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I-28","page_number":16,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"b86080ca-e993-4a58-b811-a2a91759dc20","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"9845d432-2cd9-43f8-bc77-aa8fcf2f0253","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"93859f6c-1d9f-4369-9b3e-51f882b210ff","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"2d959a4b-a95d-4bbd-abda-23b2d5a64399","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"6e8d34ad-50c2-443c-9f72-6dd41d5e0cb3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af431202-7016-4d89-b762-4f91f39c4374","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUND","page_number":17,"box":{"x":340,"y":45,"width":298,"height":9}},{"id":"d1adc656-0104-4a54-9dc3-f76b7b8bf600","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about iShares S&P 500 Index","page_number":17,"box":{"x":102,"y":67,"width":778,"height":11}},{"id":"18d5c9b0-316c-4f3a-8b52-9b8c84651497","block_type":"box","text":"Fund (the “Fund”), a series of BlackRock Funds III (the “Trust”). 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This Par t I of this SAI should be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of","page_number":17,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"4a6fc748-3569-4a38-9302-f99e94c9a6a5","block_type":"box","text":"this SAI that per tain to the Fund.","page_number":17,"box":{"x":68,"y":143,"width":233,"height":11}},{"id":"c46d069e-01a8-4d4b-a597-b1ee9e6d3ce5","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":173,"width":262,"height":11}},{"id":"8bf85712-697a-4d75-98ac-4c307d0b56ed","block_type":"box","text":"Please see the Fund’s Prospectus for more information about the Fund’s investment objective and policies. The","page_number":17,"box":{"x":102,"y":196,"width":796,"height":11}},{"id":"8e8e1f1a-4329-44d5-978f-a2326c92b105","block_type":"box","text":"Fund’s investment objective is non-fundamental, which means it can be changed by the Board without shareholder","page_number":17,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"8db79d22-ba98-4deb-8fa5-db53b437b07d","block_type":"box","text":"approval. The Fund intends to be diversified in approximately the same propor tion as its Underlying Index (as defined","page_number":17,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"344f64de-88a6-46cd-adc5-f433955a70d8","block_type":"box","text":"in the Fund’s Prospectus) is diversified. The Fund is currently classified as a diversified fund under the Investment","page_number":17,"box":{"x":70,"y":241,"width":813,"height":11}},{"id":"3c71a29d-e734-4e47-9fce-64821081e1e4","block_type":"box","text":"Company Act of 1940, as amended (the “1940 Act”). The Fund invests all of its assets in S&P 500 Index Master","page_number":17,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"ea4d5d4e-0da3-4062-a7f6-2a34b84b4906","block_type":"box","text":"Por tfolio (the “Master Por tfolio”) of Master Investment Por tfolio (“MIP”), which has substantially the same","page_number":17,"box":{"x":69,"y":271,"width":757,"height":12}},{"id":"4c37e9e8-1f27-4020-82ae-bbb7a036e4e8","block_type":"box","text":"investment objective, policies and restrictions as the Fund.","page_number":17,"box":{"x":70,"y":287,"width":418,"height":11}},{"id":"51404df9-d602-4506-afde-69504cacb993","block_type":"box","text":"The Fund is subject to Rule 35d-1 under the 1940 Act and will not change its investment policies required by","page_number":17,"box":{"x":101,"y":309,"width":777,"height":11}},{"id":"55c94cb6-852f-45bf-80be-db8cfd7a07a6","block_type":"box","text":"that Rule without giving shareholders 60 days’ prior written notice.","page_number":17,"box":{"x":68,"y":324,"width":473,"height":12}},{"id":"27a4985c-8a00-44ae-b287-77922449f856","block_type":"box","text":"Master/Feeder Structure","page_number":17,"box":{"x":102,"y":347,"width":177,"height":11}},{"id":"e66335a8-08fa-4b04-931b-e2d427150fa4","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing all of its assets in the Master Por tfolio. In other","page_number":17,"box":{"x":101,"y":370,"width":798,"height":11}},{"id":"b49025ed-5a24-4817-a406-d2dac04dfb4b","block_type":"box","text":"words, the Fund is a “Feeder Fund” into the Master Por tfolio. The Trust’s Board of Trustees believes that neither the","page_number":17,"box":{"x":68,"y":385,"width":832,"height":10}},{"id":"468ef452-0af0-4ff5-aaf2-06ca14ab37e4","block_type":"box","text":"Fund nor its shareholders will be adversely affected by investing its assets in the Master Por tfolio. However, if","page_number":17,"box":{"x":70,"y":400,"width":784,"height":11}},{"id":"22dd0ced-65c8-4cf9-880f-8ad571a24109","block_type":"box","text":"another feeder fund or other investor withdraws its investment from the Master Por tfolio, the economic efficiencies","page_number":17,"box":{"x":69,"y":415,"width":820,"height":11}},{"id":"888a7f0d-977a-4963-9c78-e68303436480","block_type":"box","text":"(","page_number":17,"box":{"x":69,"y":430,"width":3,"height":11}},{"id":"767df43c-6253-4917-bfd0-a8140163ea44","block_type":"box","text":"e.g.","page_number":17,"box":{"x":74,"y":432,"width":25,"height":9}},{"id":"2a93cebb-7b25-476e-a4f8-73b21156263d","block_type":"box","text":", spreading fixed expenses among a larger asset base) that the Trust’s Board of Trustees believes may be","page_number":17,"box":{"x":101,"y":430,"width":758,"height":11}},{"id":"e54ae0d5-38a5-4d78-93b3-0d44535502c2","block_type":"box","text":"available through investment in the Master Por tfolio may not be fully achieved. In addition, although it is unlikely, the","page_number":17,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"611f06f0-af90-43e7-a88c-571fd32c84d6","block_type":"box","text":"master/feeder structure may give rise to accounting or operational difficulties.","page_number":17,"box":{"x":69,"y":460,"width":558,"height":12}},{"id":"ecbb24d4-03f6-4614-9c58-5c5a0d3ab765","block_type":"box","text":"The Fund may withdraw its investment in the Master Por tfolio only if the Trust’s Board of Trustees determines","page_number":17,"box":{"x":101,"y":483,"width":783,"height":11}},{"id":"209d844d-68b2-49f1-82c9-19a428c24992","block_type":"box","text":"that such action is in the best interests of the Fund and its shareholders. Prior to any such withdrawal, the Board of","page_number":17,"box":{"x":68,"y":498,"width":827,"height":11}},{"id":"3616b688-a0cd-4814-803a-602dd8a27a5f","block_type":"box","text":"Trustees would consider alternative investments, including investing all of the Fund’s assets in another investment","page_number":17,"box":{"x":68,"y":513,"width":820,"height":12}},{"id":"af029c9b-cfec-4303-a27a-2418352414d4","block_type":"box","text":"company with substantially the same investment objective as the Fund or hiring an investment adviser to manage the","page_number":17,"box":{"x":69,"y":529,"width":836,"height":11}},{"id":"7f212f77-0fe1-49f8-8de1-0b412bfc1c33","block_type":"box","text":"Fund’s assets in accordance with the investment policies described herein with respect to the Fund and its Master","page_number":17,"box":{"x":70,"y":544,"width":817,"height":10}},{"id":"3b804118-e1f1-450f-893c-72887eb71736","block_type":"box","text":"Por tfolio.","page_number":17,"box":{"x":69,"y":559,"width":63,"height":9}},{"id":"0b32828d-fae2-4ad4-9866-b39e1241a1c3","block_type":"box","text":"The fundamental policies of the Master Por tfolio cannot be changed without approval by the holders of a majority","page_number":17,"box":{"x":101,"y":581,"width":806,"height":12}},{"id":"eefcf9ee-e83f-435d-92da-1e9fa30337d0","block_type":"box","text":"(as defined in the 1940 Act) of the Master Por tfolio’s outstanding interests. Whenever the Fund, as an interestholder","page_number":17,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"832bdb2c-b626-4feb-a54d-59a3da60105c","block_type":"box","text":"of the Master Por tfolio, is requested to vote on any matter submitted to interestholders of the Master Por tfolio, the","page_number":17,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"72d23d9b-d4b0-4d45-882f-b7b4fa5b6fb7","block_type":"box","text":"Fund will either hold a meeting of its shareholders to consider such matters and cast its votes in propor tion to the","page_number":17,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"b27a09d0-6bcd-4972-b7fb-0f36a6979ff8","block_type":"box","text":"votes received from its shareholders (shares for which the Fund receives no voting instructions will be voted in the","page_number":17,"box":{"x":68,"y":642,"width":816,"height":11}},{"id":"41a9ef06-a5f0-4c19-8cec-64d276398092","block_type":"box","text":"same propor tion as the votes received from the other Fund shareholders) or cast its votes, as an interestholder of","page_number":17,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"e46ca676-1a5f-44e7-9b65-dabc3ff1e435","block_type":"box","text":"the Master Por tfolio, in propor tion to the votes received by the Master Por tfolio from all other interestholders of the","page_number":17,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"e176840c-847f-4ac8-b647-fb07295b8ad1","block_type":"box","text":"Master Por tfolio.","page_number":17,"box":{"x":70,"y":687,"width":117,"height":9}},{"id":"a06fd073-818d-47ed-85a3-db99d9bac703","block_type":"box","text":"Cer tain policies of the Master Por tfolio that are non-fundamental may be changed by the vote of a majority of","page_number":17,"box":{"x":102,"y":710,"width":778,"height":11}},{"id":"824c0688-623a-4b4c-8e11-7a1bb75b2ec9","block_type":"box","text":"MIP’s Trustees without interestholder approval. If the Master Por tfolio’s investment objective or fundamental or non","page_number":17,"box":{"x":70,"y":725,"width":829,"height":11}},{"id":"cdcdb91e-cb16-41ec-9125-827b289b0107","block_type":"box","text":"fundamental policies are changed, the Fund may elect to change its investment objective or policies to correspond to","page_number":17,"box":{"x":68,"y":740,"width":836,"height":11}},{"id":"ae240b9d-0854-48bd-b781-80621cef9ecc","block_type":"box","text":"those of the Master Por tfolio.","page_number":17,"box":{"x":68,"y":755,"width":210,"height":9}},{"id":"6e6c093d-f6bf-45bd-91a9-e24309645888","block_type":"box","text":"The Fund also may elect to redeem its interests from its Master Por tfolio and either seek a new investment","page_number":17,"box":{"x":101,"y":778,"width":767,"height":11}},{"id":"76d31ad6-902e-4d3b-982e-41a73b566802","block_type":"box","text":"company with a matching investment objective in which to invest or retain its own investment adviser to manage its","page_number":17,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"6bc7b8eb-a355-48c1-aefb-8bcd89ca5d53","block_type":"box","text":"por tfolio in accordance with its investment objective. In the latter case, the Fund’s inability to find a substitute","page_number":17,"box":{"x":70,"y":808,"width":785,"height":11}},{"id":"7e529236-47a0-42ed-8960-c91bcc90e08c","block_type":"box","text":"investment company in which to invest or equivalent management services could adversely affect shareholders’","page_number":17,"box":{"x":70,"y":823,"width":796,"height":12}},{"id":"6bb56a9a-9023-42c8-8281-fe2150bb37b0","block_type":"box","text":"investments in the Fund. The Fund will provide its shareholders with written notice 30 days prior to the","page_number":17,"box":{"x":70,"y":838,"width":729,"height":11}},{"id":"dcf7ec02-ce7f-49e5-9f07-7860c378af68","block_type":"box","text":"implementation of any change in the investment objective of the Fund or the Master Por tfolio, to the extent possible.","page_number":17,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"c4ab70b6-5827-4839-b74c-700da6ee44f1","block_type":"box","text":"In implementing the Fund’s investment strategy, from time to time, BlackRock Fund Advisors (“BFA” or the","page_number":17,"box":{"x":102,"y":876,"width":756,"height":11}},{"id":"c15abbb7-35a2-40db-8c0d-5235b050923f","block_type":"box","text":"“Manager”), the Master Por tfolio’s investment manager, may consider and employ techniques and strategies","page_number":17,"box":{"x":70,"y":891,"width":776,"height":12}},{"id":"ea2c0717-b3b3-4fd2-941f-fe2452da6b91","block_type":"box","text":"I-1","page_number":17,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"067363b4-b52f-4e18-9b08-996110bd697b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":17,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d0f0a04-6800-4c72-ac63-0a9b32f97186","block_type":"box","text":"designed to minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection","page_number":18,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"64d9d957-90dc-4b6d-896d-c5237063e63c","block_type":"box","text":"with their investment in the Fund.","page_number":18,"box":{"x":68,"y":60,"width":237,"height":9}},{"id":"e23b91a5-f35c-4f65-96d8-f4389aa7d836","block_type":"box","text":"Set for th below is a listing of some of the types of investments and investment strategies that the Fund may","page_number":18,"box":{"x":102,"y":82,"width":774,"height":12}},{"id":"0013b4f4-39e3-42c1-b8ad-bd3ad03ab5c0","block_type":"box","text":"use, and the risks and considerations associated with those investments and investment strategies. Please see Par t","page_number":18,"box":{"x":69,"y":98,"width":837,"height":11}},{"id":"3b07b0c4-4601-4d33-9a73-fa3c6ad10ce7","block_type":"box","text":"II of this SAI for fur ther information on these investments and investment strategies. Information contained in Par t II","page_number":18,"box":{"x":70,"y":113,"width":828,"height":11}},{"id":"71a117b9-3c3e-4472-b004-67ded0e5d7a6","block_type":"box","text":"about the risks and considerations associated with investments and/or investment strategies applies only to the","page_number":18,"box":{"x":69,"y":128,"width":805,"height":11}},{"id":"aaffa216-e087-4eb4-9717-9e2271fb6a65","block_type":"box","text":"extent the Fund makes each type of investment or uses each investment strategy. Also set for th below is a listing of","page_number":18,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"c77036a4-17e4-4a5a-bd01-f677a7f796ca","block_type":"box","text":"the proxy voting policy and related guidelines applicable to each Fund. 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Only information that is clearly identified as applicable to the Fund is considered to form a","page_number":18,"box":{"x":69,"y":226,"width":822,"height":11}},{"id":"08f20160-5782-4799-92ba-23385051c9f7","block_type":"box","text":"par t of the Fund’s SAI.","page_number":18,"box":{"x":70,"y":241,"width":158,"height":11}},{"id":"eed9a189-5880-46ff-83af-4444e6f6fd43","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":18,"box":{"x":722,"y":270,"width":167,"height":7}},{"id":"aac59688-f142-4ce0-adb6-a291771fd62e","block_type":"box","text":"Asset-Backed Securities","page_number":18,"box":{"x":72,"y":289,"width":161,"height":8}},{"id":"ce7dda73-c631-4096-a5b6-99ac1ede9db5","block_type":"box","text":"Asset-Based 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either","page_number":22,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"3f5a8a47-d792-4138-ae05-099084e0f52e","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options","page_number":22,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"88916e2c-0b89-4f82-9e69-3c322f700eb1","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the","page_number":22,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"6515bcb9-3264-498f-a657-ac7c0a2225fa","block_type":"box","text":"extent the Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as","page_number":22,"box":{"x":69,"y":415,"width":827,"height":11}},{"id":"ea7e3f04-6a7c-4b68-9855-095cf1218d24","block_type":"box","text":"a “commodity pool” or a vehicle for trading such instruments. Accordingly, BFA has claimed an exclusion from the","page_number":22,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"8ffec2c4-4448-4f5a-897f-3db3f9b1e005","block_type":"box","text":"definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5","page_number":22,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"7939212f-788b-4b3e-9ded-2093afa34f96","block_type":"box","text":"under the CEA. BFA is not, therefore, subject to registration or regulation as a “commodity pool operator” under the","page_number":22,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"99475da8-8b35-4a3b-b4e8-95c426c7c0d5","block_type":"box","text":"CEA in respect of the Fund.","page_number":22,"box":{"x":69,"y":475,"width":192,"height":11}},{"id":"75fcc3ba-cdbc-4fc1-8dae-56e859eca0ed","block_type":"box","text":"II. Investment Restrictions","page_number":22,"box":{"x":69,"y":506,"width":194,"height":9}},{"id":"0b99b09b-e5fd-4afe-8000-12d16fd6c41d","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted restrictions and policies relating to the investment of the Fund’s","page_number":22,"box":{"x":101,"y":528,"width":789,"height":12}},{"id":"123836bc-8eb5-4f4a-81cb-5a0223768230","block_type":"box","text":"assets and its activities. Cer tain of the restrictions are fundamental policies of the Fund and may not be changed","page_number":22,"box":{"x":69,"y":543,"width":809,"height":12}},{"id":"bb82ee80-134b-4ce4-85e1-3f481f83b94e","block_type":"box","text":"without the approval of the holders of a majority of the Fund’s outstanding voting securities (which for this purpose","page_number":22,"box":{"x":68,"y":559,"width":818,"height":11}},{"id":"7e771990-81d8-4774-ad64-ef2980c6a030","block_type":"box","text":"and under the 1940 Act, means the lesser of (i) 67% of the shares represented at a meeting at which more than 50%","page_number":22,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"47f2e69f-70ea-474c-ac72-2d58953aecb0","block_type":"box","text":"of the outstanding shares are represented or (ii) more than 50% of the outstanding shares). The Trust, on behalf of","page_number":22,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"b2cf0f94-2f6f-4d51-860b-2c1e321c811b","block_type":"box","text":"the Fund, has also adopted cer tain non-fundamental investment restrictions, which may be changed by the Board of","page_number":22,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"b646d86d-6132-49b3-a075-6fb4cc4bf822","block_type":"box","text":"Trustees without shareholder approval. None of the following fundamental or non-fundamental investment restrictions","page_number":22,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"7a4f9806-f9cd-4155-a025-0dd3dd26b439","block_type":"box","text":"shall prevent the Fund from investing all of its assets in shares of another registered investment company with the","page_number":22,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"9213d1a0-d076-4368-a7e1-28eebae15567","block_type":"box","text":"same investment objective and fundamental policies (in a master/feeder structure).","page_number":22,"box":{"x":69,"y":649,"width":597,"height":11}},{"id":"54b38fa8-7ba1-4d93-90e5-c91b205073fa","block_type":"box","text":"Fundamental Investment Restrictions of the Fund","page_number":22,"box":{"x":102,"y":672,"width":360,"height":9}},{"id":"a24c8552-d07d-46ed-81f1-844cfabe0550","block_type":"box","text":"The Fund is subject to the following investment restrictions, all of which are fundamental policies. The Fund may","page_number":22,"box":{"x":101,"y":695,"width":800,"height":11}},{"id":"58872884-186c-4712-be18-f44bf37b1c20","block_type":"box","text":"not:","page_number":22,"box":{"x":69,"y":711,"width":26,"height":8}},{"id":"766b5bc0-e331-4a28-b017-11b11ff53504","block_type":"box","text":"(1) Purchase the securities of issuers conducting their principal business activity in the same industry if,","page_number":22,"box":{"x":102,"y":732,"width":743,"height":12}},{"id":"c9b7ee2d-9242-444f-8510-87e6c2077dac","block_type":"box","text":"immediately after the purchase and as a result thereof, the value of the Fund’s investments in that industry would","page_number":22,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"d1d0c153-71ee-46cf-b73b-ddeaf73e7747","block_type":"box","text":"equal or exceed 25% of the current value of the Fund’s total assets, provided that this restriction does not limit the","page_number":22,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"0265f8ed-974c-454e-8d22-a0c3b0a2e13e","block_type":"box","text":"Fund’s: (i) investments in securities of other investment companies, (ii) investments in securities issued or","page_number":22,"box":{"x":70,"y":778,"width":762,"height":11}},{"id":"26a6f85d-3520-409d-8d88-510e48fae902","block_type":"box","text":"guaranteed by the U.S. Government, its agencies or instrumentalities, or (iii) investments in repurchase agreements","page_number":22,"box":{"x":68,"y":793,"width":828,"height":11}},{"id":"c958cda6-9a31-4d95-bd80-5fc653d746da","block_type":"box","text":"collateralized by U.S. Government securities, and provided fur ther that the Fund reserves the right to concentrate in","page_number":22,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"dfb3ac80-78df-4e70-9e27-74edf614f46f","block_type":"box","text":"any industry in which the index that the Fund tracks becomes concentrated to approximately the same degree during","page_number":22,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"4d71a0dd-3a4d-4f21-a4be-49198a50ddab","block_type":"box","text":"the same period;","page_number":22,"box":{"x":68,"y":839,"width":120,"height":10}},{"id":"5c1e59ea-2d61-4504-98b3-f44e4391e5a0","block_type":"box","text":"(2) Purchase the securities of any single issuer if, as a result, with respect to 75% of the Fund’s total assets,","page_number":22,"box":{"x":102,"y":861,"width":779,"height":11}},{"id":"50f536c0-c981-4610-89f8-1d6737ea5e94","block_type":"box","text":"more than 5% of the value of its total assets would be invested in the securities of such issuer or the Fund’s","page_number":22,"box":{"x":69,"y":876,"width":775,"height":9}},{"id":"50ab3015-ea31-4a66-a033-3ccd98ecd1bd","block_type":"box","text":"ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this restriction","page_number":22,"box":{"x":69,"y":891,"width":825,"height":12}},{"id":"db18fb28-ee02-474b-b9b5-d667c5776bc4","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8bd126af-872e-4e24-8be4-a31db3799aeb","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec17fb6c-d1dc-4169-bd47-3727091b00de","block_type":"box","text":"does not limit the Fund’s cash or cash items, investments in securities issued or guaranteed by the U.S.","page_number":23,"box":{"x":69,"y":45,"width":745,"height":11}},{"id":"764e9a62-1563-4abc-9ef0-133a4c73a377","block_type":"box","text":"Government, its agencies and instrumentalities, or investments in securities of other investment companies;","page_number":23,"box":{"x":69,"y":60,"width":775,"height":11}},{"id":"1478e6ea-9158-45df-b9ac-5c91471369dd","block_type":"box","text":"(3) Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, including the","page_number":23,"box":{"x":102,"y":83,"width":779,"height":11}},{"id":"63d95f3c-ad82-478e-8721-5733c89e0faa","block_type":"box","text":"rules, regulations and any orders obtained thereunder;","page_number":23,"box":{"x":69,"y":98,"width":388,"height":11}},{"id":"dc19b874-3b4d-4021-a386-4888b230c310","block_type":"box","text":"(4) Make loans to other par ties, except to the extent permitted under the 1940 Act, including the rules,","page_number":23,"box":{"x":102,"y":120,"width":737,"height":12}},{"id":"6364d49a-e17d-4c3b-a474-ed69294d4d79","block_type":"box","text":"regulations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase","page_number":23,"box":{"x":69,"y":135,"width":772,"height":12}},{"id":"0aaf16c7-5cf1-4c16-8af4-66c3af28a1e1","block_type":"box","text":"agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans;","page_number":23,"box":{"x":69,"y":150,"width":769,"height":12}},{"id":"f87b7119-b397-4a0a-95bd-4abd2f8a4c12","block_type":"box","text":"(5) Underwrite securities of other issuers, except to the extent that the purchase of permitted investments","page_number":23,"box":{"x":102,"y":173,"width":759,"height":11}},{"id":"e261a77f-69b5-41ed-8cf9-82038e04d528","block_type":"box","text":"directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in","page_number":23,"box":{"x":69,"y":188,"width":806,"height":11}},{"id":"0bf82910-f161-4828-ad77-f744160d7359","block_type":"box","text":"accordance with the Fund’s investment program may be deemed to be an underwriting; and provided fur ther, that the","page_number":23,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"f9ec19e0-3bee-4bad-aec7-76bf45cc9317","block_type":"box","text":"purchase by the Fund of securities issued by an open-end management investment company, or a series thereof, with","page_number":23,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"61221b3c-ea61-47a2-b76f-be4a07954bf2","block_type":"box","text":"substantially the same investment objective, policies and restrictions as the Fund shall not constitute an underwriting","page_number":23,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"caaa6955-50c5-4c70-881d-02ca1d6c3427","block_type":"box","text":"for purposes of this paragraph;","page_number":23,"box":{"x":68,"y":249,"width":220,"height":11}},{"id":"140b7d6b-755b-4ca1-bff8-3d4f7a907446","block_type":"box","text":"(6) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but","page_number":23,"box":{"x":102,"y":271,"width":793,"height":11}},{"id":"1be7d004-1e0c-4c0c-be7b-f82cab3e3d53","block_type":"box","text":"this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of","page_number":23,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"1070d770-8b55-4cb0-955d-4648538fdaba","block_type":"box","text":"companies engaged in the real estate business);","page_number":23,"box":{"x":69,"y":302,"width":347,"height":11}},{"id":"1ff9eec2-7b4d-49be-831e-3a86767ade23","block_type":"box","text":"(7) Purchase or sell commodities, provided that (i) currency will not be deemed to be a commodity for purposes","page_number":23,"box":{"x":102,"y":324,"width":792,"height":11}},{"id":"d9ed8ea2-1724-4f72-a60e-3e6b565c0dee","block_type":"box","text":"of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward contracts or","page_number":23,"box":{"x":69,"y":339,"width":810,"height":11}},{"id":"32587c0f-e0a8-4a48-af92-a23b48a2e719","block_type":"box","text":"options, and (iii) this restriction does not limit the purchase or sale of securities or other instruments backed by","page_number":23,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"28fb62bd-ec15-4cbb-80f8-3d2a566dc197","block_type":"box","text":"commodities or the purchase or sale of commodities acquired as a result of ownership of securities or other","page_number":23,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"ee6ca48e-1e5e-472c-b4b1-4906acbfe73c","block_type":"box","text":"instruments; and","page_number":23,"box":{"x":70,"y":385,"width":119,"height":10}},{"id":"5206a820-8b33-4d12-8a5d-dec22677f34e","block_type":"box","text":"(8) Purchase securities on margin (except for shor t-term credit necessary for the clearance of transactions and","page_number":23,"box":{"x":102,"y":407,"width":790,"height":12}},{"id":"9a1ca756-947b-41de-8ced-49c62c7422c5","block_type":"box","text":"except for margin payments in connection with options, futures and options on futures) or make shor t sales of","page_number":23,"box":{"x":69,"y":423,"width":789,"height":11}},{"id":"f8ac4fd5-fed7-40f2-9690-c0679955d4a0","block_type":"box","text":"securities.","page_number":23,"box":{"x":69,"y":438,"width":72,"height":9}},{"id":"b8a1fde6-9968-4833-a7e3-c8775dc6c526","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":23,"box":{"x":102,"y":461,"width":494,"height":11}},{"id":"302fe241-5378-4788-a1bf-275c0784a0d3","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":23,"box":{"x":101,"y":483,"width":799,"height":11}},{"id":"58585253-2504-44e0-aed3-a14ebdf52033","block_type":"box","text":"subject to change without shareholder approval.","page_number":23,"box":{"x":69,"y":498,"width":341,"height":11}},{"id":"3cd533a4-c337-4086-a6f3-b727f36d3be0","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in no. (1) above, with respect to the","page_number":23,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"d511ce34-a881-4168-98bd-49051343f162","block_type":"box","text":"Fund’s industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by","page_number":23,"box":{"x":70,"y":536,"width":835,"height":11}},{"id":"89825979-0df1-42e5-a665-6060b5bb417b","block_type":"box","text":"one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. The","page_number":23,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"ff07c9f4-5241-4a67-8929-af86e54f8279","block_type":"box","text":"policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among","page_number":23,"box":{"x":70,"y":566,"width":782,"height":11}},{"id":"d4d7af2f-cf7f-400c-be67-212e0261a976","block_type":"box","text":"industries.","page_number":23,"box":{"x":70,"y":582,"width":72,"height":8}},{"id":"2e18d868-34e7-4874-8be8-ad50f823b3dd","block_type":"box","text":"With respect to the fundamental policy relating to diversification set for th in no. (2) above, the Fund intends to","page_number":23,"box":{"x":101,"y":604,"width":786,"height":11}},{"id":"8bda27f7-6e56-4aa0-87d8-375c0537db65","block_type":"box","text":"be diversified in approximately the same propor tion as its Underlying Index (as defined in the Fund’s Prospectus) is","page_number":23,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"ff7dfa1e-c2d9-4828-9a74-868699a25947","block_type":"box","text":"diversified. The Fund is currently classified as a diversified fund under the 1940 Act. However, while the Fund is","page_number":23,"box":{"x":69,"y":634,"width":795,"height":11}},{"id":"9a152a71-842a-42fb-83d1-fd39f6398f85","block_type":"box","text":"classified as “diversified,” under applicable no-action relief from the SEC staff, the Fund may become non-diversified,","page_number":23,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"b3f93e74-c463-4022-a590-2bc48121f308","block_type":"box","text":"as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or","page_number":23,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"420a8e9f-1603-4ac2-8cf6-bb27bf7b9698","block_type":"box","text":"more constituents of its Underlying Index, and such a change will not require shareholder approval.","page_number":23,"box":{"x":69,"y":680,"width":705,"height":11}},{"id":"e12413b0-914c-477b-9099-c06cde3674a6","block_type":"box","text":"While cer tain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":23,"box":{"x":101,"y":702,"width":793,"height":12}},{"id":"3bd89dc5-ea72-4607-b143-8d446dc99519","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restriction no. 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(7) above is being interpreted to permit the Fund to engage in transactions in swaps and","page_number":23,"box":{"x":70,"y":748,"width":817,"height":11}},{"id":"b35d6af8-4ab0-424b-b8f2-c08315e5e200","block_type":"box","text":"options on swaps related to financial instruments, such as securities, securities indices and currencies, but not to","page_number":23,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"4b07ccef-8519-47d3-9db2-0f9e37af5f92","block_type":"box","text":"engage in transactions in swaps or options on swaps related to physical commodities, such as oil or metals.","page_number":23,"box":{"x":69,"y":778,"width":774,"height":11}},{"id":"6d708c40-6fd6-4395-a3e9-39677146e132","block_type":"box","text":"With respect to fundamental investment restriction no. (3) above, the 1940 Act currently allows the Fund to","page_number":23,"box":{"x":101,"y":801,"width":766,"height":11}},{"id":"33bce41c-2525-4fd5-b980-a4533f431238","block_type":"box","text":"borrow up to one-third of the value of its total assets (including the amount borrowed) valued at the lesser of cost or","page_number":23,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"02674d0e-53d5-4d19-af12-4b8e768c28b1","block_type":"box","text":"market, less liabilities (not including the amount borrowed) at the time the borrowing is made. With respect to","page_number":23,"box":{"x":69,"y":831,"width":784,"height":11}},{"id":"b0e6f470-1a87-4f54-ba08-d77461f69f92","block_type":"box","text":"fundamental investment restriction no. (4) above, the 1940 Act and regulatory interpretations currently limit the","page_number":23,"box":{"x":68,"y":846,"width":797,"height":11}},{"id":"8a721318-111a-48d3-aa36-e8b6308cb20f","block_type":"box","text":"percentage of the Fund’s securities that may be loaned to one-third of the value of its total assets.","page_number":23,"box":{"x":70,"y":861,"width":702,"height":11}},{"id":"a674e1f9-95e5-4a80-8560-e7b938de610c","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"c5de4eba-9af2-4bd8-aa2c-9e8f2d7a192a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24d446ca-7b61-45df-865f-6bba82934df5","block_type":"box","text":"Non-Fundamental Investment Restrictions of the Fund","page_number":24,"box":{"x":69,"y":45,"width":393,"height":9}},{"id":"b0b2d336-13f4-45f0-95b3-4ad28c7cf54a","block_type":"box","text":"The Fund is subject to the following investment restrictions, all of which are non-fundamental policies and may","page_number":24,"box":{"x":101,"y":67,"width":787,"height":12}},{"id":"d5e4f8c7-18d6-4c2e-8d76-4e20ed4474f5","block_type":"box","text":"be changed without shareholder approval by vote of a majority of the Trustees at any time.","page_number":24,"box":{"x":69,"y":82,"width":642,"height":12}},{"id":"95c110f7-3ff2-454f-bb45-135fd2ac9712","block_type":"box","text":"As a matter of non-fundamental policy:","page_number":24,"box":{"x":101,"y":105,"width":274,"height":11}},{"id":"dca4c14e-c8c7-4cf1-a254-bdabdb02b104","block_type":"box","text":"(1) The Fund may invest in shares of other open-end management investment companies, subject to the","page_number":24,"box":{"x":134,"y":128,"width":743,"height":11}},{"id":"9fa817cd-8cf6-447e-b6b5-16289af94e18","block_type":"box","text":"limitations of Section 12(d)(1) of the 1940 Act, including the rules, regulations and exemptive orders obtained","page_number":24,"box":{"x":102,"y":143,"width":785,"height":11}},{"id":"ccbd0cd1-ca60-43ad-9519-1beada757be3","block_type":"box","text":"thereunder; provided, however that the Fund, if it has knowledge that its beneficial interests are purchased by","page_number":24,"box":{"x":101,"y":158,"width":784,"height":11}},{"id":"08bd92a1-91df-4bb6-a5c1-ec7fa40c11db","block_type":"box","text":"another investment company investor pursuant to Section 12(d)(1)(G) of the 1940 Act, will not acquire any","page_number":24,"box":{"x":102,"y":173,"width":759,"height":11}},{"id":"08f30d36-6f60-4b7f-9cd0-4938ea122a2c","block_type":"box","text":"securities of registered open-end management investment companies or registered unit investment trusts in","page_number":24,"box":{"x":102,"y":188,"width":772,"height":12}},{"id":"ac5e0588-f190-434f-93b2-162c5edf5e9a","block_type":"box","text":"reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act. Other investment companies in which the Fund","page_number":24,"box":{"x":102,"y":203,"width":779,"height":11}},{"id":"21020229-a584-44ef-bd0f-d2ce7931d5b6","block_type":"box","text":"invests can be expected to charge fees for operating expenses, such as investment advisory and administration","page_number":24,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"46b1381b-9b48-499a-9d03-d41b74f64ae9","block_type":"box","text":"fees, that would be in addition to those charged by the Fund;","page_number":24,"box":{"x":101,"y":234,"width":433,"height":11}},{"id":"bbb5fbc7-7380-43fa-8526-0a560754b4ee","block_type":"box","text":"(2) The Fund may not invest more than 15% of its net assets in illiquid securities. For this purpose, illiquid","page_number":24,"box":{"x":134,"y":256,"width":756,"height":11}},{"id":"5300a125-eaae-4459-b33e-efa8314e3842","block_type":"box","text":"securities include, among others, (i) securities that are illiquid by vir tue of the absence of a readily available","page_number":24,"box":{"x":102,"y":271,"width":770,"height":12}},{"id":"c64e9f1a-01c2-4cdb-bdf0-2ca42d4f0c97","block_type":"box","text":"market or legal or contractual restrictions on resale, (ii) fixed time deposits that are subject to withdrawal","page_number":24,"box":{"x":102,"y":286,"width":748,"height":12}},{"id":"a66e661d-a6b5-4434-b808-cf3c7d80f107","block_type":"box","text":"penalties and that have maturities of more than seven days, and (iii) repurchase agreements not terminable","page_number":24,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"0195c8b5-b89e-4db8-acd6-eaa0e7d4070a","block_type":"box","text":"within seven days;","page_number":24,"box":{"x":101,"y":317,"width":130,"height":11}},{"id":"e4b7032b-0d34-499c-b72c-2784ed17c40e","block_type":"box","text":"(3) The Fund may lend securities from its por tfolio to brokers, dealers and financial institutions, in amounts","page_number":24,"box":{"x":134,"y":339,"width":766,"height":12}},{"id":"a2757680-b924-460a-8f7c-7f1e51bde8c3","block_type":"box","text":"not to exceed (in the aggregate) one-third of the Fund’s total assets. Any such loans of por tfolio securities will be","page_number":24,"box":{"x":102,"y":355,"width":806,"height":11}},{"id":"2e33a927-d600-4cb4-bcde-1f1a0613afc5","block_type":"box","text":"fully collateralized based on values that are marked-to-market daily;","page_number":24,"box":{"x":101,"y":370,"width":479,"height":11}},{"id":"2e111428-3933-45e3-be8a-9c82ed881c9c","block_type":"box","text":"(4) The Fund may not purchase interests, leases, or limited par tnership interests in oil, gas, or other","page_number":24,"box":{"x":134,"y":393,"width":718,"height":11}},{"id":"0db94baa-bc12-49e0-875c-cf94d759173e","block_type":"box","text":"mineral exploration or development programs;","page_number":24,"box":{"x":102,"y":408,"width":325,"height":11}},{"id":"faca1209-914f-4fb8-8a93-165cb21dc5a3","block_type":"box","text":"(5) The Fund may not write, purchase or sell puts, calls, straddles, spreads, warrants, options or any","page_number":24,"box":{"x":134,"y":430,"width":719,"height":11}},{"id":"b0daaef2-f851-4388-95e2-9a5456b466b8","block_type":"box","text":"combination thereof, except that the Fund may enter into futures and options contracts in accordance with its","page_number":24,"box":{"x":101,"y":445,"width":781,"height":11}},{"id":"039b7f69-5e21-43f5-9a31-559934455c36","block_type":"box","text":"investment policies; and","page_number":24,"box":{"x":102,"y":461,"width":172,"height":10}},{"id":"927172bb-a113-41a9-a533-7acba6c487d4","block_type":"box","text":"(6) The Fund will provide shareholders with at least 60 days’ notice of any change to the Fund’s non","page_number":24,"box":{"x":134,"y":483,"width":717,"height":11}},{"id":"b65e5c93-c699-427d-9736-768e10628323","block_type":"box","text":"fundamental policy to invest at least 90% of the value of the Fund’s net assets plus the amount of any borrowing","page_number":24,"box":{"x":101,"y":498,"width":807,"height":11}},{"id":"07d56939-84e0-4018-bc3c-f290bef84a05","block_type":"box","text":"for investment purposes, in securities comprising the index that the Fund tracks. The notice will be provided in","page_number":24,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"5a9c5e16-7a0b-4f82-9eb9-d7f759984ed8","block_type":"box","text":"plain English in a separate written document, and will contain the following prominent statement or similar","page_number":24,"box":{"x":102,"y":528,"width":758,"height":12}},{"id":"01b40faa-bef5-4232-9b41-9eb4de063e46","block_type":"box","text":"statement in bold-face type: “Impor tant Notice Regarding Change in Investment Policy.” This statement will","page_number":24,"box":{"x":102,"y":543,"width":761,"height":12}},{"id":"fc7ebcea-dc54-44a0-9045-fac947c25c97","block_type":"box","text":"appear on both the notice and the envelope in which it is delivered, unless it is delivered separately from other","page_number":24,"box":{"x":102,"y":559,"width":790,"height":11}},{"id":"1e03a0cb-7b98-4829-a59a-40959291e4e8","block_type":"box","text":"communications to investors, in which case the statement will appear either on the notice or the envelope in","page_number":24,"box":{"x":101,"y":574,"width":774,"height":11}},{"id":"c8222cac-83ef-4c8d-8702-9edff50fd8c2","block_type":"box","text":"which the notice is delivered.","page_number":24,"box":{"x":101,"y":589,"width":206,"height":9}},{"id":"9ee6fe40-53bd-49b1-a469-666a29778a4e","block_type":"box","text":"Notwithstanding any other investment policy or restriction (whether or not fundamental), the Fund may and does","page_number":24,"box":{"x":102,"y":612,"width":796,"height":11}},{"id":"32ed20e1-481b-491e-89be-2cd2e7a07956","block_type":"box","text":"invest all of its assets in the securities of a single open-end management investment company with substantially the","page_number":24,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"904d0810-a142-45bb-8bad-04993454ff27","block_type":"box","text":"same fundamental investment objective, policies and limitations as the Fund. See “Investment Objectives and","page_number":24,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"79a72484-5ec3-47e0-b9a8-2a588f8450de","block_type":"box","text":"Policies—Master/Feeder Structure.”","page_number":24,"box":{"x":69,"y":657,"width":259,"height":11}},{"id":"b0583126-1559-498b-91c0-7e1d9757907a","block_type":"box","text":"Fundamental Investment Restrictions of the Master Portfolio","page_number":24,"box":{"x":102,"y":680,"width":444,"height":9}},{"id":"59489cb7-c28c-4c66-a69e-cbe0b7b0d917","block_type":"box","text":"The Master Por tfolio has adopted the following investment restrictions as fundamental policies. These","page_number":24,"box":{"x":101,"y":702,"width":730,"height":12}},{"id":"efe8e40c-d1c9-4e8b-9cf3-cb658a818dc4","block_type":"box","text":"restrictions cannot be changed, as to the Master Por tfolio, without approval by the holders of a majority (as defined","page_number":24,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"98001682-e9b5-46ca-ae6d-6375cd9a69ce","block_type":"box","text":"in the 1940 Act) of the Master Por tfolio’s outstanding voting interests. The Master Por tfolio may not:","page_number":24,"box":{"x":70,"y":732,"width":718,"height":12}},{"id":"b27ae66b-dc3a-40e8-aead-7a0672e3d026","block_type":"box","text":"(1) Purchase the securities of issuers conducting their principal business activity in the same industry if,","page_number":24,"box":{"x":102,"y":755,"width":743,"height":11}},{"id":"4ca339fe-fb8f-447f-9062-7c716769c8f2","block_type":"box","text":"immediately after the purchase and as a result thereof, the value of the Master Por tfolio’s investments in that","page_number":24,"box":{"x":70,"y":770,"width":786,"height":11}},{"id":"7a57f583-63be-496d-9d4d-4e3f34f1645e","block_type":"box","text":"industry would equal or exceed 25% of the current value of the Master Por tfolio’s total assets, provided that this","page_number":24,"box":{"x":70,"y":785,"width":803,"height":12}},{"id":"db6f0e87-1d6a-47a1-897a-118fc8ef5719","block_type":"box","text":"restriction does not limit the Master Por tfolio’s: (i) investments in securities of other investment companies,","page_number":24,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"6bd2ee92-08ad-49cf-8717-34fed4cce1ad","block_type":"box","text":"(ii) investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or","page_number":24,"box":{"x":69,"y":816,"width":795,"height":11}},{"id":"0962a183-ec95-4ab8-b550-0357512f2c0d","block_type":"box","text":"(iii) investments in repurchase agreements collateralized by U.S. Government securities, and provided fur ther that the","page_number":24,"box":{"x":69,"y":831,"width":839,"height":11}},{"id":"1514a82a-6bce-4b52-854a-cb402d957655","block_type":"box","text":"Master Por tfolio reserves the right to concentrate in any industry in which the index that the Master Por tfolio tracks","page_number":24,"box":{"x":70,"y":846,"width":823,"height":11}},{"id":"bd1347a4-1cd8-46a0-a22f-6f900f92aff6","block_type":"box","text":"becomes concentrated to approximately the same degree during the same period;","page_number":24,"box":{"x":69,"y":861,"width":584,"height":11}},{"id":"90b1ae8c-b0ae-4cb6-aaef-6644de70ee7b","block_type":"box","text":"(2) Purchase the securities of any single issuer if, as a result, with respect to 75% of the Master Por tfolio’s total","page_number":24,"box":{"x":102,"y":884,"width":802,"height":11}},{"id":"94054c44-f66f-4d08-8af5-706a40e34120","block_type":"box","text":"assets, more than 5% of the value of its total assets would be invested in the securities of such issuer or the Master","page_number":24,"box":{"x":69,"y":899,"width":837,"height":10}},{"id":"3df61ff6-aeda-4c87-a186-f26cf24bd786","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"9f581354-d769-4549-a7fe-b3b6703555a7","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8300857f-e846-4272-adaa-a759134883d7","block_type":"box","text":"Por tfolio’s ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this","page_number":25,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"e7f78a48-ff20-41c3-86d0-0c56ab82857e","block_type":"box","text":"restriction does not limit the Master Por tfolio’s cash or cash items, investments in securities issued or guaranteed","page_number":25,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"19844e45-9d01-4bbb-82f9-5d093d0c9166","block_type":"box","text":"by the U.S. Government, its agencies and instrumentalities, or investments in securities of other investment","page_number":25,"box":{"x":69,"y":75,"width":773,"height":11}},{"id":"5b00633c-95f3-4f51-99d0-3130304ba9b8","block_type":"box","text":"companies;","page_number":25,"box":{"x":69,"y":90,"width":80,"height":11}},{"id":"2047f6e9-5771-4103-92f9-d708412d3edd","block_type":"box","text":"(3) Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, including the","page_number":25,"box":{"x":102,"y":113,"width":779,"height":11}},{"id":"3de59775-a49f-4dc2-aa2d-1bc7f69ac0a9","block_type":"box","text":"rules, regulations and any orders obtained thereunder;","page_number":25,"box":{"x":69,"y":128,"width":388,"height":11}},{"id":"10dbd8bc-de39-478a-8603-af14cd7edf51","block_type":"box","text":"(4) Make loans to other par ties, except to the extent permitted under the 1940 Act, including the rules,","page_number":25,"box":{"x":102,"y":151,"width":737,"height":11}},{"id":"2019dbaa-fad8-49a7-9e85-ffc162e2a77d","block_type":"box","text":"regulations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase","page_number":25,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"fc0872fe-1ee0-4739-b978-fadbdcaaf17f","block_type":"box","text":"agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans;","page_number":25,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"dc7fd30e-32fc-4bed-a787-022c435268ee","block_type":"box","text":"(5) Underwrite securities of other issuers, except to the extent that the purchase of permitted