-449a-a4b0-ed53dd0b04e5","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":69,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"58d05f93-dbfa-4a04-80db-c8c800cc2365","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":69,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"b45965a4-03ee-44ea-a62b-a4d0b8dde23c","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":69,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"30b3a410-4d58-456f-b441-c8950e1c9fa0","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":69,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"8f814ce6-3907-4e0d-86c9-38cbc3738122","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":69,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"dc6deb90-2068-447c-b779-638dddae17d6","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":69,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"cc4916d9-7577-425d-9b28-a7ef65017f2f","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":69,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"c87a65f0-e813-46ea-ac90-b1bd5080f59b","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":69,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"831ce12f-9822-40f5-a587-749396fca252","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":69,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"dd9d1f06-9ebb-4653-935f-e95e03dd65bd","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":69,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"9bfcea8a-02b9-465a-b62a-91c680ddca6f","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":69,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"43d18283-117a-4bf7-a551-61e142dc5e58","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":69,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"a205ded8-76b3-4ba5-a375-064abbf0a6bb","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":69,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"5097158c-e9ec-429f-bb40-716c493ed2b3","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":69,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"375284c6-332b-44cf-a52e-80812e21eef4","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":69,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"3abbc03e-3df6-4f28-a9a4-048bb0f93142","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":69,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"94f7fe90-2c5b-4341-be74-6663f34798e7","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":69,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"d51e48a7-c105-4fb0-b3f9-aeb3721987b9","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":69,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"ef092689-cdad-43e3-b6a4-487e517fd00c","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":69,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"188627dc-252e-4662-b1be-71126cadc9a7","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":69,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"7041b3bd-977c-44a4-a5de-51eb2edb7cd3","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":69,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"c2ed6efb-d243-4948-a41c-73b2fe8d6260","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":69,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"17948394-df82-4170-8cd8-b9fc0a62a9ce","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":69,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"d2a12b2a-692f-444d-ab03-7549bf1f0f28","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":69,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"b4518818-552d-4fbf-95d8-59470ae578df","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":69,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"c40a9b2c-7fe5-40de-bb83-7e5808761cfc","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":69,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"ff48c8ef-6627-48a9-89e4-3b692426eb44","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":69,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"7ddf71c0-e8b3-463f-89ab-ab2d026fdcd4","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":69,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"83c970a6-2c2d-4a9a-befb-fc3e8a42b6ce","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":69,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"93b084f6-5849-4fe5-93b0-dfd26315ed6e","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":69,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"2e2df60e-070b-4e89-8625-a083c6695c77","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":69,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"16b89d4b-4c22-45b1-a34b-14b6918a5ea8","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":69,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"0534927d-0410-4a6a-8fb2-72c58b2bb1bd","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":69,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"b7406d3d-94b8-4ea4-882a-3a7e3154ea61","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":69,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"6862529d-2926-45ab-a662-2347ed3029d9","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":69,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"93e7c964-cb28-41e8-b4ae-0e76e881537a","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":69,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"913b9aa8-3cc8-4539-90f8-9de4b06db538","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":69,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"92b2e461-2c42-4730-854f-f766a5562f40","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":69,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"43d6e48a-8a8a-4b09-8332-cb13d1374d3a","block_type":"box","text":"cycles.","page_number":69,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"e6f6e1bd-4562-4656-a901-c901760d1f9b","block_type":"box","text":"Tracking Stocks","page_number":69,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"6f481cb7-652f-4a2d-8115-01619e99c14d","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":69,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"cfdf7107-945c-420c-9b66-17c4f6e6038f","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":69,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"c5730766-3d64-4194-ae0a-75c216435809","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":69,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"0f9d245b-44c2-4a5b-ad8c-df893605bfb6","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":69,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"2736e972-7427-4bde-a0a5-5755a91d4209","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":69,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"19d9ec5d-14da-4347-9652-7b91445c3ca5","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":69,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"9c471fa9-eee6-4e3b-b587-673aec328424","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":69,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"cc19db82-aa5a-441a-ae7b-7b5b9f0d72b2","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":69,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"193389dc-4975-4de5-b7b4-c1e402ba179f","block_type":"box","text":"II-27","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1fb5fb8d-26c2-4065-813c-8111f5e94511","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"415aaf8e-c3b1-4033-9ebb-1dc53d6d11bf","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":70,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"2267e1fd-a12a-4e56-9a3f-c98758e2b885","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":70,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d90a281e-9b2c-4388-a6fc-feb89cb37373","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":70,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"7a9af0c3-ccf3-41be-9f7e-1fa4a2a362d3","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":70,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"e10701d1-1602-425e-a701-caaa8e79b073","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":70,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"28737f8d-8f23-440d-95be-d30a8a52fab9","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":70,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"463db65e-4ec0-4574-846b-b1cd24ea3bca","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":70,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"7781cd87-8eb2-47ee-b99c-e0cab7778999","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":70,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"4d33e85e-5df6-460d-a1cb-e25cf7f18c88","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":70,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"9da2575d-9d36-45bb-8c4a-1f515fae5bbb","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":70,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"b017b7c7-8f82-4a46-a4a3-779a56b21cbc","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":70,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"69da6e6a-c750-4df9-b4da-675345ff8211","block_type":"box","text":"ETN.","page_number":70,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"1509f638-b6ab-4c59-95d3-d3345b3ea7bc","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":70,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"5a7d00a5-7f90-49e6-ba40-ab013083eba9","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":70,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"f6682f3c-c0b5-4d2d-a720-18c0fcc7e49f","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":70,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"50db449f-a523-4c2c-bfdb-4e566cd4d051","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":70,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"e807301b-11a4-47cb-b9e7-218612f64bc8","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":70,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"72445fda-1606-480c-af23-6a442b13d632","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":70,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"61a2acf8-98ea-4fd7-bb31-f7f4e8601b35","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":70,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"c28781af-5835-4d78-a237-b9c137ca5d44","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":70,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"aa8076d2-7454-4246-a1a3-d3ff68d9be0d","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":70,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"1a7183e4-607f-4fdc-a262-8e548e701c70","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":70,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"397c4e27-2b70-4f18-9e8e-eaa4f5873aac","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":70,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"018b1108-0af4-4f2c-a057-5921c5524cb8","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":70,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"da9e1350-10b9-43a7-9a3b-5b9a396404f5","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":70,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"d51f09ae-176c-4af7-bb70-8da2e0e8ca78","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":70,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"d23a3f80-8b99-4779-a751-f281cf2ef413","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":70,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"d214f002-48e4-46ae-8725-93162ad40b28","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":70,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"167d528b-d6da-463a-9223-49f41a073982","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":70,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"6cea8024-38e0-4a16-ab89-4ca9d3b2d2af","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":70,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"990a98e9-0072-49ef-8126-474e2f1859b0","block_type":"box","text":"Foreign Investments.","page_number":70,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"27e70eb4-3346-45a5-a8cd-f525e09c7238","block_type":"box","text":"Foreign Investment Risks.","page_number":70,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"648766c4-4e3f-4c3c-8549-697b8f8efb2c","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":70,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"e66a8cbe-384d-4d08-96ff-c340073a9fa8","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":70,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"aaec72f8-47c6-484d-96a7-9b9c1d540784","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":70,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"6f1a1ba9-0452-41ae-842b-a7e9b7ffe227","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":70,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"47577586-1e5f-4630-8163-9306bb66e38d","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":70,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"2132aef8-bd2d-4de0-979f-8e6afe24197a","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":70,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"d884b9ce-e917-4224-85a9-87be921c287d","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":70,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"e3aa997b-47c5-4a4a-b3a9-746a209e7461","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":70,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"5e2cad77-cba9-47f7-bd8d-a64bf253a02a","block_type":"box","text":"benchmark index.","page_number":70,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"baf352d0-3ba7-44d7-90e2-abfd3734cc59","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":70,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"0561e922-6ffa-47c2-b24d-038cdc35de85","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":70,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"ddf2f0f1-3c63-4ad7-aa64-db5bdb2c0a77","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":70,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"4f9c71ac-fc80-4d1c-b722-398a3c5bcbdb","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":70,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"ca4a87af-2e37-40b4-a6a0-944eff1370e4","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":70,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"4549494b-9249-41f4-b5a4-4ede1e75fd67","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":70,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"ec2d9bf7-fb70-476e-af10-78ed2a0fadcd","block_type":"box","text":"securities and zero-coupon securities.","page_number":70,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"3081d54c-6c95-4233-80d1-931a7b110848","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":70,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"e24b555b-ede5-4247-9209-70a55293ffde","block_type":"box","text":"taxes.","page_number":70,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"92ac9245-c8de-44d1-a136-d2e9af66e8ab","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":70,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"eefde0fa-5713-46ed-9ff1-00f25252e04a","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":70,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"14f537b5-6724-4e15-91a9-7a99bf8b82cd","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":70,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"1666f889-d08f-427b-a849-fe54fbb77b7c","block_type":"box","text":"II-28","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa3a7f5a-98c1-436f-9d97-08f21a2ef826","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbdc77a5-f490-45e7-bcf7-be167b07f8a6","block_type":"box","text":"underlying security (","page_number":71,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"40b70d95-4bdd-4fd1-bbae-2141eb926b29","block_type":"box","text":"i.e.","page_number":71,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"22b50b84-c7c8-4048-b206-365b5ced9966","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":71,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"8170bd74-33f6-4b7d-a5e4-0ef3803e8a8a","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":71,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"ed595c78-80d4-4728-b833-c8550a541cb9","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":71,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"42d4905e-c961-4844-aeb8-7ac4ad52a97d","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":71,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"b3a4a506-43c8-47f7-8900-49a3e09102bd","block_type":"box","text":"Foreign Market Risk.","page_number":71,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"d3652e74-f4ff-4496-b614-380d60803981","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":71,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"f9295730-bd50-4833-8d8d-fcc48c07fcf1","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":71,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"9066ba21-695e-4e24-9351-ede34f21d0d3","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":71,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"739aeead-8b4e-4dc8-867f-8cf04e135c32","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":71,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"987586a2-0468-412a-b9a7-5594d96d57f9","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":71,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"9f75fe7b-e333-497d-bf3b-7f032f41a802","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":71,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"e97b1455-31b2-413b-ab4c-48195d2ae63a","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":71,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"e376009e-4990-4b52-857a-18c4c9c21a07","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":71,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"9b6b5a8c-cf35-4678-954d-c8bf3d6e7b07","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":71,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"97eb8db0-2961-4daa-96d1-0f840ed46035","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":71,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"effad77e-c1bb-4b93-a9a7-a96a4b3371d2","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":71,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"56a548ec-24f2-48a8-864e-043c308c56bd","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":71,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ce084b42-bce3-4c6d-a88d-22a04312a583","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":71,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"5bf5a0e3-ca60-49cd-a7d4-727fbe1bb15c","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":71,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"750d307a-bd6d-49b1-933a-d2b699261474","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":71,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"410a3c89-d9d6-48db-8d2c-ef5f5f3520c7","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":71,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"1a28d137-23f7-4517-9dec-ebd250cb7ad8","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":71,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"119ace59-e58d-4cf3-a675-15555f522cb4","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":71,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"6776473a-9040-42b3-92f5-11d4440ad4fe","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":71,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"606adf8f-4b20-4fb9-916b-ab67d2cb95c6","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":71,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"8ae6c969-fd17-4832-b41d-6a77cc4b957a","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":71,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"ff3423ac-90bb-4694-91f4-c28b2d796fd7","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":71,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"d7cffe21-2ce8-4c68-b6e4-24c702b45949","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":71,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"948869e4-6c71-452e-8eea-5d5f4e5e8ddd","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":71,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"9c40581f-bca2-4c57-b5ab-cf3859f4d0b9","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":71,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"a0995e12-3944-4507-9f85-903bd5875dc5","block_type":"box","text":"Fund’s operations.","page_number":71,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"8e61cc21-c36c-4684-9a87-a7fd75354caf","block_type":"box","text":"Foreign Economy Risk.","page_number":71,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"2aba9b63-950f-4e3a-97eb-21962dcf7d8a","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":71,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"f189629d-64ed-49aa-924e-343cfae1bacd","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":71,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"68e6c9d0-a631-45ba-a0fe-f2f98d0c905a","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":71,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"36098a01-24e7-4a3c-a6d7-6a5051db1141","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":71,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"fa516cd8-c761-4a43-bfaf-a70be6fa1890","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":71,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"cb832695-d951-48c9-af79-c73a410f907b","block_type":"box","text":"measures.","page_number":71,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"1cf9b69b-61de-4f26-aa37-372ab256d044","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":71,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"f3a42b8a-2a54-4cef-9f33-25e818d69835","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":71,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"ef3c8fdc-5955-4f03-8a77-9dbf282f22bb","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":71,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"0adf7fc2-e061-4d95-a2ce-4025dc9939ee","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":71,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"2d0bc327-be06-4304-9bd9-3fbbae6fd2b7","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":71,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"30789561-ebd4-4ad5-b294-d01687a9f8d7","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":71,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"c4986dd7-1d99-4b95-a829-92f9997d7e35","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":71,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"4acd6127-08e6-4e14-9ed0-19be6e970dca","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":71,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"0ed9df0f-5d83-4099-8ce0-c27606acf8d2","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":71,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"11b8340c-5d4b-4ab8-a7da-8f72c8bc03a5","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":71,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"fd385f6f-35e2-4d83-839a-07f453b748bf","block_type":"box","text":"United States or abroad.","page_number":71,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"44891c7c-aea1-4057-a26e-dcd0ab9641ec","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":71,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"4750a3fe-df10-491e-bd94-02ad647797c0","block_type":"box","text":"Many foreign governments supervise and","page_number":71,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"773e73a8-0784-4dff-9151-7a47dd5edfd9","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":71,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"9a97c565-9106-4b7f-b273-964f12626017","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":71,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"e30f652b-88c0-4a11-8333-859f78006e9a","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":71,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"d218f3b4-7936-45ce-a626-7c286acb113d","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":71,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"954fcadf-13e0-44a5-987d-5c032764fc4a","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":71,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"773d0d59-222d-4d07-a0c9-58281b64a08f","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":71,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"401bcdb7-3a08-4b51-b5aa-d63128f6b4b3","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":71,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"428758e1-af45-4f86-98c4-eb7e30d6f220","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":71,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"1de24c3d-b2e7-4215-9ba7-9fbb8117e02c","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":71,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"4bd4a2f7-732e-4ea1-a157-40a5f5574e83","block_type":"box","text":"II-29","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f5affc0-df69-47a7-8281-6fe34c02daaa","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93ad392a-2181-4c4e-97f7-06968312a207","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":72,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"27662a2f-b93e-446a-b060-5ad2aa2c81e0","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":72,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"26b7ae94-b729-44f7-bf00-89a5878c906a","block_type":"box","text":"investments.","page_number":72,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"a1620ccf-6d07-4a12-8855-c9729bd6e3e1","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":72,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"709c2f5f-e43b-43d0-a6af-7b9dd7dab7dc","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":72,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"9e79a6c5-5a6a-4b2b-b886-0e3e465f0113","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":72,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"46e6035e-605c-41bb-a251-3ea2f7c75388","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":72,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"63b7bf8b-2e64-4463-8978-f021f9f8c3ce","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":72,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"181d5a83-e65e-44ce-b36f-2d8d0399fab9","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":72,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"2d53ba8f-25cc-4995-8c8f-94df0c6e1099","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":72,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"0c2d9a27-84fe-4186-9a2e-5627b76bbd73","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":72,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"16db34b5-5e00-4757-8603-00373716fdbf","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":72,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"6c3f8863-c031-4420-8d64-b70874e82e7a","block_type":"box","text":"States.","page_number":72,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"4459d042-9504-4c71-a8cd-5a9b55509896","block_type":"box","text":"Publicly Available Information.","page_number":72,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"b93a1540-f416-413f-a52f-ef87b1dd0dfd","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":72,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"2bc057c5-93d7-43c1-8e4c-fcc485c77b6b","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":72,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"656a27d5-2e8c-4c1e-94e3-a66d16f0787f","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":72,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"b7c4bad8-004f-471c-bb7f-fbc726415e75","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":72,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"a10130b7-8ddf-47c4-9b2e-90fd92eb562d","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":72,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"5073529a-e211-4f6c-b342-178c9c55fd55","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":72,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"aa13f4dd-098e-47fe-ba1b-d54632cbcebf","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":72,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"fa607352-c663-4f98-a68d-2a8068e88c4f","block_type":"box","text":"United States.","page_number":72,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"90350113-ddf1-47fd-a3a0-00a0904cded5","block_type":"box","text":"Settlement Risk.","page_number":72,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"9da7ac26-71aa-459e-a26c-4452dd216ec2","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":72,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"911a1543-8c94-45af-a8a4-c5d009e0dfc7","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":72,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"dc8648b5-e9c0-4f1f-a32c-909c02d0502d","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":72,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"52cc12d0-73ac-42b2-9d82-1e0a82e6ddd8","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":72,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"dfed6194-5c60-4ebd-bef2-c9a6e3e4f0a6","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":72,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"02c5a6bf-9eb6-4e07-a234-078436923452","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":72,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"f8255a52-e105-4dd2-a96a-fd00a38e0494","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":72,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"f52b6602-000f-4844-95c9-dcea251212c7","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":72,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"747ec261-98b4-4da8-9d70-f0d5864b37b6","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":72,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"39af6f2b-f934-4b9f-b89f-fd4ba75b12b2","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":72,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"38dc123e-119c-4000-8cac-42273ab47951","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":72,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"0d4eac9b-fdc4-4708-8af2-ec57d3f9637c","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":72,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"1d665b61-9be6-44fc-9ca6-c05c233ed8ea","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":72,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"5d951697-1d4e-481b-80a8-e2e5d9f92c2c","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":72,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"b4980da9-ced2-46d0-bdaf-1d1861a0379c","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":72,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"c8012f53-7569-4251-a753-b2c144f76558","block_type":"box","text":"Sovereign Debt.","page_number":72,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"402db144-67f2-4a68-8704-1ec97ea27590","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":72,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"71d21efa-d720-4f81-9b38-753cd38b2df3","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":72,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"b58cc055-cb19-445e-b54c-08637bbd877c","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":72,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"b586d1bc-88e9-42e3-b931-dc2d4e89b53a","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":72,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"f148505d-943d-41a4-a32d-54d4276bac1a","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":72,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"575e5521-7e1b-44ca-9112-34acdc8985b0","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":72,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"f0a6c68e-c6db-47a6-a97a-2e6c81ff7153","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":72,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"e8a26a85-f1c0-49b2-a0a8-40d2d6ff018b","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":72,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"dca58ef0-320d-405a-93b5-0d8769b792e8","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":72,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"72747bb6-35ab-435f-b45c-c8be9dab2e8c","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":72,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"3d980a5d-9cfa-4bcd-bad9-748524461023","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":72,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"6bd98f09-97ad-45d3-a967-d4ce940bf75f","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":72,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"45599d6f-0019-4092-96c8-bb8a4f8180fb","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":72,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"9cb34ac8-47c5-43ef-a0dd-f027f438c31c","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":72,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"91479cee-b114-48cd-95f3-7968c183f787","block_type":"box","text":"debt.","page_number":72,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"b1226c94-92c1-45ac-9fdf-33dd9501dc6a","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":72,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"4928817b-bd49-40e5-b4ef-845310c629f1","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":72,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"4f20ed85-d5b0-4ba1-ac2a-1fa5679c2712","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":72,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"2457498e-1b5c-4e59-b11e-b3fcac773947","block_type":"box","text":"II-30","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"630ce86f-3c22-4dde-b378-dd009c63875e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eddbe425-2262-4615-bead-99a6b7d71c04","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":73,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"d36e057c-b5a0-4de8-975a-2be40f4b1b03","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":73,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"3f56f3a8-68a7-4a09-abc9-6d571a0e36cc","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":73,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"417cab47-9fdd-4361-851f-655d0d37a874","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":73,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"6832edb1-6e20-47be-9ceb-c594a6d44c37","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":73,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"e9a54d77-b82a-42c7-8133-26582542ae26","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":73,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"3607a91c-7c55-4aef-b071-429316797d5a","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":73,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"aee15589-9431-43c1-80cc-5c64ef97dc45","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":73,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"563d82f4-7863-498e-bfa6-32a0fc6d21bc","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":73,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"12586153-2245-4019-b5f6-730a1e9e31fc","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":73,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"b4436fac-733c-4cd3-b1d8-0ff5772982fe","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":73,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"a3aee9af-4dc5-40c5-8fb9-21979a039c2b","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":73,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"e81c18b2-2b5c-46b5-b497-5e51ce8eb5ee","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":73,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"9ba3777f-847f-441d-aebb-118815639e71","block_type":"box","text":"in the Fund’s net asset value.","page_number":73,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"b9bdc043-6288-4f2e-8373-3123cadc453b","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":73,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"5c5dcb1a-b90d-44cf-b5df-dd61aba7d7ff","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":73,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"aa7a5bc5-4f3f-491a-a7fb-f9db04e42068","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":73,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"97cb71a2-37b8-48ae-b614-8a9751fd01f8","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":73,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"308c846b-5289-48c9-9a58-318d0d60d397","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":73,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"b9aac227-eaec-4a6c-b363-3375325454b7","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":73,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"8dcc3895-b194-41f8-a736-0ae28427b9be","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":73,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"57e72366-8c2d-4e69-8ab8-7199e000ed55","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":73,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"8eefe282-d0a1-4c85-a932-dcc81a84f8d1","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":73,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"5e628c07-9dcb-4b6e-b387-6d93006f0f62","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":73,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"76e5649a-afee-400b-8e4e-df1f35f7e17a","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":73,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"d35c5b96-5eb5-42de-b8bc-9201db9b7501","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":73,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"c762ae56-6ebf-4aa8-a5fd-4cb6861bf108","block_type":"box","text":"United States for trade. 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In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":73,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"40b9e322-2ee2-4810-b3e3-25a714ee3dc1","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":73,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"b068b027-d309-45fb-bfcd-076a009752d2","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":73,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"8f206720-48b4-4af6-8500-7be13c08b704","block_type":"box","text":"not be less than a certain minimum rate. The purchase price paid for a funding agreement becomes part of the","page_number":73,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"1b3827cb-ab72-4809-b954-b83f3f3b5f6b","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":73,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"49638729-d0fa-40f5-b0a7-ef5c0ac92e7b","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":73,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"fb17bad1-8d3b-4717-aa13-1b3f2797a51e","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":73,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"75c8cb43-6ce4-46f5-91d6-19791132efba","block_type":"box","text":"Guarantees.","page_number":73,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"652f0ff6-5b7a-404c-817c-f6cce602fa07","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":73,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"224ac7fb-ff74-48b5-8195-7d492bcd26d3","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":73,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"744e2e81-c01b-4d12-9480-f2029cc47d48","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":73,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"7753514f-a59d-4610-ab9e-41bc6a5cf420","block_type":"box","text":"Illiquid Investments.","page_number":73,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"a891ba5c-74ee-43dd-8c26-f549ea13edd3","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":73,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"af006662-bca9-4921-8251-bd8faaf99340","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":73,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"0336951f-f9a3-414d-b6b5-ef9d6d246908","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":73,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"b8d7f94b-8575-488a-8543-22d1e081f236","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":73,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"17a9022d-65c7-4076-9f36-5edc147ef74b","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":73,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"6dc853af-4b61-4e3f-86eb-5d5c7f09e816","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":73,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"864ec14a-c7ce-4ad6-8289-44e8283cbd89","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":73,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"5a1c4d79-d619-4dee-bee0-c7e1bc6c4bab","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":73,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"37bcd6fb-6662-4200-a736-7529913acb83","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":73,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"3f08bb4b-b194-4499-a916-75f230ef3859","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":73,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"4b067f86-66e0-4a6f-98de-4d8402173210","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":73,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"6dec4234-6b42-4ed0-ae0e-e98d32e85008","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. If illiquid","page_number":73,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"23476d59-af2a-4901-b050-93758e6c065c","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":73,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"7e2c8696-4229-4453-9dc9-9208434fe124","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":73,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"e54d3e7b-3875-48ba-ba2f-4bc0c06a3f90","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":73,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"2fcd84c0-1aa7-40d7-9f10-f320e4c87a8e","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":73,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"da075762-505c-451c-add2-131ce29e7497","block_type":"box","text":"market opportunities. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":74,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"89754c4b-e377-4538-bf7c-81baa6ebf4ae","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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Finally, since each Fund seeks to","page_number":74,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"6544354c-9793-4f32-a027-d9729193730b","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":74,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"526c532b-214f-478b-b4c2-f4044f0fd017","block_type":"box","text":"particular security as an investment.","page_number":74,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"2e6f7c1a-962e-4e23-9b48-6b9a35faaef3","block_type":"box","text":"Tracking Error Risk","page_number":74,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"0d81d6ef-fa80-4271-bc08-6320eea3f851","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":74,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"eaa0d8c1-a7a6-424d-a886-d2584f020979","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":74,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"035f32e3-7cf6-48ee-9b17-908502d28b39","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":74,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"3e77c271-7191-47c6-87db-d689488e814e","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":74,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"4b18dafd-4620-46a8-ac8c-7eab8d740d27","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":74,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"c978ff97-43f2-4984-a367-1b1ad488115d","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":74,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"1cad1cb1-4627-402e-b0aa-21a4218f091b","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":74,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"da580094-829d-4857-8864-13c6359c3a2d","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":74,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"24d0b903-0ee9-4cc3-9b8d-1ffb85db3f88","block_type":"box","text":"complying with various new or existing regulatory requirements. 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If the securities continue to be included in the index, the Manager may underweight or","page_number":74,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"a1bab101-52aa-41b9-aad3-4bff4266d57e","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":74,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"5ae3dd71-99ea-4c93-944b-7a4afabc7649","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. 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BofA is","page_number":76,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"5596d397-b3a9-4772-a429-ce0a8c7e0786","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":76,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a4cd8f57-0199-48ca-ad1f-c6f98802c5eb","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":76,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"7aab4f08-cd82-4846-a790-e663405b2512","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":76,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"15a9aecf-d24c-4f15-a914-a98ba96ba9bf","block_type":"box","text":"completeness, or otherwise.","page_number":76,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"d58c5db6-722c-4e94-b63f-7885999c4959","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":76,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"cb245738-d66f-4266-b8b2-db7fdcd33b76","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":76,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"de6babf7-846f-4a2c-9a69-05a2cd635a4d","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":76,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"f28fcb56-30e5-46a6-a585-b1316fe2af05","block_type":"box","text":"Indexed and Inverse Securities.","page_number":76,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"23a0d3a9-c2d7-4bdc-8790-3d2fe57d6bc9","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":76,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"dac9367c-d49c-42c1-83f2-3e06c733920e","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":76,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"3813e1c1-a1d4-43b8-8bbf-ec6565bcdb89","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":76,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"76a5d94d-8b8a-4078-98eb-839f1bdf90d3","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":76,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"0ffddcd3-b8a5-41c9-b214-e63d5cd6a8be","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":76,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"97556d6e-0672-45b9-bb9b-1933d3abcfa8","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":76,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"ddb319dd-fd84-4095-860b-6aef11f70d67","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":76,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"af66707f-658b-4c59-87fa-84d3941a5a28","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":76,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"0e86939d-181f-45ad-b25f-c807c5732d58","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":76,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"4e3ecab7-fe8e-4a12-aa57-b6ee55a7a8cd","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":76,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"af57bae4-7e96-4929-99c1-a14a3e664c63","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":76,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"a83d5aad-ea41-4f93-a539-241fd1fcb58f","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":76,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"96ffe857-f02b-468e-bfcf-064ba98b1231","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":76,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"f4d8bb04-5df7-4565-9135-613b55545884","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":76,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"16f57c6d-7bb0-4347-8ed3-6642a24f4b12","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":76,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"a1773bf8-4d39-4807-9a3d-67da7c6dfdc4","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":76,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"2444cfd1-7705-4792-99c0-49cde5161689","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":76,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"6c30414a-fdb4-4896-86b4-18d49fbb28cf","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":76,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"b1e73804-d726-4c3b-80bb-2301b039af16","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":76,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"a6384644-8c15-4e9d-8cd1-72293796a258","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":76,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"61b209d2-9ee7-4ea4-9153-5335acfcb628","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":76,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"ddd6e7c5-1fc6-4bea-b93a-1cc1090d8ae6","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":76,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"5f6e9459-b5f0-4942-b9d3-bfa96ce98a2d","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":76,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"ca3377a2-ea7b-4207-abcc-5143fa041906","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":76,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"df53f1d8-f2e7-477f-b3a8-c3d79a03bb26","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":76,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"6880bfc2-5bb0-401d-b541-dde607eea692","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":76,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"41396ca4-29f5-411d-8033-17f7651a63af","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":76,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"435a4d41-d90e-4ace-9d40-33e3508d9a15","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":76,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"6c5c75fa-4c4b-4f38-a4c7-5f2a53514313","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":76,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"987e8083-8d43-4e2c-8726-5cdc0afe1f91","block_type":"box","text":"Inflation Risk.","page_number":76,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"c4803239-22bd-4144-9db5-955bde2e9120","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":76,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"dbf4e475-667e-4fc7-810f-b6742e99e7a4","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":76,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"f8f85ba2-1309-4220-acc1-c06229e54845","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":76,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"381badfc-c995-4e7b-aee0-10ba10331805","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":76,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"d134f7df-cd4b-48bb-9205-a05edfcdb248","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":76,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"be1b8657-3fae-4e95-8d77-956a117139c5","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":76,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"222458b8-6192-4f4b-aff4-ece6a9f45e91","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":76,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"d60dcd00-ceca-4816-a885-a1dc18a7ed72","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":76,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"5635bc6f-6b8a-4015-bddf-75b865a8bf75","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":76,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"8556e7a2-c226-44dd-a7c8-cca60a450c48","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":76,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"1b203bb9-7270-43fa-854b-9355cee19b30","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":76,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"ca21fc10-026a-4f6d-a3a2-fd95efde005d","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":76,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"1a927aa8-afdd-495f-adcb-5830ac00db3c","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":76,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"05532a0a-ed54-4731-a357-82816da3d9b9","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":76,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"66007281-7a23-461f-89c5-2c50ffb18c67","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":76,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"eb900e7f-cb46-413c-ac31-443b7e420695","block_type":"box","text":"II-34","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf8b34eb-14df-444a-9bbc-f9dd4b4d44ff","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b34c493-705d-4083-85c3-e3014d51dabd","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":77,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"faa47fda-b47a-4cc5-9ee5-f482033beb94","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":77,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"053a2043-6250-4504-874d-1f0b7e88c058","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":77,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"276749b0-1aed-48b2-9ce6-1202b155f90a","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":77,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"752e3a53-092f-454f-beb8-599374e345e3","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":77,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"554f1f04-ddce-4a0e-b689-d6113a490344","block_type":"box","text":"be available for very limited periods.","page_number":77,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"feab638a-ab74-4a20-b874-6e8f6a9acd97","block_type":"box","text":"Investment in Emerging Markets.","page_number":77,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"ba25f6d1-7d62-4bbf-9f1f-48822b2feede","block_type":"box","text":"General.","page_number":77,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"26fdf779-f186-459b-869b-b53dbf34b765","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":77,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"328885f2-6b7d-4dd9-966d-910eb4450c5b","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":77,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"1f72ee19-bef8-4f83-987c-9667f34a2abb","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":77,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"830b82a5-71f6-4f12-a126-c56a135d82fa","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":77,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"7adf6146-d524-45a9-bdfe-2b78eddfdfae","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":77,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"9e1ae1f8-5d58-4cca-aa4c-25b9bbf9c563","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":77,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"b7e36c8e-12e1-4a61-972d-d17abdff054f","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":77,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"fe5cd458-513a-4023-b9bf-83e7056d5886","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":77,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"e62f64c3-6ae9-4d1e-b670-6515104f610c","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":77,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"27828259-3ba7-42f6-9db1-64142cbf4dbe","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":77,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"32413173-72cb-4436-9257-58e80fd66044","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":77,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"00f2a792-a2a3-4279-8981-f017d3092eaa","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":77,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"0fb3ec64-03e4-4beb-8dfe-96c02d00860b","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":77,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"140c29f7-1892-4e9f-b287-f19b736d3b65","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":77,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"4a50da85-7147-43d6-b099-618f432f5907","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":77,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"9fb2940e-2147-4c51-80ea-385aacba466b","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":77,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"065d2e2f-a831-4ada-a1c6-2107ab216790","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":77,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"07e41a0f-d27a-4194-922d-4f53155aba39","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":77,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"15d1e928-b717-4610-b756-618eb5994bd6","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":77,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"8b301fb6-485a-4cb5-9612-fe05edfc747c","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":77,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"454326b3-e799-48ed-91f8-4ed5bc233067","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":77,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"6996723a-4c41-4dcf-92c2-729f2ad0fea5","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":77,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"b57b55c4-14e4-4482-9765-0b2702aee84a","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":77,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"4c169664-256c-4cdb-8e1d-4c21bfabecc5","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":77,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"87f7aed2-cdbf-4ffa-99d5-d2bc47c17385","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":77,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"a984fe16-0c49-4643-9f32-9cd941dfd8b9","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":77,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"50358879-905a-4724-9849-b55b57d678cb","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":77,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"ccaebd50-7c57-4b66-ab31-1ab09b3f6f74","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":77,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"71763685-463f-47c3-b2b9-0ea963627d40","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":77,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"6b71ab58-fd90-4db5-81a9-0bce15915832","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":77,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"0858c7e3-e640-41c2-9f41-a42054983afc","block_type":"box","text":"volatile than investments in more established markets.","page_number":77,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"9704b879-3e73-4818-88fb-3a2f979040cc","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":77,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"0a77c65f-ebc6-4b21-863d-dc54afa6a886","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":77,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"73fa75f8-1d18-45a1-b1bd-600e45d6e58b","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":77,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"534c4610-be2a-4150-934f-ff130c39697a","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":77,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"fe5a55dc-1a6e-4f9a-a57a-b31dc02db8d9","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":77,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"6af77bbd-2750-4e0b-aea9-8344dd736ac9","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":77,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"753059c2-ab16-4e73-9b1c-92bdc0e186e6","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":77,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"10c6295a-4bfe-405e-ae1e-639f5f129a07","block_type":"box","text":"acquisition or disposal of securities.","page_number":77,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"380524df-96cf-41bb-a4bb-f73f26336afe","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":77,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"1b28e03f-ed30-40c0-badd-2b77630be213","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":77,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"e5b62083-6ab7-4922-be9f-42495aae7552","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":77,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"472f56ae-acb4-4980-8f2a-a8e5f19ecf71","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":77,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"2d71d930-642d-4ca9-ab43-5582793149a4","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":77,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"c49e9c3c-844f-4fac-9668-49c8f7abaa79","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":77,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"da90ee0e-cf8b-4151-9496-42401a2b2d66","block_type":"box","text":"II-35","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c8b1915-703e-4e97-b4d8-e51376dc8253","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c395aec4-a962-4444-b6c7-07fda0cc99ce","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":78,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"de1065b3-6bc0-47fb-8227-f64b0ddcbc18","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":78,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"3069f2cf-6470-4cf7-bd63-fb89425a1321","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":78,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"ec8994e5-3461-43d6-95fa-3dd5d3abd4bc","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":78,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"15650822-d1cf-4661-807b-3e4ba4b8b532","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":78,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"881e2a45-fee5-4a9c-a8d2-9677d7076590","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":78,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"19d1ec14-fd7a-4b50-988c-a57068d97df5","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":78,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"bf0c5fe0-68d9-4f0b-84b9-a7399117b808","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":78,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"18288ea1-f1a0-4f3a-b094-fcc1fcebc9c5","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":78,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"561ae0ec-4873-48f4-89af-20c7197d49f0","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":78,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"08e631c4-855a-44db-be6d-01f46bbf8673","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":78,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"e0e3a78f-afea-4913-b7ea-ea726fd63d85","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":78,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"40514ff2-2d20-48a7-8a33-6ba92f54ed3e","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":78,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"e20a7dd6-f581-4adf-836c-b7dd3e4d0b2e","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":78,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"56a396be-ecfa-4762-a485-e5d530b0de4b","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":78,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"be5a3f78-7efa-4ea7-b29c-a72bc5805422","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":78,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"64d7398b-3920-4c96-b1f3-ca27ab87fd76","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":78,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"c80c5a4e-99c5-4b12-a7d1-84225c706f20","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":78,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"2d275836-a33a-4717-903c-bd5a8708031b","block_type":"box","text":"performance of the Fund.","page_number":78,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"92df07e4-a0db-4f34-afa1-d988cdd26933","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":78,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"3596ba81-5c2c-4222-aa01-268cb7bc2bfe","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":78,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"c79ae5a4-484d-4a67-b2d9-6709a4d3f9f1","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":78,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"97fbf595-0b6e-4a5b-b114-1c31434fe6d8","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":78,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"8669fdeb-1ebb-4417-a447-30e79a9d2a27","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":78,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"7b271aee-33b7-48e8-85dc-f57f37efddff","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":78,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"98af24e3-f4d9-4671-ba51-84318475b447","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":78,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"f4c82e5d-debb-4078-b233-73fdadc3db1e","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":78,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"3e1d0ac3-dd5f-4543-80b7-b56741dd970a","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":78,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"82da9dfb-f41c-458f-983f-2dd3cd275e14","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":78,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"25ce4c9c-4f4a-4e69-a633-3e2b0b172224","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":78,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"208070ce-0fea-4bae-b11b-c10167ea04c8","block_type":"box","text":"affected by a variety of factors.","page_number":78,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"c21a3ee0-9898-4cfb-a9ae-12e94cb49458","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":78,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"75904046-cc3f-4eab-9e32-8bbc26cfe8e3","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":78,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"93ba9826-9c2e-450d-9138-1a0f70d17023","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":78,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"053e17f0-0a1e-4b4e-bec5-6191c12a86c0","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":78,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"c54ce61a-85c7-46c1-86c5-bc5119266f67","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":78,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"d63e2ce5-93ca-4095-a9a1-a5f6584eafe1","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":78,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"83bfb854-b280-4a99-8d3b-e6ff073e773f","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":78,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"454108f7-fceb-4358-97b4-af69772142e6","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":78,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"ef9b6c3b-2193-414e-be22-80cb8dcc1116","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":78,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"49c15d42-a71a-4566-8a0c-c2f1b85a76e6","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":78,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"52d3b355-ffc7-4733-a6f2-003cf55afa44","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":78,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"9c6c4609-7942-40b5-a86e-0f6801b9aba4","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":78,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"d61fdb96-b7a7-425c-b99f-210e44541449","block_type":"box","text":"nations.","page_number":78,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"dab518c2-99f4-466a-8cfd-4934900e01c9","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":78,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"e1e5ba88-acc7-482c-bd89-bf4da176d90e","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":78,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"85899d4c-9d72-49a2-b727-010c68596f49","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":78,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"bc0b50b6-0bb7-401d-a995-80b2637a1df7","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":78,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"346656dd-ab87-466a-8c94-781cbd3445f4","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":78,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"8124b213-5476-4aaf-a95a-9963c30a1623","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":78,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"fc626283-c655-46c0-98e4-dba51c3c9009","block_type":"box","text":"market Asia-Pacific companies.","page_number":78,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"c43f5e39-1d0e-46da-a61d-3ec58372db7b","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":78,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"fdc349c8-81a3-4754-afe4-81a6ec506f4f","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":78,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"99c7fd18-29a6-4f56-824e-2717845b179c","block_type":"box","text":"services for such securities outside such countries.","page_number":78,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"6ac08b21-8ccc-4cf5-829c-276f33b58cd7","block_type":"box","text":"II-36","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c01e2142-6862-4c48-93b2-04d7aac810d5","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"622afc3b-0d7f-4fec-9f93-79d1bf2689b8","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":79,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"46f38ab5-6ac8-4d19-8a6c-35120649ed6e","block_type":"box","text":"to commercial banks and foreign governments.","page_number":79,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"8794d9d8-5b62-4745-85e0-0fbba1245402","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":79,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"934b1de9-3a92-4c34-a8cb-09ea3803790f","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":79,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"1a4e4224-4c40-476d-9526-486e36ad3fee","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":79,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"799994ce-207b-4d54-be16-c2d0ab503d52","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":79,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"993e72db-5138-49d4-b97a-633d5b26f9f8","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":79,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"ceab7843-576e-45b2-938a-d82c7941f329","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":79,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"8488a602-a677-4323-99c9-22c654ee3374","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"d793d7be-1a69-442a-ac10-8434cbdc68ed","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":79,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"5d18e7fb-bdeb-4b74-aa91-205a6fb36d68","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":79,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"b308b6cd-5645-4817-82c8-a27977b20d76","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":79,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"4b193fca-27ce-4ad3-a13f-9356fc92a9d3","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":79,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"c22130ee-c290-48d9-9953-ee198eeb6a2f","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":79,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"d5c82b0d-3acc-4626-b674-b9fe347a3dd7","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":79,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"aa86452f-f14d-4a0d-a876-933441a5f2a3","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":79,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"97473ffd-4b71-4def-a382-a81239ea10f4","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":79,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"836fcaa8-38b1-4df2-8788-ab85593cc5de","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":79,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"5a80e694-fba9-4b0f-b703-4b8e1545deb9","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":79,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"895f7868-840a-4e79-9ee1-6b640a0a4dec","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":79,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"4e56319f-13e9-45b3-8eb7-c802026ce162","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":79,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"15e572fb-30e2-432c-82da-f4152a1d87fc","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":79,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"b8d3781c-c8c3-4497-9623-99132843e01b","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":79,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"8f37b346-6a15-420e-9950-d3ee0c08cb97","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":79,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"834ac6c2-d0b7-434d-b4f8-eccedab4e4ab","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":79,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"d2a8a22f-3afe-4d2a-aced-4804b779492e","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":79,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"fa3e07f7-3d17-4949-a2ab-4150fac7a59e","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":79,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e46763fe-0bd5-44dc-a59e-a0a94af3d9c4","block_type":"box","text":"investment at that time.","page_number":79,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"1ad70d95-0f7e-4492-9352-9defd3b172c7","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":79,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"6e74e713-4d2a-4035-9017-46f609d350e1","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":79,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"c55489db-e8e1-4a3e-8c9f-9204a17ea0cd","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":79,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"94c2deea-7fcd-461e-b462-433471d5ce68","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":79,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"8a2f2d57-44ba-458f-9ac2-bc16e19a533c","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":79,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"74eff4f7-aec1-4514-a88a-355297c6776d","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":79,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"bc95c537-58f5-4291-8895-717bdd2a3160","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":79,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"b5177554-9a10-4ec9-a0bf-6748c52e0477","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":79,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"85c6f1ed-22ff-43e2-ba31-c5ee282e4497","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":79,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"78230ddc-a1a0-425e-8792-d00e81e47219","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":79,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"a4345820-d822-4e3b-b1bf-db9a13190195","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":79,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"9ddbd1b4-4a6c-4e41-ae48-29268fa47278","block_type":"box","text":"government).","page_number":79,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"9160faa9-0e22-4dda-ae0a-797687c4e6fa","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":79,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"f1d70e0f-ab07-4fb1-8398-bdb7b70b99b3","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":79,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"cac6693d-0200-4d95-ae46-38b944e40c9a","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":79,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"01fba642-571e-41af-9f3d-8cfdd7c1aa8d","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":79,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"804e08c1-5ffa-4563-823c-af70f2ab5530","block_type":"box","text":"foreign banks and other financial institutions.","page_number":79,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"24245450-7bec-4ef1-b6cd-05aee09e1570","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"f188a421-a100-48c0-9304-5c48254f94a6","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"96dd38a4-b0dd-4d44-af04-3e6763ab4d05","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":79,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"f9825365-42ce-404d-be9f-e87ca7827b32","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":79,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"0615ab8d-cbe5-4e18-87f6-ebf82aba37f5","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"9fc0fc0e-63ea-4792-82db-f51d2802d878","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":79,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"e68c3269-8c32-4320-863a-1c9d276546cf","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":79,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"20e68f66-d40c-4cca-83c6-6954cbddba04","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":79,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"93415730-366c-4bbf-b71b-38a99bb752c4","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":79,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"682caac0-5600-4f49-a1c6-e475243cdb27","block_type":"box","text":"II-37","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46293257-ca63-4a5f-b4ea-b80a47309c7f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4842952a-da60-426a-8185-ce7803a81b58","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":80,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"ee00fa42-a119-4bec-b2d7-f9f228434978","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":80,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"15abbd63-e5ed-4216-a5d8-765c100ea0d2","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":80,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"5ea075bf-389d-4002-98d9-df7f362cc905","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":80,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"737363b0-180a-4275-8b9c-de4da33015a3","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":80,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"e60c0259-2b5b-4187-8475-e61d113bdde0","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":80,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"2d55350f-d48f-450b-84e0-b0a65ee4614a","block_type":"box","text":"foreign securities.","page_number":80,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"f4ec682c-f1cd-408a-b97c-fad3399edb66","block_type":"box","text":"Risks of Investments in Russia.","page_number":80,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"baaf0a9a-239a-421e-8009-30dc885bcb13","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":80,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"751b5f95-194b-4099-b1a2-34ee487298aa","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":80,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"487423eb-e965-40b8-8e20-f765f058a7fc","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":80,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"f934bcc0-a9b1-47db-b9c5-73fc533ac9c2","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":80,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"337c1891-e895-4831-a736-253949637ed5","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":80,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"2e8f3ace-970a-402c-b9da-75aef6649087","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":80,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"42619b32-9c98-4bfd-a62a-34967e2833da","block_type":"box","text":"developed markets.","page_number":80,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"f1eb5437-1985-489b-b07b-5bcf3e4be0df","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":80,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"d2999e72-834a-4f69-83c8-7ae31c476bdc","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":80,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"7c996490-38a9-4892-aa57-a6498c36ae18","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":80,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"d4cc4ea3-6d86-47b6-b98b-72cc5c773ce3","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":80,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"c8dd0409-5f23-4a82-8fa3-1bdb4adea1ea","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":80,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"e251a321-7a2e-44c5-a06c-871130147cfd","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":80,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"0ffe451e-b517-49a2-85c2-700e9ae63217","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":80,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"15b4d949-21a8-469b-96e5-ed7ffe2f3f59","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":80,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"3feabeb8-d1a4-4c4b-97c8-9a337ad765b0","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":80,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"cb7214e7-44ee-4631-a1e7-d48bd14d1ca5","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":80,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"fdd75cae-541c-4232-b804-dcb521c38612","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":80,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"86eb59b0-23d8-44d0-93c1-3c546aeb6782","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":80,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"518d3f82-7269-4810-a2c3-d64b7ed1e07d","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":80,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"b463bf72-decb-462c-97d7-d401af4de030","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":80,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"87114118-b56a-4385-ae05-9427b8e01797","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":80,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"46079670-910b-44a0-9549-7091938ca704","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":80,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"5f9da974-74e1-4e7e-aad5-7b3ffc772048","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":80,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"a7a2d097-81d0-4366-8fc9-0186175d3e18","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":80,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"e9436c62-4e8f-4dda-aafe-5d482398b07a","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":80,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"cfd803be-8202-462a-bd1a-e96197232bfe","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":80,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"2bbeaa21-75cb-4fd6-847d-5d15d0ccbfb3","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":80,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"a6c5eeb0-75f9-4831-ae22-3c9216599417","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":80,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"0b3ee7c7-51f7-47d2-95a1-f31e5295bc6a","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":80,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"f5f1f681-68c9-43a5-900b-7956d894fef2","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":80,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"dd7503d7-473e-45eb-9959-25fb0c62c52a","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":80,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"0b06c582-d1ff-4e59-a6ea-d1fa2f3e449b","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":80,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"51ebc593-8605-4912-ba94-f9fac3edb93a","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":80,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"d9804b09-920e-4f46-af16-2c33c535961a","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":80,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"9db0a22c-52bb-45fd-bfa8-5f4c3691c371","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":80,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"254b8ba1-b457-4e0f-8e58-ebbc8cb92581","block_type":"box","text":"sectors globally.","page_number":80,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"ac60f667-6d1c-47f2-a171-a0ad256c4c21","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":80,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"f3b68566-fdc3-4ea2-9f16-b6ded6abd34a","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":80,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"1e1c8f8a-1764-4605-a9b5-cfaa93b707bc","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":80,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"ec005062-bc17-498f-90b1-ddaadd50d35e","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":80,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"60800980-1bcc-48b7-856c-8c3bd604c2db","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":80,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"3a19e8ee-95eb-4a45-8511-304ed44220b4","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":80,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"834e96ef-c16a-437b-8692-9cd2271de76b","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":80,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"a8ba6c8d-410a-4289-8f29-5ccc70b50bfb","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":80,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"cc4167bd-be28-4b37-b6e1-b9d1a721a737","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":80,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"33d90e25-75ff-45ac-9da1-e1a91ba4e6a3","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":80,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"c19c0174-9229-418b-b2f2-000e6e4da70e","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":80,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"2f6698f7-cbf1-45f6-bf25-8730ccbfd141","block_type":"box","text":"II-38","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"346b206e-105e-4438-b76e-66df74f2307e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"628fcc62-f5f9-4c1e-8daa-414dd8936132","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":81,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"0758002d-6748-4cd6-9ff5-6afd23a5402b","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":81,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"57284ffe-e3bb-433f-a02b-252d6a1a6dd2","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":81,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"54c79953-57ac-44ce-ac5c-1e02eadb791c","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":81,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"94d31f0f-994f-475f-b368-2b7e510f2b96","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":81,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"1b09c2c2-c379-4304-8b18-be930ba2bcd5","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":81,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"56736e2d-8e20-49e2-8892-e08452b5a338","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":81,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"0ee7d56a-c320-449a-93a8-94467c719d31","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":81,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"ba9d6a52-cf6c-417a-9dd3-3fc93f71c4a0","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":81,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"dab34764-be1a-4377-aaa3-8ad9098a3404","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":81,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"6a815ce7-a12c-4a3a-ba6d-661b05aefe87","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":81,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"35997bf6-e89b-4a95-bf51-315e520d0577","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":81,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"02b2dce0-e278-47c9-9583-aaf55598c160","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":81,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"9b83eda5-8a36-444d-9196-bc61c0a77432","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":81,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"8bfa1fc1-3f04-4c59-8c27-733d8e9fc1ff","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":81,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"39b676ae-b778-4255-b422-329d41520d40","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":81,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"8a488113-a2c6-4fa3-826c-7546020b54e0","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":81,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"f37f5553-b2f7-4610-b608-4ed2bf72dc3e","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":81,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"da150e73-deba-4363-8fcd-ad09317fe30e","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":81,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"635d7d62-d204-4ae7-b3f2-06bc97a18833","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":81,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"3e4a98a8-4901-469e-b56e-2af7a734ee35","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":81,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"721ac228-a3b8-4734-bf12-8c37e445039c","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":81,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"4f81f324-7fc4-4abb-ae44-ef510ee5fd35","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":81,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"09970169-281c-48d5-b30e-74c554dde3a7","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":81,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"9a884727-71c8-45a8-b97b-b5a4019f8772","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":81,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"32c495de-a05d-434e-a148-dae32d492641","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":81,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"cf17e3b2-f99d-4c22-8447-a0c5b1194537","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":81,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"b9c9c746-cf4e-492e-a63c-0889a97f1d93","block_type":"box","text":"impacted.","page_number":81,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"924d171f-540c-49b1-be41-e1f7af3a7f05","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":81,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"fd31ee4c-5f41-4596-98bb-877708c380b2","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":81,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"ccb361a8-c26e-4812-906f-af5b85f55b21","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":81,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"bfa05430-3859-484e-b1ab-667676aa8034","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":81,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"c56ce565-da54-45f5-9d25-2534cdc7de36","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":81,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"fcde548f-4ef2-4d03-84a9-7c2ef6032fa7","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":81,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"f57ceeab-0c67-45f3-a226-817eec1a2ffb","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":81,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"eff000fe-99c7-421e-bef1-edddba4ab178","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":81,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"46acf02d-07b1-420c-a865-74cad9561710","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":81,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"d105f972-d358-4816-ab18-8f6e7bce86fa","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":81,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"454bb607-0209-4517-84f0-980ea286d763","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":81,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"4b6e9fa1-4922-4ef6-9e8d-757dde8d6dc4","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":81,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"11163bc2-a986-4934-9338-fa5625ee38f8","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":81,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"cf702476-e20b-424a-83ed-cb6e3b3fc88c","block_type":"box","text":"economy.","page_number":81,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"452a4dc5-bd3e-4955-ba9e-f923d760a603","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":81,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"5fec9868-dcbb-41a8-9111-70ef5c6bd797","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":81,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"4396dc4a-eb13-4456-8c55-beb76d04dd9e","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":81,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"725af8a5-5caa-48e4-851d-f88a87a20cb6","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":81,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"586706d0-2aab-48b0-b026-bfd7db500fcf","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":81,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"67f52b79-fe05-4eb6-be1e-ed7bfd913192","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":81,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"cb999d75-4b48-4f8c-b60c-f3dea8ae489e","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":81,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"bc91eaa7-96e1-4c6f-838f-d1c01c5ab300","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":81,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"b9c7b881-aa2c-439d-8dee-cc11e82dfe91","block_type":"box","text":"typically the case for investment managers.","page_number":81,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"fd5ad1b6-2657-4e37-a12a-7b6f12dadb03","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":81,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"2f7c074f-55a7-4586-9c66-40b8e95e93cc","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":81,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"4e5412a5-7cbb-4489-b63f-519f182f3496","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":81,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"579f9d3f-09e4-49e3-8084-197d1dc96143","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":81,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"33b0f6c9-07e0-4f16-a9fc-0ec330f3edd2","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":81,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"786aa9a0-ab67-4c9b-9205-0fd62d257798","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":81,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"2164311c-fa5b-4202-92da-caaf61a701a4","block_type":"box","text":"II-39","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b474f45-09e2-488d-8e7c-83ffc0cead53","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23997b83-edb4-4868-be95-7ba311ce5fdd","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":82,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"4b682e6a-3426-4c23-9a75-5adc11ad8d6b","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":82,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"82e0e82b-4b56-4c89-a937-fbe2494372b2","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":82,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"4fea7d5c-08a9-4d38-93c2-fa67ed01ddd1","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":82,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"f9f8b0f4-f7b5-46c4-b9c4-44333af05285","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":82,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"54d88116-0dcc-4ccf-8359-4156d44edd84","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":82,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"18178651-9139-4323-8da2-c5eedbf1c1f7","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":82,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"8b1e50d3-9cb9-4678-8e37-de16651ec56b","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":82,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"2f9a1f8b-cb43-4068-b188-9c1550d6e854","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":82,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"7d4e4278-6ee4-43ea-853e-fba6eb16ae8b","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":82,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"f2f263da-7570-44e5-a07b-627f8572b0c1","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":82,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"235e0e8a-9374-4267-8e9d-0f6bb5425964","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":82,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"430fca99-02c9-46da-83d1-1b4a16834ef7","block_type":"box","text":"will be indirectly subject to those risks.","page_number":82,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"7d19ff2b-8233-49d3-a4bf-085b0111bd9b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":82,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"514e0899-9bff-4bbb-8a99-ab6c9006b708","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":82,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"c5fb22a7-59fa-4c59-a9c2-f9ca424605da","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":82,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"8535c838-6513-46dd-b861-2a4485e41bae","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":82,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"df507f99-3f3b-4fbc-93fe-fad32929dcaf","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":82,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"139aba8b-a2ce-4bf1-9574-65fa421011d7","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":82,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"a7f92507-d4ec-425a-ac63-8f55b8720f45","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":82,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"8ea2cd75-838c-4f89-a720-a13f74c58100","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":82,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"d88f1aa0-4fd8-4f9d-b90f-584636b1090d","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":82,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"3878703a-32d9-4530-8574-a07578dde961","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":82,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"5d7e3a13-cebc-4ec7-b7ca-10d60eb3e7ac","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":82,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"ccf4095a-bc53-4529-9d1b-b876cb2fc519","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":82,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"8ba1e0ed-854e-49d0-96ea-6cf7fcc9be39","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":82,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"1766401f-9448-4485-b5d9-dc98f438f42e","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":82,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"3ced4e18-f0cd-425d-b0ba-3a4535c67d3f","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":82,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"807e02aa-0244-4416-8e26-57e7defa92ad","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":82,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"86dc93a6-4f34-4c3d-897f-62ee3f49dc3c","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":82,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"56954fc7-1fb3-4ead-8cd0-e33eea115d13","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":82,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"160b1c5f-761a-46db-adf5-1f1c2d07c1e1","block_type":"box","text":"impact on a Fund’s investments.","page_number":82,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"ee4e6865-ae0a-40aa-b28c-817227806c4d","block_type":"box","text":"Brady Bonds.","page_number":82,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"c758c005-f611-49eb-b281-da7530c5f5e0","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":82,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"2e938339-94e9-4d39-bf3f-f9932ca26d51","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":82,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"d5640c74-fbff-4c08-ba28-a55633246cf7","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":82,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"5fe302d5-dde3-4e55-a078-e0d73cd98d4d","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":82,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"b19d736f-3619-42a2-aa8d-06210594d038","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":82,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"595323b6-d9db-4d91-af22-77222259404e","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":82,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"9c514fbe-b7ff-4e8e-9212-d396d373d7ab","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":82,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"aed24f36-80f4-48a4-a95d-57a6bca47ec0","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":82,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"90096438-a99e-4e4d-af0e-8b3c7ed67f90","block_type":"box","text":"Venezuela.","page_number":82,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"4bed7e58-1cb4-4512-8bf8-af7d534129f2","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":82,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"60045093-be12-4e91-8a4d-bec087cba513","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":82,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"23d7599a-6189-494b-8148-ab0685685f34","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":82,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"72c6162a-f2b2-4d53-8a34-41b76a6b76d7","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":82,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"d256ba7d-d028-4980-8795-437e6027fcb9","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":82,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"b0ef1c81-4dfc-402a-9b13-7b8f7ef8122f","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":82,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"accac04a-f6cc-412d-8fa8-e6cdd811cbcf","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":82,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"83373d7b-4402-4974-880a-caa314f3ea15","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":82,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"4f8ef52b-26ac-41ea-b77f-fcc4e2f7f1da","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":82,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"d033d9a9-aa97-42cd-92db-51717d088fe0","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":82,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"c3f731d8-e361-497b-8fb0-6fb4d6335427","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":82,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"c78d69a6-761d-495b-9e38-a98464605d31","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":82,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"f11bed24-3b0e-4bd2-94ad-45c8d400b804","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":82,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"f00b1d36-d7e9-48a1-8356-8d714448aef6","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":82,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"1f09be94-ecb1-440f-a41b-fc4d778b1337","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":82,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"006b1ca3-4ea8-4c13-a699-daa7d54ea07c","block_type":"box","text":"II-40","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2fd4029-81e8-4938-8b77-7fd1554a3e48","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2afd226-9939-43cf-b932-44027bd2fa7d","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":83,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"81267154-7f5d-4de7-ba61-ffbb6b1a5bdd","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":83,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"c00898c7-b8b8-455f-b553-a5bcb6e3d8b3","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":83,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"74cc5cb6-301f-4820-bdc5-a78deb1d5e99","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":83,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"afafdd7e-6c9e-49d5-b077-83a51e36745a","block_type":"box","text":"China Investments Risk.","page_number":83,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"e2a67626-8c2d-47ec-bff8-e1c4f3cb0b13","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":83,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"0d38d438-0b95-4f48-9af9-57b64a60608a","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":83,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"4c964553-4bc3-4035-9811-5e5b9fa8ecfe","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":83,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"254690b4-3910-46ea-ab6e-c65fbde6e324","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":83,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"70a9ee9b-de8d-441e-b1c3-141731dc0232","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":83,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"95dd5b67-475f-4e4e-a051-63065dca69df","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":83,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"255e83e4-b16f-43a9-8431-a1c2117c3186","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":83,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"473380d4-66a0-472f-9cfb-565e5a4b2305","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":83,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"29f1eb18-60db-4ca1-82f1-285676b2b791","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":83,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"d402e49e-710b-4641-a37c-e52ab23d6e88","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":83,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"8116027d-7f07-4dd3-814a-7237f5bc83a1","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":83,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"7ef0b6ae-7cc6-4d2b-9199-16aca24e7452","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":83,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"ec552510-d754-4717-ad5b-0e3ba2868a3a","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":83,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"e8c6f96a-f30d-47bf-b8c2-27e8c86ae46e","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":83,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"449ee363-a02b-4136-bcb6-0ae82b9d66b6","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":83,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"d56082db-32c7-466a-b11d-245d4489f0f9","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":83,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"705f54ae-430a-495a-b7e1-95ec4f8b9de6","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":83,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"8c1a93aa-b649-44f3-87e0-ccc08ed0f2c7","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":83,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"f6a40eab-28fb-44bd-87fd-d6881c35e5f7","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":83,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"be48f3f1-be42-40a6-bc5f-1eadf2950193","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":83,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"ba186a89-bdb4-4841-9f4c-4fcc1034ff82","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":83,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"976801fa-6eee-4e70-9958-33eefb7859cc","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":83,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"0d4cc83a-d4c0-4f91-8b48-a502a26a225d","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":83,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"ebb70b73-bcb1-466e-84c5-b1e74689b37b","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":83,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"72fb5b61-4bbf-4c70-b101-94643d492a25","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":83,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"30789c48-b3f8-4bf9-b4d2-dc7b7ab7eca1","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":83,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"15269156-38bb-4e0d-857b-e4268803e03e","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":83,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"1a674dbb-ebae-4fd0-bc22-a495ddc84f3c","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":83,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"c4009d40-b0c3-4db9-82a2-f0bc6c0cc27b","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":83,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"104a4f60-ae41-4992-b3d4-5ad89691ccc3","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":83,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"17adb2f9-fb4c-4f33-86ca-c57b87813fb0","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":83,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"5e802792-3be7-4337-b46b-5dc0303fa0a9","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":83,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"a30bdbe4-8cc7-4adf-913f-6dfaf851f911","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":83,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"19cc857c-3299-4a20-be0f-036d40a84442","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":83,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"0371f570-117b-45db-82c4-4fc293006bae","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":83,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"2e1b9bbf-1c87-4086-88a6-e8aa3767fe14","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":83,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"5a065598-2d43-43e0-8e44-a2879718806b","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":83,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"cabaf8d1-fa9b-470e-b405-c4153564692b","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":83,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"621151dc-b194-451d-a627-6103e7dec49c","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":83,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"a5e76d16-00bd-40ad-9ff4-90558efa788b","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":83,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"7c2b564c-9cf0-474a-ac99-e5346b5bf4d4","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":83,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"2b962ef2-9c2d-4ad8-a60f-a8b46f81c85c","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":83,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"f24a085d-183c-4d1f-b30b-594587cba80a","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":83,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"9de3daef-5cd7-4219-b9c4-00b90b51e070","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":83,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"1b9a97dc-136f-4ed0-9125-354e0bc7f375","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":83,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"58cd09ed-48e9-4dd7-944d-57f4a4cd0de6","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":83,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"f801f989-cab6-4732-b4eb-83312e0b0d73","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":83,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"5b9c8af6-2364-448a-91ed-5d57773d40af","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":83,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"e3e7f1c4-37ae-4f7a-ba02-14037d40f32d","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":83,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"58c8df60-23bf-42b6-b887-a7796e35bc2e","block_type":"box","text":"sub-custodian.","page_number":83,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"12c88bfa-2c08-4a8d-9938-8b18a868ab7f","block_type":"box","text":"II-41","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e74dd742-86cd-4a93-ba91-6bc1a915c70a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04de45b9-fb1a-4858-a4ee-80c12148f1be","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":84,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"361190a2-d9b9-4647-85b2-d357603a568e","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":84,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"a42f15ba-5bbb-45e4-99ab-195089c03e26","block_type":"box","text":"on investor protection considerations.","page_number":84,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"a33536b3-f267-4e03-b18e-18bace5e8458","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":84,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"7f8a8278-8e85-479f-8bb2-2a8256f1f69b","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":84,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"0b9340e4-0391-411c-8596-6c76b346c16a","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":84,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"de9e201a-8590-4c30-b4d4-c0b6a98ba41f","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":84,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"2484f746-5b0a-4152-9756-a73f5435f61e","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":84,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"4fbeabc6-1206-4f35-a1e9-0e5c191fb052","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":84,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"668f7c01-a98f-4074-84ee-2c842ba8a5b6","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":84,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"0cbac585-8d49-41c3-b703-98716e55eab9","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":84,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"8747d6cd-909e-4499-9035-21f7b35183e3","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":84,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"156bbdaa-45fe-4dd7-bc26-3fac1eeb8c3f","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":84,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"939dd425-5674-4c4c-b9a1-ac3cc588598e","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":84,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"7247f2d5-2e64-4ee1-81ca-1918dc2f9b77","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":84,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"b7439c6b-784e-4455-8011-57b6a6f7f7dd","block_type":"box","text":"accounting firm.","page_number":84,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"9d12df95-ca98-4cee-80e8-146944c75976","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":84,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"44d77570-ecb2-451f-a13d-cb0b21622c86","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":84,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"87c441c8-d545-4f9a-88e4-777eb5ece946","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":84,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0ce39283-9e3d-4df4-8989-8bed0a73bfad","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":84,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"18707e9a-8c4c-49b7-8b43-5714fa4da4cf","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":84,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"baa8d463-a909-4661-b43e-5d7387f191c0","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":84,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"10bc4a7e-c47f-46d1-9706-1b30648f406b","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":84,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"739a6aa6-387c-4883-85aa-14d201afc579","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":84,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"45a0e03a-c7f4-4446-9a52-fa31a0ea151c","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":84,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"ab0b1f46-3fb8-46d0-9899-871f34f4ddfd","block_type":"box","text":"RMB (“CNH”).","page_number":84,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"177b6c2d-5d3c-469a-bb02-3fe4a02ac7d7","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":84,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"d1b289e9-27f9-4a1f-8b35-a99e4c74b0d3","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":84,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"e844a92e-7dc5-49e3-8411-f8ed9935bf85","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":84,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"567a883d-5c88-441f-9372-0b1314aade43","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":84,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"8d7f7909-bbcd-496c-ae0c-c5c892e93b43","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":84,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"646b6fc6-a241-4241-a718-a179d08363b5","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":84,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"6673cc86-c74a-43a7-bfc7-27268b1e5044","block_type":"box","text":"represent equity ownership in the operating company.","page_number":84,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"223a8069-581b-47c7-b56d-23931d37d721","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":84,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"e2a4031c-6933-4de3-9e63-94643a41720f","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":84,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"e477b90b-c8b0-44bf-8de2-fab8e21fff47","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":84,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"812240d3-7525-4f89-8416-c2285af57e3f","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":84,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"83cbb4cb-edcf-4746-9735-fa352c501139","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":84,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"7cb4befb-b246-48e2-85f6-aaef3c001915","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":84,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"5e3d1770-f053-4bb1-8ef4-db0d631358ed","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":84,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"99ae1984-8a68-459b-bb10-cc545e132003","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":84,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"24ece671-35fe-48ee-b492-90241f8ac848","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":84,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"26145dc8-e34c-44ad-81cb-fdd5301f2742","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":84,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"e521014e-ccc2-4d94-83a8-170cb70252ba","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":84,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"194b2770-0a2a-4995-a8a9-1e0c92177ec0","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":84,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"65519cea-3b81-4413-9fdf-83e2f8163a67","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":84,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"783df9bf-4fc5-4cc2-9656-80fc5bf8ee9a","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":84,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"dbd0901d-55aa-4edc-854b-e6a523970378","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":84,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"6d056797-d0a6-4cb6-8be9-723f2c4e4811","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":84,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"9b234c7d-b7d1-482f-bc91-1c7b71d4521d","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":84,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"deac1ece-6eec-4be9-8d8c-167e37f24a28","block_type":"box","text":"losses to a Fund.","page_number":84,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"cc498208-b1c6-4e7a-bcf1-d2797c1e6687","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":84,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"a6055143-c144-418f-a4bc-2b5b297083ca","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":84,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"e4097730-f327-4b23-bd75-913c420b19f1","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":84,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"44114f6a-0c60-4631-8ec1-172623506b37","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":84,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"dd2bdf24-263d-447a-aee5-13c54fd35ec9","block_type":"box","text":"II-42","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19c3c3e0-444c-4f7a-9dc8-f92272add27f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6df81c25-56e7-4eea-8d84-ecd1cf6877c0","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":85,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"1154ae5c-a131-4c5a-9615-46912135eeab","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":85,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"b0efde2f-a8e7-4780-9c58-5d187e20fcff","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":85,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"5118a77b-c89a-4262-8748-4ce9bf0e4388","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":85,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"f05ca0fb-2630-426c-9297-eab5522a7293","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":85,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"d0ae17fd-f95a-4ddd-b654-b0711a15236f","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":85,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"a670f087-4122-4e7d-908f-23e100ed5464","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":85,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"a03b0979-7421-4c3d-bf20-1b89a2104de5","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":85,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"854bc2fa-86f8-4112-9b55-9601d4cc502d","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":85,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"f422627a-c107-47e0-96b6-21033beeda92","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":85,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"6221ab32-f441-4a2d-85a8-b05a237ce711","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":85,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"3d6d86d7-9a4d-4132-9daa-81e38f61b736","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":85,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"ef8c2e06-c865-43e2-bd01-d56231c0f23c","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":85,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"5b400a4c-13ec-4170-a737-1240984edad5","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":85,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"b59d6be8-ca33-4ed9-827f-25176c3730a1","block_type":"box","text":"such companies.","page_number":85,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"a8b28fee-33dc-4d7b-b3e6-710a0ebcb411","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":85,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"e7d35b23-39e8-4540-a683-6755e7855b86","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":85,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"b5ec7833-f7d5-4e54-bb90-9b2c284a99be","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":85,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"9ae1b145-bbb9-4f25-a46a-463a6d693c07","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":85,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"077a7a2f-aa7c-4adf-bc4b-d2362593a656","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":85,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"30498423-f87a-42e7-8840-4f41a12ab495","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":85,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"2f09b654-38c9-49e9-805e-91c9f7356241","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":85,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"d1bb3b3d-3245-483b-9c61-644a957f9374","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":85,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"9bee8d1d-feed-4337-b55f-32ba6a5e90db","block_type":"box","text":"standards.","page_number":85,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"b3c14544-699a-4536-9d47-ac6e8eeba4a9","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":85,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"ab4d6f71-6bd8-491b-9508-fa804d88e64c","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":85,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"d2779594-cfb2-4230-97ad-a405e56daa8c","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":85,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"48c65b43-85ad-4323-a574-3c53df6f844c","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":85,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"39c306f0-dc52-45bb-b9d9-a1c8f5f9cfaf","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":85,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"1b223d03-a3c1-4d5b-a537-540ba75919b2","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":85,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"313e21a5-b468-4e10-b642-98b8048b091f","block_type":"box","text":"General","page_number":85,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"36dd3448-5263-474a-8fd6-30d59b6dce2c","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":85,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"4e6d8ab0-3768-4218-9150-fd09d0fcff39","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":85,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"9f7bbdbf-afdc-4616-a65d-e144d2077b94","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":85,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"7c80cd74-9e0d-4f52-a239-337dab19012f","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":85,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"47d79823-560c-4853-bfb9-ebabbc82ff49","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":85,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"fca438ea-6b0e-4087-b8d3-793df279cb19","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":85,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"bb7d018e-3ea5-4520-be93-1744101b9328","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":85,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"a6ecfa2d-590b-4a4e-9f4f-8df0b255e21b","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":85,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"b15bce5a-5615-4aff-9ad7-da2afc5080af","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":85,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"964933cb-23b1-4b23-8e4f-b7579c6a47be","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":85,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"6a01496c-5d82-4d26-8c17-d10ed64e66a4","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":85,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"6d0bdfe6-5d96-4f68-bc73-a4bfdce2e872","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":85,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"1147ce30-7d3c-46eb-a01b-e09cb615519f","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":85,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"2c2ac50e-010b-4a0a-9856-5c1aff83e874","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":85,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"9d10d407-cecb-4f33-b469-0556fbc7e45e","block_type":"box","text":"company established by SEHK.","page_number":85,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"589b33f3-c50f-4111-be57-3740ae7d8f2f","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":85,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"af154dad-20d1-4410-a205-74930d99c5c6","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":85,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"64aaca24-c7ff-4b88-9f56-18d941c1a46a","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":85,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"1bb92069-8967-401d-85ed-70d3b85c8f86","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":85,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"9d5c855c-8305-4cf0-8426-ff9c712c57b7","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":85,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"3a9b3429-26ca-45e9-b7a8-38749abc7b07","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":85,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"8f9acdfe-9598-4272-9448-fdc5982a998b","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":85,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"bd8f71d0-db42-4c3b-a734-e3671bf207b7","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":85,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"928c17a1-f033-425d-bd25-8cb6266964a2","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":85,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"349b0de0-d6fe-4e4d-80c3-274fff11dde6","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":85,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"58819b6b-dcca-4e7b-ac33-d3c39c3c6c2a","block_type":"box","text":"II-43","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04d8f1c8-2592-406e-a299-ce29aff5257f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b263129-c2e8-4333-9269-d1b3716138d1","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":86,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"7b620c23-00f3-4e7b-bc7d-3f8e186bfdef","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":86,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"4ee10ba3-9a65-4fb8-9be7-3a943e5ddea7","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":86,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"e7aac548-0791-43ba-a8dc-1a85a27eebcb","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":86,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"5bdfe422-3aa8-4b23-bde0-6e68be5b55b6","block_type":"box","text":"i.e.","page_number":86,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"5a06f8b6-9f69-4e35-a916-0bec9a30b0b1","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":86,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"861ddc21-3dbb-4fb2-b390-97f1de85b346","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":86,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"fd73fc62-6bdd-4bb1-8d60-c9d173113f2e","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":86,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"e2f59260-71ac-4414-bb82-6357dabff698","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":86,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"0973b8b9-54cd-4b01-bcc7-1e434c6b4b92","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":86,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"e9996724-f4d7-47a8-90c1-bef624e8ded2","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":86,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"2f04031c-8a8c-4952-bcf5-f895ea1ca128","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":86,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"81e8c03f-8a98-46db-ad32-d5bba318810a","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":86,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"e275df01-e65a-43dc-9298-6b7d6eda3e07","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":86,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"59a35000-4617-4a2e-8373-51b1c889293d","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":86,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"403ffb70-636b-4712-9a62-a21cd4ccd640","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":86,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"fcb4ebd1-7ca4-4db9-bdfe-2bb227ed68ea","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":86,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"8aaed45f-9243-4489-8f09-b0e9a31e9d12","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":86,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"eabf050e-1c3e-4d42-b080-02ebddcdbadf","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":86,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"48f10856-e2ca-4722-91ab-f39c7427e1a2","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":86,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"370efa55-64f9-49b1-9525-4b7979086176","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":86,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"3a833f4a-acb5-44c3-af94-0df783d0a174","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":86,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"cf64d08f-9955-43ea-ab08-561e510738a3","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":86,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"c45170ae-e214-46ae-8fe5-1d8907467704","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":86,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"626c39e7-7199-44fe-98b3-8c214b98e253","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":86,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"2d2518da-e46e-4e3d-92da-30644dbb4b63","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":86,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"7ceef763-f9d0-44fb-ade2-a41e08ce90d8","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":86,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"f4f8c306-c2e9-4845-917b-2f95fc2811ad","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":86,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"553b9bd7-ef68-40b3-ad0d-937e87266caf","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":86,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"d437d3cc-1b1f-4e74-bf68-248dde665ee1","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":86,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"e7abe3cd-fe9c-4457-a7d8-3827afbf0011","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":86,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"469234d0-2e53-4180-a77c-b0e6929a19e6","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":86,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"a0b968ae-8fd0-4fb2-b192-98703872043d","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":86,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"e296b6ad-0ee2-4476-93f9-a16d45c60f06","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":86,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"528d4eac-6375-4d56-8c21-dc4a5386a833","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":86,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"4287ac08-c617-41b8-ad78-be27c55931e2","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":86,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"878d9cd0-a918-474d-a04d-c425afc5b29f","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":86,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"228e31f3-513e-49fd-b379-99b1c030714c","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":86,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"a8480c1b-935e-4a5b-91d8-7ecfe6841307","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":86,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"060e7499-2d3a-474c-bf81-954a75a42792","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":86,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"2a372ae4-2dcf-4c1b-97ef-c875c2b5ca27","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":86,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"024918a6-d8d5-4532-b36f-0a396b561e26","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":86,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"afb6c137-3510-40ad-b8e7-d0cf9a528e5f","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":86,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"e0afb183-a277-43ef-a0ac-51a19bd2190b","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":86,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"133b1ab1-d0e7-40a0-9281-bf43135d0cef","block_type":"box","text":"PRC.","page_number":86,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"c3d51563-eba7-4b29-96a8-e57e91c93f1b","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":86,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"7c4d0fb7-fe50-4285-b02d-d3b8d8b5f31e","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":86,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"95fe974c-bdce-4d9b-9034-66cac3133359","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":86,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"bf988ecd-f66c-415c-aba0-2e0ff14ecbd5","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":86,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"08dfd963-0e76-4008-8e66-22cb7410cc55","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":86,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"a1892dc6-4c55-474b-82b2-59ed17614b40","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":86,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"53f3ff07-5b5a-44d6-ab64-8a629625e594","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":86,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"54008868-66d0-42d0-8e8c-78d7f7c7dcee","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":86,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"03748bb7-bf8e-474d-97bb-39239c0f86a5","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":86,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"6565ba92-133e-474a-82e7-674747ecb5f2","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":86,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"ecf01dfc-0a65-4104-a524-57b314c4876a","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":86,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"2599b9a3-56aa-4107-813f-662c6eddd597","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":86,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"fa57e881-dbb9-4715-adcc-5205ae088be2","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":86,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"7f5770e4-ee4f-470b-9062-54865fea3451","block_type":"box","text":"II-44","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5225a298-cae2-4ce3-8120-d2dd56640ab3","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c07bff9-8a0d-42f7-ab6c-c76697a29446","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":87,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"db5b38c3-7fbc-4940-b837-2ab9447ed61e","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":87,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"4e981060-3c5d-4218-8f84-3bd575927a9f","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":87,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"245f92fd-904f-4f40-8b94-3ca2cf15bcd3","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":87,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"91bdad2b-668f-42bb-8626-ea2236908a79","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":87,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"cce0f2cc-4fee-4700-9e68-b7cba43574dd","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":87,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"64e19ac5-cffd-4aa5-8f6a-2437ee6fd8f9","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":87,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"26bf5775-de45-4942-94b0-3593337422b8","block_type":"box","text":"Suspension Risk.","page_number":87,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"fecbf202-de94-418e-a571-0792034b45ca","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":87,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"78ec1b2a-a4a1-402c-9659-ce4cdb518c5b","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":87,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"c426ed09-2ded-4f9f-8c57-a78fb5444ec5","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":87,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"06152541-161d-4460-8f36-a36b9fd2db40","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":87,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"f0d0a39c-13e7-46ba-94f4-9231c659708c","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":87,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"41063c4f-8eee-412f-b37c-0d1c0a9c379d","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":87,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"3a90acc5-6827-4190-a3ea-ff2358bc6202","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":87,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"d267b10f-2dc2-4102-9789-bc9b6f0503ce","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":87,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"42fbddd2-a7e0-4ebc-9aa4-8d2c211bb88e","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":87,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"5f855a9f-91f2-4b8d-8150-523f494b0880","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":87,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"efb82299-8f15-42e9-b61e-71e2529ad3d1","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":87,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"905e8403-d007-471d-a25d-5dbc6d0daf05","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":87,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"89bea198-0f10-47f0-a98a-e95d0064ad78","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":87,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"7313f17b-bb99-40e1-96c7-29beb50ee45a","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":87,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"37f26d91-bc8f-448a-823b-398aea4b68d3","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":87,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"82fb5ef1-a6a2-4f52-b079-20e51acef2db","block_type":"box","text":"A Fund may invest directly in