investments","page_number":25,"box":{"x":102,"y":203,"width":759,"height":11}},{"id":"54d29421-a744-497a-b26b-a6d186ef50e8","block_type":"box","text":"directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in","page_number":25,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"f5591d16-4fa5-40e7-b4b1-bf291098af69","block_type":"box","text":"accordance with the Master Por tfolio’s investment program may be deemed to be an underwriting; and provided","page_number":25,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"efad62d1-0983-4127-9300-0204fc11f5ae","block_type":"box","text":"fur ther, that the purchase by the Master Por tfolio of securities issued by an open-end management investment","page_number":25,"box":{"x":68,"y":249,"width":792,"height":11}},{"id":"8e8bffe1-7cdd-4162-a959-e2da75baa853","block_type":"box","text":"company, or a series thereof, with substantially the same investment objective, policies and restrictions as the","page_number":25,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"bd8aa933-d35f-4aaa-aa49-a3ffa1525d06","block_type":"box","text":"Master Por tfolio shall not constitute an underwriting for purposes of this paragraph;","page_number":25,"box":{"x":70,"y":279,"width":596,"height":11}},{"id":"30c01d6b-7f36-4335-956a-1e254e21ab13","block_type":"box","text":"(6) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but","page_number":25,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"255beae4-f836-4f31-aa4c-de3a8ab10a5b","block_type":"box","text":"this shall not prevent the Master Por tfolio from investing in securities or other instruments backed by real estate or","page_number":25,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"56695e57-2ba2-438a-aa42-a058abb9e383","block_type":"box","text":"securities of companies engaged in the real estate business);","page_number":25,"box":{"x":69,"y":332,"width":440,"height":11}},{"id":"13e030d6-a1a0-4f78-846a-7476d0885641","block_type":"box","text":"(7) Purchase or sell commodities, provided that (i) currency will not be deemed to be a commodity for purposes","page_number":25,"box":{"x":102,"y":355,"width":792,"height":11}},{"id":"b4d8e986-36aa-41b9-9350-82893188118f","block_type":"box","text":"of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward contracts or","page_number":25,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"3160d09f-b5e0-4136-b1f0-eb98d6ab517d","block_type":"box","text":"options, and (iii) this restriction does not limit the purchase or sale of securities or other instruments backed by","page_number":25,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"9ca8c296-9c8e-4d46-92ce-47ef61947405","block_type":"box","text":"commodities or the purchase or sale of commodities acquired as a result of ownership of securities or other","page_number":25,"box":{"x":69,"y":400,"width":773,"height":11}},{"id":"db1dd64c-db0e-42ff-a104-b6d243c2a95b","block_type":"box","text":"instruments; and","page_number":25,"box":{"x":70,"y":415,"width":119,"height":11}},{"id":"e44af312-df0f-4f4b-a0b5-5990377b2bc9","block_type":"box","text":"(8) Purchase securities on margin (except for shor t-term credit necessary for the clearance of transactions and","page_number":25,"box":{"x":102,"y":438,"width":790,"height":11}},{"id":"7c48f7be-3a62-40b4-96f9-d0af592fff63","block_type":"box","text":"except for margin payments in connection with options, futures and options on futures) or make shor t sales of","page_number":25,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"b86cc6ca-d1bc-41fb-8076-f884df3dc6de","block_type":"box","text":"securities.","page_number":25,"box":{"x":69,"y":468,"width":72,"height":9}},{"id":"336eeeae-1194-4a70-aea9-474896edd7a4","block_type":"box","text":"Notations Regarding the Master Por tfolio’s Fundamental Investment Restrictions","page_number":25,"box":{"x":102,"y":491,"width":575,"height":11}},{"id":"5bf84900-07aa-4b89-9f37-105eaa5a097b","block_type":"box","text":"The following notations are not considered to be par t of the Master Por tfolio’s fundamental investment","page_number":25,"box":{"x":101,"y":513,"width":736,"height":12}},{"id":"5af14895-27ef-45e2-a96a-b1a02cf61051","block_type":"box","text":"restrictions and are subject to change without shareholder approval.","page_number":25,"box":{"x":69,"y":529,"width":485,"height":11}},{"id":"e99e5469-5fd2-46d8-b021-e87eb1856854","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in no. (1) above, with respect to the","page_number":25,"box":{"x":101,"y":551,"width":780,"height":11}},{"id":"772ea374-a89b-4e75-b133-43d4b3d59ce5","block_type":"box","text":"Master Por tfolio’s industry classifications, the Master Por tfolio currently utilizes any one or more of the industry sub","page_number":25,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"2486b145-52ba-4d2c-a286-48f746badad9","block_type":"box","text":"classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by","page_number":25,"box":{"x":69,"y":581,"width":824,"height":12}},{"id":"1ae27503-461b-43df-9cfe-08ad57646fb3","block_type":"box","text":"Master Por tfolio management. The policy also will be interpreted to give broad authority to the Master Por tfolio as to","page_number":25,"box":{"x":70,"y":596,"width":830,"height":12}},{"id":"9ae4524e-5e89-423d-ae63-2548d9aad627","block_type":"box","text":"how to classify issuers within or among industries.","page_number":25,"box":{"x":69,"y":612,"width":358,"height":11}},{"id":"239f262c-32e8-4628-b573-d029aa353567","block_type":"box","text":"With respect to the fundamental policy relating to diversification set for th in no. (2) above, the Master Por tfolio","page_number":25,"box":{"x":101,"y":634,"width":790,"height":12}},{"id":"80e09acb-2dcb-4bca-a730-520975a1731f","block_type":"box","text":"intends to be diversified in approximately the same propor tion as its underlying index is diversified. The Master","page_number":25,"box":{"x":70,"y":649,"width":792,"height":12}},{"id":"32f4308b-af65-469e-9add-e3908477db07","block_type":"box","text":"Por tfolio is currently classified as a diversified fund under the 1940 Act. However, while the Master Por tfolio is","page_number":25,"box":{"x":69,"y":664,"width":789,"height":12}},{"id":"a6a51543-d832-4324-a6cf-c1a39590b4ae","block_type":"box","text":"classified as “diversified,” under applicable no-action relief from the SEC staff, the Master Por tfolio may become non","page_number":25,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"cfd3d45d-7de4-433b-9d9a-2b8b95f5d4ab","block_type":"box","text":"diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index","page_number":25,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"5d4c2b63-91f7-4a22-a27d-b50a67b25b58","block_type":"box","text":"weighting of one or more constituents of its underlying index and such a change will not require","page_number":25,"box":{"x":68,"y":710,"width":680,"height":11}},{"id":"f2a77f09-b7cb-4700-bd80-60dc4cc53fe0","block_type":"box","text":"shareholder approval.","page_number":25,"box":{"x":69,"y":725,"width":153,"height":11}},{"id":"6c7662dc-f0a3-4458-b000-8653abb7b7ce","block_type":"box","text":"While cer tain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":25,"box":{"x":101,"y":748,"width":793,"height":11}},{"id":"0e084749-12d9-4eaf-a7bb-721802b1c7a2","block_type":"box","text":"the rules thereunder, at the time of the Master Por tfolio’s adoption of fundamental investment restriction no.","page_number":25,"box":{"x":68,"y":763,"width":778,"height":11}},{"id":"1490a33f-7361-49f5-a214-4c32d357c6fd","block_type":"box","text":"(7) above, many swaps were treated as securities for purposes of the Master Por tfolio’s compliance with applicable","page_number":25,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"7628af12-125a-4250-9908-3f02096425ef","block_type":"box","text":"law. Accordingly, fundamental investment restriction no. (7) above is being interpreted to permit the Master Por tfolio","page_number":25,"box":{"x":70,"y":793,"width":827,"height":11}},{"id":"d8e5e5c3-2e83-43b7-959b-5a67d9c45227","block_type":"box","text":"to engage in transactions in swaps and options on swaps related to financial instruments, such as securities,","page_number":25,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"2524e2f8-ca89-4ffc-9e94-fb85be4ab647","block_type":"box","text":"securities indices and currencies, but not to engage in transactions in swaps or options on swaps related to physical","page_number":25,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"4b7d15f8-bbef-478b-919f-a7cb885ee735","block_type":"box","text":"commodities, such as oil or metals.","page_number":25,"box":{"x":69,"y":839,"width":254,"height":10}},{"id":"df37b69b-4c71-488d-8553-2e53e9e68683","block_type":"box","text":"With respect to fundamental investment restriction no. (3) above, the 1940 Act currently allows the Master","page_number":25,"box":{"x":101,"y":861,"width":763,"height":11}},{"id":"f832ec6b-c2a1-4726-99da-38b1d38d68d1","block_type":"box","text":"Por tfolio to borrow up to one-third of the value of its total assets (including the amount borrowed) valued at the","page_number":25,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"bd5d47db-045e-4b90-a9fb-f3892f45aa11","block_type":"box","text":"lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. With","page_number":25,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"ea79bdab-f0f7-4f9c-ab12-625c8fa35635","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d7372de5-99e3-4811-ab73-390baa0d395a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"100d1aa2-0385-443f-af3c-a51dd631b745","block_type":"box","text":"respect to fundamental investment restriction no. (4) above, the 1940 Act and regulatory interpretations currently","page_number":26,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"1f7c6ee0-4459-408c-a5aa-66ab47398c22","block_type":"box","text":"limit the percentage of the Master Por tfolio’s securities that may be loaned to one-third of the value of its total","page_number":26,"box":{"x":70,"y":60,"width":788,"height":11}},{"id":"9acc0833-1ab5-4c9f-90c6-b01da49fecc0","block_type":"box","text":"assets.","page_number":26,"box":{"x":69,"y":76,"width":51,"height":8}},{"id":"0976d353-33a8-4285-83cc-17616afc359d","block_type":"box","text":"Non-Fundamental Investment Restrictions of the Master Portfolio","page_number":26,"box":{"x":102,"y":98,"width":477,"height":9}},{"id":"32cb00c4-537e-4919-bb42-4b4ab44d2e0e","block_type":"box","text":"The Master Por tfolio has adopted the following investment restrictions as non-fundamental policies. These","page_number":26,"box":{"x":101,"y":120,"width":760,"height":12}},{"id":"89db591d-6da8-43b0-93e3-a1f4eeb101ec","block_type":"box","text":"restrictions may be changed without interestholder approval by vote of a majority of the Trustees of MIP at any time.","page_number":26,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"d5d0807e-94a9-478e-b38a-07045ef7289f","block_type":"box","text":"The Master Por tfolio is subject to the following investment restrictions, all of which are non-fundamental policies:","page_number":26,"box":{"x":68,"y":150,"width":806,"height":12}},{"id":"f68dd8af-dc09-4e94-b4dc-78eb4b399626","block_type":"box","text":"(1) The Master Por tfolio may invest in shares of other open-end management investment companies, subject to","page_number":26,"box":{"x":102,"y":173,"width":795,"height":11}},{"id":"ab7768b9-72e9-4559-8831-610b560ba8fc","block_type":"box","text":"the limitations of Section 12(d)(1) of the 1940 Act, including the rules, regulations and exemptive orders obtained","page_number":26,"box":{"x":68,"y":188,"width":814,"height":12}},{"id":"aecc1efc-b9c7-468a-8623-898c1b8abc37","block_type":"box","text":"thereunder; provided, however that the Master Por tfolio, if it has knowledge that its beneficial interests are","page_number":26,"box":{"x":68,"y":203,"width":764,"height":12}},{"id":"582b8bbf-cc05-4f34-b3c5-70c97b2fe7ad","block_type":"box","text":"purchased by another investment company investor pursuant to Section 12(d)(1)(G) of the 1940 Act, will not acquire","page_number":26,"box":{"x":70,"y":218,"width":828,"height":12}},{"id":"cc95ed64-c9fa-43cb-bf33-f40c0b34ebd1","block_type":"box","text":"any securities of registered open-end management investment companies or registered unit investment trusts in","page_number":26,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"043bea96-5044-4ba0-9dd7-12cdb3b041ab","block_type":"box","text":"reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act. Other investment companies in which the Master","page_number":26,"box":{"x":69,"y":249,"width":796,"height":11}},{"id":"24b9e514-7eb9-470b-86aa-3e2cb375857b","block_type":"box","text":"Por tfolio invests can be expected to charge fees for operating expenses, such as investment advisory and","page_number":26,"box":{"x":69,"y":264,"width":757,"height":11}},{"id":"6e31796b-e6d4-409c-bf02-66dabe1d39f6","block_type":"box","text":"administration fees, that would be in addition to those charged by the Master Por tfolio;","page_number":26,"box":{"x":69,"y":279,"width":620,"height":11}},{"id":"b836665d-a07b-4767-945b-9400d80db406","block_type":"box","text":"(2) The Master Por tfolio may not invest more than 15% of its net assets in illiquid securities. For this purpose,","page_number":26,"box":{"x":102,"y":302,"width":785,"height":11}},{"id":"7b0a2a98-c20e-4dcd-9d7b-582d2d4606ff","block_type":"box","text":"illiquid securities include, among others, (i) securities that are illiquid by vir tue of the absence of a readily available","page_number":26,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"3fad86d1-d255-4360-99b1-6c2415e28456","block_type":"box","text":"market or legal or contractual restrictions on resale, (ii) fixed time deposits that are subject to withdrawal penalties","page_number":26,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"3f7c52f0-fb4e-4ea9-af91-7b9a1b5b2fa5","block_type":"box","text":"and that have maturities of more than seven days, and (iii) repurchase agreements not terminable within seven days;","page_number":26,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"6ec1903a-6237-4133-a9ea-167f3ecdaa46","block_type":"box","text":"(3) The Master Por tfolio may lend securities from its por tfolio to brokers, dealers and financial institutions, in","page_number":26,"box":{"x":102,"y":370,"width":779,"height":11}},{"id":"50ff45d0-5c55-4723-accf-da23dceeca87","block_type":"box","text":"amounts not to exceed (in the aggregate) one-third of the Master Por tfolio’s total assets. Any such loans of por tfolio","page_number":26,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"326ae4fb-203d-4138-8f03-51ab3804b1bd","block_type":"box","text":"securities will be fully collateralized based on values that are marked-to-market daily; and","page_number":26,"box":{"x":69,"y":400,"width":634,"height":11}},{"id":"0b589efb-772e-4d39-b21d-56883c661346","block_type":"box","text":"(4) The Master Por tfolio may not purchase interests, leases, or limited par tnership interests in oil, gas, or other","page_number":26,"box":{"x":102,"y":423,"width":798,"height":11}},{"id":"ea8f1bd8-53cd-4bfb-b968-f8e67f5b641f","block_type":"box","text":"mineral exploration or development programs; and","page_number":26,"box":{"x":69,"y":438,"width":357,"height":11}},{"id":"4e0e10a6-3412-485f-b721-9c126905e025","block_type":"box","text":"(5) The Master Por tfolio will provide interestholders with at least 60 days’ notice of any change to the Master","page_number":26,"box":{"x":102,"y":460,"width":779,"height":12}},{"id":"da5d496d-d149-44e5-a1c6-9c0b9d49d4e4","block_type":"box","text":"Por tfolio’s non-fundamental policy to invest at least 90% of the value of the Master Por tfolio’s net assets plus the","page_number":26,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"908eb3fb-5110-438f-84c2-98b6c733aa51","block_type":"box","text":"amount of any borrowing for investment purposes, in securities comprising the index that the Master Por tfolio tracks.","page_number":26,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"52df1edc-aae2-45c0-bfce-6faa7a8e63a5","block_type":"box","text":"The notice will be provided in plain English in a separate written document, and will contain the following prominent","page_number":26,"box":{"x":68,"y":506,"width":822,"height":11}},{"id":"34d8c050-b65a-4ebf-8dea-24ecff6e02ff","block_type":"box","text":"statement or similar statement in bold-face type: “Impor tant Notice Regarding Change in Investment Policy.” This","page_number":26,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"8cd5be31-41f8-43e7-a11d-81eaf9517411","block_type":"box","text":"statement will appear on both the notice and the envelope in which it is delivered, unless it is delivered separately","page_number":26,"box":{"x":69,"y":536,"width":816,"height":11}},{"id":"c24451a8-188b-4391-a7b4-b12205f86760","block_type":"box","text":"from other communications to investors, in which case the statement will appear either on the notice or the envelope","page_number":26,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"a2895628-18ae-4823-988f-b47a34001caf","block_type":"box","text":"in which the notice is delivered.","page_number":26,"box":{"x":70,"y":566,"width":222,"height":9}},{"id":"a782f93f-1293-4ec6-91a2-0c075dd82fec","block_type":"box","text":"III. Information on Trustees and Officers","page_number":26,"box":{"x":69,"y":596,"width":290,"height":9}},{"id":"d11bfc64-4386-442e-a815-27086f9a2866","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":26,"box":{"x":101,"y":619,"width":789,"height":11}},{"id":"f84182ce-02da-45a6-8ed3-57da6a27865f","block_type":"box","text":"the Trust as defined in the 1940 Act (the “Independent Trustees”). The same individuals serve on the Board of","page_number":26,"box":{"x":68,"y":634,"width":794,"height":11}},{"id":"22b37a6a-4c5b-425d-a438-7600cc694d2f","block_type":"box","text":"Trustees of MIP. The registered investment companies advised by the Manager or its affiliates (the “BlackRock","page_number":26,"box":{"x":68,"y":649,"width":795,"height":12}},{"id":"addf7f55-372e-4bc5-abe3-f74d58d53283","block_type":"box","text":"advised Funds”) are organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex, and","page_number":26,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"2fa46d61-0cc1-4ece-805a-34b51bb0b268","block_type":"box","text":"the iShares Complex (each, a “BlackRock Fund Complex”). The Trust and MIP are included in the BlackRock Fund","page_number":26,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"2632c7c0-b867-4f82-9697-04d4b5983868","block_type":"box","text":"Complex referred to as the BlackRock Multi-Asset Complex. The Trustees also oversee as board members the","page_number":26,"box":{"x":69,"y":695,"width":784,"height":11}},{"id":"0d2999f8-d31d-4e41-ae0a-435a8d83635a","block_type":"box","text":"operations of the other open-end registered investment companies included in the BlackRock Multi-Asset Complex.","page_number":26,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"18450f05-d619-4128-b295-456ea7de3fcf","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":26,"box":{"x":101,"y":732,"width":769,"height":12}},{"id":"cfc970eb-a623-4075-83a0-fd44a46e165f","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":26,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"e33c1e28-c85f-4460-998f-7d41ae1c3bd2","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":26,"box":{"x":70,"y":763,"width":821,"height":11}},{"id":"e5956b4b-1bb2-4992-abe6-57df57a65e20","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":26,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"84c70bb7-d197-441e-b592-93722f40b028","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":26,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"bbca5641-b948-40aa-8269-6f1c125d6224","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":26,"box":{"x":68,"y":808,"width":789,"height":11}},{"id":"9274fe7a-8969-410f-9ead-81304be212dd","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":26,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"ecafaa7e-1e70-46aa-8553-5da10357c514","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":26,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"09f0cefa-73da-4078-a1dd-fd917222e620","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":26,"box":{"x":70,"y":853,"width":794,"height":12}},{"id":"944d6727-5d8c-4d66-b4e8-c1255bcf8a38","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":26,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"d32e0f33-ad9b-4be7-8001-e226002c6e09","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":26,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"5ddaa70c-8dd7-4b41-bca1-28bcc7e77c43","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":26,"box":{"x":70,"y":899,"width":811,"height":11}},{"id":"7741c9f3-b685-4191-b19a-eeb8feafe092","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5c994bc6-ebd8-4438-ae0d-5e4f87da03ba","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d99c571-3321-4388-a1dc-c327cc8ab12b","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":27,"box":{"x":68,"y":45,"width":809,"height":11}},{"id":"f7725f88-06eb-4c1e-a077-72be813d227a","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":27,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"ae527111-705d-4bbd-98fa-6bd2200893e4","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":27,"box":{"x":69,"y":75,"width":441,"height":11}},{"id":"6f711f5d-6a08-4622-af59-fd12d23b87a3","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":27,"box":{"x":101,"y":98,"width":777,"height":11}},{"id":"ca51ed43-4937-4e1a-a82c-a3b95a9364b3","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":27,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"4e6208df-6c19-49fd-adc3-97b54fcbd1c6","block_type":"box","text":"the provisions of the 1940 Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s investment","page_number":27,"box":{"x":68,"y":128,"width":794,"height":11}},{"id":"8e93eb97-f3f3-4fa2-a01d-400ded39d63f","block_type":"box","text":"objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations and","page_number":27,"box":{"x":69,"y":143,"width":761,"height":11}},{"id":"a0089e96-ff5d-430a-a6d6-f4743d79d222","block_type":"box","text":"investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running the","page_number":27,"box":{"x":70,"y":158,"width":814,"height":11}},{"id":"e4785d5c-1f87-4a18-94bb-e070ce2ad30b","block_type":"box","text":"operations of the Fund.","page_number":27,"box":{"x":69,"y":173,"width":164,"height":11}},{"id":"e6c0bb94-ed28-4524-b114-c0eb48242697","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":27,"box":{"x":102,"y":196,"width":785,"height":11}},{"id":"6bb35fb5-4c9b-43ed-9612-5cb325e6016a","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":27,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"b386621a-636c-4851-a165-e2961624c515","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":27,"box":{"x":69,"y":226,"width":832,"height":11}},{"id":"16dc0111-535c-4e12-ad46-a92e46cd71f9","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":27,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"9aec6ca9-c35e-41e0-93aa-1115a196c691","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":27,"box":{"x":70,"y":256,"width":811,"height":12}},{"id":"2f87f5bb-2987-402c-bb69-18b1dc3ff346","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":27,"box":{"x":70,"y":271,"width":767,"height":12}},{"id":"feea4374-1c22-4eb6-9161-f97c8b368b41","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":27,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"b235577b-eaa9-4cd7-a902-9d75ab34c1ef","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":27,"box":{"x":70,"y":302,"width":803,"height":11}},{"id":"d6943bc7-2cdc-4786-ba31-ea6e52407eb1","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":27,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"f6760e71-28d5-4426-8156-b352403b8de0","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":27,"box":{"x":69,"y":332,"width":812,"height":11}},{"id":"d655a555-554e-449d-a97f-6182d0364b4c","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":27,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"fc4da0fd-1064-48a1-9d34-e7636a827ead","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":27,"box":{"x":69,"y":362,"width":812,"height":11}},{"id":"8a904657-1733-4dd5-9e7f-56a61a5c3f23","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":27,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"5cdd321a-9fbc-4e77-8c3d-675efc791475","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":27,"box":{"x":70,"y":393,"width":759,"height":11}},{"id":"ad01e9d8-2b39-4903-ba49-4b7d7206c4a1","block_type":"box","text":"per forming their oversight responsibilities.","page_number":27,"box":{"x":70,"y":407,"width":299,"height":12}},{"id":"34a3b8bb-689c-4c60-9fe5-0ab4f3600cbf","block_type":"box","text":"Audit Committee.","page_number":27,"box":{"x":101,"y":430,"width":122,"height":9}},{"id":"2f7c1de0-eb6d-481b-9f6b-07d792ee16fb","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":27,"box":{"x":229,"y":430,"width":673,"height":11}},{"id":"70f5efcd-6861-4b57-b9ad-bafe68be5fe7","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":27,"box":{"x":68,"y":445,"width":814,"height":11}},{"id":"bc5afb70-7455-4560-acda-be37e3e545e1","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":27,"box":{"x":69,"y":460,"width":826,"height":11}},{"id":"277f5ebf-64ba-4518-b151-682bf6ca21be","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":27,"box":{"x":69,"y":475,"width":753,"height":12}},{"id":"4d50f50e-f13a-4a18-8b78-48d334c065f5","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":27,"box":{"x":70,"y":491,"width":797,"height":11}},{"id":"987e7dd6-f0a0-4b2c-9f93-bc7028e327f4","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":27,"box":{"x":70,"y":506,"width":825,"height":11}},{"id":"a929f777-fab0-440b-87a9-5cf50bd71f1f","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":27,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"3a868cf3-7a8e-43d2-9952-27e0283b044c","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":27,"box":{"x":68,"y":536,"width":781,"height":11}},{"id":"59a39e11-9dd2-47aa-b8d1-6e16510978d2","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":27,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"e0846aa7-0155-4d8e-ac6a-9888435a7859","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":27,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"62379e3d-6f95-4d4f-92ce-1e899e319deb","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":27,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"d55e4b18-c60e-4348-b19a-6a7ab96f12b0","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":27,"box":{"x":70,"y":597,"width":809,"height":11}},{"id":"b07b589b-7754-4408-afa9-048ff65ef24a","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":27,"box":{"x":70,"y":612,"width":815,"height":11}},{"id":"5912c344-d77a-4ac6-9e6b-6e030e7a8514","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":27,"box":{"x":69,"y":627,"width":774,"height":11}},{"id":"f9275ac8-740e-4b31-a8ca-5233c6a03b11","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":27,"box":{"x":69,"y":642,"width":815,"height":11}},{"id":"c7b8dddb-f9e4-4211-b906-2dff82a627f6","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":27,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"4184972c-fab9-4a48-9454-51caf29920a4","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":27,"box":{"x":69,"y":672,"width":812,"height":11}},{"id":"62d845f5-9291-4389-83d4-52e4c189ef0c","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":27,"box":{"x":70,"y":687,"width":617,"height":11}},{"id":"d8b756e7-2efb-47b1-89d3-86fe52e890ec","block_type":"box","text":"Governance and Nominating Committee.","page_number":27,"box":{"x":102,"y":710,"width":286,"height":11}},{"id":"01e2ae37-86e3-4963-b1f9-daeb6ced2117","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":27,"box":{"x":394,"y":710,"width":464,"height":11}},{"id":"7c235e71-3933-42d3-8dd8-f8bc3a89a634","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":27,"box":{"x":70,"y":725,"width":833,"height":11}},{"id":"7934c1c6-b843-44f5-824e-4cf716d340d5","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":27,"box":{"x":69,"y":740,"width":769,"height":11}},{"id":"58a8fd5b-fda1-4d86-b1b1-0a63548dc425","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":27,"box":{"x":69,"y":755,"width":802,"height":11}},{"id":"43773e60-80e8-4a30-a77b-01aef00a7a29","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":27,"box":{"x":70,"y":770,"width":819,"height":11}},{"id":"f13503f6-e316-4298-9ed6-a854416eb4c4","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":27,"box":{"x":69,"y":786,"width":810,"height":10}},{"id":"0689e880-5403-4d5f-a547-894160c1befb","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":27,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"d451228f-5ee1-4919-bdc2-1ee8cb395e2a","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":27,"box":{"x":69,"y":816,"width":793,"height":11}},{"id":"ad95ca8e-74c7-464b-a79c-48557d985220","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":27,"box":{"x":69,"y":831,"width":815,"height":11}},{"id":"d74e363e-eb43-44ea-8283-17017a906a97","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":27,"box":{"x":70,"y":846,"width":835,"height":11}},{"id":"8e4868ae-24b1-4aea-afc3-0cba41481f84","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":27,"box":{"x":68,"y":861,"width":815,"height":11}},{"id":"5c94ba3d-8867-42e3-bb82-79e6daa6f682","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":27,"box":{"x":68,"y":876,"width":841,"height":11}},{"id":"097abb99-7d41-42a3-aa52-b88ff289e49e","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Fund shareholders who wish to recommend a","page_number":27,"box":{"x":68,"y":891,"width":838,"height":11}},{"id":"4ab83aa7-f448-4782-8dbd-c8f878227de4","block_type":"box","text":"nominee should send nominations to the Secretary of the Trust that include biographical information and set for th","page_number":27,"box":{"x":69,"y":906,"width":815,"height":12}},{"id":"d09301e1-bae1-4905-89ce-e9357fb5d1e5","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cd3906da-6ff4-4e79-b6b6-79a8ff0be6fe","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14fe6e6a-f869-4755-9c0b-92f9f67c73ee","block_type":"box","text":"the qualifications of the proposed nominee. The Board has adopted a written char ter for the Governance Committee.","page_number":28,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"c4289ef4-a7a5-4a06-a1a4-94b68042c2f8","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Governance Committee met eleven times.","page_number":28,"box":{"x":70,"y":60,"width":684,"height":11}},{"id":"e1bd340d-01df-4336-bb0f-0c111dc4beb5","block_type":"box","text":"Compliance Committee.","page_number":28,"box":{"x":102,"y":83,"width":168,"height":10}},{"id":"180fd792-a990-4941-9c0c-dbb17067fa3c","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":28,"box":{"x":276,"y":82,"width":629,"height":11}},{"id":"5472751e-a63c-4ad1-9bb7-aff828ec87f9","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":28,"box":{"x":68,"y":98,"width":789,"height":11}},{"id":"b55701cd-81f2-4b05-a1f4-9ace0e2ff54f","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":28,"box":{"x":70,"y":113,"width":812,"height":11}},{"id":"82316b29-d28e-4264-bc8e-961a8191c734","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BFA and any","page_number":28,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"bfbea5b8-2b14-4030-99b8-b8e6f2bbbd2f","block_type":"box","text":"sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":28,"box":{"x":69,"y":143,"width":789,"height":11}},{"id":"8503ffbf-003a-4512-a7e8-021848d6e073","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":28,"box":{"x":68,"y":158,"width":819,"height":11}},{"id":"78c15277-5872-44ad-a7ad-a15286ecfe33","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":28,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"fa95b5c5-fa86-42f8-9f70-8fff14e7ac73","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":28,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"ebd14096-9450-4c3a-8fa6-e32247baf06d","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":28,"box":{"x":69,"y":203,"width":818,"height":12}},{"id":"85d82613-3d43-4e8f-afb4-21876bc849e5","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":28,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"81c35b8a-d6e0-486d-9fb2-f2fdbacc6148","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":28,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"5c0df582-9ef3-4935-938b-0369dd4450a8","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":28,"box":{"x":69,"y":249,"width":828,"height":11}},{"id":"b6487ffa-bff8-4376-b1a1-eadd4492d16c","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":28,"box":{"x":68,"y":264,"width":720,"height":11}},{"id":"70ce8099-91bb-45a0-8a2d-2b88fe9b26d7","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":28,"box":{"x":70,"y":279,"width":460,"height":11}},{"id":"fee46ce7-fb88-4571-97e6-6fd1c2f3102d","block_type":"box","text":"Per formance Oversight Committee.","page_number":28,"box":{"x":102,"y":302,"width":248,"height":11}},{"id":"fbc75e99-95f9-4776-8cb6-7b40874cf2ce","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":28,"box":{"x":356,"y":302,"width":531,"height":11}},{"id":"a172da81-fce3-4386-bdc4-168385a2d053","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":28,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"a86ec008-3765-4114-8fb8-f357fb3bb06f","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":28,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"9065e42e-98c9-4973-95e4-0429c6d69b17","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":28,"box":{"x":70,"y":347,"width":769,"height":11}},{"id":"b21cdfc2-3cc0-42f1-8175-be63d24a9209","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":28,"box":{"x":70,"y":362,"width":775,"height":11}},{"id":"123dd321-2b93-47b0-9c92-b4ef81d49ced","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":28,"box":{"x":69,"y":377,"width":782,"height":12}},{"id":"aa01fe7d-a289-4cbd-8400-845fcdb7eb35","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":28,"box":{"x":70,"y":392,"width":829,"height":11}},{"id":"7a17bf70-4c06-444a-8afb-4deb7c4e3075","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":28,"box":{"x":69,"y":407,"width":816,"height":11}},{"id":"a186ad09-a56d-4c9a-9d03-83c845a1679d","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":28,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"fad266d2-62ea-41fa-8211-867868ff00d5","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":28,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"81a85868-ddf2-49ab-b169-a28634026dd9","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":28,"box":{"x":68,"y":453,"width":811,"height":11}},{"id":"dd4f6cde-9261-4ee9-833b-92def6d13779","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":28,"box":{"x":69,"y":468,"width":757,"height":11}},{"id":"f3377c84-9440-4854-9574-c9709c84cfb5","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":28,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"7b783347-7b6e-4660-ad8a-603473f19857","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":28,"box":{"x":68,"y":498,"width":800,"height":11}},{"id":"22d39aab-88e6-464d-99bf-37d324b3c441","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":28,"box":{"x":69,"y":513,"width":780,"height":12}},{"id":"ecd23a08-98e4-48b3-ba61-785e7288a80a","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":28,"box":{"x":69,"y":528,"width":838,"height":12}},{"id":"ed30b33b-2528-4451-93b9-5ceb7aaa95f3","block_type":"box","text":"ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":28,"box":{"x":69,"y":543,"width":587,"height":12}},{"id":"ee990112-4e76-4914-a1e6-55eb1689404a","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":28,"box":{"x":101,"y":566,"width":186,"height":11}},{"id":"d9fdccf3-9e16-4cb3-9bed-a190b3de6fe1","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":28,"box":{"x":293,"y":566,"width":598,"height":11}},{"id":"923ea4e8-e93f-4d19-8f35-1f3f371d5cc1","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":28,"box":{"x":70,"y":581,"width":817,"height":11}},{"id":"ec5083e8-078e-41d4-b70c-5e859720268d","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":28,"box":{"x":69,"y":596,"width":795,"height":11}},{"id":"cb2b1b3c-6416-4470-9e6a-38c8428de199","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":28,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"67b823ea-4a46-48bc-8df3-526d249058b4","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":28,"box":{"x":69,"y":627,"width":813,"height":11}},{"id":"45706262-b203-4d91-9467-7189baefcaa9","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":28,"box":{"x":68,"y":642,"width":816,"height":11}},{"id":"b31d635c-6fe5-4cf9-8047-d083ef43eca5","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":28,"box":{"x":68,"y":657,"width":618,"height":11}},{"id":"105f592a-722a-4763-bdc8-f167b5d58c7d","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":28,"box":{"x":101,"y":680,"width":771,"height":11}},{"id":"8d12e831-5a99-4918-a7e5-05e5476ac71c","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":28,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"18cebdee-dcea-43dd-bdd4-4693185d26ea","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":28,"box":{"x":69,"y":710,"width":830,"height":11}},{"id":"a4d5cad9-b47a-4c34-8359-3a66e8d403f4","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":28,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"15c96806-5963-43f0-b812-63a5b9fc4b32","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":28,"box":{"x":70,"y":740,"width":807,"height":11}},{"id":"4ee415fa-c01d-4849-a496-e263a47a5af8","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":28,"box":{"x":70,"y":755,"width":787,"height":11}},{"id":"bf69dad3-1412-4720-86b6-00f7604c9bea","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":28,"box":{"x":69,"y":770,"width":805,"height":11}},{"id":"0eee87fc-e72a-429c-92e9-00feb9ead322","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":28,"box":{"x":68,"y":785,"width":794,"height":12}},{"id":"b7d99646-3af2-4697-b573-a92d051f2954","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":28,"box":{"x":68,"y":801,"width":829,"height":11}},{"id":"0d2d303c-b39c-4f1d-94dd-270705e92205","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":28,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"922e0b4e-8285-40c1-a90b-399e0cbfcbb0","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":28,"box":{"x":69,"y":831,"width":771,"height":11}},{"id":"385d9376-0afe-4a92-86e4-c57d358f500b","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":28,"box":{"x":69,"y":846,"width":473,"height":11}},{"id":"b83ef5ac-2841-44c7-b28b-675f799aa04a","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":28,"box":{"x":102,"y":869,"width":792,"height":11}},{"id":"2b33203b-f4fb-4d14-b639-2de62751c62c","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":28,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"12cee09a-af96-47b3-a00d-8cb3e02e5a44","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":28,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"25850815-231d-464b-95e8-e02418e3af20","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bdaee6de-a5a1-442d-a8ba-f45034a4ebe0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28559fb6-84e8-42c3-bee4-5e18bf68bb8e","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":29,"box":{"x":70,"y":45,"width":759,"height":11}},{"id":"2f5d2ae9-3b87-4562-bcfe-ebcb4af05290","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":29,"box":{"x":70,"y":60,"width":685,"height":11}},{"id":"c30cecfd-8112-4778-8e4d-60f0501a6a27","block_type":"box","text":"ad hoc","page_number":29,"box":{"x":762,"y":60,"width":47,"height":9}},{"id":"8d8185f8-6f1d-4306-9589-adf82ce5ef96","block_type":"box","text":"committees","page_number":29,"box":{"x":814,"y":60,"width":82,"height":9}},{"id":"7cceac0c-93f1-4165-abb4-552710c5a271","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":29,"box":{"x":68,"y":75,"width":395,"height":11}},{"id":"416c51a1-fde0-46dc-b6bc-d7d135454bf3","block_type":"box","text":"Trustees Elect.","page_number":29,"box":{"x":103,"y":98,"width":103,"height":9}},{"id":"6c3a2e80-37fa-4cb7-8f71-b0924ebd89ab","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":29,"box":{"x":213,"y":98,"width":634,"height":11}},{"id":"527d3914-2702-4aeb-b3b3-9d88bb0403bc","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":29,"box":{"x":69,"y":113,"width":811,"height":11}},{"id":"078d5c6d-b9e3-4728-8511-ed9dd4ea41d8","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":29,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"bc300b4a-3659-4fe6-a386-9ede51104da0","block_type":"box","text":"Independent Trustees in the per formance of their duties to the Trust and is expected to serve in that capacity until","page_number":29,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"47cebebb-b72c-4c1e-a9e2-4d459ea21fe3","block_type":"box","text":"July 1, 2026.","page_number":29,"box":{"x":69,"y":158,"width":92,"height":11}},{"id":"993caa74-2c35-43de-8394-a67492462ecb","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":29,"box":{"x":101,"y":181,"width":751,"height":11}},{"id":"82ee459d-5e89-48a8-b868-743f925fac7e","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":29,"box":{"x":69,"y":196,"width":492,"height":11}},{"id":"737473f9-5d14-4ed7-ae2d-1ada735dc150","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":224,"width":409,"height":9}},{"id":"fbb8af93-b6c1-4ca9-9ebc-0eb46778066a","block_type":"box","text":"Independent Trustees","page_number":29,"box":{"x":70,"y":241,"width":154,"height":10}},{"id":"12871973-b37b-4ad4-97b1-64515d4de45f","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":29,"box":{"x":69,"y":256,"width":781,"height":11}},{"id":"439e458d-a411-46f7-a0c1-a24c47f1ac79","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":29,"box":{"x":265,"y":271,"width":604,"height":11}},{"id":"b4ec0de3-9bdb-4db3-9b53-be418e679ec0","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":29,"box":{"x":265,"y":286,"width":623,"height":11}},{"id":"635ce845-6476-4403-9857-d3d318f4bac9","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":29,"box":{"x":265,"y":301,"width":637,"height":11}},{"id":"61c8ba38-5a9a-4db5-818b-90b0f32355bc","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":29,"box":{"x":265,"y":316,"width":631,"height":11}},{"id":"c0647b85-7dcc-4617-8287-90e0728257ee","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":29,"box":{"x":264,"y":331,"width":626,"height":11}},{"id":"76299838-c72f-46c7-b230-df890dde8213","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":29,"box":{"x":265,"y":346,"width":639,"height":11}},{"id":"a3b06fc5-66fd-4e84-bbed-93e8bbee7dd2","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":29,"box":{"x":264,"y":362,"width":637,"height":11}},{"id":"8ca1a6bd-f638-479a-a7d8-06de427999a3","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":29,"box":{"x":265,"y":377,"width":586,"height":11}},{"id":"e93e6dba-eae1-472f-86b0-3c7d141beade","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":29,"box":{"x":265,"y":392,"width":640,"height":11}},{"id":"b030dc87-fba9-4958-92a0-2274e883ed54","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":29,"box":{"x":265,"y":407,"width":389,"height":11}},{"id":"46185b1f-9dc2-40da-802f-8390fb44bbfc","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":429,"width":806,"height":12}},{"id":"664b0224-64ed-4cf8-994a-050a1831dc95","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":29,"box":{"x":265,"y":445,"width":604,"height":11}},{"id":"ba928042-eb52-4031-b252-ad53579637e2","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":29,"box":{"x":265,"y":460,"width":632,"height":11}},{"id":"e947b099-9761-431c-9e8c-7f66849e5bb1","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":29,"box":{"x":265,"y":475,"width":562,"height":9}},{"id":"e393c953-a159-4322-89fc-90336138197f","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":29,"box":{"x":265,"y":490,"width":616,"height":10}},{"id":"74610525-0cbf-4289-9ec7-6b9e62b57e27","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":29,"box":{"x":264,"y":505,"width":591,"height":11}},{"id":"c7995ea0-68fc-403d-b5e3-1ff52eda0934","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":29,"box":{"x":265,"y":520,"width":641,"height":11}},{"id":"24fada31-e3b6-4f3b-a8f2-0fd813026414","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":29,"box":{"x":264,"y":535,"width":638,"height":12}},{"id":"e3e153da-30b4-460c-83fa-0677643a3473","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":29,"box":{"x":265,"y":550,"width":584,"height":12}},{"id":"f41961d5-d611-4419-b99d-568044cf9c70","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":29,"box":{"x":265,"y":566,"width":630,"height":11}},{"id":"0fdbc714-b534-4fc2-a6c6-af623ddee9ff","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":29,"box":{"x":265,"y":581,"width":634,"height":11}},{"id":"086e33bd-3b2b-4f21-99db-46446183f348","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":29,"box":{"x":265,"y":596,"width":599,"height":11}},{"id":"273e0c70-30fa-4297-b7f3-155c00aadac0","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":29,"box":{"x":265,"y":611,"width":407,"height":11}},{"id":"f5d8cb08-f56b-4f29-b7d8-1535a1a9670c","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":29,"box":{"x":69,"y":634,"width":837,"height":11}},{"id":"bcd7d24e-25ce-4d71-a9c4-c872ca6b9b9b","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":29,"box":{"x":265,"y":649,"width":638,"height":11}},{"id":"bf53aaa0-3683-4e31-b8ff-107fba114025","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":29,"box":{"x":265,"y":664,"width":642,"height":11}},{"id":"39bb6716-a23d-4a1d-ac7f-c8e21276a1d1","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":29,"box":{"x":265,"y":678,"width":601,"height":12}},{"id":"d9783a65-c640-4b8d-8dda-216beca6f43f","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":29,"box":{"x":265,"y":694,"width":595,"height":11}},{"id":"f4471ec0-526c-44ef-bfd4-0a22b507e843","block_type":"box","text":"perspective on the markets and the economy.","page_number":29,"box":{"x":265,"y":709,"width":323,"height":11}},{"id":"597ab311-826b-4ca5-8abc-70bb22af217d","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":29,"box":{"x":70,"y":732,"width":798,"height":11}},{"id":"8a930635-a1f0-4f7e-a75f-8e0a228256ff","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":29,"box":{"x":265,"y":747,"width":631,"height":11}},{"id":"34153463-cb64-40ca-9e40-332c869e8a23","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":29,"box":{"x":265,"y":762,"width":633,"height":11}},{"id":"e24630fe-4891-49c7-9a98-476e261b9647","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":29,"box":{"x":265,"y":777,"width":628,"height":12}},{"id":"ea84d809-ff05-47b4-9975-4428387c96f3","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":29,"box":{"x":265,"y":792,"width":596,"height":12}},{"id":"2a2e8c18-2d6a-411f-8e74-b3091fab83e8","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":29,"box":{"x":265,"y":807,"width":616,"height":12}},{"id":"4ba6dae5-1449-40c5-b812-b16c2d485297","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":29,"box":{"x":264,"y":823,"width":368,"height":11}},{"id":"19034416-aedf-432f-bae3-17af5f139b66","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"f0c7add8-31ff-40ec-bc38-7830a5730411","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba4fc6b5-6833-4425-9937-cb168441b67e","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":30,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"e5b0fb00-37b9-464b-b4b0-f6407bad0e8b","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":30,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"fe8212e9-6d29-4ce2-8355-edb51cfd4323","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":30,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"24ea6aa8-42fc-47d7-91c4-f1da9a2a18bb","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":30,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"6fabfd1f-bfd1-42c8-b093-58e2925c540d","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":30,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"e7c3ae59-0f41-46d9-a45b-c63b2804049c","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":30,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"74ef96d8-dc24-417f-9c51-eba6c7f05484","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":30,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"ac5d6ff0-7956-4198-961b-fc13803906f4","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":30,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"99c105c3-0bfc-4f8d-a151-dbe685ad0fb3","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":30,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"7eccd793-e957-4d14-af10-a38428e91fdf","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":30,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"bed9be4f-2d33-4f54-8e0a-2505632c8004","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":30,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"536bce69-5a54-4b6f-8d88-dfb5d94d6ea5","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":30,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"bd1e6a82-e5af-4dbb-aea9-46fb9bd75c93","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":30,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"2a1c3e44-7c9c-4298-8b30-ced9ef95face","block_type":"box","text":"applicable Commission rules.","page_number":30,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"de535ede-38a0-4442-9195-e869895a9573","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":30,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"d22112be-8fcd-43d2-907e-451de3201abe","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":30,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"fe0ddf61-ca63-498f-aa94-25bac922c3c1","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":30,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"6678b8c3-0259-47ce-93de-833d0024bc07","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":30,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"711c5cb4-b03a-4270-bd6e-99b3e5ce53f2","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":30,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"3cc207f8-8f07-4306-8e5a-5fe3c545412a","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":30,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"99ea36b1-f7ba-491a-a4b4-b008bd74d5fb","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":30,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"1c097417-61ee-49e1-a50f-378cc96cf057","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":30,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"7aa8460a-0445-45b8-850d-9df82a88a7aa","block_type":"box","text":"ar ticles and books on these topics.","page_number":30,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"eba99629-e2bd-4d2e-84e8-337c903c2f5d","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":30,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"e468ae8a-47d9-4eac-a476-acd54daa7bac","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":30,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"4f326dc9-d0ac-467e-ac8c-5b640f6f068d","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":30,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"78b48db7-c6a1-4cf5-bc49-a0557a12c9b1","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":30,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"78e43a79-3e97-489d-848d-c2c31d71402d","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":30,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"67653d67-62f1-40e9-b90d-652579314c74","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":30,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"57a71251-df4c-4f67-9f2c-407a78171e35","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":30,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"3f7ad525-b272-45d0-9195-23a8ac4e5f19","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":30,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"82018977-4849-46a7-bc4e-75c8b8c9a4d7","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":30,"box":{"x":265,"y":542,"width":639,"height":11}},{"id":"52cac17a-5477-4e6f-9968-557ae208cd75","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":30,"box":{"x":265,"y":557,"width":576,"height":11}},{"id":"dcffcdcb-dd4d-4230-bee9-dbebd2bef679","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":30,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"646bb82d-23e9-48a5-8a3f-0bf89d1ce66a","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":30,"box":{"x":265,"y":587,"width":592,"height":11}},{"id":"2722d54c-1766-4c51-b8ec-21cf2a02a92b","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":30,"box":{"x":265,"y":602,"width":629,"height":11}},{"id":"f97cab4c-98ea-410e-9175-3e1fb485cd07","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":30,"box":{"x":265,"y":617,"width":626,"height":11}},{"id":"dac1f8af-2ce5-4f81-85c1-89374d81c071","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":30,"box":{"x":264,"y":632,"width":608,"height":12}},{"id":"3d34f347-ade0-4517-b3dd-33fd268e4a46","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":30,"box":{"x":265,"y":648,"width":575,"height":11}},{"id":"74255246-c4f2-40aa-95bd-d89a47fcf5a8","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":30,"box":{"x":264,"y":663,"width":591,"height":11}},{"id":"ec2a7ea4-df3d-4b6d-8ed4-515591ad60a0","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":30,"box":{"x":265,"y":678,"width":627,"height":11}},{"id":"4f1bbab1-ec6d-4d6c-9281-62b72fd296a9","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":30,"box":{"x":265,"y":693,"width":578,"height":11}},{"id":"c2807add-7941-4dc5-bf5b-21100846be6b","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":30,"box":{"x":265,"y":708,"width":607,"height":11}},{"id":"76c2b8ac-e66c-4260-b89d-7224ebd8cbf6","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":30,"box":{"x":265,"y":723,"width":615,"height":11}},{"id":"7f456c53-9226-446a-a64e-626fbcf19710","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":30,"box":{"x":265,"y":738,"width":638,"height":11}},{"id":"70d6fd94-3831-49e5-ae61-3c8244a28a12","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":30,"box":{"x":265,"y":753,"width":635,"height":12}},{"id":"f8da6f6c-7271-4de2-96ff-417a3847c6f2","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":30,"box":{"x":265,"y":768,"width":642,"height":12}},{"id":"547ef9e1-6442-4f99-8eee-e58121d5e3d4","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":30,"box":{"x":265,"y":784,"width":627,"height":11}},{"id":"a08f6f68-b53d-4833-932b-678b45bc295b","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":30,"box":{"x":265,"y":799,"width":628,"height":11}},{"id":"44653712-3eb0-487b-b598-fd473ff01db4","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":30,"box":{"x":265,"y":814,"width":460,"height":11}},{"id":"d554ef87-83bb-424a-92c3-cb9a423051a1","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b7afc1ba-076d-4b8b-ac56-0aa1f0d1c127","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a65f2f0-c9bf-48ee-95dc-a386a606a9e6","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":31,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"879aa4bb-b16d-4e6e-906c-32fcf574bea2","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":31,"box":{"x":70,"y":65,"width":818,"height":12}},{"id":"73260ed5-cf60-43bc-a30d-6367248dc8e6","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":31,"box":{"x":264,"y":81,"width":603,"height":11}},{"id":"3ef463e0-acf6-4d9e-9fe1-12e41539d06b","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":31,"box":{"x":265,"y":96,"width":606,"height":11}},{"id":"ef7dbe12-8826-40c9-a50e-6ee3699517d1","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":31,"box":{"x":265,"y":111,"width":608,"height":9}},{"id":"5c5db4e2-c169-4da6-b57f-028805c46e1d","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":31,"box":{"x":265,"y":126,"width":626,"height":11}},{"id":"f33b542a-96b1-4519-bf19-d04b32798863","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":31,"box":{"x":265,"y":141,"width":591,"height":11}},{"id":"ccce234d-3806-43f7-a85b-25aefaddf19a","block_type":"box","text":"various private and non-profit boards.","page_number":31,"box":{"x":264,"y":156,"width":265,"height":11}},{"id":"d2fc757e-a9e9-4d75-8d9e-6c448bc1d871","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":31,"box":{"x":70,"y":179,"width":807,"height":11}},{"id":"d23a679b-73bf-4d52-a3dd-b9b1f8cf3482","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":31,"box":{"x":264,"y":194,"width":641,"height":11}},{"id":"a6e2b305-d72b-4194-a085-dbbc7fabf409","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":31,"box":{"x":265,"y":209,"width":618,"height":11}},{"id":"e8319049-8bbb-40da-aa8e-792dc2aafed6","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":31,"box":{"x":265,"y":224,"width":594,"height":11}},{"id":"f0209274-6f4e-4d87-99e3-3abdbfc640b1","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":31,"box":{"x":265,"y":239,"width":639,"height":12}},{"id":"f48eda75-1ff2-4d6c-96dc-2357055afcf5","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":31,"box":{"x":265,"y":254,"width":575,"height":11}},{"id":"2bf63954-27f4-4d24-b1d2-17338c1e185b","block_type":"box","text":"Commission rules.","page_number":31,"box":{"x":265,"y":270,"width":131,"height":9}},{"id":"ce3e7ffd-f1ed-49e4-bc6f-f6cf2488717a","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":31,"box":{"x":69,"y":292,"width":808,"height":11}},{"id":"bc2f82da-3e17-4bb3-9b16-6d2711e696b8","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":31,"box":{"x":265,"y":307,"width":630,"height":12}},{"id":"79e35180-ed61-4ccf-b2b4-3f9e4c919eea","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":31,"box":{"x":265,"y":322,"width":618,"height":12}},{"id":"29974877-2c0f-4b26-b097-502b9d1232d6","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":31,"box":{"x":265,"y":338,"width":643,"height":11}},{"id":"61b3d2b1-7a44-40ab-a58d-77bd7342cf5f","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":31,"box":{"x":265,"y":353,"width":624,"height":11}},{"id":"86d76773-e34d-4d30-b8bf-bc53acc9f27a","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":31,"box":{"x":264,"y":368,"width":634,"height":11}},{"id":"23853ecd-988b-4fb4-8d05-d0f8ac531da3","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":31,"box":{"x":265,"y":383,"width":614,"height":11}},{"id":"2c868a46-3487-49cb-90cb-8548583e432d","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":31,"box":{"x":264,"y":398,"width":641,"height":11}},{"id":"0f28034d-2768-4326-a318-b1c3294f1a35","block_type":"box","text":"applicable Commission rules.","page_number":31,"box":{"x":265,"y":413,"width":208,"height":11}},{"id":"7fe05abc-35ad-4b11-93ef-d38dabb282f2","block_type":"box","text":"Trustees Elect","page_number":31,"box":{"x":70,"y":436,"width":101,"height":9}},{"id":"c876f308-f12c-4687-a83f-b7b7e4689d6f","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":31,"box":{"x":69,"y":451,"width":777,"height":11}},{"id":"93a39e7f-fb31-4029-bae6-acfbfb69e34f","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":31,"box":{"x":265,"y":466,"width":613,"height":11}},{"id":"0c7d31b4-4d35-46fd-91af-703b9e15c258","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":31,"box":{"x":265,"y":481,"width":563,"height":11}},{"id":"a09c34aa-3d03-45e3-8ee7-bf3033129748","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":31,"box":{"x":265,"y":496,"width":607,"height":12}},{"id":"830923b1-d9a7-4607-9087-d6542771a18a","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":31,"box":{"x":265,"y":511,"width":638,"height":12}},{"id":"53331235-791a-4412-a3c8-d21a4d16418e","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":31,"box":{"x":265,"y":527,"width":626,"height":11}},{"id":"7d3c1cbe-0697-4f16-bc42-162e009dcbfd","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":31,"box":{"x":265,"y":542,"width":563,"height":11}},{"id":"31d20c77-13fb-4187-915c-75a0d9932d2c","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":31,"box":{"x":70,"y":564,"width":833,"height":12}},{"id":"7db67af9-221c-4979-9077-9cf60adebcc5","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":31,"box":{"x":265,"y":579,"width":638,"height":12}},{"id":"19f232c0-de14-4638-a512-5bf33a2d7c44","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":31,"box":{"x":265,"y":595,"width":608,"height":11}},{"id":"8c12685a-6845-48c4-ac7f-688c43387d30","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":31,"box":{"x":264,"y":610,"width":645,"height":10}},{"id":"440600ab-c525-43a7-95e6-eeade8c8dad6","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":31,"box":{"x":264,"y":625,"width":639,"height":9}},{"id":"b988bd20-2e64-4a5a-be8c-51ba2ac6205b","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":31,"box":{"x":264,"y":640,"width":573,"height":11}},{"id":"6d53fc6a-641d-42b4-83c9-bdf04d4798fd","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":31,"box":{"x":265,"y":655,"width":625,"height":11}},{"id":"6a6e6dfa-4aa2-4ce8-afeb-c32c91e92465","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":31,"box":{"x":265,"y":670,"width":610,"height":11}},{"id":"85aa747c-9b41-4c8e-a567-a58c2b388fec","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":31,"box":{"x":265,"y":685,"width":642,"height":12}},{"id":"106e9df7-3f2b-4aad-bfde-af5f1765a4cb","block_type":"box","text":"and fiduciary governance.","page_number":31,"box":{"x":265,"y":700,"width":181,"height":12}},{"id":"7c8246b5-314c-4114-8686-d896f51f7767","block_type":"box","text":"Interested Trustees","page_number":31,"box":{"x":70,"y":723,"width":138,"height":9}},{"id":"c7c9c187-b13b-4f74-89ca-6fa4bea6b950","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":31,"box":{"x":70,"y":738,"width":823,"height":11}},{"id":"3fe3ee1f-05ee-4451-8a68-4d7775cbbb24","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":31,"box":{"x":264,"y":753,"width":593,"height":12}},{"id":"68e09740-cac8-4a7d-bb39-1a6d6e16ddf6","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":31,"box":{"x":265,"y":768,"width":629,"height":12}},{"id":"30e4f07c-8ff6-4171-9d0d-5b09d02eaec5","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":31,"box":{"x":265,"y":783,"width":639,"height":11}},{"id":"c1562401-2f67-486b-bb47-2507032d3160","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":31,"box":{"x":265,"y":799,"width":617,"height":11}},{"id":"7c9ecdcd-40ce-48c9-8286-63dfdeebca45","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":31,"box":{"x":264,"y":814,"width":634,"height":11}},{"id":"74aa1a32-032d-4728-8be3-c10a233e8048","block_type":"box","text":"a Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":31,"box":{"x":265,"y":829,"width":637,"height":10}},{"id":"fd31e0d1-7338-4883-a519-f27cd7f64066","block_type":"box","text":"and iShares","page_number":31,"box":{"x":265,"y":844,"width":84,"height":9}},{"id":"3bb10e89-7778-4a05-88a8-fd50fa5d6f24","block_type":"box","text":"®","page_number":31,"box":{"x":350,"y":844,"width":6,"height":5}},{"id":"d9c3eea3-16aa-4213-807e-deca5247d163","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":31,"box":{"x":362,"y":844,"width":478,"height":11}},{"id":"2ed01e7d-6cc7-4175-b85d-bc63b9b8c477","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":31,"box":{"x":265,"y":859,"width":585,"height":11}},{"id":"b4aea6d1-86d5-4ac3-8bda-54939ef302b5","block_type":"box","text":"Strategic Par tner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":31,"box":{"x":265,"y":874,"width":620,"height":12}},{"id":"630ad0cb-d872-4255-89f9-ced7da033e1e","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":31,"box":{"x":265,"y":889,"width":578,"height":11}},{"id":"279123e9-393a-4dc9-972f-53bfcb1e93cc","block_type":"box","text":"I-15","page_number":31,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ad9ea40e-509f-48b8-b3fa-f8d29dcac807","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bc1417c-8114-4419-baa7-43a2bc7a0dfa","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7cc9a9ba-7319-4108-9390-010dae051165","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":32,"box":{"x":69,"y":65,"width":821,"height":12}},{"id":"82e56e3c-bfca-45a2-b0ec-da589a5003af","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":32,"box":{"x":264,"y":81,"width":595,"height":11}},{"id":"ddae24eb-564e-44e3-8f9e-4ce0b83027ae","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":32,"box":{"x":265,"y":96,"width":637,"height":11}},{"id":"5d77e901-6b7d-4873-9542-10ce5c5db6a3","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":32,"box":{"x":265,"y":111,"width":636,"height":11}},{"id":"ad200921-c4ad-4ee0-a721-7386cb581998","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":32,"box":{"x":265,"y":126,"width":628,"height":11}},{"id":"dbcfa2d2-9f9e-44d2-8d33-5b1175f77ab8","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":32,"box":{"x":265,"y":141,"width":638,"height":11}},{"id":"57a7b051-26a5-455c-acc1-72f9d497e196","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":32,"box":{"x":265,"y":156,"width":639,"height":11}},{"id":"5a48b52a-5e66-44ba-8084-eabb1d6cf35d","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":32,"box":{"x":265,"y":171,"width":603,"height":9}},{"id":"c0496eb1-657b-4a89-aecc-4f4c5bb7a8fb","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":32,"box":{"x":265,"y":186,"width":582,"height":12}},{"id":"9ff1f858-33e5-4b4c-a883-62538a0efa70","block_type":"box","text":"practices of other financial companies. 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Pooled","page_number":40,"box":{"x":423,"y":440,"width":75,"height":7}},{"id":"4484723a-fe57-4219-af0f-2a60928aeda3","block_type":"box","text":"Investment","page_number":40,"box":{"x":429,"y":450,"width":64,"height":7}},{"id":"4d45aaa4-8d87-4880-b6f6-403dfc314ecc","block_type":"box","text":"Vehicles","page_number":40,"box":{"x":436,"y":460,"width":49,"height":7}},{"id":"6a68729b-9c84-47f4-ae26-36c036105113","block_type":"box","text":"Other","page_number":40,"box":{"x":554,"y":450,"width":32,"height":7}},{"id":"9c9c54ac-655e-433f-9214-dd166bc3e234","block_type":"box","text":"Accounts","page_number":40,"box":{"x":542,"y":460,"width":55,"height":7}},{"id":"fdeca9b0-6b0c-4728-a8f0-1fc4493b7c8a","block_type":"box","text":"Other","page_number":40,"box":{"x":656,"y":430,"width":32,"height":7}},{"id":"ba9eb961-9f7b-45c3-827b-6d0869107749","block_type":"box","text":"Registered","page_number":40,"box":{"x":641,"y":440,"width":62,"height":9}},{"id":"04bb13b1-5407-4faa-8d73-17d36d68f185","block_type":"box","text":"Investment","page_number":40,"box":{"x":640,"y":450,"width":64,"height":7}},{"id":"024feed4-8b27-4dfc-9067-e9a5566eedc0","block_type":"box","text":"Companies","page_number":40,"box":{"x":640,"y":460,"width":64,"height":9}},{"id":"6b8c02ea-5347-4636-b6b4-1076f4ee0f83","block_type":"box","text":"Other Pooled","page_number":40,"box":{"x":735,"y":440,"width":74,"height":7}},{"id":"53cfc45d-74d4-4965-999e-8bf7e899beb5","block_type":"box","text":"Investment","page_number":40,"box":{"x":740,"y":450,"width":64,"height":7}},{"id":"4ad513fc-d384-4358-a032-f7a8e8e8b013","block_type":"box","text":"Vehicles","page_number":40,"box":{"x":748,"y":460,"width":48,"height":7}},{"id":"b9645283-4a22-4478-9a73-69e136cd7f54","block_type":"box","text":"Other","page_number":40,"box":{"x":852,"y":450,"width":31,"height":7}},{"id":"1f3b82a5-7c25-4303-b5e2-2a9f960aaa4c","block_type":"box","text":"Accounts","page_number":40,"box":{"x":840,"y":460,"width":54,"height":7}},{"id":"35387fe4-9c5d-4f50-99f3-7ddff365a56c","block_type":"box","text":"Jennifer Hsui, CFA 371 93 0 0 0 0","page_number":40,"box":{"x":73,"y":474,"width":798,"height":9}},{"id":"43c16513-8208-4087-81d0-34e3fc15f5fc","block_type":"box","text":"$3.18 Trillion $104.57 Billion $0 $0 $0 $0","page_number":40,"box":{"x":321,"y":486,"width":553,"height":9}},{"id":"dcbd0f6d-81f1-4f3a-bbf0-11185df24b9c","block_type":"box","text":"Peter Sietsema, CFA 370 214 136 0 0 0","page_number":40,"box":{"x":74,"y":499,"width":797,"height":9}},{"id":"771830bf-6d5b-4f86-b72d-3c3d9f16503f","block_type":"box","text":"$3.19 Trillion $1.29 Trillion $891.12 Billion $0 $0 $0","page_number":40,"box":{"x":321,"y":511,"width":553,"height":9}},{"id":"e87f6c3b-475f-40f9-a5ad-4f8d35e5ebb9","block_type":"box","text":"Matt Waldron, CFA 364 3 9 0 0 0","page_number":40,"box":{"x":74,"y":525,"width":797,"height":8}},{"id":"f316147d-4492-43ff-8a4e-d59828662b02","block_type":"box","text":"$3.18 Trillion $4.80 Billion $8.63 Billion $0 $0 $0","page_number":40,"box":{"x":321,"y":537,"width":553,"height":8}},{"id":"cd8b0bdc-d813-46d6-8d0a-f44d7ca7d6f6","block_type":"box","text":"Steven White 366 110 0 0 0 0","page_number":40,"box":{"x":74,"y":550,"width":797,"height":7}},{"id":"3b3949a3-5d07-4f06-bed2-f09eacad5546","block_type":"box","text":"$3.18 Trillion $106.79 Billion $0 $0 $0 $0","page_number":40,"box":{"x":321,"y":562,"width":553,"height":8}},{"id":"8ab069c5-7f9c-4dc2-aa85-369f749cb6e6","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":40,"box":{"x":69,"y":596,"width":304,"height":12}},{"id":"9001911b-4a59-4c1b-8089-8a433cb20a03","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":40,"box":{"x":101,"y":619,"width":700,"height":11}},{"id":"b0f78c8b-1e2b-4a48-b579-dac6aae0ed38","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":40,"box":{"x":102,"y":642,"width":774,"height":11}},{"id":"546eeafa-78fe-4855-847f-6986b3dec3e6","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":40,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"174f4290-e1db-4a74-9b0c-9127f9467dee","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":40,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"01e2de12-9d12-4414-a35c-bbcc4aabd84a","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":40,"box":{"x":69,"y":687,"width":799,"height":11}},{"id":"120f4a77-75da-4521-b27a-92ebc3a16d2b","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":40,"box":{"x":70,"y":702,"width":670,"height":12}},{"id":"0a6ba6cf-5b89-4e4e-93f6-36f77b5ce7e3","block_type":"box","text":"Base Compensation.","page_number":40,"box":{"x":102,"y":725,"width":148,"height":11}},{"id":"406b3afc-c98b-42a3-a3c6-49b2a1766241","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":40,"box":{"x":257,"y":725,"width":640,"height":11}},{"id":"f29a95d5-8e12-4031-b6d7-58ee442570e8","block_type":"box","text":"firm.","page_number":40,"box":{"x":68,"y":740,"width":32,"height":9}},{"id":"2d5adfdf-ca7e-4ba6-931b-7ee711a60da3","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":40,"box":{"x":102,"y":763,"width":281,"height":11}},{"id":"c08f982d-7900-4dba-80f6-ca6c13a16c6c","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":40,"box":{"x":391,"y":763,"width":432,"height":11}},{"id":"70b82e0f-78ca-4279-8b45-3bc691720856","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":40,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"890ec23c-8cb9-4ec3-a7ed-b82f6f40d7d8","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":40,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"98dfce3e-5e5c-40cf-848b-1e215f3ee7bb","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":40,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"c36228c6-438c-4a62-8ee6-5bf757b61be8","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. In most cases, these benchmarks are the","page_number":40,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"ed530444-3edf-4ba3-85d9-7d3212c61472","block_type":"box","text":"same as the benchmark or benchmarks against which the per formance of the Fund or other accounts managed by","page_number":40,"box":{"x":69,"y":838,"width":816,"height":12}},{"id":"06fe89f9-523c-4a3a-b3a8-f943b8a49665","block_type":"box","text":"the por tfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":40,"box":{"x":68,"y":853,"width":832,"height":12}},{"id":"4bf6e417-1ed9-4a7d-ad8c-e07d58a0146a","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":40,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"c837a9e9-6476-4084-b11b-0a5fd2e4fb03","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance of fixed income","page_number":40,"box":{"x":69,"y":884,"width":833,"height":11}},{"id":"9b7af576-86f7-4562-916f-796e1ae404f3","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"66991af7-7e16-437c-a094-420ce8b4f08b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"830d40a3-b6df-403b-be70-06855c5e93c4","block_type":"box","text":"and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3-","page_number":41,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"3c6d0827-b7f4-456d-8a73-ace5ab148c54","block_type":"box","text":"and 5- year periods, as applicable. Per formance of index funds is based on the per formance of such funds relative to","page_number":41,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"5be9643e-c099-4156-b1b1-e16f4bb90d29","block_type":"box","text":"predetermined tolerance bands around a benchmark, as applicable. The per formance of Messrs. Sietsema, Waldron","page_number":41,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"253cc6ec-ff11-4a83-b205-45ed52a1ffbf","block_type":"box","text":"and White and Ms. Hsui is not measured against a specific benchmark.","page_number":41,"box":{"x":69,"y":90,"width":509,"height":11}},{"id":"6e4be6bc-3e3f-4638-ad8b-605c4be90bc5","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":41,"box":{"x":102,"y":113,"width":389,"height":11}},{"id":"4e8ea8d3-ca8a-4403-b34c-94856876cf1b","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":41,"box":{"x":499,"y":113,"width":383,"height":11}},{"id":"0a8e3ccf-6101-4d51-944b-dba7744b46f7","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":41,"box":{"x":70,"y":128,"width":815,"height":11}},{"id":"676a9a92-5683-4165-9df6-5003a204e605","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":41,"box":{"x":68,"y":143,"width":522,"height":11}},{"id":"1d08de52-0102-479c-8166-f5448051feef","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":41,"box":{"x":102,"y":166,"width":760,"height":11}},{"id":"966cd292-5551-4a70-bf87-d0e485aa2e13","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":41,"box":{"x":69,"y":181,"width":795,"height":11}},{"id":"59fb93a5-d51f-4751-aae4-cda9a4f31ea2","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":41,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"ea33b5c4-8b75-4435-a676-c2f77b4bdea9","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":41,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"4f2e92cf-9af5-41fb-9b87-25c475c46752","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":41,"box":{"x":68,"y":226,"width":839,"height":11}},{"id":"d09b8431-cc35-42a7-8035-f719c659e528","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":41,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"8753c3de-00db-459c-b58c-24df792e4b81","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":41,"box":{"x":70,"y":256,"width":820,"height":12}},{"id":"42200cd2-9954-4840-915b-21d73dc3f3f7","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":41,"box":{"x":70,"y":271,"width":801,"height":12}},{"id":"2d60376c-071f-49f4-bc23-e1c47823e12c","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":41,"box":{"x":70,"y":286,"width":831,"height":11}},{"id":"350a96ad-9f1b-4d13-b61c-6363c71f8e8e","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":41,"box":{"x":69,"y":302,"width":479,"height":11}},{"id":"53bfd240-8b5f-4043-9975-afe570f2101e","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":41,"box":{"x":102,"y":324,"width":785,"height":12}},{"id":"9c34d2c1-9fa2-445e-954b-10150dc533e2","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":41,"box":{"x":68,"y":339,"width":836,"height":12}},{"id":"519a82b0-6713-4298-b2df-be497feb9a14","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":41,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"0f7597d7-08a6-4ae3-9989-cacb2d1cacc8","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":41,"box":{"x":69,"y":370,"width":829,"height":11}},{"id":"874b05f0-5550-41be-bee9-8c4913c08ea7","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":41,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"64fc6b23-41cb-41ab-9674-7828369b50e6","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":41,"box":{"x":69,"y":400,"width":414,"height":11}},{"id":"c32ffc2a-af09-442a-bf4e-b428ead3699f","block_type":"box","text":"Other Compensation Benefits.","page_number":41,"box":{"x":101,"y":423,"width":218,"height":11}},{"id":"d6b3b82b-d726-4b1e-9b81-12ddb92061b4","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":41,"box":{"x":327,"y":423,"width":552,"height":11}},{"id":"a03007b8-a110-4acb-932d-8a230553b86c","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":41,"box":{"x":69,"y":438,"width":582,"height":11}},{"id":"765f359b-f570-41d2-bb05-f656b99bcb61","block_type":"box","text":"Incentive Savings Plans","page_number":41,"box":{"x":102,"y":460,"width":167,"height":12}},{"id":"1342c145-ef93-407b-9950-257299823a49","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":41,"box":{"x":274,"y":460,"width":614,"height":12}},{"id":"456f0a19-5171-4380-bf93-e942b4f8f6aa","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":41,"box":{"x":69,"y":476,"width":831,"height":11}},{"id":"f8ae8df2-94bb-4b3c-a6d7-40470ced5f6c","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":41,"box":{"x":70,"y":491,"width":785,"height":11}},{"id":"15772826-cc63-4cda-880e-e0ec77644a3d","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":41,"box":{"x":69,"y":505,"width":830,"height":12}},{"id":"09a81062-8508-4bf9-86f0-5a75d69e7019","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":41,"box":{"x":69,"y":521,"width":799,"height":11}},{"id":"69d7b074-b572-4555-a8ca-f99a26c9335a","block_type":"box","text":"($350,000 for 2025, $360,000 for 2026). The RSP offers a range of investment options, including registered","page_number":41,"box":{"x":69,"y":535,"width":785,"height":12}},{"id":"da458396-2fe2-4f1e-acee-e3aafa448a3a","block_type":"box","text":"investment companies and collective investment funds managed by the firm. BlackRock contributions follow the","page_number":41,"box":{"x":70,"y":551,"width":795,"height":11}},{"id":"a6df3515-dfaf-454c-9619-5e7b137a5ae1","block_type":"box","text":"investment direction set by par ticipants for their own contributions or, absent par ticipant investment direction, are","page_number":41,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"c6661c5a-ba26-41c5-9d22-ce9bbe336fd7","block_type":"box","text":"invested into a target date fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65.","page_number":41,"box":{"x":70,"y":581,"width":837,"height":12}},{"id":"0a5f5eee-a9c9-4e8f-92af-8d6f119382fd","block_type":"box","text":"The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock","page_number":41,"box":{"x":68,"y":596,"width":819,"height":9}},{"id":"e9032e3c-1850-43a2-a0b2-720eb23b8dcb","block_type":"box","text":"on the purchase date. Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock","page_number":41,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"e54262f6-2f4d-42da-962f-1b71beea5b42","block_type":"box","text":"or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible por tfolio","page_number":41,"box":{"x":69,"y":626,"width":769,"height":12}},{"id":"c4d4b1b0-f12b-4582-b218-2b9c8a39af48","block_type":"box","text":"managers are eligible to par ticipate in these plans.","page_number":41,"box":{"x":69,"y":642,"width":363,"height":11}},{"id":"860f9abf-df2c-4527-9e07-509af5974d56","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":41,"box":{"x":69,"y":672,"width":268,"height":11}},{"id":"5d948911-2315-422a-9207-07ee0ef769e6","block_type":"box","text":"As of December 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":41,"box":{"x":101,"y":695,"width":775,"height":11}},{"id":"914b873c-87fa-439d-b55c-5dca6c9e05c3","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":41,"box":{"x":69,"y":710,"width":519,"height":11}},{"id":"66f6bde7-5732-4705-8c1d-a24dac3b87d0","block_type":"box","text":"Portfolio Manager","page_number":41,"box":{"x":69,"y":748,"width":105,"height":9}},{"id":"61d91d24-acdd-4d56-8af9-0d9a68a89280","block_type":"box","text":"Dollar Range of Equity","page_number":41,"box":{"x":759,"y":738,"width":129,"height":9}},{"id":"54e13df9-7a06-420f-8d92-2a22e362b205","block_type":"box","text":"Securities Beneficially Owned","page_number":41,"box":{"x":736,"y":748,"width":173,"height":9}},{"id":"b129f43a-93db-4528-8b5e-577ab2134b9b","block_type":"box","text":"Jennifer Hsui, CFA","page_number":41,"box":{"x":69,"y":766,"width":128,"height":10}},{"id":"57c2ef96-e1fb-4326-85df-d7787bfe2539","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":41,"box":{"x":206,"y":766,"width":635,"height":9}},{"id":"2befb522-ec72-4c5f-9c64-0f4c61c67bd1","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":41,"box":{"x":70,"y":781,"width":771,"height":11}},{"id":"60e0425e-797f-4a3c-a820-df7f49be2a46","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":41,"box":{"x":69,"y":796,"width":772,"height":11}},{"id":"4823f8b2-c650-4885-b62f-d7d328d521cd","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":41,"box":{"x":69,"y":811,"width":772,"height":9}},{"id":"ab584fd2-407f-4553-aafe-07d22dfdd8c8","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":41,"box":{"x":69,"y":843,"width":403,"height":11}},{"id":"68a9c193-5f04-45ab-8b69-bedbc50030a5","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":41,"box":{"x":102,"y":865,"width":727,"height":12}},{"id":"2966dde9-1e91-4726-94ae-7e8e0bd8d589","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":41,"box":{"x":70,"y":881,"width":814,"height":11}},{"id":"97201e09-77b4-48c2-a862-b279414fe9b3","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":41,"box":{"x":70,"y":896,"width":837,"height":11}},{"id":"2bc62c0a-652a-48a9-8da3-eac384ac7317","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":41,"box":{"x":70,"y":911,"width":810,"height":11}},{"id":"5180c6ac-12e3-4075-be03-6f076934c20d","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e1efafb2-79df-43d4-9575-f61cacd3587c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e7f7878-0677-46fe-8a25-036d3a595338","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":42,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"d0ed60a1-0494-4b80-8c4b-66ec9cd04fde","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":42,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"0dd3a9c4-3817-47d9-868b-e15191ada9d8","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":42,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"a1653323-4355-4851-bf22-83d17f1b5ac6","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":42,"box":{"x":68,"y":90,"width":834,"height":11}},{"id":"6ffdfcbd-e5c7-4d4c-9668-08123d3a0e2a","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":42,"box":{"x":70,"y":105,"width":777,"height":11}},{"id":"42fc4c85-de44-4c8e-a703-a354b7c85b72","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":42,"box":{"x":70,"y":120,"width":821,"height":12}},{"id":"8e623247-6457-46a7-a6dd-b08c8859f6ee","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":42,"box":{"x":69,"y":136,"width":819,"height":10}},{"id":"5de2adbe-4b3b-4681-bfd9-bf864ac1bbee","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":42,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"5264550e-8f4a-41c0-8bde-865880a5094d","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":42,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"8e768877-1e30-45d7-8b51-7dbfa9177865","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":42,"box":{"x":69,"y":181,"width":760,"height":11}},{"id":"586fbc69-b06b-4bd4-ad48-5fabd04db5fa","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":42,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"1c68e2d5-2509-4afc-96f0-c2c28b9fda97","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":42,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"0ce64890-0f62-4002-9e6d-8665712cf090","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":42,"box":{"x":69,"y":226,"width":822,"height":11}},{"id":"49e34386-002d-4848-a8b0-8780291ca771","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":42,"box":{"x":70,"y":241,"width":835,"height":11}},{"id":"af138a50-a02f-4751-ad48-a5dc55e493ff","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":42,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"a73dac9c-c49e-40c2-8996-c615ba616d40","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":42,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"274763b5-5ef7-4d03-9c4c-fa0915c61daa","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":42,"box":{"x":69,"y":286,"width":839,"height":12}},{"id":"cf40c1ed-b5ca-463a-953d-6585ac0eef63","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of this Fund are not entitled to receive a por tion of","page_number":42,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"f21d701c-6f99-44bf-af7d-bde383307547","block_type":"box","text":"incentive fees of other accounts.","page_number":42,"box":{"x":70,"y":317,"width":231,"height":9}},{"id":"28eaa19e-989a-4d66-929c-e27f7dba2951","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":42,"box":{"x":101,"y":339,"width":788,"height":12}},{"id":"5ec552d3-f62b-4472-890e-7dee0833ae16","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":42,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"a348325a-2529-4dc8-b73a-6d06777462cf","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":42,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"3d4773c9-4644-48f4-8a59-74a7b586d7fa","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":42,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"0852118a-2eed-4561-b043-550c133995eb","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":42,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"76250b95-be9a-4a08-a951-84f5ff51ff97","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":42,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"addd3022-bcfa-407d-836e-14412994431f","block_type":"box","text":"Shareholder Servicing Agents","page_number":42,"box":{"x":68,"y":445,"width":216,"height":11}},{"id":"02ad9bbd-6bda-4b3b-b565-7831e01e1330","block_type":"box","text":"The Board of Trustees has adopted a Shareholder Servicing Plan pursuant to which the Fund has entered into","page_number":42,"box":{"x":101,"y":468,"width":783,"height":11}},{"id":"83cfe41d-2495-4c85-8431-b2351d47dd21","block_type":"box","text":"Shareholder Servicing Agreements with BAL and other entities, and BAL may also enter into Shareholder Servicing","page_number":42,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"1e993001-4254-4191-9594-fac7203d97cd","block_type":"box","text":"Agreements with securities dealers, brokers, investment advisers, service providers or other industry professionals","page_number":42,"box":{"x":68,"y":498,"width":823,"height":11}},{"id":"f052c62e-8ec9-4f45-b3c9-39f6256fe155","block_type":"box","text":"(including BFA, BlackRock Investments, LLC (“BRIL”) and their affiliates) (collectively, “Shareholder Servicing Agents”)","page_number":42,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"cc18581c-a05d-463c-930b-b88b0699d1f4","block_type":"box","text":"for the provision of cer tain services to Fund shareholders. The services provided by BAL or Shareholder Servicing","page_number":42,"box":{"x":68,"y":528,"width":810,"height":12}},{"id":"19393fb3-30d5-44c8-8e5d-ef265d824fd6","block_type":"box","text":"Agents may include serving as an agent of the Fund for purposes of accepting orders for purchases and redemptions","page_number":42,"box":{"x":68,"y":543,"width":835,"height":12}},{"id":"099a7854-ebae-4c46-8eae-6016ccfe99fd","block_type":"box","text":"of Fund shares, providing administrative suppor t and account service such as processing purchases and","page_number":42,"box":{"x":69,"y":559,"width":747,"height":11}},{"id":"58cbe2de-aade-4fe3-9339-b9155cfbcf7e","block_type":"box","text":"redemptions of shares on behalf of individual and omnibus Fund accounts, answering shareholder inquiries, keeping","page_number":42,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"2a5b4289-197e-4747-813c-c028840ffb02","block_type":"box","text":"records, transmitting repor ts and communications from the Fund, and providing repor ts on the status of individual","page_number":42,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"11cf71ae-2ffd-4615-aae1-778e2f041a11","block_type":"box","text":"and omnibus accounts. Shareholder Servicing Agents may provide these services, in whole or in par t, by operating","page_number":42,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"75ac17d0-7f7b-4415-9225-32ff7f60b5cd","block_type":"box","text":"electronic transaction systems or websites through which shareholders may obtain information or engage in purchase","page_number":42,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"f50d45fa-c5b6-4979-baaa-7094a08f19c4","block_type":"box","text":"or redemption transactions of Fund shares. By operating these systems or providing other services described above,","page_number":42,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"d8a7172a-afd1-488e-960c-e9d658524c3c","block_type":"box","text":"the Shareholder Servicing Agents make the Fund available to their clients.","page_number":42,"box":{"x":68,"y":649,"width":528,"height":12}},{"id":"20b9bf77-5bad-466d-9148-c08d35a48ff9","block_type":"box","text":"A Shareholder Servicing Agent may make decisions about which investment options it will service and make","page_number":42,"box":{"x":101,"y":672,"width":770,"height":11}},{"id":"e7e5ba24-792b-4064-98a2-2c0d51ba0b27","block_type":"box","text":"available to its clients based on the payments the Shareholder Servicing Agent may be eligible to receive for its","page_number":42,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"64b35442-ed03-4aed-8a52-671865c7c0df","block_type":"box","text":"services. Therefore, payments to a Shareholder Servicing Agent may create potential conflicts of interest between","page_number":42,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"7c47c549-2610-48b3-8258-bdf64587e2ff","block_type":"box","text":"the Shareholder Servicing Agent and its clients where the Shareholder Servicing Agent determines which investment","page_number":42,"box":{"x":68,"y":718,"width":831,"height":11}},{"id":"c13c3fa5-5b51-49ab-a5da-ee4276118399","block_type":"box","text":"options it will make available to those clients.","page_number":42,"box":{"x":69,"y":733,"width":325,"height":10}},{"id":"d8d6783c-5d56-4568-b061-a0933ce9067d","block_type":"box","text":"Pursuant to its Administration Agreement with the Trust, as described in the section entitled “Administrator,” BAL","page_number":42,"box":{"x":102,"y":755,"width":807,"height":11}},{"id":"81b5bb2c-acd5-4d9e-9190-e4dc1e57b1bf","block_type":"box","text":"pays shareholder servicing fees to cer tain Shareholder Servicing Agents in amounts not exceeding maximum fee","page_number":42,"box":{"x":70,"y":770,"width":803,"height":12}},{"id":"e44231d2-cceb-4fbd-8a11-9c53571a0f6b","block_type":"box","text":"rates approved by the Trust’s Board of Trustees for those shareholder servicing, sub-administration, recordkeeping,","page_number":42,"box":{"x":69,"y":785,"width":823,"height":12}},{"id":"cf81c8c6-9600-4ca9-a303-895fb5d94d61","block_type":"box","text":"sub-transfer agency and processing services that the Shareholder Servicing Agents per form for their clients that","page_number":42,"box":{"x":69,"y":801,"width":800,"height":11}},{"id":"5765bb8a-109f-44c6-bed9-4bf94710bfa4","block_type":"box","text":"would otherwise be per formed by BAL or the Fund’s other service providers. For providing some or all of these","page_number":42,"box":{"x":68,"y":816,"width":787,"height":11}},{"id":"68f56624-a645-4a73-8445-2be0d6adb5a9","block_type":"box","text":"services, each Shareholder Servicing Agent is entitled to receive a monthly fee at the annual rate of up to 0.15% for","page_number":42,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"ff32240a-9041-4968-871a-58814c6f8a7b","block_type":"box","text":"Institutional, Class K and Service Shares and up to 0.25% for Investor A Shares of the average daily net assets of","page_number":42,"box":{"x":70,"y":846,"width":814,"height":11}},{"id":"c2b3bd31-c899-44f5-819e-9002ffb31274","block_type":"box","text":"the Fund represented by shares owned during the period for which payment is being made by investors with whom","page_number":42,"box":{"x":68,"y":861,"width":813,"height":11}},{"id":"07688214-7fea-4208-b668-dea9271deffe","block_type":"box","text":"the Shareholder Servicing Agent maintains a servicing relationship, or an amount that equals the maximum amount","page_number":42,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"50f453dd-aa80-463c-aaff-ad70e10b2484","block_type":"box","text":"payable to the Shareholder Servicing Agent under applicable laws, regulations or rules, including the Conduct Rules","page_number":42,"box":{"x":70,"y":891,"width":822,"height":12}},{"id":"3c03e765-0853-4846-b506-9e44d7769c6a","block_type":"box","text":"of the Financial Industry Regulatory Authority, Inc., whichever is less.","page_number":42,"box":{"x":69,"y":906,"width":489,"height":12}},{"id":"6829f65e-64eb-4f36-8c2b-a464a94cdc7d","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1d28f4eb-a5df-46bf-a285-8b9bc8bbc143","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18896409-e952-4848-a982-e37cfb3c113e","block_type":"box","text":"A Shareholder Servicing Agent also may impose cer tain conditions on its customers, subject to the terms of