the","page_number":87,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"d338c298-3a89-4207-bf7c-c3e07b8793e4","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":87,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"b949ecdb-0845-4688-a0d3-c8d2fec5e650","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":87,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"eccd5b38-ce66-4750-8cad-7cfeb127cbb3","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":87,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"f144b36f-98a5-42de-9101-0e554b678fbc","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":87,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"aee7666b-6adb-4a71-acd3-d50099fdf0fc","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":87,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"aa139bde-a994-4904-a367-48c7915b5be8","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":87,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"47c97d01-ba73-455f-98cf-98779485e4fb","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":87,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"1f37b7f3-ecd5-42d7-a8b1-83603710d746","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":87,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"076cdc09-09b8-4c36-baad-16bfc7624991","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":87,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"ea9585b0-4414-45f8-9828-712b3ed39e1d","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":87,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"438fe705-dfa2-45c3-8abc-5b36c8eb3392","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":87,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"130105c9-a612-48f6-93b6-66d7a6cc62df","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":87,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"2c833f1e-dd78-4d5e-9fad-14374e760574","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":87,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"d9ff5be9-6961-4c4a-818e-e1951b78b2e1","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":87,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"20491ecc-1aa0-4bb2-be9b-d607aaa298b2","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":87,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"56f367c3-a80a-45fb-870d-0146632eadfd","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":87,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"8a4a2ee9-75b9-48a7-8973-f34fe6504914","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":87,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"c108e50b-eb2e-43d8-bdfa-ec72491cca0c","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":87,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"7a1281c0-8f58-42f8-aa99-07bbd6ffdd51","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":87,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"a97dd9a9-4004-49b0-b64f-b7a53bafcb10","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":87,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"e6350b7b-3c43-4b85-be55-e7721f98505f","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":87,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"3cec71e3-c108-4a60-abbb-9294832be9b3","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":87,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"194b85d2-107a-403b-bb3e-724c26457bdc","block_type":"box","text":"i.e.","page_number":87,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"e8c06c02-c37a-4067-8ed9-71d2ae9e9a38","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":87,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"178a27ee-a848-42d5-abb4-29b76122c7bd","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":87,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"a6b94d89-4744-440b-b375-d3ee3d890d79","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":87,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"ba10fcc2-778c-4b34-8764-3ab2da3d6739","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":87,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"1aeea7bc-ac1f-40fe-8932-c05fa91c89a5","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":87,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"59d8e040-09bc-40dd-bdd5-6a022b227081","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":87,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"a55b4d93-1ace-42f9-b437-a4dabd52c5ab","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":87,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"7dab0b1d-0d71-4c9e-8286-7aee799fcb48","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":87,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"4a7b23c9-ae8f-4a59-b6d5-a9d5e9a257af","block_type":"box","text":"parties.","page_number":87,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"679c2880-f817-4572-aa41-2a6fae4f8990","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":87,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"2c778b4f-25d1-4325-a8b0-53d93cdaaaee","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":87,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"6fb6e05a-9069-4481-b33f-c200bd669d4d","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":87,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"68e24422-b0a2-4ad6-bd4b-f0dcbdae8105","block_type":"box","text":"II-45","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1c302e8c-8e3f-46cb-9a52-57d5868ec386","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b9d3144-bf14-4e15-a402-0720b321f060","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":88,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"6f395eaa-d5df-48f9-bc2a-ad5e7b25a789","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":88,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"6ae5b121-4855-4cec-ba70-d0f61bf72386","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":88,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"409b7677-f102-4da6-a961-a2a8516aa13b","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":88,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"ffe47267-8153-46e1-aad9-d08655cad362","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":88,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"9da07bb0-eccd-4ee3-90d2-47f2a301719c","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":88,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"6bc0e26b-e1bd-4bc9-82ab-19c14a16d247","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":88,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"2252331f-da7f-46d9-8333-817368d92dcc","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":88,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"89fa7783-14c4-4630-a800-da253ff198a1","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":88,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"52f1cae9-0756-40a5-ac1d-bfb220b65fae","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":88,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"c3805eaa-537d-4066-a147-27a547547348","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":88,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"e7aa14f4-3df1-4dc5-b0cd-46cc29e6785e","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":88,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"b53ebf31-f7dc-4e29-a4fe-6e263669d886","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":88,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"7de13214-a744-4ab7-9987-ac7d5007f386","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":88,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"575a9504-b245-4475-adc5-13885f6e7c99","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":88,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"5a2aadc3-7667-483a-af46-ab186994ce85","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":88,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"bdaa0d22-8f45-459d-8eb1-23a6fd4c7351","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":88,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"3cb9e3e7-b346-466d-9a94-3e2241cac28c","block_type":"box","text":"performance.","page_number":88,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"c158a257-15f5-4544-85be-9c41ffd46570","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":88,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"4874fb29-4aa5-44a7-8eed-daa0bd01c3be","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":88,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"92ae2e04-57ad-4672-b7d0-673a5588e1a8","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":88,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"9e59e5d6-4fd8-45da-8844-e250e41348d5","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":88,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"107afaf8-9447-422c-a46d-8ea80bb7480e","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":88,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"eb81f0a7-3ec8-4a6a-b08f-fcfcdc567f4e","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":88,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"775bed84-21e6-49f5-9bb2-a219159af5b3","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":88,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"f61642e4-cc62-42c0-b203-09ef79bcc011","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":88,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"edd42649-ce77-449a-8fd8-8fb49d26d94a","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":88,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"ce046949-11d4-4593-9876-e6d42eb1367c","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":88,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"76adf624-34c6-4e22-aec4-8b3affa0b6de","block_type":"box","text":".","page_number":88,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"c662d438-fe2f-4693-a390-2e26816e287d","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":88,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"9e496bc0-67e3-4348-93c2-6284be2d50a5","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":88,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"b179e398-86b8-4d3d-908d-6efcc15ea7f5","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":88,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"a08c37ed-9a3c-414b-91f9-201e1cd76c9a","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":88,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"db6f4f9c-cb21-4bea-bcd1-5bc8ab095ff2","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":88,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"a7bffeec-c0e3-4966-906f-b88ff9da149b","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":88,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"ad7d894f-2abb-4ec3-b396-955b5f30f3b1","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":88,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"7618be38-4eb4-45c3-97e8-32ed82f23871","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":88,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"5721e6b3-5301-4c83-b88c-7fbc62afb6c6","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":88,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"723f6c42-7d86-45a4-858f-b48e9cfe4c48","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":88,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"24acae1c-3f0f-45d2-b41a-a067587fdc3c","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":88,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"054f43ed-7129-4e4a-967f-9f9b5ff80624","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":88,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"40966384-60c2-4872-9676-ceaafdd6128b","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":88,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"e8d2f905-1274-4d05-991a-3956db79f329","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":88,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"18d34745-675d-43a7-91c5-0a22fc727dc8","block_type":"box","text":"without notice.","page_number":88,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"b867ad65-e72d-4367-83d8-b0b534df4e23","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":88,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"91e5b936-320f-4907-96bb-e4b3fe6308c0","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":88,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"87d7cb10-6982-4718-a1cd-3003a6974a44","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":88,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"f0a73164-dd7c-4fb9-bb59-0d7aa5cc9ba7","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":88,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"7cf84220-f728-487b-b67a-c55cdc9dfc65","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":88,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"e2c2de63-e24d-49d0-a2ba-7b1290171993","block_type":"box","text":"December 31, 2027.","page_number":88,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"2e6cc0f9-19c7-4289-b493-da75fa9595ce","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":88,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"a284ffb4-2f52-4e6b-8ade-64661814ccb2","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":88,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"a4a28c6e-58d8-4700-ae43-9fdf4b7870cc","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":88,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"c7abc583-7437-470a-82b6-61532cd06774","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":88,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"0613a9ee-c4dd-4577-aaa0-cdbb2eefb0ba","block_type":"box","text":"II-46","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52ff6c02-5b1d-45a7-95ca-65635bcda75a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edf771f8-f3ec-449b-8d28-fd9c8fd126a6","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":89,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"b9d48a11-e008-4b5e-b53d-3fbc97966738","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":89,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"b018861b-c14e-4a8c-aaa6-6fd857eb0051","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"fb276eac-b027-49c0-92df-5a75606c638d","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":89,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"253cc4ba-043a-44f7-9871-79008f366462","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":89,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"d13ec7e6-7bbd-4d6c-ba1f-bf1c55ba1257","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":89,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"5f473b7b-08e0-4a5a-ad3d-efd29c88722c","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":89,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"05ebd8a4-23fa-4a0c-a43e-fb9086b75e13","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":89,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"01bfe881-0013-4c92-9a5a-159602f42ea8","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":89,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"878820c3-0b3b-4cc4-bf1e-701ed34b5cbc","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":89,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"6f532f9b-38b4-4e18-881f-9b33f2abb8c4","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":89,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"c7b96bae-b009-4ec0-a592-c03e22e2f35c","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":89,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"8e0438b8-9b35-4908-832a-3d4b75921372","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":89,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"dae4a52f-a419-4dde-8537-8d6d89c0828b","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":89,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"308c24ed-456f-4db8-83e6-51368dfa42c1","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":89,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"9ba32067-240f-446e-a86f-1e87af29a0f4","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":89,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"0a56afe1-e4ad-48d8-980b-74d1ac9ec39b","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":89,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"b6ff0c51-3567-4329-9966-45ac758cc7d1","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":89,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"c550a69b-8e0d-4b99-a6b9-6fc9fc970f9a","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":89,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"b23991bb-e90a-4af4-8d71-b3ffdcec2d8d","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":89,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"a2e99e57-cad6-4561-9211-39b627aaac70","block_type":"box","text":"the PRC in notifications.","page_number":89,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"d856c04f-a1c7-448e-a44b-e1dde0c91b3a","block_type":"box","text":"Investment in Other Investment Companies.","page_number":89,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"7037de48-f8bf-446e-abf9-3aa6a1102d3e","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":89,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"ba40477c-335f-4e21-b593-cab070ca54b4","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":89,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"eefb7304-e989-4120-9b4b-1444172dbe76","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":89,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"d323905f-1574-4da9-a5c7-a69209dbc9a0","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":89,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"ae1b18af-f74e-4189-809c-e02cae50cd65","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":89,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"8d7395c6-030d-4006-a7a8-3f9eca8bb26b","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":89,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"6c65c5ca-a4e7-4584-bd2e-939164449a91","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":89,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"efe89515-5a22-462e-a93f-60e768357168","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":89,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"2f071af2-7376-4299-97af-ef05dc8dd61b","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":89,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"e678056b-f9e0-41e3-940e-46424a6903f1","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":89,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"29df8fb0-0549-47a8-81b1-f2edabb3e396","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":89,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"e6f0d44f-aac3-43f4-b073-1f1db2e4f2d2","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":89,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"b126ca8f-5a17-471c-b0d3-a4cf3c238686","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":89,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"186a87a2-5195-4d35-aa67-ec3bf8b0f61b","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":89,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"fa973e04-e6be-45b6-a224-23ce06fd14e2","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":89,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"e83a0f36-aa2f-42b5-ae86-800aeb9eab0c","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":89,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"82f0d35a-a974-4604-beb1-06b494b5f990","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":89,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"4691a69a-b36b-435d-ace4-5a44c064eb2b","block_type":"box","text":"subject to certain conditions.","page_number":89,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"af8094df-60a7-4197-80a4-6c2a8801d5c5","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":89,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"3a56ac42-55af-4b5e-bd6a-d7d2368877aa","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":89,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"9f65d0a8-f476-4c73-bbc5-2c40acbc0ccb","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":89,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"e756759c-eca9-44b5-b30e-4047af29f235","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":89,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"e34fd415-18e0-4473-bed6-d76f11aae7c8","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":89,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"687a8c76-90ec-4ab7-8524-19b47eb74aa7","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":89,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"c114d784-0d83-4539-a5bd-9d5e67fb3c8d","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":89,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"da850f1c-a77a-4513-a762-c56c87ea8ab1","block_type":"box","text":"loss.","page_number":89,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"7b88dc22-0344-4910-b99f-ab1130ec3a46","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":89,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"3c306051-ebf2-4196-b3bf-8d92c2d35996","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":89,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"bc77a489-0936-4d89-8414-7a2a23abf7a9","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":89,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"b61526b0-ba55-41ff-8209-5f20e154ac38","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":89,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"b55ca5c3-002b-4e13-b51e-37e5c6c1dffe","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":89,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"f0dbd301-13c2-408a-a6ad-6c4e7e5f2855","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":89,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"7eb3c7ac-f7b0-4b53-839b-4ec61baaf426","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":89,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"3905a8cb-8392-4961-9662-705f0efb2dfe","block_type":"box","text":"II-47","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"42670dfa-a911-4e32-bdee-c18ffd4a53ff","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91914fec-08d6-4c18-90fd-e1bae5ac5d7a","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":90,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"229e15a7-7253-465d-9aa5-7d94d06ce940","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":90,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"2d0088a2-ec0c-4951-b027-b2c31b6e3157","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":90,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"767ed58b-b617-4807-bd49-622a23d5fb4a","block_type":"box","text":"assets.","page_number":90,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"344d24eb-a903-4d43-a19d-660b1ac090bf","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":90,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"14dbebd6-807d-44b0-b7bf-ede3cd6d1497","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":90,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"7c9f576c-f659-4f02-8b95-c7f2a2d2f1f9","block_type":"box","text":"e.g.","page_number":90,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"94396694-1c29-48bd-9b1b-3ed84ded5357","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":90,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"fb9178fe-c218-48d0-83b8-d561400a7f5e","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":90,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"fd6d92fd-58b7-4eec-850e-697aab1374db","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":90,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"f772b210-e373-4d36-bf43-1a359b9554be","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":90,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"96baba04-2492-4332-9a85-a30232f01638","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":90,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"987a14fe-22a5-4305-81d3-0536a52d7372","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":90,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"039035da-46ef-4ec1-aafa-53109711d635","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":90,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"b20f75bd-023f-4323-b1bf-fc45e3dc41c4","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":90,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"f6217e17-81da-493c-95de-7dfb51f86529","block_type":"box","text":"countries.","page_number":90,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"b884f76b-623e-41d9-90f6-2c5fb0f8ce31","block_type":"box","text":"Issuer Insolvency Risk.","page_number":90,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"61b4541d-d682-4d77-9904-88c999706238","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":90,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"87d75b55-eabd-450f-830b-b6de838c0246","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":90,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"3c216f5d-86d7-4356-b14e-3cf2d528fd34","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":90,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"a72e953b-f3c8-4801-9df4-612a9de4d994","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":90,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"a17a9469-b62b-4c7b-b104-8eca1ec0da4f","block_type":"box","text":"issuer uncertain.","page_number":90,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"4215edd9-e2df-431d-a809-ca2c397bcc61","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":90,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"a57e3164-ab40-4f2d-b623-3147c984535d","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":90,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"b65a2b1d-6355-438c-8c37-4950af16e75c","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":90,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"5e2645aa-81c5-4074-89bf-4086fe4efbfd","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":90,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"63e7992e-26b4-44c2-be61-d8591f2e356b","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":90,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"745704d5-fde2-4eb2-8f70-a5d99a95ef96","block_type":"box","text":"eventually be satisfied.","page_number":90,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"24b05edc-4e7e-40ea-8f78-6eabc419d44d","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":90,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"390ff85a-d6e7-43c7-ae85-33bb8d0275ce","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":90,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"7d81408d-a723-46df-addb-425d9e847f84","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":90,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"3052930d-31c8-4ed4-8831-bc6acfbb0e26","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":90,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"101e1c91-dc7c-40ec-8653-2380a81f8ab0","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":90,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"ff0a455b-df37-4779-b979-1ac328b9be19","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":90,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"8499ed8f-e7f2-44e1-bb29-4fd991a3cea8","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":90,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"71b99526-ae63-4645-9f0b-6ed30e4d9171","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":90,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"a6df79ba-a3c8-40fe-9704-de1a529c5805","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":90,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"25299de6-6b71-4142-ba6c-7d63f2392d88","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":90,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"35f62a8f-5fb0-4d36-90fc-d69ba87a276f","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":90,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"45bb5d5c-11f6-4cd4-9df9-ec8b88bee9ef","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":90,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"c3360e52-a8d4-4d96-883a-ed4d8be70fd3","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":90,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"417ad554-1a99-4e9c-b034-c38467ac87e3","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":90,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"9cc7ab07-e816-45df-ae66-5f8aa2bf6ae0","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":90,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"29144dd1-1ada-4797-8e93-9fda39ca4772","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":90,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"a221da93-805f-4b97-b63c-092e8d78b00f","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":90,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"8b272351-233c-434b-b1a0-f1f92a1a5d37","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":90,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"d0325a7a-c188-4419-ac63-3ebb768a533c","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":90,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"443e2913-cec3-4e1a-81e9-68b32c76158b","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":90,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"8667c4d3-7a36-4fe4-bfbe-d8378b1b4022","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":90,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"58a5cefd-e06d-4812-bbf8-ee01f5c48da2","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":90,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"ce0ff341-c62a-4f80-82da-e8991056db6e","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":90,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"1d51dcb0-6564-4230-90d9-19d0f8f78ecc","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":90,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"2fc8be4c-5f02-4358-9537-d7db105d6a1e","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":90,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"4c0b6210-5e6f-4a19-900a-f62ffa1edff9","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":90,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"e4f67ea4-dc2f-4dbe-88c4-e355d788e7c1","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":90,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"0ca80a53-045f-406c-811d-b3afd6fe7b14","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":90,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"d5e0dbcf-484f-40ca-a2f3-901320079af3","block_type":"box","text":"that assumed generally by an investor.","page_number":90,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"214de8a7-7cb0-4c48-bf23-96a5cba90e55","block_type":"box","text":"II-48","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2f9d5b5-67fd-478d-83c1-350e7791cbc2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d208fa6-d066-4e08-9fee-ef6b3611498d","block_type":"box","text":"Lease Obligations.","page_number":91,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"2c978515-6c13-4572-bba6-b5e8a6af7822","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":91,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"6f642a20-1254-49fa-95cc-747c0abb8b7e","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":91,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"a941b6ce-3406-4371-8a0b-88522a2bbdca","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":91,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"e5603a3a-8649-4103-9d92-ddd9219ea294","block_type":"box","text":"Life Settlement Investments.","page_number":91,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"b4768fd7-40c5-4e4a-877d-6bdbfb09f905","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":91,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"92f6bbd7-526e-43e7-8d3c-9aa1a68c99c5","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":91,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"1b4941b3-8035-43dc-aa10-9d794b70e89e","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":91,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"ad91ebf2-3bd1-4f1b-82b0-ce22a029036f","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":91,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"50878f4f-2b5f-43ce-84d7-999f4c467751","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":91,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"62349820-6b2e-4487-80a4-771bb22c9cba","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":91,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"a4d1f937-9a76-4d3d-add2-3eed5bcc91f7","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":91,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"1024f37a-db49-4303-949b-1adfd1508820","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":91,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"09b13b7c-86d5-4bfa-bd84-45fc4ce866ec","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":91,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"37758ac1-5830-4045-be0a-03a7a2987256","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":91,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"5b886b5e-29db-4b23-83b0-eb3a8ddf9b85","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":91,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"e76d8c55-d490-4ecd-a5ce-bd7aa76de837","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":91,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"48f37a3a-a892-478f-924d-c3405bc2c93b","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":91,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"c7772154-4e11-4490-81a6-43c658a4343c","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":91,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"85a18421-f6c0-405f-9bb8-61044e3f83bd","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":91,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"e4ef36b5-4af0-4440-a235-6c532740eac1","block_type":"box","text":"Liquidity Risk Management.","page_number":91,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"113679d7-b785-4410-9654-8ed274b6719d","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":91,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"45ed5087-765f-44ff-9fb7-83877bb41987","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":91,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"0d0d4015-02ee-4e46-9795-81d24963dc2a","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":91,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"dcbb1e33-7a64-4b70-8410-36762e5ee3d0","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":91,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"c7817be1-c976-4ba1-9217-26d0c5e5348c","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":91,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"582a8d37-e98a-4a66-a9c9-b3ff9fbd31ac","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":91,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"6ff505bc-b5f9-4eb1-825f-199e1ec550d8","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":91,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"f94e30e5-3949-41f5-9d59-a881e9524c25","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":91,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"fc9c1025-13f4-4506-b5b8-8bc451ea9deb","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":91,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"afae0f22-1bca-4b04-b44a-8df06aad0a22","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":91,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"3525e29d-20f2-42bd-8da6-16ec5bce9501","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":91,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"668e9c0b-3eec-44c4-b533-2dfa2bdfe1e3","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":91,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"86eb1f98-f869-405f-8809-da6cf4186ede","block_type":"box","text":"Master Limited Partnerships.","page_number":91,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"9163fabb-c1d6-4b50-9492-2ca9c143301a","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":91,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"8e9e05e6-8dd9-48cd-89dc-335858b1113f","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":91,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"c10638ba-53fb-4402-b2e1-0ba9ffe44773","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":91,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"35c5bdd0-5035-4c40-8ce8-071902aaec06","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":91,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"a38ed497-8edf-4210-8ea0-5bfdbee9db71","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":91,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"4e371b35-e5cc-40af-9e2c-679ff80c508b","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":91,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"f0f9254e-1fe7-4826-b9a8-80b6fe724779","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":91,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"4c351f9c-926a-4740-8c94-af58467d3afc","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":91,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"f10b5cbe-6baf-402b-9011-5f681687154f","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":91,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"930681e2-5621-4351-affa-803546c582b0","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":91,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"6f88b7b3-54d2-424e-a17f-6478edb64b6c","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":91,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"2aa7074e-1f57-4b92-8115-7db570e88800","block_type":"box","text":"in the partnership’s operations and management.","page_number":91,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"c0da8bca-5f5d-4fd7-be95-c4e3737fbe01","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":91,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"d773f20a-7043-4965-b63a-2a4281a3005e","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":91,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"b144fbd0-78f5-4538-91af-4aaf4ebbf815","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":91,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"39c71ab8-f3a7-44da-8953-3d922ed0ea04","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":91,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"4bd709f6-1d84-4ae6-b1a9-6ffe2d929c5a","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":91,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"08248e7c-a782-4f6f-a9f7-1b671595ca8a","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":91,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"ac42681a-438d-49be-8fc8-0526eb6d7e8a","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":91,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"b6fdd7d1-bf0c-479d-8379-7890c7bb01ba","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":91,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"38a52c8e-66c4-47e6-815f-52dfd14fdeee","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":91,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"fc209133-0876-42f1-97b6-2c10d92b4504","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":91,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"d97f63e1-49e2-49e2-b930-f7ee9256c172","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":91,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"9b0bd7b5-168a-4a5f-aee9-803062c84a63","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":91,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"00195c70-58d1-47ba-8b9f-f9eb91abe494","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":91,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"8c9896f6-7070-40ec-9150-1d1d2e82e678","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":91,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"21327e8b-04c0-434a-9573-125eee710eca","block_type":"box","text":"II-49","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdf7bc33-1ff3-4a01-9b38-e41fa81d9700","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba60c49d-12a8-44fb-931e-1599343a4a9a","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":92,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"514d1a59-6cf6-4244-80c5-d35f961474ba","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":92,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"2559d77a-ecb7-42c5-a0a7-6a038be927fe","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":92,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"c0e6dba1-84cf-4033-a6aa-1871504f774a","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":92,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"825718ae-0c80-40bf-afce-a672c1437be8","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":92,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"0ccb0fb2-f895-427e-a79c-477908c8a778","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":92,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"6add845c-81c0-419c-afc5-0c6d2d581f8e","block_type":"box","text":"Merger Transaction Risk.","page_number":92,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"46550cef-4830-42c0-9164-e7dc35c7e54f","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":92,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"aa27aefa-248a-4df5-8e31-c9e63e797c1d","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":92,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"156156c8-0a6b-4cec-9fa7-6c76f4597755","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":92,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"038ef458-5e43-4465-8139-5b44d5d8b319","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":92,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"a332136b-6460-4a27-9d69-9020ea40d4b3","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":92,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"5dd95d0e-3e3a-4611-926e-136b319b09c8","block_type":"box","text":"the Fund and may lose significant value.","page_number":92,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"77be704b-5766-48c7-82f9-594ffa7024f1","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":92,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"8dffcca9-80bc-4e52-b7ec-e2b7faca5eb6","block_type":"box","text":"Certain","page_number":92,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"7e4cc675-142c-4ac8-9457-4ed37ca4e652","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":92,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"db983c33-2dd2-4694-be74-60bcec3fad45","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":92,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"b15d923e-0da7-4d29-82ae-ef0b9b28642e","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":92,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"c0315463-d3e0-4cbe-aa0d-c4bebb93ee2b","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":92,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"885c9372-a378-4e7a-be6a-e32b89fd005b","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":92,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"76d921b0-d245-46e6-8bc2-589c4df49056","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":92,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"d730ff6d-8855-4ca5-81ed-e74102ef64a9","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":92,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"f5b2097a-ebd4-48bd-9552-65ce8dcba499","block_type":"box","text":"branches of domestic banks.","page_number":92,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"b275932f-011d-4f69-86e2-33dce64154ef","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":92,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"7a11407a-f69c-4355-b865-0165a36ae1bb","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":92,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"d6902c9a-da0f-4521-aa88-6fc1b0acb41d","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":92,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"620db56b-6640-4da6-816b-41789410ad52","block_type":"box","text":"paper of a foreign issuer.","page_number":92,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"b65ccd6b-0476-48de-8e3a-ed5f1da52136","block_type":"box","text":"Money Market Securities.","page_number":92,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"cb9580bb-0a88-475f-b2e8-a8f67143b761","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":92,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"85b1cc47-e6fc-422f-87c8-40b63521e17e","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":92,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"f3cfd299-45d1-43fa-b2b9-76f264b575f1","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":92,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"b00bdbe8-5e1c-4cbc-8834-57cfe2d5f31f","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":92,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"1cdad3e9-f2f3-4fe7-84e5-8d63fc3c0365","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":92,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"604fb697-59e9-4b8a-b7f5-54fbe363ef1b","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":92,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"0afa32d1-7092-4b5e-b159-636f5626540d","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":92,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"60974df8-186e-42b3-8907-309294d12484","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":92,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"9d517aec-c611-4c2d-95fb-5478a068bad7","block_type":"box","text":"agencies;","page_number":92,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"451945b4-2f41-4fc7-aa20-c84dce85e273","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":92,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"eded0cca-eeb8-4729-a7c2-f968edeb610d","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":92,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"db9446be-f39b-49b0-bd7a-835801af6188","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":92,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"3d91184d-5d8b-4e39-93b5-670863d428fb","block_type":"box","text":"obligations and credit card receivables);","page_number":92,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"b5612eec-d5f8-406a-b3d4-0d90b34902bd","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":92,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"630082ba-845a-4a86-9a39-ea94b9e6a185","block_type":"box","text":"authorities and related custodial receipts;","page_number":92,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"20426209-c490-4f41-a41f-570e12c0f9cd","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":92,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"48c6c0b7-1264-419f-bb49-c0b734eac418","block_type":"box","text":"agencies or authorities;","page_number":92,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"6e25d1b0-a08a-4ae1-9594-2ea41db1fa3f","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":92,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"7e76133f-8aae-4069-bcfb-c7abb480c03d","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":92,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"07716160-0d4b-4f9f-9869-a790bd14cd82","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":92,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"30aa238d-ea9a-4d94-bdcd-5d1df76c263e","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":92,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"6c2836b4-e313-4482-b7a0-405cf2b5f104","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":92,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"de60dd0b-9c11-4a00-a46d-f89831da7e48","block_type":"box","text":"States;","page_number":92,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"23992542-aa07-4547-8a9d-857b161a7ccc","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":92,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"d7395ab3-f32a-45ec-a2e7-ea7c089c776f","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":92,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"66538a71-bfe3-49c6-99a3-848d4efb2538","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":92,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"9ba18362-b518-4a65-b79e-b4b2df73ba0c","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":92,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"6f9b9ffc-d90a-44a2-9703-cd2c65ef4909","block_type":"box","text":"II-50","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bdfdfd1a-dee0-44b5-b38e-b12871a4c302","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b6b1e23-d127-433c-ba52-4a85ed8c07d6","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":93,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"714d7dea-77ad-4970-bb08-cb35510ed901","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":93,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"7cf06c15-fb33-4862-88ef-7e1b21872772","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":93,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"6141aac8-b52d-4ca8-849f-8aaae5a76b9d","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":93,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"10f7a0a5-1b4b-4188-a169-7a86db2d837a","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":93,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"cc2a8aa5-831e-4a21-9f8f-976014b4e036","block_type":"box","text":"States.","page_number":93,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"8f63601c-1ea3-41ac-9aeb-b17cdf543f38","block_type":"box","text":"Mortgage-Related Securities.","page_number":93,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"3c601a99-c706-4f67-a3b4-ea67273531f0","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":93,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"fc35f495-3319-4435-95a2-c05f81bb417c","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":93,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"ad46cd20-9a11-44a2-90a2-20d7f4d21668","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":93,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"a94a6df0-8eaf-40c9-be33-7f3a276ff73b","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":93,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"f5e22b13-56bf-4a82-81c9-a040d96d73e0","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":93,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"e06ed3e9-80e1-486f-ba77-820fe0228a41","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":93,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"bd9dd6a3-a8fc-4aff-8a59-681da5065453","block_type":"box","text":"maturity or specified call dates.","page_number":93,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"f8621e7a-d2df-46c4-9894-647e6acfc86a","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":93,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"42d04fe3-1ae6-417e-82cd-2bb6511722ad","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":93,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"b0f3b517-daf1-4c64-9738-e72a33e474a3","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":93,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"be5bb630-5af7-4817-a01f-041419daa605","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":93,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"525d9ca9-0f0c-48d3-8a1e-e345344c9f1d","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":93,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"fd2d9590-7e1a-4d49-966d-05b6a9030d2b","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":93,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"062f8d36-369a-4cc5-98a7-33c8e38e650c","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":93,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"7deb2ab2-e522-4b30-a99b-4021f5350908","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":93,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"40e1c2fe-2bc1-4459-9566-90a5e7fdc442","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":93,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"b0ff7bc5-c899-4221-9a4b-63a5dc8f5cc6","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":93,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"ca62cbd6-54db-44ca-8172-c31a4596d2a2","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":93,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"718b4287-2703-4b0b-af18-e84b33bb8b4a","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":93,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"99e33e57-a397-4921-9144-8c814dd31168","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":93,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"8a6a2e65-bcce-4d7f-b521-873b249ff202","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":93,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"19e42e10-ff5f-46a4-9461-5e13a738ef84","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":93,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"9abf82ee-0aec-44a8-85ad-d3d4c54ab313","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":93,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"9eba5d2a-6e3f-4557-af4b-3f36448c3014","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":93,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"50a0576f-a8ff-4133-bb4b-5e2027f3f550","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":93,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"3cc42394-da5f-4e68-99fb-3933a32a6f61","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":93,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"10e44d97-3a1e-4293-966f-1044f363035d","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":93,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"612f500a-ed65-45da-bd5d-c7723ae92168","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":93,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"5ac9f815-b955-4472-aec9-398e2bf42a16","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":93,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"22b40232-e6eb-40b3-9a74-3aa2c7815ec5","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":93,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"3406d2c2-e9be-4045-9079-efc52a001da0","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":93,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"b5d86ea4-5093-4a3e-b21f-ba105871e485","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":93,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"aa217907-9bae-4e16-9e6f-19fa33beb678","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":93,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"aa021cfa-03c8-4156-af5d-1bd4bdb1f769","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":93,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"2d15d0a2-9ebe-4d18-9bff-9f264bedc409","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":93,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"2a68c8e0-4b9b-49eb-b274-1607799cab46","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":93,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"19d8c43e-f032-4e9a-adaa-d00240e18704","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":93,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"d20f5f80-e98e-48de-891d-d1ed4ca06cb9","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":93,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"50bfd8c2-e4e9-4a43-a7e1-34893bc330a9","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":93,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"e4d4797e-2119-42af-b302-a78855f7ab76","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":93,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"25296baa-3af6-4179-ab87-baabe65ddb35","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":93,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"2c992ee0-4364-46b2-9cc3-b817d3d5e61b","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":93,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"8b62c986-ff40-4e22-928d-7eddfa596cad","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":93,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"362e132d-cd1f-4d4b-8720-c939dddaa123","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":93,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"4ed31bca-27cb-40af-b4f3-88db89416ba5","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":93,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"0e564a06-1b96-4ac0-90a2-bbd7e05f3e44","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":93,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"36360849-bea5-44d5-92c6-0df9026f1825","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":93,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"4a95c278-d985-4d90-9b19-3d4413744bda","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":93,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"af299e95-3b0d-4b14-afd2-ac943d71a9a0","block_type":"box","text":"II-51","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b8c4756-343f-41c4-92b5-1ef3bb0baa52","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdf00d6d-1b2e-4790-9a1b-5dd63f09c20c","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":94,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"11101bf8-c1c6-4136-b691-75eab6820767","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":94,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"325e7216-3e3c-48fe-9db3-c8e1debd534d","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":94,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"37c33bdd-33fd-4463-bb19-f432eb6f8c5a","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":94,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"2da94fc4-989f-4165-8c0c-6666dd5af583","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":94,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"07a16f64-9b4e-4022-8edd-171a1c73454b","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":94,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"2641ff15-dff0-4b7b-8751-07cadb3a58a7","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":94,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"f1098fb7-d17b-45f1-aa7f-40f63b53fd2a","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":94,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"9e687a9a-d6bc-4c36-bf62-b080e23d0b24","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":94,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"910ad6b0-9590-48b7-af14-bba5377537be","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":94,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"b07e692e-7f1f-4bee-a4dd-f4aca29a9b91","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":94,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"71e5d1ab-e20b-49c1-89a9-b65839bf0ed3","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":94,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"233b1152-edba-411f-95fc-b1efe944b108","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":94,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"b2d3aec2-f352-46c5-b252-cb0c4035e41d","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":94,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"994550ba-782a-48de-8949-87c18348a37b","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":94,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"58eaaffc-f94e-4874-b479-4b7124572465","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":94,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"dc715a5f-a9e9-4f00-8959-ff6d6d98e841","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":94,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"0dbcf359-ffcb-4d5f-a618-dc60715e21a3","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":94,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"7e36f0f0-78b6-49f9-886d-9b2df4c71a93","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":94,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"74fbc030-8f3c-49fa-8c68-2000b3aac15f","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":94,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"6f78eb4f-a88b-4f31-ab61-2577d9c015ad","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":94,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"cbcd5ecb-e9c4-467b-bc42-a9cd513ee2bd","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":94,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"fc9ea45a-eaca-48f6-ae78-7c5f9cc2aa22","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":94,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"539e5762-2d87-4794-a66e-1c2707b7e6af","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":94,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"b9be80d8-b213-4598-ad4b-323e28046c67","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":94,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"4a60bddc-375e-4116-a901-32bc64420de0","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":94,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"7ec78ab6-e616-4b2a-807f-989bcc9273d7","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":94,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"8bd3ef59-56e3-4f64-bc61-516e3e0052b3","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":94,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"a87a8f9e-c500-4e55-a744-b65381514b59","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":94,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"952ab12e-8c66-48bf-b48a-d62d99708443","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":94,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"68b1ce7b-57d0-4229-aad9-29721a9f589a","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":94,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"d64e149f-8368-4de1-9b2d-96774985b904","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":94,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"a0a7fed4-163c-4629-aa32-6a86d98e3d4f","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":94,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"98e85e21-ec18-4ff1-a47e-06ac64aac9fe","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":94,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"94b70297-14cb-4a8b-b643-e832c41eb846","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":94,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"fade381a-bd56-469b-87da-2a117b69f6b4","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":94,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"b800490f-aa57-4f89-8036-cec73ffe5161","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":94,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"15ff096a-43f8-48c2-823c-502d8c9d0d18","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":94,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"a7f45511-e0f6-44a8-b1d6-b38d4fecd0f6","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":94,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"3daec2c9-d743-4af4-9c00-7cd93bca3001","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":94,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"676e73a6-b729-43bf-9622-c13e5765c136","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":94,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"2312d20f-92cb-42c7-8987-0431045b5b96","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":94,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"45d0b5d1-c074-4185-8c74-a24b69169745","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":94,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"c397daa7-b346-4c34-a360-d4c383b95120","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":94,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"485d0105-b1fd-438c-98ef-5fc32af840b4","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":94,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"18babc81-db3a-462f-a01e-8ecf6a5a435c","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":94,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"94834610-a715-4ed3-8fbf-cba9bc87a4b5","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":94,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"082c297d-84e8-4a34-9b61-948a23a0279f","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":94,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"ff09509f-0f8e-4b87-ae79-8b1275dd49ad","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":94,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"3137dd38-a55b-4ae5-baa4-0b21e0858be4","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":94,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"94f89597-8c23-411f-ab78-0013f77792bb","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":94,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"4a3b26ea-2aae-470f-8eee-df09e3d8ba60","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":94,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"86cb7e37-5d48-4b9b-88db-469f41b90521","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":94,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"526e7a97-a75a-45a5-9ad9-a44eda61d9f3","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":94,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"9cb41332-f1d2-466f-af24-2168d4378a45","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":94,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"552e1e6a-f88c-4d4c-a5a8-e4f233969f80","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":94,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"4daa8bc2-8d41-4d2a-b187-2faf01e92c67","block_type":"box","text":"II-52","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3f9a359-cc08-48a2-9a1c-745d2d920446","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"770b1ed6-2cf2-468a-a6e2-043bf6ef41ef","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":95,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"21160786-e2c3-4cd8-bdc9-45087492bc35","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":95,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"6bfc1c14-5390-4648-8f20-809a4bc161d9","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":95,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"df47398a-d5fc-441d-b86c-8dfef5d88601","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":95,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"3a7052c5-e5e6-4906-a178-a9aa675b9d8b","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":95,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"308e8f59-52c3-4051-ad55-2a4a286abd7a","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":95,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"ca34fa84-64bc-4e04-a3cb-dbf9db9108bc","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":95,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"65c77f41-1436-4a01-8264-3c244d26e0fc","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":95,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"8f21a4ae-0eff-40e2-8b19-f5a3f31f1590","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":95,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"97751c77-2a67-4d21-98b3-25feb7fa491c","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":95,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"ebe0f07b-7b8b-4662-a089-9829fd4bcf10","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":95,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"c3c41bcc-4e8b-4875-992d-593c62a717a1","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":95,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"346c3e52-aad0-4b82-979b-43fb976af9d8","block_type":"box","text":"of principal because of the sequential payments.","page_number":95,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"3f3bf5d1-b288-40cd-864b-b54f31c479bc","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":95,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"bd0984ab-6477-46c3-9e81-e2262d969371","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":95,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"6e487858-dcae-4b51-bf96-77bc8484627c","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":95,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"a3538585-6864-4ed7-ada0-55bcfba36e24","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":95,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"b9e6ec79-e993-4255-84d7-6c66e0db77a3","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":95,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"d7760ca6-355a-4d8c-904f-b62cc6559712","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":95,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"300076f4-5b3f-4517-9363-6d0f2781d98c","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":95,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"d32eef47-7c6b-4bd1-9a61-ac9c637cd465","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":95,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"9b83e85b-03d0-4b52-a21d-6b6403fcc6c9","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":95,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"2138eaa9-686c-4791-beec-aa92a5f1c0c6","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":95,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"97ee5c8c-7a36-4ac3-bfd8-ea04109bdb8a","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":95,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"7ed81d25-80ed-4494-b7b4-f2092105f0e2","block_type":"box","text":"securities of any single such entity.","page_number":95,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"109c6d0b-a97a-4911-8025-cb14d7e2c47f","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":95,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"a57e292d-61e7-4de4-a24d-0615ca2e5cb5","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":95,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"f8dc6c33-7152-4365-a030-39e01c6bcee8","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":95,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"c51096f5-6b5b-4cf2-8b78-ebf1e4d3c16b","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":95,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"370a6358-3c02-4b04-aec8-f22243284b06","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":95,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"a858b26c-37ff-42ba-996b-e423f888a43c","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":95,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"369f1375-d0b8-418a-9c0b-277c87eb06d6","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":95,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"d6c1d926-0361-458f-9d0c-2114d1c3075a","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":95,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"b0c19399-0cb5-4118-8315-55ed9319a0d3","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":95,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"140a5f9c-e87f-42ca-8173-cc0ff620d4ff","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":95,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"8cb089e5-d2dd-4fae-91c9-43a05fcc123b","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":95,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"79fe5bcd-c96e-48f9-bf1f-58c8f192b21f","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":95,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"99a1029d-e65e-43fb-aeef-061199645e78","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":95,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"9004ecb9-e0bd-4c30-9bf2-99bdaf49e97b","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":95,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"ea905870-37a9-468c-8a98-0fe25d51fb77","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":95,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"19c04fb1-670d-4def-b9ee-fa64afadb9a0","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":95,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"1c0b3504-aaf1-4daf-8312-095686f64471","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":95,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"40d858f7-bcd1-4fd4-9a00-7444baf32bc5","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":95,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"2b5ca1dc-29b0-4f12-97df-3b32edb141a0","block_type":"box","text":"classes.","page_number":95,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"4050e2e7-5167-4c7d-8585-028dd929b56f","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":95,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"f0e8fec7-c8a3-4ae5-be6a-3d3b1ac5fc01","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":95,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"8571616e-21d7-4b3e-a803-f52a2fc58ecc","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":95,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"703820c7-3ede-447b-aaff-3a5b5fdc3aa7","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":95,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"eda60485-68ea-41e1-b958-80ddff5952f1","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":95,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"d040ee67-532c-4768-9b0c-dab75f4d986a","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":95,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"57866b9c-971f-46ee-be4e-346432140d2a","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":95,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"b5029f85-66d7-414d-9ee6-8db59d2024b7","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":95,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"e0d581b7-5cee-4610-873b-7b6eb1b3a079","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":95,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"13c93224-1ae4-464f-a3f2-c52a0cdabf32","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":95,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"5d51386f-1504-44e4-b0f7-ed7d30548036","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":95,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"d5303bc8-2838-44f9-8425-f99df56cf325","block_type":"box","text":"to a designated benchmark index.","page_number":95,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"12d6f2da-0d07-4710-a11d-bd1fc6bb5879","block_type":"box","text":"II-53","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b840f7a-3d0a-4ac2-b514-8d497f26fcf1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f311a653-7f12-4c05-ba42-35ce740f63e7","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":96,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"a4f96169-6045-4a86-a630-d0a3d1be98fe","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"1d790c54-42b9-4f55-ab25-5f906b6636e3","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":96,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"ef297186-6585-4780-94f5-ff5a94496f65","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":96,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"ab6747ca-2c6f-4fa5-a168-c9cf32c43252","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":96,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"5b71037d-30d5-4b2c-a066-3670f6c520b7","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":96,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"63623652-dd04-449a-a598-3b7b4e395cbd","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":96,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"7f741fea-43e3-414d-81ce-32ca19563fe0","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":96,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"0bfeed53-f0bb-4a66-9e1b-a532efd56c1c","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":96,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"4f772294-4a65-4699-9fec-a382f1caea54","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":96,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"fe046fcd-1d56-4828-bb8c-b7546c986bd3","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":96,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"c1500fe1-1466-4c0f-9fa7-de7488dea988","block_type":"box","text":"CMO Residuals.","page_number":96,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"f1a2ecd6-3677-4256-b2a4-bc624912c21f","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":96,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"b7e05432-2600-43c7-9728-8f309cd273dd","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":96,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"0b952186-1aa2-4b06-aded-7f4cb3176187","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":96,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"ee12eac7-4a9c-4be7-a121-c29ee64a6a0d","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":96,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"9c47f7ae-1b69-4704-a77d-20d424f05a1d","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":96,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"8d654f41-241a-474b-b7e6-f7f735f85605","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":96,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"c476c732-7867-44f5-b8cc-387d9fd34452","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":96,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"8a230866-7949-4266-889d-0634a215f602","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":96,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"d4c0534f-4681-4b9b-b438-134054e057d0","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":96,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"84961b9a-cb46-4890-8433-b848a61ccfa4","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":96,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"64b96356-a6de-451e-9bbe-70735d37ea9c","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":96,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"c58740b7-c9e2-484b-93fa-0f426e025dec","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":96,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"56bb9592-e9af-462b-bcfe-c5e16f14959c","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":96,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"57d9dad6-609b-4e76-ba65-0e4c1d4e6db0","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":96,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"7723c0b2-7b12-411f-9617-4c53eb530faf","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":96,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"d6a5ec37-1588-479a-833d-aa4b4fec55c9","block_type":"box","text":"a CMO residual.","page_number":96,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"fcf7cd85-418c-46d0-b41d-2d902b13d48f","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":96,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"93c08471-f685-47d3-897c-7aceb0329088","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":96,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"e87ebd71-aa23-49b4-aa44-5a206ab36a47","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":96,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"9f14f1dd-5a81-4fcb-8f3c-0b3a8a438dcf","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":96,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"8824b3ba-628b-4ab8-b96f-c2f4a8641d63","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":96,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"63decb56-8c72-42d5-9b5a-9509cdfb6659","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":96,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"79901593-abb6-40c5-85ae-9a419c71b818","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":96,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"dc8b5b90-dff6-4865-9e2d-d2364ceb1472","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":96,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"cce4b63d-6384-47d0-b51c-93abee4665bc","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":96,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"dd6b63e6-6423-4041-b312-eeab4b5fc0c1","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":96,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"5b52246e-7fdb-487e-bcf5-fd02341f47f8","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":96,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"53d34ef2-52b9-434b-ab25-359b65617d53","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":96,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"9d945c6b-733c-4198-b66e-2c1935f9d031","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":96,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"9032fe97-3129-492a-afec-630dfc82b4ed","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":96,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"5dead34d-37aa-438e-afdd-9f43abf23d68","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":96,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"0dc79023-b10d-4341-85d2-aee7a3879f9a","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":96,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"2d908384-d612-4097-97dc-2b3281e9cc18","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":96,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"190abaee-24a5-40f1-852c-11126dafc713","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":96,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"62878c75-513b-49ac-89ab-7b50f739e79e","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":96,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"a83e086c-a029-4012-83bd-99912042aace","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":96,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"781249c2-9d3b-4ce7-9c0d-a6e190a120d4","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":96,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"76fd0f36-c0b0-4f62-9445-444f6ef00d02","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":96,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"b5ddff0f-3509-4911-a011-bb93c373e491","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":96,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"65c936cb-644a-4ebe-9989-d76b2d23c0a2","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":96,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"6b53e43a-3795-476f-aabe-02cde28f3814","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":96,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"65847b36-83b3-4797-af14-226dc2361346","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":96,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"596aece9-40ae-48ac-b473-f80861041e25","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":96,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"8e3bf450-f982-4c72-b82c-9505d65871f1","block_type":"box","text":"Tiered Index Bonds.","page_number":96,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"dce3bb11-e550-4bae-9c5b-58b269bdd3f6","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":96,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"42baa93e-06d2-4827-b139-fca217c79321","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":96,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"272f5d37-caee-4f60-a603-27dff7466983","block_type":"box","text":"II-54","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"087cf94e-95da-4588-ae57-ade2c93edd21","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8611c6e-44c6-4927-ab38-9ec4a54c9870","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"de415360-4391-4b2d-91d4-5832ede1750d","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":97,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"669b1a3a-204f-4942-b8fc-d75cd0e2e810","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":97,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"822266e6-2b31-4578-89e0-939ea742952e","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":97,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"3034b13f-4229-4e93-ae7c-972d0194d860","block_type":"box","text":"that of a fixed-rate bond.","page_number":97,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"17e6ea09-7640-4bfe-95e4-64c565e8d53e","block_type":"box","text":"TBA Commitments.","page_number":97,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"1014a579-d00a-4922-9a9a-c9b1e5a46959","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":97,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"7e15d096-1d87-4411-8a1d-b5e658d18a90","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":97,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"9881c022-9068-4618-9945-2130f1264b56","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":97,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"43bafd67-6a37-426d-a1cc-7195a205b439","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":97,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"bfb3decd-ee79-4f4c-8682-906ee9b78034","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":97,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"99863611-9588-4817-b8e7-ccb0eb40963d","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":97,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"67f2b45c-9ab2-443f-8bc8-5f670d7e325b","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":97,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"dc4269cd-78db-4a2e-9f98-4c492596207b","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":97,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"f0eecb2e-678b-4e36-b6e9-bd3e8ddeac3c","block_type":"box","text":"below.","page_number":97,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"82c9e98d-c0bb-438c-b50f-b59de19712e1","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":97,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"c0055460-ad84-4f9c-b2e9-5eba709ecdf3","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":97,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"4ef5bf6d-1640-4a1d-85de-22117f8531e8","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":97,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"acc2f4b4-dff4-451c-a5d2-e65a15944f4e","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":97,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"e825f946-dc2b-45d2-81ac-bd8cfcba13cd","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":97,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"d6dea634-c2fb-4adc-bf66-bfbcc1b81989","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":97,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"672cb6b7-f5ba-41bf-85af-313eca758d96","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":97,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"9f384f17-6e1f-4856-ad03-971e6a190fe6","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":97,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"9182041a-ab83-4d06-b69b-a6d431b4d463","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":97,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"20ea0016-cf94-4ed1-bfee-859bb336a4fc","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":97,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"60d1a858-5836-4b36-a75f-e263e3550f54","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":97,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"97921579-a4e5-432f-809f-16ba0d0aa2e2","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":97,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"cdacea52-0af9-464a-a9b1-134ebc79306e","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":97,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"4cd17f96-0518-474e-929c-76df02ad4611","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":97,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"9bb67ac8-d789-4823-8ecd-8f764147aee8","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":97,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"4bc6d084-5735-48e3-920c-f24d9bf432f4","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":97,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"7e128312-08ca-4744-9155-fcc061b5b131","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":97,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"1b14a7f2-4e70-4eb3-9d32-dd9d3f6b9644","block_type":"box","text":"securities in the forward transaction.","page_number":97,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"38d03185-cbbb-49f8-9795-8299730e46a2","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":97,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"cca10dc0-8ec8-4066-8d07-01f397e89fdb","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":97,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"339df5e6-a1a9-4e0e-af5c-564b7b5d49d6","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":97,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"2c960753-05b4-405a-b0f3-742417717b2d","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":97,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"cb7529cc-a552-4646-b030-11f42028d9d5","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":97,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"a3323fd6-b029-48ae-9f53-39eee20311db","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":97,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"a5e2607f-84ef-4d5c-8933-da88c439eb90","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":97,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"d75086bd-5249-4e99-8f4f-8501fd5d19de","block_type":"box","text":"securities (","page_number":97,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"9ad0d9e3-df0d-42b5-af3a-aacca6816f06","block_type":"box","text":"e.g.","page_number":97,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"d8b2079d-fd09-4d4d-bea8-c3b41de41f7a","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":97,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"f9b777ff-1215-4741-849a-967c4117fbfa","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":97,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6f081ba5-2eba-4a1f-8b9a-57f226fa7491","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":97,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"940355f8-b4e8-4d9c-8179-d6b62b88fed5","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":97,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"b533157a-f882-47c2-aa40-a3eb4ec279d6","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":97,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"1fc616d3-db3d-4adf-93dc-10db7684c156","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":97,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"9239bfe6-0c7a-4c08-a80f-a481b69782bb","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":97,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"94449129-df4e-4b1d-b2d8-0318f710d87f","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":97,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"b5428b19-6134-4a5b-8a76-a7d1163810a7","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":97,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"16ed84ce-e897-4d45-998f-4eac083772b4","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":97,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"99197233-6c2f-4765-b8e9-fa6f752d37bb","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":97,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"a3045ded-7ccd-4e9b-b3e3-a5512127a674","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":97,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"d53ecce1-8204-4589-8559-a89c7221f207","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":97,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"30c3ce38-4dca-4714-a930-2741a9a8b29e","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":97,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"59c28c13-fca4-4716-8f84-304ad2b61adf","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":97,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"8f5a6033-d99d-417c-a754-6c2c1a0022df","block_type":"box","text":"Municipal Investments.","page_number":97,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"e3c9a70c-c57c-4c47-a4a0-1feb3797804a","block_type":"box","text":"II-55","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb6f64b0-42f2-488c-97f7-4ce57b28aec7","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19d27eba-bd0e-444f-98d3-69ba126e4468","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":98,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"98ca014b-5408-41ec-abe5-dd5432e88da4","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":98,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"516a0b87-afcc-4e7c-81f2-d662afcd7029","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":98,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"4218f50b-caa1-4c6f-987a-22097cb09121","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":98,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"ec2aede7-0e16-421d-a58e-ad14cccdb1c7","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":98,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"c5bbdd0f-db53-4366-9183-6eb316ef1d4d","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":98,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"79545eb1-9fe7-4ffa-aac0-e52ec3142268","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":98,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"723b7029-2866-46c5-b1fd-94d522d153e5","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":98,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"78bfa5fc-9b25-40d3-98ed-61fa38244e1c","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":98,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"67b2e58a-a327-46fe-87c2-b3f5f00d778c","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":98,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"5edfdc05-d0f8-42a2-b829-122360afccf5","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":98,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"8cf92c53-c39b-47c0-adfc-b4e085ceb3e8","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":98,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"440b8192-76db-44e7-a5c9-26341ca7c82e","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":98,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"7877d1e5-6468-4af2-a7b6-eafa786d2e88","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":98,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"ed8ccc97-2bf9-49b0-8b72-f534818cdcdb","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":98,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"4d8841c6-23bd-4afd-ab41-67e354bf3c51","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":98,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"98b369ff-9024-4c63-9878-69bf2bb20616","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":98,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"6e594f26-25ca-4d0e-82d6-8f7c2e1fc4cc","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"88dfd135-be71-473c-a3b1-d4b35e28512c","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":98,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"53653bc3-0135-4c60-b72d-4b75922ed90c","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":98,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"c73ec6c5-b727-402d-bd59-1d948f72d8e7","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":98,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"afd4e5b5-ca4d-45b1-b696-c2fbce4519d6","block_type":"box","text":"The risks and special considerations","page_number":98,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"4f04bff8-aaaf-44b4-a076-48c2c18b3d62","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":98,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"55dd4b0e-ef74-43e3-94a6-28dc7874636e","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":98,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"6dfd5926-5346-4e41-aaa7-4475b92c67d7","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":98,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"ac3ec5d0-f1b5-4f5b-acd0-9f4cd38cd4c8","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":98,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"9378cbd4-61b9-47cd-a48b-d6caba86b512","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":98,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"d6cceada-bfc7-4858-a6b0-ff483877fb5b","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":98,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"c4b7754e-4175-4f08-991c-1c34f6d96e12","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":98,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"14267cbc-0cd9-4ed7-87ea-7be2882bcdb0","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":98,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"dd08f03f-f242-4efd-91f6-de7a68768cc5","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":98,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"641b7421-1a53-4d50-a888-c753ac2fbe7c","block_type":"box","text":"II-56","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e6fcc59-1c00-45c3-8fa9-3181ad8a7263","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a447798-11ee-41ca-aed8-78b0ecc1cf35","block_type":"box","text":"Description of Municipal Bonds.","page_number":99,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"21f1124b-1574-4fa9-92d4-40e204c7a5c8","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":99,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"66ca4464-1fee-4d39-8dd9-6ddacd912608","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":99,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"7fa3d246-457a-4814-9f8a-d049deaa288f","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":99,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"988b29dd-63b9-4f65-bf29-5d445070fa49","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":99,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"f44a70f7-5236-4454-a0b6-85d3c11b8ad9","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":99,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"75133818-4477-42d9-9482-537cc59738a5","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":99,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"131b0a09-810a-42d2-8c0c-81d2b22254df","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":99,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"80427123-6407-4bc0-a13f-81f3cc4ba22e","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":99,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"612cfa30-6c28-4519-943e-c6a1993595b5","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":99,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"5aac61aa-ca57-462d-a231-f603e6cde542","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":99,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"94f4dd89-331b-4a36-8ce6-6dcf5acf6fad","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":99,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"1b8a9b6a-fb2d-4fd4-ba2b-a0470c5db848","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":99,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"0dc0676a-0fe0-47b8-80a1-7f3876c4b619","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":99,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"c122bc8d-e858-4396-ba2e-d6d1f70a8984","block_type":"box","text":"General Obligation Bonds.","page_number":99,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"24896b0e-4294-45e3-ae41-b54df269e27b","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":99,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"8044f675-83c2-4576-a920-0a6f735dae87","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":99,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"ea297370-fbd9-433a-a57d-01d27d9b5a1b","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":99,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"15681b55-e5cd-4d4e-aeda-840a5c369952","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":99,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"3a8df14d-b4d2-44f7-bb74-8c91e64752b1","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":99,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"6916c65e-efaf-4243-b806-9c67d91fdf85","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":99,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"65657c63-a4d9-4f71-8b56-dbf98691c709","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":99,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"41a3b3dc-e05a-4d61-b985-0302612456fa","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":99,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"1b66378b-2ab2-4f21-ba30-f64b64f4ea5b","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":99,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"c1895a9c-cc1a-421b-9802-8d2c52a0fcb4","block_type":"box","text":"Revenue Bonds.","page_number":99,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"41d57c58-9214-49b1-a94b-18d17d7ef9c0","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":99,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"3623fe9d-e4e9-4e11-8b3b-772085b81802","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":99,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"ffdba600-ccc8-435d-a8bc-bdcc6d92ace3","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":99,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"097aba84-fa05-4ec7-a5f1-3f7458cf74cd","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":99,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"3409b4fb-8030-4879-a340-17106f174bf2","block_type":"box","text":"viability of such facility or such revenue source.","page_number":99,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"0600a8a6-cbd0-437c-a49c-630e0d76ab2e","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":99,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"11adca27-b7e2-4caa-8ad1-9dd9ae428998","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":99,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"f0194e9e-8d47-4d5d-a281-8d05b95b5ed6","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":99,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"7ddc18e6-5511-4a2a-b717-a978e384102a","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":99,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"3aecc704-59a1-42fe-8597-33d3f4e3aa1e","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":99,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"3ee25447-8b9a-40fe-bc07-2c3e5fc87725","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":99,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"4d465be3-ae22-4489-889b-f5b4d0eac5c3","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":99,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"ddad5f7b-d5c5-48bc-9ab3-7575a679498f","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":99,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"22923b4c-cdf0-4179-9cec-93bab6ee3491","block_type":"box","text":"PABs.","page_number":99,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"74dcb38c-e382-400b-8b07-234899cea7d8","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":99,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"b55c33e2-0cd5-4cf0-b31a-b35e0fd8cfcb","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":99,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"77574d74-8614-4e96-8ab9-89037e9f720d","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":99,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"d9236673-01b0-4b65-87a8-ea834214f913","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":99,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"d6862379-d8c5-49c6-b479-0b0f7ddbcb84","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":99,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"0092c05d-846b-4490-988f-ddd291b1d39d","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":99,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"7b2ae3a3-3de8-4016-811a-78f71c9e541f","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":99,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"0e24bdb9-9d23-4bd2-84f6-bb1d6f705297","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":99,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"6cb9ce68-75bf-4aa9-9496-1fb6d60d6147","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":99,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"767b5268-4737-4430-ae7b-cd1feb1c7a78","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":99,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"5192efc7-1bb1-4e24-9f7c-4f7c0d59dd0c","block_type":"box","text":"the particular facility being financed.","page_number":99,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"85e61160-8568-40fa-899d-fe396233ddc0","block_type":"box","text":"Moral Obligation Bonds.","page_number":99,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"adee3b95-0628-4a5f-bdf5-2159c1e7a0ac","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":99,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"a48203d1-567e-43b3-a697-108aab0f5aeb","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":99,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"9b9ff915-9a91-4834-b23e-e1de076be208","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":99,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"02647ff0-1cbc-4288-8936-f39086eb1139","block_type":"box","text":"that issued the bonds.","page_number":99,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"c5918e59-71a0-4afd-8e36-1a2c05456925","block_type":"box","text":"Municipal Notes.","page_number":99,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"50b199eb-dc2f-4aef-a17a-20e56e58d189","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":99,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"c69a2843-7295-4c71-9307-b03770383297","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":99,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"0a0c354d-0caf-4157-83c6-b75f8f556be9","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":99,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"9df8cf92-6f38-4cde-b9fb-10307f2c8591","block_type":"box","text":"II-57","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57f5aae7-cebb-4479-a6de-db998bf2aff6","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"decc4ed9-7125-439a-9cdb-f49b2387a108","block_type":"box","text":"Municipal Commercial Paper.","page_number":100,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"ad61a672-fe42-458c-88ca-c19fd3526128","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":100,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"c24756cf-baa5-4f21-8f5b-54493082e167","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":100,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"0c8ab318-634c-41f7-8ed9-173bde0ef645","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":100,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"735518f0-b187-4525-9166-0ea879d167f2","block_type":"box","text":"Municipal Lease Obligations.","page_number":100,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"b44c339e-4f6b-419f-8eb5-9463a2c013f8","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":100,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"8723f477-38f5-409b-b6b5-543ea6d8156c","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":100,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"44f81f7d-0dab-4dcd-a63d-74506e728aff","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":100,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"c1532e81-24e0-419f-9199-266a0d047069","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":100,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"76eeef57-5857-4074-889c-216bf8212426","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":100,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"13926f05-ea6d-423b-8e21-b65fbf7c18e0","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":100,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"92d2f0fc-6f5c-46ce-a826-ac508602d430","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":100,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"49095eac-909b-4ef4-b345-f5e6a6a8b4ee","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":100,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"7277abdc-3741-4f28-a9a1-752a74077116","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":100,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"dcf98402-ce45-4c25-ba00-4d693e2a5b1a","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":100,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"3865c8dc-2b5b-4fea-b062-22103b5deddd","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":100,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"6d3fd6b4-c522-4944-b714-9058f6588770","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":100,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"b7fb68f1-a17f-4dfa-8e0c-822e05ded6c5","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":100,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"8029e33d-031f-49a5-99ea-4d76bfa2c272","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":100,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"b64864e2-3e52-44c9-9dc0-031e51960b8a","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":100,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"1c797e85-1761-4a92-8237-e81891dbd59a","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":100,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"cd66a31d-0ba7-4c94-a2ac-6f874de63203","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":100,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"112d5011-f665-4655-8113-b727fac371bf","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":100,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"5a6902b6-0f82-476f-8389-1443b5a1ee09","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":100,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"7c61bee8-2b79-4734-9c12-57cbe3a18b12","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":100,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"b5c2fdcd-73b2-4bf0-bb5f-58d5c49f0f27","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":100,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"c4a3b014-c349-49a6-bc33-5e8e087af53f","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":100,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"0ee6d8eb-337a-42d2-86b3-d511bb54663b","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":100,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"1b116af2-3d97-484b-866d-1884192df789","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":100,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"572eb5fb-2488-401e-bc5f-b8cf5432f71b","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":100,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"95002c93-52c1-4726-afa9-5f32b8bc6e2c","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":100,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"674d9d39-b5eb-4187-9555-9f9853b5cc0b","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":100,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"f754ba47-aa69-47dd-a339-619c718a62a1","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":100,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"4d77a575-c38e-4e35-bf24-2cf300f4928c","block_type":"box","text":"Tender Option Bonds.","page_number":100,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"9b7c86f4-f9eb-4520-b758-b8a977aa7c5d","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":100,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"28c09489-9be0-4af5-af9d-58b2e2583f95","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":100,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"3a363caf-c60b-485f-8e3a-42c68fcc4f7f","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":100,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"123a73c5-6f5b-4bd8-80ff-81255921210b","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":100,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"fa30bce5-5c4f-40e2-98fe-8477b7b8c4a4","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":100,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"e133cb52-2ae2-4107-9f1b-762f6422342f","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":100,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"35acaacc-9869-43a8-8d30-69505c53ef91","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":100,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"51da859a-f92c-4f39-aae0-18856687957a","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":100,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"1af2ddd6-b5f2-45ce-8d66-9c91fdd0053a","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":100,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"93e3f518-3a26-41a8-ae9c-b9561bd3bb9e","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":100,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"70f2ff19-c511-419b-a38b-b3d5b5ea9993","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":100,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"dd94d5f5-2d8c-44dd-acb2-4a6a1dff2673","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":100,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"1076ab7d-746b-4681-b553-f3026578f3ba","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":100,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"ab54e522-d32b-45ad-81be-d78e053f41c9","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":100,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8be2f9d3-78a6-4220-94a0-084f550e65c6","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":100,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"fea3faeb-be67-40bb-a030-925784caafbf","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":100,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"c7e6eabc-5ee5-413b-a1ca-117121fb77bb","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":100,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"35643ab2-31f2-4c10-a4de-0e040170480b","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":100,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"83c86954-af59-47a6-872e-b30b765524c5","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":100,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"7174ec0b-69bb-4d4d-9c8d-523dcba27c66","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":100,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"06f65889-fbc4-4855-9951-6c9ca8b0ce3a","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":100,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"f6ca8c67-f8da-4b8a-93ea-48b71eba685d","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":100,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"3f7ff01f-d7b1-4142-bdf6-a22c25e7a125","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":100,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"b54f4217-14d7-4759-a5b0-8d1cfcc13563","block_type":"box","text":"participation in the TOB Trust.","page_number":100,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"2ca911e7-54f7-403d-a220-05c3100804de","block_type":"box","text":"II-58","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69b9e254-6d05-41af-83dc-48ff2b57341e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7276796-9131-4ca0-9bb0-c63eb468a04c","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":101,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"578d08c4-a957-45ab-a8a3-4e1d51a563d4","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":101,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"be43a3b1-6e9e-43ac-bcd4-612538d5f57d","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":101,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"6d1e0b30-3344-4331-b7db-7ddeacda5b7e","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":101,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"f3ce2e54-02f2-46b8-ba38-cdb4b20be695","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":101,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1686ef6b-12a8-45a5-9b74-169b45af4861","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":101,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"d6d384dd-60dd-40cb-b9fb-66fe7810aecf","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":101,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"368cc60d-f56d-41d6-afa4-c1a5bd487b17","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":101,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"226e5574-2422-415b-929b-b48b69e0dc28","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":101,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"5e088649-5c27-48a9-acb2-0e3128746881","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":101,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"5700f9dc-6b42-4f7b-bff0-b9702f11e9cb","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":101,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"f173c8e0-dc03-4f07-9055-233a9a40e45a","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":101,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"b459bf97-c967-48e5-95d7-cb31cb7a91f3","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":101,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"92a8acde-9805-437e-a2e5-a36c9f77e638","block_type":"box","text":"issues.","page_number":101,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"227db293-8cac-43fa-9ac3-b4162a5ea797","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":101,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"cbe8f97a-9fd4-4ef2-8be8-e94673f60790","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":101,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"26722e6e-7114-4e01-957b-6a8387056fa0","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"f1858335-e01d-4d72-ba5f-f4b8da2d068d","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":101,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"51f41a81-de96-4682-acb4-0479a515e3c4","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":101,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b1e3eb21-4055-46f1-9a8c-53abb6e06d0d","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":101,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"115fc206-fbf7-4dc4-a755-da1ad420f22e","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":101,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"54ca7778-dd4b-4698-a2f8-cfb070a3364c","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":101,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c85f5305-21d5-4ac6-8340-26b706e8a5ef","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":101,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"f7294696-d4a2-4076-aaad-d7a79a9a766a","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":101,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"fe28c811-2898-4de6-8874-1c44361ef68a","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":101,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"234b8d0c-d71f-420c-8a97-18c059e0ae90","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":101,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"83a83274-9599-4367-a134-8c5e7b5781fb","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":101,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"b90a112f-cdc6-4c68-ab09-bad26cd0dcc6","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":101,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"acb83027-0639-4f6e-a996-a26e3e70b94c","block_type":"box","text":"i.e.","page_number":101,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"d10f8cb2-1591-49ca-803c-39082e551f68","block_type":"box","text":", the Fund). In contrast, in the","page_number":101,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"b1205594-fb60-42b2-9ae0-920acfd65c8b","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":101,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"184dd51d-bb35-43c3-8ff6-d9fe5dd62b9e","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":101,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"4954f17e-6e80-4228-a592-43e42bab1330","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":101,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"21b04e01-64f6-4a09-ac63-3dc08543637a","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":101,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"2dc76dfd-133a-4ef3-896d-21ad7bd1bf57","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":101,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"7d508a54-8cc3-41aa-a33e-db3fa7cabee0","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":101,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"48648532-a73e-49cb-9a0f-9a10c1356c95","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":101,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"3bfeae71-e8bb-4ff5-b84c-a4132bbb6a76","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":101,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"7a4b0951-e394-4269-916a-8875ba0e988c","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":101,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"363c5949-1686-44c7-8654-5684fe51bc9a","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":101,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"7822797a-30af-4acd-8066-7e6147bd09b9","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":101,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"10511402-be27-499e-8c82-b9b8d57f0f80","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":101,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3009fe7b-4782-43f3-a316-a40fcd8c2ebd","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":101,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"9d434d51-b247-42e7-bc9f-ccc3b22788d0","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":101,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"b4a4b0e6-c60b-488b-bf9f-c8bcd71f1865","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":101,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"ac4f053e-f7ca-4777-a4b0-b78e1541b877","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":101,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"b404dc1a-6a36-4c94-9edb-72b305ec320b","block_type":"box","text":"Trust.","page_number":101,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"0580bae5-7716-4cc6-85a4-d3587d1926a2","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":101,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"883d2e99-e36f-4368-90de-bffc99fde576","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":101,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"c7f1ff08-97ca-4ef9-be12-b9066505a967","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":101,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"cc11f2d8-41ad-4d3f-9abe-a6379db5aea8","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":101,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"6245b29e-59fe-42c3-bb96-4471f6e92d80","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":101,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"0f3e573a-12ea-48ba-ba5a-45651adf1ebb","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":101,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"8749817d-3cc1-4ef9-a36a-4d4160a34ea5","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":101,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"7408138f-d7a2-481f-967d-92438fd54095","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":101,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"09a55776-9ba8-48d4-ac6e-d49366c1d80e","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":101,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"bf4b8cc5-56da-4980-9346-ff3e2fc2eff3","block_type":"box","text":"II-59","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fb24950-3b30-4223-b83f-ff9c0e293a82","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffc3a487-b8e2-48d4-b9cf-19eda7ccca0c","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":102,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"d2cd521f-fcfe-4582-85bb-fd46e95a7077","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":102,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"a014078b-631c-43d5-af10-7936f7a5af72","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":102,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"bb764dd9-1aa7-43da-a3aa-79df93332b7f","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":102,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"5ddb5416-9218-445e-89da-b45dd3007c6d","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":102,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"6c50667c-9ecf-4648-9429-7637411fd3f4","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":102,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"f78fb9e9-4df9-442d-a28d-9b2a04d80163","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":102,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"bb24a49a-ec8e-406a-b066-4b7d7d53e2bd","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":102,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"b8574301-1f1f-4762-8880-1f6aace8a250","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":102,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"dec4a147-5cc2-4dc3-b546-9ac396ffc98d","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":102,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"6b60bf31-acfb-40de-89d0-094c32d08f4a","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":102,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"f13cede2-d8d3-4f9e-86bf-d690e1752b62","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":102,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"6a7323bb-2d08-4b20-92ee-1f62955f9c74","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":102,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"274fed90-9317-42fc-ba2d-964b0b010610","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":102,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"7c190337-fe61-4430-8c03-423bca78426e","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":102,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"8e7550b6-6e38-4848-b6c5-9113ec065e01","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":102,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"f34a6a4b-8214-42e0-99f8-0362b09ce0a2","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":102,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"25a9da68-c715-452f-b8d5-824a13350da3","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":102,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"b6ec3575-0009-4998-95bc-762e7af5d9a2","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":102,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"d8eb07bf-e5e6-4d08-9ad3-8994463027f8","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":102,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"85d6e9f5-0a5e-4392-9c50-7aaee9667ce8","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":102,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"f2df09fc-7eac-4301-a8f9-fe926187512b","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":102,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"da83be8b-0968-4cbe-98be-6f3a53758cf0","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":102,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"62dcde23-4ad9-46c6-a8df-dea38ed7aa55","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":102,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"f8b5b252-e91e-4ddb-a650-ed5ca54d5fd7","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":102,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"b6495737-5684-445e-86ce-83f66156ad3e","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":102,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"719d3daa-5a01-4202-8d83-694771559515","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":102,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"aa89c697-7b59-48e1-bed4-126d9e52f6f6","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":102,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"1a4b4f03-cd2c-41db-ae7e-51f634323609","block_type":"box","text":"i.e.","page_number":102,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"529f5a8d-df23-4b37-ab8a-3cdad5b9c61f","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":102,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"2ade7c84-f780-4fad-9fd9-a90a8617d90a","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":102,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"b0352a30-ef6a-4fe8-92d0-92ec02d9d09b","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":102,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"d07f4967-0da9-4b7d-98dc-be2bad03381b","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":102,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"3525e8a5-6232-4bcd-a1f3-d2bfd24d1716","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":102,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"4d8d6a9d-3006-4172-a289-f44e6f176f43","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":102,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"fa0f0c5e-a2f4-4458-9601-d8db61b6d1f9","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":102,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"29e7551c-c4d9-4ee2-81e5-035f5ecc709a","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":102,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"4b353755-ea01-47a1-9755-83a9acfa548e","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":102,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"36a48b8a-8750-43b7-b8b8-8efb2e646bb1","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":102,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"0389fe4e-bb6d-411e-b385-21b73fdbfe67","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":102,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"e696a233-ada0-4cfd-beb9-d04ab170eaaa","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":102,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"1b800876-fa76-470d-9ef0-b4ed2ef0c5e3","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":102,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"e3af7061-2c3b-4ec9-83a4-190ecb89d439","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":102,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"cfd31eda-8ee8-4059-9a90-91b00a86380e","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":102,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"86ec2fe2-ebcc-44b4-977d-d66c633a3852","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":102,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"c4c97417-2520-44ef-9494-3ddfe7e7c301","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":102,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"5e5ddf03-6dfa-4964-bc74-6a939983cc25","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":102,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"59091af2-64df-49c2-949c-49d299916d43","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":102,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"a98a3ef2-d7e0-419a-acbb-0fd73d680843","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":102,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"8f33d455-796b-404f-949e-436eb902eb64","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":102,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"79acb9b2-fdf1-494b-8117-a5a5201e80c3","block_type":"box","text":"market is not yet certain.","page_number":102,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"fdfcb881-5461-4675-9059-2497d387558c","block_type":"box","text":"Yields.","page_number":102,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"8f392adb-34dc-4051-ba89-f16a9e73228d","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":102,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"e370fe44-43ce-4b1d-93e7-6fcd6e9f4399","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":102,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"db1cddd8-1d80-4b8b-8b06-4543a3dc6321","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":102,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"4e8ed1d3-fcf8-44a0-9408-dfe83d7cfc69","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":102,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"454421db-5e44-4900-92ef-868ffc79f3c8","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":102,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"9aae6568-aec8-4ccd-9055-ef60c2c8da07","block_type":"box","text":"II-60","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"48b41831-085d-4d8a-831c-fb916f63d8f8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"782e79bb-e2d0-404d-bcdb-0e0acaafa838","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":103,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"bd9103a4-c7bb-4dba-a621-5259430bde90","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":103,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"46bdf1e6-7a1d-433b-a878-f5806aa4b38a","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":103,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"a3739278-95ca-4352-ba2d-3ebd0a22af96","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":103,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"593a61e5-a572-4dbb-85da-423be4ab80d2","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":103,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"7b3a47eb-e2bb-4ea0-9671-946cc6483799","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":103,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"5c8fc9f3-34b3-48d4-a41e-43977273e70f","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":103,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"9a31cbf9-620d-4422-a39f-500b0df3d4a8","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":103,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"f00f08d0-141c-461a-9601-639198919a9f","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":103,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"f0ec76ce-be08-41e9-9e30-bd9c8ff8e068","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":103,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"7e2fde63-958b-43b9-97f8-7ed0555c15d0","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":103,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"fb31cd00-fb8c-4916-8f74-f9367d71c194","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":103,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"944b96a5-a810-4ee4-81a0-0dbd9cfe9552","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":103,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"49af5a89-4550-4891-b316-8d73ea9b62c0","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":103,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"1104746f-d8bf-4b67-ba91-ab8828468390","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":103,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"50751d6f-4fc1-45a1-a95d-dcd8168b8582","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":103,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"ad83c7af-7437-4df3-913e-4eda463426db","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":103,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"eaf31560-0289-476b-8977-7fcf92dd94c2","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":103,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"5955fd04-16ce-428a-8e02-457f449e49c1","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":103,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"78087a3e-0c76-40c0-86ef-eb8021f46a0c","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":103,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"84b6200d-6574-4684-b960-2e825b9630fa","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":103,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"7a39379a-75d0-496f-b980-dbee58564618","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":103,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"e4351037-3d90-4157-9972-7afc92800fcd","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":103,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"5871befe-3f19-4d1a-8edd-9e954a0607c9","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":103,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"4e5044f9-f316-45a5-bac5-6440ef918dd4","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":103,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"c7369aca-60e8-4b1c-86e8-c6fb86b33a4e","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":103,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"dec3458c-2fe1-450b-87d0-9f8d2c3c4e05","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":103,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"f0cb3018-b31e-4093-a93b-4cb8d6f171f2","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"38fa4f08-7c11-4274-9eef-827a4c418a85","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":103,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f8081f61-b48f-414c-8dab-6d99ceaebd08","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":103,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"135021a6-d5f3-40e2-9e1f-2db5ff41b892","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":103,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"3e789406-3375-4fb6-9c16-795de8c62e51","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":103,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ebaf9488-f596-4bf7-9afb-8f57c45083a8","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":103,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"72d59c97-4a83-460e-86b3-8fa02282d0ed","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":103,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"180137fc-89f4-4b76-942e-34a66a7c4392","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":103,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"712b73cb-32a5-4b2f-a3ed-815de31ac916","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":103,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"8806799c-6a18-482d-9238-cd8abf45d1c9","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":103,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"011ca1c2-2ce1-4007-8fed-b68d42b131e3","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":103,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"208eb674-3b8d-4701-98c4-ed332a0fa5fa","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":103,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"acd53cb3-1dd8-4271-8067-7d27e9c44b37","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":103,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"e4b7612f-71aa-44f3-8442-1b3e8b96ed5f","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":103,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"af47a0a1-9766-48b0-b448-5b8c9ce89f3f","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":103,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"a66761b6-976a-4e09-bf3d-534841a48446","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":103,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"484a692d-6911-4b0c-88d6-528683f42668","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":103,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"f486c81e-8a36-48a9-9f3c-6c38aeca93b7","block_type":"box","text":"Call Rights.","page_number":103,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"5d64857f-3cb2-4391-93ba-7e48b50d9e7c","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":103,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"17220a8d-d869-4e31-83bb-87351fad6971","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":103,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"1d4172e7-cab7-4bd4-af60-d0b03cf5c073","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":103,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"c24ab146-9e4d-4f1a-8d9f-4f5faf6e529b","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":103,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"0258c1a6-48d5-42c0-a27d-7def45a89ad3","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":103,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"929cd44a-e44f-4c45-bb82-8ee7c82094fa","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":103,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"9ea98b52-827e-46fd-8bea-9ceeb5b51343","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":103,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"1bfeab25-ab82-4794-9ebb-32c95b7cd50c","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":103,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"83c882c2-5888-4f5a-8b31-50095b34263a","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":103,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"5460b3bc-118c-46ce-ab84-859b2bf9ce0f","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":103,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"add01f2b-d0fd-4a04-987f-92a399b50079","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":103,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"4af844f3-9e3e-4573-88d4-eb0bee1ae619","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":103,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"310d7fa4-eae4-4f2e-b78c-157ccf911146","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":103,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"786fe77f-05e8-4c4c-a887-c91b8de1d176","block_type":"box","text":"II-61","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9440c7e2-2ea0-498c-a83a-6cb62cf00123","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c1ea7c2c-9185-4b99-bb53-ef5506ca5cf4","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":104,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"e68f138c-5b39-4abc-bd98-b32b38ec526a","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":104,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"2c3b735c-93c4-49b8-add0-dbe7e5bfe507","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":104,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"f5fdd90f-8b9d-4dd0-8007-4bf7a7fd25cb","block_type":"box","text":"i.e.","page_number":104,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"c45473bb-d7fb-4c7e-87eb-123d031f4855","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":104,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"ab70f345-f736-4582-8944-06796ecb049f","block_type":"box","text":"rates).","page_number":104,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"49836a8f-1ddb-4917-a123-84905fe9290c","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":104,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"f382d325-4228-4a71-bdfe-bf7b1645f439","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":104,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"ec0d7b92-20ac-4cbb-b8c1-07f25515510c","block_type":"box","text":"e.g.","page_number":104,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"58a37801-da6d-4657-b34c-61ac214e1ec0","block_type":"box","text":", an exchange of fixed rate payments for","page_number":104,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"22f3bb3d-6964-46cf-b101-2b2d8c49ef61","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":104,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"0c96fb12-0e3a-4f68-9b49-314f3a4b0875","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":104,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"9944796a-65ac-4696-9e62-24d2e83ae617","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":104,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"56a84182-9a17-41a2-8e5a-f6356e324f3a","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":104,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"ad398d50-b8d9-43d2-a00b-01d9c3f51462","block_type":"box","text":"with the same attributes as the swap (","page_number":104,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"409d635e-dbae-4394-842e-694d0c59638c","block_type":"box","text":"e.g.","page_number":104,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"cc63fffe-f05d-453d-afc9-dc5946b71539","block_type":"box","text":", coupon, maturity, call feature).","page_number":104,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"9a8a3e76-6adf-4456-9bad-f94d0cb25db8","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":104,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"c90cfa48-1dd2-4630-89a7-04fafbb62055","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":104,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"e569627a-d0bb-45f4-a02e-124d8d7cdfb5","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":104,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"9fb0e1d3-9c6b-4ce9-9ac4-3ce35d806f4e","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":104,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"626b1d8f-3497-4e87-b1b6-e452ec4c986f","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":104,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"5fa773ba-1f43-407f-ba88-fb5971ba1c0d","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":104,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"3e33966f-abe5-46b9-8c0c-b6487c94eb32","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":104,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"75848afd-9971-46c3-b019-69cf5e034efd","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"2358bccc-2496-4a23-87c5-8e3d0351f0f1","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":104,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"cc63080d-05e5-4d75-bd90-ed2a33399f6d","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":104,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"65a01b7c-1a21-4765-b48e-a3b8de3a37e4","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":104,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"2d5fd07a-1967-4279-adbc-38ed2db7e73f","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":104,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"7b3dbd09-d323-41c3-aeca-ae12c8c5d64f","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":104,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"dbcca00c-6242-4e41-8086-078108e4c84d","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":104,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"5e07e5b8-6966-4124-b28e-cbe6430bd9c0","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":104,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"01fac9a8-9b87-40cf-ba7b-7b100030891b","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":104,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"0627aab5-db57-4e5b-9cb7-96a206ebfc21","block_type":"box","text":"Insured Municipal Bonds.","page_number":104,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"f4e407ed-f863-4a75-a287-df4e895f7127","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":104,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"d33a6561-28c7-4d67-9919-0be5bfb0fd93","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":104,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"02b7eca0-50ae-41db-aa2b-a26f27a7163e","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":104,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"85fe9639-5565-47b7-93f1-7c4a916616b2","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":104,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"0345f250-24ee-4a76-910c-b5a771a778bd","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":104,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"bb37e47b-0ba5-43a0-8f5d-9ee5897a85b2","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":104,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"4bba4455-21eb-449d-9b4a-4e26ee5e0038","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":104,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"a834ea59-523a-433e-a726-d416e1536587","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":104,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"90d0236b-4e62-4cc5-ab12-ca93d4fe97d5","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":104,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"58f997a8-0a31-44c7-b0b5-dfc788999794","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":104,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"f523503c-0bf7-492d-a4df-79a13ea23e71","block_type":"box","text":"bond could drop.","page_number":104,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"e3557d13-0368-470b-9913-68a5216b7b78","block_type":"box","text":"Build America Bonds.","page_number":104,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"c2a62370-487a-4c43-b30b-86bdeb891eda","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":104,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"18f872a8-49f8-449c-bf40-72d2fca3df88","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":104,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"a03ad235-315f-4011-b9b3-f6e19687c14e","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":104,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"05e07b17-b248-4cbd-bb3b-0887df5a2f62","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":104,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"bf7045b8-8803-4d49-a915-68a403f97557","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":104,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"e230eb62-a146-4011-b6ba-59fc0e4d11b3","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":104,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"0317276a-357a-4d5e-a2f2-56973c9bc0c0","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":104,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"9379e0f9-bb94-4de0-ae42-6b8a45af686e","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":104,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"c1281bcf-5d0c-4aa4-8b4b-564a32340305","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":104,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"b076d6cb-c5d9-4084-a42b-ac57f4f02bae","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":104,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"4b2464c0-4044-406f-a370-84a15599e7bf","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":104,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"b414c762-100a-43d4-8f55-b101c6e3c51b","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":104,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"dd85d99f-5e94-43ba-9ce0-47f980fadc8b","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":104,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"eb9dfee1-92be-424b-b49d-ee6ccd17c752","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":104,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"d3a47006-32f1-4380-af36-cb47708aab6c","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":104,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"dcf8f960-6eff-45db-8eda-03f8bb825da3","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":104,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"893c083b-d4bc-4e66-9168-8cb5beb76034","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":104,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"d3f77346-bfbf-4d2c-a73d-0d111f411507","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":104,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"8d9cbf21-1c4f-4a77-858d-42c5fec13c48","block_type":"box","text":"II-62","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1bf3c8a-089b-4398-b8c0-93381036a371","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"663f7ea4-5180-4d00-a6de-0cbff51d2974","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":105,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"61e77a17-e0b4-4dff-8086-7fc5d78b0c99","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":105,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"6942cdeb-df16-4402-8fea-7d7e96ddd5d1","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":105,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"24dea281-79e7-49d7-a39c-ad5bbb225423","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":105,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"285a713a-63ca-4f69-a9ea-756ed8d682e9","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":105,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"0906ae85-4018-48d3-8d45-1d3d42313205","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":105,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"bbe96708-ddbe-4683-8d02-9b49bd42e5e2","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":105,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"08ba19ea-6a9e-4ecb-bcfb-329adc7ae120","block_type":"box","text":"their face value to the sponsor (","page_number":105,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"dcfc7106-ef74-4a18-b9d9-1f8264a3b5dd","block_type":"box","text":"e.g.","page_number":105,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"3f5b63bc-3938-48e2-a516-ef763580f980","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":105,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"e4cc76e1-a469-44b3-9387-2a3e02bfc7ee","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":105,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"34c86d19-9bf8-44dd-a8f3-724173a1dbe4","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":105,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"e8fd984c-5d95-42c0-9448-3927236bca67","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":105,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"80fd30a1-418e-4d24-ae49-103a5f1a6698","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":105,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"4a74e72f-4ddd-4904-bb60-5c168b855523","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":105,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"4719c1b1-80d6-497f-a52a-a9b3044e1b10","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":105,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"0738fff2-106c-4e7f-b3ba-8e454e0dc150","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":105,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"a6505c97-aa1d-4d95-aeea-0b5755557215","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":105,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"25933252-bcdf-4282-84bd-b96a3ccd43bc","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":105,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"0ea649c8-2df5-4a60-9c27-b9ea6dabbc08","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":105,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"ba2f6a3f-41a9-4350-910f-da4e30e220df","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":105,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"c7823d49-aa41-49e1-b94d-1e2a92f8b5cc","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":105,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"ed1f9fe5-610b-479b-a12f-96b7efaea6e8","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":105,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"0a6215f4-0185-4a88-a34a-b0ee9f4ed819","block_type":"box","text":"such opinions.","page_number":105,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"a0cebd8a-ca56-4e1d-9f0f-de6b60b84123","block_type":"box","text":"Operational and Technology Risks.","page_number":105,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"11fde6e1-f4d3-4a60-8891-a311b9d9549e","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":105,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"6744d745-eb88-49b1-8875-b9b99a71a073","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":105,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"6bcc5b20-e4a6-4994-b28d-49bb62bd059a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":105,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"80e32a68-34ad-4cd3-b207-c56c377f0382","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":105,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"1212b620-e306-442e-ba88-196ae77a264a","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":105,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"cf8a28a2-7ab2-4edc-a8c3-2b6879330923","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":105,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"18758457-840c-4e05-bb56-7a4d16c6b38d","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":105,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"77dd536c-2748-4ae3-a23a-44189e44b4c8","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":105,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"ad4e7e4b-e0b1-4103-9faa-788e6a756d74","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":105,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"a42f508f-3623-4831-a14a-255d86e6baba","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":105,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"44445700-5daa-42fa-8ced-ca83f9ec6ebd","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":105,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"679154fe-841b-40a0-8408-2c626bdc656b","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":105,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"fccee9d3-b3e1-4fe5-ae9b-1ff4e33d2995","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":105,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"5c7bbb9f-875e-4637-a851-2a5c60ff8f4c","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":105,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"61f88f76-b54e-499b-8fd4-9c08e3fb58b3","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":105,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"c732bfa7-80fe-4850-823c-ab2fc119f3e7","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":105,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"b6dd350a-1b3e-494d-a381-3208304bafe1","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":105,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"4cf2a939-ee70-4ceb-a863-fa48d293754f","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":105,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"294d6085-39d9-4dd9-93d3-7c1e05d5bd7d","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":105,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"8d95e658-ac1c-4746-b681-ea2783e6baf0","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":105,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"f5fe48f6-01f8-4a67-b801-d7b19bc7596c","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":105,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"bf7e930a-5915-468e-b4ca-394b729d06bb","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":105,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"cb205cf8-765c-46a4-bfd7-11592db60795","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":105,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"2b3aae77-ce45-47a0-882d-37aea438dfe5","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":105,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"82576ac3-b610-4e5b-8d6a-cc0361ff4bce","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":105,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"a888d84a-bb7d-42ca-bd4d-e2f3480f61e5","block_type":"box","text":"to the Fund and its portfolio investments. These advancements could harm the Fund and its portfolio investments by","page_number":105,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"ffc2fdef-ca9c-4dca-80b4-c51b525883a7","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s portfolio investments. Additionally,","page_number":105,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"4bd8b11b-f10a-4178-8e17-600697513475","block_type":"box","text":"these advancements could significantly disrupt the Fund’s portfolio investments and subject them to increased","page_number":105,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"cb9c139b-d8dc-42f7-a72c-2b9683ef92a3","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":105,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"eab3c6ab-5953-42bf-b5f9-6f96961718f5","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":105,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"035fed36-e94f-4c0c-a70c-0ede691d6ed5","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":105,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"0a57c70f-c444-4d96-bdce-692de7875c88","block_type":"box","text":"infrastructure assets.","page_number":105,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"38e50ac9-a91a-4733-9e45-264cd7ad340f","block_type":"box","text":"II-63","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea1cf281-348c-45cc-872c-5482df217442","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8977ecac-4322-43bb-aace-a10b07590996","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party service","page_number":106,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"0f719b9d-96c1-468a-8e71-6cc78ad1c43e","block_type":"box","text":"providers or any counterparties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":106,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"efd1c208-f627-4aac-9cd6-383d20c3b92a","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-party products","page_number":106,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"ad0176a5-5cf0-45c4-a38b-e86118de06cd","block_type":"box","text":"or services.","page_number":106,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"bdd3aa50-2bd0-4658-b326-559b2fd26a81","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":106,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"b4a50f65-6a85-4146-b8f4-47b46083aecf","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":106,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"42a08b15-bef1-49c3-b1be-00dbc02874d3","block_type":"box","text":"other third-party AI technology applications and users.","page_number":106,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"b8e15794-2696-4c89-bb4e-e6cce2dae71b","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":106,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"b3363241-9b7f-4a5d-b5e6-766c1e90ee14","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":106,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"af4b6513-0e7c-4bb5-9cd1-e071d22658ee","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably","page_number":106,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"cacdc2d8-96bf-4d95-bdae-cf90392bba51","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":106,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"3d34e25c-e686-4fe0-8e39-c66ed85311a2","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":106,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"16b5c0fe-2878-4d33-8202-d10aa9818775","block_type":"box","text":"incomplete, erroneous, distorted, or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":106,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"1d94a853-97ea-45dc-bae1-de2d47ac0802","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":106,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"f353a6e2-bef0-449e-bde4-c6017cfd044a","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to the risks of","page_number":106,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"c420af26-9de5-404d-b36c-a53008d8a4c1","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":106,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"c104e5cc-d9a8-4094-8362-e2ce0bc920cb","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to monitoring and","page_number":106,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"336c58f0-8fb5-42cf-a796-ffa2302f53c4","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer","page_number":106,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"e588c879-3adc-43f2-80ad-e862a8fd827a","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on","page_number":106,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"e4481420-495c-4b0d-86d8-4a864bf85add","block_type":"box","text":"artificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":106,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"8fc2aa9f-51b6-4078-9304-7ea5aa259072","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":106,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"8d390dd9-589c-4ded-96b2-4a16b18ed4f1","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial","page_number":106,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"2488f07d-dda8-4ac1-8a62-288ba0fe57f1","block_type":"box","text":"Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may","page_number":106,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"3391ee34-f9b8-436b-8158-0afd2c0b350f","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":106,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"d93178c0-a8e5-4c60-a46a-75d3b60c0dfa","block_type":"box","text":"adviser, or the Fund’s portfolio investments fail to comply.","page_number":106,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"7e11ab57-30c1-477d-8f96-0f2a8d362abe","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":106,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"3899f6dd-12dc-4956-ad83-45059f18d09f","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":106,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"a6b4eac2-67e3-4969-8a54-88cfe012ac6e","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":106,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"8e1a5075-4b7e-4876-8324-7c2dd25055ed","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":106,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"6ebad233-3f4a-41b4-bfbb-819d4a47e204","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":106,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"0bb175a0-3924-4fbc-b019-a7fc91815528","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":106,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"38d30a1d-e9c3-4b60-bc14-e116dadd84d0","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":106,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"7f8e6f09-1212-4154-8fc1-2ed02fc25747","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":106,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"720d79a2-5b01-4215-8f70-1ca8299f5433","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":106,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"146e3893-4053-4952-9526-9d625fe9a5c1","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":106,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"a81e6717-815c-4212-a69c-9657a15e8c58","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":106,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"d9a73599-9701-4536-aead-fff33076b52b","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":106,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"02eb0f5e-fff8-4c70-ac00-1925f41e657d","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":106,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"c1466a89-fe69-4e57-acbf-e7bbdde4cdcd","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":106,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"0a79e1f1-1322-4363-a2e3-17ca1b7ef868","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":106,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"f83cf3b6-ddb9-48db-bf8e-912a8adcd847","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":106,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"2ef4c3aa-f96f-4551-8349-6dfca51d8636","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":106,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"9df69374-fe13-46e4-92cd-8cb20a2169cf","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":106,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"9ffde676-ecbf-48a3-b241-2f319932e6a0","block_type":"box","text":"resources to monitor and implement required changes.","page_number":106,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"7c9fee41-eda6-4f59-a704-90548632358e","block_type":"box","text":"Participation Notes.","page_number":106,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"63a2fb8a-5f3a-4e80-8d7b-b01ddc07e6d0","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":106,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"ae90563b-f365-4405-b373-f56d927e5986","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":106,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"ec2707a1-9ed7-417a-9c58-11a958e5ec73","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":106,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"14604162-30d5-4d33-8120-b9b326a4e8d6","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":106,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"3a1c5798-8054-4bde-9273-cf9815a3beab","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":106,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"718dc30e-6b7a-4100-8fe8-92bac61da303","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":106,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"e09c3223-0853-4a1e-90a0-29cb3d48506b","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":106,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"b08294f5-8cf7-4ce7-9dc9-dd562f644e2b","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":106,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"2aef84c6-ae4a-41d2-995a-fc5c029b3fbf","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":106,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"4976da27-b85a-42e2-b026-948abc9be6e4","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":106,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"4e203f02-941c-41e9-9104-3a7beb8ab346","block_type":"box","text":"II-64","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07d1ecf0-66bf-4a4f-91c7-557743fb615a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b5bd797-d8a1-4985-ae74-8a58bba264d7","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":107,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"d3b2af42-3d3f-4481-9966-7bee6f262caf","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":107,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"b3d8dc80-d761-4d21-973a-bb6d8e1115bc","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":107,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"73bb5f0e-09d6-47d4-ab63-9d10a5d20751","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":107,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"c9f96fcc-ad24-4a16-bd85-e155c6fe7a5a","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":107,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"c710d803-6d80-4a46-adfe-efa8a6caf283","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":107,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"2ced00fd-cb7b-44e7-a8e6-575903c43db6","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":107,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"7e68c4fc-151b-4d1c-8fa1-e1eceb1901ce","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":107,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"219191cc-147e-41bf-a210-92fe9e9b085e","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":107,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"62a3f01d-7676-41cc-8fc3-628f074bc8ec","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":107,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"40ba199a-cba9-495a-b925-86fa78ae9cfd","block_type":"box","text":"Portfolio Turnover Rates.","page_number":107,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"e94fbae4-da83-4bac-a4b9-4ae7da9688aa","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":107,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"20195c58-fa6c-41cb-8f59-046ec411d8cd","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":107,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"7f779518-3913-4be5-8004-7f937a7553ac","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":107,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"9035bb9a-ce26-44b4-9050-e8402a4bbc45","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":107,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"6e8dff52-c905-4aaf-8614-c905de38d55e","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":107,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"f33245f4-e4e5-4145-9a95-1a52b2da29dd","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":107,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"1a3e2bb8-c4dc-44a0-bd98-ee059db89763","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":107,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"3043f481-5c2e-4254-964f-d7fd4ba95625","block_type":"box","text":"i.e.","page_number":107,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"fabe73d4-b481-470a-ab12-a8fe030233bd","block_type":"box","text":", 100% or more) may result in","page_number":107,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"70f782ab-2b9c-4d6b-ad2c-1953401e3e89","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":107,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"3173f58e-e0d5-4549-abde-49b0e710eef5","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":107,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"0dc854c0-4c2f-4146-a1cd-518bb4375751","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":107,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"d8a5a1f8-de0e-41de-9c77-4b370dbd3ca3","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":107,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"aae672d7-93f9-4a7e-b908-874c5c99d38c","block_type":"box","text":"Preferred Stock.","page_number":107,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"c215b1dd-7919-4eab-94f6-fbfc9075f04b","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":107,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"9776a956-c5fd-4433-8baf-b0cbb2c30777","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":107,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"1caaea1d-d105-4f7c-9ea1-81a3036886a1","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":107,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"cdadf7f2-df49-4219-a387-243fac73513e","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":107,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"813918d7-18f5-43c7-a1ba-4dcbe0b06c53","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":107,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"d85d1aed-e0ba-4788-b5dc-58dcb42bb63f","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":107,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"f61ef7b4-6d3a-4c0e-a7ad-7bfa74b9f5c8","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":107,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"e5eb60f4-be1f-4de7-91df-1206d397d88d","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":107,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"366ebd02-fd7b-44a0-9d30-f495619e68c4","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":107,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"83a2d20a-1283-44fd-a5d0-3326f740e9a0","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":107,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"7c391011-bc05-4d9d-a6e4-42064abe0ded","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":107,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"042975ec-5eb0-4afd-96c9-54bed8172c3f","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":107,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"32669a98-0e97-40f8-817c-232071c83560","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":107,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"868b8d45-671c-4901-bdc8-fcaa24c5dc67","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":107,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"76295ce4-ad29-49bf-bf88-50795ced6a90","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":107,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"5ace7260-0747-4c5b-a383-e065259d22ab","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":107,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"2a3d866c-4e86-4a54-8a68-c111806e41cf","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":107,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"77ea0cd2-b790-4846-bf26-83fdbb91fc21","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":107,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"509233fc-f158-4cdd-9e5c-8cab9e430023","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":107,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"79cf48e4-62d4-4900-ad74-5be64191a11e","block_type":"box","text":"Trust Preferred Securities.","page_number":107,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"9a1d3e31-6fbb-4540-95f3-a31117241dd0","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":107,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"99f8dede-8171-4461-a93d-85f3d2bfea92","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":107,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"ee54fef5-ebbe-4c3d-a66a-7e5b6ecd12ef","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":107,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"63d3c838-231c-4d6f-8598-f71b496079ea","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":107,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"b122d401-dd54-4f69-b248-04f799be216c","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":107,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"ef0e36d6-4a00-4311-81c2-b3a74a624a08","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":107,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"6eefb19c-9885-4357-ae24-c89474bb5b5e","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":107,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"5a8e8c1c-6be9-4657-a0a4-31ee095a3c4c","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":107,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"a85ee93c-1665-4c75-972d-6dd1a87a3455","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":107,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"1b605fbe-0c3f-4589-ab5b-a8a1d06d5c8a","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":107,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"330acc56-c88b-47e7-a946-846576e61e2f","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":107,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"d883e467-5b8f-4512-b806-da18ace4916b","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":107,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"791163ad-d54c-46e9-bad4-86e77897fbef","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":107,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"c7a5e59c-b349-4a3e-a2ac-ffa593974d64","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":107,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"8ecc2a6b-b08a-4463-8305-c634548013f1","block_type":"box","text":"®","page_number":107,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"d15ca002-2539-4099-9d77-21378afbc88e","block_type":"box","text":"”); monthly","page_number":107,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"96dee4f1-ad32-4cea-a7e9-665a32300d67","block_type":"box","text":"income preferred securities (“MIPS","page_number":107,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"b5ca4b24-0fb4-4a53-9d18-5c3c91fc170e","block_type":"box","text":"®","page_number":107,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"3662a870-418c-4f97-a200-b9a236e08217","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":107,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"1e0f6f5e-f58c-4217-98d3-74254b88ccc8","block_type":"box","text":"®","page_number":107,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"4f99f73e-ffa7-4093-b0d4-9c8d8e29ce9f","block_type":"box","text":"” ); quarterly income debt securities","page_number":107,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"e07151f2-2afb-4977-9cc0-25cd6df3ab03","block_type":"box","text":"II-65","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2950e042-7f27-4678-ba20-a7c3f47e922e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3528c02-0db2-4bce-89d8-a703a06c6f4b","block_type":"box","text":"(“QUIDS","page_number":108,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"2b0b767f-9858-46ea-b963-1202370271c4","block_type":"box","text":"®","page_number":108,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"a4636094-187d-4bf4-bf36-743a0c018bae","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":108,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"5ab3ef1c-c452-438c-9386-a64647706d1f","block_type":"box","text":"SM","page_number":108,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"41791d57-62d8-4e0c-a4d7-0d5b33d54e50","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":108,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"7637dd57-c959-4ee8-a4d4-55f7d30406d7","block_type":"box","text":"®","page_number":108,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"5f9748c4-0f42-4c49-92f4-0a1a91e29812","block_type":"box","text":"”); public income","page_number":108,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"ff7aa6a1-467b-4b1b-9acb-fabeffad56ad","block_type":"box","text":"notes (“PINES","page_number":108,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"35ce24ff-da57-48cd-a914-bcce45089301","block_type":"box","text":"®","page_number":108,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"617f1a5a-fea2-412d-b7d1-727f34f330ea","block_type":"box","text":"”); and other trust preferred securities.","page_number":108,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"05fc9dab-9a71-4c04-9480-c405341335f4","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":108,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"fcfe8388-0aed-4f9e-84d2-de612ca58c64","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":108,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"e51e44b1-34f1-4a16-a457-7c068e0d027a","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":108,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"7c3c7a9a-9897-4a61-a426-0f6595dd1e9f","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":108,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"7c2c0682-595a-49bf-bd73-5d501a313a76","block_type":"box","text":"regard to whether all payments have been paid.","page_number":108,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"aa6fa5ab-3ac7-4a1e-834a-07d8f290b60a","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":108,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"3c12686c-8393-4976-95ad-9e47ed8a3d6c","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":108,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"db6e2e82-568b-49f3-9ea0-c4a992098435","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":108,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"22082fcf-dd17-4fe8-a2fb-415d2d105977","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":108,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"1606bed0-a5f9-4068-a3ab-4e859af70db1","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":108,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"ab722d89-a659-409f-acd3-4807d4f88d80","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":108,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"717b7f90-4f51-4907-aa5b-3ed458efb955","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":108,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"4468005d-a3dc-46a8-9d19-289962791ae4","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":108,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"1b30f623-ab2a-4afe-aecf-61045dacff60","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":108,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"39054be0-a77e-478d-83b1-42bc2fb12166","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":108,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"6100c8c5-53e2-4ff2-bc0d-3e2dc6bd2de7","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":108,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"c19057cd-f525-4352-bb93-a87f2e36966e","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":108,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"64967288-278b-49af-b54e-af3d7b636297","block_type":"box","text":"debt securities.","page_number":108,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"760a0f03-cc58-4b43-90b8-10b79d7370d9","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":108,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"db0e3e06-be09-4e69-b34e-56043c1b3561","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":108,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"e882444e-5a57-43e1-bff2-c960cc201553","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":108,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"9fdcc169-9600-47e9-a25e-f96d61803a85","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":108,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"5c208b95-d9cd-4574-b3e9-b133d466f68c","block_type":"box","text":"geographic areas or in specific property types,","page_number":108,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"16fa32e9-d839-4c6d-897f-ae055280c204","block_type":"box","text":"i.e.","page_number":108,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"5b774c92-1211-4a4e-bc45-36fc963a6765","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":108,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"67eb1028-034b-47e7-ad4b-a797d56574c3","block_type":"box","text":"buildings.","page_number":108,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"7710402e-a2a6-4d04-997b-a138af1b6535","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":108,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"c736b529-8819-42ba-bdc9-ca003f67415e","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":108,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"19d67fe5-6d18-4d44-8af4-7152628c1d3a","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":108,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"305cabeb-8b72-4146-ab72-c8326442947a","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":108,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"55da5bc9-eafc-4a94-8c49-da3fc6af4bd8","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":108,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"fa0bca6d-6f9a-4b54-b05f-0de6bda3a9df","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":108,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"051b400e-9abb-4cf7-9b7c-d1ecaf4b2834","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":108,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"fa88ebef-ea11-47ea-a8c2-9c5aaa717c76","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":108,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"07d54c78-aa9a-4d58-b3ea-89000c312b8d","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":108,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"5f44387a-1111-4b18-a56d-50ffa1af6572","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":108,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"68b20160-017f-4b80-bf63-c65394051b14","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":108,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"bd3902a6-7bd8-41f5-9836-0e557a30cfd1","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":108,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"d0738bdb-e6b6-4803-a1f7-0cb8853acfa7","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":108,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"2b26dedc-75a7-4d3f-b116-9eed74496c60","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":108,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"ffda09a4-14e6-46b2-8daf-ebda3b7cca05","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":108,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"e3b91c43-fb3d-4296-93ec-ee9d78e16542","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":108,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"5a1c2cb8-5888-4133-9209-104b551cc388","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":108,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"531fc3b5-392f-45ad-8567-93546616b02a","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":108,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"6fd92425-c45f-45ee-b652-0a9f3a02f075","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":108,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"b78dfa4f-a204-48a6-a2af-ae6752456b32","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":108,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"7fced422-269b-4c7e-9d00-c723c3505d53","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":108,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"a35d9517-5dae-418b-8fa7-b78336589f5c","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":108,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"c12eb393-da1c-4023-b1f4-ba6b3a5400ff","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":108,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"c2849fff-0738-420a-9aa6-ecabbbcae4ef","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":108,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"83f559fa-9290-44b6-97f8-000fc85bd7ce","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":108,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"a2e4c654-2b2e-4397-8918-939d2fd04887","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":108,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"4c2a8e4d-c711-407f-a373-99024d6905ed","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":108,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"bc23ad26-d0ad-4876-aec7-c374b9d6189c","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":108,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"9c6bc0eb-6494-4d39-b632-0d2274185910","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":108,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"3cf16cfa-d308-4594-baf0-a2229240bb01","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":108,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"b26cb0c2-a2b7-42b6-a481-b8aa3a6e805d","block_type":"box","text":"II-66","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"948a33a9-c041-4ae6-ae5b-860caff1cf11","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53d88459-ae24-4b83-ab6a-14878ddcf005","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"7b0db5bf-a984-4743-a8de-916037ffeb7b","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":109,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"3794c149-9bf6-4251-a7f2-f21adec8acb5","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":109,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"3a5a5809-0611-4199-9847-07587f982ea5","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":109,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"7b7ee8af-5afe-4372-bdcd-6ee71e9df7f9","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":109,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"04f2a75b-7fb7-438c-8ed3-447648b117da","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":109,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"fa6fa5c1-cf74-4b73-be8d-cda08a0ce411","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":109,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"6befbea7-41db-41b6-8771-f642bbbef1c0","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":109,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"bda13f51-093e-41dd-bdb1-8b0773b34a41","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":109,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"7ae661fc-e991-4b46-8956-1e52f480bbfe","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":109,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"d9115620-9236-4fc5-bb44-9e7eef0ec645","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":109,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"b63af298-6b8a-4775-8139-e927e43322a0","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":109,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"463fa7e7-64e5-4ae6-86c3-dba27cd77727","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":109,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"5ca34536-d30b-4e82-8ae9-a24ea56f4b11","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":109,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"0c2987b1-fa6c-459e-849f-a3ef9ec00894","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":109,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"e6283efd-302d-4b81-bdf8-1f65b8db7767","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":109,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"a8610339-d5a7-4908-9795-28bb8795f73f","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":109,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"0bec499c-86f4-4fc8-8df2-83be74dcfe16","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":109,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"4a54e21d-701d-41e0-a329-179c6db92242","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":109,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"4b0b40fc-e8f9-4f17-ae8a-9d1d422bb166","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":109,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"7ccc425a-adb6-4d33-8fe7-d256bdff383c","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":109,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"d8d87a1c-8359-429c-a685-073d7ce06449","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":109,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"b2659534-1418-4095-ae92-c3e51d5ccf18","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":109,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"6214c162-3313-4ca5-9cda-a6b04649e6df","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":109,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"1c8ba60c-8de6-4d0f-84a2-bd9de41537c9","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":109,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"f013d764-4336-415c-8af7-96880d7943e1","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":109,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"c80b595d-c868-4338-83f1-6e387b629307","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":109,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"20c55d0e-24c7-4471-bbfb-731940a323ba","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":109,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"3da914f8-5c7f-422e-9979-4c312593f969","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":109,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"9e91848e-bab0-42c1-9b88-84e482af2a52","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":109,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"01ccd856-3735-404b-bf88-f105e749a829","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":109,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"441bf8bb-e82a-4aa3-8a71-869ef27820dc","block_type":"box","text":"conditions.","page_number":109,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"81047ed3-48c9-4131-94ab-9ee2f52007d5","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":109,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"1c51b911-2020-456e-b8aa-6e7306033a27","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":109,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"8e5a5208-6542-428a-8eec-fc232fa33ee6","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":109,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"7a0a330d-64c1-41ab-912d-c8296ab0b14c","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":109,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"71b93aed-c407-4e51-aa39-9342a37b70da","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":109,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"5820645b-b1a5-4c9b-9977-e3349d0d9f11","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":109,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"594379d4-d7b9-4fc5-8c57-73982dbf29e8","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":109,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"57e50c3b-5221-4faa-ade5-118389542f3e","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":109,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"a20e40ba-ab47-4b63-9463-6528479b135c","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":109,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"8220e761-0744-457e-b3e2-a6e602c532bf","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":109,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"a7cd6147-be33-4202-810f-45065eab025b","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":109,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"93475f94-2a31-46ce-b9f1-3f98f4270b97","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":109,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"edfa27fb-bf8e-4060-a0a7-3420a7771272","block_type":"box","text":"affected by such events.","page_number":109,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"4168555b-02c9-41f3-9133-03567748aec8","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":109,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"97baec94-f9a5-46d2-9e6e-6313a244c66a","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":109,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"28fa3bce-5cfb-4b3d-82c1-dd7d8855c1fc","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":109,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"934fb5ff-0f4a-48ee-9bd6-92854e975462","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":109,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"87c19e50-63ad-43f9-9e7b-f33f108e9b04","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":109,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"717e6987-b3e1-4f4f-b5fe-b6f881c86161","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":109,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"0dd59781-f34d-4893-9b05-dfac28a1a795","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":109,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"af259420-bf7a-4c58-bcfa-2c3fa07d21f8","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":109,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"7097d454-b14d-4d8b-b35a-e907b101043d","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":109,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"853e096c-3cad-407b-9de8-c19aefa8240c","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":109,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"142d21bc-ae11-4dc7-b84f-ec66e15bfe3e","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":109,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"4ca4bce5-673d-4f74-af4a-18feb292c4dd","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":109,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"dc8f7d0f-3a1a-4a13-bdff-826260083025","block_type":"box","text":"II-67","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"863f558a-162d-42f7-b331-b5cc0d90bc79","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c12c67b-6c73-4a87-8123-04945e9d9f85","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":110,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"4de34b68-8053-4984-8e2b-963a9b9a3869","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":110,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"312d8976-f697-476b-b638-25c7fbfd335a","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":110,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"36969ec2-094b-4ca1-b64d-619a171b249a","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":110,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"c9fa389c-666f-45fd-afdd-ec7ea72ab95b","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":110,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"f4cf82eb-b703-43e9-89df-db67900fb1b2","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":110,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"d89b0649-3d5a-46c4-91f0-0ca5761a0a14","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":110,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"ac508a49-9b50-44a7-8440-5c72e13890b0","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":110,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"60d517e0-4625-474b-b41a-ec7703134a17","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":110,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"82b5cc10-df14-4942-b4ce-2530eb63a876","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":110,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"8befb8ed-d666-4a19-956d-94fd1fad362f","block_type":"box","text":"investments.","page_number":110,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"add0cba1-b582-4000-9977-122ec834c9e0","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":110,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"0d467ceb-c5d2-4dd0-a96a-f4d0e03b6986","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":110,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"276d7adf-5c48-4e1d-8a07-153303b8f262","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":110,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"17dc27e5-e9da-40ef-85f0-1a244adc2fd2","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":110,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"b61b4393-dc58-455e-a6ed-c285b7a4c83c","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":110,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"eb5d6ab5-91e9-4a8b-ab02-7528ee8c047a","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":110,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"faf37d4d-9f3b-46e5-b321-5c332b146280","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":110,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"25830e13-1613-40d5-b8aa-6b2b943c1c3e","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":110,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"ad46c0c9-1fea-4efe-81fd-1bfa6eab0a66","block_type":"box","text":"Legal and Regulatory Risks.","page_number":110,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"3c1e339d-4c16-4048-96b8-48ec1f47d697","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":110,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"0d7bef28-00be-4186-90ad-e53f233a7824","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":110,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"206fb008-055c-4450-80b0-670ad012884b","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":110,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"8a619f3a-6fd7-4405-8bdd-6c55568b6f7d","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":110,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"1b4ff9fb-1128-4bf5-9df8-62541a05f7ea","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":110,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"833ba16f-0e38-4e4d-8236-4d4d9f480b38","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":110,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"6a36df1d-9ad1-46dc-a464-fea35a53f6d0","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":110,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"7783dd8c-60a7-4ed8-b172-06f71242bcd0","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":110,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"40431d6c-1268-4fe3-91c0-1837713a01f9","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":110,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"a38bff9f-ecda-4ed8-a098-21dfffedbcd2","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":110,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"6b3ba095-3bed-4194-9870-6ec86e66dff4","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":110,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"9d69f2e2-6cf7-4ca2-84f3-b704287d362b","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":110,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"00d6ecf3-37fa-4e65-b3e0-9c41c6e76cf6","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":110,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"497cc52c-741f-415e-baa0-998fa93cf22c","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":110,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"3348a9b9-f535-4403-a402-42a85fde37ff","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":110,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"0787beec-e1e5-480b-b8f7-3404d324dc2a","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":110,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"639e5b81-2baf-47eb-9146-cbff21b78bdd","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":110,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"809f6d0c-1b06-403c-9fac-55155c5784b4","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":110,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"437ad922-f4a7-4399-b54e-9f11c9cf7df2","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":110,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"f5d474ee-f8fe-4eda-945b-e86909f1eb11","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":110,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"8163bb27-0864-441a-a5db-0a6a6a537d4b","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":110,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"43ec91e2-a0dd-42bb-8eb5-b9fff1e35f6c","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":110,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"a4ed34a0-1549-4d00-9133-3772d9844dbb","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":110,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"a5ef2aca-59e6-49e6-8865-e52e0422b77c","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":110,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"04a22578-9783-49d5-83e3-c43f3e70ba07","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":110,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"66395101-8e99-449c-b9b5-a66db180f84a","block_type":"box","text":"Geographic Risks","page_number":110,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"533140c9-29ba-4a96-a29e-e1f8a83303fc","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":110,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"dca27ded-e792-4a3d-bb35-7440b1281a4a","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":110,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"360e99fc-52a0-442c-b955-f7eb3af94a92","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":110,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"50f4c03c-26c7-49a7-abd6-7e3fb284e19a","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":110,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c01af3d5-df60-4b64-933c-d00b4f3a64d9","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":110,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"4cc37d19-3afc-4674-b97b-d9782f2fb8ad","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":110,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"9f70ac72-f6e2-4af3-a38a-00a644eb0aa8","block_type":"box","text":"Fund.","page_number":110,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"63f3f920-d11e-4f0c-92b9-b52cab6d86a4","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":110,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"254527dc-1099-4722-b062-2293144de4d6","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":110,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"41ccd5f0-4665-46fc-97f7-a25d6d824dd3","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":110,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"5adadea6-1706-4b55-a765-6566568c7195","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":110,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"9ae53d0f-c76e-49fa-aa5d-e2937d323396","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":110,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"95117617-9117-43c3-a5ac-c30c6c699217","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and certain derivative instruments)","page_number":110,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"a532455e-98a0-4724-bad6-cd698dcf46bf","block_type":"box","text":"II-68","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a38c174-b5fe-41b8-92f6-d5df504ba51c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18c74d32-5c01-4cbd-951c-29bd39f61302","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":111,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"c29210d7-5fdb-456b-97ee-8846bb1f4296","block_type":"box","text":"imposed by a regulator or by counterparties or otherwise may adversely affect a Fund’s performance and/or net","page_number":111,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"afb8dbe0-df60-42a1-ab64-ab961ba2c9b0","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":111,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"8bb890b2-628e-4562-b128-9d6eae72650c","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":111,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"3ea9d6da-7b40-4bb6-822f-371438635e6c","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other","page_number":111,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"f818fed9-8da7-437d-9ab1-034b29e2ac00","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":111,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b60c0a8e-0b16-44fd-85c3-f7f9e0a7dd99","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":111,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"78ac090c-211b-4d1c-ac86-5ffb4614225a","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":111,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"b02e2495-8820-42d1-b050-ea809e9ca29a","block_type":"box","text":"transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was","page_number":111,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"fefcd3b8-7dfa-466f-9600-cf7e2f93d00f","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":111,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"873ede13-a869-483b-8d47-4f356a384ec3","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":111,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"6456b17c-6203-449d-b6a2-c832f7223749","block_type":"box","text":"e.g.","page_number":111,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"342f3317-d20b-470e-9a6c-acf804a8e40a","block_type":"box","text":", SOFR for","page_number":111,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"72dba94c-c338-442f-91de-f112baa1337f","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":111,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"15151929-70ab-4756-bd67-d92613e28411","block_type":"box","text":"associated with the transition may remain that may impact markets or particular investments and, as such, the full","page_number":111,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"69f29f36-bd2b-4867-89ee-ca89333c8fb2","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":111,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"61d68735-17bb-4c3d-97fa-9a9969176fc6","block_type":"box","text":"determined.","page_number":111,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"28bbd037-e751-4ff5-93c3-61ce90da9d1e","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":111,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"8bcd4778-92a0-4774-afe8-c4bdc3df24ba","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":111,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"56cffed2-37a6-40d0-8bbf-d8635d3b4f2e","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":111,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"5e2d6823-c00d-4093-b094-682ed5d73cdc","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":111,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"03cd8598-c3e3-4476-af6a-c704e4759782","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":111,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"1e34038b-bbb8-43ca-9e46-0b014ef759ca","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":111,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"3618f322-68b1-4ed5-8205-c47d4df76b2a","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":111,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"3efd2e9f-634e-4bc5-8c6b-ed107d76c2dd","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":111,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"fedfefe0-107e-4236-9d83-429326f0c3c1","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":111,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"5753a64d-64f6-4666-a206-5b96918518d6","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":111,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"a9d776c2-5639-452d-8e3e-0a02cee8cf40","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":111,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"6d7f0422-f514-4611-b3bb-a1ba735772e3","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":111,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"a3288fcb-0a7a-45dc-8496-803cc8b8e257","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":111,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"0f542baa-dda1-43fe-b807-657a52896ad5","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":111,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"138e2565-a08a-48c6-92f1-6a523da2fd11","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":111,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"40d8b9f5-2902-4ef4-9aac-591154ea346b","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":111,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"8812cc59-18ef-48d3-93fa-defc52bf2caf","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":111,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"07975327-092d-4486-93ad-9b9f9ddd9e86","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":111,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"54af13a3-329b-493b-b4b5-72740d9c300b","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":111,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"341e3a31-9f39-4044-98ee-8ea40c11576d","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":111,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"af8b5d4d-2a29-48a9-a7ce-0f89a0dc3bf0","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":111,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"b9e0b426-6686-4e69-8067-ddaa8f25aa0b","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":111,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"7ae9bb6e-0e32-4709-b9dc-ff7935af020b","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":111,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"a6d23e51-7b76-4765-9879-aa638d8223e1","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":111,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"71b1d48c-0cda-4848-a0d9-d164a62e9205","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":111,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"53baebf4-04a8-4907-a243-ad4973fb5856","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":111,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"e2c5a588-3cec-4fc8-904d-2be92615bd85","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":111,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"30daa1bf-57f9-496d-93c9-40aaffd88703","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":111,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"462e7285-d67e-42d6-aca8-7948eb0ee0f8","block_type":"box","text":"consequences which cannot be predicted.","page_number":111,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"586ee57f-197e-43e9-8c44-ae65cbbe0932","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":111,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"9277f062-9c2c-490a-80b6-aa2ba93ad6d4","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":111,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"44ff6a12-e0c6-4c4d-814f-33d6f7d9861a","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":111,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"8a08f31e-e3f6-45d7-9d09-b0630aa9a23a","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":111,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"08deabbd-8db7-468c-bca9-5fc8fba700a5","block_type":"box","text":"term of the agreement.","page_number":111,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"60c8f579-d367-448b-99de-63766356b627","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":111,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"4df44701-3140-42ee-9f21-9c0858f1672a","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":111,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"7560212b-77ba-4cd8-8210-6c9c51a1770a","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":111,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"da4c874a-49e4-4276-b821-0ebfdbeb6317","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":111,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"31726341-6c9f-4652-9178-5def2928460f","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":111,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"2ad36a49-7770-446a-8950-95675a70d6df","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":111,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"1f029d6a-e145-4959-ac16-ece56bf6de1e","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":111,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"0498368d-8c8e-4afa-8f5e-0815c298adb6","block_type":"box","text":"II-69","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b19ecf9-25c5-40d3-acc0-102be5fdcc04","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2baca183-911b-41eb-b894-196d3aaba2ae","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":112,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"71d9398c-3930-4dc2-9ac1-0bf477ab2bf2","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":112,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"30b6dbf9-ecc5-424d-aa07-d9575144d93d","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":112,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"79a5a1db-d154-4cef-9e41-6d4b374d53b9","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":112,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"754e5202-6272-4e39-ad5a-6e4b82eb475b","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":112,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"1dec9e3a-10f7-454c-a5b4-94a7ce091443","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":112,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"bcbb522c-5241-4b1f-a686-cfadffdb206a","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":112,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"eb14f4db-0878-4c79-8fbe-393f5e98e287","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":112,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"dfbdb340-8e7c-4067-8d34-f609335165a6","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":112,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"a3f9954d-920d-4559-aff9-889d475e5896","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":112,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"2143812d-88c9-4696-8ec8-f5ea96e6b919","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":112,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"78b50795-6e21-4f19-b534-c70374b37b9a","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":112,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"cc2af322-3626-47d2-b1c0-cdf83feda7b0","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":112,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"8730e8a1-5575-4766-9e0f-572ce1792c21","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":112,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"6fb0a79f-ab91-4630-8588-75388c11bc73","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":112,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"edadff76-d9f4-4c9a-b027-6248963dd007","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":112,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"75d80150-c2fa-49d2-bfca-8a81f70315e9","block_type":"box","text":"or by another authorized securities depository.","page_number":112,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"4e93417c-7fdc-401b-894e-d20ff1623423","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":112,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"95c52c83-8e91-4ccb-84da-156ea0c3e4db","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":112,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"b8c34c1b-7d72-446e-911d-c89fde2d876d","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":112,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"33736d90-7417-48a2-b5f6-b90421e1c971","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":112,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"27515529-2aa3-4025-b111-f5232c7b0764","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":112,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"712b2cfa-0c48-4c43-93ce-a8116db0008e","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":112,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"4402a705-7c27-47a2-896b-49de74da2604","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":112,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"1a27bcb9-c388-40aa-af32-585de68faa6f","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":112,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"9a93c9be-5e6e-4577-8ec4-844ba5b00597","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":112,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"b1c2911a-d0b3-420e-8b3c-733ca64ab4c7","block_type":"box","text":"the repurchase price.","page_number":112,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"f3b7013f-44db-46c9-8d67-ccc0ffc6bd53","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":112,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"8493be0d-4608-451a-86cc-4f52425c67d6","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":112,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"56e6c825-b43d-4e7c-b9e9-849d4093cefb","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":112,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"9ab6f509-05c3-4d0c-9117-0248a07f1d50","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":112,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"3740385a-c2d0-4e68-a166-682ff165344f","block_type":"box","text":"strategies without the repurchase obligation.","page_number":112,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"420f7974-630c-4bd1-bdd3-a5e780bcf554","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":112,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"65ad7045-ac21-4717-9e33-c508f4e9c96d","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":112,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"1b2a1c33-aa3d-4b1d-b037-8c45ea06d364","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":112,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"f868a912-5b4f-44ec-a462-f5e8c5d58bff","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":112,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"5e615082-1775-4f1d-970b-2d58b939a35a","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":112,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"85e2d903-8bd2-421a-ae3d-d83e0bee1357","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":112,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"0b5390d9-1e72-4236-9e3c-25d1eae894c9","block_type":"box","text":"i.e.","page_number":112,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"9ca045fe-b401-4e27-ae84-24f5deb16847","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":112,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"13fe096e-56a9-4126-b8f8-066bbd9b8f40","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":112,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"9e1a8c2e-acf1-46c5-a762-909aa7f14fb6","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":112,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"3748aa33-3938-41d6-add5-9c265ef5fdaa","block_type":"box","text":"and income involved in the transaction.","page_number":112,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"fe026001-07b7-480d-9c0a-f1b3163658ff","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":112,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"affc4f1f-a845-4c75-a19c-3dda4c3a5aa7","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":112,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"021cedfb-bae2-491e-9f29-4da089cfd805","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":112,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"92e66b54-a030-4187-a553-a17c91cc3d22","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":112,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"3ea13a40-4476-45ee-af69-c4f7f28b37c8","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":112,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"2b21ade7-6f28-47e7-bfac-c2df44a7fd65","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":112,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"8063cd10-35b3-4941-8aec-1c0b28ea5f72","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":112,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"731cd3bb-8dc3-4c50-803c-57345fd4388b","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":112,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"14064c27-6d6d-4753-8ff7-82726dc85e5d","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":112,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"91ab40c0-8d0f-4e6e-96bd-cdd43517b496","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":112,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"b35d7323-b1fc-4a49-bd30-a782a04e6275","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":112,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"e648ba7a-4127-46ce-af47-315404eb3a6b","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":112,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"48114c1d-71fe-45fe-922c-5efe1769bdee","block_type":"box","text":"Restricted Securities.","page_number":112,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"1bb40175-a4fd-43c5-be13-e065ce7ea566","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":112,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"1fccca5d-8d9b-4108-b8c2-4b837aedb2a4","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":112,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"36938ec8-4d6b-40e9-97ed-aa29a003af63","block_type":"box","text":"II-70","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8cc0240-1746-4ccc-88ce-c345e2b14bf4","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4b73043-781a-457b-8222-514045ff65c8","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":113,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"67b60cc4-75b4-4280-a4d8-fc7d9530c213","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":113,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"926c6841-f0f8-43f2-88ae-0784d2376abb","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":113,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"13b0ec2c-7f88-4756-b8c7-bcf95081f3be","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":113,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"3f712aca-f802-434a-9a97-6d2f923f7ac7","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":113,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"76706bd1-b4cf-4221-9703-683eae6eed3f","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":113,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"2eeff9cd-b5ee-404b-9c22-630cc141c24a","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":113,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"4c875f42-f92b-49e4-b0ae-de622f224dc4","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":113,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"bab192ef-977c-4c5a-a503-4cea1a7cfbc1","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":113,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"b5a3e122-2a21-418c-9d62-f55d9726736e","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":113,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"b2805540-fad6-42e7-957d-dde74a40160a","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":113,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"8d97e202-ad09-4c9f-9743-c315b94229f6","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":113,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"8baf1e6c-0ba5-46e1-93b4-e6bd4e2f91a2","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":113,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"1d944690-2f54-45c5-8fbc-5ec74a8e62c2","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":113,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"c1891502-e3b6-461e-b713-473ede5fb073","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":113,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"ecad74b8-bdde-4e7b-a826-e0088c4fc876","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":113,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"d1cbc568-9d4f-4204-86d5-fad5c374a6c1","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":113,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"f8d6a91f-b861-444a-9459-0d88fc736f27","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":113,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"90c11984-df48-46d4-a70d-b0d64eec96f7","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":113,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"57cb21a9-4172-43dc-a7d5-82c65e815aec","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":113,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"31ff746e-4f1f-4f51-b974-c9cd0a4d715f","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":113,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"4e0a9b5f-4fc2-41d9-9e48-f869d76373ca","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":113,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"9a0d9cec-4c82-469f-9ded-a67cc0f23ce1","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":113,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"ddd81f89-e34e-4e91-ba50-58ce45e11bd3","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":113,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"5cd1069b-246c-4ef8-9c38-a2c680343ff6","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":113,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"61849e71-d685-4822-bf7e-1eaa32274814","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":113,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"dd3fc69c-ed15-4c7a-b2b2-31e26e9ab751","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":113,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"91ebdc1b-50d0-4e80-9872-213727eac81a","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":113,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"c2531921-0411-42b9-8b47-0c405f8f9d63","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":113,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"ee0e52aa-0624-4957-a990-2380e999e0bd","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":113,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"aeeabc37-c565-4e14-a034-a86de7d6c40f","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":113,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"5563f650-766a-43cf-928c-3d95730e90e8","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":113,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"98e3c8a5-41d3-4262-b58e-23222b1df1c9","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":113,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"a47e0631-5b2f-43a5-8e42-68ed4e6a45d3","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":113,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"93c14296-fcd3-442e-989c-9f06f93a113f","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":113,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"313d10e5-a70f-4979-a712-37f30906cfe4","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":113,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"f5c17ba0-f3b3-4e02-b8e3-c864a8381232","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":113,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"bd179e4a-104e-4f23-b74c-bb62e6268924","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":113,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"178d032c-728a-47ec-8085-fefb44e637df","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":113,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"c05c7e00-7b9a-4aab-afb9-4750160cb245","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":113,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"5acb0027-935c-490e-9716-8a72d0ceced5","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":113,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"a19db604-9030-4f5c-8dce-52064a820670","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":113,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"c37a39c7-3cfc-40a9-af0a-8fac657f1694","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":113,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"32c8af1a-3728-4219-bbe9-d5ecb2851f38","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":113,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"239c89c7-7d02-4ed8-ac0b-ef68d0a3ca8c","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":113,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"af86aae2-a868-4061-8b41-a32da967aec4","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":113,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"8d32c325-c55c-4317-b0df-d024b7f857b4","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":113,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"bb712677-bd1f-493e-b410-a2b79729b542","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":113,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"6e00c19a-82cf-4aeb-9809-320a4b89263e","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":113,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"6872a75d-fae8-4d5b-ba43-57bf88480a7f","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":113,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"773dfc37-78b0-4e2c-98a8-20d3945c5265","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":113,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"be6329d4-f10a-4aba-8937-31061a24b80e","block_type":"box","text":"especially as that Fund grows in size.","page_number":113,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"72ff62a1-8093-4a7f-acac-225cd3d7c2e0","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":113,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"c782fa19-0727-442b-8650-ea28d894d10f","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":113,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"22e9e938-5af6-4778-801f-8b01df2f5560","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":113,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"bf7012f4-b02d-472f-abcb-001d552da679","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":113,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"66d54589-62ba-4492-aaeb-51104906edf4","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":113,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"6bd7694b-bce9-4773-b017-af348ff9c7ae","block_type":"box","text":"II-71","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51d46e0c-8984-4285-8b0c-2b75d586d59d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e35d923-b720-43c9-b859-56a73ac89ea3","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":114,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"390db286-954f-4d88-9cdb-f52993fc67f4","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":114,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"a8b5c818-2fff-4904-9a91-267980ef4785","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":114,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"78358de3-94fc-4e90-b938-bb3a1e032de0","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":114,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"eeb3cfb9-7b27-4c8f-a8fa-577b419b4647","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":114,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"e79c522d-8d6e-437d-859a-1bfc94b76612","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":114,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"1dded373-d5f9-4077-9a80-fb1f8e3ca137","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":114,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"cff9bc3a-4843-470d-b0cf-71f3d74e4afd","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":114,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"ddf82da9-afe3-4883-97b6-262dd992e0cc","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":114,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"463d5831-301e-484f-90bc-b5bbc9b78f43","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":114,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"accd323a-2419-4725-b8e0-a2e54aea9ea7","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":114,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"59a29b48-01d4-4927-989d-2bbb7db4f349","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":114,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"a479fe4a-3042-4251-bba7-5f6f085ce880","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":114,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"fed6ae15-eba4-432a-beef-05f039c1a840","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":114,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"3fd7dca6-feee-4732-b79c-2539beca73f8","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":114,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"1ac7e8f9-f579-4e07-8eab-d955616b951f","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":114,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"9a316619-bbf7-43c0-b902-991c37dc413a","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":114,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"abcaae4b-3522-4788-9b70-97706b5f7b10","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":114,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"996043aa-78cc-45e4-82a8-bc8712af8933","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":114,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"a77d76f9-a644-43ab-b092-61da1cc94474","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":114,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"fb24380e-3358-455e-b468-9673a797a849","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":114,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"fdf15252-59fb-44ce-95fd-333bcf35e3bb","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":114,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"1f032489-8506-4ba8-b139-fcadedc8cd31","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":114,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"0392ac56-0b02-4942-91fe-7acf51743447","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":114,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"79836e1b-536d-4be6-b909-f4024e16afff","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":114,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"906c5105-46e0-470d-ae92-e6aa250dbc56","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":114,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"e919464a-cb93-4c9a-b972-ffae10ebe850","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":114,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"495dda3b-fd92-4902-bb27-d6f8f7ad5de5","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":114,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"6a1e195b-abd8-4ced-9ab4-cf0adfcf6603","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":114,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"c801cca7-4ac0-4d45-80b8-fb4407226cd3","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":114,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"5ce0a121-0876-4378-a4eb-4a6a7cd5409a","block_type":"box","text":"similar financing transactions (","page_number":114,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"1959f454-1f80-42e3-9adb-e1fdb76ae8ef","block_type":"box","text":"e.g.","page_number":114,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"47dddbdb-0dc5-4879-8d63-7c707d163246","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":114,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"cad61a50-b32e-4ade-899b-0b954c026d89","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":114,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"a3e15608-639e-4823-b7b1-1f7c42648a74","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":114,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"c991de97-0fdf-4bfb-83d5-5b58c25b8c5d","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":114,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"b773300c-6b71-4686-abf4-4720be1ddb21","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":114,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"36637643-d576-41a0-aa6c-92727868de29","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":114,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"6d08a4c5-6205-41bf-8aeb-75337ca206fd","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":114,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"39885170-76cc-4310-ac7b-43e268765eec","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":114,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"4a6d2894-2b1c-4c3f-9d54-84faea9cef90","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":114,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"1c9f2b12-242c-4701-a5e6-92793d388bf1","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":114,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"b3412eb4-72d9-488a-84dc-ae0382f32e71","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":114,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"2521a4d8-3ad1-4028-8c07-cbd53dc05c79","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":114,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"c2fa617f-a156-4dad-916d-555a77aa1845","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":114,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"151b6898-8108-49f1-bfb6-9ba07dd0b505","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":114,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"eadf3425-1f44-4d6b-ab7f-9dde9772982d","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"c906ae37-c488-424e-b14e-9d3fd01c6015","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":114,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"be0b41dc-3360-4fee-9e6f-33db33fc971a","block_type":"box","text":"amounts to be received under such agreements.","page_number":114,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"d05fe4d4-8de2-4047-8265-0b0633fb0f70","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":114,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"02af4d94-bafa-41a0-a1f3-18b748262417","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":114,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"d152cbde-e6ed-43e6-a8c4-63df2a4de017","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":114,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"a7deb19a-d253-4d6e-910d-c2089d305ac6","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":114,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"57af249b-9baa-45c1-b1d1-a702f90914ce","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":114,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"a4c07c76-5536-472d-93fb-b832446154f1","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":114,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"97a0d3d0-151b-4714-b9f7-4f258ed30e75","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":114,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"1a9b3630-631e-4a7e-a62b-f687a0bf30e7","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":114,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"e5d2a282-52a1-4c41-8721-ea9193ccf347","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":114,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"e422d85a-8f57-44c7-b9d3-b6b3305f9c86","block_type":"box","text":"II-72","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e7a49be-9332-4ef8-bfa4-527af755415f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58fb2f15-232c-4f66-887b-98220fb6711e","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":115,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"40dc59f0-f2c4-4726-9c6a-cecfdc9e75a8","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":115,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"31ca1d2e-a197-439e-8e0e-29ba17e5da7e","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":115,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"e9090a65-af1b-4cc2-8c0d-22225b7c1a89","block_type":"box","text":"Rule 144A Securities.","page_number":115,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"9782edf4-978e-4a6d-9a2c-71a7d0858a15","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":115,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"87af8b9c-23ae-4e6c-98de-066f4bca27a0","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":115,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"ef178d50-7b93-43b0-a86a-76d4f6142b27","block_type":"box","text":"Securities Lending.","page_number":115,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"c834dbb6-9841-4b2f-bf44-da80064ac120","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":115,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"0da7a242-d13c-45f7-a552-0ea0596ae230","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":115,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"8bf41cdb-214a-4c1b-a605-9c4c425e3d7e","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":115,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"3b4acc1e-6f67-4fd4-b817-3c7737f135f8","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":115,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"9720d496-0f3b-412c-b524-b4826f666a55","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":115,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"7ec6e37e-5e79-464f-9401-47dcc0a2af46","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":115,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"83a0b02e-366f-481a-b5f0-09dddbcc84cb","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":115,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"a3df4a0d-28c3-4d21-bf49-131991e40a60","block_type":"box","text":"the securities were not on loan.","page_number":115,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"6fa3da33-1b6d-459a-8964-18dcd6c00a28","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":115,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"5abc564e-bc79-46dd-8114-e741daba3cc4","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":115,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"421ffc4d-c6df-482c-8081-518ed855a798","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":115,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"c05d53e2-7c56-4632-8f6a-0edd6a1fee0e","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":115,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"e0d09363-8061-430c-b45e-b77ccfcf422c","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":115,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"9be65a7d-0f10-4312-a352-6e5abd39d7fc","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":115,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"3d8e7b1d-64d9-4c15-9bf0-c8c86c23a31d","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":115,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"a473c65e-e196-4e2e-bff7-5c43d924c627","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":115,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"c90a8a5f-069b-45c6-9888-f25d5dc44062","block_type":"box","text":"i.e.","page_number":115,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"8ce519fa-49fe-46de-8715-d2535cb2cd6c","block_type":"box","text":", the risk of losses resulting","page_number":115,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"72f54adb-a1cf-4e33-a126-815a3772226e","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":115,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"5159c70d-e3f6-4c76-9462-b7328dabd14e","block_type":"box","text":"i.e.","page_number":115,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"1362572a-5651-4cbc-ae7e-02c2b09b3eb9","block_type":"box","text":", the risk of a mismatch between the return","page_number":115,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"4eca4ffe-2b3c-4b2c-8808-d05171231d64","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":115,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"a47bb8fa-5092-4d97-82eb-a886bad3b954","block_type":"box","text":"i.e.","page_number":115,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"9e1e1704-c417-45c1-9649-094bdc2cc5b6","block_type":"box","text":",","page_number":115,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"389e5842-7fb6-48b5-abad-480a73e1bbba","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":115,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"a487c438-d319-46e3-b207-3d6038e324fd","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":115,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"aa84302e-94b0-495c-a934-74329b12f91c","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":115,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"e225ac66-6f26-447b-9d87-c37ea695707a","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":115,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"9d0dc720-2f0a-4e2d-8b6a-79f4a616099b","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":115,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"e4bc6fe0-4679-4318-bf63-839056649b1d","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":115,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"953331e7-31a2-478b-99f3-4b393cbc3c12","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":115,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"5d4821a2-cd21-4a5c-98ce-e8e9c2c28c5b","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":115,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"d4662a81-a255-4afe-a48f-967c92c4eaf7","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":115,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"542a82af-505d-47e3-b2f7-c88999e5cc64","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":115,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"24d286ec-9e17-44d4-8ca8-62fc80c2e7a5","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":115,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"d9dda8fe-3a16-4273-8041-6998f2f259d3","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":115,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"044c01c9-3c96-4e99-8498-408489ef5fb1","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":115,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"6001b850-2d12-4cfa-95e9-1cb6a3470624","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":115,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"9d2b1154-c5f0-4562-97b5-74195acadbb8","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":115,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"6c67f025-e986-485b-9ecd-cd1985983127","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":115,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"d294191f-989a-4dc3-971b-37bcccd07a42","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":115,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"636797b4-90fb-41fd-9e9f-2c04f6a2348c","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":115,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"b89fba61-bc00-4817-bf38-8bf40b29dd2d","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":115,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"dba29458-0740-40eb-8986-6841afa3e7f7","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":115,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"3417eb8a-a00e-469d-97a3-f57916cf7f0c","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":115,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"810b44ae-b2a8-456f-97a9-03abc634e1ba","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":115,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"09974133-4816-49c6-b54b-b8ed13c7e294","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":115,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"4c3e4801-e299-4cbb-9af0-a30454f82dba","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":115,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"63f8de38-851e-43a4-a448-4a8c6f9c1ea3","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":115,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"7f595464-6e2c-4baf-97b3-b296cc1cff67","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":115,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"9921db09-09d0-413a-b5e9-e9dcd628368e","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":115,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"c48a930d-3e71-4c27-931d-86a8f2fed0c4","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":115,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"3d0fe9e9-2399-424b-acf9-7599064465fa","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":115,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"140a265d-6d57-4537-9ccd-2a6533f727f9","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":115,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"ea807e25-5932-4487-b11b-9cb8aa5573a8","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":115,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"55dfe258-b8f0-4623-bd06-5d10c5e65526","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":115,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"82201920-df46-42a1-bc35-3df2141886a8","block_type":"box","text":"II-73","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dae936fe-8f55-4969-abb0-15cb992b054f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c291f439-03d1-4f24-baea-a3a2cab429de","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":116,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"47e4eacb-c8ce-4a5b-80b9-03d4a0a824ce","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":116,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"96035a53-2741-4a10-b1be-08adbb7f4ec6","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":116,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"61c45983-5da6-44f3-a519-89e12a0f5b69","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":116,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"19a37d30-56cd-4df7-95b4-81068600de09","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":116,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"11d55b2b-c111-4b5e-ad94-47583b75c319","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":116,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"3ce57518-4910-43ec-86b8-e556867c18ce","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":116,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"2d73e621-8afa-4168-bd16-739a0c0feea8","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in late 2028,","page_number":116,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"c3b03ae4-e451-41e4-83f9-84113134e807","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":116,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"89658cd4-14ec-45dc-b754-5bc9756de9a2","block_type":"box","text":"the current expected compliance date.","page_number":116,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"53057ea8-d492-43bd-b870-0135b3af59dc","block_type":"box","text":"Short Sales.","page_number":116,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"d19b0485-6f27-4023-adad-52df80ac1540","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":116,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"b0e3eb80-7e64-49eb-9329-54e9f5553e40","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":116,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"2d2370b5-71c9-43e0-b769-e444692064fa","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":116,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"9b0dd2a4-e297-4d8d-818c-43cb6c9ebc93","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":116,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"9e856667-2fd7-47ec-a7c1-0e782a04fe00","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":116,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"5604611b-cbca-430e-adf2-d643bfa7a4bf","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":116,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"14b4781d-d24b-4b8d-86ed-81d24319a8cf","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":116,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"541e4c03-4a15-4874-8d76-53aa10d5189a","block_type":"box","text":"securities to the lender of the securities.","page_number":116,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"8f610fc3-08b9-411c-bd3e-e5bfc61073ab","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":116,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"422481ad-900b-457c-aa54-45482f7d3e68","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":116,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"563ec660-1404-452a-8470-8d9cc63ea0d3","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":116,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"70c99676-5aab-47ff-a93a-c65c59a6fd74","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":116,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"1db3cf04-88d6-4ac3-9557-b4d2969d16cc","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":116,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"761c70ee-fc49-456c-9057-86712c8ed2a5","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":116,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"9b324aee-69d6-488d-a147-bc62aa16145b","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":116,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"6f734860-945d-40b9-8889-2dbaad587aa1","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":116,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"65b15f9b-ed24-44a7-be34-fc1c8585f2ba","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":116,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"bc443ae6-9f22-4cb3-af8e-d61877eb8ccd","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":116,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"2389f3fd-d443-4289-a898-8bda7da38b09","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":116,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"6b3804a2-0454-4ef7-b08f-5a4ca7f38225","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":116,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"e99a9dae-d432-4a67-888e-4de47b087cdd","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":116,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"e32dba12-e17a-4c24-bfa1-da4a0273f4d5","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":116,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"ae622aa8-2edb-4be8-a9ae-befdb2de2f1c","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":116,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"82979ba5-4b94-4eff-a5ac-f27b15ea1202","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":116,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"c15a4982-f996-48f8-9044-cb4ff2af8f25","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":116,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"adf859f7-8d36-41eb-a4fe-633c8227982c","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":116,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"fa2565e8-e551-4528-a591-383798862c78","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":116,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"c8ff2e3c-ca0a-48e7-87c5-519bc7b02686","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":116,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"3580a589-d4a9-419f-9708-2c7b04a7f9ca","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":116,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"fe2a6ee6-2e5b-4ec2-8a33-3862466e0e06","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":116,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"835305a0-475d-4505-a34a-d32130c4672f","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":116,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"ac598732-fefb-4788-b36c-3cdaa1b8950f","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":116,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"c98c9532-04ad-4eb0-ae9b-e7d47fd6c03c","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":116,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"07d05e81-e6c2-46b1-9921-f417117560fc","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":116,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"825ca786-7328-4dd8-ac2a-d05ded53e314","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":116,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"2e2fd902-425a-47e4-b17e-e9c44b6b8f8b","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":116,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"d5f977eb-9596-4536-8d0e-8959aacb99e7","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":116,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"24f6536b-19ed-4ac5-b4f1-75fd81f0d204","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":116,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"701254d0-78e9-4ffb-96de-10bf3a7f63f9","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":116,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"6fcc57eb-3e7c-4336-b0da-c54b58483882","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":116,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"6f389e29-18e4-43ea-8322-456dd3e668ae","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":116,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"de19fc9a-3523-4d80-b0ba-82f8bfe55729","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":116,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"28e2400a-d471-41fa-b904-3cdeed40ed9d","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":116,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"de6ffb9c-710f-4621-b5b0-e71b7c5536ae","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":116,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"a4cb3d74-f10a-4cea-897e-c423d464875c","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":116,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"a09d289d-f9f0-4902-b54b-0a22f69c8f29","block_type":"box","text":"II-74","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a07ed8ca-15ae-4db9-baa1-d5c828b3bcff","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"309b300b-d9e2-49d8-92e6-1071517c9c17","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":117,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"ec58ad8e-fd67-4346-bcf6-ca102945517d","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":117,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"097b0b8d-f661-4e29-aa4e-e5d0506da8d0","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":117,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"91215bba-fd90-4b87-8158-9885722cb24a","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":117,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"54177787-1f47-46c9-8061-f72a47cb9770","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":117,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"36664120-bf0b-448f-8903-b74db977a166","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":117,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"0eb162b0-66da-4885-8cd9-b0394fa4bf2c","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":117,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"ece4c9db-5e06-42f1-b877-0337b0bd2638","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":117,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"54d7d1ee-c45a-46ea-9046-a1798620c30f","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":117,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"d223c901-8514-4fec-a911-0cba5b8e0e1b","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":117,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"cfae369a-2ae5-4589-ae41-ebfcf6310ff4","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":117,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"e941fcb0-f711-4c1a-8b76-5004eb938922","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":117,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"72280d3f-c908-4818-b87f-237337c5868a","block_type":"box","text":"Standby Commitment Agreements.","page_number":117,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"47940c9d-ea25-44fb-bf76-773bbbb76a29","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":117,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"5d899805-db3b-457c-90b2-71828bd4c98d","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":117,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"29b021b4-2d5f-476b-a480-1234309c1633","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":117,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"849b452e-ff13-4ab4-bd2f-39c249321a67","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":117,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"0372b50a-134c-4c65-8d00-633a643e1451","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":117,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"8787612b-e633-4d34-9248-a909e0efdd33","block_type":"box","text":"advantageous to the Fund.","page_number":117,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"b24ade5f-45c9-4fa0-b91c-522d9c674c3a","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":117,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"e05df83d-f2cb-4257-a622-34a04974816b","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":117,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"d8231657-20b4-4add-acbb-56bbed95aded","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":117,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"16202033-402d-43a6-963f-253a705d88f9","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":117,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"9dfbd3a5-e5d6-4aa7-bf29-1b9e96a4bb6b","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":117,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"dc4344e5-1345-49a6-9540-6fc776441735","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":117,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"5db729b6-a729-4cb8-99a6-ded2cff8d81d","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":117,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"bc107241-9047-4f32-b455-73caab34e452","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":117,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"b94fff32-3dae-48be-b410-20d1b405ed58","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":117,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"1642458f-19b8-434a-b2ba-49abf3459f16","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":117,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"67a25855-d2c8-44b6-897d-6c5fa2fe3b9b","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":117,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"e2a908e0-742e-4428-a0c7-b65fc1f49a6a","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":117,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"fffecd6b-40cc-4085-8b27-d9650d9ae138","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":117,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"86a73da1-6177-41ab-a3e8-bf80f4408408","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":117,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"22acb766-aad2-4148-ae90-1faa2ff4c652","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":117,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"1caa0351-fe8c-4c3b-bcb3-7accd825256a","block_type":"box","text":"Stripped Securities.","page_number":117,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"7b1daf75-c0ff-4de6-a3f9-ccc53cc6597c","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":117,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"813fe8c0-7972-49d7-9f65-b3135663dc5a","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":117,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"dd7f6725-a9b3-40b2-8b96-453589d33b40","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":117,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"17b2c37f-5c2b-418b-a9ae-6b8f8a5b6794","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":117,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"765f779c-9d62-49af-936a-e85bdc38cd6a","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":117,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"d28cb9b4-0070-463d-a89a-98402bc596b0","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":117,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"551cbfe7-fe18-44e7-967c-e55db463ef71","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":117,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"f083736e-e8c4-4324-aabc-d8f99d939516","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":117,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"24487a99-9b19-4c83-8188-e3f26fa08112","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":117,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"8bc2bf4b-e0fc-4721-a22d-e24397bfb8dd","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":117,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"7970082c-d224-4b11-b865-fd675e50001c","block_type":"box","text":"Structured Notes.","page_number":117,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"6636d646-0244-4a94-b738-58b488b6ea19","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":117,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"3eb4eeb6-51e9-42f0-8cda-e338099955e5","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":117,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"443cf845-b424-4bfc-a98c-4fe14c6449b8","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":117,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"d42fc784-8a0c-445e-a666-c119857e9b4e","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":117,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"ec9158ce-5587-4dbf-a981-1ac101b1fb4f","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":117,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"6f505451-62e4-476b-846c-34a36f190f36","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":117,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"a2766642-cbb9-40df-aaa4-613e1f1a0eb7","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":117,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"ad816873-c952-46db-8582-b4ac1b37bea4","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":117,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"fe6cd65f-fa52-4717-a23f-f0f2c71ce526","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":117,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"598d0df7-7815-481e-8bcd-9e7c3030e661","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":117,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"781296f5-4dcb-48fd-855d-426eec2af3d9","block_type":"box","text":"II-75","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6cd2dcf-7cb7-4aa8-8fab-84ab9415359d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50e6ea9b-5c7e-4e80-b1dc-fcb74d0f6ae6","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":118,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"1156456b-ba1c-4ca0-80c8-928105460bd5","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":118,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"49f40c6b-8d81-4d6f-94b7-f1d4e7b7a7cf","block_type":"box","text":"the risk of loss.","page_number":118,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"5094cc08-bdeb-433a-8b79-9b2f256c6088","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":118,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"e368ccf9-787b-4abc-bbb5-729a12f6ec72","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":118,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"91fb21c2-26c5-4910-8f84-a44bb59515fe","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":118,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"2d753123-a047-4429-a30c-a65f3d5cd8bf","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":118,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"9f1461eb-55d1-4eee-9a74-67793d04a57f","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":118,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"4d5c2ca4-9759-4b0f-adbe-8e8294ea9f56","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":118,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"e0c0a496-79e6-4707-8f6d-0dbdad986e1f","block_type":"box","text":"Taxability Risk.","page_number":118,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"02482e8c-5f07-4982-9519-b4666d9a9e6a","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":118,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"93660d3d-0cb1-423f-9c50-dd3b5bcb3f34","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":118,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"84bec3b5-fd4a-40cc-9031-ea5743fc1f6b","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":118,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"22cde190-3992-4d4c-a74b-58a43706cb76","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":118,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"dbe38ffc-cc4b-42e7-9852-30db945ccd80","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":118,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"cefe8231-79ec-4966-bd05-61693231ba20","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":118,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"95a4cae4-a050-4fc6-b074-1b40dba28162","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":118,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"f9022f17-e267-477e-87a9-af6fceb1c1fd","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":118,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"368763b4-827a-460c-8408-d0c022589ef4","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":118,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"3f96bf69-9457-4aa2-8250-5ef30af46a87","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":118,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"2489a48e-91a7-4743-b9c2-f4b708781f6c","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":118,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"cd069f92-5476-4839-8a3f-d21b1bff159b","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":118,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"920723e5-b514-47f4-ace6-84ebfcf29aed","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":118,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"0f3bb2bd-9874-4972-81ec-5cd60b043ae2","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":118,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"ecf76413-8272-4e79-a50f-b1b55c8c0ee1","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":118,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"7ebaabec-6d74-44cd-b8d0-a918254c635d","block_type":"box","text":"the value of an investment in the Fund.","page_number":118,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"6cbadc1f-def1-46e8-bba4-10795b1eba46","block_type":"box","text":"Temporary Defensive Measures.","page_number":118,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"1e6e3973-2630-488d-9a4c-3bb356a2e354","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":118,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"72a7ec94-b466-494a-9c50-a8b3f9520f7b","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":118,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"67d46e87-f52c-4330-a8e2-549134615c62","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":118,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"951954bb-de6e-427e-9b4e-81a19d4db9a8","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":118,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"2831ad61-a048-45c1-9a8b-b93e46c6db51","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":118,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"d8271879-d382-4f79-b2fd-4e8c2e4f3630","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":118,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"cb9cf1a1-4982-4e87-b886-3de59afb1d98","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":118,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"a0accca6-950f-4b19-8501-1d5764e526ac","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":118,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"31176431-5552-4300-87f2-6809427b35f1","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":118,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"33940806-b205-4ae4-8f8b-0bf8c77600b1","block_type":"box","text":"its investment objective.","page_number":118,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"7e5aa737-d021-4d80-b858-11bbbf077566","block_type":"box","text":"U.S. Government Obligations.","page_number":118,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"81b852dd-f00f-45dc-9115-b63666437117","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":118,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"2db503a7-d3f9-4b32-b580-4c166a97f35c","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":118,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"bd324776-85b7-457a-9598-44d692247710","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":118,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"0d41a147-b7f3-420b-89bb-13542fb709d0","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":118,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"a89183ef-956d-4410-81c7-3878c74bd621","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":118,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"7ac6a90a-37dc-46b6-bca4-1788bd8e3ed3","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":118,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"0e7481c0-c883-4659-801c-380571b028da","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":118,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"faafc939-a2aa-484d-a6cc-86a426850431","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":118,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"716ddd0f-48bc-490a-9e12-813b70cfc84e","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":118,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"86d01951-387d-450a-9bc1-ae52e40b2cdc","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":118,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"ec1104ef-0ce8-45d6-8806-e8591314407f","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":118,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"cf16896d-f36d-450e-8372-ae1985ed3ec6","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":118,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"f2fad345-1f1b-4ac4-8f6a-1d74de7f7011","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":118,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"bf824626-1ba2-4bc4-8a7e-a06683223b79","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":118,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"71bd5d95-bc5a-4eee-9da1-78b331cd5cf1","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":118,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"9179e011-56f1-4cbb-9b31-670b3aa1776a","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":118,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"762d9d29-e89a-4ace-a996-428e4830a663","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":118,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"360a20de-73eb-4f08-85ba-72330ca8a79f","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":118,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"3aaa9c9a-8786-4ffa-b5b9-383fae69d563","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":118,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"39491201-1b3d-4669-92be-2a1212a36dae","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":118,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"186f8ee7-8f36-4104-a58a-83a8f7d7e035","block_type":"box","text":"II-76","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a9875e5-9528-4fd6-9b15-41cd95a49428","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a29e74c4-dfb6-4be4-a663-e9bb4cede286","block_type":"box","text":"U.S. Treasury Obligations.","page_number":119,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"1c184e6c-b36a-4b15-849b-bbfba9e733ed","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":119,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"54f45b96-3c65-4df3-ac6b-0ab467c47a03","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":119,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"94c4268b-a1cb-451f-b35b-6a88e8d89daf","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":119,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"5c3468be-d2b4-4ee7-85bf-d76aae4a404d","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":119,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"ef594ef6-6a06-4241-bb8b-5471fbc3bec9","block_type":"box","text":"do so.","page_number":119,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"15036090-1be8-4a60-948f-e8c433b27763","block_type":"box","text":"U.S. Treasury Rolls","page_number":119,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"2107182e-9502-4f26-a558-eab8d812027b","block_type":"box","text":".","page_number":119,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"06e672c9-bb59-49f3-984b-56a768ddd17d","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":119,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"eef83f93-4bd7-49a5-9577-113d43681fb1","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":119,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"21fb6107-e4fc-4dc2-b8fc-be1446108493","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":119,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"e4ef32e2-855c-4a57-b77b-5eea3f49cdfc","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":119,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"dd2338fb-8eab-4f9f-8672-fcd27952b958","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":119,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"c974c809-e7ec-4cf1-9e00-359e45c3504e","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":119,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"0219db73-c7cc-4060-8b3f-70fccb1a458d","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":119,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"9baaecfb-1d76-4632-b4ab-cccfcc666d67","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":119,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"3a0ac120-cce7-4dca-b19a-d00fdcf4f08d","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":119,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"f645740b-721d-4583-807d-acca2cac24ac","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":119,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"13365650-0347-45cf-b241-58074567c2d8","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":119,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"e0449e94-59f4-4011-8c70-b89aaafa5f39","block_type":"box","text":"Utility Industries.","page_number":119,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"9bd59eaf-9737-4ca7-b1d8-656fe8d8e178","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":119,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"16c24fad-09b6-4b68-b8bc-abe02b52e35f","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":119,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"b633cee4-d57c-4fa3-b22f-513d2ecd8812","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":119,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"8b71ab79-7a5f-4d4f-b74d-78c409de6b9d","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":119,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"b023f39d-dc44-4909-b3ba-d9a29cb722bc","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":119,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"541b13cf-d1f9-446c-941f-022439ec202d","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":119,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"4ee863ba-e534-46cb-ad38-0d3d92efce6d","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":119,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"ffcac6ff-88d3-4fbc-9f45-7ce003e6a301","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":119,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"71e83f5d-301f-4c87-bd1f-0713191b4e75","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":119,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"afc3b455-7ea2-448b-b1bc-87e3a3bc6a0a","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":119,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"c36d0e5f-9a79-4959-a914-7dd9d595cc24","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":119,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"a584598c-422f-4b7e-bcab-a079909550c2","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":119,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"f91607fe-6c86-4f15-ae66-a893c7131dd9","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":119,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"21cbc221-0901-4bb8-b536-249746d96f0e","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":119,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"43cf570c-8043-49f0-8455-18bf8664869b","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":119,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"bc375d38-a229-4121-a24f-17bacbb030bf","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":119,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"6f905b4c-9e0f-4f3f-aefc-543699230c5b","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":119,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"f37d17ea-f1ad-47ba-afe3-6773feca16dc","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":119,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"e2b247c8-5ba2-4040-94d3-a61ccea2edca","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":119,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"ccf3ea3c-b2ea-463c-8591-a3699c0e6bca","block_type":"box","text":"utility.","page_number":119,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"750541e4-550d-41ab-b508-84fdc48ffc2e","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":119,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"d993902c-f671-4e0d-aa79-6c9116780105","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":119,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"1b05c24e-4fb0-4b48-83ec-993779f02715","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":119,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"6c8fc6a8-6677-4f70-9dea-d27d8129e29c","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":119,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"b4f279f9-8397-4dd2-a051-0117b3c9d399","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":119,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"a05399b4-1cec-4fa7-aebb-c05e17ea4a0c","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":119,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"86b21840-6a57-4feb-956e-1fa4f4c648dc","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":119,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"2f82d74e-d34e-486b-9188-5508d369ba9c","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":119,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"f5e1c111-91f3-4cfe-bca8-fc3fa836e924","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":119,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"637ac17d-969a-4d44-8bb1-fe9a52e26ba5","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":119,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"9c5592d2-b946-4736-bada-1b7df2b46c6f","block_type":"box","text":"continue