the","page_number":43,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"f9ecbf94-f129-4e22-ac36-8c97678fc7f3","block_type":"box","text":"Fund’s Prospectus and this SAI, that are in addition to or different from those imposed by the Trust, such as","page_number":43,"box":{"x":70,"y":60,"width":773,"height":11}},{"id":"d2e53c52-4bc5-437f-9d0f-b4ee283830d6","block_type":"box","text":"requiring a minimum initial investment or payment of a separate fee for additional services.","page_number":43,"box":{"x":69,"y":75,"width":651,"height":11}},{"id":"525e0f53-3f9d-4e96-b1f2-32999772f7a0","block_type":"box","text":"Accounting Services","page_number":43,"box":{"x":68,"y":105,"width":150,"height":11}},{"id":"1714a2d6-a2b0-4400-8978-f25bfa90bce1","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as the accounting services provider for the Master","page_number":43,"box":{"x":102,"y":128,"width":803,"height":11}},{"id":"8d6066e4-67fe-4e1e-8459-4bb35814788e","block_type":"box","text":"Por tfolio. State Street maintains the books of account and other financial records (other than those maintained by","page_number":43,"box":{"x":69,"y":143,"width":815,"height":11}},{"id":"60be926c-8d1f-4e1f-aa67-fc4ef9b7ea33","block_type":"box","text":"the Master Por tfolio’s custodian); records general ledger entries; calculates daily net income; reconciles activity to","page_number":43,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"68fec6b9-efd6-41f3-b94d-adf4fe0d4706","block_type":"box","text":"the trial balance; calculates and publishes daily net asset value; prepares account balances; and provides such other","page_number":43,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"d514a210-230a-4033-8814-533e71b3a662","block_type":"box","text":"accounting services as may be required. In connection with its accounting services, State Street also provides","page_number":43,"box":{"x":69,"y":188,"width":788,"height":12}},{"id":"2452d127-c281-49c7-be86-eb4ef62f52a1","block_type":"box","text":"cer tain administration services.","page_number":43,"box":{"x":69,"y":204,"width":225,"height":8}},{"id":"2bf7d9f6-7eb6-4db4-bfbf-157fd97bc3f1","block_type":"box","text":"Custodian","page_number":43,"box":{"x":69,"y":234,"width":72,"height":9}},{"id":"784dc49e-9f24-409b-a5a0-142109858109","block_type":"box","text":"State Street, which has its principal offices at One Congress Street, Suite 1, Boston, Massachusetts 02114-","page_number":43,"box":{"x":102,"y":256,"width":778,"height":12}},{"id":"2ffc7548-08a2-463e-ab83-b2fa3765b75a","block_type":"box","text":"2016, is the custodian for the Fund and Master Por tfolio. The custodian, among other responsibilities, maintains a","page_number":43,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"eacae9e9-931f-41f8-ab37-efd24d29e6dd","block_type":"box","text":"custody account or accounts in the name of the Fund and the Master Por tfolio, receives and delivers all assets for","page_number":43,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"d42c22f3-91c4-4146-9316-3621dbe47716","block_type":"box","text":"the Fund and the Master Por tfolio upon purchase and upon sale or maturity, and collects and receives all income and","page_number":43,"box":{"x":68,"y":302,"width":838,"height":11}},{"id":"e23ef2dd-cc14-4d0c-8190-904b8cc38dd1","block_type":"box","text":"other payments and distributions on account of the assets of the Fund and the Master Por tfolio.","page_number":43,"box":{"x":69,"y":317,"width":685,"height":11}},{"id":"79f818bd-9398-4f0c-8393-26288065033b","block_type":"box","text":"Transfer and Dividend Disbursing Agent","page_number":43,"box":{"x":68,"y":347,"width":287,"height":11}},{"id":"2c9fea79-e6e3-4fcf-a1b6-3fc7ef3daf3e","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal offices at 118 Flanders Road,","page_number":43,"box":{"x":102,"y":370,"width":799,"height":11}},{"id":"b4dafd33-3e63-4c9f-a689-56e48e5521c3","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer agent and dividend disbursing agent for the Fund.","page_number":43,"box":{"x":68,"y":385,"width":792,"height":11}},{"id":"c9d302c2-05a3-4d86-8df7-b28ee6dbe28c","block_type":"box","text":"Credit Agreement","page_number":43,"box":{"x":69,"y":415,"width":129,"height":11}},{"id":"d2e00d5d-7a9e-407e-90e5-c1ae07bea08c","block_type":"box","text":"MIP, on behalf of the Master Por tfolio, along with cer tain other funds managed by the Manager and its affiliates","page_number":43,"box":{"x":102,"y":438,"width":796,"height":11}},{"id":"d1d3c11f-75ad-4588-a26c-7d7ed2f90626","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":43,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"ca63f9be-c679-41f0-9020-280fd7eeeaed","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":43,"box":{"x":68,"y":468,"width":743,"height":11}},{"id":"8d76690b-ab5e-4f0d-8f28-393c5a15952a","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Master Por tfolio, can","page_number":43,"box":{"x":69,"y":483,"width":829,"height":11}},{"id":"d1c9f870-be61-42ce-956f-c0f2f79994f3","block_type":"box","text":"borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage","page_number":43,"box":{"x":69,"y":498,"width":819,"height":11}},{"id":"9ed73dfd-e373-4caa-96fd-777d0a2862ab","block_type":"box","text":"and other limitations as specified in the Credit Agreement. The Master Por tfolio may borrow under the Credit","page_number":43,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"e52f796c-8afd-452f-9a98-ff107ad73ed6","block_type":"box","text":"Agreement to meet shareholder redemptions and for other lawful purposes. However, the Master Por tfolio may not","page_number":43,"box":{"x":68,"y":528,"width":818,"height":12}},{"id":"7ad2162e-bb66-4475-8e4b-a11a2884d6f8","block_type":"box","text":"borrow under the Credit Agreement for leverage. The Master Por tfolio may borrow up to the maximum amount","page_number":43,"box":{"x":69,"y":543,"width":782,"height":12}},{"id":"e837b350-5416-408d-a746-8007aba77e1f","block_type":"box","text":"allowable under its current Prospectuses and SAI, subject to various other legal, regulatory or contractual limits.","page_number":43,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"f8eccea5-2e5e-4277-be14-70cdf8d27158","block_type":"box","text":"Borrowing results in interest expense and other fees and expenses for the Master Por tfolio which may impact the","page_number":43,"box":{"x":70,"y":574,"width":808,"height":11}},{"id":"db6cfe12-8256-4756-a5ef-fa12d4e16586","block_type":"box","text":"Master Por tfolio’s net expenses. The costs of borrowing may reduce the Master Por tfolio’s return. The Master","page_number":43,"box":{"x":70,"y":589,"width":785,"height":11}},{"id":"b7e8ffc4-79d7-4997-b5b1-51bd645dc7ce","block_type":"box","text":"Por tfolio is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment amount","page_number":43,"box":{"x":69,"y":604,"width":816,"height":11}},{"id":"b6260e32-c343-497b-a664-a76f446c3bcf","block_type":"box","text":"based on its net assets. If the Master Por tfolio borrows pursuant to the Credit Agreement, the Master Por tfolio will","page_number":43,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"b5ce9cac-b01c-4a43-af56-03bdd556c84f","block_type":"box","text":"be charged interest at a variable rate.","page_number":43,"box":{"x":69,"y":634,"width":268,"height":12}},{"id":"e0f4ea03-313f-4a05-a023-252bab475dd7","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":43,"box":{"x":68,"y":665,"width":491,"height":11}},{"id":"587fefab-6510-4bd3-acf3-a2364ff0928b","block_type":"box","text":"BRIL is the distributor for the Fund’s shares. BRIL is a registered broker-dealer located at 50 Hudson Yards, New","page_number":43,"box":{"x":102,"y":687,"width":803,"height":11}},{"id":"52ba50d8-6b45-4ee1-95a8-d212130cef09","block_type":"box","text":"York, New York 10001.","page_number":43,"box":{"x":68,"y":702,"width":162,"height":11}},{"id":"8488fb65-1b14-4d39-be6f-2313a2e569e2","block_type":"box","text":"The Trust has entered into a distribution agreement with BRIL in connection with the continuous offering of","page_number":43,"box":{"x":101,"y":725,"width":762,"height":11}},{"id":"38929e01-7ce9-4f89-914a-25ef64f94953","block_type":"box","text":"shares of the Fund.","page_number":43,"box":{"x":69,"y":740,"width":137,"height":9}},{"id":"d9c25338-d173-4031-bbfe-eae8c8c37037","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":43,"box":{"x":102,"y":763,"width":773,"height":11}},{"id":"2659b9fb-f00e-45a3-bcb7-9136d126f8e5","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the periods shown.","page_number":43,"box":{"x":69,"y":778,"width":804,"height":11}},{"id":"af64ce07-6345-40be-9a90-2d12f0b7589a","block_type":"box","text":"Investor P Shares","page_number":43,"box":{"x":628,"y":806,"width":102,"height":7}},{"id":"35635f81-4ff9-4d46-859a-b04a197e3355","block_type":"box","text":"Gross Sales","page_number":43,"box":{"x":468,"y":842,"width":68,"height":7}},{"id":"024a883c-51bd-450e-9ddb-d4650693dcb4","block_type":"box","text":"Charges Collected","page_number":43,"box":{"x":449,"y":852,"width":106,"height":9}},{"id":"e5206fde-0a4b-4c50-b71b-f973faf4c483","block_type":"box","text":"Sales Charges","page_number":43,"box":{"x":585,"y":832,"width":84,"height":9}},{"id":"552b3ea6-f9d7-494d-a4c7-a4437ae40dec","block_type":"box","text":"Retained","page_number":43,"box":{"x":602,"y":842,"width":51,"height":7}},{"id":"da4ed1ab-11be-46bf-b4a9-f6aacf285aa6","block_type":"box","text":"by BRIL","page_number":43,"box":{"x":606,"y":852,"width":44,"height":9}},{"id":"c623bdfa-db8c-487e-a937-e53958960971","block_type":"box","text":"Sales Charges","page_number":43,"box":{"x":699,"y":832,"width":83,"height":9}},{"id":"dd8d7077-e3a8-4213-bac3-d8a5c849b9f8","block_type":"box","text":"Paid To","page_number":43,"box":{"x":720,"y":842,"width":42,"height":7}},{"id":"f8cffe6c-50c0-45d2-93a2-4cbf6fa6e7c8","block_type":"box","text":"Affiliates","page_number":43,"box":{"x":715,"y":852,"width":51,"height":7}},{"id":"81360629-32b0-4bf7-aefe-7b7e3dc9adf2","block_type":"box","text":"CDSCs Received","page_number":43,"box":{"x":812,"y":822,"width":97,"height":7}},{"id":"744b2fea-cbce-4242-84e6-89f8378c41f0","block_type":"box","text":"on Redemption","page_number":43,"box":{"x":817,"y":832,"width":87,"height":9}},{"id":"8c4b21ed-8dd2-46c9-ac49-cabeead2529f","block_type":"box","text":"of Load-Waived","page_number":43,"box":{"x":817,"y":842,"width":87,"height":7}},{"id":"45b9e07c-b8e6-4dfd-ad97-23e15085bb9f","block_type":"box","text":"Shares","page_number":43,"box":{"x":841,"y":852,"width":39,"height":7}},{"id":"6a30c47f-de4c-41be-8192-f3190e172a64","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . .","page_number":43,"box":{"x":70,"y":870,"width":299,"height":10}},{"id":"b7fb4b6e-9a23-432f-be64-dd04d4603f97","block_type":"box","text":". . . . . . $2,","page_number":43,"box":{"x":375,"y":869,"width":106,"height":11}},{"id":"7329b9e9-e665-4884-af3f-d50a4d1c5b3e","block_type":"box","text":"488,430 $194,860 $194,860 $0","page_number":43,"box":{"x":483,"y":869,"width":387,"height":11}},{"id":"116c0d18-5d9d-44e9-b80c-1ee17e2bac65","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . .","page_number":43,"box":{"x":70,"y":885,"width":299,"height":10}},{"id":"08df4fda-c484-46f1-834b-2bef3d8df122","block_type":"box","text":". . . . . . $2,","page_number":43,"box":{"x":375,"y":884,"width":106,"height":11}},{"id":"e052ef07-b6a0-4618-9fdc-cc334ffffc87","block_type":"box","text":"238,855 $175,880 $175,880 $0","page_number":43,"box":{"x":483,"y":884,"width":387,"height":11}},{"id":"8698a78b-6a8a-4610-852c-0bbc73b4d4ac","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . .","page_number":43,"box":{"x":70,"y":900,"width":299,"height":11}},{"id":"9b70aa4b-c314-4078-ade6-8ca9cbfba6ca","block_type":"box","text":". . . . . . $1,","page_number":43,"box":{"x":375,"y":899,"width":106,"height":12}},{"id":"a7923e84-a25c-4929-9bbd-217d1ab72265","block_type":"box","text":"424,313 $108,463 $108,463 $0","page_number":43,"box":{"x":483,"y":899,"width":387,"height":12}},{"id":"18d8c850-f125-40ac-927c-8815576ec6d0","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"64e9e764-514e-4058-8068-bdaf08647e58","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"beb87746-e3a4-433e-b615-557670ba0cf3","block_type":"box","text":"Investor A Shares","page_number":44,"box":{"x":760,"y":49,"width":103,"height":7}},{"id":"47698c98-d654-4ef9-8a74-2ae476dcee5f","block_type":"box","text":"CDSCs Received","page_number":44,"box":{"x":713,"y":65,"width":97,"height":7}},{"id":"ac4205e5-5f7e-4440-b3dd-4aacedba0385","block_type":"box","text":"by BRIL","page_number":44,"box":{"x":740,"y":75,"width":44,"height":9}},{"id":"e17aaa2e-5842-4350-9a4f-a73b8896381e","block_type":"box","text":"CDSCs Paid","page_number":44,"box":{"x":840,"y":65,"width":69,"height":7}},{"id":"129d023d-1218-400d-8aaf-5305dda948df","block_type":"box","text":"to Affiliates","page_number":44,"box":{"x":841,"y":75,"width":68,"height":7}},{"id":"b0896c4d-2097-4f38-8741-87197efc6698","block_type":"box","text":"Fiscal Year Ended December 31, 2025. . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":93,"width":449,"height":10}},{"id":"e2f147e4-9677-47c6-a521-90d7e5787439","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0 $0","page_number":44,"box":{"x":526,"y":92,"width":358,"height":10}},{"id":"a67666c3-1ec9-455a-94b7-8ebdfe92438d","block_type":"box","text":"Fiscal Year Ended December 31, 2024. . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":108,"width":449,"height":10}},{"id":"ee19e16e-ccf5-4455-ba7b-68a5555113ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0 $0","page_number":44,"box":{"x":526,"y":107,"width":358,"height":10}},{"id":"7de0d7c5-011a-4a83-9ac6-a9e6276bd3eb","block_type":"box","text":"Fiscal Year Ended December 31, 2023. . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":123,"width":449,"height":10}},{"id":"03c2102d-d3f7-4f8a-af72-c5f88d683a7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0 $0","page_number":44,"box":{"x":526,"y":122,"width":358,"height":11}},{"id":"41cf45a4-767c-40e8-a92c-59c5c47be7f8","block_type":"box","text":"The table below provides information about the 12b-1 fees the Fund paid to BRIL under the Fund’s 12b-1 plan. A","page_number":44,"box":{"x":101,"y":147,"width":803,"height":11}},{"id":"1586d18f-4c72-453b-82bf-6a65194bb816","block_type":"box","text":"por tion of the fees collected by BRIL were paid to affiliates for providing shareholder servicing activities for","page_number":44,"box":{"x":70,"y":162,"width":762,"height":11}},{"id":"b450e81a-c449-439e-a783-815b20eecacb","block_type":"box","text":"Investor A, Investor P and Service Shares.","page_number":44,"box":{"x":70,"y":177,"width":298,"height":10}},{"id":"9301f73d-429b-46a3-b809-62aa1b225dec","block_type":"box","text":"For the fiscal year ended December 31, 2025, the Fund’s share classes bore the following distribution and","page_number":44,"box":{"x":102,"y":200,"width":762,"height":11}},{"id":"f0bb7efc-fe94-4256-b122-e84f324f7ad1","block_type":"box","text":"shareholder servicing fees under the 12b-1 plan:","page_number":44,"box":{"x":69,"y":215,"width":347,"height":11}},{"id":"40ce85ea-cb2f-4d70-948b-fc108b4bdaf7","block_type":"box","text":"Class Name","page_number":44,"box":{"x":69,"y":253,"width":68,"height":7}},{"id":"71fd3f74-e74b-4269-8aa5-9ae1a125ee3d","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":838,"y":243,"width":55,"height":7}},{"id":"a77ea2cf-ffc6-4d29-97a9-3585c40aa167","block_type":"box","text":"to BRIL","page_number":44,"box":{"x":844,"y":253,"width":43,"height":7}},{"id":"28990263-15b0-45ea-9b5a-3c5495baeeda","block_type":"box","text":"Investor A Shares","page_number":44,"box":{"x":70,"y":271,"width":124,"height":9}},{"id":"67c6a001-5ecb-497f-9c86-e3471b27d162","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,","page_number":44,"box":{"x":202,"y":270,"width":643,"height":11}},{"id":"c92ed0b8-f3d6-4d62-a8bb-c0f8e834c84f","block_type":"box","text":"213,749","page_number":44,"box":{"x":847,"y":271,"width":62,"height":10}},{"id":"a5e597db-d60a-4491-9fae-bab36fa8591e","block_type":"box","text":"Investor P Shares","page_number":44,"box":{"x":70,"y":286,"width":124,"height":9}},{"id":"a413fe57-dd3c-43cc-9c70-33eed760bfbf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,","page_number":44,"box":{"x":202,"y":285,"width":643,"height":11}},{"id":"33923289-b641-4dda-9aef-510341a48171","block_type":"box","text":"003,510","page_number":44,"box":{"x":847,"y":286,"width":62,"height":10}},{"id":"6d89afdf-4bb7-4fe3-b1f0-3f5efc7bcad5","block_type":"box","text":"Service Shares .","page_number":44,"box":{"x":69,"y":301,"width":118,"height":9}},{"id":"6382b1ed-03b4-4627-ad9d-351e7f56245e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":44,"box":{"x":194,"y":300,"width":651,"height":12}},{"id":"da9a786f-12f5-432e-9fe9-7c108b6ca415","block_type":"box","text":"558,964","page_number":44,"box":{"x":847,"y":301,"width":62,"height":11}},{"id":"0c8d78a2-adcf-4c37-a0d7-e14925f118da","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":44,"box":{"x":68,"y":333,"width":318,"height":11}},{"id":"8e5a0bd7-f3d6-46a6-87ee-a542d44297fc","block_type":"box","text":"An illustration of the computation of the offering price of the Investor P Shares of the Fund based on the value of","page_number":44,"box":{"x":101,"y":355,"width":805,"height":11}},{"id":"62b218b8-dbe0-4aa3-9507-f838492a52ab","block_type":"box","text":"the Fund’s Investor P Shares’ net assets and the number of Investor P Shares outstanding on December 31, 2025 is","page_number":44,"box":{"x":68,"y":370,"width":838,"height":12}},{"id":"3b9733be-d68d-4ae8-9891-841f9e11ee53","block_type":"box","text":"set for th below:","page_number":44,"box":{"x":69,"y":385,"width":110,"height":9}},{"id":"5b2c914e-985d-4f11-b970-39ec2e4869f5","block_type":"box","text":"Investor P Shares","page_number":44,"box":{"x":798,"y":414,"width":102,"height":7}},{"id":"cd13a3f5-e933-46ab-b127-daf51cc6fbf2","block_type":"box","text":"Net Assets","page_number":44,"box":{"x":70,"y":432,"width":76,"height":8}},{"id":"d854c5cc-9b9e-4d64-941c-ab95e12df5c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,188,","page_number":44,"box":{"x":160,"y":431,"width":685,"height":11}},{"id":"41acee15-7d51-4143-ad95-0d7c9e9b0300","block_type":"box","text":"573,084","page_number":44,"box":{"x":847,"y":432,"width":62,"height":10}},{"id":"4d2d35eb-90c9-4bf6-96b1-e73c59e06dfc","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":446,"width":320,"height":12}},{"id":"31d3a515-9a33-46e4-be9e-ad9d1cba77f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,752,729","page_number":44,"box":{"x":396,"y":447,"width":513,"height":10}},{"id":"77f08673-b576-463a-b957-23dc43410f16","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":44,"box":{"x":70,"y":462,"width":571,"height":11}},{"id":"d7bf48a5-0bcb-4d1d-95d6-30a4b526bd6e","block_type":"box","text":"..............","page_number":44,"box":{"x":649,"y":469,"width":108,"height":2}},{"id":"f58616f3-84db-47b3-9cf4-dc335402599b","block_type":"box","text":"$795.06","page_number":44,"box":{"x":847,"y":461,"width":62,"height":10}},{"id":"8de0604c-18bb-4c16-a75b-0ce82fe2bf4e","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":44,"box":{"x":69,"y":477,"width":534,"height":11}},{"id":"bded52c2-b2a5-4a70-9217-261ab1d29555","block_type":"box","text":"1","page_number":44,"box":{"x":604,"y":477,"width":4,"height":5}},{"id":"955dc351-ddb0-45d9-9219-e744e97e8720","block_type":"box","text":"..................","page_number":44,"box":{"x":616,"y":484,"width":141,"height":2}},{"id":"b275eb6d-5f70-45e9-ab7c-5777c6e681af","block_type":"box","text":"$44.05","page_number":44,"box":{"x":857,"y":476,"width":52,"height":11}},{"id":"8f47163d-bfe3-484d-8476-5365ae754a2d","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":69,"y":496,"width":687,"height":12}},{"id":"f5407c11-0319-419b-a93b-71c4bb6d148f","block_type":"box","text":"$839.11","page_number":44,"box":{"x":847,"y":496,"width":62,"height":10}},{"id":"48b20a59-cb47-4e77-8f30-87d188a20e05","block_type":"box","text":"1","page_number":44,"box":{"x":69,"y":528,"width":3,"height":4}},{"id":"6fedd135-6bdd-4b52-899d-877210f6f399","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":44,"box":{"x":94,"y":528,"width":541,"height":9}},{"id":"0b785900-d5b7-4f28-89a6-5f26f1579955","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":44,"box":{"x":101,"y":549,"width":787,"height":11}},{"id":"aa043783-40e1-40bd-a3e9-ec102b3ec5a0","block_type":"box","text":"set for th above for Investor P Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":44,"box":{"x":69,"y":564,"width":833,"height":12}},{"id":"771acbc3-2737-4493-abe3-e86898ecfcb9","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":44,"box":{"x":69,"y":579,"width":813,"height":12}},{"id":"4cab38cd-eb98-440d-bdbd-8e50b3bcf018","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":44,"box":{"x":69,"y":595,"width":377,"height":11}},{"id":"b24b30ae-10f4-4e3f-884d-8a58881b444a","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":44,"box":{"x":68,"y":625,"width":302,"height":11}},{"id":"a51832c8-65b9-4ba6-b846-876e08513061","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":44,"box":{"x":102,"y":647,"width":609,"height":12}},{"id":"da489951-d003-4dea-8aa9-ed5ddedcbe9b","block_type":"box","text":"The table below sets for th the brokerage commissions paid by the Master Por tfolio for the past three fiscal","page_number":44,"box":{"x":101,"y":670,"width":764,"height":11}},{"id":"b83e245e-3051-48da-9f83-f805a0f85c5c","block_type":"box","text":"years. None of these brokerage commissions were paid to affiliated brokers.","page_number":44,"box":{"x":68,"y":685,"width":547,"height":12}},{"id":"63cb67a6-5f51-417b-aa86-4a52022ae7d1","block_type":"box","text":"Brokerage Commissions","page_number":44,"box":{"x":769,"y":714,"width":140,"height":8}},{"id":"35ef676e-845a-4f7f-b40c-f7796d66d32c","block_type":"box","text":"Paid by the Master","page_number":44,"box":{"x":784,"y":724,"width":110,"height":8}},{"id":"d34303a0-50a4-4509-a873-fe57657d1228","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":741,"width":463,"height":11}},{"id":"055542ff-71d4-4cfe-aba4-b5f26d3f8aa0","block_type":"box","text":".........................","page_number":44,"box":{"x":540,"y":749,"width":197,"height":1}},{"id":"78d92a95-8ada-42fb-8d6c-08dc20ad2f2c","block_type":"box","text":"$428,528","page_number":44,"box":{"x":803,"y":741,"width":72,"height":11}},{"id":"93efea51-789f-4051-ae2d-ecd0c4e6163c","block_type":"box","text":"1","page_number":44,"box":{"x":876,"y":742,"width":4,"height":4}},{"id":"14130aac-9c23-45cc-85ad-09baf31f26a0","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":757,"width":463,"height":10}},{"id":"202a926b-9abc-4c64-adc8-54e1152ad9da","block_type":"box","text":".........................","page_number":44,"box":{"x":540,"y":764,"width":197,"height":1}},{"id":"8b353530-7941-4c92-8eb8-6281f78a6f4e","block_type":"box","text":"$275,976","page_number":44,"box":{"x":803,"y":756,"width":72,"height":11}},{"id":"57c5347f-76eb-47d7-8500-54c487d3c3da","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":772,"width":463,"height":10}},{"id":"10ec14d8-c72d-4669-a5fa-fb8f2f16f65b","block_type":"box","text":".........................","page_number":44,"box":{"x":540,"y":779,"width":197,"height":1}},{"id":"9627c0ff-a31c-4f54-ba47-a752ad222a8d","block_type":"box","text":"$439,832","page_number":44,"box":{"x":803,"y":771,"width":71,"height":11}},{"id":"7e71f208-4f60-4ccc-a871-d6fa903e0847","block_type":"box","text":"1","page_number":44,"box":{"x":69,"y":796,"width":3,"height":4}},{"id":"39e95a10-4d88-4c58-bd75-62354ee211d6","block_type":"box","text":"The increase in brokerage commissions paid by the Master Por tfolio as compared to the prior fiscal year was due to higher trading activity and","page_number":44,"box":{"x":93,"y":796,"width":812,"height":9}},{"id":"d7b0cb14-b578-409c-a590-60c072337447","block_type":"box","text":"higher commission rates.","page_number":44,"box":{"x":94,"y":806,"width":142,"height":9}},{"id":"708905c6-871c-420a-9f12-32652d1f9d89","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":44,"box":{"x":101,"y":827,"width":770,"height":11}},{"id":"59836ed8-823f-4cc3-ac39-4dbab3e37545","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":44,"box":{"x":69,"y":842,"width":814,"height":11}},{"id":"b3ecff52-cb8f-4ea2-9901-9a7ec1da714e","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":44,"box":{"x":68,"y":857,"width":784,"height":11}},{"id":"daf2c807-c069-40eb-a974-a23807b99965","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":44,"box":{"x":70,"y":872,"width":839,"height":12}},{"id":"32262f7c-ec8e-46ca-9c3b-f1143e80f870","block_type":"box","text":"business with such brokers.","page_number":44,"box":{"x":69,"y":888,"width":198,"height":8}},{"id":"30b3ccb2-e979-4166-acaf-e3f42f5c6cb1","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ac7ca5e9-fdfa-47e4-bd40-ff5b814a6ada","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98103d50-0878-4e29-b007-0b61c67b6f42","block_type":"box","text":"Amount of Commissions","page_number":45,"box":{"x":289,"y":49,"width":141,"height":7}},{"id":"13c54504-184e-4d60-ac7a-9573979c591e","block_type":"box","text":"Paid to Brokers for Providing","page_number":45,"box":{"x":276,"y":59,"width":168,"height":9}},{"id":"d2c19601-3cd5-4bd9-b8e3-f914043d1c57","block_type":"box","text":"28(e) Eligible Research Services","page_number":45,"box":{"x":264,"y":69,"width":191,"height":9}},{"id":"ef06fcb5-8214-46b8-b4d0-2114ab5e2bb5","block_type":"box","text":"Amount of Brokerage","page_number":45,"box":{"x":588,"y":59,"width":124,"height":9}},{"id":"8ccf9eb1-2e68-457a-81cc-f7047860a369","block_type":"box","text":"Transactions Involved","page_number":45,"box":{"x":587,"y":69,"width":126,"height":7}},{"id":"9c297e6a-c821-4a3e-b55d-3e48def34072","block_type":"box","text":"$0 $0","page_number":45,"box":{"x":351,"y":86,"width":309,"height":11}},{"id":"b57e531d-c6e6-4af6-9729-eb84c1871c47","block_type":"box","text":"As of December 31, 2025, the Master Por tfolio held no securities of its regular brokers or dealers (as defined in","page_number":45,"box":{"x":101,"y":111,"width":803,"height":11}},{"id":"40ee1922-7b57-440b-baa8-295c41e24855","block_type":"box","text":"Rule 10b-1 under the Investment Company Act) or their parents whose shares were purchased during the fiscal year","page_number":45,"box":{"x":70,"y":126,"width":827,"height":11}},{"id":"9a7556ac-bdc7-450f-ad27-27704673c328","block_type":"box","text":"ended December 31, 2025.","page_number":45,"box":{"x":69,"y":141,"width":197,"height":11}},{"id":"31df56ff-0eed-453e-9706-7890be5cc44b","block_type":"box","text":"Securities Lending","page_number":45,"box":{"x":68,"y":171,"width":135,"height":11}},{"id":"2e43688c-bdef-405e-9ef6-11c43e7a5340","block_type":"box","text":"To the extent that the Master Por tfolio engages in securities lending, the Master Por tfolio conducts its securities","page_number":45,"box":{"x":101,"y":194,"width":804,"height":11}},{"id":"682046ad-616f-464d-98db-b45f553fb6f1","block_type":"box","text":"lending pursuant to an exemptive order from the Commission permitting it to lend por tfolio securities to borrowers","page_number":45,"box":{"x":70,"y":209,"width":814,"height":11}},{"id":"b53303a0-2270-4326-aa62-a142be34d3dd","block_type":"box","text":"affiliated with the Master Por tfolio and to retain an affiliate of the Master Por tfolio as securities lending agent. To the","page_number":45,"box":{"x":69,"y":224,"width":837,"height":11}},{"id":"0c33bd00-9e55-4734-9d54-4b604a30aa11","block_type":"box","text":"extent that the Master Por tfolio engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”),","page_number":45,"box":{"x":69,"y":239,"width":820,"height":12}},{"id":"674c354e-d545-48c9-a63a-776f0234bff4","block_type":"box","text":"acts as securities lending agent for the Master Por tfolio, subject to the overall supervision of BFA, pursuant to a","page_number":45,"box":{"x":69,"y":254,"width":800,"height":12}},{"id":"0657d091-cbcf-4143-a863-aa13d77f5115","block_type":"box","text":"written agreement (the “Securities Lending Agency Agreement”). BTC administers the lending program in accordance","page_number":45,"box":{"x":68,"y":270,"width":832,"height":11}},{"id":"3c23bfe4-61a4-4229-884e-035c85979532","block_type":"box","text":"with guidelines approved by MIP’s Board.","page_number":45,"box":{"x":68,"y":285,"width":292,"height":11}},{"id":"f815e38f-5654-438f-8d29-93516ecf59a4","block_type":"box","text":"To the extent that the Master Por tfolio engages in securities lending, the Master Por tfolio retains a por tion of the","page_number":45,"box":{"x":101,"y":307,"width":808,"height":12}},{"id":"5eb635b7-8c47-417b-ac4c-08b876f29eba","block_type":"box","text":"securities lending income and remits the remaining por tion to BTC as compensation for its services as securities","page_number":45,"box":{"x":69,"y":322,"width":808,"height":12}},{"id":"20ec25e3-9624-474c-ba25-0a93357bc1a7","block_type":"box","text":"lending agent. Securities lending income is generally equal to the total of income earned from the reinvestment of","page_number":45,"box":{"x":70,"y":338,"width":812,"height":11}},{"id":"374222e1-30ea-4634-bd8e-5cd9157f3748","block_type":"box","text":"cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and","page_number":45,"box":{"x":69,"y":353,"width":812,"height":11}},{"id":"11de2add-f508-4f62-81a2-dfaee1e20465","block_type":"box","text":"from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":45,"box":{"x":68,"y":368,"width":840,"height":11}},{"id":"c8d3880d-f257-4ee2-bc57-5700c96a00e7","block_type":"box","text":"lending. The Master Por tfolio is responsible for fees in connection with the investment of cash collateral received for","page_number":45,"box":{"x":70,"y":383,"width":830,"height":11}},{"id":"3c7d56e9-8dae-41da-8aef-e042ada48f01","block_type":"box","text":"securities on loan in money market fund funds advised by BFA or its affiliates, and such fees will not be subject to","page_number":45,"box":{"x":69,"y":398,"width":815,"height":11}},{"id":"a6b26afb-cef1-466c-a4d8-35a6bc9c0ee1","block_type":"box","text":"any waivers (the “collateral investment fees”); however, BTC has agreed to reduce the amount of securities lending","page_number":45,"box":{"x":69,"y":413,"width":822,"height":11}},{"id":"20ffb3a2-7c41-481e-9082-57807d1a06df","block_type":"box","text":"income it receives in order to effectively limit the collateral investment fees the Master Por tfolio bears to an annual","page_number":45,"box":{"x":70,"y":428,"width":821,"height":11}},{"id":"d7ce1305-1a17-4331-9dda-5df64b10eef9","block_type":"box","text":"rate of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee. To","page_number":45,"box":{"x":69,"y":443,"width":828,"height":12}},{"id":"ca2d8d80-e3cb-4740-aa19-45f0577b7b5d","block_type":"box","text":"the extent that the Master Por tfolio invests cash collateral in a non-government money market fund, the Fund may be","page_number":45,"box":{"x":68,"y":458,"width":836,"height":12}},{"id":"782fb1c0-d597-4e20-81bd-eb2acbe3ffbf","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":45,"box":{"x":69,"y":474,"width":836,"height":11}},{"id":"d2edef05-cfd6-4dde-91b5-68510df9167b","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":45,"box":{"x":68,"y":489,"width":812,"height":11}},{"id":"50e033ec-8552-44dd-be15-37599a7389b6","block_type":"box","text":"determined to no longer be in the best interest of the money market fund. Additionally, the Master Por tfolio will be","page_number":45,"box":{"x":69,"y":504,"width":814,"height":11}},{"id":"9619f6c8-2f27-4ae2-b29b-92d8b15dded6","block_type":"box","text":"subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of","page_number":45,"box":{"x":69,"y":519,"width":819,"height":11}},{"id":"ef64f749-a0b6-4fbf-a231-6ddd2b83f3cb","block_type":"box","text":"the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less than one basis point","page_number":45,"box":{"x":68,"y":534,"width":781,"height":11}},{"id":"5e95cd0e-3ea7-4bf1-9b9f-5d1741cf7399","block_type":"box","text":"(0.01%)). The money market fund will determine the size of the mandatory liquidity fee by making a good faith","page_number":45,"box":{"x":69,"y":549,"width":781,"height":11}},{"id":"cdf2f804-b0a7-4a38-b7ef-1df34521b1df","block_type":"box","text":"estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount of each security in","page_number":45,"box":{"x":69,"y":564,"width":817,"height":11}},{"id":"2de91166-1110-40d9-9773-d22015d44dc4","block_type":"box","text":"the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory","page_number":45,"box":{"x":68,"y":579,"width":787,"height":12}},{"id":"ee8993cd-057b-4025-b498-36670379bfb8","block_type":"box","text":"liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each por tfolio","page_number":45,"box":{"x":70,"y":595,"width":785,"height":11}},{"id":"aac5b0ee-6b2d-4852-a3a8-040cf789aa24","block_type":"box","text":"security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value of shares","page_number":45,"box":{"x":69,"y":610,"width":838,"height":11}},{"id":"19188b03-5a7e-414c-ac24-1446dba06bc8","block_type":"box","text":"redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the Master","page_number":45,"box":{"x":69,"y":625,"width":821,"height":11}},{"id":"fad788e5-66e9-40ea-8d51-a4625a014c2c","block_type":"box","text":"Por tfolio’s returns on securities lending.","page_number":45,"box":{"x":69,"y":640,"width":285,"height":11}},{"id":"33a6c399-0611-4427-be53-46ccb4fac394","block_type":"box","text":"Under the securities lending program, the Master Por tfolio is categorized into one of several specific asset","page_number":45,"box":{"x":102,"y":663,"width":760,"height":11}},{"id":"3d04b56a-d318-444f-9c66-813e5c25ca55","block_type":"box","text":"classes. The determination of the Master Por tfolio’s asset class category (fixed-income, domestic equity,","page_number":45,"box":{"x":69,"y":678,"width":749,"height":11}},{"id":"088094c3-47ff-4359-bc0f-2f043dff5526","block_type":"box","text":"international equity, or fund of funds), each of which may be subject to a different fee arrangement, is based on a","page_number":45,"box":{"x":70,"y":693,"width":810,"height":11}},{"id":"52a351eb-511d-49f8-937c-1e1406840dba","block_type":"box","text":"methodology agreed to by MIP and BTC.","page_number":45,"box":{"x":69,"y":708,"width":282,"height":11}},{"id":"8c9f679e-17db-46e7-a38f-2627e7e43945","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Master Por tfolio were to engage in securities","page_number":45,"box":{"x":102,"y":731,"width":766,"height":11}},{"id":"e5d6ceea-3592-4835-85ee-1bcc254a0f6f","block_type":"box","text":"lending, the Master Por tfolio retains 81% of securities lending income (which excludes collateral investment fees);","page_number":45,"box":{"x":70,"y":746,"width":813,"height":11}},{"id":"ec00282e-ee64-43c6-b986-dd3046783c94","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment","page_number":45,"box":{"x":69,"y":761,"width":817,"height":11}},{"id":"fa7e9c46-6070-4a1b-aae7-f20d0c88b9cc","block_type":"box","text":"fees.","page_number":45,"box":{"x":68,"y":776,"width":35,"height":9}},{"id":"a93a61a3-7515-4ec3-9c01-bf5472914163","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":45,"box":{"x":102,"y":799,"width":753,"height":11}},{"id":"678b6847-e6d6-4102-8da0-122d7cb4b51b","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, the Master","page_number":45,"box":{"x":69,"y":814,"width":785,"height":11}},{"id":"6f720406-7daa-4350-b057-f55ae97825ce","block_type":"box","text":"Por tfolio, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year","page_number":45,"box":{"x":69,"y":829,"width":814,"height":11}},{"id":"d0a66dcb-759c-41d5-9977-2496e1c25db4","block_type":"box","text":"securities lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees);","page_number":45,"box":{"x":69,"y":844,"width":838,"height":11}},{"id":"7685a1e3-ec80-488d-8c0e-73f2e915bf58","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment","page_number":45,"box":{"x":69,"y":859,"width":817,"height":11}},{"id":"6ace3552-2645-4075-8518-49d3274ab710","block_type":"box","text":"fees.","page_number":45,"box":{"x":68,"y":874,"width":35,"height":9}},{"id":"d9ef97b5-0f44-49ec-b117-59ef98b6268d","block_type":"box","text":"Prior to January 1, 2026, the Master Por tfolio was subject to the same securities lending fee arrangement.","page_number":45,"box":{"x":102,"y":897,"width":763,"height":11}},{"id":"1134493d-bfe4-41a5-bc61-1c2e5fc82605","block_type":"box","text":"I-29","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"d9751ab0-b582-49d5-9520-c5b350c1c418","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"767aab68-3c89-4e60-935e-abeafbc2cfb7","block_type":"box","text":"The services provided to the Master Por tfolio by BTC, in the most recent fiscal year ended December 31, 2025,","page_number":46,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"2b7491b1-5586-4488-93a0-f425451192b1","block_type":"box","text":"primarily included the following:","page_number":46,"box":{"x":70,"y":60,"width":221,"height":11}},{"id":"0df2c22a-f48d-4d1b-bdd7-773e14dbbc9f","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":46,"box":{"x":69,"y":80,"width":818,"height":11}},{"id":"a7843811-5405-4983-9fde-e2f32396f206","block_type":"box","text":"on behalf of the Master Por tfolio with each such borrower;","page_number":46,"box":{"x":102,"y":95,"width":414,"height":11}},{"id":"b557dd5e-3203-42da-968b-27e1bfa9eea6","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":46,"box":{"x":69,"y":115,"width":538,"height":11}},{"id":"6f6351ad-e49e-49a5-a11d-7f2fb3324261","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":46,"box":{"x":69,"y":135,"width":330,"height":12}},{"id":"ffa32650-fc0c-4954-9fd1-9d1a2065e187","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":46,"box":{"x":69,"y":155,"width":834,"height":12}},{"id":"2a7dc2b0-53f9-4b3c-a464-7e1285bcf18f","block_type":"box","text":"of excess collateral, as necessary;","page_number":46,"box":{"x":102,"y":171,"width":246,"height":11}},{"id":"39e68581-f0b7-4c8b-8ccb-0d8e7489e141","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":46,"box":{"x":69,"y":191,"width":562,"height":11}},{"id":"0580d831-8ac4-4aab-bb80-37275205132b","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend 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Additional copies of the Fund’s annual and semi","page_number":48,"box":{"x":68,"y":158,"width":804,"height":11}},{"id":"8de64534-45a9-4bf0-8836-bb3d1365c92c","block_type":"box","text":"annual repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":48,"box":{"x":69,"y":173,"width":770,"height":11}},{"id":"cb6cfd34-59d5-461d-82be-2893a9a6817b","block_type":"box","text":"Information may be obtained at no charge by telephoning the Fund’s distributor at the telephone number appearing","page_number":48,"box":{"x":70,"y":188,"width":819,"height":12}},{"id":"d994a57a-0b6f-4d0c-99b5-047c7c59aabb","block_type":"box","text":"on the front page of this SAI.","page_number":48,"box":{"x":69,"y":203,"width":204,"height":12}},{"id":"69055a45-7a33-48b5-abc4-b9a611c4a5b5","block_type":"box","text":"I-32","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1f7a0f42-3263-48b7-99da-7fb0b413efa7","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a66859d-afa1-49a2-a0a5-bc2eae804a90","block_type":"box","text":"PART II","page_number":49,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"e6a23366-6c5e-4188-a689-41c347c84bd4","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":49,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"621088fb-57ad-4a69-a9e5-8e46fb2bf872","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":49,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"f2a2cdef-70e9-4304-86c8-d3f96f836910","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":49,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"e1641d7d-e39b-4266-a97d-bb6c30310db0","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":49,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"d6c1f79c-957a-4f60-ae5c-be924ef656f7","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":49,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"cca653e4-b57a-4c46-a976-42759eecb031","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":49,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"08233230-00f5-4112-863c-7233f334fce7","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":49,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"4cabcfb2-1437-433a-b6ad-5c00fc8eb990","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":49,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"b9a26fda-a123-4e4c-8307-b7bdc7ccff18","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":49,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"1b2b135c-567a-43fd-b3c8-5af76844f308","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":49,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"f954f6a6-1479-4292-ac40-79e227c02546","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":49,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"f3813995-a971-404e-a2d0-379fc4f2b6a7","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":49,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"728d109c-c8be-480e-9ffa-c9953d5b6236","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":49,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"759f5c47-1a6c-43bd-96b6-cb3ae44ea884","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":49,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"345af335-cc32-4764-aa32-1be90f2e312b","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":49,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"0bb6af26-c551-4019-9f51-5eb3973af9cd","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":49,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"54787d9a-3c91-40ed-a87a-f4904aa957e2","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":49,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"e5b0d15f-b3e5-49f5-b9fd-2d48160c47b7","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":49,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"b96c7d2e-2da1-4c73-9792-21367cb2c8a9","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":49,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"52407b02-7b1c-4e03-8c03-90304a89152f","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":49,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"5e1fa585-b580-42eb-b59c-32e5acc3e9fb","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":49,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"1764de40-24c8-4cf4-ba51-2c9825a00136","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":49,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"b40f33ff-f936-45a7-b528-207f47922373","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":49,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"602dd5af-e5a0-4fe6-bc96-89957696ee4c","block_type":"box","text":"par ticular