in the future.","page_number":119,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"8ef7027c-66e6-42ce-a8be-6a1da218c61e","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":119,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"dcdd9e6d-cd55-4879-b655-fabddb3f7e9a","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":119,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"d6f0062b-4c8f-4bf6-ac12-d02e15a0eeb3","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":119,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"09120903-7ae7-4805-9096-048a8b03c962","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":119,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"3e1e0346-f71f-4d8d-a0bc-327487630b6d","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":119,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"867ea905-bb04-44d7-9cbf-3ebe558ae962","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":119,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"0d18002b-ef81-49fc-8400-7c3f6eec735f","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":119,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"03a747d5-8033-4dac-a433-7936f8abb08b","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":119,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"fa45507b-1650-4c13-80c6-fc4ccac61c59","block_type":"box","text":"II-77","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6eb5b7bd-0295-42ab-9a0d-68cd62bb42fb","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35ac879b-e497-4aec-abe3-e632924c4daf","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":120,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"4e3c88f7-4a42-4a11-ba5d-f9d0111a4be0","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":120,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"c4ae1531-77d9-4c61-a2b7-9c505d4651b3","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":120,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"8ef847e4-873f-4267-9637-351b015b8335","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":120,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"3b2f1121-c681-4297-b09c-a31b449b8ebb","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":120,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"4c73cbfb-49a2-4f35-9327-04cda6e085f5","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":120,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"f5dd5d60-3a80-45b0-8b61-ed2fff8e0a0f","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":120,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"a270aec2-8a32-447b-9291-90dd8575054e","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":120,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"8f72302e-4f42-4f17-aec0-664edb0563a9","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":120,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"af19b979-ef94-42fa-8158-c60123013b5d","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":120,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"b67331f7-cf71-4fd6-81f9-840ff5d03742","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":120,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"b442a238-6f77-4d9b-a7c1-1d5c646ee84d","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":120,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"37e4f096-454b-4dde-92ff-27c4da233647","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":120,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"789e02a0-86d9-4d9f-afca-7c4798ed969a","block_type":"box","text":"ways different from regulation in the United States.","page_number":120,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"3cf4c82c-cf08-4665-9733-2f23014412d4","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":120,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"af66f3f0-5780-4dc7-a926-cd6c67e73798","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":120,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"2fb499b2-508f-44a1-a9a2-f332829eba5c","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":120,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"26c80419-e781-47b2-8ddb-369a10fae74b","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":120,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"3582e04f-d3d8-49e8-907e-02f7968faaa2","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":120,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"80fc1802-6c3f-47db-9801-0295045ecf34","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":120,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"d2e3b166-6a19-4617-8038-27da61b92c56","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":120,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"9e2d6c75-3212-4bfd-ab1a-54040fa21314","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":120,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"9484569b-060d-4aa1-bf9a-2511815a1d7c","block_type":"box","text":"increase.","page_number":120,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"55d88cb3-de14-4b6c-8d5e-2dd9bc27ec06","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":120,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"abcee369-4b18-488a-8d3f-bcd68fa72221","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":120,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"0a42ebe8-c076-450f-b720-6edf6fd9ab9a","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":120,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"a933d0e4-e1b3-4721-8fc3-5899c5563e24","block_type":"box","text":"Electric.","page_number":120,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"e3811fb5-b1f1-4310-98fc-5c1c0c3ce69a","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":120,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"a5ad0c10-7fbd-494f-936d-2bf4b5289793","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":120,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"3b63a533-e587-4f74-8942-7a59b4689541","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":120,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"9557e6dc-e90c-4136-a2e3-e2771b885e7c","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":120,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"4c6bc3b9-2f7c-416a-95b3-a8e0138e162e","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":120,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"e050a981-cea9-40f9-964e-a8081136f7b5","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":120,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"552c5722-9880-4eb4-a89c-6d8ab6a93e6c","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":120,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"4adfe4b9-c830-445b-bc8a-45a80e432823","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":120,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"5dce216b-776c-4e43-9916-fe490889e2e6","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":120,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"b606dc36-aaa0-4753-94db-1108c338887a","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":120,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"8b1e745e-2f51-4d8f-9cea-46fcabaa926a","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":120,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"857ddb1b-1e2d-4cc7-a90f-d15601c54277","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":120,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"4570b8b0-4031-408d-b223-05e84a489ce3","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":120,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"ec7a6039-7231-4a7e-bf99-33523940c1e3","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":120,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"a3152d61-1592-4718-b1dd-5b91057a8004","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":120,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"de293751-41fc-41e5-a538-1990778c313a","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":120,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"fc426b74-9b32-47a5-8e80-16453ed028e0","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":120,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"2ce6de0b-e8bd-459d-bb8d-a77d909c4330","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":120,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"2d10a941-a863-4982-b94d-a0e4207b317e","block_type":"box","text":"and for decommissioning such plants.","page_number":120,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"e6a14d00-7816-4366-8172-7fde2579a9bb","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":120,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"192ac894-8bf4-4f7f-ad58-aaa97c579c02","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":120,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"7894aef1-d32a-4f3c-8bce-1dbb025f6ca3","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":120,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"a36c2a1e-7ebe-4c14-bcc8-c49c83914fff","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":120,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"8b9f3cfd-a443-4d45-94db-100f37ead632","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":120,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"f4700cc1-63df-47aa-a05f-c65a12e0f5a0","block_type":"box","text":"greater predictability of cash flow.","page_number":120,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"aa9f0aaa-a82e-44fa-93d0-e9a0673f2c82","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":120,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"4605a786-e6b4-4302-927e-81f380533a93","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":120,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"7e414565-ead8-45ba-a6b9-2948500a7a4e","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":120,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"6fcfbca1-23e8-45ff-97a7-19aba3896f5a","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":120,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"451c0503-b44f-441e-ac66-c788040cf65b","block_type":"box","text":"II-78","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a27b8f4-453a-40c6-ba23-f5f94976c4e4","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4bcdf88a-d1cc-41a0-9866-1ae2b8b89bf4","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":121,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"456668de-3a14-488a-81ca-aa993360d0b4","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":121,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"8e15d94c-6479-4eb0-810f-7afdc5a6fca6","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":121,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"e8d986fd-d671-4d3e-bfbb-10447b08e382","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":121,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"911c2d10-5f9f-4caa-ae75-8286c2f8c90e","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":121,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"c72dfaaf-5e8d-45c5-b487-b7fd649654b0","block_type":"box","text":"Telecommunications.","page_number":121,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"5742aab1-1153-419e-96ba-e46042206d10","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":121,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"e49b5f9b-dc15-4386-9161-8a057d8537ca","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":121,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"c8894c63-8d6e-49c7-abbc-e2428a79171e","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":121,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"a3147a9c-4fb4-4a06-bee0-f6d169864e3a","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":121,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"7599be40-be09-4b2c-a3f4-638cad262fa2","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":121,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"f5a116e2-908a-44d1-8041-25ca328ed6fb","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":121,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"49617010-fafe-4aa9-8d45-c84d8fded4f3","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":121,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"cd293fbc-26c5-4696-a7b6-bef72454dfdf","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":121,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"607b4bc1-72d7-497d-ae7f-981ea8340788","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":121,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"47f0debc-4c0a-4688-bd56-4ceabb2785de","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":121,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"51255959-a05a-4a11-8a25-f63137249597","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":121,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"f1c031f6-e42e-4ab7-92fc-34743909f5ea","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":121,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"fedd15c4-cef1-4a73-968f-69d6c46d366c","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":121,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"27f03d04-e2ce-414a-bdeb-5516625687d1","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":121,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"cdb3ecbd-ed4f-4569-864c-f6f9d440d361","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":121,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"dc858dc2-1397-4369-9f82-0eb4d82955b4","block_type":"box","text":"residential, corporate and governmental customers.","page_number":121,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"bff7dc97-dba2-49bb-8a70-6c5b44fde582","block_type":"box","text":"Gas.","page_number":121,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"438a4926-d6e1-4776-898a-dcc97a99b54d","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":121,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"c372e958-6d46-48c5-a573-96940b528d10","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":121,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"2a3fe268-73c2-4181-9523-0de7651a04c1","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":121,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"8fd17e2a-67c1-419f-92a4-46329e46274e","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":121,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"151aa4f9-1143-405c-8a60-1910edab7b6f","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":121,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"0086767d-36bb-48b8-8ebc-8eb97dbc801a","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":121,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"0ca9a65c-0365-4a3a-bd2e-6b4f7859aa2d","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":121,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"a19ea098-7394-4171-9bab-fa43fe128a11","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":121,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"929c6e10-d842-4c74-82f4-6e92ee213dd8","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":121,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"0e88ebac-f26b-4e1d-a84c-d3ea2772293a","block_type":"box","text":"Water.","page_number":121,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"ce169bed-5514-43e7-8029-33b76446812b","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":121,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"065d04bb-6e36-48eb-9d84-78187f545a14","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":121,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"f86d678c-3af0-4a58-aa70-cbc46d57f1ec","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":121,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"373ee8fb-af22-493f-aa56-e6af993b67c6","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":121,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"c2a8d8d1-3dc8-4700-9cfa-719228afa9e6","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":121,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"921b4692-3846-4836-a5ca-d9af373d2708","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":121,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"8935588b-bc10-4293-a680-6309fb74be9f","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":121,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"c00f85e6-3162-4149-b8c2-939cda50da16","block_type":"box","text":"Utility Industries Generally.","page_number":121,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"515bb893-c503-4020-9613-f371df672975","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":121,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"e3932dfc-93c8-44de-846e-6aa6cf9744d7","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":121,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"db6d572f-eb4a-4f57-abe9-f0a91c07c767","block_type":"box","text":"not develop in the future.","page_number":121,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"df5dcda7-7e22-4e92-ac7d-bc5b20908d6e","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":121,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"4a64a5d8-52c3-47f6-887c-c72764c863ee","block_type":"box","text":"A Fund may purchase or sell","page_number":121,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"1a19d414-20cc-4d3f-8ebc-494b6501c2f4","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":121,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"b14fba0e-4f5c-4710-929c-abd11a5dbc24","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":121,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"5cd11b53-2481-4b19-bd81-9870d7271869","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":121,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"93543d5b-c619-49ae-8a1b-d3612219d7bf","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":121,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"1ddbd42d-6ae8-4fcf-b306-1d8e3b23b9e1","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":121,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"48df6c1a-db9c-4814-bcae-bd72fb0cfda2","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":121,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"c713423d-87a1-468a-aff4-be090ad5258e","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":121,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"5d660f85-27d8-49de-aa6e-49f0190f019c","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":121,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"b8de2699-e8db-404f-a67d-47e3e7a7ddcf","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":121,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"9208a43c-f9c1-4698-bf4f-67975dce326b","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":121,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"ac7a8e6f-cbc7-40a8-b250-ba134252a3c4","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":121,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"82f67997-fdf9-4927-811e-08df434d2839","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":121,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"0ba057ff-8410-4693-9d5d-d90428e32df2","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":121,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"89e3e3f8-0dbd-47ae-a01a-d578c1b12400","block_type":"box","text":"II-79","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"231e1a61-46c8-4dca-ae23-71efdd5b9ac0","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ff79f98-6726-4962-a1da-219dd0504d63","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":122,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"a950c875-c16d-4e25-bf79-a3392fb9eb9c","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":122,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"701f529d-8e95-4392-8763-418697da92f1","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":122,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"05b58698-1e27-423b-b9ad-63d43665de19","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":122,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"5567ca28-65d0-4f5c-951a-b24c6703698f","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":122,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"8f027ecc-108c-4b2b-85f2-8f593b24f2c1","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":122,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"6bcacf75-d72e-4fc7-8d52-35179bee11a4","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":122,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"04947305-d930-413d-8139-9f74318e612e","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":122,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"9db0e027-3a2d-4a01-b452-0de9d683a2f8","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":122,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"b5ff5094-643e-4795-a05b-a7b583284e51","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":122,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"decf2d1a-d247-4655-80df-c908ce1123bd","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":122,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"447949e4-75a9-4d18-a5b1-896c5f5f99c4","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":122,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"eeb6ef14-7cd5-4cb0-a628-f4167d788a9f","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":122,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"d0361b53-557e-424e-9e35-495928cc4b29","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":122,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"18d38171-a4c9-44fb-9eda-cdd8c53bee46","block_type":"box","text":"securities (","page_number":122,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"49868fc7-871d-48e8-86f5-5498eda32405","block_type":"box","text":"e.g.","page_number":122,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"b550f308-510e-4575-8705-281dcad5c190","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":122,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"34752705-975b-422c-bc6e-d6015290bed1","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":122,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"bcb7b952-c312-4cd4-abd1-27403b2454f1","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":122,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"12eb8103-f27a-4aaa-8b77-f81a79e5a8d2","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":122,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"0488889d-e9e5-4e3b-93f0-a120c6667b34","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":122,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"d049f9af-090d-4308-9db1-eac93071ec4f","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":122,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"8f3dacfa-f434-4d16-84bc-47745adef9a2","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":122,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"9bac91de-1051-41e5-9372-bc4b5911e47e","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":122,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"50a2e35b-0442-4cc2-a1fc-3607f76ff9e7","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":122,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"a5cd76e4-7eba-4f2a-a7db-69403ffe7a3e","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":122,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"80c01709-1cec-416c-b47c-cae1941281a1","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":122,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"f7f2f8ef-dcc1-4028-84db-c051e8c2fcd4","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":122,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"fb8cf24f-720f-4755-a833-b1dd5c75e96b","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":122,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"fc3f62ba-127a-4553-9afd-aa70753a61d8","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":122,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"e1220922-686e-4cf1-959a-9c99c2f7f37f","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":122,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"bac190a9-c51d-4f68-be89-6a35b58fdebc","block_type":"box","text":"Yields and Ratings.","page_number":122,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"049d211b-9dc2-4f25-ae6c-4c633617b971","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":122,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"671471b4-4984-4e62-bf4a-48b5dfe9ed9f","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":122,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"d729e502-b61c-4eae-9151-99f6fec6dc85","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":122,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"718259bf-8dd6-4910-af6e-57711f770b4b","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":122,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"00c3f0bb-13b5-42a5-85df-a0c5c1450bb9","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":122,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"fc666956-7452-4dbe-a391-f2863f918f90","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":122,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"291c7ee0-40e0-4bda-9cfb-8e7b1da7881b","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":122,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"9b9c9c4b-f88c-4560-a479-6fc5e7e61128","block_type":"box","text":"continue to hold the security.","page_number":122,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"6da20b5c-4ecb-47e2-9556-3551362cfc68","block_type":"box","text":"Zero Coupon Securities.","page_number":122,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"bd226082-bfaf-4d68-8b80-89d5d685e4f3","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":122,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"76dcf6f3-2958-4744-a9c8-c3cdcf995cce","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":122,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"f8c5c3c5-52c6-4220-9319-206356bc1828","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":122,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"c5b1df3a-9df1-44f3-a348-88c6976102ed","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":122,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"4ab877d4-fb3b-4c75-94fe-54fed22d248f","block_type":"box","text":"security.","page_number":122,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"79bad5cc-a26c-4765-b785-60fed0a3ceb7","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":122,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"12619058-92f9-4362-ba23-ce190081465a","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":122,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"cdd8f5c4-a9fc-43dc-9095-cfcdc7ad22a0","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":122,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"1f4ea2ed-851d-41f2-ba7d-44c393a424df","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":122,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"f907baa7-b188-4ac5-9a50-34b8bc214c52","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":122,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"88f8d502-3b9d-47e0-a0dc-0b78b100b0a7","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":122,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"32ff25fe-a3dd-4f5a-a144-7170c26b07c6","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":122,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"8420d616-e032-4ca9-9de2-0a78bf461f64","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":122,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"01a095d2-7c2b-4660-bcd1-4e99f6b391ed","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":122,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"2784f49f-b9e5-473f-a4b5-f41a67c6361c","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":122,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"dd8b1d93-0a85-4998-87a7-1d3d86a495f4","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":122,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"3f9e447a-99ff-4108-a066-4bb3a1f877da","block_type":"box","text":"II-80","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a30dec20-def5-4a75-a604-a166bbd0823d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"389890d7-c0fe-4f74-a107-dbf8c95bfd46","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":123,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"6f6923af-beb1-4154-9f44-1dffa630db5a","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":123,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"9c5af4f0-7474-42ae-9bbc-afabf63c1a63","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":123,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"1e85fbfc-45a3-4bab-9d64-a8a69b0ff1d4","block_type":"box","text":"intervals.","page_number":123,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"3be36654-8ab4-418e-a32c-fb0712e4b720","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":123,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"d9ba863e-5d5b-4e13-93ff-cf0a44dc38cd","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":123,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"32944da2-b280-47c6-8a0a-8e8c8494dcae","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":123,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"9378e9bd-4763-42c5-9538-a3a902fc6f10","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":123,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"07e26c19-c24c-4b8f-b8a2-de3083b908bf","block_type":"box","text":"exposure to zero coupon securities.","page_number":123,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"c9712d38-ec27-4e10-a830-a10a46223437","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":123,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"8c92c139-047a-464d-a2df-235524cc763c","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":123,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"c7a5de5a-8982-4774-970a-8e2a9f275a9f","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":123,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"8b7a3f3b-4cd6-4e82-83a7-da6e58d1226b","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":123,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"e0120fb5-a342-4f4c-bccc-73dce2a19035","block_type":"box","text":"Suitability. (All Funds)","page_number":123,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"1e1a98ee-e1bd-45d2-a4fe-9140549cec56","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":123,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"cb846bb9-e16d-4d0c-8bd3-560b75b521ff","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":123,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"41b9d307-924d-44be-8b72-ecf5f3f28cea","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":123,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"97ec80c4-3487-472b-9539-e8ebd3ba51d0","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":123,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"1a27c422-9968-40aa-bb87-76b71e5ea856","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":123,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"8bb1ea83-76a8-40e2-a095-4f0aba79ced4","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":123,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"f243634d-4427-49f1-b42f-68f9d8a8da81","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":123,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"e324fca9-3457-42d0-8fef-3c91bb46b71e","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":123,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"be26e16a-dda6-487f-bc45-3ae4db824c12","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":123,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"8312feb0-79b9-4127-9f7b-7991bb556e33","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":123,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"a298dcf6-928c-4608-b6ba-64b448dfc991","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":123,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"9a67d9d8-9166-4753-bb06-f822d4460f0e","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":123,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"9d775173-c99d-4afd-9479-18d9f8b8425d","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":123,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"e685f320-dd1c-420c-be50-3b6291740384","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":123,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"499dad6f-dc33-48a1-ae67-5df2c2170c27","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":123,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"6fde8e7b-9658-4195-9fcd-4a8f2b617893","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":123,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"8fd318dd-1b3b-4597-87eb-2880fb8689d2","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":123,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"8e56e1e0-e355-4e4b-abd2-78488586a7b6","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":123,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"aefd853e-03b2-4a3d-939d-b88eeaaffa1b","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":123,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"2086f6e5-a9b5-4fd1-a16d-2f0ce78fc64a","block_type":"box","text":"(","page_number":123,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"f63f2393-24f7-4d0b-b0bc-c4aa90a9ebc6","block_type":"box","text":"i.e.","page_number":123,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"f5e16b7d-f741-4174-ab53-f2079dc31138","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":123,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"728f2b1d-ab17-412c-99dd-6cab5cdc9747","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":123,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"d88413f1-f70d-4de2-ac52-217b155376c4","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":123,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"28fbfefc-bb86-469e-bf2b-d9a3b33239ef","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":123,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"71f87830-abd5-4c97-8729-316f25315ab7","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":123,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"48b0ec71-e66f-4ea4-94d7-ebabab85c16f","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":123,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"b162bc1f-f667-4f7a-8973-36bc4c4a0f55","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":123,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"5ee0c38a-41e7-47b2-9ae3-ae3ebb48a35c","block_type":"box","text":"regarded as the sole issuer.","page_number":123,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"dde1ae8a-d40c-491f-a475-da48a384d6a4","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":123,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"8b7ad22d-c63b-41b0-a08f-7b8dffd8a93a","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":123,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"ee975afe-c251-4b36-ab24-cc3d2fd7079e","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":123,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"004b6d65-a04b-4179-bccf-1cb10f97ada4","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. 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See","page_number":124,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"8e22705b-7eea-4344-97a8-deecaa1e9241","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":124,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"74521b9e-1394-4ab2-a53f-b358b145d6d3","block_type":"box","text":"Sub-Advisory Fee.","page_number":124,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"c2a9c1b8-16f9-480c-9630-330946a7d645","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":124,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"bc495702-b4de-484b-99a4-e3e0f1027433","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":124,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"35514ed0-ea21-4044-aac6-5f0d91366a88","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":124,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"f187173d-f097-442b-8289-45566d9c93c7","block_type":"box","text":"Organization of the Manager.","page_number":124,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"cb8e5e19-46df-4e18-8e5b-3b224b9daa87","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":124,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"f87148b1-ddb7-4691-ab90-ed0eb2c5270d","block_type":"box","text":"Fund Advisors is a California corporation. 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Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":125,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"728f7bab-e4de-4a83-9f61-c13cda525e8e","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":125,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"eff38b96-278c-4dc1-a65e-0071e703ec2b","block_type":"box","text":"Custodian Services.","page_number":125,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"c01e24f2-6110-41fc-bcf0-38b535ec2d01","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":125,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"5e5c8974-083a-4116-aaaa-99bfd5fbd9cb","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":125,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"f5b8f129-94da-4c6b-9e72-457725fbde21","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":125,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"a801bace-847a-4d7f-bf1b-b78824672956","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":125,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"06fc2481-dbc3-4c28-824e-504e2fe4ed36","block_type":"box","text":"certain assets.","page_number":125,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"c907978d-836e-492e-a6af-e7a14fb4a7da","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":125,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"c023aefe-be1d-428b-82b5-d5e41f484fed","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":125,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"2eec5865-ba34-4080-bd2b-934d4e7297a6","block_type":"box","text":"Fund.","page_number":125,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"fedb5940-36b4-4def-b6d2-0ad225def1d2","block_type":"box","text":"II-83","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"452d30ce-043b-45a8-a4f1-fbc1d60215c2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e94df14c-6329-49fe-b939-e9b6db7f2ed5","block_type":"box","text":"Accounting Services.","page_number":126,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"fe53ff6c-16e3-42dc-8365-6266c1a3d608","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":126,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"8def7e70-a451-480b-9591-89d49d91b29e","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. 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State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":126,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"a4ac50c0-5345-4f8b-aa97-369674eca7a3","block_type":"box","text":"Master LLCs.","page_number":126,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"c59ac334-d65f-4924-ab30-b42b82a891e2","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":126,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"e16e83c7-74e4-4e5b-88e5-e259d42d884d","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":126,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"2262b09b-3788-48bf-8c8e-e32a392eab49","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":126,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"63f587dc-7332-45b6-9c4a-65ff04273540","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":126,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"f5690776-dbb3-423f-a573-7e932c98b6db","block_type":"box","text":"Distribution Expenses.","page_number":126,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"5adbb65b-4b7c-4936-991a-41a05da0027e","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":126,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"53521bbc-e62d-4949-9192-3687cbb0d3de","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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The Distributor also pays for other supplementary sales","page_number":126,"box":{"x":70,"y":256,"width":799,"height":12}},{"id":"6b1f0b7d-9b47-4946-84c6-ddb74e57bd5f","block_type":"box","text":"literature and advertising costs. 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Employees subject to the Code of Ethics may invest in securities for their personal","page_number":126,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"6d263e46-ee60-492b-9d80-a93c7a62a1f7","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":126,"box":{"x":70,"y":385,"width":593,"height":11}},{"id":"4044d9f0-43a3-44a2-86d9-4b0f6abaf442","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":126,"box":{"x":282,"y":414,"width":413,"height":10}},{"id":"84a80eb3-945d-4595-a612-444d7e24f1e9","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Portfolio","page_number":126,"box":{"x":101,"y":437,"width":777,"height":11}},{"id":"94c2420f-45a8-4c14-9e43-3bee99b1effb","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":126,"box":{"x":70,"y":452,"width":788,"height":11}},{"id":"e3064abb-5eeb-4846-a401-fe6e27f84c04","block_type":"box","text":"portfolio securities, as applicable, and other portfolio information. 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BlackRock, its subsidiaries and their","page_number":131,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"46d6f2ab-60d7-4a0f-8f79-306febe7fb70","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":131,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"a79bb86c-35cd-4790-9da0-29500214ea6d","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":131,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"8253c2f5-830a-480d-a2c6-3d5e9f6b3cfc","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":131,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"45bfc8c7-43b9-4b7b-9dac-c7d1ec6ff5a4","block_type":"box","text":"and have interests other than that of managing the Funds. 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BlackRock may have a potentially conflicting division of","page_number":132,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"d7568cda-5528-4feb-8304-2d541caa374c","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":132,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"aa18906d-359a-40d4-bfc8-38e7f6577af7","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":132,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"9dd757d1-eeb8-4835-8d3e-13d20c51c78a","block_type":"box","text":"and those activities may have an adverse effect on the Fund. 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It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":132,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"f7fc8b10-3b8b-4b4b-b8d2-bc0b82af67e9","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":132,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"3de41106-f954-4c63-8f55-f570c78e54c9","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":132,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"99456c4a-b567-4bbb-a878-a250cfde866e","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":132,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"384d2606-320b-45bd-b5c8-36b3866b519b","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":132,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"7eb687e8-05cd-428c-9764-ac4a51d266f2","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":132,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"37ffb89a-1606-4244-9c46-8843f5c6be41","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":132,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"12bd51c2-0259-4a9b-a6e9-37741e8bf9a5","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":132,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"876085ee-aa7c-43d2-9954-eb2fdcdc9519","block_type":"box","text":"II-90","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4dcb149-fb14-4cb9-a5cc-a5fe7a36d5ba","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87821c0b-436c-4045-bb2e-dcdd0915e47e","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":133,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"ba3f0c64-3d82-4ba7-85fe-8209258cdaff","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":133,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"aba265fd-c0c3-4b94-afbf-3e342aac9fd7","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":133,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"a2422425-d4e2-4f5a-bf79-9c413db0dbdd","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":133,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"6bf1503e-32e3-4fc9-8959-f5e1e7f37447","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":133,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"081a57e4-aaf3-4f37-8d37-aab59ea7668e","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":133,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"a852e553-97b5-4789-bd76-4bd75ec5142c","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":133,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"b3b5444d-a552-46f3-b67c-d64779fda52d","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":133,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"bc271865-0332-486d-8ee7-9a9e28d910c0","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":133,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"34adc955-ac28-4b45-8e05-d6c273add8aa","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":133,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"5e09ec37-7320-4b26-9391-09c50bf7e50b","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":133,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"56a463ce-647b-4fd0-aadc-45e8f60b1eff","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":133,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"36e3248b-7556-4962-993e-869093c4f449","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":133,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"9a330857-408e-418f-a202-7bd31c966836","block_type":"box","text":"managing a Fund.","page_number":133,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"b4ae029b-9eea-4146-9aad-7ae140f3abae","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":133,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"89e3709a-d607-4c41-b4fd-569110dd1272","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":133,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"d92e5c32-d90a-4a10-a773-a5d5e33ad98b","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":133,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"6d21b453-7fd6-447e-92d7-4b080419dc8b","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":133,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"3d339d0b-c18e-49ba-a2fa-23d1d070848f","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":133,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"95d419c8-87e8-45e5-a926-4a821a78a960","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":133,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"6ede188e-b696-42eb-b3b9-0072d7f39511","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":133,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"d701e6ff-812e-49f7-bf4e-2f057d27e1bd","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":133,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"7e7bfef3-0145-495a-a8f6-b8f72ec70eb1","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":133,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"4559ea30-c8b7-4d1d-814a-2ae052f0c5c6","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":133,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"99298df2-680c-4744-be8b-46d738ce4600","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":133,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"975fb7b3-05db-4d39-a054-efa73de6803f","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":133,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"33ccfdbb-f1e9-4815-b27a-edfd6cf27250","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":133,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"58c4fbeb-7149-48ee-abcf-4b653bcd3b33","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":133,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"9c618ad6-30e6-457b-bc11-a8d85adfd28a","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":133,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"6b87468b-a372-419b-99b2-22aa754b93af","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":133,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"55b9d374-2a6b-433a-86d7-7d801c011c84","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":133,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"58a37bb6-8906-4555-9003-de1dc776f334","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":133,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"e9b72503-a151-4065-b8e9-670df1494db2","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":133,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"0d5d6201-df00-482e-a796-59e2285895e4","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":133,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"12794d62-ded9-4e0f-a6ea-6ef08a56c1a0","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":133,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"3f7b6a7c-7edf-4edf-916d-ef1181e2e0c8","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":133,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"01c136e6-96b2-4665-8118-1da2abdfcfaa","block_type":"box","text":"under management for BlackRock.","page_number":133,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"fee81716-2506-41a4-91fc-72a811dcd038","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":133,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"8d81324e-857d-4f0d-9d98-b425289729d6","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":133,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"b8bdcac9-a5f1-485a-b8e1-db813a9edbae","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":133,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"ab4b7ffa-405b-46b1-a088-2df8e126c384","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":133,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"13ab0302-bbc1-46ae-ab75-74e4389d70f6","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":133,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"9b365d31-0890-46c5-a189-0866f0317987","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":133,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"7d3deda4-885f-4d5a-b6b7-fe8828ecda1b","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":133,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"c23f153d-57cf-4f98-94be-c4b8d03142d7","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":133,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"055d8846-e589-446d-ba01-5b5c76df1398","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":133,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"e96b076a-5014-4cb1-b05b-eac98f02652a","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":133,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"e61a49f8-9b71-45cd-8006-ccf2913c4c8e","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":133,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"c761616b-9b9c-4a04-abe5-d0d6ef582afc","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":133,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"babaf955-9fda-4f99-9b87-a5c5a7c72605","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":133,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"2a37c2d1-a13a-4b76-888b-5456bde1d84d","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":133,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"c4d3e938-fb60-42a0-90e3-96fccb57fef2","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":133,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"93501c81-c6bd-4097-8fe4-24838b71408a","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":133,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"00b7685f-822b-4f70-adc7-4323e17b8347","block_type":"box","text":"II-91","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"40dabf97-2db7-41c0-9c8e-54db0c79522d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4ba0040-9cb7-492a-8a7f-ad2d7de479c8","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":134,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"c88dac8a-bacc-4a8f-bd36-237dab7be2f3","block_type":"box","text":"any such fees or other amounts.","page_number":134,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"34ffe9f9-1051-4cf3-80ef-994c09372db3","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":134,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"9f950dc0-bed5-449a-b388-efe378e82c35","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":134,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"3c4edcd2-df8e-4a90-9d56-7f3d1de1a976","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":134,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"7ac79727-6418-499c-a40e-2288945fa012","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":134,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"bc9f43b7-f7fa-4cfb-9d48-9328501216b4","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":134,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"73c2f503-5ead-4cc2-9bf5-85932ecc2d08","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":134,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"719b0497-e69a-421f-9537-3656674f6611","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":134,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"e170375d-732f-4cc1-8ecf-d5d1e9e68995","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":134,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"ba06a691-230a-494b-9d42-154bd2c2ea87","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":134,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"d9c75e11-3c61-4afe-818e-44bd83a7406e","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":134,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"079ff77e-3f88-4210-9725-1e9789568b44","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":134,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"11c25611-5aae-4a27-89e1-c272c9508672","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":134,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"e9cf4b1f-adcd-4b98-a949-c2aae0e71582","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":134,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"d2521708-285e-40c7-9fde-17f5d1e4ba04","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":134,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"e91be022-4e49-44ba-ac96-680cfa70b4fe","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":134,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"a9f3c390-dfc1-43ac-9033-58c39e5c856a","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":134,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"395da4d5-05e7-4731-9330-2a6cb6c11cf4","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":134,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"64f93b0d-4e53-4a4f-a256-ea36ccffafbb","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":134,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"3e827dad-a28a-46e1-b28f-99b975ee296a","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":134,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"3b127a35-dc17-40aa-9b27-45156c22f243","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":134,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"f2c1752f-4a17-4cd3-9ada-13caf760b82a","block_type":"box","text":"collateral or reducing borrower credit limits. 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In addition, some borrowers may prefer certain","page_number":134,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"1537caed-45fb-437e-8957-5bb416dfaa1f","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":134,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"794d2e23-8efb-47f4-8d40-cc9292486ce3","block_type":"box","text":"regulation.","page_number":134,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"7cedf3d0-b443-47b2-81be-e76ea334bb89","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":134,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"94dccc57-b0e8-4b79-a4f5-6815e7de7360","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":134,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"3fce021e-46ad-4299-8ba5-ee983c19c395","block_type":"box","text":"various program limits (","page_number":134,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"52eaea13-b02a-4316-8b83-d14932bcf595","block_type":"box","text":"i.e.","page_number":134,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"bcf8e8b2-e44e-41dd-934e-eb217de30637","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":134,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"fd830118-cda0-4689-9e23-e04532837207","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":134,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"bc1812ab-a7e2-4dac-91dc-aa602b59608d","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":134,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"1d58d977-2f5b-4ad2-a897-dd7d6516057c","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":134,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"09a030e9-883c-4a06-a3f6-28ad9e85387c","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":134,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"4cbff0eb-1d4a-4bcf-84c3-d205d7310dac","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":134,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"a01c3469-f64f-4187-a54d-c9f98c126fec","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":134,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"07a4c130-927a-4f1b-88c7-677420d347ce","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":134,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"4fd0987b-7a92-42b2-a9a3-b4ae14c8ca87","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":134,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"490e1817-0dc3-46a0-a2b3-7bf9c8f6ad9f","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":134,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"aa46887f-434a-4c7c-ae51-2895f27a0e8d","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":134,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"ed2db539-b30b-4e8d-93fa-c3768dd68c31","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":134,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"d2abf5dd-48f9-4a5c-a977-e3d1dc7e541f","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":134,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"6ce826b1-abd5-4836-b4a4-4dcfc7774c81","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":134,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"6453f177-8853-4cb4-9f4e-331a055da841","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":134,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"e217a674-8a12-4ab6-98d1-bdcf060f48f0","block_type":"box","text":"II-92","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90f2f307-777f-42d4-984b-6886af55bce1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c0d74fa-741b-44a3-b057-793c611a4a11","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":135,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"e62f8d1a-6222-4c7a-8282-68c9e1f94f06","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":135,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"84076d44-f5e1-4901-a0ba-ac2f824d8627","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":135,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"22dddd98-859e-4672-9615-7af91d1d1a7a","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":135,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"62a64bd9-cb43-4536-a7c2-15caefec1e55","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":135,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"a8da49f0-1aef-4c9b-b0a0-650b09110334","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":135,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"5959f55f-2253-4d0c-9999-c9b8a8e777bd","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":135,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"825efc3b-6b82-491d-be3c-64c8e0c04cdf","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":135,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"cef7bdd7-5baa-40f5-bfdc-5989b20175cb","block_type":"box","text":"than through client commissions.","page_number":135,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"e1f8d574-f7a2-483b-908a-b85610ad99c3","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":135,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"e3b2f8a6-e4e1-44dd-b80f-9ab9c1df430d","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":135,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"f4123dca-9f78-4139-a362-b56e4c01fd5d","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":135,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"ee6fb541-bb69-435a-996d-e27ce16080c8","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":135,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"8b8c2ddb-add6-42b5-9d3e-ab89ceab9efb","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":135,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"588c631e-12a7-45cd-a565-5f925c54540d","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":135,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"1410f574-f143-4bc0-b4f4-a3e1740926f7","block_type":"box","text":"research-oriented software and other services and products.","page_number":135,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"9baa11b7-281e-41d7-9ab5-7a6fed9bdd92","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":135,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"70047281-6841-4222-90fb-c170ae818097","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":135,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"9bf8b69a-b13d-4618-9102-2d0ffde38484","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":135,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"19b1f9b7-1b91-45e2-b676-775e180a512d","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":135,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"709de90c-5ca5-4f80-a107-efa95d9cba5d","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":135,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"b987780a-a214-465e-b559-989323462a16","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":135,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"086bf049-9fae-4e1b-92e3-9fe590e7d1a4","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":135,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"9e961518-e92d-4eee-9dd7-ca8ff5ba81ed","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":135,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"67ab3827-68b7-4f8a-afe0-5676963b8ca4","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":135,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"69888e4b-1bfa-4676-924f-bcf0ed217ea3","block_type":"box","text":"and services itself.","page_number":135,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"6146d00a-53ac-4a13-ab4c-cf965eb25474","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":135,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"658f15dc-f0a1-4b50-bea0-a008428d2433","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":135,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"e3cc5160-aa17-4901-92f1-6af93d0aa47b","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":135,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"2140153b-e1c3-4fd7-88e7-86801d4cf77b","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":135,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"660f6c50-a6ac-45fd-b252-884b8be9e59f","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":135,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"715bffe6-5ae6-4d07-8b7f-0dde2584ca6e","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":135,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"5525bc28-aef0-4150-8849-83ac702cb4e4","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":135,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"7d56dbe9-9387-48ca-a6bd-fbb7b7451f59","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":135,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"2a0c0791-5f09-4f07-9fd5-1aedf09d461f","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":135,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"9a1b79ab-97a5-4835-8655-2edaeef5a08f","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":135,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"01b18243-a8c7-4199-9124-a95f18233266","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":135,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"3560b9f9-c7d0-4105-bde0-380d2635e23f","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":135,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"f8c92e3c-3c6b-45f3-9b24-e3aa837f71aa","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":135,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"a0cef04b-a14e-4d6b-950a-3105779ab668","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":135,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"a92bddab-c1f7-460b-9a9c-ef854d3a5ac7","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":135,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"bf5483dc-9876-44ba-b406-b3f171c72743","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":135,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"a522a332-23b2-482b-9c95-9d74afd232d1","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":135,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"798d386c-d8b1-44d8-b6dc-715747b211e9","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":135,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"5e949371-10d2-4707-bad7-e1f8d910b507","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":135,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"93b4412f-6d53-47b8-8f3f-c6a968dcedcc","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":135,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"d45c3011-b434-42dc-9138-bf7b9f7fcf0c","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":135,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"c76785a6-7b07-47b9-a1ea-e401967a0244","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":135,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"4a1d8086-64a1-49b9-880c-018615872cf5","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":135,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"9ce89c6d-8c1c-4599-9d2f-415453a8c347","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":135,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"b07cc73f-b20b-4d1e-962f-f43d7f7ff7dd","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":135,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"6826763f-cb4b-4b16-a916-847a74ebc645","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":135,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"1569c522-cfc8-4ad1-ac08-4708ddcadd98","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":135,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"70e2a9c3-34c3-4581-b1e2-9a1166dfb44f","block_type":"box","text":"II-93","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"192a3638-d4d9-4cb8-98b1-b75bb92a4ca9","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"caad4ce7-72f3-46fa-ac17-f909c3774afe","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":136,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"135a2cab-0cae-4698-9dd0-f7e72d9abd27","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":136,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"5b7ed273-2d0b-4f62-872f-60760f5cd55a","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":136,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"6d23d33b-04b7-4fff-8006-54acd504234b","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":136,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"6a26c0f7-224f-4fc3-9fe5-3a9e8417694e","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":136,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"4b6007d4-64c2-40f8-99bd-1bb6999dc729","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":136,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"9d96fa22-222f-4ad7-ac91-455fb59f589c","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":136,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"2382caef-608c-4a32-ad8b-870776ae38f0","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":136,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"df8fee1d-4b62-46af-bbb7-daa4414b7cff","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":136,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"e22f9d67-7bfe-46c3-8abc-f66c45877201","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":136,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"3b73bb01-11ba-4dbb-912e-3c3bba52c312","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":136,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"84276d41-3769-47a9-b231-7979e1a7688e","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":136,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"427401e1-5c61-479d-9327-09a1b44db489","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":136,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"57f86f94-fba5-49e9-979c-8e6ab439cacc","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":136,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"2f4b99ba-909d-4419-9318-cc126ed7bed1","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":136,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"da22d822-f0b1-4d5c-8a61-5b5e1bc0ab01","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":136,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"f3b57524-d595-40bb-bffb-97545eac90bd","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":136,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"ccd126b6-f574-4e3b-8535-b3a804f37835","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":136,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"9451977d-f9f5-4713-919d-0783f50f2e9d","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":136,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"acf65f4b-d8de-4df1-b832-8effe09d9f1e","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":136,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"1f27dbce-0308-41d6-954a-69a827c95aae","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":136,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"97642223-34a2-4729-993b-925d9edd5733","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":136,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"c49f30f0-52df-401a-8397-8a5ecb651df5","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":136,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"62d9b885-c89e-4bf8-863e-bdce855f18f6","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":136,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"a311061a-7180-4842-82a7-3149b50c45fa","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":136,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"d6c28487-7963-4c7d-bb7c-e28085396193","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":136,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"63dca38e-a235-446e-9be0-696c125804e6","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":136,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"2652a946-892e-4056-8b32-4746485fc8b5","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":136,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"90262efc-b42b-4a3c-94b0-007200ad9b40","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":136,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"f7e72fd0-5a50-420a-9896-2d7e3a06c571","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":136,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"8dd2f5f4-475b-4023-a8ff-0d1eb96043fc","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":136,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"4869c7d5-456b-4b12-bc63-7a3adf4c38d0","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":136,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"41e932af-6db8-4c59-b84c-7d23ffd32763","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":136,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"91541814-4d56-4b57-9588-cebebbe28bed","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":136,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"5743b064-805c-4bba-9a7c-8b3f4282538d","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":136,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"859aa04c-d436-4c9f-83ca-75d521fba510","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":136,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"2e543340-961a-465f-ba70-cb1ee97ebd42","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":136,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"a231ea76-1844-4017-b9ac-e4988ff1eab7","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":136,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"bb3ed59c-bec3-4bce-baba-effa3fd546b4","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":136,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"72612fb9-6105-4a00-bddf-d515d63a3c17","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":136,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"9e764a5f-c31e-47f9-a948-28db40d0ff4a","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":136,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"767a6e40-9379-40ed-b157-79889a239618","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":136,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"036f070e-909d-4c35-95cd-65a786745bfb","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":136,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"0c6e457f-a302-4628-8697-e9f64421d45e","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":136,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"7a178224-2d74-44e9-8254-03c2691d7034","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":136,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"ddd88fdd-dd6c-404a-baf9-5d2bf75e1f93","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":136,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"f6a36a91-16c3-49a2-929c-10376c0ef2eb","block_type":"box","text":"some additional expenses.","page_number":136,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"9df7954b-82da-4b23-8021-536a7b28ec89","block_type":"box","text":"II-94","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82c889d5-3fad-4ff0-902a-9cf5c541ce46","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1da92ee2-2c7e-4bc1-8753-f275d23fb6b6","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":137,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"f7db6115-8c33-412a-b273-930b58c14903","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":137,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"dfabae2b-4d69-4882-8486-94d9dc240e67","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":137,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"9988e45a-6319-4a7e-bf30-59f5158aca50","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":137,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"5f1e6882-627d-409e-b824-aa0b02df72ea","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":137,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"af016409-df81-4d02-b70b-cb779ae7f33c","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":137,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"9575b23d-3792-488c-9c3d-44678aae3926","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":137,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"447d9d59-df00-4e23-aafa-d399970a819b","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":137,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"62f195be-7020-4a5c-b06a-4a8ae0368300","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":137,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"0fb2873a-7666-467c-aae9-27a8a8565558","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":137,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"9a9f4ccb-c5ce-4b7a-887c-1e54bddb0271","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":137,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"2251bcec-23fe-42a6-b6d1-6151ac98d950","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":137,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"4b852085-f158-4c60-ba2a-973bf23570bd","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":137,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"0eccbc3d-9b1d-41b7-9873-0cf0d631ebf3","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":137,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"d420dfbb-cacf-4a0c-bdb3-0dbdf61908ca","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":137,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"102ff67d-ae77-4858-8ec7-943e1f608e4f","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":137,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"3265f18d-a7bc-4077-8de9-36533ed6afb3","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":137,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"9e0df763-07e3-41bf-8335-8fead141c6b0","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":137,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"e34b96b5-e4c4-4528-b1dd-29e77e4922b6","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":137,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"651c9257-f179-45bb-9584-99233710960f","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":137,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"3296c948-c24f-4628-af22-e955b23e13b9","block_type":"box","text":"initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice regarding certain","page_number":137,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"06077817-706b-4574-a97c-57a2f305899e","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":137,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"54731c73-1984-407e-9bc1-df895f26729b","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":137,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"c3f960f2-3cf5-4bfd-a0b7-fb7c26c65f18","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":137,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"81c6f899-09a1-4b7d-854d-9bea19509426","block_type":"box","text":"of that company on behalf of a Fund, particularly where such services result in BlackRock obtaining material non","page_number":137,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"2a67e275-55b1-4587-8582-41c5a1d7f649","block_type":"box","text":"public information about the company (","page_number":137,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"4a0f8460-269e-44cb-bdc5-a13aad9928f9","block_type":"box","text":"e.g.","page_number":137,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"fc872925-e8a0-4c21-9012-ec4fc689dc5a","block_type":"box","text":", in connection with participation in a creditors’ committee). Moreover,","page_number":137,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"5576120a-fdad-4540-95c3-14298b2e1738","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":137,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"e1cb63a1-c1d7-4a67-b251-8a6abdd953d1","block_type":"box","text":"BlackRock from effecting certain portfolio transactions or taking other actions in respect of an investment on behalf","page_number":137,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"48cc0406-6f0d-475a-8a5a-4b6e96348404","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":137,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"b1433511-2af6-4875-be62-470b590506d9","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":137,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"7f5c7605-a885-49b7-a3de-e2856dddf03a","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":137,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"f5674726-cfb3-41ab-aefe-c55bac5ae9fe","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":137,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"1fa50d20-d7f8-4143-825c-9a0ddcc892a0","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":137,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"faa08003-73e9-4446-8fde-fdf915ca15a1","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":137,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"d5237a9f-8b95-492e-bdbd-0ecafb648f3b","block_type":"box","text":"of the issuer.","page_number":137,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"426339cd-0936-49c9-a13f-fe1a3ea60932","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":137,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"e45b7ee1-4c74-4e05-8f5c-b5c16b1ca0ca","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":137,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"75356a53-57f0-4c5d-9c89-ecc27e4b6519","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":137,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"b4051aa5-17ec-4b0a-b01e-0b376112eba4","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":137,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"abc15597-1dc4-4744-b977-a30dd201d386","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":137,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"81f0aeb4-667e-47a3-9d1a-de856915a6ff","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":137,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"6b7ab7ff-5c11-4861-8310-480c2bee203a","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":137,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"7a0a7e9b-c9d2-430b-bbf0-3e7415fbff44","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":137,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"138a3a9c-21e2-491b-b9c7-dbfc871214c6","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":137,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"9eae75ea-0268-436a-9b26-6221d775248c","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":137,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"5195443e-6b0f-4dcd-bdaa-9d654666ddec","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":137,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"fe1b9eb8-c7df-4c90-90af-0a58608049a7","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":137,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"2e14cb36-4100-4d9e-8af2-c741fd0ed06d","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":137,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"e3b042d2-b8c0-4eff-bceb-414364eb21ba","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":137,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"58699dc8-3c47-415d-b6df-ca565206865d","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":137,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"3e8b506f-2c76-4d81-8c92-b3352159c029","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":137,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"3983dc78-6b2d-43fb-860a-ad6c43fd0474","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":137,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"6ed9af88-1e29-44bc-9b46-e198e55451a0","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":137,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"c9625928-aa22-4f1f-9dd7-e6c341fb6e18","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":137,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"305b9c76-89fe-4d51-b5b8-796b06fa5f9f","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":137,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"a304e523-d208-48d6-acaf-2fd5e8c45fd5","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":137,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"f97c0ae0-e089-4fcc-99d9-c3b0c8400298","block_type":"box","text":"II-95","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf78ae36-bcfb-4380-99c7-9709ae57d024","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9a043a5-e416-4005-813c-21ce1c77114c","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":138,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"8e550ab3-bec6-41e4-a2dc-3c5a6b000f72","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":138,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"64f5fa8f-99bf-452e-9b20-b82c79051b56","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":138,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"4568d173-52c4-4242-9ff5-d9d3c21c2b24","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":138,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"1c1d2e5e-80ff-48be-bd12-aeea7318c451","block_type":"box","text":"a barrier.","page_number":138,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"79609d56-103c-4d3c-9575-54f5ef8eb51e","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":138,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"c24b0170-ca16-4832-ac5d-ce305f42ed81","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":138,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"22173d22-d8cf-4ba9-84ee-0349d7a32e5c","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":138,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"49cf99e6-059f-4f94-a843-5f5d39eb7526","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":138,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"c0bf4048-0c04-44d3-93a7-1d5d51691dae","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":138,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"615846bd-55d6-49a9-972b-edece7f58e9d","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":138,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"22b9ac00-9edd-4bb0-8c4a-bfbbc984e096","block_type":"box","text":"that operate in certain industries (","page_number":138,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"a8fafaec-035a-436b-acae-9e6809660127","block_type":"box","text":"e.g.","page_number":138,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"26e40507-a152-44ee-b50d-ee989909ae39","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":138,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"e7ce02e5-38bc-406b-877b-830d4d15520c","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":138,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"23acfbc5-4bb2-45ea-82e1-672260e587c2","block_type":"box","text":"e.g.","page_number":138,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"3480ba0f-8275-478d-a249-6d2897dea8a0","block_type":"box","text":", with mechanisms such as poison pills","page_number":138,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"afca65f7-4765-45ff-9b9c-4b628f4e3c4c","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":138,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"862b2107-c34a-4bb0-9f76-2b3e21278e74","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":138,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"0481a36e-364f-4e9c-8ae2-e5ec43ae221b","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":138,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"4971672b-d4cd-496a-a548-f67f95647f85","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":138,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"1223b0e5-69bd-4faf-a463-e90914fc404d","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":138,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"d1f32a9d-14d8-4271-9ea3-eeb12d556441","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":138,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"c68695cf-5bed-4012-b058-0e0f87abe022","block_type":"box","text":"seek to make indirect investments (","page_number":138,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"a4aa6431-be79-44a6-8983-245d1a25c720","block_type":"box","text":"e.g.","page_number":138,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"fead6195-5a94-44c6-bec8-d1b054f7c937","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":138,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"d7613662-ed68-4a9e-bc5c-7e310b3e9ed8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":138,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"b9218069-9d84-4532-bfd6-bc4397856087","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":138,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"227738a8-703d-46f3-97bc-b9018fe0141a","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":138,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"d66f6f76-979f-4853-a7cf-393097abe37a","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":138,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"d5ea4d96-52c0-4cf5-9a7c-968c7a3e106b","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":138,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"d3563d2a-e73b-40ab-8d93-19df2b6ec5a2","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":138,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"5e8eeb84-c285-4efb-be7b-d67b8ed7a266","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":138,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"0334e753-e15d-4883-997a-75c68933590e","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":138,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"6f733616-2a45-49b4-bf4d-8b25c59a5e48","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":138,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"a80cf8d6-9d65-4268-92a1-0872cb47795b","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":138,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"4248a53f-4c9c-457e-93b3-502aae555be6","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":138,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"c12634ce-2f6f-49bc-aa12-53add330bd07","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":138,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"6582e063-211e-4a05-832b-ee83d42fa90b","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":138,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"9db87e70-a7ad-4835-a24d-2c198ac9c077","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":138,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"4f2479cc-4852-4e81-ab33-f52a0752ebf8","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":138,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"66820b02-fa1f-45f1-8b6d-52f9f88e50b1","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":138,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"70dd0fca-6efd-4d09-bdaf-894c3dfa3340","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":138,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"45834df6-79d0-454d-be40-683d0f8f990e","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":138,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"6b57ca98-2191-427e-bbd9-c32016d1cef0","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":138,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"1af933c5-6faa-4d05-b716-98d8cd6f8e5c","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":138,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"6670c47c-80fa-43f2-bee0-1d59d2215a64","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":138,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"f8b18ce9-6d13-4bbd-8e22-95e15c8d83ea","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":138,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"db7d47de-c297-4a1b-9900-978d1d9a4e4b","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":138,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"a73bfe2d-271c-4753-9a29-297cbfc67016","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":138,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"0a555a59-36a8-4ea0-b316-1d2b0166f1fe","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":138,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"0c927349-eea9-4a01-9992-8226ca022d1c","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":138,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"8645bdd8-599e-4bc7-8d4e-66092f3445bc","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":138,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"d25d23e3-8631-4c5d-98d5-d167c1d3b819","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":138,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"06f7d9cd-b30a-483d-8bfe-b79e3e4f9b5d","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":138,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"da1d3e47-2747-4e3d-a72f-09c011e17ca5","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":138,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"d564a707-7472-4233-90bf-13474ec4e51f","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":138,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"4a1bb612-cc3f-4a63-8bbb-5a4717d95920","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":138,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"733b4e47-5170-4bdf-9957-e1bcdcd386c6","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":138,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"d5bba8d4-55d2-4fb2-bd1c-e92c44f4e3c4","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":138,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"eed1ff92-caac-4d40-a9f3-a9561834ecd1","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":138,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"92cb451c-e567-4448-88d7-2a04ca9f5674","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":138,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"24a7b581-d51c-4ae2-9dc6-8a870b553051","block_type":"box","text":"II-96","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a901ba87-c502-402b-8d74-2ff6f3a0fd4b","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a9123ef-85a9-43d7-8715-ff0c1070be59","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":139,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"0dbc7a1d-c517-435d-87e3-b5975bacce2e","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":139,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"3140f9f0-2ca0-4289-80d5-c623b1559cd0","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":139,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"a338e227-7ca4-483e-a61f-1d24062f5632","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":139,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"166b3707-34a3-43ae-9b63-f1eec412ebcc","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":139,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"f4397311-86ac-4768-ba75-ea1b9c896b82","block_type":"box","text":"strategy with respect to such security or asset.","page_number":139,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"a50335b7-9af8-4101-bb06-b3de7766d34a","block_type":"box","text":"BlackRock may maintain securities indices. 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In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":139,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"043f309d-9c93-4d7e-8b17-78b956336dae","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":139,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"d42b9b9b-a528-4804-8402-0df4bfa8b71a","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":139,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"4faa9c1f-597e-416f-95c4-1216308fd6a3","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":139,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"eb81fa0d-ed21-4c4d-92c2-4f02c50a98f4","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":139,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"04ba38db-0fa1-4de6-970c-3089082af952","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":139,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"b816fef1-2d79-406a-9be7-06cdb91a234e","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":139,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"059221b5-775d-4948-94fe-1793c74ea2c1","block_type":"box","text":"e.g.","page_number":139,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"bc55469e-5083-42f3-8063-96ab9334346f","block_type":"box","text":", custodians,","page_number":139,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"bbe1f72b-b42f-4140-a390-b5da65abf208","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":139,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"beec09e0-9716-400f-9030-6f6a9032a8e7","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":139,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"43ee675b-fdf9-4359-a890-89691182a995","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":139,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"93939cc4-172a-42cb-b0c5-f097af61eba0","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":139,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"07f3da27-852d-4342-b6c6-5b43e8e78567","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":139,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"b7642138-86d0-4227-b0ad-0823e23ca6a7","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":139,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"c1752022-281d-4543-9ddd-b5bde3d4f5cc","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":139,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"0a24937f-1f74-4677-8be5-ab19e2c2b796","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":139,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"e4a05d58-ef04-402b-8bbc-cd1d911526b6","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":139,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"1783547e-9e4c-4e26-960b-3be9ce9c13eb","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":139,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"bbe42c8f-3bb3-45a1-9b54-d44c3d0268f3","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":139,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"2ffd615d-d6f1-43a8-93e3-6d911209c1e5","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":139,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"db266527-5fce-4df2-8171-d16c767116b8","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":139,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"48dba34a-89d9-4a72-be7b-e5fca38ab93c","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":139,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"fc3c9888-9010-4e0c-adb8-14556b8cd2b7","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":139,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"63829d50-06fc-4cae-8317-62e5906bb2f6","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":139,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"1238f14c-ab83-46c0-ab2b-86a36936eb23","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":139,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"2cd8b7f7-07ca-454c-8c3b-74eb47fcdd26","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":139,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"bd6f40f7-5b70-4ec5-9bbe-12acb63b74a9","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":139,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"12ce12e2-ee03-44a9-94af-2d304c1a5626","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":139,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"2e578d3b-3407-4a1b-aeff-a65134babe72","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":139,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"2758661c-3f2b-4957-8fb7-283ca993f86f","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":139,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"561bfac1-d9dd-4120-891a-4e90059b73ce","block_type":"box","text":"provider.","page_number":139,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"dbbf9354-41a3-411b-8092-12fdc7a2927e","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":139,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"7214f72d-bbb2-4002-a7f0-81ec7f373f0d","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":139,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"dbe466bd-1de2-406c-9215-57a64b6a2c79","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":139,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"4f7a4916-2594-419b-8d41-73e56bd13e26","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":139,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"507f230c-d7cb-416d-a410-e05d29f86a14","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":139,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"b58e22a6-4b5e-4977-8c0f-141bcc816a2d","block_type":"box","text":"PURCHASE OF SHARES","page_number":139,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"3a87b773-7229-4a27-a647-3549154b80c6","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":139,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"b9042fa0-d6c1-4075-96cb-9c15f5feab47","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":139,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"589c6278-e553-43b1-9d74-4597fb453d11","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":139,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"8d4703b8-02a6-4cdd-b9d3-3db7a397732e","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":139,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"873ca71a-779d-4021-b994-2e73e34ac5c4","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":139,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"86ada1fe-f82a-4cce-b5b1-2b9c9c3b822a","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":139,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"d27d1d38-cc55-4928-8ea2-5a25d15dbb40","block_type":"box","text":"II-97","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"68be2a08-fe6c-4b52-999f-5dc64075b3d2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62921bb9-e23c-46d2-9ccd-12a94ea8e8d3","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":140,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"1bfb8ff8-9689-46f9-abda-37e2dc5a2947","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":140,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"cf7bd7c5-41f0-41a9-bcf6-18d1738d7b40","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":140,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"cf352f46-e3ef-406f-a83c-eede09b91c6c","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":140,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"1700c85d-4f9d-4365-ba17-406272d93502","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":140,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"9b874977-0cad-42c6-a596-1762e1012a77","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":140,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"1abc13bc-412f-424e-a19a-5ad5cd93f7a8","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":140,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"23f10a6f-38e1-41da-b88d-03b8fc8932f5","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":140,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"0558cffd-2e79-4280-b7ba-286c3885bc29","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":140,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"de509ac1-aaff-4218-88f8-9fa57570582f","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":140,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"68c3174c-1271-4495-a75b-e59e71e0286a","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":140,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"fdf8ac45-3de2-4284-a499-38f2dd95edfb","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":140,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"3266b3af-a1bf-48e6-b7a4-77ab9644cd72","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":140,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"de216804-f7f9-46e0-a4a7-8cded5525538","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":140,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"30b3f15e-ffed-4f24-8691-5c971d543eca","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":140,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"14db5b0f-63aa-4eda-84fb-ded948510e13","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":140,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"b6b4482b-3d0d-4869-b81f-4aff78480c64","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":140,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"dd7e9a5f-fd7c-493a-9f3a-972d971f0e42","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":140,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"e7aab733-1d9b-429f-9a2b-b0e9d48bb312","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":140,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"f624c550-4e6d-4eac-a2fa-7fc20972b2a3","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":140,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"d378f9db-3e3f-4a63-a8a2-533a14011acb","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":140,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"65159ed0-0163-4338-972c-cdfe74fd1b40","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":140,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"f806d99d-bb79-405d-b302-2c8f82dfad56","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":140,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"f8ed9871-99b8-432d-8e5d-1c789e608326","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":140,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"e0fcc687-3786-49fd-983b-4a3e905df1b3","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":140,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"b84b42a8-6e70-43c3-9a69-65694cd4a611","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":140,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"ee969763-7263-42fe-9dd9-b8c9eb4b8319","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":140,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"046b017b-9a46-41d5-a392-1c5f315e3b94","block_type":"box","text":"investment is $25.","page_number":140,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"bef4bd40-53a4-4035-a39e-d42513df8ab5","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":140,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"b62a5fff-5c42-4db9-b05a-1609b5fdc44b","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":140,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"f7a84c6f-12fb-446a-9841-a8c66b8784e4","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":140,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"e8ce4820-e64a-42a1-802d-7fb45a4a2017","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":140,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"8238b801-76a4-4406-9cbe-72b8d28deac7","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":140,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"462d6e79-8013-4c00-9b5a-75ebae739482","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":140,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"a1bcda0b-4768-4f2d-8fef-f0160ad333e2","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":140,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"0fdc7c6e-a3b6-4004-bd9b-9e999015c918","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":140,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"90d0692d-c088-429d-aa13-7439bc77a322","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":140,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"d7226f34-389f-44e3-8416-5004b6baab5a","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":140,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"39c48aa7-1b98-444a-b14b-91acda3417a0","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":140,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"28a791a7-5092-4436-8311-3d6980024d86","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":140,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"96141a87-9f92-4468-9f06-ff9ecda4fb45","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":140,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"7115947f-8c5f-47f9-86fe-dcbc72547ad9","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":140,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"8543da0e-2a1f-4442-98cc-3fb874afa8a6","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":140,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"77ee933f-1d1b-453e-9cb0-109e9d6f5f76","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":140,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"e3039e3a-4e27-489a-82ec-61ad0d270446","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":140,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"eed9e2ff-9cd3-4f28-83cd-41ebcee54ebf","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":140,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"0da92033-d5f7-4d3d-a21c-57664d9b0715","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":140,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"92eed72d-645b-4cb8-8601-ae27d940ac50","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":140,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"09f0bab0-c16b-471d-9136-32c9408afdbe","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":140,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"c6079e07-40a0-4913-9855-8b8c04e694b6","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":140,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"6c8210e7-2b9e-4d01-85f6-950b676392d2","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":140,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"bbe56d00-24ca-40b3-bc6a-c225a4fb4f5f","block_type":"box","text":"adviser.","page_number":140,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"38c54d63-d171-45a0-a510-544974423803","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":140,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"ed1ec2f1-0a00-4ed0-a9e5-d4f6ffbd97fa","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":140,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"b696b964-d541-4923-aa12-f587f8fad087","block_type":"box","text":"II-98","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a07fca2a-0471-411a-ab78-1aba15323404","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e42a728d-ac72-40f4-a249-79d6d5e3d741","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":141,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"4fb16243-782d-40e2-acbc-4003c09236ea","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":141,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f66c5e83-025e-4173-83f5-681300c33428","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":141,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"07284fa9-02f9-49d3-8049-2b92fe7649d7","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":141,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"7a96156a-c03b-46c6-bc27-4c9cb759db8e","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":141,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"a0ace2ce-8469-469a-ad17-001af2e1b2b8","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":141,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"150dff06-c454-47be-bb1d-a287b10b883b","block_type":"box","text":"also be restricted from making additional investments.","page_number":141,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"1b0db030-f763-4f15-b492-be09cb6fbfd3","block_type":"box","text":"In-Kind Purchases","page_number":141,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"dce23ed2-7faf-4e2f-af84-a6526950a357","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":141,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"9440ef30-a486-4362-af23-ab7c68e9eb0a","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":141,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"56a05b6e-bf1a-462c-ac5b-482a44e33b8d","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":141,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"b68143d5-ed7a-4099-a1f3-9055212fed24","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":141,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"8aa6b889-3792-44af-ad3c-9e7a1d662897","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":141,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"429a4b0e-38f9-4609-a513-8b4b3b697b64","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":141,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"6bda18af-7e4d-4c1e-a1dc-a5f71598b62a","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":141,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"bf6772e7-dfd9-4f83-b3c6-e00325274114","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":141,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"f5119e4c-725c-484b-aed2-6f783d16ff13","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":141,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"3b24afa4-ab9b-4b7b-93d6-8e261c7fba58","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":141,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"8fbaa219-3c4f-4da5-be64-2a3a6b51d28b","block_type":"box","text":"has settled.","page_number":141,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"2a209036-6a97-4ce4-b35a-ae0c156d115b","block_type":"box","text":"Institutional Shares","page_number":141,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"01fbb7c4-f157-4039-b59e-4dbb041f6dd8","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":141,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"0bf32f65-bca8-4bcb-b84f-06aee6180775","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":141,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"09e78bef-29fc-4cea-9be6-7c68a3362314","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":141,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"bc1711fc-ad75-4a1e-b317-9a7245854f8a","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":141,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"9b418678-33d7-4877-8d98-494a5e550cb3","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":141,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"949e21eb-a0a4-4000-86a6-1b5616e3bf9b","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":141,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"a0d19e80-d935-4e90-b4ea-4c1e619c188a","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":141,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"84336d13-51c3-4114-b3bc-2e0af5fc7097","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":141,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"335ab5f2-06cf-42eb-b49d-b149684f0d6a","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":141,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"e8d2cf7c-bef9-43ac-88a0-3ce91057ba38","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":141,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"1ef2c379-8b84-4ab7-bf6b-478b40fd2d33","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":141,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"560620ac-cf6f-44ac-b409-6ba222d379ef","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":141,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"5c22facb-82ad-494d-80fd-4f9a47b178bd","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":141,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"407f56d2-bc0a-4798-83a5-5d2d786b16f2","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":141,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"7525578f-8e4b-4c42-b65a-1f398ce7fdd5","block_type":"box","text":"these fees and conditions.","page_number":141,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"6bf6ed33-3783-4e7c-92b3-06249872e58f","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":141,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"2fcbf480-1d30-4903-b651-6232e35574ee","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":141,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"5be994c4-dadd-4232-a951-2b935e6e7b20","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":141,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"ecc1b247-6a1c-48f7-a844-01007b91e9c2","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":141,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"5ee2c7e7-d268-4a1d-9560-8723d85f26d7","block_type":"box","text":"incurred by the Fund.","page_number":141,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"ea53ae20-743a-4810-8d28-cc209fc16e96","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":141,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"de242002-9242-4945-9446-a02b3b1a4087","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":141,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"2cb321b0-1f63-49e4-8986-3ccb6919df5e","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":141,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"d1d69324-d596-4bb3-b4ef-3ced17d35ce2","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":141,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"3583f87c-a4b6-4d7b-aa39-21dffa49d8dd","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":141,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"eb168f7c-9a36-499d-8b30-ebb2a174fd8c","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":141,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"04dd044b-c8d6-4dc4-b670-88706f67fe0d","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":141,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"a1978264-189a-4d46-92bc-cf29c8bd510f","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":141,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"d4f991ac-3b8f-4876-a92d-1f16c7313dc9","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":141,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"5a333d4d-908c-4804-9f8d-0caf6888fc04","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":141,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"e24abc35-8734-4aaf-be5f-c104217d07d4","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":141,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"7ba6236e-5de3-4b8f-94f5-db9216e12cd1","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":141,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"764ae186-a68b-40a3-950f-12c5bc6c020d","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":141,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"20e704ae-4e5a-4f85-a6e1-bb62950001dd","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":141,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"29b8d775-1d00-4404-abf4-11f2d606b7ff","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":141,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"d89bd755-71ff-4785-a2c5-be7d79a82cd9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":141,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"6301ab95-92a3-4dd0-9ad3-4257c2dd7904","block_type":"box","text":"II-99","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2105ceb-b073-408b-a801-70978543e045","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"596aba32-d9cd-4979-b640-4fe9e3289b33","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":142,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"30c787b6-d4cc-4057-8b55-d55be63a413c","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":142,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"47c5563a-4b0a-4e01-bd18-3ceea69bcfae","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":142,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"2315a98f-c9a1-4662-9267-e4a4947c0e26","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":142,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"f09f0a64-97e6-408b-8cf2-a226193a0282","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":142,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"7a00d835-c18c-4738-a8fe-e457a0fd307b","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":142,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"dcec3bde-83eb-4f8f-b594-501d940a30d8","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":142,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"de2319b2-93a6-470c-b493-6894263c6d49","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":142,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"76d708ba-581b-4223-8c96-28da2cc2d99b","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":142,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"562f64c9-d74f-491f-89c4-e0fce389ceae","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":142,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"1f784003-2f8c-45a5-bc9c-702637de201e","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":142,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"2679f4f7-0a6f-44d0-8b80-f1bb0b186883","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":142,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"fde6cbed-fa04-4c2d-8a7e-79e67e62d184","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":142,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"68e747d2-8823-4628-aefa-2df76c7b6088","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":142,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"cb733770-b3ba-4070-9a2b-f2d746c7005a","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":142,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"91b5be72-6a4a-48a9-a9f6-9de94be59008","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":142,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"930e7158-79cd-4a41-b34d-ea36590fb610","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":142,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"18e2c06e-3433-4db8-912f-83c703eab2b9","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":142,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"ecde993e-25a3-4993-a1ed-970c249a802e","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":142,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d50e321b-0831-4997-aea6-0b70585eb43a","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":142,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"ea399562-0b63-4f75-a939-457b8d397bde","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":142,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"6a8f34f6-67fa-4f8a-a697-712026c91048","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":142,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"9bf6fc59-4f4e-41b0-a8e7-c611199a12e9","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":142,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"5454fb6b-97a5-4da0-ae94-8b654a98af79","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":142,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"c678cc8e-2331-47cb-8595-cd8530b95494","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":142,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"1a525bc0-597d-4d38-85ad-2767533e8800","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":142,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"46c18b1e-55ba-49f5-9af2-64ce734153c7","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":142,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"f91b6a9a-15f0-4955-9bbc-af6107a23a5c","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":142,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"84fe1485-30ab-4c64-8b8e-603584c3fb29","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":142,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"c2c0aa3d-8c0e-4550-ae93-e84251f1cc01","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":142,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"40e438c8-5bfa-45c7-8cc0-a81df9bff969","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":142,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"adf86c99-01f3-4e3c-b83a-b69d64e1d012","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":142,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"e18cfa79-035b-402d-ab71-734ab916bf90","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":142,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"0f1fb2aa-b31f-4121-8071-8b1d646b4c2f","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":142,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"269d2c21-a89f-412d-86d8-51729c5038d5","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":142,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"13a6b10c-646b-49c8-9df5-acb9b996013b","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":142,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"116e3de8-b340-4eca-8361-51c064bc9bc5","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":142,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"78d4d150-4773-4a0b-b3bc-a887f4bf4483","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":142,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"84dab5ca-540c-4410-b85f-b61aca33d365","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":142,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"9f6d70f5-1a65-4716-a01d-f9ee5166b950","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":142,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"0e87266e-da6c-449f-8848-1a579768e9ef","block_type":"box","text":"periods indicated.","page_number":142,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"9dc9abf4-ac5e-409e-b501-8dcf15ab7cd6","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":142,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"19dd2754-9543-423e-a682-a81315a87fd1","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":142,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"a800677b-c1b1-4f5e-b13c-cd0778c2ba1f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":142,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"cf4ad223-8422-4518-8ba0-1463555dc723","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":142,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"2309b5b4-2a43-4c56-9ee1-c9b230529567","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":142,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"61ccff19-29c0-40de-8ffd-803871e9e186","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":142,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"8e702ff1-1878-4f03-8f2d-e3322f29bc1f","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":142,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"578b4cc5-1e1e-4767-a539-5b995d3ac5f5","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":142,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"47eaa458-7534-4825-bc00-c59a0a6c85a8","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":142,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"6470af2d-1f4c-4abf-935e-2cf286f531ea","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":142,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"1950277d-8459-4b1c-ba6b-9dd206823a3b","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":142,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"e42023bd-5f31-4d1f-a550-4ac42d5cdbef","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":142,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"452d534a-97fa-44d4-9818-291cfbea10bd","block_type":"box","text":"II-100","page_number":142,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e610cf75-2923-47a1-8d81-414aa7f2feef","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2be285fd-ead7-41e1-a165-20bbdd0837a0","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":143,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"c976337a-c1a2-4a06-86c7-b1c454936fe5","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":143,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"4f722504-6da3-4d80-835a-daf3ebc0e966","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":143,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"6d3f7db7-40b9-4c14-ae70-dd1df49647bf","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":143,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"dd98dbbe-1f32-4d8c-b8c5-0547a68aa114","block_type":"box","text":"Reduced Initial Sales Charges","page_number":143,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"fb836639-3e62-4e48-89a6-7e017150b87f","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":143,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"dd13b3bf-688a-41eb-b78f-a03217a60fc3","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":143,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"44f76de3-4fd5-44c4-af29-41d3f2fde24d","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":143,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"be0c621c-24a0-4ea7-bc99-696768639b92","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":143,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"0dda3e44-764b-427b-9241-44be1f3d7300","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":143,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"386f81f8-227a-47e2-a6b7-7ce4345171a6","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":143,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"45cbfc7c-ec18-405f-9d42-f438895a82d3","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":143,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"a25c2b58-44b4-40bd-8d27-2678a0257a95","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":143,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"4946ff16-c21d-4802-9d97-bf5dc5e4717f","block_type":"box","text":"Reinvested Dividends.","page_number":143,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"ee2e95fe-ef87-4728-a444-ba43b39d5b78","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":143,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"054a24e1-c4ff-4e23-8aba-8f4871306538","block_type":"box","text":"reinvestment of dividends.","page_number":143,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"be06bd2c-252b-411c-ae90-9ee71dd40180","block_type":"box","text":"Right of Accumulation.","page_number":143,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"a77da79b-877b-4fd1-ba28-f73e7b75bd45","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":143,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"210cd1fe-9073-466b-8d3d-a88d9596ad1c","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":143,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"169f8d4f-ff46-4a29-9971-8a110b89f314","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":143,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"6a467e85-cdf2-4316-83f4-51555936d01a","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":143,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"1b6bfdef-4070-4c7c-9d0e-271bb49da056","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":143,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"a2ec81de-93dd-4086-8ab9-caeffddd27e4","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":143,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"174f9ff3-dd61-4a79-92b3-0e06f3909b19","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":143,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"0e19c3e8-eda3-4ae4-80ad-ba80e9b6e8c9","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":143,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"d21935e7-d520-4251-a51e-5b296d249963","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":143,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"caa71094-c4c8-4958-b053-55e569ce90df","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":143,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"c5304576-56c2-488a-9d28-cd0ed7832cb0","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":143,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"7d5e82e8-d43d-44fd-9d15-ff23e1580a7e","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":143,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"afc42dd2-caef-4491-a5fe-42041b06e539","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":143,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"3ee3c896-c269-40e2-a952-e7f0a31660e6","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":143,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"fc473be2-ead6-417d-a77a-8aeec61ee5f9","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":143,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"effa9d82-b4cf-4ca0-934c-b757f0ddfe3a","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":143,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"dcdbf627-95dc-4794-8e82-2ecf9160cf0c","block_type":"box","text":"Letter of Intent.","page_number":143,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"42d579a2-10de-42ed-8ddc-cf219a75c9d1","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":143,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"2ae7b98c-687e-402d-9b86-cb1e05bdfe87","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":143,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"d13462e8-ce48-479c-86f0-0e87f26c020d","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":143,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"fdaf1491-468d-4a89-a615-4ddd8194384e","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":143,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"1a681057-d563-4194-96b3-b808beb62f96","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":143,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"e6733bbc-3335-461c-9f47-5f4c64df1eaf","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":143,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"fa4a4897-a904-47fc-ab76-33519c23f69a","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":143,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"30ae7953-b9d7-4d59-b8e8-18a4242a6d7a","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":143,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"0e677619-2769-4ce4-8da7-093163192854","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":143,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"6324938f-cb62-492a-8e30-34c24ace521b","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":143,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"882c4cbb-3e0a-4658-af2b-3250d89d7baf","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":143,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"63f88b64-a6eb-428a-a75e-9c70f1670f33","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":143,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"9fb817c4-db62-4bc1-beba-7748c0ca60d2","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":143,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"9d440c2b-9088-4c44-a6c1-51ce5d8968b1","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":143,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"11da94e0-7860-4066-92bd-708783dd68fc","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":143,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"24e7673f-b5d0-4439-b37b-68993484b552","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":143,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"ed9958e1-b1c9-43a6-b221-23426d41e1a7","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":143,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"a2e03a6d-6ed7-4e9b-a7bc-5f46853482eb","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":143,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"a82d4d03-f435-451f-a594-3107bf201543","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":143,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"473d5c88-4df3-45fb-8cdd-996f9a93a509","block_type":"box","text":"Placement Fees.","page_number":143,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"51fa7639-cea3-4f7e-80dd-679476531805","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":143,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"c42836cb-d768-4cc1-8e1c-25e20a19fc0d","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":143,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"9b26f643-3b6f-4081-a8f5-c7832db8836e","block_type":"box","text":"II-101","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bae4b825-e1a6-48b6-9070-608741fb1af5","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"770db9f9-1663-4e68-831d-5f8b2ad64a3a","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":144,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"d75e6175-b5cf-4757-86ad-878c5a1bfb97","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"5e554e7d-26e5-4c72-a782-0ee527e70952","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":144,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"197fcbe3-bff0-47ea-88d6-6394fcbca629","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"2750a527-5e72-4706-83fc-2e775d3ece96","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"43c86bd1-9d21-4c4d-a0ce-bf3bedbb66c2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"f2f58ec6-d378-43d8-8030-474202f426d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"7dbe2eb0-1a42-4a0c-820d-f0b59fd074bb","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":144,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"d5bb2dda-2f88-4fd5-b53f-4adaf8de3f50","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":144,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"2ac9886f-40dc-46c0-9872-8c9a41b990e1","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":144,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"c7868173-da57-404b-89aa-eddd4a264dae","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":144,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"06aeb7ba-a030-4757-ad68-4caa0afbb3de","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"aecbceed-db6e-4d08-9d9b-09afd07c76ef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":144,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"cd629f70-c015-457f-834d-37e4908bcd12","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"8232c9e3-8be7-4246-8068-850f4567d965","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"0d4df01e-296f-4b5c-aa29-c1c5f574c01a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"517f0c4d-0624-4a9d-904d-6778fd1c5101","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"cc37df51-a891-416c-ba61-9d198eed01ba","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":144,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"eb46aa75-a293-4e1b-9fb2-63df9fbca46b","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":144,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"d603c5a5-fa46-44c9-b15a-c22c70288ea1","block_type":"box","text":"SM","page_number":144,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"bd89bba9-0893-4027-8548-063ba7bc6c71","block_type":"box","text":",","page_number":144,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"21a7b925-3830-4663-a269-c92ef4d280a1","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":144,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"97a99393-604b-428e-b907-e92a8fbba5c6","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":144,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"df6f9da5-0d92-4513-b6e9-307da3c66b8f","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"2633905c-bb08-4041-acde-b3447a1588e7","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"6206a888-666a-4f8d-b45a-c7a4d484a119","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":144,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"3570a674-14d6-4399-a179-8ce1287235c3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"7692a4e6-b9fc-46c4-a3eb-0b135e2fa77c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"9a3f9327-8c5b-4a03-a645-02e8f2f8f043","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"98302fb0-b03b-4101-aba2-a2a762e36557","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"8b9f1bd9-d692-4c70-bf88-bbca4f4c4c73","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":144,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"6a4e429d-ce37-4b9e-93be-71547ac90383","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"f932db42-6798-4edc-b583-9c580c05b73d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"92fdfe9d-a736-4631-adef-58de4254c991","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"4556da07-8589-4ba3-a8f6-988f65c931b7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"07bd25bb-6d1f-48bc-801a-bb006d713e7a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"b492af89-7032-46f9-9464-6898dc0cabcb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"7b5c1996-2f00-4209-aa39-4ee9c996f1e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":144,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"d0afa1e9-e290-4ffa-9dcd-c851d22826cb","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":144,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"53b66fa5-02ff-4bfa-b69a-5122056999a2","block_type":"box","text":"may be up to the following amounts:","page_number":144,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"1f0edbc0-4eff-47e7-ad43-a10fd67cc96b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"581a2f33-7855-4072-8387-7e47d3be83b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"4a3bfd04-f4d4-49a3-b3a8-dad6df1df334","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"4b1acc2f-4514-455b-ac01-70a0e58d6624","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"79fab072-3a6a-48bf-a451-9e386f5818c5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"ac909ff3-dfb5-4dfc-ac60-4244db223574","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":144,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"038d439b-2b95-48c3-8ffb-4de4d7cee019","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":144,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"fb288ea2-092e-45dd-bcd9-4a6bc82dfec0","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"40dd26af-5d21-4481-8664-c95085ace6c5","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"a9e160c5-e5b4-4651-a133-c05f22a7733d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":144,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"cfe266a4-6731-418e-b702-06534510a209","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"ffdfdb54-0ba1-41bc-8533-08673884f7bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":144,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"00172b9b-e24c-4176-8f75-af183cf2a29e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"23970e6b-d3a8-42c8-934d-bd3c2c1613d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":144,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"7b4ad566-af44-4ebf-9256-acfe5e29c076","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":144,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"b71794f4-ee6b-4277-adf5-f766765102c6","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":144,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"11f0679f-6d66-4b47-a0fd-c24a3deb5ea6","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"0e3f5b61-7a3e-4941-9172-f6151d91e0a3","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"ca1f37fd-9d91-4c7b-b59c-196cbffcd69b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":144,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"4611b062-5214-40c4-9fcb-b79139ff5106","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"a858c06b-4555-4b40-8337-074e6d458e77","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"8f642fb7-69b1-4bab-ac5f-e7ce79c1af1c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"c833cabf-c22a-411a-bab8-6e6bdc87c8cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"bd4ee96b-e286-40ff-bb35-f8991110462e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":144,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"c1a946dc-99e4-414a-8aad-0f542b537f6a","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"956c4cdf-28f6-40c9-b4ba-7ec4f3c47430","block_type":"box","text":"$250,000 and above . . . .","page_number":144,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"6a709b90-dbdb-49aa-ba99-2990b18b4759","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"1df169b5-015e-4765-9faa-92eb592554da","block_type":"box","text":"II-102","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a95e0d17-5da0-4df0-9b60-da36abb4b4ea","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c20a6ee-ab74-4760-b9fb-fe22d37f1616","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"2b1087ea-5497-49d2-a843-ed5cac1bcc7a","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":145,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"48c8b3e4-3079-455a-8d8e-54fa8ecef9d4","block_type":"box","text":"the following amounts:","page_number":145,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"a2ded198-e3a5-425f-a34f-4615990e9038","block_type":"box","text":"$100,000 and above . . . .","page_number":145,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"c36a2faf-5406-4af4-94bc-5385b8964c38","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"b9428d92-f24a-44b3-a66a-0a0a8530b1e1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"ba8575b0-0f2c-4c8f-9832-678918fe7c38","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"fa624464-00bc-45b8-b3a9-1e74a09a9a39","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"d8f365de-d3d4-41fe-9c05-1597cdf540c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"ed85c7fe-a7a8-4d81-8576-058093a01a4c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":145,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"eaa55077-fd85-4d05-bcee-b00dd139c7ac","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":145,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"e4d4c409-84f5-4f96-9ead-54e22e8de976","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":145,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"ab5e1479-ec14-4e17-80b6-07ee2ba59829","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":145,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"035c9121-5ee3-48b6-91d1-33f97a9ec9b0","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"786666ce-7584-4aaf-8328-25456a362f72","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"19c2bd77-eb94-4bca-966f-9eed7f519110","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"d7747eed-6626-42f2-b99b-ba0c72efd55e","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"f1897d8a-6fae-4636-856e-26988d73a81f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"9e75a832-53ee-4df0-b239-a33778ff2c92","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"3684e79f-367d-4ebb-bcee-8d5f3cabb05d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"3a14d108-0f2e-4f07-b7fc-110590bad331","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":145,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"b0a16ac0-183f-496f-a7a5-bb45c68360f2","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":145,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"d9e90570-e4f7-4aef-a51b-87580a30e896","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":145,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"0aea5aec-f20a-4e70-8a63-79d79175c611","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":145,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"b34e633c-672b-41ce-9b99-e4b587300d7e","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"24864b91-8dbb-4dc0-9172-1e14a864bd52","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"53140ce3-6189-4a8f-ac9b-925d94f44f0b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"b3ab04a8-a729-4bce-a680-ff8276b9efa6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"9b82c730-9b9b-40b0-a7fc-30d6d2b6fe50","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"d4ac26f3-e4f7-4943-8e88-d7431e688dc6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"0f9dce85-39f0-400c-8980-79ced395e556","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":145,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"83b3c16c-518d-4016-8ba1-ce6f175f90ff","block_type":"box","text":"®","page_number":145,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"b5d78785-9f0e-43a5-9e6d-74475f362c6b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":145,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"8d3c60bf-c0ae-4c9d-92af-358f3a677547","block_type":"box","text":"®","page_number":145,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"bcec0c8a-c014-40e6-a950-a5d10c7600b0","block_type":"box","text":"Index 2035","page_number":145,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"2f0da471-6c3c-421a-892d-a9e2636a23e9","block_type":"box","text":"Fund, BlackRock LifePath","page_number":145,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"96f02a8a-06df-40cd-9cb7-179f755aa672","block_type":"box","text":"®","page_number":145,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"220439f7-ef28-4df2-b571-d7d63cb696c2","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":145,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"2cd25bb1-ecbf-4368-8efd-88882576e417","block_type":"box","text":"®","page_number":145,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"ee19f59f-115e-4f21-90a3-f65f9c7994ab","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":145,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"b9c94fa6-3857-46b7-9a85-67ae1fc0551b","block_type":"box","text":"®","page_number":145,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"44f02ebd-0edb-4892-8326-b7d3a295cab8","block_type":"box","text":"Index 2050","page_number":145,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"71000c54-031e-417c-890d-ef24a66ec495","block_type":"box","text":"Fund, BlackRock LifePath","page_number":145,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"7d905ddf-2199-4be1-87fe-5d789893e5cd","block_type":"box","text":"®","page_number":145,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"8f43eb52-0034-47f9-af62-34e3956233d0","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":145,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"1c4baff5-5d44-455c-a394-558c557f9134","block_type":"box","text":"®","page_number":145,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"3d73d160-9952-493a-ac9a-658b37a061a2","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":145,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"17ae9e29-4370-4cef-873e-56918206a6e5","block_type":"box","text":"®","page_number":145,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"fb369af5-600e-4775-9588-7d3ed5356a61","block_type":"box","text":"Index 2065","page_number":145,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"cabf6386-9cd8-45e2-8a98-24e9a77006a5","block_type":"box","text":"Fund, BlackRock LifePath","page_number":145,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"382078b1-b272-4945-be2e-521525a4f9fa","block_type":"box","text":"®","page_number":145,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"23a473f3-40cb-47ad-b41b-cc3e19ff68b3","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":145,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"6a685f8b-a25c-4893-a28d-e122396b80e9","block_type":"box","text":"®","page_number":145,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"7b05a39d-bcd7-4007-b63a-007e46d29ff0","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":145,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"9aed3d67-55f7-439c-91e0-c1989ad6b9a1","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":145,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"cb149ffe-967e-4717-90c0-04f8008dfd61","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":145,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"4762b9a5-7c67-486a-b005-cf7a55ecc498","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":145,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"845a0954-1e61-424b-a4c7-ade158a76996","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":145,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"3588a5fe-e7a7-4d1b-aa63-8d90ffc859b9","block_type":"box","text":"SM","page_number":145,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"5f6f4e26-f30e-4971-b9f7-26204981b3f2","block_type":"box","text":", the placement","page_number":145,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"30f55350-c2fb-4ea9-ac78-7d83ab20faba","block_type":"box","text":"fees may be up to the following amounts:","page_number":145,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"fbb8f659-b45e-40e9-a58d-91262109b9ed","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":145,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"8611fccc-968a-4903-84b8-eafdd222de89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"3604f70c-6a8a-40ce-8d0a-8ae0f79ec767","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":145,"box":{"x":101,"y":642,"width":787,"height":11}},{"id":"7d54834b-413b-469a-9ae4-20b47e23e4d2","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":145,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"6ad3bb8b-11cb-4f72-951f-8e3a7ba3da89","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":145,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"744d32f4-7c9f-47f1-af16-396cdc1e9d48","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":145,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"bc4c8e12-0813-429d-8d1e-7063524e54aa","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":145,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"90a4c268-d492-4142-87ab-40eeb20b3ff7","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":145,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"a3bd06ea-0e26-45b4-a2a5-fc29f3a6ce4d","block_type":"box","text":"$1 million).","page_number":145,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"d6a275cc-1ca2-498e-a0f4-eb24bc7bc94d","block_type":"box","text":"Other.","page_number":145,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"c13e7200-5192-4c0a-a895-03e3d96cab31","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":145,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"3de3c911-0a73-4247-bbec-1582a2b66284","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":145,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"dd1b8789-e74a-4d43-a5f6-72cc62665d84","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":145,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"44e0cd61-b229-49d8-82f8-3047e6f81877","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":145,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"a9a063ec-7427-4b4b-b9bb-f36e36bdc6c5","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":145,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"6545f65c-3d4f-47af-8389-daf06710910e","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":145,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"c726cdcc-e11e-4a0c-a4be-7dd822313767","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":145,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"7b5aece2-e3f4-4811-8e2c-c4433e9476e9","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":145,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"2f7698a1-e4c9-4b26-8b4e-6ed56532605d","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":145,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"23184059-f4ee-42e1-8cfc-9688e86cf0fb","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":145,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"2b148e95-7567-43f2-826b-7ddc4cc9d59a","block_type":"box","text":"II-103","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a9b1d78e-64ab-42aa-9323-806bffe23bf1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"153c2f00-e99e-4c9b-a6e2-0d07d0908753","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":146,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"d8fed26a-0ec2-4743-83e6-589f988b9098","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":146,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"a9695c56-99a0-44fd-8ec8-f6597fc11aef","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":146,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"b3473ac9-edf9-4b64-9848-36b3eaf70f4c","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":146,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"c827ffc9-2b30-4e3d-9fc2-ba7329645eca","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":146,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"b6011dee-4e21-4a2c-8c10-f521415a6a36","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":146,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"2f2e9896-289d-409a-8e6e-6c6d567a689e","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":146,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"46d01be9-c0f8-48f1-af8e-4fca4cde897d","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":146,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"e46c23fb-ffc1-4590-bcb5-6f94fa398711","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":146,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"6a5c8795-f674-4947-ab91-0ab1c5c3f1f6","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":146,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"8ff644b9-2380-4255-b71e-94554598cbd4","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":146,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"3c2a119c-356a-4298-942f-f992504f73cf","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":146,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"aee7ed83-3739-4353-92f7-a75bf650408b","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":146,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"6a1ac899-264a-47b9-970e-41318e40b9a6","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":146,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"85348ed1-7ebe-4761-93a8-b788be5b89f1","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":146,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"bc0f154c-e5d5-407e-b3f7-b22701031455","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":146,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"f54a247e-973b-4298-af9f-437b22238fd3","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":146,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"81bd3a3e-4096-44fe-8e77-bb422945b897","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":146,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"f0acb68a-48cd-42cd-95c1-8cb3e640a8df","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":146,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"3b5f0e66-758a-434d-baf8-b01da0a98f83","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":146,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"5e5f4cc0-2548-4b9b-b5b5-72de30b8ee3e","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":146,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"9c07764d-b867-4c90-a6fe-e612ee02e1bc","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":146,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"3ea06de0-ce17-4fda-889f-b8050cef0252","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":146,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"252ac4c0-f2bf-4b09-9bab-8d42c4cb2a7e","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":146,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"47a3a1c0-b448-4c6f-b748-df88f85c06f4","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":146,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"38b73691-712d-42d2-ab28-78e3d2f53533","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":146,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"ea325c05-b9a0-408b-bcda-ef5b097b3fee","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":146,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"c17c0ae6-3402-4a68-b116-fd70f841bbd2","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"c6efe269-abe5-4bdb-85c6-f87525645f4d","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":146,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"18be39eb-a312-432d-bd51-0805e63d48fe","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":146,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"7b61ef1c-68e2-4ca1-b55a-72bb09975ba5","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":146,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"e82f748e-d810-4905-9823-92afb8240d6c","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":146,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"462320dd-aabc-49a7-85e3-5dc7bf533543","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":146,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"0d97126c-cbba-462a-bf99-6a9870a660f9","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":146,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"a89f5da0-d940-42f3-afd2-cd17ee1ce938","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":146,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"cb6faee1-546d-4710-ba60-95507c934b18","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":146,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"85e9c603-ce3c-4f0f-97bd-569dcd5977d6","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":146,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"120d7c15-4846-4352-a816-a9456ca437ea","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":146,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"c3b9f590-9f17-4c80-84da-394a1a294f40","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":146,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"ecf77a14-49df-475f-880d-3cb70692fc47","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":146,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"497efcf1-078a-45f4-8e4e-ad1b6973fb12","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":146,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"cc55257c-0b18-4873-9f4f-15269bd05bd5","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":146,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"71c216dd-26a3-4704-9f7e-089529a4b195","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":146,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"014eed65-2449-45fd-b0c8-a2f179db55df","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":146,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"0b0a8e1e-828a-440d-a6a3-04f7acba570d","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":146,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"18aae28a-752e-4e44-9186-6be05369e9bf","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":146,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"124b018e-9ad1-43a8-88a8-792a8889fc88","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":146,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"9034a13f-50fb-4e59-854b-1b716bc3c0bb","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":146,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"764ea5da-88e9-4e4f-bd1b-2818d00e22d6","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":146,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"e637de79-a000-45c9-996c-ce5056b0257c","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":146,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"f5b13c59-1510-46ac-812c-f7b57a341701","block_type":"box","text":"certain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":146,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"571e08f8-a86b-4ffb-bb0d-de4ed5b73615","block_type":"box","text":"shareholder’s death or, if later, the receipt of a certified probate settlement (including in connection with the","page_number":146,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"f2898c88-041a-44bb-84e4-ff23c7b29132","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":146,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"7d57b019-3724-45d2-8ad0-a04517ccbb23","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":146,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"7a584c75-aaef-4cb6-b9c4-db77b3582c3d","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":146,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"ba924672-8fce-49de-ae7c-2f12861c9d6e","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":146,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"012b2e87-d393-4097-a294-32c8847a3774","block_type":"box","text":"II-104","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"53b8f3a6-fcec-465e-99cd-19c1c7d68383","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca39923e-a15d-4815-a4c8-b9e2a5782620","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":147,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"31db977b-57cf-4625-87d0-0530f05fadb6","block_type":"box","text":"the absolute discretion of a Fund.","page_number":147,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"424779e5-d322-44b3-9726-26c1cb20e6e3","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":147,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"f25bc50d-985c-486a-8acd-fe4946c2544f","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":147,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"e2e05466-a6bb-48a6-b4bd-58db09df6ed9","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":147,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"221b4d17-8d54-4825-a55c-d33d2f23de57","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":147,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"6af3f3c3-4d12-4198-9de0-6e21f074cb50","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":147,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"5474f1c4-0b0d-4186-afb2-d9eac64475ee","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":147,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"14485a03-5527-4b70-a35a-eee82b7dc2bf","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":147,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"74694f9a-791f-45cc-bc1b-b7035c2c1ec1","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":147,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"c1ac9d01-0440-4338-8ca3-8690b9d69bae","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":147,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"f864f90b-d781-4cc4-848f-6931a252fd03","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":147,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"d5bcf8ec-a17f-4805-953f-684634037104","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":147,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"222da82d-dc8f-42a3-a004-bf57dcfe3489","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":147,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"06bd6b9a-0e1d-4101-a87e-1574a4a146db","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":147,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"81a419a7-df29-4d78-a927-79c0cbb4b78e","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"1d0d35b4-f4f6-4eb5-8264-8770e9a042f7","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":147,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"389e425a-6bf6-4c00-b4dd-e276bedd12ae","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":147,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"6ba95e7f-d6ab-44ee-944d-f6dc00ef95fa","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":147,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"6f86da4c-ad63-402c-82d9-717b2bd00aa2","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":147,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"e9313811-77cc-4591-8beb-c33c3643ae18","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":147,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"49b9bf86-7958-4e95-94a1-d9976dc5f2b7","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":147,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"9f56c4e3-7f39-4d63-9434-48571fbfaca7","block_type":"box","text":"public or private investment company.","page_number":147,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"706cb967-7751-40df-9ef7-b498a96587e4","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":147,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"d4109772-26fe-480a-bfa1-28b3105641cb","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":147,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"5cbc5dbc-5281-49fd-9ca6-e7203a7f01cb","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":147,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"033de046-8be3-4b58-962b-6fd1ff6b2a9d","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":147,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"7244d042-88b8-4e53-ac99-95b17017d059","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":147,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"6fe2ce79-f60f-4d4b-a501-027a369f797f","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":147,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"88fa23f8-b11f-4019-8f17-7a7a6a054285","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":147,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"7f15c332-3fff-4321-a2d9-dcc6396e747a","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":147,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"3efea09b-4925-4df3-8cf7-d266db81ccea","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":147,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"fe6df6a6-5ec5-4a70-80ec-b2003cc7fd75","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":147,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"2e60d09c-5403-4dbb-a6e3-a0a1c3faf408","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":147,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"c6041196-93de-441e-be6b-2c8b5df814e4","block_type":"box","text":"intermediary associated with the account.","page_number":147,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"78775165-04ac-42d8-99b5-9ecf904d0811","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":147,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"31683818-0094-43cc-b966-9dc98cb0f193","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":147,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"f5d603d4-0499-4e6d-b124-4df5dc1ebc92","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":147,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"a997d645-be25-4529-b846-bf9a7ef19921","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":147,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"8ec596c8-c385-4309-9f7e-56e1f77b7550","block_type":"box","text":"CDSC shares.","page_number":147,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"68d92574-d7d7-435f-9f49-c3d7f3a7faca","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":147,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"e74cbd25-5503-410c-ad8d-b435be53256f","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":147,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"16c1894e-8ff8-47fe-a10c-f92dce89cd37","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":147,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"5f630c65-4d35-4d41-8206-2c3d57f7cfe1","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":147,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"1b595e83-7327-444e-935d-d0a93cb73b70","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":147,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"3905f6b4-5aab-4a75-9176-8bc4c18d6235","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":147,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"a5a43f59-0ac6-4486-a5f5-d1aa12981fd4","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":147,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"a0680af6-3ef3-4156-9c12-7c0be7ad0f7f","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":147,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"c97ef0fe-f402-4c56-aa83-9e3810cf8752","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":147,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"273e3663-79a4-4949-8cf7-e262e9e2e476","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":147,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"7098078f-7f19-4407-a192-265e7fcbc2a1","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":147,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"ab422f36-0149-445d-93dc-e338f3b8e503","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":147,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"d107ef74-9f34-4925-9072-e0f6bcb10341","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":147,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"a6980123-ab0b-4df3-bc1c-5a24348bfa3f","block_type":"box","text":"II-105","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d8a31e6-8000-4611-8868-5dc67bec9415","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6d3d250-c5a2-42cb-88c2-4b82e511f574","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":148,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"9a976c33-7902-4add-87fb-ed193fac7458","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"eacb0f14-7908-4aa8-9892-1c3576e2579e","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":148,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"306b4c43-f259-42dc-a8ce-17cae8bb982d","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":148,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"fb64f989-2f1e-4cbc-bcb1-bf7e514f2ed1","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":148,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"390e4899-4a32-4162-82f2-0210505d9e1b","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":148,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"6e8f7f78-ce3f-443d-a64c-ae27e4f76f8c","block_type":"box","text":"Investor A Shares.","page_number":148,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"37f8e087-f79d-42f6-895e-70ee33a344c9","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":148,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"3d9885c9-1158-495f-91ce-6842871760ff","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":148,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"ffb104a4-67d4-4d9e-9b16-b937fb3b31e0","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":148,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"a97c43ea-118f-4dd1-a57a-315550c4381b","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":148,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"120e42de-4df0-4030-a5f7-0bb3c41b123d","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":148,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"64e6b6a3-25d3-4b96-a9e5-2e984b05c3f6","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":148,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"af17ccf7-41b3-4000-90fb-cfbf9469597d","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":148,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"5b138f68-802b-4aac-a387-91bab5919a15","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":148,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"ff4d8b1a-414b-43da-88d0-dbd8d5f4035a","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":148,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"6594e6a0-3ce9-49e9-bea6-25b9bbc7d6fd","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":148,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"5cc041c2-0068-4d8d-bd9d-c5139e2d2401","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":148,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"c49af9bb-8589-46a8-a001-1c4606d5d2de","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":148,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"6f831e2e-3b43-472e-9a96-8ae1dfe42434","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":148,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"3c00bb1e-3cd6-47a7-b0ef-5bffb392b655","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":148,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"4d25bc2a-8521-473f-a447-898019b984a8","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":148,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"9f98958b-bc1b-4ae9-9842-72d6dfb9b842","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":148,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"551ffe43-3fe2-4b40-b1c3-2213d9ff3d45","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":148,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"992362eb-47ce-4111-9991-764613f00083","block_type":"box","text":"“Investor C Conversions”).","page_number":148,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"427bcabb-3aa1-42cd-889d-15add335fbcb","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":148,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"3641cc1d-c1ce-409d-8f9a-5824b67530b2","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":148,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"a5121a4e-d617-4d5b-93e7-00a3d0256f89","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":148,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"ea521870-fb4b-4921-a646-ff5c32006f89","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":148,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"14c8f765-60af-4b35-af34-36e5cab5ccef","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":148,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"7f2e2cbb-d0e9-4e68-857d-a7e80fdd8c66","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":148,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"c567344b-5755-4541-b9c1-b552323f949f","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":148,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"9d43def9-20e4-4a3a-a42d-b6271781793c","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":148,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"4bb7a213-a829-4b39-8d73-e023d8933b2f","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":148,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"ec2886b3-2b9a-406a-b007-c957b2758571","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":148,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"c5700a24-a054-4840-92e8-ddfcebd9e02c","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":148,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"b19d0297-e066-420f-a417-be02393990d9","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":148,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"6b9eba84-304c-4690-b2b6-8ef5db31901e","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":148,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"24a0c040-7bfc-4568-9935-118bcab65fd7","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":148,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"2136e5ac-f14f-4dcc-82db-a96fcfa5092a","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":148,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"4266bdbd-576c-4f9a-93b9-1bd7c3e8af2c","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":148,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"765068dd-a5cc-483e-932e-e6dacc1083e8","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":148,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"8ed02621-4fac-49e7-ba92-690091274009","block_type":"box","text":"redemption.","page_number":148,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"d6658484-61dd-4bd6-a607-3f17a609a7ca","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":148,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"471360f9-5485-4f15-a0e9-6af98ded9725","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":148,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"3f37f8b6-ea74-4342-9579-eeaa1307cb90","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":148,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"c76a4a1e-2779-4a27-bf98-42484814f2ab","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":148,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"0f6a27cc-9af3-452e-a289-bba4186b55de","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":148,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"cccdba86-afe9-4aca-ba7e-a9adccc5d29e","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":148,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"d0279086-ef20-49e8-9f45-713c0a44c177","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":148,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"2b096b6d-07ff-40fd-85f0-e81d5e453793","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":148,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"70e48fa2-0908-49a8-a88c-3618119551d0","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":148,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"48a4a533-0107-4efc-8bf3-930ce390c9da","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":148,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"4d3e249d-b5d5-4014-a93b-c6c7fb798294","block_type":"box","text":"II-106","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"79ba9cbf-4f5b-4813-be93-6006f1e99e19","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3f6d05c-c05d-4f79-a723-79f09b2b9cb2","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":149,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"89fac9dc-e480-4b65-9e2b-b930a6b76af7","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":149,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"acaa0db1-dfa9-43d6-a9c2-cba4793c8b6e","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":149,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"9f2a3759-4240-46a7-91dd-26a8e5785352","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":149,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"e7e4b6d2-2345-4675-bed0-de53e1d764ee","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":149,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"a9ca1072-d106-40f9-af4f-d567ebeb45ff","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":149,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"966efd85-0970-4f4f-8e8f-3501151c0c6e","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":149,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"0de0fb36-24b0-445f-8856-fa5630c097b4","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":149,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"33ae01be-af43-4d18-9b37-86997ebc86c3","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":149,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"da424fda-e039-448c-87f0-207e57d6b29a","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":149,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"374c4693-e855-4a5d-85db-885d1f671294","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":149,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"7292de75-398d-406e-9d79-657aa9fb713a","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":149,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"e5b9e52b-9ac1-4442-8211-8eaf869170f1","block_type":"box","text":"Class R Shares","page_number":149,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"a3d7fe39-a12a-4893-9fc1-de216a6cdfb7","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":149,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"671b57f6-d012-4cbb-b256-b686b19e5cf0","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":149,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"bfcdba61-c377-47b8-890c-ebd23b1e1848","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":149,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"1ca7508c-9d09-4413-b820-75cfa1fbf91f","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":149,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"c0df66e9-8b10-4863-9d9d-ded65df3a998","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":149,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"050d5bf9-c749-4a0b-8732-6d974c3035db","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":149,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"8d468583-90a7-4ee6-9ca0-31951c1f647d","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":149,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"22a192c4-25d9-4efc-82ef-55be35bf596f","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":149,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"a8483707-bd76-42d1-bb2d-48c273d8b7fa","block_type":"box","text":"Class K Shares","page_number":149,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"af395768-a327-4d67-999e-2c8d26b5808e","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":149,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"38ac9da9-749c-4e9b-8d1a-59b0533c58cc","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":149,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"7c5d6ddf-8fb6-4804-b00c-c7ee0222fb12","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":149,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"e32a0983-9fd1-46ae-a701-357df5f9f0f3","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":149,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"c10e8add-2a13-41b1-a8d1-4b988a758e95","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":149,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"98d7cca3-d09f-44af-9863-f1b3ea57fbf6","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":149,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"1e85fe6d-a31a-478c-a5ad-46fde0e2fd46","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":149,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"a29927e7-5c5e-40c4-b3cc-b4bf95a7d59a","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":149,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"b83e855e-3c27-48e6-bc42-45d8a8d59797","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":149,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"64e91ffc-b735-44d2-8a77-e2f0906c3f82","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":149,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"1c98665a-95b7-4118-a3c7-b1212e61fa1f","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":149,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"dcd4982f-a3ca-413f-8dbe-d61bf693e86c","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":149,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"a332efe8-3dd8-4262-83a0-e4e033695a1f","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":149,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"c7b16ecd-3aaf-44bf-95bc-bafeb801d750","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":149,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"681b9115-16ed-49f0-bd3d-1475f803e44c","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":149,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"1cfefeb2-6473-4c84-8b63-1ba59306d5fc","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":149,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"31a226ea-47ab-4153-abfb-bbd933b4a070","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":149,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"4f6f0d20-426f-4725-8cfe-5a28a03fb32b","block_type":"box","text":"distribution and marketing agreement.","page_number":149,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"fc169a04-ee44-4daa-b535-6300702734d9","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":149,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"ec000f7a-334c-43d9-9228-a88ccbbcff84","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":149,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"32971be4-326b-4cf2-8836-9ffe5fb5305b","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":149,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"dac0aec8-a266-46f8-832d-1c5c66a9e480","block_type":"box","text":"Class G Shares","page_number":149,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"d927506d-2e71-42fa-9eb1-fcf1e7d0ca05","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":149,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"999e2781-5396-484a-983d-fd40644cdcac","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":149,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"51d3814b-4087-4cbb-85a2-2095a5f5d919","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":149,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"74bb1371-4d54-4d0f-a3f9-7d712fd93709","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":149,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"dfef6bb2-1bc4-4ab3-bfbc-945c37d2410c","block_type":"box","text":"eligibility requirements.","page_number":149,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"3ce79230-32b4-4392-997b-1b53a72e49d1","block_type":"box","text":"II-107","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"371c41f5-66db-4be3-86b3-853217a1ca4f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8bd26eb7-77c1-44f4-aaff-e141dbc2c100","block_type":"box","text":"Service Shares","page_number":150,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"94d79e2a-3a69-41e4-b371-38f82c9da5d9","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":150,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"85125498-6498-471d-9d24-2bd2101b10fa","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":150,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"07863b69-90ca-472f-849f-34630e7c1316","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":150,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"7afc07ff-49f2-4cf4-8aea-ace89f6e161a","block_type":"box","text":"®","page_number":150,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"457437ac-9970-4359-b036-331be5d55994","block_type":"box","text":"Fund in 1996; and","page_number":150,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"707bd301-91bf-4281-9053-596959bd5f12","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":150,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"263ea693-6be3-4647-b3bd-786a73ee2afd","block_type":"box","text":"SM","page_number":150,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"c2f62dc1-9dbf-420a-9e46-6e3fa8d0bd8a","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":150,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"46916b0b-5f6f-4a92-9f7e-d850bfe645cf","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":150,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"140db723-314a-4ee9-9269-06af30f79daa","block_type":"box","text":"BlackRock Shares","page_number":150,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"42e4c7e6-bb4c-4e95-9a42-59dad3c76525","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":150,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"102c3055-a9bb-4cba-9fc6-67e5d8e06379","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":150,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"b66fb8ba-f6d2-4819-846b-dcd3b3a04fa1","block_type":"box","text":"fee-based programs.","page_number":150,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"879c0ab9-53a7-4b09-92ec-db724adcbcaa","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":150,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"c3131a09-2d3e-4520-a745-0437d9b04427","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":150,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"cdd2a54c-52a8-4a01-b06f-cc751680868f","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":150,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"4a1b3ebd-f4f6-43f3-aa81-a2fc590ae4a2","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":150,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"74f6a58e-2717-48dd-b021-ff6e76d038a6","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":150,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"1ed67e18-2601-4936-aab4-3a72d068377c","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":150,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"5661eb2a-351b-4e27-b6bb-e783632858e9","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":150,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"8829e25f-8828-4ce2-9af7-b436c33de814","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":150,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"0b069216-b381-4253-bd92-705ac92d41e8","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":150,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"28589887-84ee-46a2-b80d-cb94df402a31","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":150,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"f72d530f-01d6-4aec-930e-eb5112cbd499","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":150,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"0687069f-85be-4309-bf6d-6b9d095938a6","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":150,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"ef54bb5d-d55b-49a2-879a-8b783c211147","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":150,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"93889fcc-7fff-4cba-aad4-3c8266f614ee","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":150,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"9debc89a-c8ee-4a42-891a-8fd35a67b535","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":150,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"eb61de91-4a90-44be-b15b-99b6d14667ad","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":150,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"b24fc822-cc62-495b-8a80-e2ba7c5ef9a4","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":150,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"0b53b67e-9386-4aa4-9a2f-9ab1c6b5c793","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":150,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"3d2def53-7049-4992-ba8e-8d2618961320","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":150,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"5478dd50-36b8-4b9a-8363-1432c3f7711c","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":150,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"b3080159-e750-4332-bfc3-fc48030dee78","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":150,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"86189ab5-ebff-4f36-93f0-14fe4784de61","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":150,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"2a52630d-d094-4391-bcad-b34f32bc64a0","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":150,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"d2d02328-6531-4d5b-b85b-54cc900af34a","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":150,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"f82821bf-677a-4dd4-8468-8e3b4cd10ca2","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":150,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"cc5f3bad-449f-47e4-a5c9-ba641ed75569","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":150,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"a3cfca2b-bf1f-4d2f-87e0-5d464dc7d132","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":150,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"114c4b90-d655-46bd-8837-c44e110e18cb","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":150,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"cb388ed8-a478-4d58-8d25-cf3d78fe5f9a","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":150,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"799fb83a-5973-4482-8f83-ab445cd5d206","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":150,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"f949cecb-9770-4f1b-bc22-ea5f49490bd9","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":150,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"44be7684-b482-4efd-a59a-052c6d0e96d6","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":150,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"862bbac9-b339-4a94-bd62-6fadb79df961","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":150,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"38c2c759-1c53-4708-9cf5-d282d683a48e","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":150,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"5e31b600-725b-431b-a898-d523c0c711d0","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":150,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"eca5f589-d31e-4ebb-abf3-207ae38bb3dd","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":150,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"a3b52dfa-dd23-40e8-9cb2-37296e87d25b","block_type":"box","text":"compensation for selling different classes of shares.","page_number":150,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"ce26b582-0da5-4b59-a726-5ab55e449520","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":150,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"03b4c3c4-5c0d-47c8-9e78-de0dad836286","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":150,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"26ec1502-2ffe-49c9-8f7f-c83e7e4ee6b0","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":150,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"a8985188-c58a-42b7-9048-72b94478da5d","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":150,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"247db256-ea4f-483d-8191-f87ae62d14ba","block_type":"box","text":"II-108","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"13c91de5-d33d-4e50-8ca6-1b5f974a08b7","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ac58c4e-f98b-4c8a-8203-5291ef8f2ec4","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":151,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"48af934c-b904-46cb-94ec-96cc93eba21f","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":151,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"55bdefd8-8e61-4d1f-977d-5f2e961f0443","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":151,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"ec15e70f-538a-40c0-bccd-580029f86796","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":151,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"486e2707-3dbd-4348-b263-ee55a1bed4df","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":151,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"179de018-829b-46bf-a981-d0124a8b6cd4","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":151,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"8ec6a55f-ac50-48c0-8412-4fae9f09981b","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":151,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"36ee42b0-5491-4012-a17b-6299c7574833","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":151,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"88f3c4bf-b56a-4e2f-aad6-c0c2fac778a6","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":151,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"8dfd8288-5d93-441b-bf54-c46fb15ccdc5","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":151,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"16cc4518-0078-445e-b95d-9b13a09f0793","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":151,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"492cf2d4-9fcb-42df-8385-f647d55b14bb","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":151,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"bdebd595-234e-4a93-b827-466b2048aea2","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":151,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"dcde9dc6-1ba0-4987-8672-bb6704c74075","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":151,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"29cada7a-7bfc-40fa-9ef4-aef8b600be55","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":151,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"229198e1-c86a-4066-9f0b-48477b3f6edc","block_type":"box","text":"easily accessible place.","page_number":151,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"c4053200-a7e9-4ed2-983f-45142f3bb59c","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":151,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"78cd8ec0-109c-4bcb-a164-b06cd699f961","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":151,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"cd42bca8-0677-40d0-acc6-911606d5c954","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":151,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"09507b2c-0878-4b42-b8c7-e61420d58d63","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":151,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"a63397cf-5088-47de-a51c-1a56d4526bb6","block_type":"box","text":"fiscal year.","page_number":151,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"ff6f38a7-93ee-4582-979d-046d743ed9f4","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":151,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"7df659e1-6e87-431d-a7da-65cdf13ad23d","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":151,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"b7050581-2093-4c65-98cf-9476e4018529","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":151,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"c6316ef0-ed5e-4e81-a3a1-0f1ab29d0e6f","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":151,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"5a6d9979-b20c-45b1-a732-8bebd7fca810","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":151,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"a6d80e8e-47ed-46cc-b538-e8382d494c03","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":151,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"d0c2eb59-d25e-40fb-88a4-a4b42281e105","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":151,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"fcb155e5-b9ea-4272-b055-035c30bacd09","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":151,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"aa75389e-d08a-442e-92aa-8b1a72575a6e","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":151,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"627a3e89-a71b-40b0-b078-362d76f480a3","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":151,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"540dad7d-da26-4279-8449-13894640cd03","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":151,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"194c75d0-a075-446f-b708-6afebd2ae2b4","block_type":"box","text":"and Class R Shares of your Fund.","page_number":151,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"bb21116e-8c09-4f0b-a1ac-c7221c14ae84","block_type":"box","text":"Other Payments by the Fund","page_number":151,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"fd6a11f3-3c46-42f8-b103-cb0d5908048b","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":151,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"3a85f1e9-fb79-42a2-abf1-3e3d7bdda571","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":151,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"99b39f04-f847-4313-91fa-5b4796f706b8","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":151,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"c12c0385-850d-4599-ba3d-2d30007796af","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":151,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"6c2320cb-b348-47c2-be85-6f2970ae0c38","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":151,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"60cb5e17-d669-4e80-9916-35c4d73ab2d6","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":151,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"6aed603f-7077-4e03-bfc5-f532beaa6878","block_type":"box","text":"of these payments may be substantial.","page_number":151,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"686be034-1cdc-41c6-904c-9f794d9d869f","block_type":"box","text":"Additional Payments by BlackRock","page_number":151,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"6736d5f6-7d61-4b43-81db-676f7b269ca3","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":151,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"ec7eb3fd-86a7-46fb-9c32-57f313e4c950","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":151,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"e9ffff3a-9307-4433-bd8c-eaa41ff88070","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":151,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"d5052392-3789-4fe7-bb09-31cf07ef9484","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":151,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"350e5525-77fc-47f2-ad0e-ca7802468788","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":151,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"e07420e8-3865-405e-af1b-413afed72a9e","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":151,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"c15dc02a-9042-4634-b77c-52ab1208d871","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":151,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"c3bcd6fc-faee-4452-ac35-53f16529a9b9","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":151,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"8e887f7a-310f-4277-a8bc-539e7aa25980","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":151,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"51447f87-d4b6-4aab-aa97-c18e8e9abbc9","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":151,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"92e6a15d-81b3-4242-9fa1-9b26822c831e","block_type":"box","text":"II-109","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8265ba09-6baf-4620-b91b-af29dc079e97","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b09ed7b-74de-4e0f-85c0-a42ac5841591","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":152,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"fd465ed9-4ec1-4d57-9032-9c9733ae7475","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":152,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"349da276-1fa1-4a39-b817-48d0abdf20f5","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":152,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"64d1336a-407b-47d4-a25e-09a4f4e15f22","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":152,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"da7790dd-d0a4-43b5-91e3-c6901f79d1ac","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":152,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"0d77519a-284c-434f-81ec-ca81523bdf3f","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":152,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"f047395c-1b6c-4fec-abb9-0ab825473542","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":152,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"16e155a4-36e7-417d-b9ca-fefadef790aa","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":152,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"c0a7336d-41f5-4fa0-95d1-24ba2ba13fe6","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":152,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"dcd0210d-4e04-492f-b15f-aa512dd961e0","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":152,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"47cc73a1-0269-4571-94a3-0625ccdd344d","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":152,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"025cf3e9-585e-426e-acec-7f6a1736844c","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":152,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"0880bd98-b215-40ff-8bde-621cd8e914f5","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":152,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"b17ed70f-bfc4-4235-aa8b-9c84507810e9","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":152,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"3de2bd43-055f-400b-8a7c-98b896f0a307","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":152,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"5e15a15e-17db-4035-9aca-56f8e67ab8e0","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":152,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"d99f8e13-cff1-4eeb-9d2b-62881703c838","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":152,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"4e9a5780-9503-4dbb-a8c1-1c768f88622e","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":152,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"1d1ffefb-92c8-40a2-b325-fbd4dacebdb6","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":152,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"f1d3a348-189e-4b69-b36d-a6ad2429c12f","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":152,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"869c6bf1-ffef-4ba4-9cd3-0ba2609b2d8f","block_type":"box","text":"Funds.","page_number":152,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"c029daab-909d-489b-923c-198d637d2d16","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":152,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"d6520949-bb76-4b45-a5c1-4365d1a88677","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. 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These payments","page_number":152,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"ec2d9d2d-19a1-44ec-9dd0-bd945c0e9291","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":152,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"eaa06d12-3f1d-4c70-be1d-88c67197e7b2","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":152,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"14e86390-8dbd-476f-9520-88fd821d7d77","block_type":"box","text":"B. Shareholder Services","page_number":152,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"5b5ade14-ebe8-4768-b4d2-d99a237e3e40","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Service Organizations Receiving Additional Payments","page_number":152,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"38c08dfb-da4f-4a39-8b23-3621b9a1b358","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":152,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"f0f8e7fa-e930-439f-b3d5-391d73b5aea2","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. 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BlackRock","page_number":156,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"6f0d854c-6be2-4324-8e6f-d4d0c9b5f7f7","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as part of its customary","page_number":156,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"ddc5fc8d-5a97-4adc-8cf0-44a6565a0ff3","block_type":"box","text":"digital marketing support and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":156,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"009e5710-f2ae-43d2-96e1-dc133ca65a7c","block_type":"box","text":"traded products.","page_number":156,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"ca6917dd-2cb3-4004-ac29-24ccafb4b84d","block_type":"box","text":"F. Conflicts","page_number":156,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"ab43e2ac-30a9-4b9b-a25e-380827c203f9","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":156,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"5eca8acd-74df-4088-802b-685f2042b1e9","block_type":"box","text":"arrangements may be an important factor in the Service Organization’s willingness to support the sale of a Fund","page_number":156,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"99d1aa6d-5197-4359-b32a-9403a92bc6a1","block_type":"box","text":"and/or particular share class through its distribution system or to perform services with respect to such Fund.","page_number":156,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"cc821d81-122e-4629-ba62-ed627a6ac8df","block_type":"box","text":"Additional Payments and other incentive arrangements may also be important factors in the Service Organization’s","page_number":156,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"659ee18f-aecf-433f-b201-e69bb929b3ea","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":156,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"4211635e-cf4e-4a3c-8f50-108ea4c11467","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":156,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"b3c30c8a-6d74-498d-9713-8ba0964eae3d","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":156,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"2c75d63e-f6b4-4f9f-84e8-10f82eaaf0c0","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":156,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"316f91da-dcfd-4826-bdb1-edc9c5eece4c","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":156,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"6c52b173-6a3e-486e-8bcf-339a2e4221f0","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class or fund","page_number":156,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"bc1ff316-1697-4358-86c6-7c2846b2f7a1","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":156,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"77c4af8a-dcbf-4766-93a4-1c6e939c7b63","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":156,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"391c637f-54ad-4c11-a6d6-ef045bfd7422","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":156,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"6702a765-24f5-49af-b6b6-d16d37ed1977","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":156,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"4a1937a0-bdec-448a-a14b-977a5159221f","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":156,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"7ea47616-82ab-4cf1-8025-8ad26b157543","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":156,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"cf9a934d-d751-4c44-ad58-efc31581e31c","block_type":"box","text":"appropriate.","page_number":156,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"a9c8c8e8-5830-4a99-9f35-c0f371497bb1","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":156,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"4cb32011-572d-4c32-b2fb-7a0ebc4e11fd","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":156,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"f3fd8cb4-9ae8-4b3f-9bf7-d68a9ee077a9","block_type":"box","text":"described above.","page_number":156,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"acd95143-5811-4dea-b0d6-c1b53f433b2c","block_type":"box","text":"REDEMPTION OF SHARES","page_number":156,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"1a3508b1-8e5b-4178-ae53-f9e414bdc5b1","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":156,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"db07e09b-660a-4f43-a75e-a2394f4b125d","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":156,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"a2997108-95a1-4837-b52b-fa7fbab727d8","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s portfolio holdings at the","page_number":156,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"3b13468f-774b-48ef-b42d-d6d6781e0e1a","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in portfolio securities and other assets rather","page_number":156,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"1f880ffd-fc56-497a-bb37-0d15c2c80b21","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":156,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"db4770ec-040b-4e1b-bc6d-2f53d16809c2","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":156,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"bca02f4b-5cdc-4ca3-af43-c68a5effa448","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to convert the securities and other assets to cash. Each","page_number":156,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"5b238546-4c17-4737-85a6-1c6aa12076e5","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":156,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"0a52731e-0c67-4355-a754-a2c24caf11b9","block_type":"box","text":"II-114","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d3db7355-57e9-48ff-88f0-d244c216a6dc","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b9e7b97-06d9-4c50-ac9c-192f59bc154e","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":157,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"03fb85a3-69f8-429d-b91b-fcff107a534a","block_type":"box","text":"for any shareholder of the Fund.","page_number":157,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"4ac8b4de-ad36-4bb4-a798-54a23f5aa766","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":157,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"b7263e04-82ab-4f8e-a07d-c68ce5d96cdb","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":157,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"27429f4a-2e46-479d-838c-9b377e846b61","block_type":"box","text":"time of purchase, depending in part on the market value of the securities held by the Fund at such time. Except for","page_number":157,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"8eb41012-5a67-4247-80f1-4e7a399d6255","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":157,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"1e8b5c69-a785-4b85-b4a9-c9c87b14e26a","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":157,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"a67d0a5a-9fad-40bb-be3a-209a45b2d876","block_type":"box","text":"redemption.","page_number":157,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"5d3c550d-b969-468f-aede-b1d77c348935","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":157,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"480a6eaa-8398-4ca7-825d-74fc735776a7","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":157,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"1a9bb7b2-51a3-4601-9d0a-35333e69323c","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":157,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"e27a940c-d495-4b1b-b2d6-9c74625e7cbb","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":157,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"ba3301d0-f7cd-4634-912a-297ef63c370c","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":157,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"6e483235-e91a-4c1d-acfe-15f48a0cab9a","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":157,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"7b2906c7-b915-4653-af58-0e3a049e55b4","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":157,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"dea5abea-cc2b-45b6-880a-7266712564a9","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":157,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"f0866194-6eb8-44d2-bb70-db250985515e","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":157,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"6ffd7751-79c5-49cd-a782-626855c5d644","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":157,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"9535a010-9977-4a8f-95c8-c69f7d0d49f4","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":157,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"05664201-4085-4a51-8b4d-d6cb6a8547e7","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":157,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"f80ae821-e27c-481b-9969-915e4119275e","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":157,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"41b75c4b-6a86-4cb6-b7dc-0c1545652b54","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":157,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"3447e624-9b7f-4c3b-8d7a-bee15c39dd19","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":157,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"8f9bdbb5-5642-477a-99d1-57242e0680b5","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":157,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"36295a9f-c908-44de-b602-7d2ef440e70d","block_type":"box","text":"Redemption","page_number":157,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"4f89a6e5-fb1a-44c4-be43-75104b699c4b","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":157,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"8db14aac-b199-490e-9afd-478089f39df0","block_type":"box","text":"Redeem by Telephone:","page_number":157,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"2aa3a668-2b29-4f14-a396-18475ba4fb18","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":157,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"f0180573-eacd-4e6f-8885-0014e6d5d225","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":157,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"d0a6d3ce-1e2a-42a3-acd8-060934aa28b1","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":157,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"abc7846f-9368-4d8d-81e7-573c10ba47db","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":157,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"04ab75df-f3bf-44bc-9be6-93abae24bc72","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":157,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"32650d69-0b8a-4f6d-bfc5-f86213c6d549","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":157,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"ac8d7196-56fb-4274-a0cc-131a6a4f0097","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":157,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"a2a5d57e-e2ea-4bd6-ac6c-37724c698054","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":157,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"5e563476-56f0-4b9f-ab68-31fd241945d5","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":157,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"a03882a2-e315-4c95-8ac2-017cd8da995c","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":157,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"c937a886-6c2c-4c30-bf25-d5a4a3b0f68a","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":157,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"236d12b6-6386-42fb-947a-c0b9def99337","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":157,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"3048dd05-9543-448d-984e-8b0478d9a3ec","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":157,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"2bc91ed1-0b22-4c24-b1c9-6e66a0cd80e1","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":157,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"f658b54d-e51f-449f-8b17-28dbb36e48ee","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":157,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"6a62cb0b-9c03-493b-9306-e371fafbf385","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":157,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"a5d6dec9-3376-47cb-9a2c-572acdb4ca64","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":157,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"eb5ddba6-f73b-489d-9582-8e1bf3c0c210","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":157,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"3ec90ddd-1078-495a-b2c9-076db69671d8","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":157,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"d90e9524-cbd6-432e-a87b-101601bb7571","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":157,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"f05cb9f9-801f-4de9-8d06-b2ab01ee32d1","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":157,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"92373b3b-a762-4481-8631-49a6a0dc3dbd","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":157,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"d0a9b5a2-4291-4500-acdf-87590497f5bf","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":157,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"5e935deb-fede-43dd-8828-77669366a2db","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":157,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"a176f8ac-e3b2-4137-90e9-ad0c7f175150","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":157,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"dfcb6b20-5b67-4cb4-88cb-604879c1b74f","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":157,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"ba321d0b-da57-4799-9156-747ac21fa5d1","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":157,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"0d8ad66c-d19f-47ce-af5e-05cee14993a4","block_type":"box","text":"II-115","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b1bd32fa-5e04-4324-8884-be0bdc56634e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf8b9f21-6e67-44e4-a85e-7dc3146f88c5","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":158,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"e590e9cf-405e-4c86-8c37-9eceb5eb5844","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":158,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"fcabe06e-aeb3-4141-8b8b-31174c39f869","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":158,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"22345904-29c4-4437-baaf-72e684ec0680","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":158,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"413d3b74-909e-4520-8711-04eb48b2f746","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":158,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"5a3fd33d-9619-4c05-8679-ba096e164656","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":158,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"a983862a-59ea-4ac8-b37b-256500666980","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":158,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"301089d9-2778-47bf-99c9-f1f3c57936ee","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":158,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"ba5e850b-40e9-4783-b99c-26f2825e17c5","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":158,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"6d961222-7403-4bf8-9cf1-3f00a6c82343","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":158,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"1b9fca02-c1bf-40e0-b335-061ca3088459","block_type":"box","text":"Redeem by VRU:","page_number":158,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"d4c7cbec-732d-4b75-9d87-9e757dca3a79","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":158,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"39e87949-ff0b-4903-a69c-fbfc17f7f2e8","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":158,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"cb21b79c-4724-4d04-9f19-6a7f36993949","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":158,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"463086e9-e9c2-4a64-a24a-04e161bc63b6","block_type":"box","text":"Redeem by Internet:","page_number":158,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"2b462ca7-ca45-4ca7-8c62-803c85d5313e","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":158,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"7f806d4b-8563-4c39-9fdf-a0a4454459d0","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":158,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"2e03f051-184d-4d4a-99fa-aecf8a28a708","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":158,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"b1b3ee90-3caf-4e93-9a42-1e7b753e2bf1","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":158,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"2dd8766c-d02f-4f83-8b96-4d6b4f35efcf","block_type":"box","text":"institutional investors.","page_number":158,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"3ed23723-ecd2-4a5c-ae35-cb2f175cc5a2","block_type":"box","text":"Redeem in Writing:","page_number":158,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"2155178a-767e-443f-8532-cba891994171","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":158,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"8bf9be65-d4a8-4ddc-8589-afa8a4ac3e50","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":158,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"3e5caa78-ecab-474b-bce6-c3ae88a89ad6","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":158,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"e65d44bb-3055-4516-852d-0b527cd2bb4a","block_type":"box","text":"Pennsylvania 15222. If you hold share certificates issued by your Fund, the letter must be accompanied by","page_number":158,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"625219bf-9bf5-41d3-a1b3-fd5e143c2a9b","block_type":"box","text":"certificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":158,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"7da15f3a-9f02-4884-a12b-52fce0571c43","block_type":"box","text":"generally be required but may be waived in certain limited circumstances. You can obtain a medallion signature","page_number":158,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"7f74077e-2af3-4d86-a141-530e022362e5","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":158,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"397b2680-fb99-484c-98d9-37a6537626a4","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":158,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"4f105011-2eea-4076-906d-a3ed32c0d0c5","block_type":"box","text":"hold stock certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":158,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"984f1bad-838c-4e31-8152-6d37ed25c052","block_type":"box","text":"or wire to the bank account of record.","page_number":158,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"48fef1f6-ae35-470c-94e4-4be3031bbd30","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":158,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"a4f7b3e8-e4ee-4cf2-81ff-9e45e511a8ec","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":158,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"2f2535af-cbff-41af-a7aa-c2c10b6ea0b0","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":158,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"1ddfd49f-045e-456a-878c-fe1026867551","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":158,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"ed834e64-1e76-4aa8-8d75-dacc436ffb20","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":158,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"a552fc9e-d9ce-4b31-88e9-ffa6076ce9d6","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":158,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"0a1e3c19-2dce-4cd9-a65b-f5db044bd553","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":158,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"1af7896f-efff-41a3-8e4d-65034e8fc5df","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":158,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"c7f68edc-9777-41c8-8d0f-6b8ccba0a0a6","block_type":"box","text":"redeemed by the Fund.","page_number":158,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"0f03dbf5-1a78-474a-959a-5cd6e10a57c9","block_type":"box","text":"Note on Low Balance Accounts.","page_number":158,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"be95a2d1-be9c-46cb-9679-6f0472783830","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":158,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"b6a6b816-1bb8-40d4-ad3c-07565c8bb120","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":158,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"ee7df761-2db8-4f56-ba7f-1951096f2ac4","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":158,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"6ff54116-fa3c-44f2-9872-e4e752024ebb","block_type":"box","text":"for any reason, including market fluctuation.","page_number":158,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"e8f80849-8211-4d44-86c2-7325c595ccab","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":158,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"ef7c190b-5657-461b-92d2-7e678da65bdf","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":158,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"c6303c28-4703-4c52-a5aa-4a8646164c2a","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":158,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"fa098bff-0733-4a75-a8d7-0ec2779ad980","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":158,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"41342f01-701b-439f-9cfd-f4f1aef50016","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":158,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"565e4dc1-4b55-4306-8e78-7f75a5b3954b","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":158,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"6403a470-9a20-416f-b9a2-42c9f9678195","block_type":"box","text":"Redemptions in Kind:","page_number":158,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"dc6bb944-8f2b-44b1-9a61-45cb2fa87bd2","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":158,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"4ec746bb-0e70-4bd7-a0f9-cc126560db69","block_type":"box","text":"whole or in part by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":158,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"580c5b5f-1f6d-4e6b-b8e1-9898602894b8","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":158,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"6bef9662-2f0d-4671-b505-a582ea090b9a","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":158,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"220bf4a0-e5d6-4e46-8d85-89fbb3d348cd","block_type":"box","text":"normally be paid in cash but may be paid wholly or partly by a distribution in kind of securities.","page_number":158,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"f13979a2-a0d0-430e-8ca3-9857c994da2f","block_type":"box","text":"II-116","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3080e6b4-097e-4d24-856f-741045a2c896","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d7930ad-db88-4b97-b7e5-b2e64a1a58b6","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":159,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"d884b1be-0226-4fc0-81a9-770a54869f7a","block_type":"box","text":"rata representation of the Fund’s portfolio or a non-pro-rata representation of the Fund’s portfolio depending upon","page_number":159,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"cd1b374b-52b0-4636-9b3b-dc4e32c2742b","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":159,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"f81c73b0-cdbd-48de-a5c1-484b5225708b","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":159,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"ec12230e-1ff5-46ea-94ca-055a4f5ea9ed","block_type":"box","text":"considering certain factors, including, without limitation, the portfolio management team’s model or optimal portfolio,","page_number":159,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"fe86f6e2-95b6-4c13-9c88-76d1d16447cc","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":159,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"5a8be328-541f-42f0-a122-835da52e3ae7","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":159,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"85f35c58-bfce-412f-a07d-067ced752d0e","block_type":"box","text":"retain those securities that will perform the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":159,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"b0b7c576-2ede-41b7-a0db-bf4e6e8d82ef","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of portfolio holdings","page_number":159,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"f518a83e-8d6f-4a4b-9d98-cc116494cbd8","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":159,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"81fdb3c7-8c1e-4887-91a6-7ac44df330da","block_type":"box","text":"The Funds may effect redemptions in kind in an effort to, among other considerations: (a) manage the portfolio","page_number":159,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"183ba4b5-66f7-4acb-95e2-1a1bd02cd762","block_type":"box","text":"efficiently or for any other portfolio management purpose, and (b) externalize certain transaction costs that would","page_number":159,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"14209438-c15b-4a03-a5ca-3cb7e6a0cde6","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or portfolio turnover. Redemptions in kind may","page_number":159,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"4f6c80dd-5dc0-470a-b25d-453304f09822","block_type":"box","text":"reduce the need for the Fund to maintain short-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":159,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"a92d3237-898f-4b18-8e8f-b72174413c4b","block_type":"box","text":"for the Fund to sell its investments at inopportune times, and lower Fund capital gain recognition, all of which may be","page_number":159,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"560d525d-b8fa-4d50-a4d5-003a3e2ffd8a","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":159,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"c011e7ce-8e47-492e-8fe7-a97cc9f3b73a","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":159,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"7bb29346-98ec-4037-85d1-0114d7a686a4","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":159,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"59a78bab-30b4-45f7-92d5-10ef0330dbe3","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":159,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"d57b4a08-f4c1-4856-b82d-2b6191d2101d","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s portfolio, or a","page_number":159,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"bf56d15f-81a7-496d-b975-bf0a76d358b7","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":159,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"163b9feb-9d92-49f4-829d-257d1310647f","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":159,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"35011696-5478-4765-9be6-1770c89c5533","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":159,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"9b3fa908-e9fe-4591-92e2-93f672619d50","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":159,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"7c077f2d-83c0-4a5c-b1de-c1df0d5e5363","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":159,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"45e9dc5b-f75f-403c-aab8-68ccf25ee6ff","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":159,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"4cc3a933-84d0-4bc8-83f8-bab12f134c90","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":159,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"b1ce19d8-ba60-472a-b225-420f048bec34","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":159,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"97e24d07-80ff-4883-9372-0aa904c63ba9","block_type":"box","text":"institutions that participate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":159,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"9c61c34d-bb4d-4265-adad-c0176b9f18f3","block_type":"box","text":"doing so. The Funds’ short-term trading policy shall not apply to the transactions described in this sub-section.","page_number":159,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"a1ad9786-0a4c-4869-83c6-d4c2723f75d2","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to convert them to cash, you may pay taxes","page_number":159,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"f86b44f4-2e8c-47fc-970f-0ebc0b51cd9a","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":159,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"b322c8a8-65d2-4cd5-a249-db352ba5d149","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":159,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"54141a5c-f1c9-4e61-8a8a-78405cbc75cd","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":159,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"c64bccaf-baac-482d-809d-648d0d9dc007","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":159,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"6258d9d2-951c-4a6d-b331-dd6f5bf0ccae","block_type":"box","text":"Repurchase","page_number":159,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"5e6f3acd-b9ed-44fc-b87e-dfb8a7ac64f5","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":159,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"0682b051-b6b5-484b-bfda-e589677c2259","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":159,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"969105da-b806-4a30-abca-87c6c2d5aaf8","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":159,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"a83363dd-d92a-4781-9275-8abce368f9a0","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":159,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"35554c7e-cc63-43bd-898e-736b483220b5","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":159,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"acb64f97-beff-4e66-870d-736991c96bae","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":159,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"5e6bd869-fc68-4907-85c3-ad0abc3b2487","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":159,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"edd1f732-337f-4087-a81e-d8c9a87a8504","block_type":"box","text":"next business day.","page_number":159,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"4f30e644-066f-40c2-ab0e-d0d22547c294","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":159,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"e26d6d84-4ec8-4cf0-b7f1-973c63d2aefe","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":159,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"bea14f8c-d859-40d7-8593-83b3f3dbf7f2","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":159,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"a5e0a7ab-6658-46c3-b662-62a7d42f7341","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":159,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"0627469b-75de-4e79-baf5-6b5a0c6dbe39","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":159,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"900573e5-9721-46ce-b98c-3b2f29e4a314","block_type":"box","text":"redeem shares as set out above.","page_number":159,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"f809a39f-185e-473e-bde5-651dfb59625e","block_type":"box","text":"II-117","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"12ce77be-ece3-433b-8aa4-19a84d675e7c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dffa74c3-bb86-4cb5-b969-b969bf102845","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":160,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"4c8cef69-5259-4fa6-a0bf-bc75e3f17eb9","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":160,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"297e7603-66ce-4b1f-b365-974cb245348c","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":160,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"6a3764e5-001f-4e19-ada3-c3e7aa4da340","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":160,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"1e997d18-9d16-464a-b279-3ab89c8fd911","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":160,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"40dc53fb-92ba-4483-ab99-a515c1ed434e","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":160,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"ec629980-ccff-4e2c-a969-2af4b94c3d39","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":160,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"444fe08c-4101-4512-adfa-43bc5e5cbd3e","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":160,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"cda23a5f-a72c-47e1-b90d-bce5f9ec9462","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":160,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"3162e4ba-7958-42d2-b835-95eba3b2a429","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":160,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"787455c6-a855-44ac-b1a0-f486787e7716","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":160,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"a9bc2467-28d8-42f6-8c2b-efe8f4cc0e3f","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":160,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"51bc9852-358b-489e-9322-fa444141d0e7","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":160,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"76078f90-7568-47de-90cf-ab4f0e4d7d76","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":160,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"cada18e6-3aa3-48f1-a516-249fdb3d9b03","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":160,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"fa0f7efc-97b1-443f-bc96-d32f2d141cf3","block_type":"box","text":"Investment Account","page_number":160,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"06fe540b-35fb-401d-8d9e-4f21e2f0831c","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":160,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"cd3d1406-f877-4cb5-8b6c-baac0cebae82","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":160,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"37ba010c-172b-41cb-a014-261854ac70c1","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":160,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"5319ed54-9e5d-4481-bcd6-2c57aa6b5c08","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":160,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"90b4e7ff-6a57-47f2-aa17-db2419e52d91","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":160,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"fb0da297-c6be-4adf-9899-3e7b8bc67433","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":160,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"c223943f-442c-4cc4-a29f-3fbea137503d","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":160,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"014ae6b8-36d6-4446-8f2d-f661eaf7b098","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":160,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"4806d46e-85cd-4350-a3af-8d5bb27af92e","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":160,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"a7105a8b-59ee-4086-a23d-611ea5475610","block_type":"box","text":"automatically at the Transfer Agent.","page_number":160,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"b9a501b9-2d92-4c1f-8387-675fed630860","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":160,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"9218530b-ac76-446a-9892-e283a6893359","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":160,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"fb4144f5-9bd5-4cdd-9a46-94c35e7788ce","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":160,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"57ab92e2-452f-4cd7-bb3a-29d575a5b26b","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":160,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"c116cd9c-e4c2-4a79-b2cd-111ace8ddeb1","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":160,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"e71bda9b-bb35-47f7-996c-6e9a52a4ef3d","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":160,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"e67bfe39-c6b1-4187-a3e0-dc4241d75ad0","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":160,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"adbfe95e-28b8-4e34-b538-c437376d21ec","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":160,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"32a0823c-aab2-4256-b9f0-be7583227634","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":160,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"2500c2c1-f468-4edb-aa6b-898ee10ed70d","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":160,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"a0b5a31b-40e2-4430-b2eb-40e1971713ba","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":160,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"3fbaeb1f-92b6-40ad-b92c-de9ced134e2b","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":160,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"415090e7-984c-4340-8f99-d715a77959f1","block_type":"box","text":"issued.","page_number":160,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"f47f8f6f-138b-47a2-ad95-c47dfced72fb","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":160,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"d3747fcb-e862-44de-b80b-4244a248fc42","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":160,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"f35d5a40-6423-440c-b218-ebdccb117beb","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":160,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"e1ecaf44-90f2-41aa-9ea6-93387e7f84c7","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":160,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"38d57d12-e4ed-4614-ba81-5d88b45ed15d","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":160,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"3236a4a0-6721-4e9b-9caf-ac3766f49002","block_type":"box","text":"Exchange Privilege","page_number":160,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"b983b8a9-fb46-419f-b3c8-baead74821dc","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":160,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"03f8dd10-167d-482e-a8df-5012617d9c99","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":160,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"0a6b4e24-4469-40b5-9f60-557726f36053","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":160,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"c1f0b35f-16ae-425f-9c43-0098552f80b0","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":160,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"bd344a8a-862d-4935-b5e8-076c23b27c51","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":160,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"79783834-4a98-4f96-ad0e-103c1be1a292","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":160,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"73bcab6d-6dcd-4715-bbf6-621076384abd","block_type":"box","text":"II-118","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97779ea1-6bb7-4021-8377-a85e41ac912b","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e2b07a7-0223-43c8-b7c0-3d38a81210fb","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":161,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"5036846e-52e6-4651-b864-ca721b4c90fe","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":161,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"9a5e7c76-1790-4467-b381-1b3167a59936","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":161,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"4d82bcd4-b228-4b9d-a83c-ab5219e903e8","block_type":"box","text":"Institutional Shares","page_number":161,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"f7082fc8-e198-4dea-bdad-3880aa4d2fa9","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":161,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"43696b6e-50ee-4e79-9f1d-69afcc488304","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":161,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"55510cb9-7f28-452e-8de6-11776e7dc2a8","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":161,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"395d4740-c5c7-4ada-b79a-f39d099c1913","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":161,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"94efc631-4693-4203-89a1-1b1e65488782","block_type":"box","text":"for Class G Shares of other Funds.","page_number":161,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"ea89a0e5-0354-4aa6-963a-99fa6515bfd2","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":161,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"e78ac113-f8a8-482f-a26d-5aa27457ca74","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":161,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"83102fb3-b2ff-46ce-9b8a-669f57d433ff","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":161,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"ba05379c-dcaf-4426-9410-11617daaa6f5","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":161,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"4683f95f-9be9-4b30-992d-932767c63361","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":161,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"edc99b91-4647-4d6f-9a3a-87b347b157ce","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":161,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"0c336734-c70f-40d7-a80a-738e4dcd58e2","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":161,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"8c5c03c1-92c9-48d6-8570-fffc38b253f8","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":161,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"7a587752-21b0-480d-a1b2-b53b72382222","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":161,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"0c77f725-553f-4478-8f31-565f29efc884","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":161,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"eeda5ab3-417a-422c-80a6-c57a5c651de9","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":161,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"7814987d-7b94-4db9-bf74-d48da739b7fb","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":161,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"a90452e7-4aec-410f-9121-d409e4685db6","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":161,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"fd8a671b-40ec-4df9-9abc-d2ded738fedc","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":161,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"8503ebb7-a33e-49d4-8ed5-871acf3b401a","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":161,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"f94a1734-26e9-42ad-ae2a-18ae29289913","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":161,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"4adb7ef6-0aff-4074-9155-322c871f3aaa","block_type":"box","text":"Exchanges of Service Shares.","page_number":161,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"4ae789b3-d675-4ee8-88b5-a78fbc05b8ab","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":161,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"b44d1cdb-ca56-4525-966d-e2dc299baae8","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":161,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"07d475bc-6014-427f-915f-32de2ac6eb2f","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":161,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"5e8cb846-f1d4-451c-9b8e-0c53d81d05c5","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":161,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"a2328a88-3b06-43bd-8a79-6b6a9e155f41","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":161,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"9b5fda21-2143-4ae4-94be-91d8d25cd637","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":161,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"662e1210-cc5b-49af-a615-a6853387c1a3","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":161,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"2eae6715-9a86-46a1-a096-ccbf42a66e64","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":161,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"2defa42e-4455-4283-9e83-68478c1275e2","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":161,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"9288cfd7-debc-4664-ad15-da61adb69034","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":161,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"f039d8bd-e51b-46bd-bc9b-3ec3209288ae","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":161,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"1eecf034-1b8d-49d2-b5f1-c9a97abcd48e","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":161,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"ef3d6cc7-7d35-4040-949b-00c920c53ed3","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":161,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"ceecb666-6d91-4b92-a213-c73061933462","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":161,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"9c307d03-10de-493a-a849-7190c09727b5","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":161,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"7fc9c609-1d21-45f6-abf4-6614908edf17","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":161,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"93058e11-85ec-49af-ab7b-83484380021a","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":161,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"6a6f9a28-63c4-4003-bc38-853644d0502e","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":161,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"554ca311-b672-4087-a676-4cdd160b8d7f","block_type":"box","text":"exchange.","page_number":161,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"f59d139e-5eff-4934-b6a0-522616746252","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":161,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"39b39f57-bfca-430c-8f87-0931f02525fb","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":161,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"84e6b3d0-64e5-47b0-be16-219052350a06","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":161,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"b7f049be-a4fe-4823-8808-c242cb98d660","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":161,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"74f47078-8e8f-4c76-acf0-e28dbdc1d83d","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":161,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"8e46a6a5-9e4e-463a-84e4-77680773e50c","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":161,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"ccacbeaf-383e-49b1-bdb8-88a9b5969f47","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":161,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"95a73e5a-c421-46a9-b048-0ea815571e5a","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":161,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"35728222-03ba-4452-bc85-e6c56a1f8e7e","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":161,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"0293f1f6-b23f-46c3-a061-dcd2bd2a7fac","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":161,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"3219d0ec-8d46-4561-9ef5-8b5a530b856c","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":161,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"876268ed-46fe-41c8-8a0c-dd9d622b93d3","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":161,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"40c88369-a519-4259-b8ef-ed479e132954","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":161,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"12deb6a2-9c5f-4a3d-bf2b-966d7ce7077e","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":161,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"20e4b0cb-7906-4756-8023-3f47b35e197b","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":161,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"aa5228da-84d8-4206-8b88-62625956c6c9","block_type":"box","text":"II-119","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4cdb796e-dcb7-46de-811a-833b4a9de2b0","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27c13efd-1661-49ef-baec-c4e30b7d2b28","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":162,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"7839e1dd-2854-4371-b5d4-2f587e7a8fb2","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":162,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"a4f717fe-121b-41c7-b647-4984ab408afe","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":162,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"4f95909f-6278-422e-9ac7-4aedc91d1838","block_type":"box","text":"Transfer Agent in writing.","page_number":162,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"d9d6f1ec-842c-475e-ba2a-90f8fa3a31bb","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":162,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"c3bcda8e-18fb-4927-9ac4-8b548167940c","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":162,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"5b4ef777-cd90-45ed-bbd7-9cf9a510475c","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":162,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"0eb2c07d-3a5e-4e31-b74e-d1fd8b5d5f7b","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":162,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"907b0545-d70a-4a58-81d4-7c7ab32b8cdd","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":162,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"ae78b6d4-4c3d-42df-bbbd-4b72ada26f40","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":162,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"d59f960e-ff73-4c77-83cf-18ecf1731f66","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":162,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"e951c2c7-3328-4320-84ed-e9e54cf5c0c3","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":162,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"708d6624-de6b-44c9-bb75-217ed43a2edb","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":162,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"ba3b4ee3-c4c4-43b8-90ba-9409ff2e794f","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":162,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"10b99b83-2e54-4f89-9c36-cdb750995193","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":162,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"c766b097-5cf2-4d71-89b7-02199829e675","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":162,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"8b1ad5aa-6842-44f6-ad78-25025b63f015","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":162,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"a249c883-f5f2-440c-834a-054ff2598c3e","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":162,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"30171db0-df1f-406c-b1b1-23106930ecb5","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":162,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"9e4a6055-2112-411b-9fb8-377839e9d5c7","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":162,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"99251f9a-d78c-45f5-8852-160867237919","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":162,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"ed615824-474d-4d20-b74c-e7de4a6560c6","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":162,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"bf4442a2-5c43-4251-9dc1-4b49453f01dd","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":162,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"cbefad52-e94d-4e8b-9e21-9c0404d5fbeb","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":162,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"f4e8d26d-6e96-449a-8e03-20c17c16637a","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":162,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"7a501828-3f31-471a-94f5-86e8b1686209","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":162,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"f0fa6ae6-a665-4912-9f34-9cb67b6fc76f","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":162,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"f42d4c79-df82-44ac-8d9d-30bc6453d6b0","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":162,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"b31f0e9c-12f4-4379-ab7a-836eff882558","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":162,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"5b5a23a0-763e-4180-a8b2-b3c681a63424","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":162,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"3bb0fe3c-2a77-4a21-8847-546212d3fc2c","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":162,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"e054f325-6fc8-4fcc-8a5b-a63936903f11","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":162,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"fdcfe3e0-2968-42d7-8aa9-85c7f5bf9ae2","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":162,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"c1c3a7fd-d3db-4dc1-a8cc-8d21dc8068c5","block_type":"box","text":"may be distributed by the Distributor.","page_number":162,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"082b8ce1-3591-4206-8d61-a3c726445ca5","block_type":"box","text":"Participation in Fee-Based Programs","page_number":162,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"7f8c9b26-7d3f-42b1-9803-ec1adf98e955","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":162,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"5ab0fecd-040d-4cc0-aa13-a318e018652b","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":162,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"77d6145d-79be-4c19-8317-3689552f628f","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":162,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"95354f41-dd28-4381-875e-69438036a0a4","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":162,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"6f01ff9d-8122-44d2-928a-44f78f85dc57","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":162,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"99afe786-568e-41e3-b475-f446d1e1c68d","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":162,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"cfd804ca-df3a-4683-9e9d-f5debc8b2cae","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":162,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"e7d8c7a7-151f-441f-975c-b612ea3242fc","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":162,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"9192c96e-5e2b-47b4-8336-27241c4b452e","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":162,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"baacb363-0fb4-4cc6-a6b5-23703910132e","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":162,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"ded2926c-a837-4238-b884-ebb55dbe4677","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":162,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"9d9158f7-5bd4-4a8d-b464-c09ac15492eb","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":162,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"c2890b45-3a14-46c0-9b5e-4ba3d661a6f2","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":162,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"c65e75b6-c316-45b4-bc00-04a3d0895ae6","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":162,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"19bfc623-2ac0-4525-b444-5e540a7c6e44","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":162,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"f23aa03b-91ec-4790-8eb5-fa7b53f86e6b","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":162,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"8f8b63c5-e764-4f8b-ad7d-995cd1054b47","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":162,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"c4d2c67e-ff6c-4a50-893c-9aff7b06c7bb","block_type":"box","text":"II-120","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5c3feccc-52a1-49e5-9b1f-7a33346b7654","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f569115-d838-4295-89f4-f18ed4f4b8c6","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":163,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"6f50a3d4-f2c7-4550-b239-676b9a4911fc","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":163,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"c005ccc7-5f03-47de-b803-4fce4c38ddae","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":163,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"c9ce086b-7a68-4ec7-913b-a98e8955c4fd","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":163,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"2ff78cbe-7ea5-4f44-9074-3e3ebc82b858","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":163,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"4bd30671-62db-4c3a-b809-cd476eab36df","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":163,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"71fd1bd8-8d54-40f5-bbb4-385b6427129e","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":163,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"09ae07f8-0d8f-4261-b420-a2e4a6e98f2a","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":163,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"9912c044-7157-41d4-8cc9-8b3e2cf4fd66","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":163,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"d5d2814e-4f51-48b6-958a-2ede11b35f3b","block_type":"box","text":"information.","page_number":163,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"2342e7bf-f0a4-4a37-be72-eeea67b1b663","block_type":"box","text":"Retirement and Education Savings Plans","page_number":163,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"f2f4bf43-9199-41c9-9e01-0e441a252a79","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":163,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"7e0185df-36c6-436a-a8f3-9ff3df513328","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":163,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"7aeb5c86-ffbf-448a-b6dc-38ad0c89ea25","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":163,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"8d162ac5-a312-4a1b-833a-80b8967b2658","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":163,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"36194ffc-02ae-4d44-815a-65faac5bca20","block_type":"box","text":"your financial intermediary.","page_number":163,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"317d8945-bc8a-41cf-9461-12dccf5ad481","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":163,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"eb2f2884-a3f3-44ff-9497-19876cf2db42","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":163,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"8510118f-c887-46e2-ab17-5a4804a86e0a","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":163,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"5f2312e5-61ab-4527-b4e0-6512ba3f9022","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":163,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"884735da-f64a-41d4-8b3e-b8eea72465df","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":163,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"a986430e-8acd-4593-af1d-70371a779c53","block_type":"box","text":"Automatic Investment Plans","page_number":163,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"3a2e7890-2fa5-4b56-bdc8-01b50c6ca79f","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":163,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"0dc1a197-0827-4dcc-afca-593baaa8e6a4","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":163,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"cef9e0bd-d6b4-4719-ad12-4a562c592f5a","block_type":"box","text":"®","page_number":163,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"a09d8320-e53a-415f-a7e8-65920b712464","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":163,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"5dfb296d-cc20-4018-a604-80042f4a1425","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":163,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"b05b5f6d-d9d0-43f3-b1c0-6139add76d66","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":163,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"81598af0-f38e-4583-8d00-0be7b0911a25","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":163,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"537b7fc3-e89a-43cf-9539-ba4d035229e7","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":163,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"2b96a7e2-2509-4be0-b71e-b280779caeca","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":163,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"18baeb5a-fee5-4488-91ea-416d53477046","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":163,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"b1182e80-2c4a-4d87-9f6c-d4e260e57501","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":163,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"c00f78c5-c2a4-444e-9ca8-6802927f87a6","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":163,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"98825a29-65f4-4a66-a585-f8482a48ed58","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":163,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"63c358b3-078a-4c6d-89b9-4729eaf0dd55","block_type":"box","text":"Systematic Withdrawal Plans","page_number":163,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"8c165ab1-c5d3-47eb-a573-acffeeb89f04","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":163,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"83c89a1b-b90a-481f-a1d1-2b1b5a7b3e5d","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":163,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"ab9f999b-820f-4065-b21b-01dc7a148d8c","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":163,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"14f8b6dc-7833-45b7-aa06-23fe1290eee9","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":163,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"0112b14f-c391-4760-92b3-bde12e380fdb","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":163,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"fe519315-447f-40c0-a56c-1d26678f6abe","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":163,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"9b19566a-d18b-468b-afee-c38ca0031a29","block_type":"box","text":"www.blackrock.com.","page_number":163,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"1c75a3c0-501b-4a53-957e-d1daec0ec5f9","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":163,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"2ac6cf66-7247-423e-8d8e-b48345dffb39","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":163,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"ed64f29f-e857-4750-ac05-82ae9979caac","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":163,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"c1b5d6ff-3fc0-4732-a859-dc9564686af7","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":163,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"e38b07f8-b385-4257-bece-55a077dcf10b","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":163,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"b3bc6add-8c97-4fcd-ab4a-b788c313ee0b","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":163,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"70e626d5-7edb-4dc8-ba61-2ec7493f2be5","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":163,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"696e048a-e8aa-4a30-be7a-97793bc55667","block_type":"box","text":"II-121","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8cf99f5a-ac84-4769-bc53-01dfde4580a4","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc5ba3dd-9262-4236-82f6-0c2780662659","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":164,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"0e37a4d7-b1af-48bb-96c5-a6011e9b8d90","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":164,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"5dbde391-2693-42bb-8c05-52eade815b46","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":164,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"b63cfeb1-77b4-45cd-a6d7-c48291b78936","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":164,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"8c1da8bb-e2ad-4c1d-ac93-88495b5f94f0","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":164,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"8436d108-288a-4d79-87bc-bef364a6eaa6","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":164,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"1b0c2069-1adf-4266-809b-dbae66df3740","block_type":"box","text":"Dividend Allocation Plan","page_number":164,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"9783b257-378c-4128-9cad-90f2fc073655","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":164,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"7b81151b-01c6-435b-bd4a-b2b58de1cfe2","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":164,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"1d18d10f-ac81-46de-8223-8c47bd83c991","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":164,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"26fa5a1f-e65e-4407-8fc4-bd09db17f580","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":164,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"6f328148-14a0-4685-97f1-4043833f6544","block_type":"box","text":"PRICING OF SHARES","page_number":164,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"b9dbd32c-9848-48b7-aa9f-e4dc64eb8570","block_type":"box","text":"Determination of Net Asset Value","page_number":164,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"e288bc4e-932f-42b0-8ebc-7064b6c5ff42","block_type":"box","text":"Valuation of Shares.","page_number":164,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"8d763e41-c793-4f6a-931a-e222ba9fb641","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":164,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"7bb1767e-0144-4e0e-a599-ba3533b02aa9","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":164,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"75592015-cdec-489a-9ba2-39ef6b3f7473","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":164,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"e32e3acf-df4d-41b8-94cf-7bca38d8f5e9","block_type":"box","text":"Equity Investments.","page_number":164,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"75372560-dd35-498f-aded-88dc18c21d76","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":164,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"115a0396-7a95-40b7-a35b-760ea964bcf6","block_type":"box","text":"e.g.","page_number":164,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"15ca2d2b-5aec-4790-a2a6-7acf6635a76e","block_type":"box","text":", NYSE), on separate","page_number":164,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"48c0da2e-76d7-4b3c-868c-d54eb825892e","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":164,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"13559a7c-52ba-4237-97aa-54ff1082f753","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":164,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"83ad145d-dae7-473f-aa34-dc46ffbabc9b","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":164,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"c72d862c-10a6-4e08-83ab-57c159e8f1e0","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":164,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"af0a1369-e6e7-4a16-a662-cd6326c38023","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":164,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"b2b50f74-3940-4215-8969-d601e76dd874","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":164,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"0575ebc8-1722-4f3b-aa49-9ba6bd57068f","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":164,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"d631494f-3c59-4430-9e1c-0406a14abe20","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":164,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"e5f50e91-5c5a-43cd-936c-e295fda54688","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":164,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"b7a79734-2348-4c93-a71c-0d1359610a41","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":164,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"4149d1be-4aaa-46b8-b16d-04130019f383","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":164,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"2bbb5aca-1b2d-45f2-902c-3dd9fddbde4f","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":164,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"897a820c-3a2b-4ebc-8c24-df2073f5a8cb","block_type":"box","text":"defined below).","page_number":164,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"16456d27-35f7-43b2-b326-30793118100c","block_type":"box","text":"Fixed-Income Investments.","page_number":164,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"460b9239-ce8b-4596-ab86-44ad7c61d9eb","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":164,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"2ff6cb47-85ea-4bb4-9787-20dcda70c914","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":164,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"f48cf5da-04e6-4269-a565-2b468db6c71a","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":164,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"f713fee3-5d1c-4a34-bcc9-88ea2250a1ab","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":164,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"1e16f85c-5647-4fa8-a21a-f52eec8da142","block_type":"box","text":"e.g.","page_number":164,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"a7fc65e0-75e6-49ee-ab5e-9799b421c461","block_type":"box","text":", recent representative bids and offers), credit","page_number":164,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"baeac13c-d4f3-451d-8f4e-3efe5d2b69bd","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":164,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"7a9a9742-02bb-4c43-97a7-e88ed7564718","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":164,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"67a1e7dc-227a-42ba-8c0a-6f7afc4b1f31","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":164,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"60d0be2e-7cf5-4aec-a2f0-1a45c12468ac","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":164,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"d61b5db0-b6a8-4f00-a14b-2428ed2daa72","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":164,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"85a608da-a457-4542-bc35-d0a0e566758b","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":164,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"926be231-b32e-47b2-ac78-104ba4379525","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":164,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"252d6261-7ffd-4add-8320-1e66bcaad373","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":164,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"08b23537-5f63-4bd1-b59c-f864bc21078c","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":164,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"23d784b6-7499-477c-90ff-50d5e12399e1","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":164,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"a1612a06-5a12-4e54-8f37-60d8cfb13a6d","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":164,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"94516317-1656-4e49-adb0-b45e976b31f2","block_type":"box","text":"attributes of the tranche.","page_number":164,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"1d86f91f-ce74-4492-ad76-6d55f807fa6b","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":164,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"25ef1391-8f80-43b6-8e81-a5319f0d9364","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":164,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"637e3c52-ea89-4b6c-b5cf-af74cc9e6a2d","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":164,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"a3f136e5-0e93-4365-8f12-a5eeedefd259","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":164,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"d48bc768-d123-44fd-b2a0-e62ac9b95210","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":164,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"ebafa649-96c9-49d3-bb45-40743bdeab9a","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":164,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"b552066f-aedf-4cc0-941e-7cd1c2a2d38e","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":164,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"5744630d-828c-4a56-b1f4-daeec88b1413","block_type":"box","text":"II-122","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f262bb15-3410-496f-a2ae-2abcd9ff4d10","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a9724c5-883f-43d3-9c56-f1d23a262c80","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":165,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"c71fffa0-fb42-43c3-8b30-7608efd53b58","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":165,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"119aff61-3256-4586-a0bd-e48739ec7639","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":165,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"955e8b07-926a-4ef4-86b1-19ceed75935d","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":165,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"e6d42596-840f-4aa0-8c07-7fb290dee07a","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":165,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"2e289c64-eb31-47ce-b621-e165fdb6c30d","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":165,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"1d2ceeba-bae7-4fa8-930a-3d1afe9d5583","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":165,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"c0942091-4c16-4070-93ba-804c81f6193a","block_type":"box","text":"Underlying