Fund.","page_number":49,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"d765e0b3-68af-4d29-a126-246dddcbba14","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":49,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"04eeccb8-2eed-48a6-954e-90a8006c4e47","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":49,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"7d98b13f-76a2-4574-9117-56d94b0b1445","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":49,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"331535b1-31c6-4fc1-988a-62de820dd7f4","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":49,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"9fbbcabe-3ce1-477b-8482-0de274e629a5","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":49,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"36a265c2-fb11-4472-94b5-c7bf1bd9ffb8","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"9579ab25-35ff-4830-8779-c7a4296c7194","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"97f356df-2985-4c03-90b5-cfaca3fc875f","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"922513ed-135b-43db-9c11-aabeba4b2524","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":49,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"c1b24811-b17d-475a-8d77-4350e1b41b57","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"89394c9d-198d-4a2c-9a97-3d110a04e11d","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"d849cba3-dd44-44f6-9160-7ecdf7b9f45a","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"1f489b70-0e49-443f-9063-4e7f0e255f21","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"61e860a2-7b00-4968-b407-ff318b2800d1","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"67df3521-482e-4f00-b8be-f92021c3c766","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"24e83540-6fcb-4825-8e96-a5677d3d25a4","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":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6cbeb4f1-766f-4843-9552-e78a0388070c","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"ce9106f3-4bf9-417d-be41-d58e5e94e0bb","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"ebb769e4-e072-4243-a4e5-2bf2afc3a262","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":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"9930d2c7-d3d4-478f-bc7d-05cd87357a3b","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":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"398235fe-3da7-4d4d-9874-8dd17e5312a4","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"c7fe478a-b08f-47be-81a1-7251319fe7e0","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"7ae71e5f-0b25-4a08-ae64-9ecd856e6bfc","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":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"c6aed0fd-9d03-49c7-b9ac-1f9439cb8b63","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":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"e664f97c-29e2-42d8-916d-a960152880dc","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":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"7f0cc8c4-223d-44f5-b694-658fe4fa1b2e","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"5789b298-8a63-4828-8ea5-cc4ebfa37078","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"89be0d24-8fc5-43b6-8786-196882edcca6","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"9571a961-0b43-4ef7-bcbc-a96be9140387","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"8e64dd6a-2487-465b-8aeb-595521f5a6cb","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"eb6b6b0a-da36-4717-8d25-9a6f8c4025d0","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"12f0ad65-ed86-47ed-9147-4913c5c98068","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52813dcf-20a7-4d0c-98e9-d82b643f294e","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"a95f5d8e-e37e-4c27-b732-77240ebe03f6","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"88508129-b33a-4b0b-91d6-6814b16dbb77","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":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"03648f09-72ef-4a75-843b-ec2871c40f52","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":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"bec10b4d-80a2-4b51-b388-4bd7971829a2","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"e7b07c94-88a6-420e-bec5-1ea979027e41","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"0a8f1ada-37e3-4afb-83d9-d94e82057c78","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"5ab35592-9b7d-4818-b8a0-b40ace8f4572","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"521d0327-fef9-4547-bc3d-10989a043edd","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":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"8ed6e939-f56d-465f-a700-17adeaf6c264","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"bc0934a8-ab3f-4e0a-a235-20fc870a188e","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":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"acb50964-51ab-41eb-b17c-6384aa090eeb","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":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"71d62a95-6069-45d9-9737-4d7d895c8348","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"61cfcd76-6334-4827-a1b1-9505fd17db86","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"73175167-d0b4-4154-96c8-811d1358a46c","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":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"cf0e34f0-44a5-4d92-94e8-e531ff7bcb31","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":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"b9e3646b-9e60-4997-894c-93b23227b691","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"4828a84f-4899-431a-bffd-1c4bd1c10d23","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"23d35b2e-ffd1-43e4-b70d-f6b6fd74028d","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":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"b67ec8c5-06aa-48dc-b7c5-237a853eafd3","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":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"1d1dfc53-9764-449b-97a6-ffcb518ae4a4","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"2c545449-6c8b-4c5c-aab6-d9edfbcd38ef","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":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"0b84d655-a2cd-47bd-a3c5-2af3e3904b74","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":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"8dac1448-6ea8-4913-bcb7-ce4500057843","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":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"e5c6761d-8e81-43a9-8873-1293556a15bf","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":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"6d498c8f-aa1f-4a3a-8f98-03c923ba778d","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"74ff96c1-ada1-4a53-812a-63ff8c4d8f51","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"21086fe2-eb4c-4840-8690-0739dc276bb7","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"cccc01ac-d642-4eeb-ad6c-b11d4e5e1a74","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":50,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"ff3be414-ecb8-49a7-9752-510283447766","block_type":"box","text":"e.g.","page_number":50,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"0cf8c957-8666-4e34-8899-1e111b81f729","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"3b41db9b-9d4d-41cf-9de4-43ad3d2e63be","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":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"95e2eb46-4533-4d0a-a83f-667875e9e880","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":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"c372089b-738c-4011-b8d1-5b8fb3f57022","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"7bb9af31-ebbf-4475-9624-54538c88ea8e","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"0a8a8dd2-97fc-4869-9016-410f6781ec41","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"dcbca2b9-93fb-4c7a-a33b-cf8648522d61","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":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"d3d292dd-876e-4ba4-b2ff-4291be80e203","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"a3767754-6432-451e-911f-67694a21cbcb","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"c63e680f-ce2a-4ef4-911a-3bf6e71914b3","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"6b900542-15d4-46cd-a405-5df2bb2685ae","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"6aa2c963-0b83-4b84-a913-e105abaa370c","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"aeca6d8c-319b-4980-9e1e-99414fc226cb","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"c40cb7e2-0300-4e80-9c8c-3ac8303f5284","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"31ac8c06-9f9c-4d46-8928-9ed61cdbf4bb","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"11617fc8-179e-4c06-81c8-3d200967a0d3","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":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"a5283867-a5a0-4c36-9e23-fa4f4cb00c89","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"eeafb654-63fe-486c-ba0e-c552903a5b88","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"841244b0-f9c2-4d69-80bc-3ba190a4f373","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"e16b1fa3-518a-44b6-8f10-d66ed5b24908","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"218a19b1-88a7-40bf-9c98-2a60a8d3e027","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":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"4b2cc8ea-a49d-4f4d-8966-4ef6b6b59aca","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"0b1c3ced-623b-4381-b1ef-4d74edfc64ed","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"549f22fa-6396-4929-aadf-146f8773c9b2","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"dd18f589-4a9a-476f-ac3f-ad47d666be1f","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"f3120f54-0edf-4af0-ae27-eb57681c3106","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":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"6e1387b4-432c-4196-83a8-9143bd273097","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"6110e238-81ee-4e13-bef7-0b3ce26ddd5b","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":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"54617973-4ce2-4a17-bea4-188ab9157a4e","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":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f8b7ca6d-fca5-4b6b-8fb1-65d08353c953","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":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"b54d9d07-5bd6-4c3c-96b5-2154433ebe4c","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":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"ab7a15e9-0ecf-4a1c-a4eb-93a49b3e6542","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"fd23723b-9a74-43dd-a535-5771f136bdc3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f21fa274-76b4-4bf7-9cd6-56a5b3a6263a","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"930b0a6b-6864-4a3d-b2a7-6c3c94d9c3df","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"e3e08933-9388-4356-b0e4-5d30ee255b17","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"b5d5000b-a56e-422c-9cba-86419e4b596b","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"2e6d58ca-4d70-421d-88e2-0ca87b717a86","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"04e45bde-0e26-43f3-9ca3-5cbb301962fc","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"dbe828ed-c6ee-491f-b745-0f7f9398fe28","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"ad790074-ecae-42b2-80b2-82c7b0479115","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"6d8d3176-cd03-455f-bdca-1c2026b1bcd9","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":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"9c2c6e51-da46-4dc6-9a57-a5fc5b3314c5","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"1d692d06-a813-4ade-a592-61d3d25974be","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"54edd681-8f49-41fb-b609-4fb18d3e090a","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"87a1b99f-247e-4562-ba22-e4adc8da1b2a","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"cb1c52f7-5ac2-422e-98b3-f0399abb4bea","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"844c75f7-c07c-4d0e-8c55-fe4f58c1c511","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"e1998408-699d-43f9-baca-9b68cabfdcb0","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"3ec06cb4-3f48-4c70-94c8-38fdb3ff4374","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":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"06f66a4c-862f-4862-a685-dc7df1c40a4c","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"bdea2ae9-e64c-40b7-9918-1958f47e8cc7","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"7ed69413-fd66-4b6e-bac3-d3918d6e2d6d","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"04518aeb-038f-4fbd-b6a6-166647ccdd19","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":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"fe98a9d9-bf6c-4bfa-aa0b-4df0852a6672","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"bdda2c75-5ab2-4ad6-a9e8-f8c1d8c0c33c","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"5073ff8e-36b4-4bbc-8623-852160b909f0","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"b7915b58-6ddf-4693-8a38-e4355459339e","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"2ae66624-09c1-4b74-b5c2-a74f37a6aaf4","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"771d06c2-f5fd-4f60-9a05-d6de76467b40","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"9470477c-01a5-40ea-9c44-db355eb5bdd5","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":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"2a73e6dc-2273-4b3b-889c-6c3ac53ce0df","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"a61682e9-81fc-40ae-942d-bd9face4c3a2","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":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"006661d2-0482-4384-931a-8d7a954c088b","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":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"74661b23-4ebc-41f0-b2a2-b7f33a58db26","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"57e06bbe-2049-47b0-b33b-93d2bf511fea","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"e12fe92d-0a3a-4c95-85ab-d848df2080d5","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":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"38f1a8ec-ee96-4548-a4bf-97f983829bdf","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"1d5d557f-5877-4289-87f1-cb5ca7b19886","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"3e674fbc-398f-4686-a42b-91194dc1f4b5","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b4e6fd9a-ae12-4ffb-8bbd-b035e9c6b1fc","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"2746a461-f15c-4bbd-9c61-815e836d8a1b","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"ff4f3ca7-a078-4c1f-9df1-8ec7374434fe","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"f5a356d7-d491-4160-a8ce-b893a593dc71","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"88a00d42-1927-48fd-8065-9f3bf3c1e61d","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"13729553-a077-4d3a-919f-639e81dae22b","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":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"ef2ef2a2-f775-4eca-a50e-803481b14193","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"1b93257a-9d0e-4a5d-8504-60c89d43b020","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"b1d14b39-009f-4d02-8eff-e04e84c18e16","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"1bdae7a5-09db-47dc-8299-dc23ec41e17a","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":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"0f9bba5c-ed22-45cf-9931-5d4b6e1b521a","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"6075f8e4-2913-4821-ab7a-f36cec300d3a","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"33fc2814-2224-4e0d-a2b3-64376a3da0cb","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":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"7d15c7b3-6e07-418a-ab44-48b866b0ceee","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"4789082b-23f3-4204-8eba-e647a3b23712","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":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"183ddbff-9210-4f49-acf7-b973a604a557","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":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"63a91ce4-e97b-4b52-94ef-5fd90bfe3ac8","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":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"a3dc40bb-754c-4131-9c7b-b55932415b3f","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"b1220d3a-d938-409f-bc62-0c2fd605c972","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"20168f01-1cad-47f1-9fb2-1236786862d8","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"da2c9115-28dd-4697-9fdd-9281833c5b59","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3442be48-3155-44a1-8d44-c09319ba4343","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"724e8164-1299-46f4-aab8-8802046a0e9d","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":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"5db7dbf0-766f-4c28-9809-0039702304f7","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"b1293aaa-1860-429d-b142-e89245f169e2","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"0390b21f-f59d-40ee-a3ec-9a3baef0a729","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"d6867d34-12af-4488-ac56-a5d488c4616c","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"45584053-6d55-4c51-8335-cdee88857569","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":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"e9e1ca93-1c58-4a2b-8de4-7a238fb871a8","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"ef944a61-cb7e-42b0-8010-e0339727db39","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"2fc98805-241c-4e37-b629-deb6ff92c8ce","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"a7f42eed-9295-4ccb-869c-43756b4b0c80","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":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"03ccb3b8-bf0c-4917-b1fa-7d226a97f974","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":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"15481ea6-2c08-40ce-b637-412a1526508a","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"fa81f068-e388-4c78-a30e-6053f18062f7","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":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"685955a1-8f3c-4c61-8abd-8eb67a5a08b9","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"6cbe50f5-b928-4bd5-9d89-1da6a631ade0","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"1443015d-e5c5-4e4c-840d-5173f88070ed","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":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"fedffca9-fb02-4515-b62f-7af60e9d5ecc","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":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"3a600304-4d08-4922-9661-30195590806f","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":52,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"0b216096-917e-4f05-a432-8aa3f3275bd6","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":52,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"495d754e-c3e2-4161-8ef5-47bf30d4c7a3","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":52,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"82bdab49-c694-42ed-8656-6e7bba68416c","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":52,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"ef1e2d20-d245-41d7-8a31-33444e7c1ce2","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":52,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"6df062f3-2616-4fb0-94a3-f481852143da","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":52,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"4f4e4980-a164-4f16-9e96-91b422cc3588","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"9b851c60-902d-46e4-9295-566afadc37da","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"b89ee040-80b0-4ee1-a936-8971cb631c14","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"a50aef46-cc7b-4f4c-b3d0-dc322bbf4934","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"dd68b673-3ffa-4baf-bb73-ce65a70af21f","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"d85c150b-8c57-4525-8846-1f4219551336","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"25cc2daa-1fac-4278-8d81-efbba504ea5f","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"ba047b58-002f-4ed0-bf31-fffb1a40ea31","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"32fc75a9-67df-4f39-91e2-fe651973920a","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"28da6ada-755b-4116-a9a7-16a755c8c797","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"72a265d1-11a0-46cd-a1d4-13fe4f4266b5","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"2b64425c-feef-41fb-90dd-2aae5a64d1b1","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"7852d7c5-8272-46a0-a8f5-b4ebfe61d643","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"6a7b53bd-675a-4513-8015-ab453968af16","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":52,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"75fe4afc-9a36-4498-bc23-31b1264e4bf6","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":52,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"e0e74c6e-79c3-4367-8c44-8c6c86ca123c","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":52,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"82aa0af6-739e-412e-9c7c-857b48f4971b","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"c592484f-82a7-4834-81c7-0b02405daa8c","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"7a9e459f-29b4-45e1-bccd-5c218e912de0","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"744eb278-3ddc-4685-921a-2cb3bff3091e","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"fa712f21-7d8a-479a-b3ce-fb340c4627d7","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":52,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"660abe7d-8d73-4e49-bac2-c191d96456d5","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"f0593d63-9973-4870-affa-42b559b912cf","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"fd083cbf-f54c-43b7-963c-6e9576287eed","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"63e2f61a-df8a-4190-802a-924b3f179d52","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"37b0b160-cde6-4864-b434-886ef931bdbb","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"7ebbf4b9-a7e9-4e40-b55e-60d2280261b0","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":52,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"076ef9f4-656c-4cc8-8b19-7b301ce2272d","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"68c27ddb-ba27-4c20-a43c-fe189f6ffa34","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":52,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"a25f2e4b-3f4b-4221-b3b9-c66cfbd96193","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"748a935d-81b2-4617-9696-c0c1b228059a","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":52,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"2ca9e8fc-4540-4297-b763-b6dc3758c91c","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":52,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"aaa1fa2d-ee16-46ba-b1a0-d168cf1d0269","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"56405a4d-d236-4285-b9d6-28d98e9e0fe1","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"c6a113d9-33ad-41af-b9f8-11585045f28f","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":52,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"478baee2-1af7-4aa1-955e-6922566f490e","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d93e9b3d-90df-458a-b06a-eb4cf5942a12","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38d76453-51cc-4a03-b89b-286507a4787f","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":53,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"83976017-9b77-4e43-962c-11a382d6cb26","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":53,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"b00c0195-6c12-45fd-a099-d1c1fcc459d1","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":53,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"4c346795-05ca-4620-85e9-788e3d3dba6d","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":53,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"b9decb55-69c7-4c51-820c-d9a5295af028","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":53,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"d4b6ae39-2c6c-4508-8e8f-e8b433cb2920","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":53,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"5b1983e1-d094-4d36-85d9-3f5e0dc97790","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":53,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"ff8ee4a7-8419-4f6c-9925-747f50e0ae2c","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":53,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"878b889b-95e9-4965-a2bd-bdfe61833efc","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"b56fcfbc-1ba3-4818-8fe4-573c1320d843","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"d7aa6f51-e978-4d40-97fc-5a1971355106","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"9a015892-bd5e-44bd-a664-25d80af824ab","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":53,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"1621e31a-20c0-429b-ba39-da98032f7f87","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":53,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"cf2b96c7-8ef0-414d-884c-524bc47084ee","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"f5417991-71e1-41d6-af09-e46a0878f9bb","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"36fcf21c-d9f8-4b66-b5ba-38bf817e76af","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"acc6631f-356a-43af-bddd-4a1711c9542f","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":53,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"f9c1e7ee-4ba1-454c-93bb-ec2f248de396","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"4e9c599f-be6e-433d-8f3a-dd694fcf929e","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"c13969f6-48ea-4028-88b8-dcd48d023e16","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"b27e8b50-93d0-49d7-8a4a-8c6e0661ed00","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":53,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"20267a3d-477b-44be-9f12-5f0219de3493","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"8e9ccaa9-6266-479d-bba3-f6366e63cab4","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"76697f31-85ca-47a5-9b1f-a899f26bc2c7","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"5f7171bc-8be2-497c-b507-da474d23ca43","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":53,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"acba3760-6b03-487c-82e7-5152092b978e","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":53,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"6cfc5895-9107-4d7d-8c04-d8d3b51ad2c4","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":53,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"3f49f542-f4b8-4a54-89ee-e791251b940f","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"31772879-83fc-4678-88b3-5227ded8b8c5","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":53,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"7b279bf9-1e40-457f-b6c2-5ec5875fd18a","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"e616bd0d-7ea4-4eea-8939-28bad0f48b4b","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":53,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"8e5987b4-d176-4493-8e25-be2f992544b2","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":53,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"738289d4-5ee9-44de-880e-6c50d92f5675","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":53,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"52bc0f45-4d2d-47d7-8fbd-d85880addc03","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":53,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"89c9fee7-9813-4d13-aee5-dc5ff0bf5091","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":53,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"bce2ce74-3900-4d2e-bace-e749002b4bc6","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":53,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"30f0b991-f811-43e0-b740-cec9b3762b55","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"a522de47-6029-434e-84dc-d48a32af2156","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"9e13072b-e58a-40d1-8f1d-8cf26587632d","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"a6139b4d-5875-4ed9-bca1-1faa7c550168","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"6332f59d-27ca-47a4-8722-9852842b9b8f","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"128874f2-d1f4-4b3d-afaa-caa7309bfdfb","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":53,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"cfcd8d35-68d2-4d65-aa98-6c24cf53a552","block_type":"box","text":"e.g.","page_number":53,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"b392eaf4-13ee-4857-97e2-846eafc21d6e","block_type":"box","text":",","page_number":53,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"5cece8ed-d1ed-4bea-87a3-0dee7885332a","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":53,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"aba66b69-d2f4-4fee-b1e9-27ed15c3987b","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":53,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"07ad04ee-b153-49bf-8573-5febe5eaebd5","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":53,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"969bce87-acb7-42a0-8c3c-a540b5c45462","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"e980c886-9462-4eda-90a1-574a8a9a0e74","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"ef941414-e228-4191-8bd3-0a0ab9de4da3","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"fb80b2d0-724b-4cec-8d5b-1b76ef84974b","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":53,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"da914bb7-c372-4cd1-92fe-b7cfcb5efbe0","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":53,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"75235973-bdc6-4a87-bd5d-81176cbf6b9c","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":53,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"8fd9487b-1b19-477b-a14e-9e83340c70e1","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"2a0e849a-a41c-4b78-a459-33b31b4dcdb7","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"3915246c-85fb-4b2e-9cdc-71fafdf9314b","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":53,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"5fc2d583-e928-4a2c-ae48-a93960bd97e2","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"39ceeb1c-b59d-4eaa-a4c5-50e1b394a02f","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"828a69d5-89d5-48fb-bbd0-ffb152db94cf","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":53,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"c5654a13-68ac-4b6d-a5ad-2a05a6c6281e","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"dad09fea-8672-4e7f-8c8d-5d14b0fc16dd","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"0514506d-8fce-4372-9670-be8a53585948","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"93a225fc-fa73-4da3-bf13-fd0ee70fe173","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"840e7753-d4e6-48cd-b605-66f6caba9c2b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9170f8a7-0156-474c-8c07-4fc98c7b611f","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":54,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"c34deeb2-be53-42de-9cce-e678cc901b37","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":54,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"a5f7fc98-41b8-4771-a5a9-52cd2fdf65dc","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":54,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"d640d7d3-6b32-45a8-b293-e38107a8419d","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":54,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"d33af226-293d-46c8-8d65-b6e14c713b52","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":54,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"86fbf75b-6f63-433e-af31-d774dd9f4ce9","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":54,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"2c8c18b4-8477-4ca7-a334-de17163ac421","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"475172a3-bc87-4f0a-a601-1438da6dc3af","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":54,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"329707b9-9aec-4c98-ad61-4d6c42697f27","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"5109ad07-f43a-474b-8723-65d150b9a6b5","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"aedb9a95-8a2b-4d0f-915a-44b6d74b1612","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"27894323-2ee5-4456-b6ae-94a8ff84b2f4","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":54,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"25839119-c306-4f4b-8803-ae06c12e9e97","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":54,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"96e05c63-5c91-43f9-82d1-6ce5f2444e2c","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":54,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"ae0afdd4-ce69-494c-a72d-f249fca5400d","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":54,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"3a3bbf83-13e3-4f3e-9623-6eaf81b65714","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":54,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"3df86b72-5fa7-42b1-9470-80a4ead60ee3","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":54,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"bc78f827-7489-4c22-9151-c647dd008535","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":54,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"25a4a682-3233-49d1-be98-ab9be158ab0a","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"aadeb524-2114-4cf0-8419-183353845a09","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"22094ea1-4f0f-4913-8d12-394bfc29bffe","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":54,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"623a4ed8-9ce7-450e-a318-b69791317af2","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":54,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"78a962ae-5ce3-4afc-8880-c5f18ba4576b","block_type":"box","text":"i.e.","page_number":54,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"e3e19745-82ac-4066-9ebe-1b4b454d5f3f","block_type":"box","text":", strictly on the basis of its yield) is","page_number":54,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"dd8c0667-2e9e-423a-a427-6a0e722777d1","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"6c23e3fb-079a-47e5-bca8-13120a26137a","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":54,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"eec1526b-315e-4220-a936-075962b7510b","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"afc3df91-7029-4030-84bc-2f8ff38ca808","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"4a03a605-423e-42dc-9009-7b77f5488a4f","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"99a1eddd-fee5-47f6-a222-382a4a3bbce2","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":54,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"e78a2cc2-1034-4979-a342-76a69635b4ea","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"8ed9c194-e303-4743-b0ac-86b7360df2d2","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":54,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"3861272c-3b46-41b8-bf6b-f3bc05a484fb","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":54,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"527a2710-8be8-43de-b104-06111b6d9c50","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":54,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"3dbe9d6c-fe9b-43bd-ac81-55c60f730d19","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"7626c9d1-d125-4263-ac09-562f10ae1b2f","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"ee08faf0-aa02-47e6-9789-9d9175be1dec","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":54,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"3d89521c-257b-42f4-a059-335f68cbdb32","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":54,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"44088494-667e-45ad-a644-ee55988788c2","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":54,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"0b05ebed-3d4a-487c-9ddb-ee10adc6e08c","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":54,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"aeb31aea-2cf2-4399-87c9-e4f7e37bd490","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":54,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"a1382740-2ae9-496b-8641-bb269c20d472","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":54,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"ca05dffa-83ed-4011-a50f-a48d54ae9673","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":54,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"fb68d58f-1634-4edc-8bcf-731a5a93958b","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"1323f570-dd23-4722-a425-7d84dfe08093","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"66b0832c-a8e6-4c6e-8a48-0133b87a0d05","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"b361b203-a7c7-490a-af31-68c929581702","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"bdde637e-fbd8-413c-a644-275bdb1e6e65","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"527ecdea-6b9c-4e1b-a81b-bcffa24ef69e","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":54,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"886df9c3-b4c8-43c1-b2a6-3cb68f0bd1d7","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":54,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"dd479767-a31a-4754-b294-40839a4f3283","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a47a1320-7b57-4f55-9bb6-f5e2f6c8e4c1","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":54,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"3328e6fc-c118-4ee6-93ad-0f899402f4c1","block_type":"box","text":"i.e.","page_number":54,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"5aaf251d-b10a-4386-b7d1-fad3fe454c01","block_type":"box","text":", fixed-income (“fixed","page_number":54,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"25f1f8c3-1cef-4101-835d-bb667240815e","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"97d39d76-8aea-480a-b0a7-45928909bd78","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"b93b4c96-2103-49df-bb82-2967de8e6438","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"6d11b51a-3db0-4a1f-ac8f-6e9d0e751e15","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"e069cc3e-a57f-4b2c-9963-7ed04967b631","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"de5b9bc8-f63a-4623-8e14-6e8da999287d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddffeb53-4eed-4970-9a24-ef9251d08e22","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":55,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"894005e8-38c0-4692-8c55-b53f1eaf8944","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":55,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"520f92f8-95c4-4867-914b-99fb80daea98","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":55,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"c0bb7a29-a7a5-4a44-aba6-5f9ea8af1703","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":55,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"d94d8620-913b-48fd-a6e3-74aa3ac4f183","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":55,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"7305eea1-a756-499e-997e-32a3fa76df7e","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":55,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"9ab49e1b-6554-4fc4-9546-25d8c1e7d7e8","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"23d2e553-41dd-4a1c-9b00-d0cfb40404f0","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":55,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"ee7c705e-7382-4223-bf8f-364dd91d2349","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"9f6a382b-32f6-450c-83fc-a72fb3ae56d8","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":55,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"dac245b9-b068-40f2-a0f7-9805d81e84c2","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"4bb7e758-334c-407c-a485-7194f4cffdb2","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":55,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"b8131a43-9272-42a7-9191-4efe3ce88a9f","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"54fceb0a-2115-4a6c-948c-533ccac3a2f5","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":55,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"78935b13-71d5-4afd-bac6-3e87da64f01a","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":55,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"2cd4e39b-979d-45fd-8cf6-b1fd16b6da58","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"ff65d512-e2c7-4d31-8bce-f96206fd5ff4","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":55,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"2fb43d6d-9c52-465a-844a-92c528ca8c9f","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"9d1d65ae-ca70-4190-a38d-1b8fb8f8f90f","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"1a993bce-61f2-4898-9e24-b17d70bed26f","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":55,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"151c1ba7-a757-48e0-a2e3-b5de4259acff","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"7a018a44-db47-43fa-9cac-847855a83a8b","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"9bd0152b-b429-4bce-af5d-be781038b3c1","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"3bb45346-2f74-49e9-b0a1-0bbd42764e6f","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":55,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"6242ed41-c064-4055-a519-e313111ecfe8","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":55,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"7c6a6995-c890-411f-9408-1df6ba734783","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"c144717c-25ce-4eed-bfe8-7d9aab42474f","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"e83df2ae-96c2-4d8f-a01f-110f21fb92f7","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"63e17e2a-1418-4619-bc0c-8b9ca5f0dcb3","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"a1837300-c11b-40cf-bfaa-fb6f1f739a1d","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":55,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"d248bba7-8cad-41a3-9570-7f582a62f90d","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"8eab2679-fc38-487c-9d15-bfd33255ba42","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"bc219918-d89a-4e6a-bdd7-859e4a2458d6","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":55,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"90eba239-b0e9-4abc-8602-5586949c89f4","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"ddaa877a-e22e-4288-ba5e-8678867d96c7","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"989fb70c-74af-49d7-af14-2a193c71f004","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":55,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"5163746b-b07e-4df0-982b-cd0cc9044c1b","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":55,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"04767a93-5dbc-4c89-83a0-d0b3f5ed0a84","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":55,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"e7b33c8c-2cd0-4eaf-923e-e720e7209878","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":55,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"0a3bfd34-1755-4011-b038-6412de35113f","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":55,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"d5f10e09-da22-4dc2-b0d8-31906c0711bf","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":55,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"702fc9aa-e34c-4e85-8ec7-4248654071d8","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":55,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"af29a174-5039-49bc-b55f-dfe367d53cff","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":55,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"842fe280-c571-4910-8470-33562f329dd1","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":55,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"d5ba77c2-9592-43b6-bdc2-b89916f8e475","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"cd37e106-7cc1-4d7a-8d94-8a891b1d534a","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":55,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"f632db61-7066-4d1b-8986-445eb5eca0a4","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"e1915352-c7b2-40f2-a221-4cf718805f98","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":55,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"83762de1-3f23-4897-9a32-1b003c013fee","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"a06f7993-1816-445c-9e4a-75487a00998a","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"3463833b-59d0-44c8-a6a1-061ce932ae80","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":55,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"9b319a21-5354-4103-8657-4120f4c8482b","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"e1c87146-7196-4b57-a51d-87c3ecdb6f66","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":55,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"5ffa6fc3-83e9-40d6-85d7-72d1dda3616e","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":55,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"601b8af2-e490-4a75-ad90-24f362e231ed","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"5d7bd418-0195-40ec-94b0-b9d9e73e5b3f","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"e16f128d-af13-4a56-aef7-402a9788d618","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"893669c8-4e9b-4657-964d-4d6b1518a477","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"406b4e3f-9b05-4fae-b684-ad57498659fd","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":56,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"2be593e0-6206-46ef-a240-0332bb21fb52","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":56,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"041e26ea-eea7-4206-a16e-a808f9b72684","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":56,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"1b9f1522-e609-45e2-a851-dbc4ea36780d","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":56,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"ea1380a4-e999-465d-8488-91c65c7ec1e7","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":56,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"a9087042-d096-4e8a-95bc-6bf4bb6c667d","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":56,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"ecd6700b-ff68-4a8a-afd9-a7c4e63dc4c3","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":56,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5635d957-1fcb-4f31-8ede-4f81cf72231d","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":56,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"e0efee3f-577e-4dff-a416-fb0f0020adec","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":56,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"39d874cf-680a-4a7c-886a-f87f558ea60b","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"a2493a1c-8efd-4000-9cdd-bc21fc004aac","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":56,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"431975f5-2a54-4c61-afd8-5a271db78954","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"12b2a2dd-35ac-46ed-bfde-68f1d63bdcdb","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":56,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"e25a08d3-0f36-42b8-897b-863f07176c51","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"7c7d1352-51df-4430-b496-994a63c1bc46","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"eca9b163-6361-45b1-ae6b-ce3fbb1ad2bb","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"a0ae2fba-f902-4eed-a186-040854671c5e","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":56,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"4bd3d9fe-1857-4b6d-8fd3-f178af13853c","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":56,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"3e99abb6-14d9-4caf-a7b4-628b7c721e37","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"e407f3a0-7307-46fc-bcdf-76f4ab2dcd3a","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"c8a9932e-5718-4776-a467-c2fa331436f8","block_type":"box","text":"Direct Lending.","page_number":56,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"ea396304-39cf-47f9-8c11-6f61c9bc2aef","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"820ae170-4728-4746-bce2-7ece6be11ec4","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":56,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"272b71eb-f9b3-4a9e-99cd-8a186f6b37db","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"30cfeb1e-ba51-42e5-bfa9-0609b1ef9656","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"f78b827e-baf6-4aba-9adc-553b7c662c0d","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"7cee71df-c7f9-486b-8bb9-62435562a14a","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":56,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"3cd0c379-8bbf-4d91-a15b-ba3d2d9d4092","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"ca92be52-9be3-4cdf-a687-165e065aa347","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":56,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"e16496cc-41b5-4790-957b-ad9646b6f487","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":56,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"9f970653-38cc-4707-8e8a-f69174578044","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":56,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"88282c15-7fb3-4ca5-b1ae-7a3fd4567618","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":56,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"7912499d-deb2-41a5-b3de-1a49b9d8c316","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":56,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"aa0cc09d-61bc-4942-afca-59917e4f1377","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"00e0c3e9-edf1-4455-9d29-b461ed3b8f60","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":56,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"5e6991fc-f65a-4be9-8815-115b746f039f","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"717fa988-2473-4282-ae84-9cd4704b879c","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":56,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"053be73c-977a-4183-b919-ded2acb99819","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"7af199ad-e9ee-4bdb-98b1-95d7139270fc","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"0ee41d2e-01eb-4683-baeb-21cd35ba08ce","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"dfbb757e-0ea9-463f-a277-d9fe010de9e0","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"715bed12-1a0c-4bec-84d8-ed619534b35e","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"480d3cc1-bfe5-480d-91b9-278b129e130f","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"1d6bb532-4d33-4271-9994-fdfc6c6aaa69","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"0d908396-7a90-4b20-a5cc-7d776cd3a370","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"2c62eb04-8069-45f0-9cc7-118a1db567f1","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":56,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"1c5b6a93-70c4-4a3e-ba76-609f2f1e0077","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"e3bfea24-dee1-4409-bf33-831fc9716fde","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":56,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"af6c5b6f-f4d4-4dd3-8920-8795a10ed945","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":56,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"8cdc1684-34a9-4a44-915f-74f1fb725bfc","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"25b6730a-8036-4911-84be-d601d741340f","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"ef20d1de-c7f6-4782-bfc5-f58bd0b84919","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":56,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"614c35c8-8ba3-4ae4-b24f-900752b0dcb0","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"5e79aaf9-ca81-49b4-a50e-50a5ec748979","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"0065c4e2-ed6f-4535-94e6-19edfd87e07f","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":56,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"7fb58508-6dc4-4e4e-8b8c-81de2a1f44fa","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e2fcb002-b7c0-465d-a9cb-43c83b905d2d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33ca9156-dd3e-4f24-955a-b80b415fc320","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":57,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"351adba4-f9ec-489a-b5d0-d84871a76a11","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":57,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"12bbd018-a086-4151-b060-640e78d4534c","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":57,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"b9e374b7-f66b-486a-aae5-054461ee4637","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":57,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"0f1224de-65d4-411d-9c53-30af7d25204c","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"f1068c5e-4021-4a90-99a1-ac8eac7f138c","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"fe5bd3e0-d7ef-4125-ad5e-a9d8705400c2","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"9baa1c47-7af2-41d4-ae76-77b16fca48c3","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"e1091f5a-8a27-4a5f-9b6a-9aeb66f83019","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"1b8a4082-c59c-4ddb-ad9b-71439305d65e","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"57bbe574-4aa6-4856-a9c7-6d75d68bf0f1","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"17ab1075-dd59-476c-ba50-70207cb9e9b5","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":57,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"d73f004f-d95d-4b51-a30f-e8c8a4ac741f","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":57,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"51e1233a-1a01-4e2f-aae9-93e2ba7cc776","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":57,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"e0419717-ff94-4061-af3c-945cd781043e","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"1d80ab5b-cb71-493a-8c3b-6a1b1cf3d2e1","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":57,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"bba19535-5f86-4ab9-8964-bc983e0a5ca3","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":57,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"15245645-aa35-4167-8c59-c6c9ad35b550","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":57,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"eba9b048-1242-4057-8d42-4a11903c7537","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":57,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"b2edd4c5-dee3-4528-85d5-156f7ec2a98b","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"5cfa2b17-0019-481c-86fb-e4bcbe39f2ba","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":57,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"ec31424b-27a3-4118-846a-123a482f856c","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":57,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"57ca39a2-e3a5-4a1e-87b8-6d7309f6157d","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"5515489d-40fa-48d0-931f-fa639f24ac16","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":57,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"09497b6a-b834-40f8-bc18-c4a0aaaa708a","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"a9d226d6-991f-43b8-b52c-c6f75dc86b03","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":57,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"ec12b7ec-37c2-42f2-b776-6dd889d67a54","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"324d8deb-3e40-47d7-b66a-3b863197b736","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"39679301-0c34-480f-8f80-a81553990b4f","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"90660a79-2f3c-4b14-833a-cad84dacb033","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"d37de968-0752-4a3d-87d7-83672bbfbf3f","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"5b5ce41d-2012-494e-b8b2-428c674f6540","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"8ff3cc94-6f7a-488b-aa2c-30e929a8777e","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"dfd98daa-04ce-4412-8f07-5ff577ddcbd8","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":57,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"8b056247-a481-432d-ba83-b276f9021336","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"6b5e9b99-486c-436d-ab56-a27ca54db471","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":57,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"ff8d5925-d510-4156-91a8-de23255284ff","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"f299081c-de5d-4fac-ba27-df09c455e514","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"e5079bf4-3c8d-4610-9804-0944c0cc1a2d","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"2209b02e-e376-489f-8fc6-93aef0a1060d","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":57,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"2101b462-c752-486c-9ba7-543f1818e583","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":57,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"bf04e6f1-ae38-4590-b4e4-bbf01338ff19","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":57,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"09acd848-373c-405e-9e38-b6950b46c7a3","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":57,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"68909a56-3860-45ac-ba66-acc22916467a","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":57,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"083eafde-26fb-4497-9ae7-48970ec730b6","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":57,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"ad653273-bfcd-4ffb-bb0e-83fa67d97cc3","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":57,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"2d1271f4-3e5a-4a32-9e96-8984c3f1abd1","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":57,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"5e1fcfad-78cc-4e5c-b5d3-b35aa5f7a07d","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":57,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"e16da45b-5b70-424e-aca8-719055be1c1c","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":57,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"58a692a1-a313-487f-84b6-d4388fb08814","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":57,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"8ae1198c-6258-4e22-9792-6d89d26c1684","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":57,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"7f4b7c4f-ca97-4250-a638-346343b8c7f8","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":57,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"c8580d3a-38db-48f9-8338-1e02ac707f7d","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":57,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"41d9bdf9-2fc7-4e3f-9922-cc480fb3f9e2","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":57,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"58ad6ce3-8c28-4b85-b9cc-64ccc53b1b05","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":57,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"541fc482-1565-44e3-911d-b18893619327","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":57,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"e3ce77e8-893f-46f0-880b-210207975981","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":57,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"35dfdf4d-d4f7-4a86-95ba-74a1e951f733","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"afa26089-717c-4919-bd15-6f4584115067","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"341f8271-2f41-4ff8-9674-95398be0f727","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":58,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"d988c1bb-7f60-4a5d-8cfb-f3fdd369c154","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"ba2eeb94-ce3d-49ac-afae-6f8d0fe97ee7","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"a683e451-57c8-4dbe-99bd-30b7ba31afe5","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":58,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"abc4390c-a858-46b6-bc24-4d8fbf7a3d79","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":58,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"c1905f74-519b-41f1-a177-7e9ea391d1a6","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":58,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"519d4c0a-9702-4ecd-9f05-aeffa847902c","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":58,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"7b993929-7473-4f2c-a70b-78d73ad1fd27","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":58,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"870a8b29-3edb-4fb1-9519-721bad2ffdbf","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"2d115571-c891-49bc-a782-0bc25d9d8f89","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"5872b9c2-a3a5-4ba9-94ad-51a30e134783","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":58,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"b5652b53-1d57-4ddb-9372-d8c532741684","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"3a2474f9-6130-4d7d-a1a5-c61d7db6a1e1","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"f5113235-c87e-462d-be09-e3ea4129c3c2","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"892cf512-fdf6-4135-8a62-1a95f5723fc1","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":58,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"e5032802-197e-4608-aa2f-c80fcb684afb","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":58,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"6473f255-bbc7-401a-ac21-ff96fc159eca","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"9a264ad0-656c-4a01-98ef-aba8c63e7025","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":58,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"a1cca45a-8782-48c2-82b4-069e0450e6cd","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":58,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"ab8d3972-b49b-47d9-a9c7-e79369572374","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":58,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"09e2f5ee-fbd0-4f80-bef4-55286cdfa685","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"585faaa1-01ac-4f35-bac0-4ebb578fd4ea","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"4ccd131b-8dec-4ec3-9898-13f6c0286be7","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"a4bd3ab8-f82a-4113-bfd1-20d0e1b7443d","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"dceac25e-1d53-460f-a90d-e47c361289ed","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"c456aa5e-de8d-4cfa-b7f7-f89f6b1f8f63","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":58,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"11f78174-1c47-405e-b99b-a1c8d53c4b56","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":58,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"4697d2fc-d62c-4876-bcf0-c807a5c61b62","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"d7bcdd99-be19-4dea-b177-bdc299d27404","block_type":"box","text":"i.e.","page_number":58,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"6d7ef690-59d5-474a-b2fd-27a92038d703","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"1fee2e9f-cc49-4be7-bca4-a85e14688d46","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"858da0a8-8f6e-4c71-b196-b78ddb27b803","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"b4d01b31-67a7-487b-a4fc-25c2bf4d1c9c","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"40c2d349-fbec-4fe2-b2f7-bd13434c54d5","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"5c47f978-b29f-4210-9421-5089c71fc4c4","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"473fb15e-795e-4104-bc4e-5eb730de0de4","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"07eddeeb-f45e-4f7a-8467-d75d1855d913","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"956c9aa1-a669-491c-8f75-933f1ea0003d","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":58,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"ca90ca81-1215-4bf0-9cb1-4ee5a9ffe7ba","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":58,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"75fd1bd8-a364-4adb-bd0c-202e8518266e","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":58,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"85ea2bdd-a029-46cc-b34e-ffb37df1dc18","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":58,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"022c89cb-47ad-4fdc-bbac-6c298dc7a0f6","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":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"0a57bfe2-fb1b-4747-b462-40928565609d","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":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"e11ef335-b102-4f66-9934-2821bd693586","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":58,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"17650497-4942-4ed5-b0c9-b30ccd1029bd","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":58,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"eca12af3-7c64-404b-8f34-58f07d51904d","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":58,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"ceb5c2dc-2a8a-4492-a293-8acd311075ef","block_type":"box","text":"risk than higher rated securities.","page_number":58,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"eb8a0247-2291-43ad-be72-fb7ac2bc95ef","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"d3f5f706-2da0-463d-a0e5-eed7dd13e705","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"9577ae64-45bd-425f-8c06-55985217b7e6","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":58,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"34b5f6be-9699-465c-93a4-3e5951700004","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":58,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"36b3df6d-9281-4242-833f-e0a4e0064a41","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":58,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"58bfc230-fe12-4651-8982-27b722d6b816","block_type":"box","text":"unavailability of additional financing.","page_number":58,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"141bddcd-c8a2-41b2-8343-934f8f5157b5","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"feecc3b3-009c-4774-bf5a-46fb0c341bc1","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":58,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"66efa6ab-5eeb-4f84-9bb8-786e3faf47b5","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":58,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"4a989176-fa32-4c6b-8e2c-482a435849d5","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":58,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"0a52893c-7198-43fc-b7f0-b9b37de082c3","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fbc68b89-d5fd-40b4-b285-8db8fa94b327","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64e8ea23-bd79-47e4-a3f9-9e22e8728725","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"d0b8e38c-0a61-401a-b337-1ced078ec683","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"aa2bd34b-4c78-4f2d-a148-89dbe4d8cef8","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"19176214-a117-4aa3-b922-dbba9251a7fc","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":59,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"a062c24f-f6b4-465e-9388-802a734aebff","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"b81b5cd6-c50b-4d1f-8073-792a7072af7e","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"2f13a148-35f3-44e7-bfcf-a815c44fec28","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"6fefc19a-5c5f-4714-b9fc-ef5e9044ce65","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"2885c408-e40c-4e97-b68d-e9c4c645d177","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"62c127d4-9467-47df-934a-46c3561f43b2","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"8c13b123-daba-4951-9eb0-8462259687a2","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":59,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"519b9950-d6d0-487d-b612-0444481cb6b8","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"598a50ca-e021-4d26-beec-956f807c0943","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"dff3447b-b6ff-4f19-bd0c-eee221b70c52","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"9e78612b-861f-4380-9825-3942ede520a3","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"b31f1614-fb0a-4012-9047-c1003d9bc413","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"89483022-2063-44bb-b84e-389d59d42c43","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"4c2a92d5-945b-43b1-9dd3-ae7be17e62a2","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":59,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"7dca0ad1-cd26-492a-a3d3-5437e24c4c93","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":59,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"78f43c5a-6e72-492f-90b0-f1fefeec1e70","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":59,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"8eb4cf89-3b7b-445f-8326-4c4907a487e2","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":59,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"5c0d4dbc-d242-4e9b-83e6-9c7c64ac6dee","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":59,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"dcc187b1-c36f-4f05-9658-231e3069b0b6","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"4d8502dc-33e3-4ddd-b55b-4bbb500dd395","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"e41f569b-0d66-4b0f-a589-57744aaa12d5","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"92ab758a-ce6a-42c4-803d-cfbba6ecc307","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"653f2f35-1b9f-42c7-a2d4-717388070543","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"89b981da-231c-47a9-9f94-6c75518fad2d","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"88781b2c-6bf8-4dff-b14b-d096051ac0b6","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"250cf2f9-a79a-4f91-add2-368e50810062","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"c3c290ab-51b5-4856-b366-af547a43e3b3","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":59,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"a532874e-66ce-4c78-9bc6-def51c9566d3","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":59,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"d9957ee9-07a6-4be5-9f38-42332ca3aaca","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":59,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"6d863995-b802-4756-9d20-1518a34b4c3b","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"72d5e3d6-3f5c-4bc1-a3d7-9fa195d97255","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":59,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"6aace3af-2d8e-4220-bb7e-59c363d96665","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"6c8fd76e-0d31-4c31-87b0-dca935f826c8","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"67dd4edb-652b-4ef4-b599-1728412419a2","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":59,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"353725c6-d31d-4f26-92ad-6b496a68363b","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"b800fdc8-fd02-4a05-b33c-d4f6b3a99321","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"e1ab88b4-bf0c-4b48-b983-3d1ec8bd7631","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":59,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"a26ed73b-6e59-4910-a12d-c80a8c8fba87","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"5802b2a4-4da3-43ee-bdd0-9fe3a620b926","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"9b858747-e0e2-4956-a7b6-1cbd8236b2ed","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":59,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"8d6ad5e4-912c-4339-a900-d31d04daab24","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":59,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"45814a3e-b623-4b20-8014-e0b17f65a538","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":59,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"9de8886c-2498-4bec-be4a-21ee8c64202d","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":59,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"1aaea22a-051e-4e4d-b982-5278b312528e","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":59,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"d23b80f7-5d95-4281-a242-eefffc825476","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":59,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"a9f76252-0827-4fa4-a531-4c189eb6952a","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":59,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"7f5fbdbf-82a0-487d-9e94-5febe6e70aad","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":59,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"52aa29f7-97f9-4af0-a64c-323b7b325cb9","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"2ad1e1f9-3e03-43fe-93dc-3dac35d01943","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":59,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"fb042693-80e7-4490-b7e4-f234424adb26","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":59,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"b4e55343-6aa3-47c7-9fe4-f63f9be24e58","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":59,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"8b81aaee-5836-4d58-a45c-19a6067e5667","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":59,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"31b1b0ba-7dcf-4f33-b459-408d1152707c","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":59,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"d92d730e-faff-4b16-b59b-59e17cd9fe83","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":59,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"ffad2f06-a5bb-4053-8d4e-739c4f1f1520","block_type":"box","text":"higher-rated securities.","page_number":59,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"f3daec74-637b-42c8-8053-7fe250f0013e","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":59,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"90ecc3ab-829b-40c9-867c-a2b009b3e63d","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":59,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"b81b2e6a-21d3-4977-b98e-124dd85019fe","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":59,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"c22d27c6-dbe8-442e-beb7-e2b924d075d3","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":59,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"aefe643a-7343-4b11-b450-638f23e11ea8","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69edfb2d-11e5-47ea-86d5-85b61db12b0c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7334bf2-75da-44da-abe6-ae997b38d1b1","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":60,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"2b16baf2-50c2-4553-9efe-1c8dda1593ae","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":60,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"c53492c0-374e-4003-b0f2-35cd250d84d4","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"6250eb21-acfc-41c0-b5e0-d784ef4b777b","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"10abc85c-d4ad-4faf-bc0e-c175f1d4e2b7","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":60,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"9b0bdfb7-f0e9-440a-9718-6f9f740cf0df","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"15a9a62b-a3c5-46a8-aee0-67986fd0cacd","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"0b13dc1d-1de4-48e2-b665-84bfe6fb8a72","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"48c5fb8a-6921-4e1f-b64d-bae2de7b04cf","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"9e11e1df-f1ce-431a-b00c-49c6e4b19c1e","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"633cb70b-00f2-4765-a8e1-8d8b3d9ec5dd","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"66a13072-52a1-452d-88b9-e59893d8a3e3","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":60,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"549493c5-c8b8-49b4-90d6-415e779056c4","block_type":"box","text":"e.g.","page_number":60,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"a2cade16-d86b-4fc6-9887-ae17cd6ed2e0","block_type":"box","text":", with","page_number":60,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"ddf8d2a0-f57d-46aa-8c52-243e29fc24bd","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"e9e14b67-51d3-4d53-8e12-138a9e5bf90e","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"04d59c8a-81d4-4ab2-8d54-7ddfb26e4f34","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"07642c31-254e-46e0-bb01-f1a636259b17","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"d80b370a-5f86-40a6-9a84-10482dd35a10","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"ec7dc2b9-c2f2-442e-87ef-198dd53f39df","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"ebf073a9-6328-4c85-9787-e9a24314d079","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"21f478e5-bafa-4fd4-80fb-372eb11f17b1","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":60,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"19ae7d58-1c92-468e-8f91-ea60d8644ea1","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":60,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"db86189d-123e-4446-b7bf-d1c9d426e1a4","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":60,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"b6240343-6ca7-4c92-a8d5-5c8488c1ce60","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":60,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"55eb0afe-00ab-4ed3-ba76-a8f2835cee60","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":60,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"080723b7-f906-4742-8289-c4a0c18fff3b","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":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"a5395aa8-5d14-44cf-8f69-5fcaff7a4b57","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"f2ac96a0-00d5-4958-95af-386bf41ec5cf","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"61187d94-8da5-4002-995b-971ff87bc49d","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"887f0d64-3d18-4cd2-a199-02d0594910f6","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"a7ffafbb-c449-471a-93ee-e2326f227a90","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"a07513b5-5c88-4e5b-99a5-92f10285bb31","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"a8a5ee03-287c-4356-8993-32e6e8b62b30","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"505b2040-e673-4718-abff-98628e0483b8","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"d543c498-ed62-4aa5-8cfc-1bb095ec7c2e","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"da455760-9e40-4a04-a311-e697b95eb8c8","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"b91429ea-915a-46bd-ad81-32029da65221","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":60,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"b1bbb9e2-0020-4521-94a5-b9a7829d313f","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"f27e2c8c-3093-4bb2-9f10-9e4f7e76c77c","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":60,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"202ded15-7adc-428c-be43-525d18454515","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":60,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"3c140e61-960f-478b-8272-32d2dd7a7b6c","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":60,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"36e144d1-76fb-43b3-b67c-045e5e5affba","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":60,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"64c2f3da-30f8-4449-bba2-8e71a82140b5","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":60,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"190e0f35-d45e-403a-8ada-9e67c5a14b29","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":60,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"d885b26c-232c-4e96-8b48-e5510e3e0eff","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":60,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"e66afb6c-eea2-425b-8c24-f464a7148494","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":60,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"b447f10d-a871-4afe-b4d2-c7f3ca90ef60","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":60,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"fbf584a0-78c2-451a-8bce-5258bfde40fe","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":60,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"7bfd1e50-d58c-492f-aa43-7332b0c07a9c","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":60,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"c7f7bbc0-73ba-4e47-b371-6c668b6149de","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":60,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"4aee6c4f-f1a3-48a1-a0d7-556dd2967766","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":60,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"1c81f1b0-0ece-44c8-a337-bfd3f8987fde","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":60,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"060190c9-3753-4abe-be10-4166d834e57d","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":60,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"8581a4a8-97e9-4bbb-bde0-a8e37a2d7a28","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":60,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"a54cb17d-9de0-4551-baad-e191aa7dea47","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":60,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"bdde3ee5-e772-4d5a-bf73-c65d286e7d4b","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":60,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"382775be-5396-49fe-84fd-c8367c102697","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":60,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"dc53051e-a796-4246-9cf9-636fc41938e7","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":60,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"1e4d702a-3c3e-4054-97ba-3c174aabca03","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":60,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"47d76ad9-aee7-4637-8bd1-32733ab0dba9","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":60,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"9c15b3c1-634b-4b2f-8e02-42383e02574d","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b56604f0-0d31-4dd4-89a5-fc36ceea151f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17891e8d-2907-420e-a94d-d6b1a44ea618","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"108de2bd-4884-4794-8008-1ceb6b62ec58","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"45e25968-ff70-47eb-bcf3-783836e7878e","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"2a6d4c2c-85a5-4af0-b1d7-1258d0b4c05a","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":61,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"8b11138f-af1b-4f38-95c3-67f66a220415","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":61,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"549d88dc-aa5b-42e4-ba70-e6af04822c90","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":61,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"792323b3-d4e6-459a-8d20-fe3dfa99eeaf","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":61,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"11e9d5cf-8e7c-4635-8457-fd69123f181a","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":61,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"894f0c72-894d-4533-a1a3-daec952f99f4","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":61,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"aa5bbdf9-45ee-4b92-89bc-114ff8c5e68d","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"22f4de1d-edcd-42ce-b0ff-0b4da85fcd81","block_type":"box","text":"i.e.","page_number":61,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"dbaed95d-9251-4323-8790-2bda08599f80","block_type":"box","text":", the payment","page_number":61,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"9f4606ef-bddb-4c6b-95be-064b1ee89b7b","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":61,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"b56d503f-9b67-4c4a-a702-51d24619e98b","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"ba0589ac-d3b8-4692-ad95-123dbba82bdd","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"a8312fbe-c989-40f3-9491-025605cf47fb","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"060a7488-bf98-4f1a-beda-d5bf889be6fe","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"454cf43b-7f78-4693-bc7e-68196812a592","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"011fc7fb-5dc7-4afc-8a69-0e5c32b88f44","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":61,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"c92e1e99-70b9-4a04-8e26-6f9e6247c726","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":61,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"e51fbb8a-80ac-4cba-a436-77dc25e44cb1","block_type":"box","text":"correlation risk,","page_number":61,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"8500c5e5-9321-41ed-b73d-b936d1e0181c","block_type":"box","text":"i.e.","page_number":61,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"07597fb1-5d4f-43d0-a01c-5e17466bddd5","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"51002903-95ac-456b-ba3f-6b4db5d1c80c","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":61,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"7c249cfc-52ae-4bfe-b960-c06c8fc72156","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":61,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"fc4d19d0-9d4f-4485-a3f1-73dd361b24fe","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"e6669de4-dd8f-4e97-80a6-91062c2cc918","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"bbba2a22-705b-407a-b6db-fe4e986a6b09","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"e8203efd-5e02-4b74-8bc3-07a9f887eb6a","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":61,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"6753008c-0e1d-415a-b5ec-c7d33ba30641","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":61,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"2a01325d-c08d-411c-b678-74bf5499d806","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":61,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"06c41ede-166c-485f-b49a-301e5e2f79b3","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"78836875-a019-4f52-82da-04a5f2630872","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"12803f2b-b782-45df-8789-b5fa3b26dce6","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":61,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"a1016d00-42c2-4344-a1ac-87ce7714fc3f","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"7076db38-873d-47c5-8997-dd616075209a","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"0e3026dc-4e18-40c2-8abd-d797f3746fa3","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"0ac1f4c3-3d50-4b32-908f-0ca3512c05d7","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"fd73aa39-f468-48d8-a3a7-0ef2af152348","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"8e1bedde-e6cb-4c32-a94e-ef24f4e6e535","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"6df59a8b-7cdb-4e6a-8e64-efa52d5389c2","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":61,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"b096d479-61a4-452e-973e-83e029001bca","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":61,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"b6dfac97-8e14-44c2-b6ee-b7927246772c","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":61,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"2b8dddbe-30b2-456d-9ca1-fe375a2dd4dd","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":61,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"a69e3658-725d-4ae4-a6dc-87f950adc9ae","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":61,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"424d42f7-7154-45d4-bd1c-7d58372eec23","block_type":"box","text":"financing transactions (","page_number":61,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"0364d430-ec0d-4e1b-b4fd-68141457ece2","block_type":"box","text":"e.g.","page_number":61,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"b59fd376-2491-4fd2-be72-600a64144343","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":61,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"07ddbc2d-85a6-4297-bd37-73e5ecd6656d","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":61,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"50af9207-8b3d-4d96-b656-dc05fcfb1eaf","block_type":"box","text":"securities (","page_number":61,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"7c7f5cf0-f61c-4444-b0a6-04fd3718b9d9","block_type":"box","text":"e.g.","page_number":61,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"28efc645-8aec-4f38-8a72-2b1c9871869f","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":61,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"4359fe8e-a6ed-4953-bb6a-0b6f86e83c06","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":61,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"d6facb2d-1489-437b-a511-18783ce38109","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":61,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"60c05ddd-528f-4074-bd4a-0dfab563771d","block_type":"box","text":"Commitments”).","page_number":61,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"0696e284-0a49-4c0d-af52-48290183e19f","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":61,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"9c59740a-1365-4c4d-8ac2-484bb8012cb4","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":61,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"741d3199-1fe1-489d-bc9b-b653efeafc11","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":61,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"5e53738e-412c-47c6-a95f-56585ceffac1","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":61,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"2c2d3d28-c8b0-45a3-b7f9-f2814466ec04","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":61,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"d3c64305-fa48-4d30-92bc-9cfe53aeed51","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":61,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"9e1b89fb-d1ca-4a75-a354-82281d841ba4","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":61,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"d8126f4c-81bc-4f92-baff-027e3709cf61","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":61,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"1909bcc0-8445-4bc8-a038-eb790457471d","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":61,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"feec9564-aaff-4a96-82bc-c9e0263e32e5","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":61,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"568d4a72-1d6e-4a75-9b62-616c6806e99f","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9613bf36-213f-4a8e-87a8-6109aa2e5866","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9f59e66-ac80-4d00-b960-cfbc43d8eb6b","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"09ae9d86-77dc-459d-9709-4d638a293b15","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"38688e98-9a6e-4d1c-bb81-1c59644d7251","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"35b632e4-1b42-4c20-89eb-afd8e95f02bd","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"4f17222f-5586-462b-8d2e-145a2d773cfd","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"4be73a16-f188-4b80-9dae-5685fdae21d5","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"7a273aa2-e685-4131-bd94-fece07573433","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":62,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"6dc2175b-fa94-41ee-a8cf-d81d0e84da76","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":62,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"a9d03316-1966-494c-bf78-06921179f1a6","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":62,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"a5576668-6372-4877-a9ce-2668e07cd8a5","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":62,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"0c8decf7-cac9-41ed-80ff-722df441b8a7","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":62,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"92949ece-9bce-4985-ab44-93c4dd2c8787","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":62,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"4a9b9f5c-8480-4abd-9f2e-032bd57bfbab","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"e7c106b7-78b3-4d96-bd4f-02893a7537cd","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"e27d989d-1581-4f14-976f-ae351d556a68","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"568c7fdd-5edf-43f7-adfb-d9373d059be3","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"139c8c04-1521-400f-8c3f-bee12e3ce052","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"99ba3aea-5190-4feb-bc2f-5a3d51df1248","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"d6ab4f02-3128-4bda-bbfb-38667345167d","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"dd920a8f-b72b-4c5a-b4fc-b94d9ca588de","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":62,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"4c524543-55c7-4c0b-8877-bf7e93d682c2","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"1a56551d-b5a3-44f7-b1f9-69722c66dcfb","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"aca74e10-f960-4fd2-b742-a0f240301736","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"478e1401-3f58-4419-829d-81072f696ac2","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":62,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"36f5b774-dd45-45e4-b002-a0a3b17f2544","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"c966f8b4-e42c-4d8c-919f-d4ee4dce29f0","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":62,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"30b9f52b-7bb9-4ec4-9594-dffd782bd3d6","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":62,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"eaee1d4d-800d-4ec5-b014-f6910ece30fb","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":62,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"e0d43631-e34e-449e-b2d8-433ce42bbd74","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":62,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"48f04dd6-969f-4785-8caf-4e1c74816f45","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"8c77fbe8-815e-4998-896e-c8d9aa0fe8b4","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"ad511dae-b53a-44a0-8ac5-96655a61a1d1","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"a8761df5-9387-4dbd-82da-cc80b14e1247","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"fa140f04-00df-4b90-8f3a-f42f44dcc163","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":62,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"d10d4747-9173-47b6-92a3-48a4b08b6316","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":62,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"438b6b31-b13d-4623-8e11-57eff38c4684","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":62,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"f5e10f41-a0f9-48eb-be74-233a987e0af8","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":62,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"425d2f1d-cf52-4f12-89a9-62c31b116a58","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":62,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"a078d511-b151-4f56-9650-86c84dedea0c","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":62,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"23842d2d-02ab-4b54-874d-6dbb7fe408b0","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":62,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"80a8f5c2-bc34-484b-854c-e0f7bcf93caf","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":62,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"b58e2089-4988-4588-8146-21c8707e5eda","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":62,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"bfcb56eb-ea29-4dae-9647-2e308f13cb67","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":62,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"a702a673-b0ac-4f19-9ffc-8729baeb0550","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":62,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"c0e3d5f1-c9cf-473f-a516-e26bfd2e025e","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":62,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"8026a1c1-4bdd-42b4-b03b-dca25a67d565","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":62,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"7af7d598-817e-4388-9074-820e248374f3","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":62,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"3e5a165f-f604-4300-9052-a2d119530ec3","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":62,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"27a01d6b-344f-4a4e-9d05-ce7740add6df","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":62,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"2a98e222-c7c0-4444-9f67-dda91ba1959e","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":62,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"d7be576b-04a0-4c7d-b9f5-bd233c62eb55","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":62,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"26d5e49c-063c-4ba8-bfa3-8396312e6267","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":62,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"f26809d6-c232-459f-a9ec-4c6ead414783","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":62,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"8249ef37-361a-4551-b894-eefca05dc61c","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":62,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"12b2571c-863b-4e08-aed9-05cd2ed02943","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":62,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"c871b086-920b-444d-af34-c45f2a7e8fb8","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":62,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"23fea875-f7d8-4fa4-9cb5-39bdc9eed448","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fca3dbd3-1c92-4d65-b7a2-1a7cc3886c29","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a290711e-d0e8-4bd5-947a-df278f9c6940","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":63,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"912195ea-b263-4067-944c-38bc320487df","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":63,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"e29015b1-9597-4c9e-8b73-aabdbd47d9fb","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":63,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"6ae6bff2-8f8a-4e65-9f7c-ceabc84a580f","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":63,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"2b0b77cf-9655-4f37-b6c2-183fbe804420","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":63,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"c62382a3-d08e-4863-b39b-53c1e90bf770","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":63,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"b324801d-b730-4f47-b75b-099fa19eb579","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":63,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"6efb6aea-497e-4371-82fe-9cfba8a36beb","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":63,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"d9fbacae-e87e-439f-869c-c0baafbc7e1e","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":63,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"40b68e39-f128-411d-8e4b-3ac501cc4593","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":63,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"a152bf2f-d9c5-46a4-ac76-85a2fb19564a","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":63,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"587b1825-e687-4102-b397-cad265f1054a","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":63,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"f1f753c4-2726-4b07-8886-44daa29ddd2e","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":63,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"6f88fe5e-4cfb-4bac-afd5-f328a9a1a83c","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":63,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"79659647-0553-4b02-b7aa-ef71e14b9fb9","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":63,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"78ee1ccc-c748-4680-8128-471c0ef672b4","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":63,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"54e62a37-51a9-4b4a-8639-59c818564f1b","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":63,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"7282821c-7a81-46e6-8f70-d9d657251637","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":63,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"d0a40882-b517-45f0-98ae-e5bf7164ed71","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":63,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"22a3afc6-53c9-45ac-bf3f-5eb324992e56","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":63,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"25db1831-f29c-4e73-a46c-27ea6f83774a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":63,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"6d72541e-c295-47a2-8112-bdd7d764d5cc","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":63,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"1edb08a3-cb6a-4035-b40a-132cb95233ef","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":63,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"c3df019e-c7e6-4dc5-8cd0-398ef3aa6456","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":63,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"ca9434e9-087f-4e39-a376-de4818b514be","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":63,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"53943237-4ccd-4930-9163-f607c5125035","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":63,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"8dbebe40-09a0-489d-a10a-48f3b67f19a2","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":63,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"f7333d4a-7ae6-4ff9-9c22-ecd4d48f66ce","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":63,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"d5d1b6b5-8ac2-4640-a3f7-e4708a69a9f2","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":63,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"3ee0ef12-9cf6-4400-9d5d-685642be2fc4","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":63,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"41b8dc87-90ec-435e-a930-4391ed4de437","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":63,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"7689f63e-b38a-4957-9e0f-ef5c7736fed4","block_type":"box","text":"collateral