Funds.","page_number":165,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"c8abd5a6-dc44-4ff4-bb2d-f40d6b6c01bb","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":165,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"e066e9cd-1955-4575-9698-c9bd514808dc","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":165,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"253296a4-a70e-4341-b2b2-7f6347f4923e","block_type":"box","text":"at their most recent closing price.","page_number":165,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"ed4c6b63-7be7-4738-8f39-a25c4ed25744","block_type":"box","text":"General Valuation Information.","page_number":165,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"499e51e5-fb9b-4f85-ac07-ea2ee0c6e8c7","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":165,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"722bc3a1-3e4f-46ae-b390-ad763cab1903","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":165,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"07e533cd-b0f6-4c71-a6ec-5b63e3287746","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":165,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"216e2fbd-20de-4013-b5d9-d441aa0818c9","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":165,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"415f90c2-714b-4e3f-8dce-05077ff4f658","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":165,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"a0db6a91-4519-4d12-9005-dc1003c0dcc2","block_type":"box","text":"the revision.","page_number":165,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"a1c5878e-63d4-4909-8806-b3c0d41a8731","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":165,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"9a50b76f-5bad-4d77-a223-733f0c890724","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":165,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"980f6808-be02-4560-a8df-b786511a0b2e","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":165,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"5afd8de5-5b88-460c-ad1e-289fc5cd2873","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":165,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"b2840290-8f60-4d90-ae96-daafb6e5e1cd","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":165,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"2ab87000-6c78-44d4-a1cb-79d4d5ddb04e","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":165,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"f94dfc0b-e5f9-41ea-b140-eca103337cba","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":165,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"b5c8ede3-fca5-4fa1-9c29-2373f0f089e3","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":165,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"da4797e7-3428-4fdc-9889-82a3283ed986","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":165,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"f8a12fbb-80a1-44c5-a4ca-060057775506","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":165,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"c710654b-1a4b-4620-96a8-df4f77af29ac","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":165,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"f37223d5-a41d-444d-b5ea-8e1f73e7b451","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":165,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"bd5a577f-480c-4d11-bca6-7d662e88b606","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":165,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"2cb9af9c-5cc0-40a5-ad58-7b8e0c742f13","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":165,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"86707781-7550-4277-a13e-a818e66d938b","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":165,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"3fe6d7fb-5f75-453d-b218-3dfc970689ae","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":165,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"54466513-410b-43b8-8634-fe15594cd8f8","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":165,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"606e9636-8236-472b-96a4-6f07638a0021","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":165,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"565026b2-ceaa-45a4-b940-57e3e7a75e57","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":165,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"966f3c4b-a2db-4b8d-9df4-b922c38eec24","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":165,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"4d832350-2476-4390-9580-1b46a0a1ca17","block_type":"box","text":"Fair Value.","page_number":165,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"9ccd0434-0aab-4652-a88a-01171b9b8846","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":165,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"18b8f248-c2fc-45de-9bde-1e23e664ac58","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":165,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"baa27e6f-16bf-49d0-8aa7-81a175b96c40","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":165,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"3ec339ab-58f2-495e-95ef-2fe53311d709","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":165,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"7ef05847-1c8f-4973-8864-261667707de6","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":165,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"58750f60-5037-4665-a4ca-47cb29f6a4e3","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":165,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"a4fc4570-8d54-4f9e-ba5b-bc59ba71ee39","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":165,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"4fb11ed3-c8cc-4722-ac7e-9c64081064bf","block_type":"box","text":"(","page_number":165,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"30ada495-c518-4ad8-9893-8f59512b60d5","block_type":"box","text":"e.g.","page_number":165,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"4921f36d-94bd-484f-ad2a-0267563e6535","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":165,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"12b76774-dc95-4abd-9886-77db7f9f7742","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":165,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"5e101852-8ccb-4ed6-9011-ce5a0568a8a0","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":165,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"b98f82de-b55c-4650-8504-4a3a1b9e693e","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":165,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"8d008e86-9aeb-412a-a3f7-2ef347b5a0d7","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":165,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"ca79bdc8-34c5-404d-8822-86360c2c7555","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":165,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"f75680b9-b7b9-4ffc-941c-dc8c27383e36","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":165,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"002f4dcc-b5cf-4081-a6ab-430a2f1f9464","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":165,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"577d9151-7631-4878-ac7c-197f43140908","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":165,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"c3727b08-c366-457f-8642-72d94df2b203","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":165,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"029de644-2d8d-44cc-9e2b-6a6ab80a33ae","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":165,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"9bf3c474-8ca1-4f68-ab58-9473d7c52876","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":165,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"968ff932-a289-43f5-987c-c8d6c63bd6fc","block_type":"box","text":"II-123","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c7815c7f-8525-4fac-89a6-bf1b3f70b834","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1bc8bb5-2743-4a58-b56e-1ff9b613cb1e","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":166,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"9d66ca0a-5b23-4572-a84f-ccbabaeaf02a","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":166,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"eac698ae-b589-4062-9e51-e0ea1556ff16","block_type":"box","text":"pricing time.","page_number":166,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"5a86b752-ea07-4615-ab38-099493d545b5","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":166,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"9a2f265d-2ca3-4279-9155-9cd204c6d98a","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":166,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"d9540404-75b3-4328-8cea-39ce0df47f3d","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":166,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"36ca7259-80d1-4251-8c77-3612611134c0","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":166,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"7678870a-3f9f-490c-a61e-aa3a8c8d6680","block_type":"box","text":"assets and liabilities of the Funds.","page_number":166,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"cd4597e2-da77-4b7d-869f-47fc5271db8a","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":166,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"b208f546-f84e-4c11-bea6-eb5a493fca16","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":166,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"7188a870-6731-409a-bb4a-a874aa96badf","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":166,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"b31fc1bb-a3e7-49e5-a2ce-d593d51d49f3","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":166,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"2c45dccc-46d7-4464-8a0f-4e797a64e8d1","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":166,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"5c505f15-1523-40a8-8364-2e23d38bd45c","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":166,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"2ea86395-853b-4a06-b929-954803f07cd1","block_type":"box","text":"valuation models.","page_number":166,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"a28f9cc5-a513-4d49-b0b6-a4caef5b927f","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":166,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"995a97a2-4867-41d7-bfe2-8c197976ec91","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":166,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"129723d2-bd0f-426b-a6a3-91762a05ab6c","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":166,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"ae99d568-097b-41cb-bba6-e8a3c95108ea","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":166,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"95ca542f-0474-43d2-9b7a-c00a5c5cdeb8","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":166,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"f0374089-6f7f-4542-980e-0123b86b8a90","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":166,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"35c7472b-ff83-4ff8-93e7-60ab2a3d79b1","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":166,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"0d8edaba-9c09-43bb-8df1-5a364a95bcd8","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":166,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"c148ce54-156e-4c3f-91ed-1a8da46b1f06","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":166,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"4bd5479b-3523-4a6f-9fa0-302dd5dae89e","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":166,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"1619faed-7d85-4282-a77a-446a401cd72c","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":166,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"f6cba544-0688-457e-abb1-b4a9129f686d","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":166,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"e19f8348-3966-46ad-b62b-e55e4bdd1cf4","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":166,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"65f1c21d-4375-4340-8389-dc9b2722834c","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":166,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"6b1e9a78-c64b-4a97-9e24-da6ac2751d7f","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":166,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"01d58dbc-cbe7-402a-9d9e-bf1a39b649a1","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":166,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"67926187-4486-4489-890f-b8be8c45a081","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":166,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"6e659e45-7744-4752-8fcd-a3620f57d421","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":166,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"b06afefd-50cf-4aea-aa1c-b1714b230114","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":166,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"e80a46f8-078e-4919-85e1-acf457b14166","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":166,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"750323db-c168-4602-b10e-bc5575e6618b","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":166,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"1d3b7cea-26da-4016-8a65-9ff851dd47b5","block_type":"box","text":"party determination of fair market value.","page_number":166,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"3588acaf-50f5-4725-894d-2e5abaf934fd","block_type":"box","text":"Computation of Offering Price Per Share","page_number":166,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"56d6141e-e0ce-46eb-9cb5-4cd73168dfec","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":166,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"47dc7688-7e6f-4e0c-9c27-c1d74424157a","block_type":"box","text":"the offering price for shares of your Fund.","page_number":166,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"92a8fb8f-fc01-4ac5-853b-22a6e2ab6f8e","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":166,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"a85f45b4-ab54-45ea-9e59-87f98a9c6f60","block_type":"box","text":"Transactions in Portfolio Securities","page_number":166,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"e7845431-c4f0-47ec-953c-6aa998d2328e","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":166,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"2b7e5acb-629b-475c-9ac5-bb249fe7a8cc","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":166,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"399b5b96-f461-4495-9666-6383d280255e","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":166,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"6b6d2a70-2568-449a-ac4d-b308961ebfa3","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":166,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"dbc72857-4a78-4120-97c6-19d42185397f","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":166,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"703be97d-b56c-4614-813a-f026b4a83db1","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":166,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"fb6a2225-e142-404c-82e0-60841123f8ab","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":166,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"ec73f49f-2039-46ea-8039-f254c3d9358d","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":166,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"c7e29b52-ca26-4afa-bf21-96f3359767ac","block_type":"box","text":"II-124","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1cfe97ab-d4b5-4375-a881-1c136ed142e3","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d7f9fb2-c440-48b0-8f60-e111343ede37","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":167,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"ccc37666-9b74-4941-89d8-e9e786e15da4","block_type":"box","text":"reasonable in relation to the services provided.","page_number":167,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"d57e708d-b2d1-4a7d-ae26-e31877a1ff3b","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":167,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"ee29480d-bd04-4e31-a4e8-3e3446f3538d","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":167,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"635b2fb1-0bfe-4b4a-bb1c-f53649635ed6","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":167,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"ae3b0ebc-ef64-4230-9c17-f8b77969cc76","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":167,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"cb5ffb38-ae9b-45e2-b847-fcfa4e30c48c","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":167,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"ceed5fb5-a636-4bf1-a72c-0cf5b1f99d34","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":167,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"a3f9bbaa-9560-4b45-98c4-280312e1b9f4","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":167,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"110e482b-97f1-4152-9b1a-45b5d923729d","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":167,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"8493fde2-e7d4-495d-b8a5-e19a15a84483","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":167,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"87231f39-6d66-47bb-8ea5-61578726c3e7","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":167,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"c87ed61a-0eea-42c2-ac7b-f03789371f92","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":167,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"fbdd37b5-b904-4bfa-a060-493eddfa0fca","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":167,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"e57f8ffc-0603-4692-9160-d409fd4bda8f","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":167,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"836d5243-e64d-4ced-9374-0b2bf1d3fd4c","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":167,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"f893a2a9-5f21-4f53-8c46-b0fe0053e23f","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":167,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"5fd9d9b4-757f-4d93-9e3f-7c6327d97fd7","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":167,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"33f0ac7c-732e-4db7-92ff-f93807773081","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":167,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"13a3687c-8d42-4438-9797-672bbe19e390","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":167,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"80d503bc-8a3a-4079-ae3e-eae91385f140","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":167,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"f073ae86-2e94-4b92-8765-bae7e3ce903f","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":167,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"2257bb94-7848-4ef4-9bc6-dfe22280dbc0","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":167,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"616fdbf1-5965-456c-94a4-fab276bdd952","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":167,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"03aea596-b872-4803-9392-0e410b71607a","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":167,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"e07cec29-9c37-47bf-983b-3111e7050e7d","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":167,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"f9c57921-54e6-4bd7-a4d0-5996b76de481","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":167,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"b17467a4-852b-464b-a056-561b7d0bdc36","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":167,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"1b12fb8b-f306-478d-9086-c5e43de86607","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":167,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"b729aed0-6962-404b-bead-057a3954e227","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":167,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"1d68809b-1db4-4f51-a0e5-479a8486ec39","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":167,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"6922d9e7-a908-4e88-a83f-7e019cc13cb7","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":167,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"2270df68-d1a5-4577-9ec4-340b314b8277","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":167,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"32adcd59-0dd2-469b-9e45-0e3c2c4a7974","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":167,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"2f652541-8d9c-45a8-b067-72c5e285feb9","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":167,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"836fddf7-4ff7-4ac3-be99-6b97f415a758","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":167,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"f5d65a55-424d-4701-a394-453e2fb579c0","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":167,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"72748f92-547a-4997-a35c-956a761f04f3","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":167,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"a6176cf1-d6a9-4c4a-a6e5-b46fc20f1a0f","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":167,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"97214e48-cb30-4576-a9d4-869dbb9a6913","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":167,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"9c49f4a9-b7b4-4e9a-831e-9578adc47b24","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":167,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"c81779a9-9d4b-4016-b6ba-36682bfffdae","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":167,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"2e291530-6802-4aa0-86ab-408402757036","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":167,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"f76080ea-227e-4ce2-bd60-4faf451fd37d","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":167,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"750a4683-f2ca-4249-804d-a2038aebacad","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":167,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"1932303b-7840-4859-a178-63637da213b7","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":167,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"28bf2ee0-0726-431e-bf06-48955e7b4272","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":167,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"7a2ab239-ed1a-4d7d-b262-e86b8db4e4ab","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":167,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"68b11951-35cf-4b63-bcf7-2d5985f6b5e7","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":167,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"be7bc37a-7b65-4aa7-8465-06120be05355","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":167,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"b3fa1dd5-bcc6-437c-9c32-993262ebaa9e","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":167,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"42907f75-8f8c-4bbb-bc3e-69ae1c1e5a28","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":167,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"e6fa7ebb-43ce-4c74-a3e5-a70a67635daa","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":167,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"d3593360-5a44-40a5-9b3a-112f735b923b","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":167,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"0b4031b8-c607-4e08-927a-037d5c4d3016","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":167,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"8927b4ab-8369-46db-b01a-80d5527f5f87","block_type":"box","text":"II-125","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ba73fc88-3f05-4436-a254-e85823d1dc8d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c1f685c2-06ca-4472-bc41-0ac697285c16","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":168,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"285a0ab3-578e-49dc-bb48-5f10e3285706","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":168,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"a99c9f84-97ea-4fca-bd4f-f71617d13d51","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":168,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"767e039b-808e-4ea3-9f89-923559ec5eeb","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":168,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"11c0fbb9-b0d1-4b41-85fb-c61a3301fdc6","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":168,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"10dd0fa8-ab23-4e0c-bb72-ca0113e844a0","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":168,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"70f29d2f-aace-4e9b-b983-4911856b1d09","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":168,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"f7b32c7b-77eb-4704-9408-97d36c8fcc77","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":168,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"e47a08e1-662e-4eda-91db-2eefe4384666","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":168,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"d7106b9c-23f8-4cba-a4df-60424d1589c2","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":168,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"8be9b994-2d01-4a7c-ac22-40f22fdfa615","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":168,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"3c344220-791b-476f-956a-75c3f1bdbc7e","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":168,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"53a0f61e-7565-4d23-8817-a7a54980fb5c","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":168,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"61f10f98-3462-4ffd-86ff-96aaf6e0aed8","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":168,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"c640d9ae-9e13-4945-9cda-bef473f4a78b","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":168,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"dbe11675-6745-4d66-8c24-d8ad3f53a1dd","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"b7685253-521d-4e53-b60b-f78577c70116","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":168,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"45b257c4-43d4-4051-ae63-818f9726b67f","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":168,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"46a8bd5c-bfe5-4e9e-a911-377c7045cde6","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":168,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"2f263f0e-1613-4feb-984c-aa4d21751352","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":168,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"87525c19-5524-4a7e-91bb-3db2a158bfe5","block_type":"box","text":"brokerage.","page_number":168,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"d4f05e2c-8215-4dd4-8604-d1d242bb4d68","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":168,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"cb6e29dc-c988-46e1-b3c0-eb230c1ff36f","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":168,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"675eb3c0-2547-4595-a3ba-6a69127ee9bf","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":168,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"756b6eef-1f36-481a-af84-edcb29e57c4f","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":168,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"6404c5b5-7484-43c4-882d-6aedae53bb95","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":168,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"db1be2ab-4a29-49c6-92a8-03289c0c0317","block_type":"box","text":"Section 28(e).","page_number":168,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"61e8d2f5-a41b-470d-8670-cb5dca46f7b5","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":168,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"fab178c5-1baa-4075-8f26-39599ea88728","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":168,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"1221c64b-7fb5-40fe-9dc1-6b6221591189","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":168,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"d4a6886a-6be9-4bfa-829f-0c262f58c413","block_type":"box","text":"execute transactions for those mutual funds.","page_number":168,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"7c12e64f-5822-497b-ab02-3fca8aad6170","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":168,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"ed44ceb2-1342-4355-9236-92832e5a135b","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":168,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"c70552ef-f644-4450-8cb4-6047036836bf","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":168,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"ea963b74-9403-47af-b496-b50f73f5ec0c","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":168,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"03dad9c9-6500-4b28-921d-3bd9d13fefe7","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":168,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"915bdca8-be2c-407f-9c51-a55879bdf20c","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":168,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"17a2214b-6b95-44d4-beb1-57d486d9a406","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":168,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"9ae4c0a1-8334-46fa-b8e1-1b8e82ee6811","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":168,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"e91b2557-7632-479b-965c-2bc29f2b5eb0","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":168,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"c38c0816-7958-46af-87cb-a469a1563379","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":168,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"477ef279-e6ac-4487-9df1-10c0661298d4","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":168,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"e243c0cc-4a60-477e-a1dc-6cbc3fab5b7b","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":168,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"5a4b5675-31cc-47bf-8e33-5a67f975b523","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":168,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"3306bfb4-1e0a-4fd6-8ccd-e01ea2d5fc8e","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":168,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"1f4e0f89-12c1-48e5-8792-de833f0aa345","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":168,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"bc6a1e6f-2095-4ce3-aa0e-f65cbdb69afa","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":168,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"127ef2cf-53af-4010-a6d1-3dc7ac8fa843","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":168,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"b764ba2f-4256-4985-b1b2-44cae3dd945d","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":168,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"106d1beb-6291-4743-b0c4-3299b780ff47","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":168,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"d49cd127-b762-4bc8-95f4-a70cd9a42d03","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":168,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"1f4a9020-bbf6-422c-a4bc-6ca4b826aa40","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":168,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"fbdc32fb-0000-4696-a1f6-69502e8fdbac","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":168,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"f4ebff72-d361-4210-948f-436ef284755d","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":168,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"99d42064-7cf0-4f6e-baa0-53a1735d1a1c","block_type":"box","text":"II-126","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"de0a3061-d31e-48c9-ad5d-6638d44c0d2d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ca56efd-49f3-4ef3-aac6-cd45c896621e","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":169,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"722aa68d-efbd-4e2a-84b6-c2e711396f3d","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":169,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"d0fd28a2-0fd1-479b-ae4d-48d9e52e7285","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":169,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"99e90c1d-e499-469e-976f-f30dbc88f0a0","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":169,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"62b9715b-8963-4660-857d-a3587a8a8c02","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":169,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"b8cf44c1-382b-4da2-b1b9-23f872cbd119","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":169,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"6d390767-4d8e-4e51-8f0c-2d43b2675ba1","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":169,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"a63ec8c1-d067-49f8-9a30-79df9ae5ad53","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":169,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"dc0cc346-a60e-4eda-8fa8-1e8ddd465451","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":169,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"ac0d414a-f7b8-406f-bfe3-d6136d71bcd0","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":169,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"c71d9d3b-1923-4cf9-afb7-d7722cc04953","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":169,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"821a46b3-2e27-41b1-a82e-4d9ce128b8a4","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":169,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"6ec0d377-1a8b-43c1-aaa9-410bfaf99f12","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":169,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"0e36fa77-0015-4d0d-9fc3-a8ec735a0f99","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":169,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"0f9d7a21-5c28-4ed4-9fe5-f4e93d6f20b7","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":169,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"1d163ad4-350e-43f1-9eef-e37aa37f747d","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":169,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"ab259058-a9ab-4363-a9ae-7fa5f5817015","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":169,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"296b253a-fb38-4485-a7df-ddf9ce545f1f","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":169,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"6dc20146-aff1-4d76-a419-9e4a6e594986","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":169,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"1fa32c5a-df0c-4aae-9228-021f86171900","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":169,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"8fd235d7-aea0-474e-bc1a-8cf2dc3b7ee0","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":169,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"82760aa1-3c9a-4b63-bb3b-a8c61af40a49","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":169,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"d08b858f-6956-4eb7-868f-a5b0544caa94","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":169,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"4cbcb39f-2d36-4942-9178-91b945a374ce","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":169,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"ca92acf5-4002-4293-8b38-b73dad525f5c","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":169,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"354f297d-60a4-4f91-8c69-d23cc53c3ae7","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":169,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"98be28c9-f761-4eff-9e15-c19848d28ca0","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":169,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"550656c0-4b51-4aab-81d3-278156c64e37","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":169,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"6063065d-3782-4dcb-9e07-5126f66d075e","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":169,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"1e909443-8a2f-4453-bedf-86698fad254c","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":169,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"d1581128-0a2f-4872-b396-1683d2feb5db","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":169,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"97a741d6-7b32-495b-b2ad-f76e88838abe","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":169,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"b5661c74-55c3-4d55-b081-09a05091df9e","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":169,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"68cf1b0f-3ef9-4098-84a5-f0af0160a2ff","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":169,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"91628554-c7ed-44c3-9509-c39a3656fa26","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":169,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"d767d92a-879f-4d3c-9c88-b7a8846aee3a","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":169,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"c800ca4a-0b98-4c5a-8dba-712181e46a19","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":169,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"4ef8da64-3b06-4770-b233-6c52c760e22d","block_type":"box","text":"accounts and compliance constraints.","page_number":169,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"5ab97bcb-1ae3-4262-8553-467081e9b4f4","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":169,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"85e9a526-7e00-40ee-bc02-de722e95b11a","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":169,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"b689ef3a-ca39-4451-b81f-f31939d1ae47","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":169,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"3c4e0849-d415-446f-aa13-f7cfc481326b","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":169,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"2055b2ce-182d-4439-bf0f-908e4bdd1424","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":169,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"045fc114-5dfb-4c03-882c-1bbeeb85d49c","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":169,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"e39e65c7-c279-4b58-bd66-960c4cf3a95d","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":169,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"9b840caa-090d-46e4-ac0a-a8bdbcd9d6d1","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":169,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"7c033f1c-820a-4841-9126-13f43fe8f9f2","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":169,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"bdeb8d9c-00f9-41a4-8621-45c247332d0a","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":169,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"7b8e798d-0184-4624-95bd-12596b11644d","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":169,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"4f6c291e-2bdb-403b-a6ac-5965a4c82c41","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":169,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"b999bf41-52a5-4495-9b43-a3793f60c944","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":169,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"20b21b97-edbe-42b8-9b5e-9dfa91cda9dd","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":169,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"e9873db8-dde7-403d-9fa9-81dc9006b467","block_type":"box","text":"clients may be used as well.","page_number":169,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"e76f8485-93a7-4949-b416-3d5ac3e571ef","block_type":"box","text":"II-127","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0e164824-c305-4efa-a880-25ac6c077754","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"517e56db-023b-4fca-80da-d6644fdedb86","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":170,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"2d401536-22d2-4914-bd29-4fbb2ba55f1f","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":170,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"c6d10dcd-933d-4122-8d56-39277b4c8a0e","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":170,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"f3a019ed-04b9-4611-89d0-66bdc696b4c4","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":170,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"2d90f19e-80d5-4097-b3d8-b9b7b3c1a655","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":170,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"9104ee6b-3edc-4613-914b-14c354e34d70","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":170,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"a7c10d29-b42c-4fef-8b93-44b59f3d931e","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":170,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"e33eaad8-692a-434f-b992-3eb07933c7cb","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":170,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"2a4145ee-f0ed-4d3c-bed9-80acadbfbd72","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":170,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"7b865b8e-d6fe-4ee7-b456-273c3d2d2106","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":170,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"025975f5-b8ac-4f96-94f2-0b410ed60b9e","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":170,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"ffe95d98-73e9-4ab3-9533-d507209c10f5","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":170,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"2a94b18c-93b7-4608-9c24-79521b6da015","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":170,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"14703b10-919e-4203-bb66-ccb295e20ef7","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":170,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"4b602f72-99c1-4167-9050-6974bd940915","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":170,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"8094d8bc-4651-4b58-bb88-db7797690c61","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":170,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"24e56d8b-28cd-45b3-ad1c-0ab22a447977","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":170,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"a6baec61-45c1-4eb7-9ff3-4f054107b5df","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":170,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"a227cc80-e06d-4550-86dd-86b51137fe46","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":170,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"8a1ce012-a339-4fbe-9cd0-68d1b5d6b826","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":170,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"2c97544e-e54d-4d09-b263-31acf1d7fd6c","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":170,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"574ccadf-5e63-486e-bf94-f45e2e28b29f","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":170,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"645fea38-a75d-415f-a9fa-2acae60e5709","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":170,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"0751543e-c6ff-4485-bf4c-be450efdb3d5","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":170,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"fbbdb2e0-99f1-410d-b1e4-c5276b294cb7","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":170,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"faabd1fa-60b0-4e4d-9cb4-76194fed1744","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":170,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"ae7b5213-5e5a-4d82-b23f-c65ce9f6446f","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":170,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"a2566f72-175f-482b-b976-e33bd22d5a81","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":170,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"163ec167-404d-4af3-9694-bb69d1ceee83","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":170,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"97f74140-3264-4d08-9d90-a0c46398fb09","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":170,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"eb25f524-0211-4aa1-ac45-06f383cace63","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":170,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"55aa90ac-25b8-4d9e-a279-ad94e5b7438c","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":170,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"00cdc0cb-72ed-4383-8997-2b33a51a6fc1","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":170,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"8c790cc9-231d-49e0-8e38-4c32f431e96b","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":170,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"ccbfc6f2-86b7-475f-8ce9-60908f30c1a3","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":170,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"4191119d-a3f8-4dd5-8822-e57bef3f1432","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":170,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"434e7124-fdb6-48d0-a491-0b09a07154c0","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":170,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"2d60b0d8-a707-4b06-bd7c-ba119431c62c","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":170,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"cde07cf1-cf6e-41d9-be10-0b0102691a0e","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":170,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"613de25e-1d5f-4976-a589-397d983a4a52","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":170,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"3b9a1959-9ea5-4a8a-ad88-f254b95e59ce","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":170,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"a926e108-f31f-411b-a6fc-fcd756949be3","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":170,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"ec82ccb8-e0f2-48ba-b126-0477e6ddb190","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":170,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"d281207c-8b0e-457f-b758-feeba0fdbca0","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":170,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"9c40f3e2-cd58-4b91-8f08-2ce7320103a0","block_type":"box","text":"Portfolio Turnover","page_number":170,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"8fb718bd-000f-474f-b811-e5ad6814ad71","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":170,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"53b1fca4-f260-4c67-bcca-d96635ee596f","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":170,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"109991dc-1339-4142-aa82-2f59a21acd79","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":170,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"2cac9584-3053-4171-9050-e56b7891330e","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":170,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"dd66ba7a-cd3c-4515-b788-4e8a09f8a5c9","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":170,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"dfdd19b3-a0d6-4efc-92d6-a096e0d47494","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":170,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"7bd782ee-8565-4e42-a095-4a82fe91fac3","block_type":"box","text":"II-128","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7b1f71bc-befc-482e-9303-e1b0338694b2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31ab0df7-801c-455a-8eeb-f2db187cb07a","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":171,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"70ac2a96-93f2-4be7-b6e2-2090669578e0","block_type":"box","text":"Dividends","page_number":171,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"34035186-bbb5-4cf5-865b-a5e915639919","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":171,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"2c50cc5d-d5a6-462c-9b2c-e2ead71b1784","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":171,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"7945032f-f60d-40b2-a796-92a1f6c0fa7c","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":171,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"8f7a2aed-f9c5-4fc2-aeb6-64d746d0b87b","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":171,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"e047380d-ae74-4724-a63a-80b0c0a56d5c","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":171,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"018eac5d-fb46-4516-8ded-c24b3e85dfc9","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":171,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"dfde1a7b-cbc1-4097-9dda-768ce0933cc2","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":171,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"805192f6-b60a-4725-bab9-2bc6b0c1dd3a","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":171,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"ba7854ea-9ff6-4cff-a9bb-c1e03ba182f4","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":171,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"07f7ae66-7d25-4c13-b6e0-60c33dcc98ba","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":171,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"58f58c12-cf13-4bdf-9634-59fc58835c43","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":171,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"098216d4-6cdd-4414-bdc4-549bc4a7687c","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":171,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"6e4c2aba-562d-46eb-b630-52a2c4e115fa","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":171,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"b4d217cd-f3e3-4955-9938-535caa600ceb","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":171,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"27b35ae8-8a1b-478e-b6d6-6debd3eca0a2","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":171,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"664c8bb1-b3f2-45b5-a92b-623f975ded81","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":171,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"87f02d30-0ac1-4fae-ab68-824886bc8820","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":171,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"896aec55-e6d3-4612-8e30-f104f1da31cc","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":171,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"394368dc-80e2-46ab-b4c0-9fecd8ea4a48","block_type":"box","text":"Taxes","page_number":171,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"ca78fcdc-701c-4651-9f64-e0af07905080","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":171,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"ef11a3bd-da98-4ca1-bb6e-3da70a2aa9cf","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":171,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"a01a69b9-4e12-44fe-ba7a-e8704d4e54ca","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":171,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"a490dc2f-f67d-4832-b0d6-e6dc5e18ff2d","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":171,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"3c31b829-2733-4670-b420-53dce80ac8a5","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":171,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"6f424d8d-2063-47c7-8b39-76e2742c61b2","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":171,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"b761a1fa-7f7b-4a80-a452-d0c4b3433437","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":171,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"a87e4b38-f7fa-46b4-8e9e-8727acc6632b","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":171,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"a0f8522a-28ba-4d3b-acf1-07ac35b86815","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":171,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"dcdcd018-b111-4d10-bc1d-1692684e0771","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":171,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"70249be1-bf1f-4c7e-aea6-962efb6bb5e4","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":171,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"aca0087d-6892-442f-84ad-8cb762398bbd","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":171,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"c0d317e8-f6ea-46b9-9dbb-ecda6dae1113","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":171,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"c9bcd747-10a2-4a7b-bf83-2666f9c52352","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":171,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"08fd98f6-6733-451f-86fa-276e05c7c870","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":171,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"ba5aeba1-e6a2-41d4-b2d5-db95cec93b86","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":171,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"125009c7-487a-4f51-bb15-58450dd7c13e","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":171,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"564c1b6c-0a64-44fe-83ad-4a02a5abe241","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":171,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"e6900621-9b86-4f97-9c17-e663389b4ffc","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":171,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"c97d82f4-e3d9-414a-871b-5ad124fa2068","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":171,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"e18d5732-66cc-4665-bc73-7e8767fe2d47","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":171,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"c70d59db-b201-4471-b06f-6cd7365477b7","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":171,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"45adca36-5a29-480d-96c7-8b29d5055102","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":171,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"38c80865-4ba1-4e7f-b871-a8f7a25d6e1c","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":171,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"a419105f-eeb4-47f4-a950-03dfc282f23d","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":171,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"53d414e4-121a-48e6-8bca-78f313f58203","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":171,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"0cd2e3e2-0081-4e28-8fc9-2daf00da90c9","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":171,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"dacb95c8-f3ae-4537-8065-4675e4ee5d63","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":171,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"375d98aa-0293-4f1c-94ea-cac0de63df31","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":171,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"a44edd8d-5ee7-4b55-a839-572444129ea4","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":171,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"24e0ade4-1b63-487c-bdee-fd568457de01","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":171,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"be4acee5-cbef-4e89-8b7a-494d4b332c3a","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":171,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"05512200-616f-46fc-8c02-07340416a5a3","block_type":"box","text":"II-129","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"222f30e5-e9a5-407b-9d08-752f9a453b75","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"640af408-8de4-4fdc-afe9-bc334b64e3af","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":172,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"0537f008-5772-4c92-9050-5efc011c7016","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":172,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"2fd515a4-092c-4617-a510-3e37ed295a46","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":172,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"7e546a50-38fd-4863-ac46-f74828966f1a","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":172,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"51ebe88c-62d3-4b89-aaf9-4c2f56ba27df","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":172,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"66b1de4f-6cb2-4972-931b-d105f0183a4b","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":172,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"6e138a63-fc3a-4b3b-a9e7-5d6c453fdfa0","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":172,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"ce7a7684-6dce-4f03-84e0-65d4185829b1","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":172,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"9d926408-904a-461a-bc67-eec670f92f1c","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":172,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"58731c93-1857-411b-8abf-60f6acffd32e","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":172,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"d395c416-651c-4158-934d-576493a8447c","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":172,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"b947b4f9-01db-4bf8-b91d-196e313c5016","block_type":"box","text":"limitation.","page_number":172,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"195dbc99-e9b2-4018-a0ae-3b47bdb3063e","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":172,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"14c0b93d-6b8d-4194-b10c-13fcf1f5748f","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":172,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"53b70559-1795-4c73-980e-637d84d722db","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":172,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"2fa7f0dc-37f8-442b-87f3-5809391ea9c0","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":172,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"fd89ba53-6dee-4966-9cc0-d288ba5b8aa1","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":172,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"3b10fcfd-447a-4354-8eb5-32b94366a390","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":172,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"90254987-a31b-4891-ae48-3388107ab873","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":172,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"3efd2d99-d19a-439f-93ba-707c89d3e535","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":172,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"a89be3d3-c7c1-4fd1-8adb-09a67ba38116","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":172,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"861351d9-e0e1-4cd9-a5b1-eb08eeb910c6","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":172,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"24777614-20f0-44c8-9d71-7fcedad750b6","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":172,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"99e0bd2b-116d-41bd-b5c4-aaaa6c60ef6d","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":172,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"10a75c86-3b49-42dc-ba71-250c69202be7","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":172,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"aec4eb39-5a95-42a4-ba7a-e1cefa12f1c2","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":172,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"40c6296a-d156-4924-9565-3b68f3b60221","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":172,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"44c2d22d-5422-489e-bd62-cbdc0046d8d4","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":172,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"f4a7d6a3-9af3-4759-a0bb-e2ac14f74543","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":172,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"d23164ba-a0c7-44a6-9714-bf978f5c5cdb","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":172,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"4a821c27-6ffc-4bf3-bed4-8898775787bb","block_type":"box","text":"constitute “qualified dividend income.”","page_number":172,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"02e71a21-4680-4abe-a843-5d0f4c416d61","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":172,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"4a812695-4a43-477b-8bb7-9bb268d8aa1f","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":172,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"a904e03f-9ff1-4234-86aa-a2aa40a3a350","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":172,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"41b27330-d2fc-43af-b245-4fc572828238","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":172,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"ee023038-d14d-419b-b485-62bab00f6e88","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":172,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"4dc8bc07-b3d3-4914-be2c-4f44ebef57de","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":172,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"bdbd0c3a-242d-4057-9a78-8a2294bf9c69","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":172,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"7f01cb07-3f14-4755-8095-050f67054cd1","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":172,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"42067db6-b936-48a4-bdab-9580edc47598","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":172,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"d67de0f3-d3b7-4f14-b075-2d8c969a8b67","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":172,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"09a6fb33-a6ea-47e1-b9de-a5a87570c4b4","block_type":"box","text":"against their taxes.","page_number":172,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"2419269f-a595-45be-b8f7-bf21d48e9047","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":172,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"b8442527-b3fd-4755-9886-361213bcc0bd","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":172,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"312c5b8f-ef4d-45e3-b57c-b9a7397db577","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":172,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"258d9664-acdf-4402-afda-c687f333c448","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":172,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"d2ee6144-eb4b-4e64-a6b1-b5592a6a14dc","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":172,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"313669de-590a-46f8-971f-a64a03da20b6","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":172,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"02f09b54-13bd-436e-bfb1-79aedfe98018","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":172,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"87fb1d4b-d248-426b-b95d-5ce37c6e44a7","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":172,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"fda2a55b-08a7-4c43-b8ba-00ff76c4c625","block_type":"box","text":"dividends received by the shareholder.","page_number":172,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"5bbb48bc-e33d-42bf-8717-eb4d09c04704","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":172,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"15d5c8f7-460e-42ae-955f-a210f76d1e83","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":172,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"322b16a8-268a-44b2-ab56-362dd3566422","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":172,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"0374e1c7-febb-4d9e-8676-31f72b37819c","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":172,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"e436101c-8017-402a-9d74-d4c42417257b","block_type":"box","text":"II-130","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a2dd9ba5-38c5-419a-ac41-3432e0be6cad","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"839d931c-6b68-4a4d-89fa-68c1be2fe833","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":173,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b2e83df1-89f8-4853-93b8-97e4c1205921","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":173,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"18fc39e2-7742-406a-85b9-1e7c3cba1809","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":173,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"fef79812-79ba-458d-a4bd-8681ba87efaa","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":173,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"86ff0d88-3024-412e-a344-d95933416fde","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":173,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"aed585c1-29d4-4f59-bdce-44dfda5409d6","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":173,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"02f32280-f018-4d9b-a266-dd405def3a4f","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":173,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"052ba0b6-c27a-4da7-ad63-4b1cc72a34db","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":173,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"970c5820-e2b3-4392-a400-d8ead0057aaf","block_type":"box","text":"taxable year.","page_number":173,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"91a18306-1699-4107-a375-4ab9104c5774","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":173,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"b1f5dba2-4dd3-4f7e-9190-025ee8b919cf","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":173,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"6cfaaba6-1d47-4d91-ab42-571965b02aa3","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":173,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"dab0dbc0-5840-4146-a9a2-0f724d02d520","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":173,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"af636dc4-fb62-4b3d-889c-ced5fd73bb7e","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":173,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"6799b32b-f9c0-4192-979e-a0904fa191ac","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":173,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"b0a27e4a-150e-4d9d-bfb6-8e055d8eacf4","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":173,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"1745e807-0bae-4103-a06c-a2e43a6b3d19","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":173,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"3f620708-17fa-4636-9831-742ea624e7b6","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":173,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"2d5d39f4-808f-4a47-b2c0-88a6f9a4ffab","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":173,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"0fb760b6-9274-4e5b-8c66-7bf21c3d4137","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":173,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"91f93621-44e5-4d09-b461-1a132cd6433e","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":173,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"639a1979-46d6-41f3-8b04-4fdb3419834a","block_type":"box","text":"generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":173,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"0269928c-631f-419f-a9e8-acc89589eaca","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any","page_number":173,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"de4ec9a0-a030-40fa-9693-257df0d55bc5","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":173,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"19d823d4-dcab-49ec-9ea4-148c5591f9d6","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":173,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"f56c9f40-a7ad-466a-a8fd-6787171b1655","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":173,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"8e23cd45-612a-41e4-8403-e70fad260e06","block_type":"box","text":"special tax rules that apply to their investments.","page_number":173,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"cf2ca47e-25e5-4812-a2e6-15e7eade0329","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":173,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"dcfcb9df-5c77-422b-88aa-92beb67744b0","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":173,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"c1131adc-f060-4684-a1b7-b4ebc2b62ed6","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":173,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"941dd651-a46b-4989-b03e-45670feb23ba","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":173,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"c9d86ac9-84eb-40c4-839b-373f7500586c","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":173,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"e6a8ede5-32d4-497e-9e07-0555021bd926","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":173,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"b3d70f73-7ed5-4cb9-92fc-82244652b3e4","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":173,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"2129febc-485a-40f1-a70e-2d81c07dd3d1","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":173,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"d528bfdb-2725-4c8a-98d0-ef495974a515","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":173,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"7e11d4bf-8ef6-46c8-8c55-86cec1767719","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":173,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"878cbf9b-299b-4fd8-b48e-edb4a8aede27","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":173,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"a9d0242e-59e0-4daa-9dd1-0581c67dc291","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis reporting","page_number":173,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"762993cc-30fa-49a8-a4a8-8afcce6a1587","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":173,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"eb3d1155-a83d-4654-bb5b-ba130fa096ab","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":173,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"df678d3c-fd83-4306-a52f-1854ef5f4c08","block_type":"box","text":"redemption of such shares.","page_number":173,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"ca440bff-ed68-43f0-8433-677384505913","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute portfolio securities in kind for the","page_number":173,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d6b56fe2-96db-417c-819f-f66d99044e03","block_type":"box","text":"purposes of portfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":173,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"1ecfb95a-4fb3-4d32-bac3-5e88952f5fca","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the portfolio securities it distributes to the redeeming","page_number":173,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"f4a630a7-9c2e-430f-9908-36018f73a7fa","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":173,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"34a670c1-8f6b-4544-a072-7a1483846d0c","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":173,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"7d0aa713-59a0-41cd-bb16-06696b7ce23e","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":173,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"011577ee-39ab-4d77-919a-662df4f7807b","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":173,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"3e26a504-44c2-4f0c-ad35-c10cbd30689c","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":173,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"c710bbc9-a620-42c8-8dfb-ad12cbda4f5b","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":173,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"988d3d55-ede0-4429-85ba-5f419c546b4a","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":173,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"fd1633f7-c612-4eaf-a198-69b2fb9cb3f6","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":173,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"926513e1-a50e-48be-b095-57ae5030e623","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":173,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"4f42468c-e130-4851-8bf4-00c465de9df4","block_type":"box","text":"II-131","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4f3f5665-f233-453d-a8c3-fe951c9e9bdf","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1aff98cc-09f7-41c8-bb7d-68d2ac943cdc","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":174,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"182c2ac4-331d-4894-afda-1700c41400be","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":174,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"2682fe00-0d29-4c79-bd0d-6e514a0cbfe3","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":174,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"4096f679-47ab-459a-a2c9-655ac50ecea2","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount that must be","page_number":174,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"a1d50e31-ca0f-4b5d-90f3-4b79d18c716a","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of certain","page_number":174,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"71d5f20d-9e51-4a0f-826f-3a28b5904393","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":174,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"df1e478f-86a9-4db4-803b-399ad0a4d2ac","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":174,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"8e0a9f02-5c83-48e3-b1e5-3ea473d15ede","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":174,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"f477413e-00e9-43ef-9d50-24a3e7f18cc8","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":174,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"a351817e-21e2-4162-a67f-032920341d98","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":174,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"8c4b9dcc-ce52-4892-a780-69a3f457ba83","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":174,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"a7626988-080f-421c-b8c1-b6ec10f0ba6f","block_type":"box","text":"on a section 1256 contract is treated as short-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":174,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"ff7e7f05-41ae-4b11-bb05-3058e0af7981","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":174,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"898feaba-b934-4d1d-aec6-cd64d4308397","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":174,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"67fe7bf4-f4cb-43a0-8632-83b6e43c015c","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":174,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"d562e95e-eea9-4ba2-aad5-ed088bc1fba5","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":174,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"8fb021b5-9276-40f3-843d-ebb2a9fa62bf","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":174,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"dfbc65ea-a82b-475f-93ee-d6fafc32a073","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":174,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"b61c672f-1cc4-4f99-8a36-69cc0e001121","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":174,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"88dc6f2a-2b53-4a2d-8119-b78384be9409","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":174,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"d2413383-c809-4bc4-aec1-595ab352f8b1","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":174,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"4541f60e-f0f1-43df-b4be-e1e942d01d2f","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":174,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"de78e241-bc55-498b-9c1e-d18ab0593cf6","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":174,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"ac6c3dc6-baf4-48ce-b9a8-ed7b537341eb","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":174,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"5176c213-6692-4fc8-ba2c-dffced3f8694","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":174,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"911720a6-0083-4fa1-8fde-4e2596bc6c21","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":174,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"7326c5fa-1b0f-4b8b-bb38-1e07f47cfa68","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":174,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"949df01a-f129-4172-ba14-8dbe1a42c2cf","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures","page_number":174,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"3ac282a6-60a3-4d95-8a9c-6a7d844db9ea","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":174,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"582bb01f-f3c5-43d4-ab54-a4f9483a777d","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":174,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"be12b222-b9a1-4150-9bcc-84d4e5d63ac9","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":174,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"fe31627d-f956-4a6c-a44a-a533b6710196","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":174,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"b22fadfd-86a6-4776-8c7d-ff919b1f236f","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":174,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"0aa8d6a0-9a44-46e2-ada0-7e1fb377fe53","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":174,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"9f5c5e93-c02b-449d-8a91-e3711e61392b","block_type":"box","text":"in subsequent taxable years.","page_number":174,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"4749ed9e-5aac-4dcc-929d-e44da315ed41","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":174,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"80d24879-528a-4fa3-9126-8db4c32f4515","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":174,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"495bb603-3b8a-4d92-b5a5-b3f9fa48ef08","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":174,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"d5a91eda-b543-44c9-9807-1b6a55e6da2f","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":174,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"ab7fa133-71de-408c-995f-fe599bde6644","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":174,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"a4934f1f-05ec-4744-a830-6f9a2a58c205","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":174,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"681ddee5-b01e-4119-bd0a-1de949869c16","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":174,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"d5e19513-7637-4b6a-a75d-89eda09b641e","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":174,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"2d094ce2-1939-4582-a6d7-628f54d2ee20","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":174,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"2675fb93-eec4-4a89-bd10-a22fe65a5487","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":174,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"864fba86-fde2-4697-b25f-5c6060250a48","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":174,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"0ada80db-a3a7-471e-ab2c-997ecfc6636b","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":174,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"a33274d5-b407-4109-abba-9274a5a91c40","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":174,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"adf903e2-3612-42b7-b371-46a72ffb3a61","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":174,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"3082795f-d005-4979-860e-ab3f05a32159","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":174,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"d3a8c539-8db3-437b-a787-67a1a61901dd","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":174,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"c23b8b40-b231-4b6f-b9f7-6b11b607cd62","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":174,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"1c73a502-43c7-4d9a-a83f-5246a55b21f1","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":174,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"40afe072-ea36-4e6c-b8b1-b9fd87cfd7c5","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":174,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"47ac24ec-4b0e-4c54-8b09-42919e8cb87a","block_type":"box","text":"dividends under these rules.","page_number":174,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"d8dc61c4-c306-4f2f-846f-8a55fd51e7bb","block_type":"box","text":"II-132","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"36969d32-2717-442f-8de8-6d1b126380a7","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2bdecac-25b2-4818-a4fc-947a4a2f1414","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":175,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"7819042d-c345-4fa5-bc5f-31b8ff384f5f","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":175,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"f90194a2-5dd9-47e9-8a00-edd271b4b876","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":175,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"addbe507-2654-4736-8e83-f248eccf869e","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":175,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"9380e608-a1e5-4023-9108-17f6e97ede58","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":175,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"e769ee13-93b9-4ba5-b07f-27a41f21604c","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":175,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"d777efe7-555e-4f5a-add8-6f57377c466d","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":175,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"cdc4923c-054e-4a6a-9450-47b1809e2a72","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":175,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"a9a59101-a8f5-4f6a-ba8a-b233ab2d9a60","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":175,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"152cfc7a-8936-47ba-a8dd-431b7991278f","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":175,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"ae53fcd8-696a-43ef-822e-395c6054959d","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":175,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"c0caf7a9-0dcc-4d18-9028-38a8f5624004","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":175,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"cc5c796b-8609-49b8-b140-ffc6e8488c8e","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":175,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"ba45b59b-ce31-4c83-86e5-5f0bf4403618","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":175,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"8a2aea97-63c2-4cb1-b20a-787042b6e72d","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":175,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"ed4bfaed-afb9-401e-b529-edda5693d559","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":175,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"4a1ea602-cf48-4824-907f-e67cf6449417","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":175,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"e4ab24e7-0800-4da7-b9de-b0a2dc88bd1a","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":175,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"e9ff52c6-de8b-4a09-8cf4-c92860a4a38a","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":175,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"9f0042d2-cc55-4d38-b8e5-00954121578a","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":175,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"b475526e-a431-486c-9cba-78acca176958","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":175,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"d7d208ee-dcca-4bee-ba1d-df44ec866a13","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":175,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"f15686bc-a2ef-45ef-8dbc-efad9afe3c2e","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":175,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"385a85d9-5227-4e74-b257-8fb46f853f8d","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":175,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"28b9646c-db75-4053-a02c-be1064ff5085","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":175,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"af05b788-fc6b-4d09-b90f-4ad5aebc0186","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":175,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"d352c2d0-4c0b-41a7-a9cd-97a40d64ce7e","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":175,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"042ddb06-40da-4212-bd94-740f17799d08","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":175,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"00d712d4-e427-4643-9c7f-c69203964084","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":175,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"ff067d2c-7736-40ac-a76e-b562410c199e","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":175,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"42c04312-f22d-483f-aff0-5fa47c4b1ee7","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":175,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"0c08aabd-3755-4c0c-831b-f2850486ddaa","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":175,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"57f70f84-2892-43fb-a2d4-5e5cce858758","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":175,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"8c57cc84-d10b-442f-8969-d99fc50467a3","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":175,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"6fb6fc46-a5cf-4853-a332-dba5c9d66460","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":175,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"50ce9c35-ff90-41dc-9fab-dca947d2d76e","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":175,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"7b88e617-6acc-485c-b160-d0eebe5e5560","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":175,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"c47efda6-bd1f-49ca-b28b-777468a67b85","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":175,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"213414cf-4153-4e6a-86af-7042044cc835","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":175,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"42a1e166-cb9b-4b5e-b3df-51949c1aa5bb","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":175,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"de6014e6-35bf-414f-b8ba-26bb2b4a5d39","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":175,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"d8c1613c-2820-49d4-8944-23e1a53bf9ef","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":175,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"33bd7c51-15ef-4d65-93c1-eeb366abc5a4","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":175,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"bfa39ed9-244b-4d29-9366-89ec431e3e78","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":175,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"e0e33da0-6947-4b45-9c9d-31b43481bdd9","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":175,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"26573863-7faa-42cc-99ea-d61e290e711a","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":175,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"c7073137-4177-4d21-b846-9507442882f5","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":175,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"6122ad0b-a42d-4c84-9a2f-6c2c93de8a49","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":175,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"bb465a20-e04b-4e29-8be7-693202e44f09","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":175,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"8ed17be6-d398-4b39-9501-97daeefa11f1","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":175,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"bab78d42-cfda-40e1-8d93-7f62770d27e8","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of portfolio","page_number":175,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"c799900e-841a-4297-a68a-f4056ae16c9e","block_type":"box","text":"securities are in many cases exempted. That a loss is reportable under these regulations does not affect the legal","page_number":175,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"b0d69dca-49c7-4cf7-b3db-3272dd484d7b","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":175,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"9322380d-3a30-4c64-b768-de7e402c7293","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":175,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"eb652b46-d963-4c6d-9836-cec95b30e3d1","block_type":"box","text":"II-133","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf9738e0-fa60-46a2-b011-20c40481bba1","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72f45b37-60f0-4ffc-a56b-f34158c648d0","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":176,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"b0c195ea-71a9-4ac8-b007-836cf474e5fe","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":176,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"bc986360-ee77-4387-ad80-2c0f0962a28f","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":176,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"1df15e46-d98d-4505-a26c-fa6d50c13d83","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":176,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"955a2033-58ca-486b-8f09-e292d1cbbbcb","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":176,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"7f33e5cd-13fd-43ce-9965-23fbf68db417","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":176,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"b4deb510-843a-4848-9dc5-7aa7a7644b19","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":176,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"1b8996b6-761b-4363-8a85-9ea183d9bfe8","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":176,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"1480a50b-c30c-4712-84ed-82eb6627923c","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":176,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"242f1691-4b45-4deb-a886-27702ac3805f","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":176,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"1ad50e74-bbcc-4a4b-b91b-d0133297c841","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":176,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"63935883-ffb0-4af8-9320-17718914c441","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":176,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"232e34cd-91f4-4f54-b700-937908f80d64","block_type":"box","text":"investment opportunities.","page_number":176,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"0143e032-d2a7-466f-87c6-09445a83d7b4","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":176,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"042bf351-f628-4dee-a395-21f2b8b53f02","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":176,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"c0cad4f7-59ed-4d2e-a66d-25fe1e8c957a","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":176,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"87196527-389a-4a10-a1ae-22357d7a8093","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":176,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"8ad25d36-b002-40f1-9b9d-e30889281ced","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":176,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"9a09d286-847f-481d-86eb-cdb3422d7a3e","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":176,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"aba549bd-49a9-4867-a0f3-b3ae527fe93e","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":176,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"8ee8b099-fb2e-42fe-9df4-436b0f70a599","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":176,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"d9910744-c48d-45e3-ae27-a361a0c064b9","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":176,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"a7c1b6a8-ed09-4f75-9648-2afe54c9d5cb","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":176,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"fc139d86-e0da-4350-8476-02868b03bf31","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":176,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"ebed2aa6-74a5-472e-979d-a75797ff0cc4","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":176,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"1304f6d4-942e-46ce-8c23-3aecce4a2ffc","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":176,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"48591700-4269-415e-a20e-0329882ec28e","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":176,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"11551580-5536-49a3-981b-ff10b72dc45f","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":176,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"4e510398-8f0e-4b0c-a36e-17bcae590f7f","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":176,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"0bfe59eb-b41b-4603-91f8-725adc3f1dae","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":176,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"0dec8ef4-845a-4d9a-a24a-12836ad27e22","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":176,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"c29b561b-8518-46df-823d-85041bee2704","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":176,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"5f6b146f-4d9b-4640-8117-64ea76d2a7f3","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":176,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"511d3840-503b-46a4-bc60-cf79a9d64a64","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":176,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"2aa9e84b-1dd3-40e9-95f7-cbb7fcc5e581","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":176,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"cef93ce4-82a9-4df5-a4a2-0a4c12aaf5e9","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":176,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"5c305271-00ef-4e59-95fb-7f1cf154a6c1","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":176,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"5feb7dab-abbc-49ae-b482-353ff7665b2b","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":176,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"51b715df-0a2c-48f2-97f6-610c7e5c83fe","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":176,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"6236734f-ac87-40d3-87ba-442e094f96f6","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":176,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"50e35955-0370-4808-9f28-66bb9c52a587","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":176,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"9b4145ec-638b-4e60-a1da-7c101c1513ff","block_type":"box","text":"positions in its portfolio (","page_number":176,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"e921706a-961e-4489-9c94-8d42b347e18e","block_type":"box","text":"i.e.","page_number":176,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"c93156f7-f3c7-44f1-8cc1-b33966577504","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":176,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"6cdbf420-dcaa-40f3-819c-737d79634b49","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":176,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"1ef27ae8-8dd3-4a66-b244-79e7ee7550a4","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":176,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"f70fd82a-4b4b-43b7-ad85-2e5f2d159866","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":176,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"e0abe564-176a-4494-8b0e-5880a5b23438","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":176,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"388a870a-bfa5-4d3c-8101-676d72f90714","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":176,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"dd07725a-e92b-4b97-a009-8be3074099b9","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":176,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"219a21c8-9b24-4748-92f2-359f86f83c2c","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":176,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"77242d69-8946-4915-b847-a13336d57510","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":176,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"db0b1bfb-5d61-4e67-922a-afd9752f40e2","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":176,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"58d35c2c-c9c0-415e-b715-dc0e6c45f182","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":176,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"ac60692d-521e-44e8-a779-d1bcb413b6e8","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":176,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"1b743c64-08ca-47c8-993a-2cb512c92a84","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":176,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"9a6c2141-85b0-4779-a46c-14cc9ce41542","block_type":"box","text":"II-134","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a8a7c89d-4994-4ffd-ab65-6371dc1a2f72","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06be7e05-baaf-465f-8d7a-2e70928ea1db","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":177,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"7e145b3c-432d-44be-ba4a-3e65330fe111","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":177,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"aeacf77c-8d45-44bb-ae53-8fb919197ff0","block_type":"box","text":"capital asset.","page_number":177,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"5eda50a1-8436-4b99-8035-043100a01ae7","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":177,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"ea5d784d-0f06-428c-8b5c-8b28350e8f26","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":177,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"fe82c258-1607-4149-8142-f0d174ffb635","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":177,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"88636225-f15b-4f82-954f-16e2b76bc543","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":177,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"a423749c-9da9-4faa-8e14-e404352bdf77","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":177,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"a7adfa17-b1c8-4c7b-89e2-149b20280fb1","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":177,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"40265720-d5b5-44ee-a706-8c974faf9ea8","block_type":"box","text":"Fund were to invest otherwise.","page_number":177,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"3ec31c36-2aae-405f-afd9-e072811f76bc","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":177,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"545278a9-8193-46f8-a03a-80e0658b9908","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":177,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"edb6fc73-43a1-49f1-a95e-1c2db0376547","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":177,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"bbff63bb-62da-4043-bc95-15bdec04adbc","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":177,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"9bdb7e22-5372-4df1-8acf-d40feb57c319","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":177,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"6d3a651d-36bb-4e34-b952-8c47de841fa0","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":177,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"ade5b602-7b84-4d25-b52e-9e9b842a493f","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":177,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"b1d1c401-4c45-479b-956e-5f5615299f8d","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":177,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"4170a74a-0d2d-42fb-8657-3f1b18776207","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":177,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"dff48bbb-864c-447b-b5cd-4e4c94278e7c","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":177,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"281c8717-b904-40df-ac54-26e09d986a30","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":177,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"a2ea86d9-bb96-46aa-abb0-823db95cede6","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":177,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"e8f7a7e6-9ce5-4cc1-aa50-9a7995feea1e","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":177,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"65ba7aa4-9821-4f94-a8cc-02061c76237c","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":177,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"25c1c7e1-97ec-4867-9cda-c3a08079aa43","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":177,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"0d71c115-3e61-4b7e-8dcd-8890b1f7363d","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":177,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"10264c44-8004-45bd-b0f5-b976e6f22445","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":177,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"d7a01134-f9c2-432c-b599-b45bbe96aacf","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":177,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"56117741-a795-4921-9dd0-7915d0229936","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":177,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"15fbb3d0-38e2-4c30-be3b-29b02941bc8d","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":177,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"0c7fae7d-faa2-4979-bf03-9e2f853eb422","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":177,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"cd1591e7-937f-4994-9373-cb3044829ebb","block_type":"box","text":"PFICs.","page_number":177,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"74f92c49-1e9f-491c-95cf-618e1b4714e6","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":177,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"4c000ec6-a605-43e6-9c41-c05ef62f46f5","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":177,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"c308d0b5-333f-4b95-8a11-2bbd9b8ec756","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":177,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"4749db90-c01f-4f90-835e-0fbce388e5ee","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":177,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"0694a659-ad71-4c04-af94-f276ecebbbe7","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":177,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"f892768d-59af-41d2-86aa-fb39366b1f3a","block_type":"box","text":"difficult or impossible to obtain.","page_number":177,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"2edcf952-0a7a-49d2-aa03-2d9afa231a23","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":177,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"1ec813e3-e050-482d-a443-a7940d488dd1","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":177,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"f9c51036-03e1-4a78-85b6-62b501615f29","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":177,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"b64565df-c6ba-410e-bcef-34d385368909","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":177,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"ac84182c-137b-44c6-8a89-2fd6fd3b7741","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":177,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"f9e72c53-0827-445f-98a1-c6acd21b4ba4","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":177,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"83e25224-d071-4fb2-9b20-1e0f79e29ee7","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":177,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"b0883e8f-b10b-4dbe-bc49-8daaecfe1870","block_type":"box","text":"Municipal Funds","page_number":177,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"82d9ddcb-dec9-44f2-93a2-ff92702f3374","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":177,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"2b9f2286-d8bb-4830-a920-f5fb3e2974aa","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":177,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"196e1f77-fd13-49cc-9f09-6deeff4f3f0c","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":177,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"c99dea1f-f5a7-4771-9b9a-56a76fde566f","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":177,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"c10a8c26-8ebf-4b9c-a1c2-0e344ca47cd0","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":177,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"7367ba0e-5cee-470b-ab1f-2a7295ff60b7","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":177,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"f61a8362-ed23-4c81-b57d-54f80dde2963","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":177,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"3649d6d6-9719-4d72-9664-f746add5469b","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":177,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"610eb5f8-e38e-413e-9e34-40a5abbbe7d3","block_type":"box","text":"II-135","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"21d0a7c3-7c6e-4862-8097-536e863a4968","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"775d1760-d611-4ad6-bfb9-b566bd9e6019","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":178,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"e667cace-2b40-4a9f-a496-de15a46d79a5","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":178,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"9bb7c9ce-2b77-4e8d-b617-203d601a709b","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":178,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"bfd205ab-9d85-4384-9401-e802256bf0c5","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":178,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"b207678f-e164-4d03-9965-49c67d0677d2","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":178,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"d22233b3-63d7-4a34-8f43-961fee10bca3","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":178,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"63b473ff-0383-4d9f-823d-e8611fb6dcf6","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":178,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"83d0fe37-0dac-488a-b2ed-f2fbfb3e5453","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":178,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"829c60d9-57d3-4718-bf38-50c22a5a53bd","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":178,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"f9865c84-16a2-4306-a2ef-e94d8bcf3fdc","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":178,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"44fefda9-e0ac-4d02-a1c9-3e3a17779f9a","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":178,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"b6bb7036-c426-4757-968b-8f97133946b2","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":178,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"bb3118e9-cab5-4ec1-9ae3-d3b2ccd812d9","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":178,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"705ec4dc-2ba1-448f-8816-9d0f276b15b1","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":178,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"d5e15113-2fb4-45f6-8d17-29dc91f20ff9","block_type":"box","text":"constitute exempt-interest dividends.","page_number":178,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"3768e5c6-c22b-43ae-b983-abbe35d390fd","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":178,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"33350837-d824-4a4f-b9de-3a18a6312164","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":178,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"c338a5bd-1dcf-4177-816f-09ac3b5b04f9","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":178,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"61828821-585b-4395-805b-2a31f3c66f58","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":178,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"88bd5d49-4b34-4dbc-9d69-6115448e1e14","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":178,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"38a95eb6-4917-4823-a41e-53a486397155","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":178,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"cea55619-7e7a-4cf6-9ea1-89fe7b75db27","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":178,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"b5920896-adec-439d-bea1-2dfbe415b0d9","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":178,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"75236e7e-6c85-4ddb-8c81-16e81e69f82a","block_type":"box","text":"income dividends received by shareholders.","page_number":178,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"711b888d-7962-47e4-8344-7ee2a9658f3f","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":178,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"c8e86130-82d0-44e9-ab83-e153903220f9","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":178,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"991c165c-5708-41fb-a9bd-e0dbaf0dec12","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":178,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"d1e4a158-4583-4973-a901-b5b40e33913c","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":178,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"1824be86-90ad-424d-8457-4726b3d1e8b3","block_type":"box","text":"the accrued market discount.","page_number":178,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"dc4c28c0-80d7-497b-8cbf-1cb62075de51","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":178,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"2a1c6dcc-a7af-4866-879f-7ec3f1b0d010","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":178,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"5d8c00e3-d2ac-48bd-926e-65d9d45434f5","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":178,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"6d1536cc-53bc-4aab-aa1f-c617d5c99860","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":178,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"4366c71f-9fd0-4321-8296-d8b00412c56a","block_type":"box","text":"e.g.","page_number":178,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"16757b61-9343-427a-b11d-70abb7702bf2","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":178,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"4e2ff58f-a7dd-4049-abc3-105312929fd3","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":178,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"101bc67b-f43a-4240-8f36-cf53ed59627c","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":178,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"081b618c-fba1-441f-a545-a4810a70d323","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year the portion of the Fund’s dividends","page_number":178,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"812b2925-e36c-4a9c-bc13-105cbdb28ac0","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":178,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"343d78ed-60cd-4ba6-8a38-56b4ac89a4fe","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":178,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"af71644c-b068-44b0-bbba-702c4dfcae27","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":178,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"f3765c63-4f35-44f6-80b0-7cee55f76f96","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":178,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"0b83fc27-9e68-453b-a730-ebb5917c6f38","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":178,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"c133c0c7-d20a-413d-8157-10f15d21d971","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income proportionately, they","page_number":178,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"bc90d701-e204-4f14-8f32-9cc13370ab92","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":178,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"f1b2ecaf-2d57-42ff-a315-b250ba52d46c","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":178,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"e9ffe2e7-0c16-46a0-8ffd-8d5a75ab89d6","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":178,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"dcb085d1-d24d-483c-b328-264fcb93639d","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":178,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"22542469-979f-4719-8eb6-7c568d28024c","block_type":"box","text":"within each applicable state.","page_number":178,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"5fc54d82-9bcb-4c4d-863f-4e6e1975d51c","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":178,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"f3003d06-5e5d-4204-8faa-9dcf5fa4e738","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":178,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"f24cd77d-14ac-462d-bb3d-f234200c1e60","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":178,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"c7134bbf-02c4-4f18-a3a7-00066be720fe","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":178,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"163ef22b-485f-4a0f-9177-238fc6e33b6d","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":178,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"a611cff2-5cc7-4268-b56f-0969cec19077","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":178,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"da962371-3f08-4dec-961f-2bd2e379c5f9","block_type":"box","text":"II-136","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"44d8a623-4021-4e10-84dc-89be50a50e96","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86250863-4858-43da-a194-4a3dcbe64423","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":179,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"e25d49f3-0d03-47f1-96bd-2d8050af618f","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":179,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"8511996f-079e-4edf-927c-bd4ff12c4ff7","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":179,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"b15c99e7-1da3-4d33-95d6-28f67fbcd7b1","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":179,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"a61fe511-653e-4edc-8c0e-586cf98b0f09","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":179,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"a2cc1db1-f106-49b4-8d7d-0847c43e8cb1","block_type":"box","text":"exempt from state income tax.","page_number":179,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"22be7837-08ae-4b01-a19d-7ae1c0550f8a","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":179,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"bd5256c9-3e4f-434b-8538-9549f9fb1bd8","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":179,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"b40bd774-57c7-48f5-9eb8-bcede1fc071f","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":179,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"4db0897d-53ec-4ea9-9898-04847b834544","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":179,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"cb5e51e2-4e7b-44be-a88b-763d4351cd03","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":179,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"80738670-d600-418c-9a7d-88bf0bf5335a","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":179,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"9b5ef80c-3540-4c17-ad4a-a32678ee76cb","block_type":"box","text":"decisions may have a retroactive effect.","page_number":179,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"c767af3c-bf24-44aa-9db3-2749ec37c70c","block_type":"box","text":"PERFORMANCE DATA","page_number":179,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"f2e99f46-7928-4860-afa6-a8f235eb6a0a","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":179,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"525d7197-dd03-4e61-9fca-abf284510038","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":179,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"5b48f2b9-80e2-401e-96a0-1fa7e67e6afe","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":179,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"f22bf0c0-f1ed-4a6b-a35b-bea261fbba9d","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":179,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"4e797c17-cc3d-4d70-9f48-e9ada45a7791","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":179,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"4a59c55c-77b3-444e-b6c5-93377d5d07ed","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":179,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"8276c61e-ed4a-490b-bfe4-2a2717cff87c","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":179,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"b8fcf43f-4346-4148-958f-cf72e868be81","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":179,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"03430eee-6c1d-460d-897f-f7e1833cae4a","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":179,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"c9e0aab2-1a7c-4bd2-923c-4943ccef2b1f","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":179,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"1abe8465-bbae-4ebb-b1ff-f93e678b0e54","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":179,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"94e3d52b-3f46-433c-950a-18ac6582294f","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":179,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"66b4b502-10e3-402e-b039-9b52a28d3639","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":179,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"6ddb61dc-4d1e-455b-a4aa-d9e4e07f58aa","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":179,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"a041faff-abff-4d77-a366-799418511884","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":179,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"a7cab084-cfa4-4637-9fd5-aca73e99580a","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":179,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"bdfed412-4422-44d8-aa9f-14b7166e3480","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":179,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"2f6d229e-a251-4a2c-8695-f6c233a73c8e","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":179,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"dd44acdd-0765-4301-81b8-37dc85e8b557","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":179,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"1c0bdf6a-420f-4bfc-a619-cae5a456d8fd","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":179,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"0d571521-ce08-45cd-b98e-fddd1fedde11","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":179,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"6192dd13-db29-451a-ae77-c5a2d82ef682","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":179,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"1d7a5889-3816-4fcd-9ceb-138dee70f095","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":179,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"0df275a4-0685-430b-b2e8-06427f17d885","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":179,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"a4a9ab61-12c6-48a6-a243-ba444614f31f","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":179,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"3e85f844-1fc8-4fb2-bb90-cca1d12548ff","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":179,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"b55fe0a3-c5a2-4f36-a001-aa8c55699b70","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":179,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"442af7d0-68ea-4844-8c1f-053882be49eb","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":179,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"73ba606c-f25b-43ef-8e06-67109b0ab089","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":179,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"80e98782-194d-428a-86b6-313322845462","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":179,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"b8eb17ba-1f4f-4e4b-9707-f83910b17896","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":179,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"a3e49399-6d8e-43e1-b438-4611ace42ca4","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":179,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"7fe141e1-9f9a-4922-aea3-497513661b4d","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":179,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"0995cc52-a867-4f06-b891-9d78c4a9f2ab","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":179,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"f8ef1ed1-afd5-4f4f-a0f4-77c2eb136b12","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":179,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"e1fe5551-3e2f-43f5-be58-187364ae362e","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":179,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"74d895af-07cc-4233-900c-9568fa095d4e","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":179,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"e8e26e91-48d0-4f80-96e2-e18ac827905e","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":179,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"5f4bf889-66c6-4060-a5f0-ad3ae5da34a1","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":179,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"d5702711-28b8-47a5-8a4a-efb7d186a6e0","block_type":"box","text":"II-137","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"332d979e-90db-4495-8394-642e13572173","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8438be6-8cb8-49bf-90ca-8f53e40de125","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":180,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"2b228fc9-ab08-462d-90f4-411f85441039","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":180,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"37e09c9e-330f-4f53-9e3b-1cc194666637","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":180,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"d98e317e-67e0-4e30-97ed-29d6614e0d55","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"ae95108f-3faa-4268-a5b6-cfddefa3fb46","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"475683cc-087f-48a9-b7a0-fc398b89b382","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":180,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"5e17cfe7-433f-48fe-ac5c-c0e8f51f5b2b","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":180,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"d99dd653-9bc0-426b-b6eb-9431733b3760","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":180,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"91754f44-53d2-44fd-b81d-05f8d33b64a2","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":180,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"73b9378e-de86-4ed5-ae87-72f37b65a1ab","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":180,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"e8fb6c63-f236-44c8-aab7-5c5e6f2a867b","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":180,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"79b55c0b-0204-41cb-a5c1-2368645f3d6b","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":180,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"cb4c356b-4ee1-4cca-89d6-bd041535963b","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":180,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"87542614-b861-4ace-b2fc-f48dd3cc3ca0","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":180,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"5c78a564-d87a-4ba4-898f-b2688a2ca47a","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":180,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"9372416f-7619-4639-be03-d3e13270db64","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":180,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"e588c5c5-9e29-4904-89cb-2b5e4dc17ede","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":180,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"359355b2-8cb9-4559-b648-2b0fb7320f15","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":180,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"a1d5b535-9499-48c1-80e2-fde2a63467b5","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":180,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"6807b2a1-54a2-411a-acab-cae7e95d9e7b","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":180,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"bd1a5066-a5a3-4fa9-be38-343dbc8d329e","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":180,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"a1686fd5-adc0-44f1-90c1-5e214b5b25b8","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":180,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"4706272f-8d60-4d5c-97d0-4d1caa74a56f","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":180,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"8e07262c-8e7b-4d40-88bd-e196f0919631","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":180,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"66768238-203a-4370-a437-1f25a36da024","block_type":"box","text":"less than their original cost.","page_number":180,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"81c57d91-e757-4060-9dc9-54aa161fef9e","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":180,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"447aaca3-10d4-4cc8-9023-b9e21b021ece","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":180,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"ea6c2cd1-1f5d-48f5-9d40-970c64057387","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":180,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"3ff3f71b-e09b-4df3-9fdf-1d89de0d8a23","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":180,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"f86eeccf-9c61-407c-bc5c-7286231fc270","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":180,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"ea063c37-452f-46d9-b663-b8fc1b037e23","block_type":"box","text":"lower amount of expenses is deducted.","page_number":180,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"272848fb-5aeb-492d-95ea-85cfc23dfe6d","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":180,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"03f05a65-43c8-473f-8cdb-725aead509d8","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":180,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"b60437d3-ddd3-4498-984c-9deb74a0958a","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":180,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"53fa7064-8c01-42ff-8140-57da015800e9","block_type":"box","text":"Money Magazine, U.S.","page_number":180,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"8db1266b-8293-49f1-8241-3a1b498fe1fa","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":180,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"a68c0a20-8e34-4ede-8feb-2cb457d14e1c","block_type":"box","text":"or other industry publications. When","page_number":180,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"88890ece-d39c-4ce7-976a-3430e68a0969","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":180,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"b6deb812-c77c-45ed-8b84-45271035ecb6","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":180,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"ce89bdd8-1046-4061-b85f-296dc055a552","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":180,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"4db815ad-e751-4baf-9efe-57c1a28cf78d","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":180,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"d1695b22-ccbe-4719-8766-5178ecfa8229","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":180,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"f5c72753-3613-4b64-8599-77182c1ec201","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":180,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"93b42e48-2b51-4cee-a108-4089f36bccfe","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":180,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"b8519732-ab4b-47a7-bb80-e55963e07b42","block_type":"box","text":"developed by Fund management.","page_number":180,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"811171ec-3d57-41c5-a93a-3515fb8bc3c6","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":180,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"eddcc88d-a143-4afa-a3a6-debf39da4c57","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":180,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"f5ce5335-aea4-49c8-8d78-99650b468a42","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":180,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"d1487076-f507-42ba-ae13-ea2352c8e504","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":180,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"8a73ff53-1d64-42d9-accb-452f37d8cdc4","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":180,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"b5da2a3c-dd81-406b-8d6e-41beb3ccb243","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":180,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"57195e6e-b2ae-472b-adbd-d91574262630","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":180,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"58cadbb7-ae86-4da3-bd3f-cbc1f36280e9","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":180,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"793fc597-7b93-453d-8536-73b1d30e8bba","block_type":"box","text":"II-138","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"36ebf637-bb12-4099-a64b-679025bdb900","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf18b92e-eae4-41de-9b7d-de2915e8ac75","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":181,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"f19f6f07-600c-4b97-8309-65d65fe6ed59","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":181,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"435a844b-1f75-4fbf-bc3d-bd0a6feaad4d","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":181,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"56fc546e-c0a9-48a2-9743-27f7cb8ec7a6","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":181,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"00cbb6b6-891d-48c9-9105-33c1ffd7da3e","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":181,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"b0a5232e-bedd-4c6e-bf27-09ecd4eb7f2f","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":181,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"118bb959-eaf9-45c6-9644-6ffb5b373f96","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":181,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"2ed579f2-fcf5-4723-a982-d5b804eefc54","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":181,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"8634823d-c2d1-460f-9f2d-56a5e7684b0b","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":181,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"efcb43ff-b425-49f3-a00c-9a9a9c48655c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"1d85ea97-808a-4cf0-93ab-407851cda658","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":181,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"e8e7face-756c-4085-abc5-ee8fea7deed8","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":181,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"4858d361-d963-431a-a7af-82b192dd6f69","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":181,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"fb909715-08a4-43a5-8a29-385b24d98a15","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":181,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"fc927d84-1037-4c51-a714-0944eaab2add","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":181,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"ca6ea732-8815-4b98-bae1-bc926187ad40","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"4cde8766-48ab-4eb7-890e-4c4c13182499","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":181,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"760954d9-c4a0-4cb5-b29f-f9ea33379c69","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":181,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"17e3215a-631f-457b-918c-5140db8c0b92","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":181,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"3dbdf258-f01a-4b16-8418-ece29905c3c6","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":181,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"c6be373b-8b5c-4633-ac28-5ce47fe97319","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":181,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"cd77974f-8772-480f-8e7f-ec9f493432f8","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":181,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"080f43d8-2cea-46ab-b0c3-a4cd6b340936","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":181,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"97d1b2b5-f530-40bf-a789-f94bb2bb1e2f","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":181,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"1dcd4930-74cd-40bc-943a-e48d5906689b","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":181,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"e5692f28-7354-4eb8-a6d9-c78ed4795750","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":181,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"706901b1-e27f-4376-a0e4-dab8328a8e22","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":181,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"27547533-ac95-4e49-bc67-d328beb0eeec","block_type":"box","text":"GENERAL INFORMATION","page_number":181,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"4d75a8cb-de9a-4e19-974f-f8ecbb5b8ee0","block_type":"box","text":"Description of Shares","page_number":181,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"523ca819-285c-4085-8ee7-743cff465404","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":181,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"a5f3231d-c8c5-4eea-a1a8-4f726cc3bf40","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":181,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"fafe0dba-370c-4149-83d4-529528c04bb4","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":181,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"d3671e0b-76b8-43a5-8a8b-a41d17d3fd1a","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":181,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"f0cf2b8d-e17c-4dea-9a66-4f977f692422","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":181,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"bdfdbf40-5a11-43f8-832f-a580424c48d6","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":181,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"2d39dcf0-d7f5-4d6a-a172-7b3ee046ed11","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":181,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"a78324e4-510b-49cb-90a5-5c01d54f936b","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":181,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"f383a9e2-8c19-4239-9d7c-a39aead5ef5e","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":181,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"4f9ee134-ec3a-4ed2-9b5e-3f6d94890fd8","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":181,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"8f4d586c-0e07-4ae2-bb0b-f5810a8b7d3c","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":181,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"9371070b-1d5c-4841-ad35-0373110f472b","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":181,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"e51bf023-5a85-44e8-810f-0d4fd2d19fb1","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":181,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"37a77f36-baa1-43e9-bf4c-49900674e8a9","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":181,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"16ab4c3f-a9c5-4e56-84b0-24171383664d","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":181,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"2360f4a8-671f-48a2-b6b6-881ea4183e36","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":181,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"ef326949-9717-4f1e-afd3-ca8fa7b92c56","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":181,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"2fb7917c-a672-434b-934a-cbdce42a4f13","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":181,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"27f2e606-12c7-4b78-8631-8dc03e58daf9","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":181,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"3afce1bf-8876-4fb2-8cb5-f52cd492e59c","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":181,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"ee7083d6-11b1-41da-b4af-9444d2e084d1","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":181,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"bb11fe4e-678f-43ab-8b34-8a1e19d53793","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":181,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"9c0a2a14-c6c1-44f9-a4a0-9715fdb066d3","block_type":"box","text":"II-139","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8bff6ff2-95db-4842-ad63-2c176e7c179c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"754fe8cd-17ad-4b97-955b-9d2a945a195b","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":182,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"cec1f78a-d9ac-4a4a-a699-80f541b56443","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":182,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"8cd2f48b-d096-4f4d-ad35-723068c26d1a","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":182,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"38bddedd-7d6e-4d3e-b0fa-57b785c84034","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":182,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"1c2ae2af-61e8-46c9-9a40-ec08c42b72ac","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":182,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"8a8c08b4-0b44-47af-91c4-df4fd429e0d4","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":182,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"4f002b8a-9805-485c-81dc-36edd19d3157","block_type":"box","text":"Additional Information","page_number":182,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"fa8cbd33-4455-42be-a56b-6af4ce7ac8c2","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":182,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"8cd06436-1035-4a48-83e0-15a02bfbdc3e","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":182,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"29f38deb-dd39-4755-aa9f-9ff2145b68e8","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":182,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"56c08f1b-5a46-45b8-ba53-103a515c6abb","block_type":"box","text":"such name to any other company.","page_number":182,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"55295fae-2178-455c-bcc7-dd81f11b0480","block_type":"box","text":"II-140","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"43eacd23-72d2-404c-87dc-005687d8a456","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"715c6e1f-b0bc-4dd5-88a2-6216479fd544","block_type":"box","text":"APPENDIX A","page_number":183,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"c1ae6f76-bfea-4af8-bbfe-bff7302f2440","block_type":"box","text":"Description of Bond Ratings","page_number":183,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"9ffe8c9a-3592-48fc-8feb-22cb293f56ad","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":183,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"7e2bf96b-2bd1-4eb5-a541-398831b082c0","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":183,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"111ac459-a42f-40ae-a45e-431f5939e0d5","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they undertake no obligation to do","page_number":183,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"07e0356e-2148-428a-bcf8-c85c771d7eab","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":183,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"dcf5f828-6f3e-4de1-9127-2b50049c1ad2","block_type":"box","text":"securities on a particular subsequent date.","page_number":183,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"f53d6f8c-2ddb-44a8-ad21-9f0845d8ab56","block_type":"box","text":"NRSROs may rate specific investments (","page_number":183,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"bcd4b1b1-7866-4bab-84f1-0ca92996894a","block_type":"box","text":"e.g.","page_number":183,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"25063440-3335-4748-8eea-88bef786d795","block_type":"box","text":", bonds), issuers (","page_number":183,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"46e65976-f29d-409d-b65b-4eba5a516293","block_type":"box","text":"e.g.","page_number":183,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"0b2b604d-6819-4f64-bfca-5c2f44d1430c","block_type":"box","text":", corporations, governments and financial","page_number":183,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"0cbd424e-a576-4886-8b8d-1cbe0adb50e1","block_type":"box","text":"institutions) and/or programs (","page_number":183,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"87b485bc-1b6d-49fe-be10-1f3400aec4f4","block_type":"box","text":"e.g.","page_number":183,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"e1bec99b-3651-4093-80fc-dba6a10f5039","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":183,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"0e5b7995-531e-452d-b86f-0fd86944356b","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":183,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"761432a1-9064-4644-9dd0-a8f1de11bc49","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":183,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"789f4b43-426f-4f82-9079-d502bb775d42","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":183,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"afcd4ece-3fdf-4f88-bf99-9a0cea3fc5ce","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":183,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"266cb484-d4f4-40e6-8473-0ab239617c6b","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":183,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"edbdca4d-c6c0-4c50-883e-57840e798926","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":183,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"e7010db2-c322-40ba-b610-63e03795b711","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":183,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"41e2bbd1-58ed-4af9-8e2a-a4f9472ddc26","block_type":"box","text":"security (","page_number":183,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"b9fe9537-5aa7-47e7-a579-c7041220e684","block_type":"box","text":"e.g.","page_number":183,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"00f49700-9a47-476e-b723-695b1ed432ed","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":183,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"319844aa-4c49-474a-8616-4dc49e4c00df","block_type":"box","text":"highest of the multiple ratings.","page_number":183,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"0dc3d56d-0019-47c4-8a85-892d07585757","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":183,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"b40bbb8d-f995-4302-a786-86dc65eba023","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":183,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"f7a506c9-3322-4773-9e68-32a56f1a7930","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":183,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"2b50ecc9-5506-47fc-b6dd-82b309241831","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":183,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"a3e65586-8d6f-4f4e-8df2-44e265514ed1","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set forth in the","page_number":183,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"b9af703d-54fe-4aba-b903-dfa2d4f7bb3b","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in","page_number":183,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"c4b3c8ea-b07a-4bbd-84a7-b37e66c846f2","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":183,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"21237c26-825c-408b-9d55-93e4a42abae3","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":183,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"9c6bae84-4138-4922-9fb8-b0f4db269a43","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":183,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"2784d2c9-bf5c-4dc9-99ac-aea753b81fc5","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":183,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"433bed2d-54fa-47e8-a315-3fcda789fd74","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":183,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"ad81da95-4598-4bbd-ad1e-81d6ef6d71e3","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":183,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"9d30bd0c-9364-4308-90a7-565097cc95ee","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":183,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"48f70dfb-461c-4448-9fad-8d3a19eb03d7","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":183,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"93629da6-c653-4b9f-86a9-d433a3d67c12","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":183,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"5ac3f10d-fd55-4f2c-9a5c-678dc1eb731e","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":183,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"d4b6fe8c-6d0d-49a4-9c7a-3730ce739a1e","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":183,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"8b6dcd2b-8c50-450e-a2cc-d5954625c975","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":183,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"d700be94-06fd-4059-9fbf-e4ae23debb63","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":183,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"673cf095-6bb8-461a-8073-74d3d90cb24b","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":183,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"d70886d4-afb7-45f4-bba3-6a0e2eda9bb1","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":183,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"84796c3d-47c8-47da-ae60-b1e596bc0873","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":183,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"aecdd0a2-888a-4ceb-b088-809d51aa0399","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":183,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"fab7958d-1109-4474-b673-d32a635c4094","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":183,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"a4753721-a4da-40aa-ac04-1553dd927b87","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":183,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"073d2f3c-e66e-4648-aaae-567a70389cb0","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":183,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"df2bdbfd-18a8-4d1e-b81f-c3da1b4a5698","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":183,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"53176df7-74d6-410b-bed1-08153eb9a9fd","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and short-term rating scales and are forward-looking","page_number":183,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"00d7b384-b999-4f15-b292-dfbf3d8f5c0d","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":183,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"3bf43217-d733-4a48-ad21-f36c2f177b01","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":183,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"629c55af-1a55-40fe-a35e-a49c81a7590e","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":183,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"19d98d93-5d97-4101-a86d-92cbaf700bc8","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":183,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"5de4111b-d4e9-44a2-b94b-7c2777885df2","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based","page_number":183,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"21675b5a-f988-495b-b67d-22d3ac7b5aba","block_type":"box","text":"upon standard sources of variation (","page_number":183,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"f03f08af-7252-4a35-9750-cd4b1b737fa4","block_type":"box","text":"e.g.","page_number":183,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"4bec117a-2a18-4fe3-8caf-e9347ab01f9f","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses","page_number":183,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"3aa864b5-7663-45b0-956b-a33646d99704","block_type":"box","text":"A-1","page_number":183,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b9b96a86-e321-49bc-850a-60dae83e6c12","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be81d197-29b7-4e8b-a7c5-7dd240db0cd5","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":184,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"4344c0a6-9406-4834-b953-727678eb5305","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":184,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"3ccae243-5f6c-44e1-aa7a-8310d3554787","block_type":"box","text":"e.g.","page_number":184,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"d3400840-27a9-4a57-8fda-2eb01e6ae29e","block_type":"box","text":", equity indexed), absent","page_number":184,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"a387daa6-4462-4114-875a-5de183ef8e40","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":184,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"e2ab8d9f-0038-4054-87e4-8913fb8ea621","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":184,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"a9a0d2b2-fb89-429e-89ad-5148517d15ae","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":184,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"4cc1ada4-0b28-48f6-ad81-71649428ca2f","block_type":"box","text":"the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen","page_number":184,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"18603929-aa5f-4508-8318-203087104b6c","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":184,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"c596cc0c-de21-46d9-86d6-6f5f2849488c","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":184,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"c011f937-943c-4c0f-bd0d-95440479d34a","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly","page_number":184,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"2946d819-4d60-4c7c-8ac2-476e54642acf","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":184,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"e64f82df-a115-44f3-982b-3fde31133152","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":184,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"eed0df1d-bfaa-4c43-9009-e977b130f180","block_type":"box","text":"i.e.","page_number":184,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"0b8f9fce-bebe-4cc5-919d-148c6230dc89","block_type":"box","text":", ratings on nonfinancial","page_number":184,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"0497327b-4f3b-4cac-8931-6b85dd7b046a","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":184,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"057108ed-94c7-4474-bdcf-0801da624c8b","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":184,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"9ddd6a1b-9d04-4d4f-a16d-af5a4bda7c7b","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":184,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"fc47e6b7-7eba-49ca-9adc-058e9893a2b7","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":184,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"7583c6de-53b9-42ee-884c-53ed35837371","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":184,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"46b0fa37-c4e8-4de4-8d9b-4bf11851b34e","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":184,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"f781a824-b0ca-427b-a647-376f901f6708","block_type":"box","text":"of time.","page_number":184,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"a437fe43-d9a0-4f86-b681-86c3e64e8a38","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":184,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"b3d30da9-de10-4041-ab82-d7826b48f31c","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":184,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"c14a0cb9-5175-473a-8e3e-aa7361076819","block_type":"box","text":"risk.","page_number":184,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"c1862ddf-80f3-4dee-90b8-dc92c6efb88e","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":184,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"11dad4bb-05be-4762-9baa-2404dcd793d7","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":184,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"af4f3242-d901-436b-8039-229df0a09d4a","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":184,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"832bdea7-18aa-4583-8f11-4381c60fd3af","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":184,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"65c148f7-3096-424b-95c8-cf0e6ccc23f9","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":184,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"9053b1c1-4720-4217-8a0a-6661ae42f336","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":184,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"9d236793-4aff-4213-8f74-73e5c093224c","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":184,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"cf8e50a7-ac34-4d31-811f-6d93fcdf4c0a","block_type":"box","text":"credit risk.","page_number":184,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"4637dd13-6d40-4832-a56a-a3de01d505ed","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":184,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"4baac07e-0ec2-44ee-874e-25602e9d4fea","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":184,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"5e8a3b79-aee8-4ede-96ea-7b4989e86cd4","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":184,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"96115b29-2417-4b74-90c5-3e8f79d3c305","block_type":"box","text":"of principal or interest.","page_number":184,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"bcb03e9a-50bf-4a1b-9480-bbebe010cbab","block_type":"box","text":"Note:","page_number":184,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"5103098a-4608-48de-ada8-229810619094","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":184,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"f0b39757-ce41-4622-bcc6-d8c00df5fb87","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":184,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"ce478685-0f9d-4c74-8946-8b2aff6441a8","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":184,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"33a00722-b828-4da4-8416-d43d6a85a7f0","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":184,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"b78cc8e1-49a8-40d4-9b8f-efc2771705ae","block_type":"box","text":"companies, and securities firms.","page_number":184,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"a834a4d2-defd-4514-a1f5-fbedf21541d6","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":184,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"4cdd13fa-f576-450f-b3dd-ee33c588176a","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":184,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"0a6375ca-c5be-45e6-92ec-350a1ad4722d","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":184,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"dfe27e9b-f204-4f0e-ba70-753ca1619440","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":184,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"387e1d41-4762-4128-bd96-a076674fc788","block_type":"box","text":"that security.","page_number":184,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"68c51c8f-0da6-42b1-b0d0-f5722b1117a9","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":184,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"b0eecf51-7b1c-4a70-92b0-5ca9498fa5bf","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":184,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"cce59956-102f-4246-bb41-e8037406c735","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":184,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"b4f94993-0833-4998-8a53-1b6d8d829052","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":184,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"c36949a2-2313-4b5d-a2bf-663f87a70d4e","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":184,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"0a85be96-ee63-4f54-aa45-303bbc596874","block_type":"box","text":"categories.","page_number":184,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"5a437e42-2a0d-46bd-8b1b-90cd5f86b49d","block_type":"box","text":"A-2","page_number":184,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"8409e5cd-a469-4966-b73a-2dd4af23a6f4","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f0b4f39-8513-4c47-9254-3ff65271e760","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"ccaa73d0-8f1c-4da0-992e-e2842d981323","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":185,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"1320d712-f8e4-4c21-828b-6e50f138dace","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":185,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"19ad5d7a-b81a-4986-a712-ff6ad41706cf","block_type":"box","text":"an issuer’s self-liquidity.","page_number":185,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"855620d5-3f11-4719-917c-975a8ce2f426","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":185,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"47c29deb-567a-4bce-abe3-ce6af35ff9e1","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":185,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"f3b98b6f-8028-4a11-b240-eb1f81f863d2","block_type":"box","text":"MIG Ratings","page_number":185,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"effb8c79-29ba-461a-bef9-b43d457337f6","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":185,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"04b4dad4-74fa-4e85-8d32-93cf3f92e6a4","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":185,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"01cb8842-d4d3-4631-8981-b84c2f522aa6","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":185,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"0f2356ad-d71f-4a2c-ad98-7c898aa2ca2c","block_type":"box","text":"MIG Scale","page_number":185,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"60443778-28ff-4372-9ee2-1aebce087199","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":185,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"8c185a2d-554f-4260-b61f-07e85b6a3c40","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":185,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"00c069ed-3a68-4fb3-8a06-ebb0c5800783","block_type":"box","text":"refinancing.","page_number":185,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"2b58b78d-c645-4e1f-92f6-eef64c2292cc","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":185,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"f6b41618-e8f0-4c2d-ae8b-34a30feb65ca","block_type":"box","text":"large as in the preceding group.","page_number":185,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"639445a0-321d-4d6d-9bd4-ba03ee64bcf4","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":185,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"6a62ce46-939b-4e35-9f7c-4dcf80cd0ab3","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":185,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"4648a1f1-6eac-463d-9f6e-6547d11fb166","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":185,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"aa2b1a7e-cea0-47f5-85a0-3dd9baaeca6a","block_type":"box","text":"lack sufficient margins of protection.","page_number":185,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"bfbe5de7-5389-416a-97f6-24edc8208edc","block_type":"box","text":"VMIG Ratings","page_number":185,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"eac8e022-3052-4bf2-b978-8efd34acda91","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":185,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"7e7b218a-c76d-41b1-b3ec-d13849151020","block_type":"box","text":"are a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":185,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"35760d76-08c6-43bd-95ab-9e67b71177a5","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of","page_number":185,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"b4d0b2c9-489a-45fc-8fc8-30d0ee1bf622","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":185,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"fe09f54e-023a-4f00-a0a6-d85abfce0bed","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The short-term demand obligation rating uses the VMIG scale.","page_number":185,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"461b07af-7558-4cc7-886c-dc597b5c483e","block_type":"box","text":"VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support","page_number":185,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"dab9f24f-c10d-4c1b-b462-e4983ac216d7","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of","page_number":185,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"ca286b41-54b4-4c95-a773-8197ea3bc2f4","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to","page_number":185,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"c04a34e6-917e-4eb0-a76c-55969ea15a71","block_type":"box","text":"reflect the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":185,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"fc192683-20a6-464b-a501-5fc8fdb3e611","block_type":"box","text":"grade.","page_number":185,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"defea40f-9bb6-425b-9e29-7bbc4b9c9ffa","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":185,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"a8ba1b5a-9aeb-4188-8c1b-a58f16ef96ca","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":185,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"cb30fbda-cf1e-488e-9e30-cdac1858ff03","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":185,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"e96832d1-8860-4750-bfcd-02cfdd6501a2","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":185,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"58359c69-86c0-489a-8e23-836f82abf646","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":185,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"758cfb71-56ed-48fd-9977-d21eaf25fb21","block_type":"box","text":"liquidity of the corporate obligor.","page_number":185,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"c7dc0955-8605-4dd0-b8db-366215fc9d54","block_type":"box","text":"VMIG Scale","page_number":185,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"a77c4e60-cb22-4d37-a5f9-bf731cabc831","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":185,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"4c7838d2-5d6c-423e-9965-dab93942fa5b","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections.","page_number":185,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"40cf1d33-4b15-4d4e-b27a-a209fd0f114a","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":185,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"d6b1a6c5-ce92-4f55-8dd5-fef397c5c40e","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":185,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"236e0147-e310-4095-bcb5-2587c39d313f","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":185,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"6754ca34-f131-43a6-be59-b325d2e27c10","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections.","page_number":185,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"b59c0551-fa23-4f06-9483-140856449ff6","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":185,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"816a465d-f06d-413f-9096-ba295f7caf0d","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":185,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"6aa0d8ff-dd82-443b-8eee-a7135bef94ec","block_type":"box","text":"may lack the structural or legal protections.","page_number":185,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"0e2e0de4-b0c8-4d2c-a384-6968480b92ac","block_type":"box","text":"A-3","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2412125e-91c3-4887-84ba-9391aaa46ddd","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e87a1777-ab69-45df-8d28-00f501bd87a8","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":186,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c14a71b3-4876-4193-9449-fadeb7a0c5f4","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":186,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"982240b9-6bbd-4c30-8d02-8bca3d7934a6","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":186,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"d288b650-9829-45b5-899a-401bb7488c3b","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":186,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"17ef9d46-a427-4dda-a7ec-af00f68e73b7","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":186,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"ec629d21-95b6-46ac-b38c-e187386ad0d2","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":186,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"db8109e1-1edf-48f8-8f83-1f548aba3ae1","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":186,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"6a30e84e-a37b-4197-85b3-cc508a4f6b8d","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":186,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"f0e4f770-d832-498a-b917-4f6336769def","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":186,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d9c2d9f7-900b-47f8-964d-889fef9e89ef","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":186,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"38157cdf-be11-4282-b8a3-a8dce69a3777","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":186,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"4bc82b60-2a5d-41df-a177-bef48df2170f","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":186,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"f6269d1c-32f5-46b2-aeb5-e1b70f7687ed","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":186,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"4a316046-db48-4b47-b764-f9f9da8e6ebf","block_type":"box","text":"from these guidelines based on market practices.","page_number":186,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"69a6c199-d3c5-4cc3-8621-47350cf0a82f","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":186,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"5a1ab38a-2dbc-440e-a55e-f60d0e4353ad","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"236d616e-1a02-4105-9961-2129ecfd3f60","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":186,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"6f5f7c34-375b-462d-8ed5-ac9125aea2fd","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":186,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"5218cab7-5191-414f-b800-03602e8abc1e","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"11b8989f-1918-4a66-ab81-8ee29b39d088","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":186,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"32912f95-4a04-47c3-aab7-b03c4001510c","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"a87213e1-0b70-400a-a3f1-d0462721903f","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":186,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"5100da95-8794-4b74-bb87-e295e49db6c4","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":186,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"c9c631ba-92fa-45cc-8608-d9283ee07313","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":186,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"571d6a2d-2d07-4323-8286-d4355811be2a","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":186,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"43be8a90-01e4-4c09-8885-6c7a0b28117f","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":186,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"f0a17ea2-a97a-4283-8078-9c2948fd11a0","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":186,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"8b5bff85-fecc-4b2b-bd43-94ad12fe52a9","block_type":"box","text":"obligations.)","page_number":186,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"574c098e-e514-4685-b99b-2c0928e00bc8","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":186,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"4732f12f-6304-4c62-a725-0101443a0c52","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":186,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"56f89a18-6fa0-4569-8810-4d9278942393","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":186,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"994eddfc-03d7-4575-bf9f-8573194e3fd3","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":186,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"91938745-8738-4dbd-a888-731a9d1fe34b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":186,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"4cdbbcc4-b9d9-41c2-8bab-9e4d9d21ca4c","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":186,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"02779f2a-1dbb-4564-a843-72c50d7b5481","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":186,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"01480fa3-90b3-453c-a42b-630566985b84","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":186,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"beb39c50-75d4-4708-9574-6f3e8200f440","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":186,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e480b672-f25c-4cf8-9998-286d40079f0b","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":186,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"46878b56-8222-4e7b-9886-d7a314a48cf4","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"fadb214a-fd30-4403-ba2e-ebcbf76d9c1c","block_type":"box","text":"BB,","page_number":186,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"e85774dd-275e-460a-82d0-3f4c3fea08de","block_type":"box","text":"B,","page_number":186,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"f216a45b-26b6-4552-a44b-1443bf7d44f1","block_type":"box","text":"CCC,","page_number":186,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"fc5342b0-49c1-4f89-a9d3-7c3322dadec9","block_type":"box","text":"CC,","page_number":186,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"f8c51f9f-6edf-4205-905f-bd781b76f952","block_type":"box","text":"and C","page_number":186,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"55e9a832-1945-41a7-bbd4-0c8d6a53eb7a","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":186,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"6d92dc48-5eb0-4dcc-af0b-eff469d53143","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":186,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"64497673-3c15-423e-a868-0da0e113785d","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":186,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"451091c8-1e78-46b8-a478-d075c7152fb6","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":186,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"22c47006-a50b-4147-94e4-07963ddc7357","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":186,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"6b51a92d-95c8-4be8-a4fe-2b43a3bf0736","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":186,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"1ca7c91b-adcf-4b2f-a1d7-cd4b8e38368c","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":186,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"dde40654-ec02-4308-98e1-71d882aabc9c","block_type":"box","text":"on the obligation.","page_number":186,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"b61a3eeb-d841-4985-b85b-898dac29c17f","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":186,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"8b900a39-479b-4f27-804d-db00d7aaeeb5","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":186,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"351bfb4d-a289-4dc7-991b-b37a16d6e56c","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":186,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"4acbfc13-4c45-43a5-9b1e-cc039dbb4868","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"1099f814-f6e8-40bc-abcb-f9ee4ee3d616","block_type":"box","text":"A-4","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"ee83f105-1c2c-4d34-af22-eb0932e3fb92","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f325228-6c6f-41c2-bd69-5e7597ef7eff","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":187,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"acd3f975-fec6-449e-9df3-133cd3f72bf3","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":187,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"ed5abd8d-9287-49ec-b2db-0c4a38d61743","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":187,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"b4eef92d-1e1c-4b00-8a8d-505948bdd206","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"8b9389c7-5cad-40d6-bfe6-dae5799cde85","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":187,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"d90ab673-f04d-45d2-a0f1-c2f8824b164c","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":187,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"189c3c2b-e98f-44fb-affc-da0e270196f1","block_type":"box","text":"anticipated time to default.","page_number":187,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"5a3f8d5f-6912-44ea-88d9-e7ab5f9a4adb","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":187,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"8b3e4a2c-6b82-4293-8e10-6f89e3700fae","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":187,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"dd3a0862-6329-49a5-a708-5077efe882b9","block_type":"box","text":"higher.","page_number":187,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"cabbbc27-82b3-4c14-a283-2a8d1494d6d4","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":187,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"70fbef00-9454-4164-bf45-ccb8edeb3568","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":187,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"6fd19dfa-c83b-4c0e-84d8-71aae8533ccd","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":187,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"7340dc43-6bef-4541-a9e9-1b117f766535","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":187,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"eef8a611-8420-4efd-9821-70e294a0c9e9","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":187,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"857fa10a-799b-4d22-b657-39deeace777c","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":187,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"7aa1bdfb-d629-4de2-8f6d-09c90e76185e","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":187,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"db7af017-75b9-4691-84a0-cf180c1f1c42","block_type":"box","text":"restructuring.","page_number":187,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"07254846-5b3f-48b1-ac39-d20286471220","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":187,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"934b9891-73fa-46cd-9d1d-8ccb3a8b7024","block_type":"box","text":"standing within the rating categories.","page_number":187,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"ab4fe8dc-0194-4249-ab65-dce1df3cdcd8","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":187,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"85cc9c64-7cd2-4099-95fd-dbd35b273025","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":187,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"dfddb15a-701a-4bec-a385-876be2e86f05","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":187,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"94baa3e7-5dc1-4149-88af-e9c2ce654bd0","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":187,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"92436e87-57af-4506-b48d-07d4801f3330","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":187,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"6423bfe9-5cbd-4100-aefa-26d973463282","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":187,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"68e947cd-9fd4-4a84-956c-160715c0569f","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":187,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"56fe3383-2cc7-49ac-9fdb-58db7af1b02e","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":187,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"93e0ed95-de06-4ca1-ae5a-970b736b9124","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":187,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"0f613710-26f6-46b9-9ccd-69313996e2b3","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":187,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"8e9cf5be-c810-4be7-b2b5-26f07ee7ee56","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"a8c33ec2-57a1-4925-bca5-23cb540060d9","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":187,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"7965560b-dfae-4991-8831-5e0a3e25f27e","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":187,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"25c061b4-ddd4-46ca-a6a2-3c3a6e2b4059","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":187,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"192a69f8-439a-43d9-8a58-8c39affb5371","block_type":"box","text":"financial commitments.","page_number":187,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"14882a57-0efc-4e98-8036-d2a491bd0a8e","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":187,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"20e741de-879e-4784-ad67-d367ed63503e","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":187,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"6affe2ed-2783-4726-abea-d7672df374d3","block_type":"box","text":"commitments on the obligation.","page_number":187,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"2d92ee2f-9067-4706-922e-80e5e65047ee","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":187,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"ff673b00-0fdb-40ff-8403-6a3ce5bdf713","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":187,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"6e1b606d-0137-44ca-9219-c825a4bc10c3","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":187,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"cbeab20a-4ed5-4752-9f7b-ebe4626e98a4","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":187,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"e0b1ce4a-5b96-46b9-9e60-a49db1b31ff5","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":187,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"ff9adf1e-e858-4dac-bac9-fce605f27457","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":187,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"b1d4d35d-2d5d-4498-b9d7-46245cde99fc","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":187,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"4dfbb5f2-0072-4a26-a277-741df9c4569b","block_type":"box","text":"debt restructuring.","page_number":187,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"d629db65-b9b5-4a61-8ed3-10c8b214a622","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":187,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"5689c516-cfa9-42b6-beb2-ed74cc896f63","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":187,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"45b9a2db-ac95-4a53-8bff-2ab6a02f0c9d","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":187,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"7025829f-f208-4f83-9949-e424dcaa6632","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":187,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"7e4846d0-785c-477d-aa66-1b89cd967fe8","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":187,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"6e20497a-2c8c-4a15-8aab-10f1144bd4ec","block_type":"box","text":"A-5","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"49229e91-b9e4-4f64-a1c1-2ba8d0108167","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d967d00e-0d1d-4156-85bc-9afdede8d6ca","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a8242af5-92f8-4055-a3ef-3ff2df13cf26","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":188,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"ed87ba4c-2e63-425c-be21-a1322dca79da","block_type":"box","text":"as a note; and","page_number":188,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"c8b287f9-a768-4fb4-a92a-21c2ce2001fd","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"f3b13d18-3b66-449f-a11a-2b3652ebb4df","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":188,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"8a4de199-f962-4681-8eb1-f75f88b1df0c","block_type":"box","text":"treated as a note.","page_number":188,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"994b8dcf-13b9-49e3-b4f0-ff8d041a0388","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":188,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"6d5d954b-4e32-468b-8c9b-3dff96a619e8","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":188,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"5d78ce43-e124-4e2f-aaf4-555920adb3e7","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":188,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"92ebf9fe-0907-4264-a35b-ea2eb600ef5c","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":188,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"c8e9b2ec-35b9-475a-8e5d-4d8c8aef2a3a","block_type":"box","text":"economic changes over the term of the notes.","page_number":188,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"8d3291f1-2288-4b7d-8aa1-cf2788b3de11","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":188,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"63814b49-2bec-4962-9f56-e52d453bc45e","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":188,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"7e7220d2-95d2-4dab-a4ed-b15f505966a9","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":188,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"5c5d9a48-bb50-48ab-98c5-abca4fa30f29","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":188,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"42071c17-7f22-4bed-894b-eb6405743088","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":188,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"c8abee5b-4262-4c6c-bd66-e5463100c091","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":188,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"46cdd894-0920-4e9b-9038-78851f2c27af","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":188,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"d974f6b9-22f5-43d0-8275-ad50051425a4","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":188,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"02591909-fae2-4f5d-bc1d-4c701d82279f","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":188,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"c9634a5b-486b-4c8d-ab41-6448f5e0d250","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":188,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"c20b1a48-6f34-4f46-96f0-167d2f8158e8","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":188,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"6255fda2-63a1-4945-bace-99033ad3f930","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":188,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"e3a07a59-90e0-43df-b02b-7d61da5deb4e","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":188,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"2a57a63b-564f-4294-9087-9ac79e111e02","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":188,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"3714a96a-4ae7-4561-aebd-8c3fdaa58e49","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":188,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"811bc387-ed7c-4e58-b80d-2ccbe9197e6e","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":188,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"c019ca67-d704-40a8-9632-45b29f1be9d5","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":188,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"eddc17ba-12e5-44bc-9693-2cccc11319e0","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":188,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"4ccd9dd5-01f7-438d-bcb6-ed06fdbe9144","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":188,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"8b4df8b1-d2e7-422f-ab18-cc2418579efc","block_type":"box","text":"receivables or other financial assets.","page_number":188,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"485d664e-87d9-45a6-8ba0-84013309558f","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":188,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"2b7f882f-7ff8-4db9-9484-9c2b343a931d","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":188,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"42d47078-9c53-4abb-a4df-c05a86750a3f","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":188,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"8da99838-3c20-47b1-876b-ceae4d82ca1a","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":188,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"9c9d9d04-d37b-424f-a474-435a76c0ef68","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":188,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"e2af3ed9-04c3-4b53-bed9-bb494956d82b","block_type":"box","text":"occurred.","page_number":188,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"04acbf18-dd8f-41c7-b7dc-73974e78f1d5","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":188,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"c438bc66-1d41-4fe4-99d1-2bc4eaa47619","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":188,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"bed05944-c0eb-49f6-b2e5-6336ac67d25a","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":188,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"fe25a090-bae8-464c-9404-c84cd70e109c","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":188,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"eeb2d1ff-5517-42c6-9e25-f7141156cb61","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":188,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"b21b1dd3-fbe4-4185-b0df-8118e85f8031","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":188,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"a263aa15-d19b-4947-82e8-1cd9f1371bc0","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":188,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"b88f6a1e-df3e-49c2-a0bb-2d7b80a87fc7","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":188,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"a32e8852-68c3-4c75-930c-ade4845f96b4","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":188,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"c3b47f62-09ee-4035-b483-a2b13cf08300","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":188,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"a4b36624-1430-4e52-ba59-645695ce1e8b","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":188,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"8987691b-7f54-4145-a580-4d5dfa990f5a","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":188,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"aa52f413-2cd8-48c0-9dec-7a91a56d50c3","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":188,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"e58f8287-e07f-48c7-82f2-4c0123bb1094","block_type":"box","text":"i.e.","page_number":188,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"9ee611e1-f8a6-41fc-8181-eb2d55f482ff","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":188,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"a6ff2efc-f318-4c6f-afd1-cd7b28677950","block_type":"box","text":"the obligation’s documentation).","page_number":188,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"97c5d2a5-31d1-43b0-b9ed-d292a82e0935","block_type":"box","text":"A-6","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"36a99367-d1ad-469f-9742-0e3570aa59e9","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1338219-e3d3-45a7-b524-d03a11fba74a","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":189,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"35aefdef-8059-49cc-9593-c502fe5b904a","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":189,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"26f1af80-42cd-41b0-b417-21b11c64c620","block_type":"box","text":"agents in the form of a rating letter.","page_number":189,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"9fd4b66e-7af8-4b93-8859-cced6f92784b","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":189,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"2e391ea0-6d5a-45f6-84d6-8f458298eb94","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":189,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"0077e59e-d8a7-4585-a4a6-83702155c7e7","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":189,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"ac9acdc1-9a8b-4fb5-a465-02b6c6bf2a1f","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":189,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"270c3324-a937-4dd7-a8c1-9822746db29a","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":189,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"b9e9d20f-50e3-4a30-ae13-452010a7e89c","block_type":"box","text":"e.g.","page_number":189,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"dc4ceaf8-af40-4e6d-bc01-46b0378e36f1","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":189,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"6ae9fbcd-fa0d-4db6-9b69-e8cd64ec9fe5","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":189,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7ecf4e37-704e-42a6-ad08-1c51701026bf","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":189,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"e25cd0a0-8b3f-4755-99ba-2e84c43ec52a","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":189,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"b9a4d9be-58d4-44c2-8a3d-3b97c472a242","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":189,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"d0fbcb76-c9f2-4a75-9772-1cc7b9d9e124","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":189,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"6d963526-c985-49bf-be7c-826e26752bcd","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":189,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"63f36ae9-85c7-4a7a-b670-eed17061d1fe","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":189,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"9e08bde5-3ed5-49fe-b110-c0721f5c2ea5","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":189,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"4f1e836c-db5d-4445-b4d5-654227b571f2","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":189,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"bc6d480d-a272-4291-849a-2885cfc0bc1c","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":189,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"e766a043-fa84-43be-8b2d-81c343c8f52c","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":189,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"9e1bb13d-38da-42f0-8c27-be76c57caf32","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":189,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"ceb1d7b2-5650-45a9-bcbd-3b93a6b31ad6","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":189,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"0f465cbb-f21f-4972-b07c-c3fd79ad8075","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":189,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"4011300b-91aa-4a0e-a75c-f3fc4e5f9c87","block_type":"box","text":"Ratings.","page_number":189,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"41504152-b935-440a-9664-3263709a9252","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":189,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"371ad243-af29-4cfc-8a9c-8f1526863625","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":189,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"9c08e2a9-d53a-497a-9f02-9a6f78a7252f","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":189,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"9f0ea9fa-c026-4723-84e3-b3a0e4dd034c","block_type":"box","text":"obligation ratings.","page_number":189,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"808d5163-1364-4c47-8ccd-10c530341fb2","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":189,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"4e2fd716-49bd-4ef5-b9da-2f2d4596a5cc","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":189,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"d52100e7-13c9-46ee-b5eb-ef4ec353e8bf","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":189,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"84c49931-64d0-4976-bcef-084e773f3dff","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":189,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"5180b3c2-5e07-46b4-8493-d6169e81d362","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":189,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"d752dd24-a1a0-4406-ac05-f69b3897bff0","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":189,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"b5693ea7-2af0-4016-8760-bc0ed6017f79","block_type":"box","text":"to foreseeable events.","page_number":189,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"7c3c373e-af83-438e-a297-d83496c59292","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":189,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"882f087e-b7c2-4318-9042-1bb0aded8c66","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":189,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"505990bf-dd55-4e5e-8de6-fa4f3246ca6b","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":189,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"1724f93f-73bc-4a66-9fc4-80280bc756f4","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":189,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"035bd694-39a8-4fe0-9394-c6a67698262a","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":189,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"242f62d4-e0cb-40e9-8b48-97afac332b33","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":189,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"63c0a638-6106-48ed-adfb-31e1fadc4e30","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of","page_number":189,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"bf8fb373-c5d4-4ae0-bee0-531ff174c70d","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":189,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"e36e840b-0f41-4ec9-9bee-0c7cb5354518","block_type":"box","text":"flexibility exists that supports the servicing of financial commitments.","page_number":189,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"a0878f77-3bd6-47cd-bb6c-a3e948c6b3e7","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":189,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"a618b230-94ee-4f02-a8a1-39a4f88c5b32","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":189,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"abcfc539-25dd-402d-bec6-8a10b6869d75","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":189,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"5fc40937-5ce6-4d86-b571-59575a1de994","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":189,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"bf75c2a7-a185-4393-879c-f31455c4432a","block_type":"box","text":"possibility.","page_number":189,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"32a5b72d-68a6-44e9-b8fc-2bde3dc392d2","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":189,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"e69b606d-dde8-4f7a-96c1-ae1f6fd184c6","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":189,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"5ab6e3d8-b465-494b-9a9a-e94a5c6ea11a","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":189,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"d0c397f9-e9a0-4361-bc5d-ff8ffe388f95","block_type":"box","text":"A-7","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"0e905325-3816-4a00-a405-cf2f7fd28017","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a30785f-5bd2-4654-b93f-c967d0920d1d","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":190,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"461afb8c-2fb5-490d-b727-5b57f6583611","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":190,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"15e93ffc-c594-4674-a750-1f88f7547488","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":190,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"057aaecb-c08d-4578-88ab-a49b6acd1235","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":190,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"f4df6a51-80ee-4778-8f20-30db93da4fd2","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":190,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"f50a7374-2fb5-4f40-9493-1b5d8970f7d6","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":190,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"b1e8d7a5-cf05-44f8-9265-28ae7e81a9e4","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":190,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"e250a2bd-689e-44dd-8b95-f65c661b31cb","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":190,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"375655fc-40d7-4b4d-8244-36e2f13731d4","block_type":"box","text":"relative status within major rating categories.","page_number":190,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"7d37e82c-e743-4d4d-ab57-6ef7cac8b799","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":190,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"d3ec0142-2dae-42c9-a86b-7fab7317bee3","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":190,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"6b6fc988-bc6d-4eb0-a907-81c3e4836b09","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":190,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"dcab5342-6724-453c-8df3-aa8dcdda72bd","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":190,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"c2969194-8a57-4223-bc5f-a5b4e73c81d9","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":190,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"0aa04056-adae-4682-a55d-1439d6de0e3b","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":190,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"0362703e-fb4b-432c-ac3c-a09622325a86","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":190,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"d0bb14e0-9c48-4ade-bfb9-7ca7e9065b81","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":190,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"87c7063c-4106-40c0-86e7-7cce2ac71eec","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":190,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"1ef12237-657d-471c-ba2b-02da4dcd6d0d","block_type":"box","text":"finance markets.","page_number":190,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"058a1b42-5a65-4d70-9f8f-f9e3231220b3","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":190,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"1de1cccd-6516-49d2-9751-ee4dabb7d171","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":190,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"96ad82de-6e5d-4683-859b-4cfba3dd5732","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":190,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"893c280a-4640-4cc6-a644-2120223b41fd","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"689f994d-5e51-498e-9265-80ae3d7f53f4","block_type":"box","text":"commitments.","page_number":190,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"a821f7b4-fcc9-4f87-a43b-85c13440dbd2","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":190,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"b08ed8fc-5dc2-4854-b444-180a54b3f3f2","block_type":"box","text":"adequate.","page_number":190,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"7cc67b9e-350a-4fe8-9d31-29057365c706","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"a7187425-0c3e-4391-a35e-114ccf3c1c3a","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":190,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"9676cffe-f88f-465d-b3e4-c65902e0d886","block_type":"box","text":"economic conditions.","page_number":190,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"89409c87-757a-4110-9321-2cfd5b63ddb9","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":190,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"823f4885-01ac-465c-8645-211bd3bda9da","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":190,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"502792fc-2d54-4842-a7ff-a80b1e7c8419","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":190,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"574db243-d1a5-42ba-b5ee-def01303a7ca","block_type":"box","text":"ratings only.","page_number":190,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"c2a889f6-4240-4397-b6a8-6ca7aaa39dd6","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":190,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"1cda6fbd-4acb-4638-a819-14e08ece9a5a","block_type":"box","text":"obligation.","page_number":190,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"eeec5ce2-273e-48f6-950a-3198e6d85fa5","block_type":"box","text":"A-8","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"494bc3e1-f27f-4001-be0d-bd1391a38346","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7eea915-e281-4356-97cb-71ca890876ec","block_type":"box","text":"APPENDIX B","page_number":191,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"6fdc82a0-35f1-4037-beff-d1ef66f71ef6","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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The guidance informs the voting recommendations BAIS","page_number":195,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"2ed7c655-e9a5-41d3-91b5-84393cc63f25","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":195,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"94541c22-afd9-4988-adc5-fa56ec78a509","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":195,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"f53e024e-e4c3-4e7a-8ab7-763e74dd69de","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":195,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"036e4525-015b-40f1-ad14-7eb5ffacfcfd","block_type":"box","text":"The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these","page_number":195,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"ddb806c8-c13f-4623-a610-545847c672f8","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":195,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"5a86892d-4976-4c81-acab-44e254cb9a0c","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":195,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"fa4208dd-dec9-4480-875c-2e51578aabb9","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":195,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"dbdc03cc-db06-46f6-930c-fceda4af3613","block_type":"box","text":"1","page_number":195,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"bde880a2-4d30-4e9e-b235-053661e8aca9","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":195,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"30e41fa1-c1e8-4ce3-a66d-e8b7256abc11","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":195,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"3ff14074-585f-41c7-af8d-099de28fcbb8","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":195,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"8ce2cd02-12dd-4818-9876-c0da3eb5ff50","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":195,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"a14a2b50-d0c6-4308-b974-c2b9d4322ef7","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":195,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"daae8ded-e3db-4b42-95a7-331f2b7f1ea4","block_type":"box","text":"2","page_number":195,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"4e83ac50-0fca-4c41-8d8d-70d448df8588","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":195,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"9c374d1e-2ba0-4e28-a4dc-29a3a74f200a","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":195,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"87c7c346-bacd-43af-92b2-44ff46f0b99e","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":195,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"93c1ce19-19bd-4d09-88b7-28b9e55bb347","block_type":"box","text":"policies.","page_number":195,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"1cb47334-7771-4345-a1f5-c7ee1732fc63","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"abe2f367-14c4-47e5-ba07-c3aabd285b83","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bfbfa4ef-465b-45d5-b55b-fa6e1b2afd34","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b73fb95d-788c-47ec-ad4b-e5341377696a","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":196,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"999446b3-b4bc-4643-b07c-a2bce09886ab","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":196,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"0479041a-a7d2-4584-89f1-80abdee1a0d6","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":196,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"7a6ae8e4-75a4-45a4-b47b-ac580e7302e4","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":196,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"fa7c0e95-ea28-4495-86a9-c24051914f68","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":196,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"03cc7521-27cd-4f63-9943-5274d4866e01","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":196,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"1badf649-776b-44ef-b5f3-fd5ebb4804b5","block_type":"box","text":"this work with research, data and analytics.","page_number":196,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"134133d3-645c-48c2-9ca2-2caa3c6b90c0","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":196,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"983a9414-b2b2-428f-b05b-904dbe078b22","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":196,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"eaff1caa-2216-409e-b68f-ef405bdfd2f2","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":196,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"0500426e-5aa2-4655-b362-374fa82e7259","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":196,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"5039a0ea-ce76-4565-af4c-1f87275edaba","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":196,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"f34e53e3-86f7-48cb-b2c2-f06b4ad3c7ee","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":196,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"ce0f547c-a284-4062-bd2d-b97c220de4ad","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":196,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"7ff12e91-0a65-4c44-962e-e950f9db0239","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":196,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"f2025f79-eccd-4d7b-a644-8ac546971a2d","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":196,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"0596e261-668d-4d6a-b7e1-3ca80d366360","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":196,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"68b49f36-bee9-4577-9121-704c8395002a","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":196,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"4b95a1d7-8532-4917-a66f-2027ebdd3b3b","block_type":"box","text":"shareholder meetings.","page_number":196,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"a83ed0a4-7ee6-47ea-a155-efae503c819b","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":196,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"015c265e-0ccd-4323-a57d-7796618a5885","block_type":"box","text":"investing.","page_number":196,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"65fe3527-c2d5-4488-af70-0fff7ebdd80d","block_type":"box","text":"3","page_number":196,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"d70c7371-9407-4db7-b1d0-db105710155b","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":196,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"dc9b28fe-48b5-4db0-affd-70c46211074b","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":196,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"9b261dae-83b8-41f8-9fab-0b51700c8c93","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":196,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"9ccdf4dd-1cc8-4c37-a5b1-d086e1a12e0f","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":196,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"c12740e5-daa4-4cd5-888b-9648b3e8de6f","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":196,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"5d0ec7ac-6c1c-4aa5-943e-3a25fb4d08e4","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":196,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"5522e31a-4287-4237-b847-5325ad888b12","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":196,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"9be8c18c-1288-4061-9a3f-8fca0ca279ab","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":196,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"db93a5cd-9ee0-4eb3-a72a-aad7ef39867c","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":196,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"97473e76-54cc-4de2-8bb9-284f0e6e82c4","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":196,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"9f40c749-c350-4f2f-b2c0-33eef99b36fc","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":196,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"d232a182-238d-4845-9cac-8a8e61b60dac","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":196,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"2805d5f9-01d6-4f64-9786-6e0c64794996","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":196,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"b3df07ea-e882-4673-bda9-ce13ef942322","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":196,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"1b84bd71-b27c-4518-a329-280f38eb64c6","block_type":"box","text":"management teams and board directors","page_number":196,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"0bf105d3-a86c-4ea0-83ff-e79895f968ab","block_type":"box","text":"4","page_number":196,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"fe4a2675-628d-4874-8555-97d9595c847f","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":196,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"3f65a4e3-498c-4929-b10d-c45553f46cb7","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":196,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"d6b2db69-9b4d-4393-a5f6-0645e1a29e2d","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":196,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"c8e5a4a4-289f-4688-b74a-12a7fbcde68c","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":196,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"a935419c-abb2-4aaf-8270-48c0bb0f29e8","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":196,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"eb452508-cae8-43ea-88d5-7c84cd7ea662","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":196,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"4f5d49ab-ef97-4993-8178-99c252afea81","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":196,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"ea75be92-1312-4071-aa25-a76b17e13e05","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":196,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"774ae7df-c41d-4971-b667-ffb63eb3c2e4","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":196,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"31c65f46-0151-4691-8caf-29e4c0c2297d","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":196,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"c485419a-23c9-4fdc-b0ac-ba2b6c2d3d6f","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":196,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"25232142-066b-4f4d-8288-89792405f002","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":196,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"ed0e1236-9b8e-4795-b562-1001ca55e063","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":196,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"b502638d-d2f4-4c42-9aef-28a2688b344e","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":196,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"efd05d4a-8e64-4be0-9b80-5988c34ae7b7","block_type":"box","text":"3","page_number":196,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"637da78d-d6ac-4683-9e54-009b8a989359","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":196,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"0355bdf9-9c70-4a35-bf60-fdc96cfb44fd","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":196,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"2b475041-d1c7-43a5-8fa4-4e5d59db538d","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":196,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"2175721e-1b3e-44fa-b7c5-7dd492373b57","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":196,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"dcc6bff0-c798-4991-9f5b-17e8bbf4a60f","block_type":"box","text":"4","page_number":196,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"cfcb3c6e-a1d4-47b8-8edc-5e75a89ce815","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":196,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"a630946b-0c6a-407f-bee8-b01170230574","block_type":"box","text":"boards and their members, where relevant.","page_number":196,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"573f59e2-f202-4076-aa52-c64f1f1646a8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"36745ccd-042d-46e6-bc8c-25c6593d316b","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fe546a40-9468-4663-bcde-cc75658f6a58","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74a03611-281c-487a-be7b-d075d04d127c","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":197,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"4274c81e-4ea3-4047-b300-aa5895ee9e99","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":197,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"b31d7caa-a80f-481a-abfe-d36c933c99c3","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":197,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"aa6bf359-8218-46f4-860c-97b463917e21","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":197,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"d84b7c35-b581-419f-a0f5-88c1ac48a3e9","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":197,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"30b06b67-de87-4703-bd22-6489e3f51211","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":197,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"5bc6575e-c971-4881-9a4e-f405f3d7bfa5","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":197,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"da782dcd-ed8c-4985-9a11-8009646e0d5e","block_type":"box","text":"5","page_number":197,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"13b73d98-0b8f-499b-b433-599f05b4a8f2","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":197,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"87b9ff8c-21fd-419c-8b34-a65b8f90e041","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":197,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"95798b2f-19a7-4b3f-b8f1-14b6560fac08","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":197,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"cfd3ad9a-bb8c-484d-b2a3-fdcc480cbf8d","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":197,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"127eea3e-aeaa-4fca-93fb-199f33792a22","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":197,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"13288cfc-e727-4290-a146-00c2063eb95e","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":197,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"8b0f5d24-455c-4ae5-a503-72d82351f1e7","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":197,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"2aa71cc1-37fa-4555-84a2-325a6a15ad55","block_type":"box","text":"5","page_number":197,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"eb7b34c0-fdf5-4cc1-9729-22ab3df81146","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":197,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"a2422569-f7f3-4cc8-8b27-2df01f281689","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":197,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"ae34d977-2a7b-42d5-b0a1-9fe6b249697c","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"83ef5429-cb3f-4fbe-ba4d-b39992a5b3ee","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"710c29fb-85d1-4192-8245-888886e99586","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f40fcb15-95e9-48a4-8e68-03200250f81b","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00522c3d-ef14-4320-a6b5-c398a764f143","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":198,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"12e6c640-502d-4484-9c46-d2efbafb6bd0","block_type":"box","text":"Roles and responsibilities","page_number":198,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"0cc5cf16-08fc-4dd8-895f-61ba331bedf8","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":198,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"a4e7a86a-5436-4516-8fd0-17d72305e9d6","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":198,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"26423814-1cd6-4b51-8f47-88ab1847ac44","block_type":"box","text":"6","page_number":198,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"7c2564a9-803c-4e03-962d-b790905ff425","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":198,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"6d230bce-a301-4442-9de1-b95cb8ff263f","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":198,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"70f6b7ad-e239-4474-ab5a-3c7e794e8d78","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":198,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"7b2f8433-94a0-43a3-a460-840ffb804931","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":198,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"9e62e6e7-08d8-4c6c-88b1-359424dafba8","block_type":"box","text":"performance over time.","page_number":198,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"a00a17f3-6142-4b29-b751-5490a53215ff","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":198,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"ba568048-fb06-44e9-bc08-1c85be47f8ca","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":198,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"e74b6f41-9293-4ebd-a6b6-0fa7c2769659","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":198,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"8ceaef59-5723-4371-a9e2-563535660a5b","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":198,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"29b01a3a-da3e-4fb3-9683-8943c9008c14","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":198,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"964d86f1-ec05-4c5b-88c5-266b5ff0a150","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":198,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"643840f6-1923-4d47-9a71-d8931b7544f8","block_type":"box","text":"Composition and effectiveness","page_number":198,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"a7df0a0c-ea25-481e-b336-abe4d6991ec4","block_type":"box","text":"Appointment process","page_number":198,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"43960524-0a85-4f8e-9458-1a6c84a2ff7f","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":198,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"898dc661-6bd6-4c5a-b014-c1610bffce8f","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":198,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"37feb393-8a7b-4ce3-94c2-91b3dca2282e","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":198,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"2988c7ca-0403-4ea6-a123-02e93dac9085","block_type":"box","text":"e.g.","page_number":198,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"797b15f1-c9db-4ed1-a8d0-28debe2450bb","block_type":"box","text":", sector, maturity, geographic","page_number":198,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"3bbbe39e-2e58-47d7-b271-b8e0948442f4","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":198,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"e1949b61-5200-4faf-928c-cc285e1ac2be","block_type":"box","text":"e.g.","page_number":198,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"f52f03da-7223-4783-8ed8-b6fa793ad80c","block_type":"box","text":", financial expertise, industry track record). To","page_number":198,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"aab661b4-acc2-422f-bf8a-7f573b44fdd9","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":198,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"094ab308-6519-4130-b291-49e94fade52a","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":198,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"f8de0510-7daf-4523-9b66-a137a7d3c4d6","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":198,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"8adc1978-1ba1-48b4-95d9-67ba80d8d36f","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":198,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"d6e817c9-1c91-45d8-916c-389146fd1c13","block_type":"box","text":"and local market requirements.","page_number":198,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"f83bb6b6-2d4d-4dcd-af86-4dc86437ecdb","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":198,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"41537773-5fd4-4c6b-a143-01151de81d84","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":198,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"fa3fe2e7-23e6-4786-9942-88fb5befc1e1","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":198,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"3ec0b596-3cd9-40cc-aaf1-6f7c09ed0fcc","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":198,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"02dec0c9-6aa8-4300-9818-a895f9dd18bc","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":198,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"1958982d-4cb3-4dda-b514-9f9f5cb0f567","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":198,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"2366ec8b-36be-4cf8-8829-2d6db16f7212","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":198,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"71cf0ef0-855a-4572-a7a7-b4569e06fa60","block_type":"box","text":"Independence","page_number":198,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"0609f8a3-7887-4cba-a075-2ab3e2071ce9","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":198,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"d1510a56-16d6-4b45-ba77-1d160376a88c","block_type":"box","text":"e.g.","page_number":198,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"6722c688-7253-4b52-bd07-dd02b43bfc1b","block_type":"box","text":", government or","page_number":198,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"b72d23f9-d078-492c-acff-d23d16a78a52","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":198,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"7c894742-9b0e-48ca-ba30-df822ea293fd","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":198,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"f5138df9-7785-4826-b33d-98da30b1258d","block_type":"box","text":"conflicts of interest or undue influence.","page_number":198,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"35a753bd-b8e9-481a-832d-0793d42a1c8f","block_type":"box","text":"7","page_number":198,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"5871c99b-39cd-4316-812b-8c2cf090d4bc","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":198,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"c039c73e-0a09-4bc9-befb-11bb578e898e","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":198,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"51accdfa-f1ca-437d-ba10-e6c0cd770e9f","block_type":"box","text":"independence should meet those local requirements.","page_number":198,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"6e05605b-50f9-495e-ace8-d6d097e812fe","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":198,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"68eda3f4-ad99-4b86-9e57-ecaa46e545ca","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":198,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"19af17cb-6607-47e6-869c-2af8c3e3fe96","block_type":"box","text":"composition if this is a perennial issue.","page_number":198,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"fa34a4bd-13b6-4066-967b-a0fdbde5f874","block_type":"box","text":"6","page_number":198,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"406e7440-583a-45d9-917e-6280213b65e7","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":198,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"99309d8a-a811-48f9-9ab3-85d25b5a5b42","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":198,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"22078a61-7424-4f7e-a947-8e8565272129","block_type":"box","text":"7","page_number":198,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"4ee5776d-e4c4-41b4-93ee-f46bb6381d55","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":198,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"8512ac2f-b74a-4a04-a418-f48ead75d90f","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":198,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"b19c33f1-2cfd-4d23-b31e-2c3c1ddaefbd","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":198,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"a7b0b1c1-d745-4f9c-815b-9e18eaab68a5","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":198,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"f7ea9b1f-da31-44fa-bf7f-3de6c06f2f5d","block_type":"box","text":"of the company and shareholders.","page_number":198,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"8744dabb-2dad-45ac-b241-11f6076c0578","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3258a9b9-7a69-481c-a607-d26eb41c5574","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4dc3c3df-7619-48f2-a156-5a695e5b57df","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da6f3765-42f8-4ac2-9323-12264bf814c1","block_type":"box","text":"Independent board leadership","page_number":199,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"bb463fc0-2a4a-42ed-9bc0-6648559a3ef9","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":199,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"f39633e2-46a8-42ac-98ff-cd1421fdf61a","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":199,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"a4968057-5f9d-4343-8cf1-4ad64ba57f57","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":199,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"12f918f7-9e76-44a6-b6f7-3fa31c75d972","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":199,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"e7d491ae-62be-40a4-8e80-77e32ae522e9","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":199,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"a2946ad3-9bf6-4a4b-8ffa-e4c35ae331be","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":199,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"178daa4e-aecf-48dc-a0e7-043d39a41b47","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":199,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"fb777c7a-bd48-480e-b788-2c5fed853889","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":199,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"e3eb180a-6c0f-4aa8-8876-73faf71e515e","block_type":"box","text":"how it serves the interests of shareholders.","page_number":199,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"f164cfc7-b33d-460a-ab21-b10cf563a863","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":199,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"bba38264-df0e-4dfc-86b7-eb22a6d97787","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":199,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"aecd74ee-b40b-4735-9038-9fa6281d6999","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":199,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"8c0aea10-b8bd-4c7b-9c28-aa97b3b41d5b","block_type":"box","text":"Tenure and succession","page_number":199,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"a763566b-352b-4d66-a40f-8064c9e07da6","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":199,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"e7b38803-1267-4fb7-a914-97ceb166693b","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":199,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"e768984d-985a-46c4-b28f-50af983fc15e","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":199,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"ea44b196-9de4-48b5-a930-805fd0606bd9","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":199,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"97cef487-d49f-4947-b60b-6cbf10c393c8","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":199,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"1a2b3f9a-69fb-4028-a140-c52731a5ec15","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":199,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"fe29d7af-f2d9-4af0-9640-381ec81d35c8","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":199,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"9d4c12c5-864c-4b31-9ce4-474d4149dca4","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":199,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"85f88db1-2c5f-4617-b1da-34f0ecfcbe26","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":199,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"e9fecbb9-7fdc-48bf-b57c-0ec6117ce579","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":199,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"b72a9a39-dd9e-4b05-ba24-b0ba4f28aed7","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":199,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"c7538db9-7d18-4dfd-94a9-4a2e4e0e2ed8","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":199,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"2add8ca6-8e00-4f39-8350-d2833975f729","block_type":"box","text":"for their continued service is not evident.","page_number":199,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"6f6723a2-68d7-4065-95a3-85dea05a650f","block_type":"box","text":"Capacity","page_number":199,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"a72b9349-3221-40b3-85c0-3a995ea33ae8","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":199,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"9f7f3fc4-6887-44a3-9519-65a21e2ca5e6","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":199,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"0e609706-ba57-4689-b0ab-d9f2c30688a3","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":199,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"b20d4e39-6289-46ed-a97e-bd3e46a71750","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":199,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"e11768cf-7db9-4109-b9d2-2e5f910ca0cd","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":199,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"f87acb56-80d0-461d-9e36-e59a514800d6","block_type":"box","text":"determinations across markets.","page_number":199,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"a51147ca-61ca-4825-90d1-254a97076280","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":199,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"e6df7aef-ceff-48a9-9a59-f300c3a55d79","block_type":"box","text":"their duties to the board and company.","page_number":199,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"4020fd2f-08f3-41b1-bfeb-99254724bccb","block_type":"box","text":"Director elections","page_number":199,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"7ca356b8-4936-4bac-ba82-2ec780cecfc2","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":199,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"8e867255-aba6-4c58-a5f3-e656ed044935","block_type":"box","text":"structure","page_number":199,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"d923968e-0cd6-4e31-bdc4-59d484d44195","block_type":"box","text":"8","page_number":199,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"b962f337-3545-4484-8c85-ccb9f990de21","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":199,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"72f26647-9629-4a4b-ade1-ab3f477b62bc","block_type":"box","text":"basis of its business model (","page_number":199,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"a1b691fe-d7e9-48cd-b930-6598aec60772","block_type":"box","text":"e.g.","page_number":199,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"214b1f70-21f3-42f9-bbe6-89ba49948acf","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":199,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"32c661b2-7933-4f05-9ee8-2a85d4dcad0b","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":199,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"10518efe-86e4-4a06-a003-3b6ad8d09d7b","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":199,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"0f2c0bd5-15ba-4351-8f29-e4006915e9a4","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":199,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"deab3e39-a018-43ab-a86a-0f8df492de76","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":199,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"d11a9853-a6d2-4052-96e4-c66b197490d2","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":199,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"ef460152-0b14-4f85-8439-3b57dbcd73ab","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":199,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"aaa04475-beac-45fd-a967-2acbcc9d62a1","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":199,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"4680c7b8-812f-44ea-987d-d557b6708a9d","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":199,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"b7f0acb4-832d-43ba-9094-edbdf4ec77c0","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":199,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"f964ff5c-4e47-4287-91fd-93947869c011","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":199,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"fd8d0f83-b090-4e40-9042-3b93c2e4786e","block_type":"box","text":"8","page_number":199,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"5d6e5edc-9ec9-4748-868d-36c1364a8a61","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":199,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"f208cd48-4a24-4eeb-8992-b5addf6a9b1a","block_type":"box","text":"directors stands for election in any one year.","page_number":199,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"4a8e15a8-d174-420e-80f9-9acc583f8252","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"da9b9fcc-9c31-48b8-b705-d265129bedb6","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5c011d07-4f17-4422-914e-ab1ae2a5f2a2","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"640bee18-9f67-4960-842a-26fb21f26d85","block_type":"box","text":"Committees","page_number":200,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"23291295-1fb3-43f0-82d6-8dd07823c069","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":200,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"b62a503f-9983-4c2b-82f5-b09a66b8e4cd","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":200,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"d53b8b46-e09e-40f3-8544-4112451a5bf9","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":200,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"646c5cf3-a3eb-4e37-8c06-70e5edf92140","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":200,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"e69af225-5aa4-4c39-9c28-a66186cf8439","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":200,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"d51f398d-dcb2-400f-bcb5-b5ec00f5821b","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":200,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"f0d8c944-a5fe-446a-876d-3504a53cfd96","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":200,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"238816ea-a1bc-49f4-baf1-1398bc68ed52","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":200,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"87ea8fb5-0da9-4409-8bca-520b04895d2d","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"994927fa-8e2d-433b-b14c-6f72e17eb3e8","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":200,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"96662244-df2b-4fa9-a3bd-a2992c746f7f","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":200,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"0931a24e-5641-471a-9007-351faeac44af","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":200,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"117d71e4-6a72-4854-b2cc-f4cbe5cd20ef","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"706cd10a-62ed-4dd8-a15f-099c08c4b5de","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":200,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"818965f1-303e-4eeb-80bf-4ead7bd8e92c","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":200,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"76b68106-6bbc-4a49-a218-0752838d6932","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":200,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"84d76bbc-fb18-4a07-9073-f615bcd90195","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":200,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"d1741081-3686-414c-96bc-10868675b03d","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"22d95fd0-a082-4834-907d-b80c320360f1","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":200,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"84e23a2f-25ea-457b-8f84-e587b6643499","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":200,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"1b0908fc-fb08-49e2-910d-4a0ea8d5d572","block_type":"box","text":"firm-wide compensation policies.","page_number":200,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"1ed4e743-d72c-4d5a-b827-4a69b5c5e8f3","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":200,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"7b1529d7-6082-42a3-950e-45576ea24e85","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":200,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"35dd2917-2ccd-4409-8b25-1aa44fcceac4","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":200,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"7219ef59-c483-4ea2-af48-fc2819f1bf49","block_type":"box","text":"Board and director evaluation","page_number":200,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"819b9f87-cbe9-42ae-b922-636197bbae59","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":200,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"89742c53-ee77-4666-a22a-d03c4700679f","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":200,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"13a53b2d-5f37-4785-b895-18666ac5452f","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":200,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"aeb8ba88-ed65-4a13-9e35-6b71b3fa9005","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":200,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"043581e4-32e8-4bb7-ab54-c956275d9013","block_type":"box","text":"a result.","page_number":200,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"76243f45-c40e-4583-8cb3-2f233769747d","block_type":"box","text":"Access to independent advice","page_number":200,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"60e3f236-5a51-401b-b2a6-0f79f873bb9f","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":200,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"fd73fecf-9055-42c5-b2cc-0b8de836c162","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":200,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"8ac80790-0e1f-4f98-a0bb-f8eaa9de30c3","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":200,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"b80500c7-eeca-4555-8cdc-8722ed0f0ef6","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":200,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"8d76c4d6-e22a-4380-80ab-bac7e3a8a5f4","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":200,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"52d6d3bb-4af1-40bd-99af-bd6eee3b8cce","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":200,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"a880c62c-a626-411f-917e-35c74135f0d8","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":200,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"35737efd-4baf-4101-bbf7-657003aecb3c","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":200,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"29bfeca8-347f-4f1b-8bf0-455d93d5b981","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":200,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"85010b4c-05ae-421c-b3b1-4c3b1ca26d25","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":200,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"dbeac4e6-792d-41a2-bae8-1af916c8f2d1","block_type":"box","text":"performance.","page_number":200,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ded1b07d-dd1f-4f46-ae3b-dd144a5eff26","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":200,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"01c0153d-add0-4e03-9213-f9f1f525e0eb","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":200,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"b843915e-19e8-4a23-930b-f4d9f7708e8e","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":200,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"5dc60b38-933c-40c5-940f-0a20c0d057bf","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":200,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"248d9d70-5937-46c0-812b-47448cf97e64","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":200,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"b2bdd32a-d502-4257-bf75-2c2ac3c76127","block_type":"box","text":"recruit and motivate.","page_number":200,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"5f48523b-acf5-48ae-8342-971be30e8f83","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":200,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"3eee1c81-4747-470d-a44e-96b8ffc2c95c","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":200,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"781cdb05-75e5-47af-98ed-d172e38bf54b","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":200,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"a37e35bc-d1f5-481c-aafd-65d447ddb3d9","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":200,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"16e23212-41a8-48fa-80b4-554256feffbc","block_type":"box","text":"arrangements include:","page_number":200,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"d0ad29d2-16bc-4707-b279-34f51c780a92","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"d72bc259-1da3-4796-8010-eb97606b7057","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":200,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"33589d35-afd6-4e28-bcb5-a603370dc814","block_type":"box","text":"the company’s size, sector and market.","page_number":200,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"adbbe3a0-7057-4e7b-8fd5-cbeefc668fc9","block_type":"box","text":"BlackRock Active Investment 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objectives.","page_number":201,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"e1857928-df5b-46cf-9ec4-e3b843f8e0b8","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"63c9a4f0-e2ff-4788-b0f2-b89a85bfcd6d","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":201,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"db3d43bf-f1a8-478a-8bbb-8e73fef30d08","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"3d50291f-0269-432c-80dd-ab9b24d935c2","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":201,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"bce89bdd-d26a-4d6e-8775-7e21f97104c4","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":201,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"5b9ecf2b-cc92-4bdc-88c1-2455a799d990","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"67f6452f-23ca-44fd-bcf8-573bb8373d04","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":201,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"af015fb1-e68d-4203-abd0-7a909485fa4c","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"56afec49-0061-4537-b1db-8f8b3bf9f326","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":201,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"f92b2a83-65d4-4757-a603-0692d70151a0","block_type":"box","text":"transparently.","page_number":201,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"af8a54de-bdef-45ca-ab9d-8449bde38d84","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"70df866c-c2ad-463f-a48b-e053e926762f","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":201,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"e46b46ad-cc15-485c-95f8-a914d251de77","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":201,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"aaba25e0-999c-4bb3-b7a2-f6b76325a256","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"92ed54a8-ffc2-49d9-baa6-990fa10c021f","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":201,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"ec43b45d-fcae-46d2-8341-7c0f1d57099d","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"e2f68c0d-dca6-4b82-b9e8-ac4f59119e8f","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":201,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"017837fe-e36b-4e30-9149-8627ed4b030a","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":201,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"39769cbd-f4de-4bee-9a52-71d3b3f83d0b","block_type":"box","text":"misconduct.","page_number":201,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"2d0b1d92-85e4-44cb-b7c2-6b26ae51a6f9","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"21c2a418-ad34-41ea-ab58-89f5fccad96f","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":201,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"90ba57ca-ae35-490a-aa87-84fae914fd67","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":201,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"6900d5b1-0e49-4e60-9801-d19aedc95b91","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":201,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"2649b7b1-aa47-4ca8-aac0-060b313478c9","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":201,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"76c9a980-757a-48dd-add2-9728f8bd245d","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":201,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"69399b8d-6b7f-450d-ba36-c5221c924b19","block_type":"box","text":"committee, or the most senior independent director.","page_number":201,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"88190147-384d-4b65-81a3-4f25213117a0","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":201,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"c1a31922-a8f9-419c-b72d-db665e081b74","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":201,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"0f255a1f-5312-4ab2-877e-8fb51c906936","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":201,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"3610b893-f9e4-46d5-90be-e342c99e56cf","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":201,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"d664f26c-750b-4882-8e27-e244cf7e4169","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":201,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"512cad86-da3f-419c-805a-e61d8dcd32f7","block_type":"box","text":"CAPITAL STRUCTURE","page_number":201,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"8f423983-ffc7-453b-92d7-351d29d2d51a","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":201,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"b4ee3165-b3c5-45e3-a6c5-fac9b96e53ba","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":201,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"3e3a35e2-1916-4ecc-800f-8f8722b45e7c","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":201,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"501c2ea3-6d9e-4dfa-94d3-bb059f5774b1","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":201,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"44cdc4cc-07c3-46b3-ad19-91d42181ae7d","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":201,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"8d997f25-ecad-4111-95df-14ab59710ead","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":201,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"8ccacdd0-bff7-4d1b-9fb8-4900c294fa92","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":201,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"1449f0a1-6e07-4031-b750-aafc3fe4463b","block_type":"box","text":"Share issuance","page_number":201,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"4bb3f50c-55db-4672-9f47-5e3360e25039","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":201,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"2e2209dd-f36a-4541-b553-9008e900bc2c","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":201,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"3268ef49-0d0a-4f8b-b072-ddfc5a6d0370","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":201,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"3a0c6d48-9b88-4895-a354-b4841fa293e5","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":201,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"e9b98c46-1939-48c4-ac73-c07ffdbde732","block_type":"box","text":"market environment.","page_number":201,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"22b9cd1c-d768-4f61-b34f-1fabbf6f7a6e","block_type":"box","text":"Share buybacks","page_number":201,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"7118da69-3273-431f-a31e-65c424a5aeef","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":201,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"6900071e-cc3f-429d-8274-cc3f6d95f06f","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":201,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"7b7efbf4-9b84-4078-8c11-cdf7f801fd1f","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":201,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"72719e89-7d77-48ce-b9b0-f67b85bb8ca9","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":201,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"2caaf9f8-5107-4389-95bc-e6fc81f0c98b","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":201,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"a77862ca-8ff0-42e6-9ac4-ceee53568235","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":201,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"f40a120b-188a-4abd-b0fa-678667cae9cf","block_type":"box","text":"of the company and the market environment.","page_number":201,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"b1db9a38-460a-4060-ad10-f9d2a04f2f2d","block_type":"box","text":"Dividends","page_number":201,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"9e4135dd-b22a-4c3a-a2e1-85c799badd41","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":201,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"b05a96db-cb2d-4698-9a37-beaacabef6fe","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":201,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"03db5f46-a0e6-4476-af06-f62c56bade72","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b7465e08-6caf-4e50-a2c4-db38707e1768","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1e4165ed-dbc3-450b-b3d5-4e0e5044089c","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0338ccc3-3452-4ddb-a9ae-3856ae9beb5e","block_type":"box","text":"Differentiated voting rights","page_number":202,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"dadb5670-3a27-483a-a05b-f58d84e233b4","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":202,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"7cf76fed-43ca-438f-91c8-866979b2435d","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":202,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"784871aa-b803-47c6-a469-459cc81d2616","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":202,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"c14a4c40-c665-4d98-aa8c-92f9a8d9e07e","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":202,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"1c33c467-8cb6-43fd-a84c-855216aa3353","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":202,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"bef1cb09-c6c0-43e2-ad23-2256ce231323","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":202,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"9e458352-7109-4f15-a3a2-7ba04562f5a5","block_type":"box","text":"analyses of proposals.","page_number":202,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"601a9214-a37b-4ef6-bc13-5a61b37bd99b","block_type":"box","text":"Mergers and acquisitions","page_number":202,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"60d76885-6bad-4b07-9c17-8d3855b2fdcc","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":202,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"54d157d1-8158-494b-9a86-8234b56ee2ca","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":202,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"bc034560-194c-4139-94c3-8c69e3e79926","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":202,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"396c8bb1-6439-43a6-8428-67e8fab8bfa6","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":202,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"28dd5df1-7f9a-49ec-b2cf-12bafa8317c8","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":202,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"28c6581a-b570-4062-a479-ae025f55198e","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":202,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"09a82c56-273a-4b0f-9117-926644e19779","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":202,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"4b97634d-925b-477b-9ade-73ac1fb4d95d","block_type":"box","text":"Anti-takeover defenses","page_number":202,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"b8f3b323-f3ab-409f-9b58-a2f8796810c5","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":202,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"8898cf10-2cc1-49d5-9fe2-97d404713ea0","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":202,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"b33a1b31-8b19-4491-831a-8f78feceae55","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":202,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"c2ff51eb-ab1d-4e10-bb26-d5511a966220","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":202,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"36198a9c-1d8f-4159-9feb-02355b445504","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":202,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"95a1a473-be52-47c2-835e-cf9a1dbf26af","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":202,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"243e2f3a-0cec-45f7-bf50-88a335299f26","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":202,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"3ab150bf-bbbe-4834-9564-0bc5a104b828","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":202,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"72539ce7-6b3d-4a16-a417-ea7d08b129ef","block_type":"box","text":"Shareholder activism","page_number":202,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"5b6830fb-404e-4900-9de6-008d2f28a269","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":202,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"81283ae0-4d35-44e8-a098-63623fd11ea3","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":202,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"6f48e128-0df7-4dfd-82f4-a0599460604c","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":202,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"7f070e14-594f-4c13-a916-bbf137b8ef50","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":202,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"8db8e3e6-0960-4f9b-8bdd-c3809db2a6d1","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":202,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"145c362f-f6ad-433e-babf-c9cff99a079c","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":202,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"362c3b12-3f8e-406e-a04c-98c270f2ef25","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":202,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"7cdc08ed-0366-4efa-87c8-1643a336f792","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":202,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"edad54a4-5677-41a3-8fce-836e12380a01","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":202,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"382e5e9f-01d5-4f37-8b6a-1921ce8d5d93","block_type":"box","text":"protecting shareholders’ interests.","page_number":202,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"c4453f60-2586-4578-8732-7b3e39ee15d1","block_type":"box","text":"Significant shareholders and related party transactions","page_number":202,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"3a96dbe5-5ab3-4096-8811-b67ce215bbf2","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":202,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"86a38fb5-b8b0-429b-b50e-5d2463a8c9b1","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":202,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"02b5701f-525b-451a-bbf6-47eb082d356c","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":202,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"8abc0d31-8a6b-40d2-90a3-945ba5f66cbf","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":202,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"2720060f-1569-4120-b982-3ab30c684bc4","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":202,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"0c4d5394-b69c-4595-86f1-81fabe5d4b03","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":202,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"e770d9f6-d942-4f6d-b210-97818c54d78c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":202,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"5a794257-b65c-4557-8ac1-fcefebf33a40","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":202,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"2d6ae324-5ebc-49a4-9704-995d28cb2569","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":202,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"e24aee2e-faaa-437f-a9d9-4ff7c0c0ad31","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":202,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"9daf59c3-ef67-49db-906d-78ad4c2bdb96","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":202,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"58f67de0-a8fa-4717-97df-5aea4f9a5acd","block_type":"box","text":"audit.","page_number":202,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"61aacc6b-7232-465b-9ffb-0752e9af1d0d","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":202,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"2b9383f3-545d-4dd0-bb90-174df3791124","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":202,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"6627413e-5cad-4c3e-97c9-2ed60faf9322","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":202,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"15cbfd5b-bbee-44a3-bca2-5c29e2bf3f82","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cc29cffd-d805-46a7-91a2-d55feae819bd","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":202,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d13c3866-3e93-4400-add6-f4116ffac77d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec07e47b-f3d3-40b9-9ff2-55a4fa6c4140","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":203,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"0c6f8194-69c3-4200-809b-320575560d88","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":203,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"144d7067-8d2a-4141-ac6e-a0840b2a8ed5","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":203,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"3090605a-cbe6-44d6-8341-e5673a84ddfa","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":203,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"b23a0d7a-ef16-49be-b67b-f0bbf97ebe62","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":203,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"a8707b32-22b1-4de9-ab14-8784235eeb2c","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":203,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"bc857cb1-0a9e-4b8b-aabd-a34f6a9a433b","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":203,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"e0b8a1ef-6073-44bf-83a2-c62554710968","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":203,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"acedad6b-29d8-451b-bdeb-d540317f14d2","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":203,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"0f4244a9-3a70-441e-b800-925ae37564dd","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":203,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"87fd78ea-7cbc-40d1-a08c-02475e54ca5f","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":203,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"8e69ae00-bff6-4878-b6de-c93baabc0608","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":203,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"2d1c3096-3cf2-49d3-8d08-8c8bba3ebd4b","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":203,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"1558b7fb-a0b3-4491-97e1-13c7e45302e8","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":203,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"b44bb6e9-752f-4c54-8f09-36f0aafd4bfd","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":203,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"daa2e19f-9025-4799-a9e6-80c183d1625a","block_type":"box","text":"9","page_number":203,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"bed036d6-bf40-443e-9dda-0f33997f6a89","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":203,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"a24ce72f-d638-419e-ad90-de099be25603","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":203,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"86af6727-b4f2-4b50-90f2-0bc7011d9c28","block_type":"box","text":"standards specified by policy makers.","page_number":203,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"b410d7da-8db8-4518-b5d6-6ea7f00ae2c9","block_type":"box","text":"10","page_number":203,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"7038ef63-1fc5-449b-87e4-c91c28abb132","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":203,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"7e92c266-986e-4417-bf07-34492138845a","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":203,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"7e8cf0a6-3e82-4cdb-a8ca-a49409875233","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":203,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"a8738ff3-5c36-4220-8844-64b094129e8b","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":203,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"b7b0546c-9271-4bd6-ad2a-34d9445ae261","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":203,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"845675e2-e948-4235-9c99-33350313995e","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":203,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"76226320-6346-451a-941d-aab7c650c587","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":203,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"ee2a4061-ced1-4807-8e6a-a086ad99b483","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":203,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"53e0370f-a1e8-4a91-968e-6da27b61abb3","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":203,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"e60d3332-b8b8-495f-8539-889b2a4265fd","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":203,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"e530fda9-fc79-490d-9490-79437cba3b3a","block_type":"box","text":"remained independent.","page_number":203,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"9f1deaea-f970-42d1-8bce-073d49acd66b","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":203,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"2455b481-7b99-4fa6-96a1-fe720e208c82","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":203,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"b5a76115-fb64-4382-a93c-934b965f4215","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":203,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"53fec269-48d5-46a3-b149-be9e3ac410fc","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":203,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"6520830c-1c1d-4e0e-8933-1b0ab5de128a","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":203,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"015bc87a-5afa-40a8-93c9-cc748504cc9f","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":203,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"d5324f94-deaa-4791-928d-6b536f4cc808","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":203,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"82807848-0500-4f36-a623-85d50434aba7","block_type":"box","text":"General shareholder meetings","page_number":203,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"3908db52-7adb-4ad6-88a8-c2148f2580f5","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":203,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"c019c1a2-5a2f-4bd0-8024-e39c955522ff","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":203,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"7ad64ed7-2563-4c29-88b1-af464aeecfdf","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":203,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"ecc333ec-64e6-47fa-918a-be9a7b85e249","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":203,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"8de42cde-91b3-41e9-b450-b7bde36ee2f1","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":203,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"dfb041b6-d7b0-443d-b2b2-ae10a7870160","block_type":"box","text":"an in-person meeting.","page_number":203,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"0d23aada-50bf-425a-8d24-d0f232897fa8","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":203,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"4b983ea1-facd-4d3b-875d-8813a5b64778","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":203,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"912c6e3f-ff68-4941-bb5d-26d394a6bbda","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":203,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"99bf863f-ceaf-4752-8cf2-5fc1918cc923","block_type":"box","text":"participation.","page_number":203,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"6cfbd285-df47-418f-8f52-c5e7b663eecd","block_type":"box","text":"9","page_number":203,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"25bb7ab7-f0c1-4613-af2e-f69aca47b7c9","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":203,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"aa81f38c-a431-4e9d-af55-00e0e39ef97e","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":203,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"d31445c6-2185-4ed2-8927-3c49952428e9","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":203,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"4c3eba3c-1253-403f-a5b2-bc4d06b9fc75","block_type":"box","text":"Disclosures.”","page_number":203,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"fd8f8193-4cb9-4b92-98d5-e04855521821","block_type":"box","text":"10","page_number":203,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"ef77c5b2-c86e-4148-919e-23bfb4041b07","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":203,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"51627329-d87d-4bc1-8417-6fdb256b1697","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":203,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"13678720-0c6a-463c-b0d8-42b34d39fcf3","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":203,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"09399a3f-115a-4943-a123-20985faabd1c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"adc0e79a-3267-4ccf-bc32-ea6202cdf8aa","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d0db45d0-ef66-49ac-9f66-5aac06c7b134","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9e328d1-7f14-468e-b8e1-3caa6c0dd388","block_type":"box","text":"Bylaw amendments","page_number":204,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"76613cd9-647e-43ae-8118-29af92507c26","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":204,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"8aa0a152-1454-4a0d-be21-1fd9bd56520b","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":204,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"5a41d614-2df5-45bf-b58b-94afbc756e52","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":204,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"745a48e5-045e-4fb0-bd22-7c5f9bdebe0c","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":204,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"3e35b5e5-4cd6-469b-bc93-e5c48b177a83","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":204,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"97278150-ab4d-4942-bd2e-c6268e3f967f","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"ba3799a8-2498-4f64-b5ef-41e2a6cacb92","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":204,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"53ba8b82-07e2-4a5b-92b9-d158882c7ba3","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":204,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"7730e4d6-9db1-4b4d-8f25-c8612de751cf","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"0d524740-9073-4e72-a1a4-39a47a8140de","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":204,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"1fe27b0e-da0d-46eb-be14-c140117db015","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":204,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"b9bb4a2e-6fea-465c-afa8-6b533a707ad5","block_type":"box","text":"nomination process.","page_number":204,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"4e89cd38-0d81-4a01-88ce-5e91c30cbbd3","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":204,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"7f1a7bfe-1e62-4096-83b8-ba24b5710ccb","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":204,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"e1fa84e3-c154-499e-8634-bd55b2a772c6","block_type":"box","text":"Change of domicile","page_number":204,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"dd637a28-a14d-44d4-82ac-9ab3fb4c08a6","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":204,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"db611498-dc3a-4a68-941b-33c6e314be48","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":204,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"f5a92fc3-b252-4ed2-a217-e309f1b5d754","block_type":"box","text":"immaterial.","page_number":204,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"f397462f-c42f-4647-a454-384afd779c16","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":204,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"1ae304d8-1f9e-423e-b6f9-08f78be414c2","block_type":"box","text":"with our clients’ financial interests.","page_number":204,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"9a6a0a92-0d22-46e7-965d-f1650d867bf6","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":204,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"6b32b42e-1f8f-47f9-a256-3165826da6c5","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":204,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"87e6254d-a140-45e8-a7de-448d5cf93507","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":204,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"84938e30-4b68-49f1-9f39-5d39e2b046df","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":204,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"c01fae9f-509d-4ff4-a510-6689793687c6","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":204,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"8d0e930d-38dc-4ccc-b622-f422438b6ffa","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":204,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"f12d5bd2-5d40-4702-a063-34a4e0616e5b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":204,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"bbdb8096-e62d-4e37-a832-3169b1cae669","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":204,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"7021d062-76eb-44df-bc35-3c333a0f2f31","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":204,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"cf52897d-1949-4f71-a481-3baea65dddde","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":204,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"915fee88-c570-4eec-93d0-81096a5c0962","block_type":"box","text":"relevant to a company’s business.","page_number":204,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"c2265caa-0a13-400b-a7e7-303ae2e818a0","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":204,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"c1763aaf-9858-422d-bd08-effe22a66c80","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":204,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"85265315-5430-4542-8fb2-360d03560cb6","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":204,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"6922a84b-fd47-45b8-b389-78fadad72229","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":204,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"6a6e468d-e8ed-419a-862b-fef5d1841a16","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":204,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"69332279-b0a3-4c3a-92ff-44326eb4f548","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":204,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"c81c8a27-4745-4411-a1f3-d0e23ef5efde","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":204,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"a33dca87-54b2-4160-865f-fef2fb9f4db1","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":204,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"369306d7-8a00-46a5-826d-3e8f78ccf951","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":204,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"7608b77c-8ab1-47f6-b062-bcdab462f88e","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":204,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"bbd4277e-4c69-4b7a-b5d1-19a42d221f4d","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":204,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"a340af14-0a9f-4cba-afdb-711ce603463c","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":204,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"edcb27cd-daa6-4ef0-8a80-98cebdb420dc","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":204,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"311df536-9664-42a8-ac84-31b693a16a76","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":204,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"2daa3dce-0e97-4d43-a179-41d19a34dd56","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":204,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"e1b905ad-1697-4494-aef1-d5f99c52950d","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":204,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"a455489c-c294-435d-ba6b-df1efee68e44","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":204,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"9bba9ccb-4c6c-4799-bef5-368384609f0f","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":204,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"17a91d11-0d37-4db0-89a4-e12daccb5211","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":204,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"93363626-b942-43fe-88dc-ac7a5795bf18","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":204,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"e0760f19-c1fd-40ab-80c2-3aacb19b7021","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d89d9488-1f54-4771-a752-151b5d4187a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"06452a70-4bb3-4bd9-b2e2-5619474dde09","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"806938ff-9175-4d99-9a3a-14e50b0df687","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":205,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"62803784-f42a-41d3-8644-d090ab2689cb","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":205,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"597ed08d-9011-49ac-89d3-f7da3b7294ef","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":205,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"a4d983e9-1567-4df3-85e6-385e4560bc3c","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":205,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"24148f52-0bfa-41a7-96fc-14c04fba0324","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":205,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"d3a90ff6-035b-451d-a533-97237d8f8794","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":205,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"1814e8f4-ef9e-4075-83f8-1fb3b63d74b4","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":205,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"7aff98a7-ca37-4fc0-9970-b0311088f7d4","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":205,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"5218c481-cb71-4440-bbd9-d7335654da76","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e31c29e7-ed0a-467c-a1c8-eed6a4692e36","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"41cf440d-e9cf-4b2b-aa9d-b7589fe2a3e3","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c454c09-4323-4f33-9d0a-c850f442e1cf","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":206,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"ffcedcea-eaff-4115-88de-03774187b3af","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":206,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"7a698786-20c7-4eff-ad64-85357cbd8199","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":206,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"4cd363da-9d6c-4b0f-96b9-d4611c31092b","block_type":"box","text":"11","page_number":206,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"37f52feb-6a8c-4602-9477-f024fd0d0014","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":206,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"1add6a71-59bf-4b1f-a816-9600bb3af264","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":206,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"58b5f9c2-c25b-4370-9bb9-f7a693bf8234","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":206,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"655f1ea4-aea4-467f-b0bd-d34e2b50f178","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":206,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"da134ad2-b453-4fd3-bc07-48d812444bd8","block_type":"box","text":"regulatory requirements.","page_number":206,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"600e412c-323e-496a-8143-2648b497e5eb","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":206,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"18299029-dc6d-4b5e-9957-f7de3079970d","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":206,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"af51f0b6-2dd5-4d40-98c7-375ee3456375","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":206,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"c3fdf9c8-70dc-4fd8-aa91-f53b213261cc","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":206,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"6fea9153-e800-4c7b-90e6-b989697ed0aa","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":206,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"4f701e54-8deb-4e10-850c-09f90156488a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":206,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"dc61155e-69c4-4297-8685-50b0b623fd5c","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":206,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"4b9ca6f1-e86f-4a24-8a8d-30abab350c17","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":206,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"e86d0c79-ac9f-4f8a-aee1-534cadc0c8df","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"cbe7f80f-fa5a-4aea-a2d3-73e3aa957837","block_type":"box","text":"KEY STAKEHOLDERS","page_number":206,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"30edd0e5-b81e-49a8-8dfd-f1c4b06942c1","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":206,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"ed2bf48d-d0b9-4989-ab84-767f0687efb9","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":206,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"f75ae178-4250-439c-bfaf-2fe3b6055915","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":206,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"2a0c517d-7e51-4e87-a4fe-2501154f93ee","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":206,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"26c12cf0-b712-4041-90f4-638f2b97943b","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":206,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"a897cccc-d0d2-4015-bcc9-c6d2fcc79bf0","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":206,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"8b84133e-9365-42f7-b95e-6a957a997d9d","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":206,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"7f8278ea-a3cb-4f29-8d34-2b4b64f391cb","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"fa27f243-2f5c-4637-add6-1c2c46d66094","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":206,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"7b6059dd-d3fa-4f34-a970-afe96827a131","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":206,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"8456cfc4-bc1f-4a9e-a1a1-2c3ec4cba51b","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":206,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"1abd58df-690f-4534-a601-c0717b85884b","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":206,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"3c526f4e-62fa-4020-b390-f442db1e54a6","block_type":"box","text":"i.e.","page_number":206,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"394cb1b4-7242-4409-badb-77289505b862","block_type":"box","text":", one in which global","page_number":206,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"eb437801-24fd-40b7-a427-32b241f86333","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":206,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"021dadc0-4e23-403d-b1ad-f059e4bf6f49","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":206,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"57e2179b-7d65-42f0-acb0-5babce796669","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":206,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"74d0b946-71ab-456a-b11a-6afaf0185bd1","block_type":"box","text":"client.","page_number":206,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"eff6ed9a-ba26-49a0-9e00-16a7a918885f","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":206,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"1558365a-37b0-4975-8fbb-9a3fa20d10b7","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":206,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"84059252-d890-478c-88cd-5e2332f113b7","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":206,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"a71f2b01-4e9b-4986-be27-f938fdbdaf50","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":206,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"abb91819-0244-4bf3-b97e-e2874935bde2","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":206,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"e18e2870-57fd-42ac-9a5f-0ddcf0257344","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":206,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"dbe96b20-8328-4364-b176-c0d534d6a4e4","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":206,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"3cc10b9e-574c-4880-89ff-4d5a843c71dc","block_type":"box","text":"1 and 2 emissions.","page_number":206,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"79765bf3-87a5-404b-b9d0-64ea0789ebbd","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":206,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"ba53338e-28d3-4e59-a303-fb76aafeeb87","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":206,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"c42d5467-c281-40a2-866d-84fb60a29db9","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":206,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"f2c42d63-fa55-4b85-949f-29dfa843f7c7","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":206,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"2694908b-0601-495a-b32a-0dfc56cf77f5","block_type":"box","text":"11","page_number":206,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"07f94bca-d44c-4bbb-8a51-1da6fc0b87e6","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":206,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"ed17728d-4754-441b-b838-5bfe0e224f81","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":206,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"3a9f82cc-1431-4a2e-a88e-cd3b5b8aa7c0","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":206,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"0eb4c44e-14f1-4977-83f1-bf7e44e8a6a7","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":206,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"c6f8c3a6-7f3f-4153-825a-f437c29a7bae","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":206,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"61eeba14-4824-4984-a4a9-7daa0be25bd9","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":206,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"98643fff-71dd-4aac-be9c-feeb96581077","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":206,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"30dc9330-9a2c-4e84-ad18-a09fed4ace91","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":206,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"933ab11b-ac75-40e3-a104-0aec4474085b","block_type":"box","text":"sound governance framework.","page_number":206,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"91a0343a-28e6-462d-9917-7fd7bd7af60c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"49ebeb6d-ca6f-42b9-8859-0b5f99d53cdf","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7574a678-8d29-4d1d-b860-32b2105d5ab9","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7dab263c-7d94-41e6-8580-cc3ff836b7a8","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"546c1130-e536-48ee-86ff-a375f639bf79","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":207,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"0c9506e2-7ecd-4e3e-ba20-ed8e4141670e","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":207,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"459b8dc8-2e24-4641-9fe2-aefd068e7591","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":207,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"239e738e-6830-4f6d-993b-1b653e4072d7","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":207,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"4228632e-a3c8-4208-9bb7-ab54eb3c9191","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":207,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"d540f9e8-052b-42f6-bd2f-a274afa6139f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"469b38e8-b407-480a-876d-f8618ba7362a","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"66689f74-3f06-45f7-bfba-ffc0c027b09a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"427eea6f-63a4-448e-8801-a1ff2930f76e","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":208,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"0a4db676-e87a-4731-9bcb-363d275c5729","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":208,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"c80fd670-8029-41ca-bfce-0dcf3c63299b","block_type":"box","text":"Oversight","page_number":208,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"d3e167ec-3e4f-4340-aba3-96c06af3fa1f","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":208,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"6fa3c4a4-8c40-4868-89d4-bea78c7eb9f2","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":208,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"40883bef-1adf-4d26-8ed4-86b5ba8c26d6","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":208,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"bcaa02c6-ae93-46fd-abe6-0c4bd8a79f87","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":208,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"9c8ebbcc-fe9b-43c2-bedc-0112571ffeb8","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":208,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"02bb6059-c1ce-4df9-bfc2-d6a5343a19d9","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":208,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"50c21078-acf6-4fa6-a14d-f04e954488e0","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":208,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"a8550b29-de3f-4d0e-9586-707650f6a722","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":208,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"73f3e0cb-01cf-48a0-9286-e49405085399","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":208,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"49f25b02-38ea-42a5-a767-aaff06907254","block_type":"box","text":"relevant active equity investors.","page_number":208,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"55a94d3a-1e8f-42da-9bf1-1fe510628075","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":208,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"c2e9b179-d1fd-4d15-94b6-1d1b387955fe","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":208,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"9856794d-7493-4da8-a741-875c7570475f","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":208,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"a80d9b60-97f5-428a-85a2-cbff24ebaf9b","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":208,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"620d045e-72fd-4dff-96f3-b8b3adf63efc","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":208,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"1e339d0f-63ad-4e29-a68e-9d601de47bdc","block_type":"box","text":"third-party vote services providers” below).","page_number":208,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"183ea402-ac10-40a3-9d7f-88007d4820f2","block_type":"box","text":"Voting guidelines and vote execution","page_number":208,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"c392bfdb-79ae-4018-aed7-65b95b88d6fe","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":208,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"b03b0c1d-c6cc-4a5d-8881-21ac353c99c4","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":208,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"75496741-9fad-4593-b4ed-925ff8ff3fde","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":208,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"068e213b-ae29-4559-a9ef-02715821f385","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":208,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"46a308d7-bb5c-4d79-8b3d-7d6bf3404953","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":208,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"151bf579-3690-496f-8229-35ac3cf99136","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":208,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"870fec67-2677-43d1-9967-09a8cb327a05","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":208,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"fac688e5-4e39-487e-bd7f-58dec25bba1f","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":208,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"2a95ec6e-d0f3-4c52-bcc9-7f0d2aeb3bc1","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":208,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"f9424975-a33f-4889-a9d8-33f02c55b711","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":208,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"868115cd-eb69-4bcb-aa6f-bfa453ec5c71","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":208,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"0a092026-daae-42f9-b078-3f72554da0ca","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":208,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"e4199701-a300-476e-82da-9200b86133fe","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":208,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e6917af0-95bc-4177-a840-956489260908","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":208,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"1b971dd7-82fa-41dc-93db-c5f71c89708d","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":208,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"1e922247-7ffe-48f1-8bf1-f5329cd65550","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":208,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"611b973f-3e14-4570-8f25-09bf2226159d","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":208,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"c670cbb4-e130-4078-8647-d31cb4f81c2f","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":208,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"5b05ad46-4116-457f-9e61-ab7ab4ec6800","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":208,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"df70affe-b2a1-4c08-a2b6-6ae479243023","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":208,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"89af5e51-81d7-48a2-a962-7ed2dcbf5909","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":208,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"90b2f99d-dd80-4097-8900-144017a247f1","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":208,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"04069dcc-2564-4b53-9b72-d07b9cca3af5","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":208,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"9847e1d2-6827-4d6a-97f8-c93a2da77b11","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":208,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"cd057480-40b1-425e-8447-d10574174269","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":208,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"dd8dfbe0-3af7-4eed-9d30-fc34a20e919f","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":208,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"be7c8e9a-9fe9-4235-b283-599b2dfb255f","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":208,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"831fb345-8bd4-4f8f-aa7c-1397facc8246","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":208,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"b9e6e0e7-ea88-429f-98ba-10f9decd39cb","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":208,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"90ed6470-0f25-41d3-b940-b61c431e8d0f","block_type":"box","text":"Voting Choice","page_number":208,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"e2371592-3810-4046-8832-c308649c2d45","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":208,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"25782171-e4c0-46a0-bbe7-38fca7f84b55","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":208,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"fab166b2-625a-4c46-bb69-7c5845ae8055","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"676e7c02-2f15-40a4-80b4-cb785a8538b1","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b22884dc-a514-441a-9e14-799b81d69fdb","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02e30693-275b-45a6-ac2f-108041fed9e8","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":209,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"f74d2120-736a-45df-af4a-c4285180419f","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":209,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"94026c31-5842-4ba4-a3bb-4d3924794d70","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":209,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"712086e7-5380-4566-adf3-5648e2c79490","block_type":"box","text":"strategies.","page_number":209,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"8ac94f3a-40e6-42c7-b557-df8f4c7f9090","block_type":"box","text":"12","page_number":209,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"2e4c0a8c-96c8-447f-8830-1a292bdf0a8d","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":209,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"8706bfad-d4f8-4647-875d-439cfa0dcd18","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":209,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"0c4609b6-86f0-47bf-b5bc-4e8600fbcf98","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. 