received under such contracts.","page_number":63,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"b66cd5e5-9b60-4823-b3d4-6de1ff8f1cfb","block_type":"box","text":"Risk Factors in Derivatives.","page_number":63,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"2e8c92dc-384f-4fa6-bd01-198bf5dd99e4","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":63,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"4debf41a-dd21-4572-ba99-90fb17627fb6","block_type":"box","text":"Correlation Risk","page_number":63,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"b07d7510-5d1d-4060-82e1-64357c4781be","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":63,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"16b05911-67a2-4ef5-ac1e-231757ee81e0","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":63,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"1eb08254-4b3f-458d-bf3d-54b02619541c","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":63,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"83369da8-05d5-480e-bcea-f76a18dca276","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":63,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"c71b4410-b82f-41ab-abe2-0d3ca1aeb8af","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":63,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"ed855cfa-a190-4709-873f-b2e084e68589","block_type":"box","text":"Counterpar ty Risk","page_number":63,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"c150bfd6-7d4f-48f3-b301-ca2b40bdfe12","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":63,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"d92f84df-1ec4-4edb-a754-d26af8281fed","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":63,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"471cd8af-dc10-4c87-b41e-fcf79c1acbeb","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"a7ff1f13-391f-43cd-ab7c-c4c8a1b7f98b","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":63,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"3d0302aa-afc0-4687-afc6-e4d0a60191b7","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":63,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"2f56ad0d-3f69-482b-bea7-18b923d69036","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":63,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"f853de8d-cd03-444d-92d7-f64de6c0094b","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":63,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"ea997d7d-06aa-4671-9a1a-24f57dded3a7","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":63,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"324f9d8a-ea58-4e93-a52c-ce512f85250b","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":63,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"90158fd7-477a-4933-abec-30f0ae33190f","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":63,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"bb434231-4e30-43c5-9ade-bc7330d2bace","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":63,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"562a7279-ed01-4f42-b17e-c7f9d39829e5","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":63,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"b2a99eda-6b82-4407-a5bc-e7b7ad73a3ad","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":63,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"259f7dfd-f0d1-4bb3-bdfb-1716a943019c","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":63,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"ac28ac12-8e7b-4d88-8560-4a63c3525e89","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":63,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"e1cdb857-a1a8-4231-91de-c7774fc9d928","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":63,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"d7ecd642-8c41-402a-8c1f-cedfc25e59cc","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":63,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"7310cc66-3048-45fc-852e-2091a4a7f02b","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1873b226-5762-4063-8285-09b295e59883","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ce5bc13-ba03-4b77-a11e-29e4fa2b204e","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":64,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"230994c6-8fde-4248-a0c6-45b1544730c2","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":64,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"44874d29-4d8c-4e2f-83f1-3de5706f1b34","block_type":"box","text":"by the clearing member.","page_number":64,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"390894b4-58cc-4ade-b86e-0668f7b25121","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"0dcbbe84-4ee3-4ef8-8e2e-073bb615c8a0","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":64,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"19ce5ad9-247e-40ef-aa48-b74e3d4e4240","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"6d6d1ac0-cc29-4b10-a6c0-f88ce15155e9","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"3e5dc36b-01db-4c3c-bddc-aa19daabf26a","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"27fad814-b96f-4c58-940d-f61ef2e12c59","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"dea1287a-98e7-419c-8cff-55a7d4d73e18","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"533f8956-d6f9-49d1-ade4-b1aa2f3e4dc3","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"69af3476-a4f0-4772-8822-d48254eff133","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":64,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"ea2ff972-dc0b-4a99-87f7-7b1d05fcc382","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":64,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"614bcdd4-e090-415b-bc78-1d9bee8131ac","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":64,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"7b545fad-ac17-4b48-9d61-812dab7e28f3","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":64,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"3c2c547f-1bb3-497d-91a2-97b28f507fc1","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":64,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"dada88f7-2e84-4805-9ba0-eb20a471ea62","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":64,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"e7feb756-2184-4432-a21d-dc4d5fa943e1","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":64,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"7520996f-951c-4b16-ada3-4535172d8426","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":64,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"6c871f54-9b42-4df4-abdc-ff32b45319f8","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":64,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"f513e7de-d02d-4306-8c78-a4e221f8fb4c","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":64,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"356ecc0c-6cd4-4155-9ad5-13464541f061","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":64,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"c53c8c63-d186-4bd5-bbc8-d009e3e7ac19","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":64,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"ef2fb53b-3768-4ff9-b7a3-f260fbc20b04","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":64,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"d93f74e6-fba8-4a4c-a6a0-c7f1f8de8868","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":64,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"1f8fee55-f309-47c1-8c8b-46f71121ef44","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":64,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"fad2fd14-e52b-4563-b362-020c48eb03aa","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":64,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"6747e34a-eaad-4f97-af04-f39c5c7674f6","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":64,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"40bed4b5-4b47-403a-901a-a0c81cfadd05","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":64,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"6c612804-0452-47a2-bc70-0287242fa004","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":64,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"c385ed55-e20a-49b1-a05f-170eb28d3eaa","block_type":"box","text":"may be disadvantageous to do so.","page_number":64,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"2292ce7a-5116-46d7-afc0-a143a2193ec9","block_type":"box","text":"Index Risk","page_number":64,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"12b912dc-5644-4dd3-8b97-cf6bb95ec2b4","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":64,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"09a0570f-b3d2-4445-a0a8-79ed939da562","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":64,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"c38d1388-31c5-44d7-91fe-c7ee53c76f3d","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":64,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"6e75a09c-6c6b-44ff-83b9-80c2e7a37d1f","block_type":"box","text":"Legal Risk","page_number":64,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"eaca1542-e4e3-4c0b-9110-c3fff446192c","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":64,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"f13d2e4c-0c3f-4cc4-9991-9c048ba3f08f","block_type":"box","text":"or enforceability of a contract.","page_number":64,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"6977217a-5bf6-43cb-80ed-dda63de148b9","block_type":"box","text":"Leverage Risk","page_number":64,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"eddb6670-5409-428f-a390-db65514d117e","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":64,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"62c3bd77-4741-407c-9f9c-6ba3d74b7d1c","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":64,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"3220004f-9736-46af-bb1a-553523369ede","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":64,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"3d575f6a-d668-4ff7-8c1d-54faa14446f2","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"04592e64-a43d-44c4-9afe-46e2ab34767c","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":64,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"523125c6-aa73-408b-a4d3-c82243951b06","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":64,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"6f4b781f-607d-4c74-b280-e27a2af6e825","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":64,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"386575cb-203e-4606-a62c-de47422fcb33","block_type":"box","text":"affected.","page_number":64,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"6b42a68b-5575-4ec4-bdcb-045cbc679209","block_type":"box","text":"Operational Risk","page_number":64,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"364c27f2-4d78-4a3e-860b-236bc8bab068","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":64,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"b06472c1-5b44-4eed-80d7-7474ce57ed1b","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":64,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"709fe558-4f69-4006-83a2-b1cfed0f76c3","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"cade661a-0e4e-44d3-95e7-9d61df837348","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":64,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"50a19636-ed82-4c57-9620-d72b412c6372","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":64,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"89177ef1-5f7c-48cc-adb4-975dbe7a8de4","block_type":"box","text":"complex instruments or quote prices for them.","page_number":64,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"dbc8440f-3ec5-48b3-be8c-35a87e60d680","block_type":"box","text":"Volatility Risk","page_number":64,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"b0b8b468-5dd5-4706-9930-872abf8ea8e3","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":64,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"18b8983e-6318-428b-b155-f03970d9efb0","block_type":"box","text":"Types of Derivatives Transactions.","page_number":64,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"37f2e903-55b2-4f21-ad00-efd67644496a","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":64,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"9ec24984-e039-4698-937c-553288616aea","block_type":"box","text":"including the following:","page_number":64,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"a44fd5e2-e5fa-47bf-ba1f-6deedccd35e0","block_type":"box","text":"Futures.","page_number":64,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"7faf6d26-1cbf-41b2-9823-959c6342a3f3","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b4827be6-9fe4-4cce-ae0b-1e9e1634de9d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcdf11dc-cc90-448f-91da-749921248bc8","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"42869b1c-8e5f-46de-9837-b149b9bec29f","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":65,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"0aceacde-b823-4eff-b781-7faed9533f7a","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":65,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"e1744709-bb59-4c49-ac9f-ba8d767cddda","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":65,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"2dd61cf2-7a90-4e4d-86d3-df90ada80043","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":65,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"74b486cd-efe4-479f-9db6-2851e8e24099","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"b3f353fc-a971-41e8-b991-74a59ab3e066","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":65,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"7dee9bbf-1495-4fea-920c-0e816ef8b0f3","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":65,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"d21335fd-7050-4aba-bc4e-112b3d6a9f0a","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":65,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"a31efbed-c043-4273-b91e-46c324345c54","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":65,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"d671a6e7-3274-4669-be9a-ba6d581a9ea0","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"deec121a-38df-4dd2-9142-c966de065651","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":65,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"a668f3e1-721d-4bbd-bf92-fcb58aab97a4","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":65,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"87c03304-9a79-443b-9fee-7dfd7350d9ee","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":65,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"2c859799-c64c-467f-99de-3d6c9bcd12bb","block_type":"box","text":"relating to the futures position.","page_number":65,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"f3ef0392-b4de-48c3-ae89-c84082d495c6","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":65,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"ae25674f-650c-4e8c-b958-3d76bf7d4b0b","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":65,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"4d1724da-151a-4349-b86b-f87d331bb65c","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":65,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"2788e00a-c74a-42a0-8dcd-0e4f74f0efef","block_type":"box","text":"Regulations” above.","page_number":65,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"44199b9f-d47a-453c-88b7-7005f2fada3f","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":65,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"528f7296-ea9a-4b03-b79e-8d39e1991fbe","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":65,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"90e76e77-a1c3-4b4a-87ae-1303ef5ac699","block_type":"box","text":"(","page_number":65,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"2d7a87d7-740e-457c-9cdf-305a1dde5115","block_type":"box","text":"i.e.","page_number":65,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"fab655e6-bfda-41b8-b885-e7841e991f48","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":65,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"a25655bb-7aaf-4b6a-854f-1db5d5e7cd44","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":65,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"4c1ab97f-2200-4d11-91f9-9349d811daad","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":65,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"41002f00-40a0-49b6-b228-5000d9ca9d5e","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":65,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"3cf0078b-02e9-4b48-87eb-673582cabb25","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":65,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"2c57827c-0959-4913-9801-32fa6aa42b3d","block_type":"box","text":"Fund intends to purchase.","page_number":65,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"cafbd59d-c2ce-4d1a-a334-02e2f2b6a557","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":65,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"4d34a06f-a942-491d-8921-e87dd72922a9","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":65,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"6845ab6d-2ed1-40a5-ab70-78a3e220af63","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":65,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"ee0ca738-d876-4f20-9baa-5f7e796cf0fc","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":65,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"825afea0-48e1-4a39-aac4-dec78af54579","block_type":"box","text":"illiquidity.","page_number":65,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"14af9ec9-9053-4ec8-98a8-18bb3c1f114a","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":65,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"2eb84bad-ccf9-439c-a3fc-7710d2df36f1","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":65,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"71a514b0-3b58-4ec0-a31f-90de4450b884","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"296d04e0-53a0-4faa-be42-05d2e958dce5","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":65,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"abf9b31e-d312-4a35-a7c2-b4c8c6a2daf4","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":65,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"b489761c-1274-480d-a7bd-e20ee53a571f","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":65,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"d70740ca-c101-4110-aeb1-3208351eb3a1","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":65,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"ebca5f5f-60f8-4e78-a07b-d8146cfedd21","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":65,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"02bc2e14-466c-46ab-82e2-aadd2e3652c8","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":65,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"6920dde2-d285-4295-a614-382cddbd7b1c","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":65,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"4ed13058-647a-46f5-b75f-da7bbff2ebad","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":65,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"99c63daa-7fa1-43d6-b91f-c464d5ca63cf","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":65,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"0344fda7-43b5-4158-b0f2-705a44936fdc","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":65,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"9f357b76-cdc2-478c-9e69-53d19bdbb848","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":65,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"5421ff54-5577-4735-9eb8-51b144ff364b","block_type":"box","text":"Swap Agreements.","page_number":65,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"93b61a61-3a8a-4aa5-94cc-08471bcfecd3","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":65,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"23a94ba4-cf74-4a08-b612-b871b874c5b5","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":65,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"c2128d0c-ba59-4fe1-92d3-ce18af7980c5","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":65,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"93eeb193-8a74-4313-8ff7-b92e1766d920","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":65,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"19e38049-b04e-4d5a-a202-d98bbaef032b","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":65,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"78c1993d-2f9b-42f8-8fc6-ffae937171db","block_type":"box","text":"a “notional amount,”","page_number":65,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"ffe3d3a0-0ac3-40ad-82b9-b9eb2f4059c8","block_type":"box","text":"e.g.","page_number":65,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"bce26dcd-5896-4303-936f-27bb36c8387e","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":65,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"4157b07b-596d-4f50-8402-d4ce73872c38","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0cdc325d-a734-4d7c-97a2-fd7fda7262f1","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96afe8d8-b2bf-4cab-9ab5-783a0069f3a5","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":66,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"23457d51-7a10-4d6c-9a70-a0a17f4af941","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":66,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"fc002dcc-9c82-4872-9b25-99de7f298f37","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":66,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"47aff154-a0e1-4ec7-9781-80854adc7d05","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":66,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"77253354-8098-4cab-bf39-317d30966610","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":66,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"b50bcb86-6097-430f-b198-459505db8d6d","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":66,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"91823d1f-1944-4229-b965-ea31cd8e260e","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":66,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"619e255f-e47c-415d-850e-72e0f0a9de9d","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"5aa3c565-3d4d-412d-81d4-6504fe1d31ef","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"828529f3-e76e-403f-a894-62fcd0112c05","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"e25a5374-3a87-4495-a241-45352db2317a","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"716e4e2b-9514-46e6-ad4a-4e4d11bf9a87","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":66,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"05325d21-bb2f-4de4-be2c-e8997bcf14d0","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":66,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"141d7ab5-61f4-4c6d-8a54-423ebe2742f8","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":66,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"cac11420-b0c6-4b30-9dff-fc612e63da4d","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":66,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"65491376-73e9-4748-a149-2c5e32d186ab","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":66,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"1ebd5cb1-a499-47c9-a71f-0a0408d63639","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":66,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"16e04156-63e3-4f63-b192-52013795c1dc","block_type":"box","text":"index CDS.","page_number":66,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"e3601094-94c5-4052-82fd-719ec32a8a15","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":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"65aeced6-40e1-47a8-83c3-2e3bf808ed0d","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":66,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"6b447e52-9f4f-4655-a37e-812c37e6778c","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":66,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"9a3a22e4-ee8c-4c79-9df2-7ecd907761db","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":66,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"1040b69e-83e5-48d1-b9bd-95101a53d08b","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":66,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"7efd4644-cac6-4f68-8226-84eb04e7d762","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":66,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"d291038d-d22a-4a9b-8ae6-99ccd1911987","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":66,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"9dc7acf4-08f9-43a5-8fc8-fbbc6f50520f","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":66,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"b254d20a-49b5-4ff9-b3cc-a3a75a4b295a","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":66,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"8b0d2a7c-ad94-4fab-9c59-98691c840d25","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":66,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"9717e878-c9c6-4e11-9b20-eca021fc5434","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":66,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"9d932efc-19cf-4b00-9c94-9ff94da1e015","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":66,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"eec30af5-5e3e-4e12-90c2-d87e7ce6821a","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":66,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"91f0617d-772a-4801-9b92-5630a4102d5d","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":66,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"988d1bf1-4105-4260-8797-33c686c1713d","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":66,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"7b8eade9-881e-402c-9750-011059b80eb0","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":66,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"596f1036-34c1-4205-92f1-204dc3444bb1","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":66,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"b7e2466e-4fc4-4f23-959b-d6918c21dc59","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":66,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"3efa577d-3fa4-4c51-bf1e-dfa3fe454ad0","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":66,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"3e41f4e2-4c15-40ef-89d0-26fa31a5fada","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":66,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"906c9947-ef90-4087-8c1c-cf6c8e82b2fa","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":66,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"d7cd35ed-d2bd-402d-bedb-3c0147ad88fa","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":66,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"207263d9-57b0-4930-940d-fcd9aab1089b","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":66,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"f7a86743-36ec-4235-b496-17b971c47a2f","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":66,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"588fcb2a-fe16-411b-b99b-56aacbca9fc9","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":66,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"eaf9e916-f1da-4c55-8f1a-e9c5cd107ce2","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":66,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"75e39db4-e755-4134-95cc-80ba411ab002","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":66,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"7f717f81-6aa6-4e8b-891b-a56b99e9b315","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":66,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"be6623ea-19e1-4042-a5af-467c80217ce5","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":66,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"7709fd07-76e1-49a5-8466-f03a6441fe2b","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":66,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"8d935e1c-d12e-48e1-9432-a368cea196fc","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":66,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"f2da9043-6de9-4774-a790-a95f178f0352","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":66,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"bdb02610-bc8f-4fd7-add4-562a029dca9d","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":66,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"ae3085d4-da9c-4ece-8c81-13871595ca0b","block_type":"box","text":"conditions.","page_number":66,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"a7c854e8-0bcb-4ab0-894a-1078ea8cbe29","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":66,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"7ca95877-5640-435f-9752-675ecdd1c487","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":66,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"17bc7436-ce93-49a8-bdd9-3434543992f8","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":66,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"182f86d9-580a-4503-8d61-55cc049cd3e9","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":66,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"84dae1ed-021e-41be-bdea-4b5009622dad","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":66,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"c7463035-a728-422b-a6c3-57d1b54c3a81","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8d64e17-b4d5-49c9-bfba-870515bff826","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bababa30-7a93-4cf3-9283-f26292c152af","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"c8e23da5-f9c8-4208-89ca-af0e192d6767","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":67,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"0030c210-8b51-42fd-8f4f-91bd6426dd03","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"baedab7a-b1d3-41b8-a305-be08ed0a1134","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"399da3dc-a4f7-46b6-a0ab-70e7915a9f78","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"171bbaa7-f2fd-42ea-b433-187efb6ac619","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"1bb83be6-07a2-417f-a9a5-0ada551b7b95","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"6d985372-b7c0-4f96-80eb-0c626174c151","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"30291e69-9466-4c7b-85d4-232ef800d73a","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"f37bc3f0-dcbc-4005-a3b1-f10a86331a61","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"31849447-3e20-4608-a255-82f4c2bae747","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":67,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"0652e58d-5e12-41f6-b554-cf99ebaf732f","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":67,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"83692ed0-595f-47b3-9cb6-6d3094b08759","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":67,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"ba8042ec-a0c5-4055-a782-61baf24fa73f","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":67,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"5661b6f2-f644-4d0d-bdad-3a0d809017c2","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"a7d26151-a857-430c-b050-f6a9a6f5a799","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":67,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"e575c4fe-3ea3-474a-86e4-4c78c17bea52","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":67,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"19db5a70-85f4-45fd-8387-b4be1309214b","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":67,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"fbbfdab5-f972-4cab-b9a5-fc9a5efcd30d","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":67,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"89eb5c1e-3920-48b3-ab3d-1882e68991fe","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":67,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"9e69d4c1-6231-4c52-8187-e500c635b971","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":67,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"1fbadb70-ae64-4313-b81f-1b35af7fbf40","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":67,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"7051a243-e052-4653-bb11-ccecf0c78ebd","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"ef208e7d-62ba-448a-96c7-199d751546c2","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":67,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"5b29b129-dacb-4259-b684-f608f32b9cfe","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":67,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"b8923c11-74a4-4579-8056-ea2260391a29","block_type":"box","text":"cleared interest rate swaps.","page_number":67,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"b1674cc4-0795-4744-92ef-4be2aa864262","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":67,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"9c6978e7-c390-48c8-8bad-22bed0932c21","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":67,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"34168f01-e604-45ed-9ee8-1796c622a5b4","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":67,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"23d66664-301d-496a-be80-68d94eb571b5","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":67,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"bd383bde-84d7-4f65-9d52-8f5c04708cbd","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":67,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"38a55fe8-822d-40b9-af35-2dda272edcd7","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":67,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"b71176a5-8581-4353-afb6-908116a33c2f","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":67,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"6347a6e5-56fb-47ba-a3f1-d776f2872090","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":67,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"7e49f233-9de9-4228-86ef-171ad545ecd2","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":67,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"aadaecfe-4742-493c-a2e5-faf57f078330","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":67,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"781efeaa-b1ff-4d13-8843-c1ecbfc3ccb9","block_type":"box","text":"or variable interest rate, index or asset.","page_number":67,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"325795d3-9589-4a71-ab69-3f35560f58b9","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":67,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"e2305784-41ea-4f43-986a-2072f0443718","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"faa4363e-0b95-43a0-a225-07ede2b750e9","block_type":"box","text":"such interest rate floor.","page_number":67,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"fac87ee5-73ae-4470-8a16-4821154b53b9","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":67,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"3c3a1256-7f6f-4331-b58c-a9fcddd391e6","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"041e8f3c-708b-4a55-98dd-8ddc58ad719e","block_type":"box","text":"such interest rate cap.","page_number":67,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"6952bf66-e494-42f2-82de-0a006f56ad64","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":67,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"dbdd36b7-06cd-48c2-8f30-82f5d64c02cc","block_type":"box","text":"commitments to pay or receive interest,","page_number":67,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"7d621056-8e3e-4f51-bfc6-4b7007e33ab5","block_type":"box","text":"e.g.","page_number":67,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"57491b46-91ca-4f4d-9230-ef8273113715","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":67,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"4ffc8068-f54e-49f7-8c7d-ff9fb4fa4d15","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":67,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"1bcda7fc-fb10-4205-986f-27409ab39fcb","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":67,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"54fdf837-9127-4ca1-b8a3-81a52dc21b5e","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":67,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"eb2b3d6e-906a-41ef-b1ae-70d2a7494af5","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":67,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"355212dc-2272-494e-970e-14e7570aa9a5","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":67,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"8d0df10b-068e-4bfd-bca4-94da4f5bf95e","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":67,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"1f5f64b3-1cc8-4b7b-aa76-9a623bed75c1","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":67,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"3f495cfc-6de4-4f58-9f86-82ca0e284394","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":67,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"36bf439b-d23f-4c03-ac18-5e5f1c07cc3a","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":67,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"674cfd93-a02e-4d3a-a15d-76e37e16b906","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79af95e4-f6cc-4616-8d8e-99bed6793c0f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce8fb851-1be9-4f70-9c4c-4ba13613da33","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"ea60897e-b731-4f9d-b268-88d64b5e181b","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"5c31c1a6-85a6-4949-a3e1-94a5a5cba552","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"2b972444-81d2-4fad-84bf-feee537418c4","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"316e15af-5ed1-4e39-85be-58fc9bfefd36","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"21986f86-ec3a-4f9d-b5c2-381778aa8019","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"51b8602f-14b2-4c45-90c1-19d95e44eb74","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":68,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"8b54a8a0-75e4-461f-b457-22b22307e90f","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":68,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"967f05c7-8e71-4df4-a0ab-76fbed59bad9","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":68,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"029d3926-9a14-4448-8b55-244f72f58d1d","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"453b971e-6bcb-4d24-b941-4b71743023aa","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":68,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"e6039459-61f4-42b3-9b1c-4e532fc7de56","block_type":"box","text":"“contracts for difference.”","page_number":68,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"0e447ca0-8496-497f-bd88-ce40e50f3159","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":68,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"3ea207d6-c386-4945-9a6a-4cb10de74213","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":68,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"0f7d938a-394a-4e68-b28d-02807898b191","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":68,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"25b08f37-f245-4059-8794-e0e14397ff0f","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":68,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"5e99513e-0705-4e3a-ad9c-c21ca7f843ad","block_type":"box","text":"the notional amount of the