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Reliance upon this information is","page_number":211,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"51b44d7f-08d0-42c4-b612-6fa15a5237bc","block_type":"box","text":"at the sole discretion of the reader.","page_number":211,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"ac64ab3a-e040-40f9-ab15-e54c1fa74d23","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":211,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"7b3d94a9-41b2-43dc-b4ef-161632c29a45","block_type":"box","text":"©","page_number":211,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"dccb9352-05c6-42d9-9c39-15228d88f67b","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":211,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"8608419b-64b9-4b44-876f-0956709ed579","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":211,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"f06bab54-7ace-42cd-8a11-4bc2ec9c1bd8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"424c17b5-5dbe-4efe-af39-22d7386c6ebf","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"96e42751-cc8c-45fd-ae41-db968cc14e2d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f088772d-49b2-4c0e-991d-953f6a2d64c2","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":212,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"049f4f4f-8934-47ca-853e-81294bfd31b8","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":212,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"58310ebe-7906-4ac3-bcb8-2d11cf8af064","block_type":"box","text":"□","page_number":212,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"3e94cf35-843d-4de5-a5de-ba0fae6384af","block_type":"box","text":"Money Market Funds","page_number":212,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"c26184db-29ad-4e5e-806e-a67c397eea29","block_type":"box","text":"□","page_number":212,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"7cbedf62-0a5a-47d6-b737-f41f15fc539f","block_type":"box","text":"Closed-End Funds","page_number":212,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"767008d1-c783-4dde-9205-22d6e5daedd2","block_type":"box","text":"□","page_number":212,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"7497e04c-68af-4dd1-b814-a8f0bf8f395a","block_type":"box","text":"Other","page_number":212,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"5853bbf5-9c20-448f-8639-27b3f9409ec0","block_type":"box","text":"Objective and Scope","page_number":212,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"516d3330-9aab-460e-a23b-351a6a2d6cc6","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":212,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"c4c9deb9-8a05-4d67-84a4-398b888d4019","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":212,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"1b48834d-a313-4524-a185-52967839d264","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":212,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"98d3bd5d-737b-49d7-b72f-e7c7e896af53","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":212,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"aa4a353d-2cf6-46c1-99bc-0e164c198ecd","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":212,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"e09a3622-ce39-4498-94f6-398d65928d65","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":212,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"9c5f0aa1-38e7-4cac-92db-88f81b5788ae","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":212,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"74863f79-8156-4353-92b6-bd532f2760ac","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":212,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"f963a5bc-cf56-47a6-a7c6-75f36c41ce60","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":212,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"8d7f6b07-40a2-4f7a-83e8-45fe90ffd316","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":212,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"0edf926a-7645-4ae3-89bc-be87a8368a9b","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Potential material conflicts, and the resultant potential for undue influence, might","page_number":212,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"9094ddfe-c98d-4f79-9ef9-87d0d297729f","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":212,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"ba44653c-2794-400d-8fce-4d45ab7a706c","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":212,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"7cff8f17-df32-4629-8b75-f8efcbd0a7ee","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":212,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"31b0d6e8-cf84-4dc4-ac16-c05cf8ada40d","block_type":"box","text":"connection with proxy voting.","page_number":212,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"a46976a1-efb8-4635-b595-fd254f5bf0c2","block_type":"box","text":"Reports to the Board","page_number":212,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"dfa97e43-315c-4fff-a0a1-f8170439781b","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":212,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"a5cf1e13-8d9e-4974-8610-18710ba19ab3","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Our role, on behalf of clients as long-term investors, is to better","page_number":216,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"659f82f8-a09c-4d7b-a185-dcdd8d83d973","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on opportunities to help protect and","page_number":216,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"427b1264-b243-4b0d-85ab-a7621cf74ed8","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":216,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"baa8c1e0-eeb6-414b-860a-bfcbceadf077","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":216,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"6b656aca-c7fa-4602-a5d3-64ea79a88141","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":216,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"b5e00ca6-7eb8-4478-ac29-8d6a1925b86d","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":216,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"a288f3c9-de2b-4749-b903-842fc678dff4","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":216,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"b2bed5e7-ccda-4dc0-a906-67a1953fca72","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. 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Engagements provide companies with the","page_number":216,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"bcbee5a2-97f8-44a2-8dac-a28023d65bd7","block_type":"box","text":"opportunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":216,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"0fd91ec2-2fbc-4d47-af8c-c0c28cd04023","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":216,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"7a626f34-eb3b-4d38-a1eb-38ec1b0ff80d","block_type":"box","text":"1","page_number":216,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"92f38b0f-1286-4457-b44a-158b406fe9cc","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":216,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"0d69cd65-0aa4-4313-81fe-a14add0eb840","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":216,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"17f08635-d0b0-40ab-852c-33bf0e0146f9","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":216,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"7daee515-f50e-4f13-a999-0fb20eec62ef","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":216,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"710c1636-d039-42b0-8688-445ddcc73a6c","block_type":"box","text":"2","page_number":216,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"045748b2-baf0-48b9-92b1-33fa3ed72721","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":216,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"81c368ec-f83c-4e7a-8a35-fa562d35e362","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":216,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"5f20eb5d-feaf-4e4d-a81a-b320dd043294","block_type":"box","text":"material business risk or opportunity.","page_number":216,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"77255b70-b121-4703-be3c-d6800d0b15ce","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d9225c04-c3ae-4ef6-88fa-2e6370965bc8","block_type":"box","text":"Global Principles | 3","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fcc44d4d-8edf-4af3-9461-81aa71df58f8","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68ea2f4d-4acd-4821-bf15-52e0c2b2d66c","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":217,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"ec040f0a-54de-431d-af16-3d1977c4ca8a","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":217,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"f95404bc-c33c-428e-8e4e-2b1174f87fdd","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":217,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"d133979b-3c6d-41c9-b559-4e19c5665d3b","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":217,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"6031a81e-3887-469d-9417-6d543e2f522a","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":217,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"260390b7-ee80-4be4-a95c-4dd7adb15149","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research,","page_number":217,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"5921ba08-a9e6-46e0-98e2-239d3f416f35","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":217,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"35167460-96e5-4424-a88c-d6f37f0ad9f9","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies","page_number":217,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"4f298492-479f-4229-a461-701f162b6829","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":217,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"a20a69e7-c827-48b3-abcf-f4e114434c42","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":217,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"6879bf1c-3324-40a5-84f4-798215a59ceb","block_type":"box","text":"support the election of directors or other management proposals, or we might not support management’s voting","page_number":217,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"7f52f3f5-6780-4a7a-9f9a-8e74adf3ba72","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":217,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"de22edbe-410a-4e36-877f-7f1ef5774a5c","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":217,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"bec5756b-4008-4638-b12b-9c2e3e4c6d1a","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached","page_number":217,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"af8faebf-f78b-4b6e-b17a-d3223aafa8f5","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":217,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"6032f591-527d-4151-bcf8-cb278ca7a3da","block_type":"box","text":"3","page_number":217,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"8a64c53d-64d0-4524-b5c9-01497f26a363","block_type":"box","text":"For example, in","page_number":217,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"68d8c858-7f14-4b1c-99ec-3abb3e96b62a","block_type":"box","text":"most markets, shareholders have the right to:","page_number":217,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"cb10c160-a28b-4956-901c-326b66b1008c","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"4e456c35-8dc6-4c58-93e2-76c273f3b6bc","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":217,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"3b352063-45b2-4e55-a300-b774a01ccff3","block_type":"box","text":"charter or bylaws.","page_number":217,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"7534528c-2180-40fc-9c13-a83df3f26e2d","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"dc72254a-0713-4b90-86f7-d344662429e6","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":217,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"6bab57ff-5042-4e8e-aa46-ab2a4de6ab7f","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":217,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"c2db508f-53eb-45bf-a0b5-6946e7d40a82","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"6e0f8843-ac53-42a2-912f-ad159edf1f0a","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":217,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"38c6e029-81b8-4519-afd8-06f9b71d251c","block_type":"box","text":"are material — to make informed decisions.","page_number":217,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"e1b48829-0468-4ad3-a3ae-2190057a60e6","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":217,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"08c0a003-4836-434f-abea-953547a39102","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a","page_number":217,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"fa1b5ce8-ae53-4da0-84f8-bdce6b237a53","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":217,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"b20fd7df-11bf-42dc-9024-2061ea123152","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":217,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"5d9d347f-95e0-45de-8593-bfd41fcb8e2e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"cf4a792e-66b8-45ac-89a8-118473a3e5ea","block_type":"box","text":"Boards and directors","page_number":217,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"c72044c2-c8d4-4ec0-a107-141968571d86","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"00c17351-b90e-4fd0-a30f-6ea572c01c44","block_type":"box","text":"Auditors and audit-related issues","page_number":217,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"3a3025e3-0d89-4bf0-bd78-04be7826d61d","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"96a779a1-3344-4da3-b17f-469d58c0935b","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":217,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"7fcbeeeb-5d6d-4a94-bc73-dc8c46825111","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"ce7bdc11-3b3b-44ad-87f9-2c75f3bb3846","block_type":"box","text":"Executive compensation","page_number":217,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"b6f6e3f6-6605-4248-bc9e-ecc9cd14ce64","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"2931800d-6653-4404-9e89-7312eaef83cc","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":217,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"16a9f81f-4083-4d39-ba9f-73de52dc2e67","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"cfbbd477-b2a4-4a28-bb3a-2d524d1d0b29","block_type":"box","text":"Shareholder proposals","page_number":217,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"4f3d9f8d-0c1f-41e7-9931-3f115370ffb4","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":217,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"a265c49c-aed9-4cbc-93b4-e840d65cc3d6","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":217,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"5bee8b82-2b86-40bb-9f82-0ec4184db149","block_type":"box","text":"which companies operate.","page_number":217,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"e634a0a5-3932-4e5c-9546-7a17d080f280","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":217,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"e56541d2-40c1-4607-884b-89ff2fd31b60","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":217,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"657d765d-8e93-49db-97c8-73407d98e472","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":217,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"4dcca069-b679-4e5f-85f6-cf824497334f","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":217,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"454477ff-1b48-47da-9b00-f44a0795491d","block_type":"box","text":"4","page_number":217,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"df489043-4aa3-4d9f-9e87-9579a5f1731f","block_type":"box","text":"3","page_number":217,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"fdcb3967-130c-46e8-96ef-ebf8d6f7caa4","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":217,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"d4ebc693-d3f7-4eee-923f-ed17cff46a62","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":217,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"177a1d2f-d899-4e06-9005-609cfce23543","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":217,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"0f58c619-a6b7-4040-9313-8974d91cf2b2","block_type":"box","text":"4","page_number":217,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"b265b826-26b9-408b-8937-bfdb77f5182c","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":217,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"f0fdede4-1891-4c10-adbb-19eb602b3f7e","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":217,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"c62d19b0-f895-41b6-9cd7-23e057152ef6","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":217,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"26997d35-338d-4c0f-96db-4680d028fd20","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":217,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"6e16bbbc-6814-41c3-8291-17b2e5db2d81","block_type":"box","text":"guidelines.","page_number":217,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"425ff06f-90d2-442d-b0a0-3c5323352db1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"14e2e14d-df8d-42c8-a842-015a923d7b40","block_type":"box","text":"Global Principles | 4","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c5a1b720-024f-480e-95e0-74f64c7c6f42","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba629d22-1af2-4d78-8e72-11da6d815578","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":218,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"cde03865-5ad6-466e-98b8-a6461c5ebb36","block_type":"box","text":"Oversight role of the board","page_number":218,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"dece0ec9-8f90-4269-8e16-e64274c7cc54","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":218,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"dca7303a-0aac-4135-9f1d-0b49c3f0d7f0","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":218,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b6eb969c-6ede-489c-888e-5d1246f5185b","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":218,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"a11e05b9-828d-4b01-a868-d468119dbf1e","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":218,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"eccfa9f7-9574-4acb-905d-a3ecb040f643","block_type":"box","text":"long-term financial performance.","page_number":218,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"0aa48729-2c44-4dc7-9c40-5b5e268b2048","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":218,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"4fbd0526-83f4-418e-b043-675b279ee51e","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":218,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"4dc07674-b673-4ea4-8114-261c2c52a941","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":218,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"d77aa6d0-1f87-4aaf-9882-20edd50a79cf","block_type":"box","text":"the business environment in which a company is operating.","page_number":218,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"13ca2b05-08fc-4d78-b0fd-6c847a0c6885","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":218,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"54017947-6e75-4285-a014-0705f370b8c3","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":218,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"cc347c7b-9a0c-408e-b114-bcce0dd52b8e","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":218,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"dc64d90f-37fd-4a5c-8961-682ecb6bf9f5","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":218,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a03dc5f3-d165-48fb-b0aa-6c2d7b5f8b4d","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":218,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"c5972efc-a997-45d9-b3a9-3e5bc4f177d0","block_type":"box","text":"mitigating such risks.","page_number":218,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"e2b35092-383b-4158-acd0-78dcd9e5c309","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":218,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"85810a0d-08dc-4d6c-9356-7fbb010fd5e1","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":218,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"959aadd2-fb4c-4669-90e8-42f5ccfbc999","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":218,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"f4739776-1c83-44de-8fcd-92f16b04e800","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":218,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"abc09716-4b9d-436c-83f3-e7eb0921f91e","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":218,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"2eaf28cc-7a8b-4e38-91b7-9a086f7436e2","block_type":"box","text":"strategy.","page_number":218,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"bc2002fa-ab20-43e4-b94e-0428372d0086","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":218,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"f1974d23-b2e7-4ee9-bf15-b8b717d7ef9e","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":218,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"4c91f33c-436d-405f-b5a5-5d2dc9059a8a","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":218,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"565eaee9-8e2e-49d1-a6fc-3013f11725ef","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":218,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"b1502ae9-7d3b-4720-b68d-9f10d78f213e","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":218,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"3a7d4897-a050-43b9-bdb5-65e3e761af78","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":218,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"f4fe5f4a-5123-4752-b9a7-8e82b986128c","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":218,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"549a83ec-d396-4248-a97a-ec502dc2cb8a","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":218,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"369ab432-6627-4288-ad42-f994f902cf3c","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":218,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"879dd3f5-0ca1-45eb-8821-5fb8b143ab32","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":218,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"c4717704-6d26-4afa-b99c-e35922667cbd","block_type":"box","text":"Regular accountability through director elections","page_number":218,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"6b91ea88-cd81-4e9b-baa8-eb7c826484fb","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":218,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"1bea93f0-c085-49db-8f83-8f17cf74eff6","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":218,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"529609b2-3a30-43e1-bcaa-abd3a7cb42ac","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":218,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"b4fab70c-e315-4c58-8054-f08e33618789","block_type":"box","text":"5","page_number":218,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"2785b57c-3acf-470d-93d4-c0d4271125d8","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":218,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"310dc4b9-070a-4994-a5b2-33fcf008ed12","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":218,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"ff82c689-472c-41b7-873a-f04a855d273d","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":218,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"c8a2b227-d8c9-4ce4-8f10-ef44cfc9577b","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":218,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"bc77f8f9-cd6a-4b58-b689-7dabf89dd7ec","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":218,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"e8461c0b-6a27-4dbf-a240-7d0790505a07","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":218,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"1eac15b7-ead7-4f2d-8362-40060ed0d2aa","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":218,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"f223dd41-d822-4818-8d2b-8fb6286261e3","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":218,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"dad1fb01-f0d3-41a9-8cb4-258c3402452d","block_type":"box","text":"5","page_number":218,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"c6e89e0a-17ed-48c6-952f-8709f79114f8","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":218,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"387f7ebe-71f6-436f-bb4b-a9961ac66a52","block_type":"box","text":"market regulation or voluntary best practice.","page_number":218,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"0b91dfe5-06e1-40b8-a301-82cd178eac24","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cd2835d0-f139-4ddd-ab60-07468288214a","block_type":"box","text":"Global Principles | 5","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8817d224-2a0e-4439-ab15-c3d6f792abf6","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67327828-b07f-40bd-9ef0-fc1e6ac1af0d","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":219,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"fa15879d-0994-4f5b-93a5-3c01e309339f","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":219,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"02ac2e37-04b1-471a-b769-d0232121f5d6","block_type":"box","text":"recently.","page_number":219,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"265cf9b3-b8be-48a5-893f-ef7ca448a62e","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":219,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"df768189-8ae9-40d8-bcf9-c760e71bfbc2","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":219,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"ed349fb3-9ff5-4fa5-9e60-b79d032edfe0","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":219,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"b9194144-62cf-48ae-85e6-5d7b9e6f7b8c","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":219,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"bb1255af-be40-4d60-a03d-5a990bd264b7","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":219,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"37f0ad0c-9a77-4538-be86-95b58ac9586f","block_type":"box","text":"Director independence","page_number":219,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"32b9e7e4-4b41-46d1-a74b-b628ab14f7fb","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":219,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"37e7da81-8b63-431e-ba6f-6e90d9f0a775","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":219,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"25b8c57e-efbf-4b44-aaf2-2de73c8672bf","block_type":"box","text":"6","page_number":219,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"a8a0f2a9-4662-42c7-be8c-a2c5188fd90f","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":219,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"974cb197-5ed1-47c1-a13c-fda01b68b88a","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":219,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"7cc71f42-f3fb-41d1-89d6-3cc9ec2260b5","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":219,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"b24aa55f-5cd8-491c-85a2-9f2d299a677e","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":219,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"8841e511-7c22-4b4a-a4f8-332f731ba3f4","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":219,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"24062be2-6d50-4b89-b4a0-a76a0e516cdd","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"c6aab5b2-a90b-42f5-96e4-fcd7358d43e6","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":219,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"bc93184f-8e9e-4c38-9b5f-156d9a72037f","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"b6fd8fa9-a606-4089-93e0-7ddbb2fed921","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":219,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"2d6f3e38-1027-46b2-b6d8-50b2a18524de","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"ee0b9335-780d-4aa5-bc72-63377983894a","block_type":"box","text":"Interlocking directorates","page_number":219,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"92a74bc8-77a5-433c-821c-fb77ecde9104","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"36827474-38ff-4ac9-b8cd-e1b71dde23b6","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":219,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"036a92cb-e648-43c0-813f-fbd7bfb3a32c","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":219,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"bf2ea8c2-ddac-44f4-8f80-de76f3ec4878","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":219,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"cecacb27-7923-4d8f-89f3-b53644ffd518","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":219,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"14a0813f-015f-4a1e-8de0-8c01a575825c","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":219,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"2f7b25f6-ee8a-46e9-b123-3b33b3526228","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":219,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"2b8f8932-2b2d-405a-9aa2-9262d9e2e3b3","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":219,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"96b97abc-5ef5-4ee1-939f-9cc8f3549f82","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":219,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"2ce0ef72-c518-4266-bb1d-8e8be235f108","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":219,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"1b8c5132-b52f-410f-b5a5-7b8c25f66555","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":219,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"2f4344af-5796-4edc-896b-f778721da1fa","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":219,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"57298134-8a95-4b8a-88c4-273c8cdf53d8","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":219,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"ac479f64-8464-4fbb-b75f-346b6b195720","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":219,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"efb0f0a4-3d6d-4ca4-84ec-11d0a6323c48","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":219,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"f721f89a-3f0b-45f7-996d-219451a25dc6","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":219,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"79075c10-fadb-47c0-a874-f3bbbb7763d1","block_type":"box","text":"Sufficient capacity","page_number":219,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"767edc30-4b57-4c1f-8dc3-b3810632e143","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":219,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"d341bb2a-0115-4e0b-864f-d8e2a052f36d","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":219,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"16d073c7-0d58-44fd-b4b3-91b3c872462e","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":219,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"2d092f54-ddf0-475a-ace9-258958bd3fae","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":219,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"538a4624-45b4-4ab9-aac4-db6b06966bc9","block_type":"box","text":"Board composition","page_number":219,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"d2dc5840-9901-4fec-b4aa-0f58f03e8c82","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":219,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"83cbe608-7b07-4d3e-9230-bcf96b2bd19f","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":219,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"6ed79812-1496-4a4b-afc5-fa18903e53f9","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":219,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"db7cbe9e-f8c9-42e9-8c73-47685aac09d7","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":219,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"ea1be5df-2952-4a5d-932a-0f140f20f1d0","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":219,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"d0827c93-b31e-4920-84aa-d1377ee30ca0","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":219,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"1806691b-80b4-41b8-ba4b-623ec867b2ed","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":219,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"e08281af-1517-4926-8f06-938a056851d0","block_type":"box","text":"6","page_number":219,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"ae4549a3-5f31-45fb-b888-e9c027bafb23","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":219,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"83438d69-8ce1-4b8b-a7d1-97ac041d1aed","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":219,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"195f761e-357f-441a-ad8d-39b25fca535d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0c523223-7304-4234-b44e-060337b7c4aa","block_type":"box","text":"Global Principles | 6","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b3ce5184-a24d-49bf-a9b9-98083e11e0de","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95160eb9-fd3d-4727-b03d-af5ac4a993f6","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":220,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"da7f33d7-10c6-4426-afc6-c616cff7abca","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":220,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"efcb9d44-25fd-4bbc-966e-02cbd65d0b84","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":220,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"84ac7f3e-bcc1-4fa5-b0b4-a219eb398633","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":220,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"9df527a2-2646-464a-bebd-cb424455be1e","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":220,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"f37e2a23-3765-43b9-8809-a1bfe7623fc3","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":220,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"c69daec3-2ed5-4bf6-a41a-9425c41d16d9","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":220,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"ae00e460-2a03-4546-8ca5-318ecee72bfe","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":220,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"038fcd3c-b0b0-4e54-b520-c35bb91de0b3","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":220,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"a0ae0aa4-38b2-469e-8ec3-e1ba7c7fe211","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":220,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"ee495b70-8eff-4390-b207-0018eaa18a20","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":220,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"6316c7fc-7bf5-433a-9f00-91c895cb5a1e","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":220,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"2c5e3c54-414c-46e1-a1b9-a471894489b4","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":220,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"f7cc4625-51dd-4753-8b77-24bd273ec8e0","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":220,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"134d6604-d888-48cc-b168-e6f9454e0194","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":220,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"641877cd-c2d7-4a8f-81c5-74d063961299","block_type":"box","text":"systems.","page_number":220,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"ce0ed867-5ee6-4036-9d6e-67e4168b7598","block_type":"box","text":"7","page_number":220,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"c55599a3-936b-4476-b77a-45559c92872f","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":220,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"717f3c3d-1e1a-4520-a15b-0778c1cd6369","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":220,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"35ef2cbd-6568-4ff8-a6d8-de35ceba0951","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":220,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"f6f54913-f164-464a-ab96-11b8580e4d31","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":220,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"75b934c2-8f2e-466c-b4ab-bef81a4f5318","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":220,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"c98f4110-e8a2-453a-b57b-5fc0b0920459","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":220,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0fd84e6d-d646-434c-ade3-c6cd320720ee","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":220,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"22bccf18-e349-4b97-a79f-7199b92c5e9a","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":220,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"313316a1-ee9a-4f19-a249-564011f4bec9","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":220,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"1e434b23-55ad-4e49-b085-23fb32dc72ee","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":220,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"443dd6ff-6ab2-404e-8e7e-03ce214ef50e","block_type":"box","text":"or internal audit function.","page_number":220,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"5613ec39-e31e-480e-8b8d-4b375cf7f62f","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":220,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"fefb2ac2-782e-49b8-8d0a-b352f07b1fa2","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":220,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"23bde0a9-f214-4e72-ada6-935c5a4f917d","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":220,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"00de5555-94b3-494f-85f4-59ce69aaee66","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":220,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"da811477-1a64-4979-8b3d-c970b56ccd1c","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":220,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"f9c8d350-077e-4ad3-827a-21a7dae59de9","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":220,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"bb0296d0-13cf-4cfd-beae-4feed312b679","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":220,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"3cab3434-7843-448f-9029-02057bf91f65","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":220,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"3a86ad87-b1ab-408c-a140-6c42529968a9","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":220,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"16ac4bbb-9654-4962-9ec6-12a6996b0840","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":220,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"d5d3b860-fbdb-457d-8a2b-a310b2b69fc6","block_type":"box","text":"risk.","page_number":220,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"c7b1531d-1526-4238-92b2-36575871aab1","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":220,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"c19db76f-df18-4658-8893-e4b6484efb2b","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":220,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"dbf73efe-6ce4-41f8-9e2c-8727ca1d5347","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":220,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"8ffd9a3e-6ce3-4abd-a46a-e0139db38894","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":220,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"dc98c898-1ed0-4352-9cdf-1a20654a5675","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":220,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"b28f1a6f-6e94-42e8-bd8e-8c79b0af4911","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":220,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"8825d04f-4395-4b39-b5d8-9fdd0dcf7a9b","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":220,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"dabe7d61-be91-4e0d-b589-3376ec4ac8bc","block_type":"box","text":"7","page_number":220,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"984dce0e-31f3-47e1-8805-3b8847ca8a44","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":220,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"2f7a89d1-e56d-4e80-ae48-5a29d722c179","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":220,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"5ded9c42-ef21-4fad-a3d4-7f1ee6d5bad6","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":220,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"5b05cfc2-3192-4e69-8386-35eb65c27b95","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":220,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"920c7cf8-c1e0-41e6-8724-87fec11b426c","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":220,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"bdfb48d9-096f-4cab-b08b-ad0911880d66","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"be335039-29c8-400c-8cfa-4a7011b8e1ee","block_type":"box","text":"Global Principles | 7","page_number":220,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"ab36ed31-0666-4287-ae89-d3574cea8048","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"492d7446-73e2-4d47-86fc-778005c5be9b","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":221,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"9fafd804-848c-443e-8bf1-0e765ba9a2d0","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":221,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"05e62b13-c3ed-44e3-9e39-8627a30bb317","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":221,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"20893ccb-9ff3-49ff-a8cc-953d0879c7ea","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":221,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"833ea887-7b89-4ea4-be2d-2bb2743cdb80","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":221,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"98adc872-a05d-4c9a-bf18-59464ba1714f","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":221,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"3399285b-3248-4210-862c-5242b1fc0aea","block_type":"box","text":"minimizing costs to shareholders.","page_number":221,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"425f82d9-ca54-4ff3-a0f1-3555fbfc1c63","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":221,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"a4b5bf93-1dc0-440e-bbaf-3acbe759cb89","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":221,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"0bb7b632-6ccf-4db8-beee-a4594c664754","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":221,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"f64ef0e6-8d03-48f3-9a8d-23d4798719fc","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":221,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"e44fb2c7-dcff-484c-bddd-7964079d7365","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":221,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"75b4e7b5-3119-4888-897c-f532ac4c77c3","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":221,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"f3e64dc9-4bae-4bae-9d2c-3fa194267411","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":221,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"f31d230c-3d7d-4cc1-bdab-a6f5cb8f48ab","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":221,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"8ceb6634-5ac8-40c3-adc7-1a163422306d","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":221,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"132259c2-41b4-4fcc-9db1-0160983e2107","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":221,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"6c3a33e2-90e7-4106-979b-688ef981ea7b","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":221,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"bbf459ca-90aa-478d-b323-9552a9a1dceb","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":221,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"43d67d93-7be6-4c83-a89a-e8e733d7a170","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":221,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"1cd88f5d-e792-4a2c-a95d-492de52b2ab4","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":221,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"ff078784-7dc8-4657-8b10-96b9002fa01e","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":221,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"798caa53-2763-46a1-9088-288288af412b","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":221,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"a11d52d7-8808-4e65-b5e7-e12a5bb4f98e","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":221,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"445ea002-995f-4973-85fe-7d2937239d41","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":221,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"b473a531-9764-4acc-872e-c088dd8b4b53","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":221,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"654aa669-9ce4-4cc4-8f47-961a22cca406","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":221,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"13de4c12-cb46-417f-a631-ae0c82ce97b5","block_type":"box","text":"ownership.","page_number":221,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"c8df4dc5-0ec6-4ad2-9b3e-dea2b158425e","block_type":"box","text":"8","page_number":221,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"aeabfb39-a42e-4c39-8903-50deb3b3effd","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":221,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"a1886c8d-1316-4164-a2c6-8747b0f7494c","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":221,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"1a7d3174-6a91-4ed3-a27d-4e2ce1250526","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":221,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"0919087b-1964-44dc-9ac1-323b16ab87d7","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":221,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"29223ebe-8e11-43e4-9fbf-affca5e3d4bd","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":221,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"5d57dd58-b003-45ee-9d3f-72472ccec88f","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":221,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"285640e9-9285-4049-8804-8e7dc0b5c2c2","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":221,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"0095b067-73b8-4775-93b1-3bd476d72c3c","block_type":"box","text":"results over a period of years.","page_number":221,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"c8b1c55a-8246-452b-8cad-adea1a61d678","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":221,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"fc959756-cc10-4dad-bb3f-6c63bf2b575e","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":221,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"c4600246-e669-49f2-9fbd-62c4b54be8e2","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":221,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"423d136b-4d4c-4657-b3df-80a6ec734a72","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":221,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"6fc2532d-0fbe-473c-9cc2-4386b96eddb8","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":221,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"bf291150-4a20-4812-807a-29d1b6b7004e","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":221,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"990c98bd-0199-4905-8528-81322bcc8bd1","block_type":"box","text":"executive compensation strategies.","page_number":221,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"7905e5ee-3986-4201-9da0-935653d62424","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":221,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"3ae044e8-a788-4254-af90-255722b9d38f","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":221,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"0a791021-7bb0-42a4-a277-62f351943c04","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":221,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"f253c781-87cb-47ff-aa5a-e634da197221","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":221,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"0984f702-0284-4565-9ed3-44b7fb839bc8","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":221,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"02f29278-6ac2-4a4e-a6ff-b43cbe786b32","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":221,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"71f5c416-ea3e-4418-b073-e27eb1997e5c","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"19a10dac-4438-4f67-9b40-3cb292f15faa","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":221,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"ffb19e95-b9a8-4313-8882-06c5656091d6","block_type":"box","text":"different markets.","page_number":221,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"817f1659-85ba-4616-a046-4bcb18adfeb5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4f8fa671-337a-4e63-82ba-fa582bd7074c","block_type":"box","text":"Global Principles | 8","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a33fbb96-1280-4ef8-b469-087fe783d1c0","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1bbaad0-5beb-4551-b203-ce36effe90ef","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":222,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"036b195c-ab68-417e-9c1d-76ccfc73e8a3","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":222,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"4f84004f-ef9e-42cf-a40c-7da691695fc5","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":222,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"736ffe68-bff8-4faf-ade2-ffed96f9b29d","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":222,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"ac3b8960-e403-41e7-83cf-dc0a52e6b67b","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":222,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"63112171-48b7-457f-8a93-b15587720782","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":222,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"1bc7edfb-3e67-4201-9cc9-e9257966c398","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":222,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0599d883-d6aa-49ae-af0f-63091e3fd73d","block_type":"box","text":"whom they are charged with overseeing.","page_number":222,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"8c3f21a6-0d77-4a89-9e31-9e30c72b7f16","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":222,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"0f48035c-4a00-4b6b-815b-2ebbf326970b","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":222,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"803ad2ea-73ae-44cf-8b05-010701e2685a","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":222,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"447a409d-25ce-43ac-bbf1-517ed7c9a603","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":222,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"0cd6c6bf-88f3-4c8f-a093-3cf416cea6e6","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":222,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"e513bede-7ed4-42ed-8976-a2b3a176bf9b","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":222,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"723e032a-6b05-47a3-8ade-46c2b8a047e7","block_type":"box","text":"structures.","page_number":222,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"54158127-685b-4ea3-b08c-efca3b4493bf","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":222,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"caa456f8-70d9-4875-8433-796cabbc5528","block_type":"box","text":"Corporate form","page_number":222,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"f27bca51-9770-48d2-8023-32cceb387361","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":222,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"74335025-1a0b-43ae-bc8c-b4f33e45b96a","block_type":"box","text":"the company’s purpose and business model.","page_number":222,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"b60a57dc-cb01-4b5e-96f6-1b45b497a9ce","block_type":"box","text":"9","page_number":222,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"7b3c0b8c-f8f5-4983-9185-36678beea357","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":222,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"218eb8b5-d311-4610-9598-4541b1fa143b","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":222,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"cd4b5913-fc2e-4c5f-bfa5-262ffb613062","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":222,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"81211b63-ffbf-495d-a5cf-131d5bf3938b","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":222,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"3e8fcec5-2215-4fd1-933b-e878ebdc8dd9","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":222,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"df606061-71f9-4a44-aec4-5c5d9e6d89ee","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":222,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"def1867f-997d-4ee6-bc26-9f931add4f4a","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":222,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"8591c136-a451-4ea9-bdae-0b5d372ca1d6","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":222,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"9ca7bf2e-5654-42a3-bec8-49b363bf8d74","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":222,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"f027c69a-49c2-4c36-a0de-31bf8a84b34c","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":222,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"ca34a823-9b38-41e8-b95f-433b9ef9c769","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":222,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"be79a7f4-ad87-41b4-9a88-a3f77820707e","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":222,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"8ac7055b-1b74-4957-aff3-1e472bd6fc7c","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":222,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"cbbe7c59-04d9-4f35-9cc0-987df3164250","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":222,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"ea0827ab-becb-4e88-a2dc-aaf7b80fc611","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":222,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"e1ac3dd2-b5ae-4ec5-bb97-95ae9527e784","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":222,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"d5eefa70-eca3-4235-bd7d-f22d8e367fe2","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":222,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"76be5112-1d63-4bf3-b0d7-0fb5496e95ac","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":222,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"05cd3c73-d410-4c9e-ad40-57926fdc3009","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":222,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"16802b90-cdcb-4706-9d7c-4d69606dbddc","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":222,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"cb2a652f-6d8a-4b86-b1e3-bd331681c3fd","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":222,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"174a432b-2f53-40db-a257-90a1f75ceab5","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":222,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"37260293-80b3-48b4-8d7a-2a6c32b4439f","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":222,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"571764e2-e38e-4d9a-9230-4460413806e0","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":222,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"e7415582-1792-45ed-ab09-48338a67c326","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":222,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"5dbd6d56-d7d3-494b-891b-3347dc379cc1","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":222,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"6071c00e-e134-4689-b913-4dd06411404a","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":222,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"0d5cbdb2-10d0-4cac-a7de-bb53e271ac92","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":222,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"51908e67-1119-43e8-9534-f709eb32b2af","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":222,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"525e262c-5891-45e3-bf27-c3e972ee99cd","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":222,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"42b28b1b-632e-4be6-b2d5-4d49416aa462","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":222,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"347d5f74-c411-4ec0-bc26-3a1393d5eae0","block_type":"box","text":"9","page_number":222,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"bd237aaf-2bbc-4a6a-9bc0-b620cc49961d","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":222,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"9ebe02ac-b651-4780-a26c-8fc06eb31061","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ae2d53fc-57bb-440a-bd7d-4b29d66eaf63","block_type":"box","text":"Global Principles | 9","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6ea30853-8234-4e97-98dd-a4dde09b52be","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c051b8ad-8cd4-42ea-9dbc-9fd597eb257a","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":223,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"ae3c10f9-92b4-4825-824d-2615f45f3e33","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":223,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"5c3c451a-49ca-40ff-80cf-0020a10dad34","block_type":"box","text":"long-term financial interests.","page_number":223,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"df383369-a2eb-42f3-94b1-d14203c39fe8","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":223,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"9c46644c-9df0-44b0-b7eb-e159e6a176e6","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":223,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"98423dcd-c27f-4e15-894c-7e4aa3bfc366","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":223,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"9e5658e3-f0de-44f7-bd83-c77f19591bd9","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":223,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"a71f562b-5f49-412d-9ac2-b0a69de7486c","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"e757d0ca-3399-4ea1-9081-dc81549fdee9","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":223,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"13065654-494e-4cae-82e0-7e074fc365cd","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":223,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"ecb1d75d-f8de-43e7-ae74-c82c6cf2e7cf","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"ea2c49d5-1c7d-442b-93db-8bbe6eaa52fa","block_type":"box","text":"10","page_number":223,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"9e43ef4a-8baa-4397-8d5f-094870e8be82","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":223,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"2463d178-a165-41fa-8d2c-52444e7aa501","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":223,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"8fd160ed-6b8a-40f5-b578-eda3c4ee3ef6","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":223,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"4bc0f72c-a0de-4054-b290-5b1ce5536f8b","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":223,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"e1912a61-76ad-4ddc-8312-5940fbd41d4c","block_type":"box","text":"industry-specific metrics.","page_number":223,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"53f73f44-f0ef-4c74-bef0-89563db479ce","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":223,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"20488bb9-4ee8-490e-a387-c11aa290b9c5","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":223,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"c356dd31-bb67-42bc-afbb-7567d7c26516","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":223,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"5955f62c-24cb-405a-ac77-6d1d004a0464","block_type":"box","text":"11","page_number":223,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"afa47a77-a5f7-4b63-88b5-fec271263ba4","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":223,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"a3af200f-8b4e-4d3a-ad3e-d946c779c47e","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":223,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"0273e314-c5e3-4901-9128-2a9d8a5711be","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":223,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"2eafb88a-386a-47eb-b4d3-cd44ba191acc","block_type":"box","text":"specific.","page_number":223,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"6933fb2b-b384-4c67-ac76-63ea39237ee1","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":223,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"b92dfb4d-fb05-46b9-96e4-a56870f3035b","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":223,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"ecc1ed87-4d48-4a20-a868-b49712d73623","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"5eb274c1-96c8-48b3-a0d1-7539e2509a52","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":223,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"73d0fbeb-31ca-4591-bcf0-b279a5d953f2","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":223,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"4eacac6c-fc1c-4dff-b4d3-1d569dd0a8ec","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":223,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"f06faa53-437d-4c3b-a9be-fb547f99be6c","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":223,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"9dcc12d4-7d26-42af-9a14-124359b48bf3","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":223,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"cddf38a8-4697-4ba1-a6a4-28887b2c2ff4","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":223,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"52c21ff0-0a10-4ecf-b189-af43512b14bb","block_type":"box","text":"10","page_number":223,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"2020c8f0-8f6a-4451-9abe-281852b55357","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":223,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"7c9bbe90-1a4e-4d2b-a9a4-c38b5965bd07","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"fd77501f-3346-40f0-b32f-7655693a7f18","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. 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The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":223,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"ab88285f-6e1e-4015-bf25-a121b24b6b48","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":223,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"865d87dd-7978-4528-ab70-655594d101dc","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":223,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"ed4134d1-b185-48f8-8ea6-a7ec614a33a5","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":223,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"2f904a14-c155-4257-b715-3846e566729a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":223,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"f501b39e-84e9-4a9b-a931-41f82f6048f1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6c4e2133-88d8-451b-b687-688a187a52d6","block_type":"box","text":"Global Principles | 10","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5fb25ff9-a9fb-4690-bd20-fe1f2f0d7ba9","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d2bb156-f1eb-4eee-8326-833a642623c9","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":224,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"7ae0c347-82d5-4150-b30a-1940827c6ed3","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":224,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"eaff41d8-768f-465a-a4b3-a9a1352e8170","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":224,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"af92d943-d5d9-4c27-86a8-7ad547cf0144","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":224,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"a76213c8-fef4-4fa8-981b-26d1b9f6d8a3","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":224,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"138b5d85-edc5-46a8-a43f-e604ed49d7b1","block_type":"box","text":"12, 13","page_number":224,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"0366cd1a-66da-43f0-84b9-a8d386690ffb","block_type":"box","text":"From company disclosures and","page_number":224,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"3b658059-c391-4796-b878-8f9c8ac4a3c8","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":224,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"1b85a36a-d47c-483a-812b-72fcc7002ac9","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":224,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"44ad0ba2-bf7c-49ec-96bd-bb87e1bb80c6","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":224,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"357b450a-c3d8-4b78-91e3-4cbe17fc807f","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"a5f31717-9771-48c3-9235-2617be21677f","block_type":"box","text":"viewed as best practice in the market.","page_number":224,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"fd1d27ec-19da-4140-a87f-afdd008f8648","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":224,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"25e488e9-b4d2-4529-8e77-bbeee2727785","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":224,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"f60ed2fe-b1d9-4b77-948c-8f5176ac21b2","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":224,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"bce16b27-ca8b-49ce-aeac-58f5204baa09","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":224,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"b7aa11c8-aa61-4656-9c11-de51bc16fd67","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":224,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"fa91e1f9-5889-4af9-abc3-c0513dfbbbab","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":224,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"5e97a04f-6b76-4e30-b079-7d866fbeb544","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":224,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"2f1a2c77-0375-4054-a447-b232880aa3da","block_type":"box","text":"interests of their investors.","page_number":224,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"2761aca7-a4ad-487c-ad38-0199222f7704","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":224,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"5888687d-9d32-4a8a-ad77-939e24d57c7f","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":224,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"03f43010-48f2-47b4-8992-f52d7bfacf4d","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":224,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"39fc1642-40af-4483-a1ac-ee5765eb2665","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":224,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"630de073-fe07-4d89-8e72-765e005e0cf0","block_type":"box","text":"good-faith basis as methodology develops.","page_number":224,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"7b9f4537-66ea-4d44-b3be-dec5c5bca40e","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":224,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"caa4615d-4c9f-470a-8864-6f0da991cf8d","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":224,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"2459030a-12e1-4a8a-bb71-e939158c6136","block_type":"box","text":"generate long-term financial returns.","page_number":224,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"b844bcee-fc48-4053-bd3d-edef3099b4b5","block_type":"box","text":"14","page_number":224,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"a1869f20-eb73-4262-9a1e-2aa18b886883","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":224,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"59968ce6-6fa3-4cfc-9a1c-e4f19d5f05c5","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":224,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"1a45b71d-dc0c-4221-96af-47023733ad8e","block_type":"box","text":"15","page_number":224,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"454d66f0-e0c5-41f6-bc81-0664aa6601d4","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":224,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"91572356-59c6-41c4-8200-07818e6d11f5","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":224,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"19f0e01b-d6fa-4e11-b959-f0d2a63d8ee5","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":224,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"230fa680-e857-44a2-bf50-81c0beb6aa2b","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":224,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"2682b18c-ed3a-41f4-8e75-1c31403c4374","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":224,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"d39e6664-d0d0-441c-a1bd-2ee673518b62","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":224,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"d50ed79d-995b-4842-b427-a6adba562a96","block_type":"box","text":"12","page_number":224,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"25453d1a-4aac-4375-81d6-269fe14fef8c","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":224,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"e330801c-4eb5-4857-ba15-8e627b76b49e","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":224,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"783e6551-55fc-4c25-9268-a146d0d0f914","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":224,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"13e2046e-f685-4fa8-a551-010e58b35f85","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":224,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"94a42b42-b3fe-455f-8ad9-ce478be0e939","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":224,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"6491e5e3-5a0d-4a8b-93f0-fe12cd6b87e9","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":224,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"d1f20311-5882-4989-810e-852282ac7473","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":224,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"b71f3389-13ba-4f8c-9fb1-2f0ca283dc2d","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":224,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"5a530def-9dd8-425d-96bd-fe976f05bdd4","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"7adbbbe5-7e8e-4252-8fcd-53297d9c4b50","block_type":"box","text":"13","page_number":224,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"b129760c-fe2e-42d8-88de-58821399b85d","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":224,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"2dcc3735-c28b-4a48-b1e5-f3c11845e7fd","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"66eadbea-ba06-47f0-99d8-81b3c34987e1","block_type":"box","text":"14","page_number":224,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"ff0c35e2-de81-45c9-9850-37d896afdcbd","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":224,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"8dc44041-e093-4af2-a719-bcd525673577","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"71c20125-f852-44c1-bec4-08954c672a60","block_type":"box","text":"15","page_number":224,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"a4ff4b5a-9ccf-476c-ac13-bd5137bd9fbc","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":224,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"fa213090-1e83-40e2-8d15-35b7c28700f1","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":224,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"3b590a68-ba5e-465d-a29e-dfd9e6d9e91c","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":224,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"aeb1a1f2-073a-4d49-95b6-69cd3527baf1","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":224,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"a35cc1c6-8792-4302-9af8-39125ecfa3df","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"54fa7901-8868-475b-8eb4-8ffa27efcbe6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6eecec27-cde4-4bf1-8774-cc157e2b4c60","block_type":"box","text":"Global Principles | 11","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e25bb165-9aaa-477a-95b5-3f4a9563b54d","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8aa1cdb2-3464-4b95-96fc-5df88828125d","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":225,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"ff68455e-fb0e-4198-a6ad-d959523d67b7","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":225,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"0a892355-0a78-4319-a96b-2f2019951b12","block_type":"box","text":"16","page_number":225,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"6dfd0fc0-4217-4126-bf01-b20d9355562c","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":225,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"328d847f-f019-4316-9676-2b96489edfde","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":225,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"9b70ae16-b173-431d-bb68-0cc20de2cf30","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":225,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"fe3cd1d4-d881-4819-970d-87cd968e1312","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":225,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"c1a25e4e-ff1d-4282-aa24-6edaa1c50e9c","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":225,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"299d7270-b716-4de2-bea0-ecddebdf5707","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":225,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"3b5fbde4-b32e-45d7-8cd6-d963408a8444","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":225,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"7cd00410-f8d7-4711-bd60-ecb3a4180774","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":225,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"24502f92-5c6b-4d73-8a22-55b9b8f391c5","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":225,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"d1b8a904-61d9-4a64-b4e5-81f3dbc5c0da","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":225,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"825bacb6-333d-43e2-a808-d6cb18fc6bb8","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":225,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"224746c7-c0b9-48be-b12f-575b0a1c3c1b","block_type":"box","text":"impacts.","page_number":225,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"69f97abf-4fec-427f-bf70-d2e494b7cee0","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":225,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"192bf405-ff3f-481f-b3e9-0dc769979f94","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":225,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"9e4ee7f4-063c-47ef-914c-37c987df1ac4","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":225,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"c2ae1a9c-db06-4500-8a3f-bd0a5d7d8ef8","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":225,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"934d4a01-91f1-42f3-b95c-d35baa29e2ca","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":225,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"75d6e478-2d5d-4a65-be56-454d0fbdd4cd","block_type":"box","text":"clients at the global and regional level.","page_number":225,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"20562faa-785c-4fd4-ab3f-340cf9cddcb1","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":225,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"7599b697-d42b-4c26-9b03-926aca7a2429","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":225,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"8b43d625-563c-4465-a2a7-41b229e72b70","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":225,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"7c7534ab-3983-4de9-a966-cec52bae075a","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":225,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"4367e837-0979-40b5-8981-604bd01e1027","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":225,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"08ba06d0-e2ec-4151-8e8c-95b017168f19","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":225,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"53fd0646-2d71-4192-b97e-2775c4a493e9","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":225,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"c7619d82-ef4e-4273-acf6-64c20610b7c0","block_type":"box","text":"are independent from the investment stewardship function.","page_number":225,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"75a6f4e3-80f8-4789-9e10-1dcf8c4d80ce","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":225,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"30850988-0893-40f3-9f38-5219b8b2cfde","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":225,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"06d3ad63-8c1d-41c2-a9f9-4d50ded5178b","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":225,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"b94db9e2-6ff0-4bcf-bc2d-19329b628ebf","block_type":"box","text":"VOTE EXECUTION","page_number":225,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"6fbd18c1-00b3-4de9-a06c-a15bca3c85ac","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":225,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"38b5c13b-3026-457c-836a-b246f548f5c5","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":225,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"7efdfc46-9e11-44c7-abe8-43aef7f3595a","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":225,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"d9f52d09-23d0-44c1-ad95-6b41118380cf","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":225,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"8745a3b4-562a-48f4-802f-4cdee99bd1e2","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":225,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"a55d3b20-fe29-4824-9fca-a751b361b0a8","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":225,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"d5bc3625-0824-4480-8908-04ae321c6cf4","block_type":"box","text":"management policies and procedures,” below).","page_number":225,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"3ee93f3f-89a7-4639-8666-041e6bd8e3ff","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":225,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"39d01dfa-1dd0-4852-a384-4545465d798a","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":225,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"b8bedb8c-8abf-4e74-92cb-146929a49b58","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":225,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"6d4e8e46-ec2d-4f05-9866-34e6cfb7c16c","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":225,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"6db26372-3d0d-459a-abfc-d6cb0ee67fed","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":225,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"e181fe99-ef10-47c9-8609-33d2bc074f89","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":225,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"589e2b42-5d2d-4a5b-83a8-b0269aa77f96","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":225,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"66a0c241-71e8-47ba-a763-b50b3304b582","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":225,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"a81ac13e-3933-45e2-ae1b-7916eb5b9df9","block_type":"box","text":"16","page_number":225,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"8c3815b9-f1e4-4d65-832a-d5b87777217e","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":225,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"b62644dc-bd00-489c-aae7-afbafc6368ca","block_type":"box","text":"December 2025.","page_number":225,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"15f1ff29-1683-44cf-a235-0c1ffc0ee162","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3934ff4b-9b8e-4a07-ae83-38323b65ccde","block_type":"box","text":"Global Principles | 12","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3ddc670a-f4b0-426b-8387-3a89919edd4e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d53553b-7a06-4db7-bb84-b4ab8053f088","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":226,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"f413a6a3-120c-4326-b2e8-471b25993185","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":226,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"4890a3ce-61a9-4edd-a42b-3beb10671135","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":226,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"130d16da-53f3-41cd-ad39-ce9a94d08c61","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":226,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"6bf7bdd7-873e-4121-b2db-f6f014d02f6f","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":226,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"d1c0dd39-ad78-4162-bd29-e8a2bb3883e8","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":226,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"f47e42c1-f69a-409f-88f8-3ae1a89ddb78","block_type":"box","text":"enterprise-level vendor management activities.","page_number":226,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"37dbbf5f-9417-4656-92a3-b5f51edd1529","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":226,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"b0c625f6-70ac-4166-b4ac-da11ab9e2461","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":226,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"eb0e5a5c-b028-447d-a7fd-c7da2c60fa92","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":226,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"9bc14c72-ec2b-4a95-86ba-7316da4f852d","block_type":"box","text":"BlackRock employees.","page_number":226,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"507c0974-1ed1-49d7-ace0-24572215fb25","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":226,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"528271b8-b0fd-4345-bab2-d3247e6d42c0","block_type":"box","text":"SECURITIES LENDING","page_number":226,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"00f032fa-e873-4e22-b49d-9ac218a4ef7a","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":226,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"f3e5b35f-c4a8-46de-84c7-fbba712527d7","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":226,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"aa37ee34-46cc-4d55-8448-64038712fbe8","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":226,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"e921cb4e-f443-41d8-b99f-85d2f447a7d0","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":226,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"b7752a81-32cc-42be-a151-4f8a1379f418","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":226,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"1f02b66c-ab61-4a4b-9db3-7f1088b31d51","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":226,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"bfbc7c97-4268-4afd-b629-dad9b0df2d1f","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":226,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"45826dd2-c19f-42fa-b46e-c79d55df8f38","block_type":"box","text":"in helping them achieve their investment goals. 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We inform clients about","page_number":227,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"2675c72b-5c3d-42de-a7f3-cbdaeb2d0f39","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":227,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"c7a0e088-1a6b-4b8d-b3e1-a4f8d600040e","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":227,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"23f1273a-af8b-4d6d-acc0-d7a6303fb2c4","block_type":"box","text":"invest on their behalf. 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BlackRock can then use its proxy voting","page_number":227,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"2323cd95-ef9e-46d6-b367-e20aabbc7277","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":227,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"3d2aaf38-b072-4f75-8a89-7f7775026920","block_type":"box","text":"20","page_number":227,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"3b890b0b-f67b-4bec-a45f-bda47aa7f200","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":227,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"ec31d907-45a9-41e4-9dc6-0e6f6cfdc0e3","block_type":"box","text":"21","page_number":227,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"ecfbc081-e62a-4b2e-a891-3d5d054d2cd7","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":227,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"e6c436c7-827d-4984-b5da-de1250dd8b23","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3db46dc4-d949-4625-95d2-0f0241570863","block_type":"box","text":"Global Principles | 14","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"49038e36-64bf-4529-92ce-391edd20169f","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5af65c05-c224-4050-92fa-64dada5077ea","block_type":"box","text":"Want to know more?","page_number":228,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"e12535f4-e8de-4a3c-b866-567779a5e977","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":228,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"c1718281-674f-4238-8ffd-26ecacbd0426","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":228,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"97e79b38-1166-4ccf-9d49-fcfd11db06a5","block_type":"box","text":"principal.","page_number":228,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"e326a039-0598-4cf8-b866-ed4e1684a026","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":228,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"b09a4b79-9681-4183-a2a9-49441e4425e8","block_type":"box","text":"©2025 BlackRock, Inc. 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All other trademarks are those of their respective owners.","page_number":228,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"47db3078-ef38-4215-b2a3-f6102abee22d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9e208257-d871-4118-a635-73d1f502679a","block_type":"box","text":"Global Principles | 15","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7c317fc8-51cf-45b5-b92d-3f617db7da94","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60cb1c3c-382f-4c06-a6a5-567e51a70b24","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"8eca3fd2-f3d8-491e-81c3-8a632602f588","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":229,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"b00437f6-9cd5-4106-9819-91ab174cfd38","block_type":"box","text":"Effective as of January 2026","page_number":229,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"84f208f5-9c4a-4f5d-aed1-5ab260b72ada","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68b3e5aa-3b08-4114-b326-25e5866adf1b","block_type":"box","text":"Contents","page_number":230,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"6a7a092b-b86b-434d-9f9f-5accd04b9f7d","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":230,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"e586d207-9899-4bb4-843f-9a4fc39094d6","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":230,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"d325b8f9-33fc-441f-8dbc-5e13f1331ffe","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":230,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"3a039529-1ebf-4986-8787-d6748a396797","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":230,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"72227a8f-db2b-4065-bd4f-ea00c1385a99","block_type":"box","text":"The Guidelines’ design principles","page_number":230,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"4bdb09fc-437c-4088-9939-36b1dd061981","block_type":"box","text":"4","page_number":230,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"ce6ed606-2403-4fd9-9d3e-d3d0ac9a07d6","block_type":"box","text":"Voting approach under the Guidelines","page_number":230,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"fcd6e1d4-f339-4019-add1-25361ec1bf3e","block_type":"box","text":"5","page_number":230,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"c3bb6095-dba0-448e-bdd9-1fb8b6815088","block_type":"box","text":"Related matters","page_number":230,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"ce0f9aaf-a566-452b-926c-f9c6f4606356","block_type":"box","text":"8","page_number":230,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"5f474d61-5b31-4e79-9426-1ad17fcf702a","block_type":"box","text":"Appendix 1","page_number":230,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"722cfff2-2dcd-42ee-8343-d213b4d7149c","block_type":"box","text":"10","page_number":230,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"536ee12d-a3a4-4263-af19-cc322703b26e","block_type":"box","text":"Appendix 2","page_number":230,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"44b7302e-0e9e-4f7a-947c-d1094e263778","block_type":"box","text":"11","page_number":230,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"aa4c2520-92f5-4bbe-91a4-d41cfd159c2f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c7e356a3-1eca-47d4-979b-47cfa393174f","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":230,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"3ee3b2a8-bb1c-4124-91c4-12e9014b558e","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a868ee19-6963-4f42-acca-fbf040c6d91b","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":231,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"3c14070b-ace2-41d9-81eb-0e5fa79a7b37","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":231,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"88a0e016-57e5-423f-a835-d23c6b577d19","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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Under the Guidelines, the dedicated team","page_number":233,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"79146267-0d58-4175-b6b0-55ceba7a93a9","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":233,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"ada616d4-713b-4667-af1f-70f84a9b89d3","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":233,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"a0c4ee7e-a44f-43a5-95b1-cc48d09c5ae1","block_type":"box","text":"Voting approach under the Guidelines","page_number":233,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"3b2399ba-8f04-4e69-9050-f9fe1f907dc7","block_type":"box","text":"12","page_number":233,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"98246496-f29e-4216-a7c9-c79cc50e8c93","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":233,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"34d8a234-7628-4f65-8bbf-916cb2cbc60a","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":233,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"3475eedc-6d67-4ffc-95e1-66de3ae951b1","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":233,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"b730b9d0-14a5-4d89-bb47-2f1b9e8dcef8","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":233,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"64267b73-af87-4f2e-9ae3-d6904c0c62e6","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":233,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"2a336b05-ea39-4ad8-8f57-38466fdd0605","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":233,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"9f27d4c3-80f3-477c-994a-16d34b357ac4","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":233,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"c393f86b-8530-45b0-8db0-d9f7568bf717","block_type":"box","text":"Corporate Disclosures","page_number":233,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"cedb20bf-a3d6-4c00-a99d-e5f266989522","block_type":"box","text":"13","page_number":233,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"e4db094a-9444-4c1f-a58e-a2143b90d20d","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":233,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"246e966a-8d69-4bda-b07c-0bf14fde2fc7","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":233,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"e4b242ac-b4b8-4bdf-9f08-3fd2d04f0397","block_type":"box","text":"to companies that are important to the transition to a low-carbon economy to explain the strategy and governance","page_number":233,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"04ae525f-87dc-4109-ac0f-aa8ce89fdb8e","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":233,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"03e8a03f-0340-4677-af2c-685c158e4a74","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":233,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"788af39a-ed32-4a01-8e56-3e23aed7c494","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":233,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"bc5d30b0-0ca6-4c5f-99f6-8db8c29d1e57","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":233,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"db96eb4e-88b6-4d96-a0ad-dc939eceb626","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":233,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"158abce6-8f35-4906-9475-a4cff6900750","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":233,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"4f817a8c-486a-4745-a168-3a8d6275c8e5","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":233,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"e8b3a966-be02-4b08-91da-1011eb2b0bcb","block_type":"box","text":"14, 15","page_number":233,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"ff4590e5-a820-4280-970d-fbe04049480c","block_type":"box","text":"IFRS","page_number":233,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"b575681f-f1dc-4e92-b5a0-c52c4ea577e3","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":233,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"24693a84-cb15-45cf-9840-bcf2bc4ae715","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":233,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"23524f4f-0a91-4890-bfc9-f5b0599c84f1","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":233,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"929fa757-fd73-4409-98bc-dd5268c7df2e","block_type":"box","text":"and assurance standards are developed.","page_number":233,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"82f3458c-3b6c-4dc2-864e-4fd44c32e0f1","block_type":"box","text":"12","page_number":233,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"8696afa3-4da2-498a-814c-d464e246cd36","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":233,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"8a7a8db6-211f-4ed2-8672-32ed68fc64c1","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":233,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"bd43c88c-0a9e-4b46-b7cd-dfaa4932b49a","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":233,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"20c7fe88-860c-4958-8d1e-593d326ae564","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":233,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"e6acd3ce-2d57-40db-aebb-dd0b89309e3c","block_type":"box","text":"13","page_number":233,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"ee8c061e-cff6-4995-ae1b-8809e1c89482","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":233,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"fd861ed1-1bc9-41e8-ae26-67334ab3e5a3","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":233,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"a4f7bbfa-5a6b-44d9-be9f-1b7771966813","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":233,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"072c823e-f142-443e-9c29-1117615893bb","block_type":"box","text":"14","page_number":233,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"d6f11eeb-6ee0-4e03-9ba4-4e3ac5044fdb","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":233,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"c55cc686-f9af-479f-8206-8ca60904600a","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":233,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"c3ac7287-0ba4-4b4e-ba79-afbae0d9a0e1","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":233,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"402b6c63-e4e8-422a-b481-044ec39b2cca","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":233,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"85a074b6-c039-4996-b6d9-c5f66d5e79fc","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":233,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"a0ddd8f1-aa4a-419e-86cf-ecfd95ece0d2","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":233,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"946c46b5-1981-41d9-ade4-018a4beb8f80","block_type":"box","text":"15","page_number":233,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"7eb68835-5f09-42c8-ba86-49485a735f4d","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":233,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"fcb7bdaa-5f38-427e-9fca-d3ef6c203360","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":233,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"38e589d2-487c-46be-b2a5-6f0be54b5e88","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":233,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"fc07551b-2ad5-4f77-aa4b-5b346ed19e66","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":233,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"4f21f4e0-8fa5-49f7-8f66-0967592c5eb9","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":233,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"68468616-ed61-41c2-83e5-4b3aba232d26","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"32179a94-0f72-4edf-9ca7-83d1a84578bb","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"270d5a0e-6725-4458-874f-1031c233cdbe","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0609b809-ce30-40d4-bdff-b2097906b874","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":234,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"99b2fc34-db4a-44ae-8b20-6d0e91bbce7d","block_type":"box","text":"16, 17","page_number":234,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"2b0dbbba-6c07-4e65-824b-1e55d6e36b4a","block_type":"box","text":"In addition, the dedicated team looks to","page_number":234,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"b6ac01cb-e1ab-4eea-a75f-26ed55a55300","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":234,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"befa8b0c-6053-4522-a9b8-5e25957bf577","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":234,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"e41258a9-6954-4f03-8fbe-60cff899129d","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":234,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"117fc7d0-3f00-4c3a-b411-eb5eba14e678","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":234,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"2db55b34-62b4-410f-a373-c85727c4a9c9","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":234,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"52be4c81-3f49-401f-94c5-b51e5943f040","block_type":"box","text":"18","page_number":234,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"938053da-26ab-4805-822e-d7fda26fe1a3","block_type":"box","text":"However,","page_number":234,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"b9826e10-801a-4dd2-8dbd-d9d47c7453a3","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different parts of","page_number":234,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"21fc4ca6-ea96-42f9-ba82-1a4da403179d","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":234,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"abbb2148-faf8-4c75-b623-99b245de94ec","block_type":"box","text":"their decarbonization targets. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":234,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"2ef5c0d6-6cf6-42ce-aa37-7a9e66cce803","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":234,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"d073e4ff-301b-4f31-bf93-7a885211c27d","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":234,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"f2d36b6a-f4d4-4dd4-9513-ad3ec09e88a8","block_type":"box","text":"18","page_number":234,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"9a783528-9f8a-46b0-aa16-da647219ff98","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":234,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"c880b7c3-f9e9-4153-a6a1-dec64ddf1f12","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":235,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"8570ba8f-ec1b-4cfb-a8a2-1b6ce337f2ac","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":235,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"cfc4d792-bf0b-4aa3-a1aa-644e11e93ab5","block_type":"box","text":"with the different constituents in their value chain.","page_number":235,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"06557ac2-3bf8-41a6-a914-395c94851c6d","block_type":"box","text":"21","page_number":235,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"e2f1d5af-8d27-48d9-ad4b-48eeaaf92bee","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"2b7ab265-4e11-40f0-80a7-a531b59d44ea","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":235,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"14cfa2d6-3c3c-4e3a-8bb8-1bd4c63fbaa9","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":235,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"a6e31f61-ee13-4bcb-8afd-516db3ca9f59","block_type":"box","text":"22","page_number":235,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"3fe56ef1-824a-4d27-8f2c-20d2aa65258c","block_type":"box","text":"The dedicated team looks for","page_number":235,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"07769e90-93cf-4912-94a2-e4f3aa03a649","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":235,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"87025d5a-4995-41d5-ba86-6b885f8bb2c4","block_type":"box","text":"related to the low-carbon transition.","page_number":235,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"424410eb-bde0-4ddf-93e7-646c98dc9b97","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":235,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"14b01699-76ee-44df-b1a1-fd035f4f6115","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for","page_number":235,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"a9c15553-36bb-4b80-88d7-02ea4ce443de","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":235,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"f734f699-a328-483b-845e-58ae2cd44ce2","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The directors most likely to be in focus are the chair of the board","page_number":235,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"991a875b-2eae-4ea6-b515-c8c503bf648b","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":235,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"473561fb-b050-456e-aba8-2ca9a2fb8265","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":235,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"4ce28b34-2ff4-4724-9751-798bb1a38054","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":235,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"af64dcdd-6836-4bf4-8bd4-524d78b718a4","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":235,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"f6ce49f3-e8d5-4fef-9524-482f8aae86e3","block_type":"box","text":"Website accessed in December 2025.","page_number":235,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"0e88bc1b-c5cd-4c49-a6a9-a570a465e5e4","block_type":"box","text":"22","page_number":235,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"36d75d93-de9b-44a8-973d-31c4380563fb","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":235,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"81a67793-3402-477e-8f68-279742a02cc9","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":235,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"6c92f79d-69be-4b92-8f9e-9cb1f73ec006","block_type":"box","text":"23","page_number":235,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"6eb59590-0188-4921-978d-dfe75ead5404","block_type":"box","text":"Board report votes are generally advisory and relate to reports issued by the board of directors that may contain","page_number":235,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"f5deadfa-ea9d-4ead-b19a-1560c97b69f5","block_type":"box","text":"information on a company’s sustainability efforts, operational resilience, or financial condition, among others.","page_number":235,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"70a559f7-fe4d-466d-9d18-90f459dfee29","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"07c53f3a-acbb-4232-a5ca-815f3063b8ff","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"b0b49262-a00a-43ff-8251-b664bf2c8e49","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"678ab427-44e0-4103-a93f-95597a4eba69","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year, and the","page_number":236,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"65cd21b0-3ee0-43ef-ba8f-6541a83e571a","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":236,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"a20ad232-b636-453d-b032-09e61fd18028","block_type":"box","text":"may escalate by not supporting the re-election of additional responsible directors.","page_number":236,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"190d5b45-c4a0-477c-89c6-5c0e332f69fd","block_type":"box","text":"24","page_number":236,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"9031dd95-cd66-487c-ae61-5c4921a64e9a","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":236,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"3486a126-f7de-4ca8-9404-70b9a3d5839c","block_type":"box","text":"In certain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":236,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"6b74c1ba-0dd2-4ee6-808b-22e802769aac","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress reports. The Guidelines consider these","page_number":236,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"cf80a88a-01c8-4443-b549-2288a8e2e7e9","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":236,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"3bd3841a-c23d-434e-81f2-4002947b36b7","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally supports management’s climate","page_number":236,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"20c126a3-c731-42c0-9ef8-14edb59dfd13","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":236,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"c2f4d166-a8ef-47d0-9048-a0ef4b05e100","block_type":"box","text":"transition. Similarly, the dedicated team generally supports management’s proposal on a progress report if the","page_number":236,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"d950a1df-c543-4b78-9872-e9c1265ce019","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":236,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"4546df22-81f4-48d9-b845-0e8139b79c93","block_type":"box","text":"transition plan and targets.","page_number":236,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"66f1d1eb-87d2-4bfc-8f12-bb6b5de1057d","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":236,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"f1089ff2-29a4-4306-bbdb-47ae89a04e03","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":236,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"346c3692-54e5-4e44-a3bc-d17b9f728eea","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":236,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"0cf64f76-3256-47d8-ad9b-da9d80d2d2f2","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":236,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"fa94f5a9-8b6d-4e32-83d0-7a254596ce0e","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":236,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"19d714ce-e7aa-4527-881d-0db852380649","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in support of a proposal, it is not necessarily","page_number":236,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"00d21f34-cc14-4797-87ea-c285eda1f5f9","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent.","page_number":236,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a70f7903-11ae-4f82-8353-5f66f6489b03","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":236,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"caccb89c-9249-40f6-a078-49898d02914d","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":236,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"42250b38-b6f7-44bb-9847-c0b850119e61","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may support","page_number":236,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"8634f744-fdb4-45ae-ba06-2a12e6964876","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":236,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"25b5dbf5-d447-409c-930d-31eaed6f0f17","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"403af89b-e7ec-4cf2-b5a9-cfc1e25d22c9","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":236,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"b651b349-38da-4f72-b7fc-6fdcb3d6f459","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":236,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"83f2ecfa-95d8-4514-a84b-ae2481aa5eda","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"3e9a9015-81c4-4e85-ba3b-560eb7b03ef6","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":236,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"e2da3677-3f01-4837-a442-9254e4e6d04f","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":236,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"6e92c521-485b-4982-afb2-de512c750ad8","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"7e92cb62-df43-4581-91bf-b33f4ced2752","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":236,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"54c5254d-ad6a-4f15-96bd-9bf05db0f78c","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"70e05b11-d1e9-404e-a5f3-278e5247620e","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":236,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"7ba3ca33-1078-4739-accd-c8dc25d0aed9","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":236,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"266ac853-3e0d-4ed2-a513-0b741417220f","block_type":"box","text":"25","page_number":236,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"d13fa3da-9c77-4f32-9fec-592fe4cecf47","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management","page_number":236,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"24fb7e43-ba55-4d16-a5ed-a12a31c23452","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":236,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"2bea9e83-debe-439c-bc3e-8212e43d2dbf","block_type":"box","text":"RELATED MATTERS","page_number":236,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"23be95ec-0621-4789-9b24-275e29527621","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":236,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"d4ec654a-6c9b-4837-8ced-d9ee43b08672","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Some companies, in light of their long-term strategy, may decide to include relevant","page_number":236,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"1b879f08-bf99-4ec1-8fc5-f8bcbaa59b59","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":236,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"a0a1f1fa-b889-4fd7-a2d7-96add40104c3","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":236,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"097057eb-c4ea-4d09-aab1-68323f32e06d","block_type":"box","text":"24","page_number":236,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"00c732e3-aedf-4da2-a93b-202362767f69","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally","page_number":236,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"31046757-6b61-4304-99bd-eb0f078fbe55","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":236,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"3c46e5ab-1cef-4e1a-bde1-b2fad98f9b06","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":236,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"5c65db0b-a846-4e93-ace9-2a2fc53da6d9","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":236,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"23ce7369-3b16-468b-bc99-06c597e1b515","block_type":"box","text":"25","page_number":236,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"f7218c43-a64b-4acd-9f85-8afdf5d58f54","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":236,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"d2f9808a-288d-4b27-ab02-d69be3ec3ef1","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":236,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"2e9b3281-1816-4025-973b-0cb23c4ba8dd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ef132097-ee1a-457b-98f8-2d9984ad82b3","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"83da12ff-28ad-49ce-94ce-459622d3fa5a","block_type":"box","text":"BNM1026U-6032383-19202713","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03ae2f02-c7ce-4f57-b65c-d861fce474a9","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":237,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"9f102226-c3d6-4047-a100-2d945b9f869c","block_type":"box","text":"strategy and risk management.","page_number":237,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"dfdbb237-b394-442f-ab7e-d4b73eb6ebfe","block_type":"box","text":"Auditors and audit-related issues","page_number":237,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"ce3526ad-d73a-46d7-ab32-7f0ae454849c","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":237,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"ef914701-7004-4020-bda5-e7a19bc40aed","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":237,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"9f0aa50c-bbae-46c9-ba8b-39473eac5308","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":237,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"7cb213b1-2e30-4025-93a8-92f0832b7971","block_type":"box","text":"context of its audit report. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":237,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"def49bfa-fb7f-40a3-92c2-97150fea15ea","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":237,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"c215dc5b-0dd1-4893-b622-987a4eebb476","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":237,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"06592fd5-4381-4180-812a-854dc4a7e9f4","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":237,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"9c561c8b-d2c7-477f-9f9a-61e47273e50a","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":237,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"54376b08-c1a1-44a8-b4a9-7f72b8c7e7ee","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":237,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"1ec5e107-3cc4-4287-9a23-8daf7eca158a","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":237,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"98b2db66-7d09-4191-b92e-1cbb8c793491","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":237,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"86e35e61-8440-413f-85b1-4c380e006c8c","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":237,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"99c942af-33e4-4af7-80aa-8a808f8249f7","block_type":"box","text":"sustainability-related risks and opportunities that may be relevant to a company’s business model and long-term","page_number":237,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"e7c8a41f-dbf4-42f2-ab13-ddd5467d19a0","block_type":"box","text":"financial performance. These include a company’s impacts or dependencies on natural capital and key","page_number":237,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"255deb53-80b8-4a8d-9240-3f4e76144dca","block_type":"box","text":"stakeholders.","page_number":237,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"bfa44392-a94f-4c3f-a3ba-a9a8b0003e17","block_type":"box","text":"26","page_number":237,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"65311f7e-f810-45dd-ae09-aeb18e4180f5","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":237,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"acb744a1-2892-41c3-9a03-557640995ba9","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":237,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"2b2f86f4-bc14-4e04-ad8c-b4f1aee6b7fd","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":238,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"916f0c72-8cd4-411e-82ee-8ab6cd9e9b03","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":238,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"bf52b4a5-21e4-4126-a90c-a7300983d3c3","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":238,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"ebaa3bb1-8072-407f-9b71-63a5eded7e9a","block_type":"box","text":"Decarbonization:","page_number":238,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"eaa201b0-7a3f-47c9-891c-668d7c1a2fcd","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":238,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"2aabc622-1277-4f6a-b183-9ebbf9eba6db","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":238,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"713d277f-97d2-45d8-972a-af98d3c2961d","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":238,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"33b1041e-b2fb-4db2-876e-261d69ff9650","block_type":"box","text":"e.g., methane.","page_number":238,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"9bd260e3-6384-4400-89f0-6e7968c8a153","block_type":"box","text":"Climate-related risks and opportunities:","page_number":238,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"a9da4019-725b-4a79-9ef5-e48c207d4081","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":238,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"f2c497b9-0981-4d9c-9073-69e64ba85248","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":238,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"08404a07-c301-4edb-9316-99b6251720c1","block_type":"box","text":"to physical climate change.","page_number":238,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"12d82166-8f97-4971-9eb1-c34889237995","block_type":"box","text":"Climate-related transition plan:","page_number":238,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"a774da38-dcc9-4086-bc02-d7b5ff44b8c3","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":238,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"6c9a597a-63cb-48a1-a0e2-d6849df3de32","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":238,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"1fa958ef-643a-444d-ba22-d169742e458d","block_type":"box","text":"greenhouse gas emissions.”","page_number":238,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"d31f4f5f-4585-48fa-aa57-fa0bca5cfd58","block_type":"box","text":"27","page_number":238,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"f8784e8c-230c-4116-bb9a-750a4debd1fe","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":238,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"984adf1f-fa5f-43ee-80b5-127ee36676ba","block_type":"box","text":"Targets that “","page_number":238,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"d4132124-e3ea-4495-9fc5-81e5a98cec1c","block_type":"box","text":"are in line with what the latest climate science","page_number":238,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"18ae7279-f2ff-405e-a231-123e2623ebc4","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":238,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"6e9aba8c-4912-4a83-a642-a32e1b4a81e8","block_type":"box","text":"levels. 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[It] is defined as electricity [steam,","page_number":238,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"94f2c9bc-4847-4a31-8c6d-3e481175131e","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":238,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"457aec80-a7e7-44a0-8cdf-f8001e854104","block_type":"box","text":"30","page_number":238,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"70de3a17-6b5b-40db-8d87-761191b9ce24","block_type":"box","text":"Scope 3:","page_number":238,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"4d23a2e9-e7ae-4d23-8317-f307c2d5ff69","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the treatment","page_number":238,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"1cff7b44-0f1c-47d2-accd-7e9daaf86c86","block_type":"box","text":"of all other indirect emissions. 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