swap.","page_number":68,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"8346a023-87b2-4a2f-b84d-427aa1d5ef46","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":68,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"d3d157f6-1fd1-4307-aadf-fae89c27bc9a","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"e93f3fc7-64fe-4c41-a98b-ea42fe51e356","block_type":"box","text":"Options.","page_number":68,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"7eaae2fd-05df-4b1e-9712-f58488edd98f","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":68,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"0f0f9e48-2747-41ca-8ff6-812f82e79f3b","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":68,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"cab86658-4091-4dfd-aa1f-930bf2a3a2a2","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":68,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"5241a900-5817-4c55-8256-c03a93e8db6f","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":68,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"96eec0e6-cc60-4d32-9ada-b781742e4412","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":68,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"c0def9ff-0ce9-4046-a659-0297dd69d3c7","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":68,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"be8fcdb9-8119-49c1-aca4-8d1c4f8b5685","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":68,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"0fbc26c0-1591-48a5-8600-7a88e7f5f27a","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":68,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"48677ecf-e6ac-4371-bdbc-b19c897a4542","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":68,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"7c69f975-0104-4c96-b44e-a3ab4d035c72","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":68,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"8913297a-7f61-4d13-975e-95273f49bfd4","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":68,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"4ccd99d5-b21b-4c7a-9ead-dcde03c18379","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":68,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"38e9995e-6a13-4825-bc0b-dc124f2d346b","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":68,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"07befcf1-73f4-4d3f-9f19-4a831c5488d5","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":68,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"e25df2fc-4868-48fe-bd34-36172617a8ed","block_type":"box","text":"OTC markets.","page_number":68,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"8ba6f26f-58e9-4fed-b11a-9cbc0f7299c7","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":68,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"b7a3d705-c536-4a40-b148-0c8ae15a2d16","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":68,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"3a7b27d9-5e29-4153-b64c-330a54bdd7a0","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":68,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"4307e9b7-85e4-42f7-9929-0a6ca7b979b0","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":68,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"74ea3706-0218-45aa-a7a9-a3f262de0148","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":68,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"1db67fd8-14dc-4e58-9280-210163c4530b","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":68,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"7d36e1ac-aff2-4e06-a4c8-2ea4e75cf2f3","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":68,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"4da188c7-e7ba-467c-9a49-1c2b833d433d","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":68,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"80945904-90e7-40de-9d1d-cee91c7a7c5f","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":68,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"02c1f09b-49be-44a5-a509-2faf84c373c1","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":68,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"550c3d3e-466f-455c-b7fb-99bbe9729023","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":68,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"8135d952-ab81-40ed-8595-127a6fcb5386","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":68,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"2993f6a4-26b9-4c3e-a26f-a7ab90ca60e0","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":68,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"808b2fa5-055f-49b7-b4b7-470009f5f953","block_type":"box","text":"terms.","page_number":68,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"2426995e-2e5b-4a6a-9c3c-8c318e5094d8","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":68,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"c682a62a-48e5-42b6-ad64-5816e85df2a9","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":68,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"0a37c6ee-d419-4a47-88ec-2a890946bfca","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":68,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"e75ba1b4-6dbe-4c22-bd9b-88bd2b2e84ad","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":68,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"31e630a4-d1af-45c0-adb6-d2f6d3e0f8bb","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":68,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"5dbe0d67-f4b2-4612-a627-c29241d1337f","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d90a268-fbd2-4aae-95d9-a548dfcc8365","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de7bf656-99ff-4e57-b936-16b48968b6ab","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":69,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"4f5805a6-0dda-4eb0-ac00-63fb98a5ff3a","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":69,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"cb1ecb27-e285-4813-a59e-7a920832a05b","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"f50fdd9f-0455-499d-9a47-1c7472bfbdb8","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":69,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"6e26763e-788a-4a97-9d3e-7ea0321e8189","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":69,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"ccc0a898-a245-4e47-98ad-839b47532ff4","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":69,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"a799b45e-7d71-44ac-92db-501e2d0ede62","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"d3d241d6-6b49-4d0d-91e4-c70fa8a196b1","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":69,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"e308f0fd-4852-4794-983e-89ff241725f8","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":69,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"c5b094d7-9011-472c-80f4-64a5bf5beba4","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"6f79d9b1-72df-4152-af98-6f9d5e83e2f3","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":69,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"9f7cf4e6-f31b-4d48-afa6-74754078d53f","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":69,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"842e687b-3619-4a9f-8bdb-c51a89ef077c","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":69,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"3f80eec1-be7e-4b1b-8a9f-cc42bb98fd73","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"32449d89-4e79-489a-a564-4ca5e265075a","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"30b846fa-8d7f-4459-864a-38cc3e000b95","block_type":"box","text":"A Fund may write (","page_number":69,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"275f9f98-363a-4749-8654-ca80f5d3c59d","block_type":"box","text":"i.e.","page_number":69,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"c6278748-de9f-42ce-a740-b0e46a972227","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"a6905215-d62d-452a-813f-0370c7e3a529","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":69,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"f581dc88-89f4-46c1-8144-1acb2fe60aff","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":69,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"30dba122-7f3e-4572-91e1-a0e4b67f5125","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":69,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"512dbb6d-4eae-4b9e-8bf5-9d3bae7eac0b","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":69,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"a58fcde8-3e07-4b7c-aa0e-8dbcab0301c4","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":69,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"fd0f5485-4c01-4e84-8f04-98c72f9333e9","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":69,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"5ca41d72-49c3-418e-802a-bfdd423ab282","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":69,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"4dce6122-66ef-4964-b280-200f06569f3b","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":69,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"7ad222a6-d389-4db8-b2ad-474c16f8e391","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":69,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"4d821e55-6e84-4f8d-b27f-ac5c4a00b6d7","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":69,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"3bdee3ec-471f-45c3-9039-6c0b85d8ede0","block_type":"box","text":"A Fund may write","page_number":69,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"df1ef35e-36dd-4ded-8279-a134d1de6499","block_type":"box","text":"(i.e.","page_number":69,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"63059d46-6b16-4b0e-9397-7fe6e3d80296","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":69,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"29407a57-bc47-4164-a22f-2fb1019768b4","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":69,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"4acf5247-097d-40bc-b8bf-2a1d029e7dfc","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":69,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"38614411-c364-4a45-b02d-22b690b9d268","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":69,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"0f4a3e14-154d-49e3-b3b5-7c41eb90d3c2","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":69,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"ea7dd457-5dff-4465-95d3-9282101776d9","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":69,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"e1d6c25a-64c3-463e-9720-bb5ef9c2818a","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":69,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"56075001-fa97-48a1-a0f2-054aea3cc212","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":69,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"9601a02d-c507-44d6-ac7c-afbdc85b931f","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":69,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"79557bd2-2e83-49e7-b3c3-e65bd6b446b1","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":69,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"cb614b9b-1181-4d8e-8d48-abe5e8e6759f","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":69,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"3b7ac2bc-d3cc-41a4-96b5-b12fcf851798","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":69,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"df636bb3-a867-42c0-8cce-e4ddf37fbc9f","block_type":"box","text":"Put Options.","page_number":69,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"e3870256-f4a7-4fe4-888a-4e025bdd0294","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":69,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"3bb1de8a-9ae6-46b1-a78b-4ed24f5ebb86","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":69,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"af94aade-9e26-4026-ad62-ff32072b0ed5","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":69,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"e130e638-2ac9-49a6-9bd4-a17ac8ffd458","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":69,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"cf6fd933-a8c9-410c-840d-7d803367d13c","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":69,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"9fd79bd1-1887-40c2-9ebd-f8795d468135","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":69,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"157d913c-0837-4b11-8668-b8361857e1f7","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":69,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"73e414f6-6c44-4d33-83de-0af8b5ac3f72","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":69,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"4ccd5db2-cc75-431d-8edf-a2299b7c8dc9","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":69,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"11dae5b2-be94-41cb-914c-94a06c755800","block_type":"box","text":"purchase uncovered put options.","page_number":69,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"53a843e9-58da-4260-81a6-d358e942e8cd","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"08a782ef-9d3d-4926-a64c-d0167f6e3cb0","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"28ed0a7d-3401-4e28-822a-7aea5228a05a","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":69,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"f21dbea0-ee48-49cd-a310-eb1b60c197f7","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":69,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"8bd2ccee-4a24-4468-87d3-842ad4103bb4","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"dcae9850-6bb0-4d34-ad66-749447084974","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"75e3e2b7-46d8-4306-9fac-8ee3f7bde0f9","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":69,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"fb2f2508-2ddb-46a6-96c3-6f53333e9ea3","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":69,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"2abf58f0-341f-4960-ae80-c71e67a9960d","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":69,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"0e01253b-9e03-4990-8aaf-a5ed189277e2","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":69,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"2f85f398-3d17-423d-896a-eeac0be84ccf","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":69,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"f389829c-70c2-4b04-981a-bf417e8bf278","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb3f5f86-27a8-482b-8e23-53f9bdd114f8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68c03b1f-40a2-4253-8b01-facb24744782","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":70,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"4baf0e2f-480f-4bc7-b10b-1ce96722af74","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":70,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"d45f8140-02dd-48ed-90ec-2fd699a4ff7a","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":70,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"832d1776-6aee-4246-a6ec-4c434f01a645","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"7ec4288c-10da-47d6-8316-f77508e76728","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"88f423ba-7f3f-43ee-a5e0-24b4e41dc2f8","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"43cd056f-7e8e-4518-8399-6802cd7925bd","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"b588ec35-55d8-4e9f-bc10-9bb9b591d253","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":70,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"575932f2-bdd6-48cc-8a6a-eebda3182965","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":70,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"fec62d66-2856-4488-9a3a-46774b785b20","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":70,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"df0dd344-bd34-4ac0-9d8a-0bdff607f0b9","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":70,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"714cd50a-31db-4a3d-bf47-6587b6b699af","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"bbf4d659-ba8e-45bb-8fee-095465f9d8ba","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":70,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"6b7fec36-eb31-45f8-a12b-8cdcd0337922","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":70,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"b30679f8-ba7a-43eb-9ff9-ca039eab55e6","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":70,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"1bd98881-e2a6-43ce-9165-1d3b04c89cc8","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":70,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"0c90e036-7ada-45b3-9436-7641cde7b4d1","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":70,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"e44ea303-dc54-4d8a-8638-bd84b5896e56","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"e42d8b56-a0e2-4eda-91c5-e93c87c687bd","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":70,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"e7e7475d-d5af-4c42-8f63-3299875c95e2","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":70,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"fa71716f-0506-4d08-9aff-9fdd0b94dd58","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":70,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"91c07ce7-6667-4f3e-adcc-1b0cf2294c68","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":70,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"596698c3-ff68-4a92-a827-18993bf2c79c","block_type":"box","text":"i.e.","page_number":70,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"c946965e-8012-4659-ac5f-a222307994db","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":70,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"43784926-f4b6-42e7-898c-8f77b31c7fbe","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":70,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"d1e062d7-b889-4af1-a8df-6b4077a7ff31","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":70,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"ab3f608a-c675-4efa-b06e-90c62a0ddcee","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":70,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"0ea3af11-ce67-46fe-8063-a2ab91820916","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":70,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"1d508911-aed7-4556-9506-aba1aa0e73a2","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":70,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"e26a1e92-d8db-4fd8-aa86-41388f4345df","block_type":"box","text":"required, to be cleared.","page_number":70,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"954a7172-1b1a-4178-84b1-0405a4c7e29e","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":70,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"3cafcf39-7398-4c43-a0f4-9d437003d488","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":70,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"44ae1aba-28f3-47b4-9890-4f71a2642766","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":70,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"7a589bdf-d51d-402b-936a-2d93fc2c1f02","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":70,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"fc22bb33-2180-45ad-8bd7-e38d16c4929c","block_type":"box","text":"Derivatives” above.","page_number":70,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"1723a5b3-3645-4343-82a7-683a272e9cfe","block_type":"box","text":"FLEX Options.","page_number":70,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"bb2493d4-c15f-40d3-a8a2-0ef8a6b23961","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":70,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"72e93581-0ac1-4e57-a4bf-b871e5eeefed","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":70,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"c76eb634-5c27-4985-8275-fe7ba7d8914c","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":70,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"7e1017aa-85dd-4354-a441-80d866e5cee8","block_type":"box","text":"exercise prices, exercise styles (","page_number":70,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"0a485354-b95d-454d-8ba4-18d6534fa152","block_type":"box","text":"i.e.","page_number":70,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"8911838a-a912-47df-85b0-7204b76571da","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":70,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"be98ab61-d35d-48f5-b808-edd7138efb6a","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":70,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"7fbe1fe0-191b-4ad6-bda6-5b214c353bfe","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":70,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"c14c41a1-d10d-4c45-a481-fa8e5bd9bec2","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":70,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"ed146cd5-dbdf-4c26-b427-2edd51258da8","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":70,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"ef71784b-71ad-4429-8c90-335b6651a8a2","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":70,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"6c888532-edbe-4b93-90d7-ce90db156159","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":70,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"c5063291-2089-4ae1-8071-37db236ac4b2","block_type":"box","text":"FLEX Option’s expiration date.","page_number":70,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"adfc10b1-170e-4793-8f61-f578ca937608","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":70,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"2ea81544-87e9-4710-9124-11afafa4e3dd","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":70,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"52ab01cd-34e4-4534-b4dc-261fa9e9ff93","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":70,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"b149e226-fe4b-4864-9bb1-a76c8cd14d9d","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":70,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"cf0aee92-8323-4e93-80f8-4c1d22c27161","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":70,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"e66b79f0-b3b2-4a37-962a-4210a8181acf","block_type":"box","text":"FLEX Options contracts.","page_number":70,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"32695775-67d5-4bb9-9928-29eaf41bff7c","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":70,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"add30029-ae32-4d26-b93a-7747359150cc","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":70,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"ec9993ad-cd55-4633-a8b5-6d63b864a6d5","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":70,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"c54ab741-8330-418c-b40e-94eeda30b561","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":70,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"65dc1fba-83c1-459d-80fa-ba6509e96306","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":70,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"16b376ea-3699-4a55-ac0f-5b759ff2fc3f","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":70,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"63bf012d-59ee-486a-830e-122dcf9b227c","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec31f020-e5f3-4204-a682-3744466587f1","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7922a9b8-44be-496a-a04a-a7ee2441ba94","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":71,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"d2e224fb-e37a-49bd-a259-d4dff0ef3a8b","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":71,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"cf6a78bf-9583-4eaf-b1b4-7c84e70a75f1","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"e618e3be-95a8-4940-aa72-260b99091cfe","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"a45c0a3d-ab6e-42bc-bd00-4d29945e319d","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"55e7e882-93aa-4e41-8dd2-0e6844a144c7","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"53b9fcd3-7268-4071-bc39-865443cfacc0","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"f9bccb79-c198-40af-8d81-75acc2f58773","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":71,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"2fb47a6c-ab49-4452-88db-19a04f24d119","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":71,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"ca964269-6f17-4e5b-a979-455e8933e9c8","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":71,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"fdffa0ca-5604-477e-908c-65fb426e924a","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"9eff50a3-7bc3-447d-b5d5-19d8953be538","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"78860df9-8e08-4078-bd5a-9af52ee5b022","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"c34aa4a1-6d2c-447b-9fc3-7cd1b39a5269","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":71,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"8fb6559d-59ac-40bc-ab8e-de5e44dd4dcc","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":71,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"b848dfee-f443-4870-8038-2f61c5505b58","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":71,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"c63b67ba-6cf3-496d-8eb5-dfa1fcd5c61f","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":71,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"712fe01b-fb16-44a3-8c22-8a69d718fb7b","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":71,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"1d034e43-9bde-4c05-b592-f999415eb28b","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":71,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"bc256158-73f1-4348-bb32-715eea6f0fd7","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":71,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"6e402d49-daa8-47e4-a718-1fe27ebe8e7f","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":71,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"37dcd84c-2226-4b97-bdbe-4698dcd5be45","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":71,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"c57bd5aa-c4cc-4943-9811-3b3d07b662fd","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":71,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"f4b03743-2110-4701-ab1c-0b9ed381da0c","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":71,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"e836daf0-5a0d-404e-a591-0954605e4380","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":71,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"aeaa81f6-e840-4927-a2a5-ade38529e9c8","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":71,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"ea4d839b-256c-40d7-802a-45082acee08e","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":71,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"d1e066d5-2160-494a-b53e-a80c98d2213e","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":71,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"0852d0fd-737b-412a-aa15-42ca86b73098","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":71,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"7218cc3a-234b-472c-80c0-fe507b7a0260","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":71,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"7e6ce71e-57bf-4d52-a6a8-242e1460cd5d","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":71,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"33593ff1-ab53-420f-8fb8-7bf4d5270928","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":71,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"f2b86e9d-bfff-4c2c-bd30-15af82c959bd","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":71,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"7f5952df-2b32-4c11-9fef-87c1938b45e3","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":71,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"04598057-fe26-4cf5-a8e5-2b45f86f964a","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":71,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"35ef8240-1312-4694-9499-23cbe07b5fdd","block_type":"box","text":"Foreign Exchange Transactions.","page_number":71,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"25487e29-9281-4c0b-87c0-c544c4d03fcd","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":71,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"112b8418-66f7-47bc-9322-99b6bfe6bb32","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":71,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"6eeb0aab-a6d5-4c7a-90d3-139715212168","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":71,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"dfa523ce-081a-4189-a612-457c0280c2a9","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":71,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"d449111e-04a9-4eea-bd2a-56eb918ad9cc","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":71,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"5549c8a9-5501-4d5b-b16c-78c53f23c486","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":71,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"f5fc991c-7af9-4acb-adc5-8f98b96bbdb1","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":71,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"3568e7aa-8ffa-4772-aef3-8d9a49479d41","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":71,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"f4688259-015f-4b26-a1de-f9eaaaf7ddbf","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":71,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"5d22064e-0931-4183-9c56-d159176fb7bc","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":71,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"de992a87-4175-457a-ae7c-685a941d0e81","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":71,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"a6c04a76-8d62-480a-94e0-aa2662ef258f","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":71,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"e3dbfb43-63da-470a-a1fb-8aa024a547c8","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":71,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"9765fce1-3949-44a3-91e3-f543fa686963","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":71,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"296cf469-89f2-4d29-909a-f91733923aff","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":71,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"b6d18859-30c6-4ad5-904d-8dd90c8891ad","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":71,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"11ed1b1a-cdb2-44cc-a8bb-eee32e7139c6","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":71,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"b9290c43-69c7-4a1d-beec-711056a971a1","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":71,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"c57d5b21-93fa-4703-93b2-18d9e957dd31","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":71,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"d3fcb0c2-7750-4c7f-bf90-1567cad56e9e","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":71,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"ea96dc97-aff8-48ff-8cbc-075f0cd8376b","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8eef8f67-f8b2-4d3f-a3e4-b4b4fe069b63","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cfad2eb6-e961-482a-b6f4-d46f929dd4ea","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":72,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"ff116986-78b8-4b94-a02b-896cfab482f6","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"37843fb5-91ac-488a-a4a2-0653b946d566","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":72,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"93c06306-39e6-4104-9bf4-cb8b391d5e06","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"33bb946f-ed4a-4dd4-af20-ad8b98325146","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"7716b86a-ae35-4f92-9c19-3f7971293c8e","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":72,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"8f815b71-0dc5-4440-a917-2f37897a69b4","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":72,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"704caaae-8c5a-4327-b984-d6db0c82adb6","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":72,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"7203e6b5-9c7b-4957-9b42-a8a3ae362e9f","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":72,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"bc6cdefc-9eb9-4846-a65d-b2ac344f03b6","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":72,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"24018412-0662-4a29-a009-22461070f713","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":72,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"a5f44e48-60f3-447e-8e04-faeec6a39aa6","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":72,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"507daa3a-0291-4714-add2-197b385dcfb1","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":72,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"53d8c205-ab28-45a5-8b04-182ea68ca1fd","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":72,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"00f7c459-8fd2-463a-859e-abf3f4518fa2","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":72,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"24445ca4-709f-4cda-b30e-8c7f080be456","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":72,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"9dbd831f-270e-48a9-8dfe-d95b6866c2c2","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":72,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"21ea8f7f-60ef-4c06-a3b1-ac5de17f05df","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":72,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4b0b243e-c482-4691-ad67-b13e81df62e1","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":72,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"457ea094-031d-4107-8128-cb8684b04312","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":72,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"2a237740-c0d8-47e4-80e0-8cdce7ee133f","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":72,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"6fa03f32-a5ef-4a57-83f7-770971887e6e","block_type":"box","text":"involved.","page_number":72,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"5ae83b3b-4de1-48e6-b94e-d257b863d803","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":72,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"6517a40b-5c6c-4caa-a44d-ee7cb1b50ec2","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":72,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"226f57f6-5cea-4f2f-90b6-2d9491ef64b7","block_type":"box","text":"denominated in such currency.","page_number":72,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"892c0b8d-4456-47f3-85f4-eb1327e483be","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":72,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"eda89952-768f-49ed-952b-a654ffa81484","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":72,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"ad4e1ebc-5725-4ab5-a318-f74e631934cc","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":72,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"612a54f0-383b-4edd-93f9-ae81a4aa6f90","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":72,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"1d9e7381-ab47-487e-bfce-656923c19378","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":72,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"40cb1131-3c7c-472d-878e-e201605cf2c7","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":72,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"13e031bb-36a8-4db9-b940-0dacce114d2c","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":72,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"b2466eae-2abe-4072-bf91-fba60bb19436","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":72,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"16001e58-ad07-4804-805b-1acea039a8c9","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":72,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"d7a21aba-01a1-4e73-8150-62b9e13c10a5","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":72,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"266ca34f-a18f-4a82-b42a-cc835e5a8011","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":72,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"630ab457-5484-4e21-9337-414a97334772","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":72,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"2e29b5ff-a381-430d-9f87-944911b629da","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":72,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"49b576b5-da11-46a1-9458-3611006fb52a","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":72,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"d3b1198b-d389-4faa-8f95-57927216ea9e","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":72,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"9e715915-75b9-43d1-b9f5-644e69620896","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":72,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"cc3c5569-0828-4d5c-9fa1-f5ecea07401a","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":72,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"812951d7-863b-4886-abd1-0a7b167dc8e3","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":72,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"401606e3-377b-4a74-a839-b6165b6fa079","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":72,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"b76dc936-dfee-4088-af0f-f9b659e5512f","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":72,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"9103793c-3517-44c8-9f14-8223ad1bcbb6","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":72,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"90d19d8d-d276-46dc-b900-3356306b9270","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":72,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"3b384d7a-0d38-418c-bc8f-e6c9f51bd9ca","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":72,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"e8be7baa-6bfd-4de2-8426-987bca9d2e53","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":72,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"536b6736-0a48-4c24-9087-d29925c83c2d","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":72,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"01e7cb78-d9a8-406f-9186-db611672ff42","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":72,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"7e46ee12-0da8-47e7-ac4b-4d11deacc9b3","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":72,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"d1b98ca7-c531-4610-b057-9b4957956cac","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":72,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"05381bc8-df28-4d3d-a8c4-ab5e91fdb147","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":72,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"849fbb0a-557e-4013-8295-606a8b9a55b4","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":72,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"4dae84bc-319d-4c78-a31b-093c8784050e","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":72,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"541dccd3-e38a-4781-b2f5-ed78128ab036","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5bd6f81-b98a-4312-ac7a-b19cc7d108ca","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70b40a75-8bea-40ed-860a-a3fc5cb77077","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":73,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"9e6971f2-fb20-4e2d-9092-a21b519b5866","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"2ecfcd4a-31ac-4b3c-8379-264b5149b561","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":73,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"b26caff8-048d-4ade-be5e-4f525a2a4cc1","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":73,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"837aa728-00b8-4597-bf04-d9d7cdbee104","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":73,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"0b187e24-0fb0-4e93-9b84-4d7adbebec69","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":73,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"98bd2e32-f3a4-4bb2-aaf6-26b7059ac0cc","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":73,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"0383e7fb-78e6-47f9-ad25-b91687419878","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"ebb49507-8fe1-4dc5-8999-caa00d7a2682","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":73,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"40a43e4a-af23-47fd-bb42-379fe0068c60","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":73,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"7c91edb9-93d3-4eae-b5c2-3ce0c676e313","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":73,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"13eb5fd7-4b8d-4fc4-9932-1cd87126a159","block_type":"box","text":"traded.","page_number":73,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"7f19f240-4c08-4e42-a0d4-6edbf9dfd5e8","block_type":"box","text":"Currency Futures.","page_number":73,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"c131bfe4-5a8a-4d9b-a64d-38c266bccbad","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"71b98f26-8621-4998-9672-e020d6ef5b1b","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":73,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"547746fe-089c-455b-9f8e-6b667da575dc","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":73,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"26bb6c20-553c-4b8f-84a0-f55f8d2f05a1","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":73,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"733b7f7d-1856-4832-b967-9444a67040f1","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":73,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"357bd470-39a0-4d84-a7dc-e753c73e88e2","block_type":"box","text":"Currency Options.","page_number":73,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"ab53572a-1caf-44c1-8a22-e6f030f744e7","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"5744ed1a-d2b4-4a02-8d1f-a23b21f7edfe","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":73,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"749b22ee-7ac6-40a6-b049-afc8527ce02e","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":73,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"07899508-5453-45e3-9216-1eb8be14de6a","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":73,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"aa515beb-358b-4061-9a14-56f3af19a78b","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":73,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"ac87eea3-6ce0-4b01-84d6-b9999f79fbd0","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":73,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"32338116-1374-48b5-a149-72697d287359","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":73,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"e442e7c2-bcd0-471b-88cd-d2af54921dcd","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":73,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"50204c0b-042c-4f34-895b-bbec16b697aa","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":73,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"58caabe9-8868-45cc-8e8f-ba4e611d5718","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":73,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"a4c7f3ba-23bc-4f17-8ff1-6dc8ad099282","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":73,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"e1f3beac-5bf0-466a-930c-4869eab110e5","block_type":"box","text":"Currency Swaps.","page_number":73,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"d5d6f3d9-203e-4a9b-b67c-861f1a4505b3","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":73,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"ffdbee8e-b830-4395-bc57-4cfd09f7d5f9","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":73,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"f9a82f64-aeb9-4d88-b1b8-148ecb3a018f","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":73,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"00095ab1-1e08-40e8-8aa5-b62af62fc43e","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":73,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"6f7f692d-f4ef-4045-84cd-c05f2cd10db1","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":73,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"9afe309b-fb71-4a71-ac4c-5edba392895a","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":73,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"cf2ae0ad-03a9-4725-8c88-1ee54187094b","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":73,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"61c9df26-e8f8-4e0d-8a83-f18f1518472c","block_type":"box","text":"Distressed Securities.","page_number":73,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"41f4ce81-e0a0-4753-b9ec-972bc0910788","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":73,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"9b799f2d-d3fb-4fe0-b654-54fbda17a58a","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":73,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"8aa9e434-ce18-46b2-9614-62237c32a098","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":73,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"71d1a91a-7f86-43df-8cfb-2623184673ae","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":73,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"beb4ba39-1568-490c-a548-5127c8019c9f","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":73,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"223e7d1a-5ea5-4aca-917f-a39e2100aabf","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":73,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"36bc30e1-73c5-41df-b499-158a4d3d8412","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":73,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"7f1bc67c-6d57-468e-88f8-787509c7f728","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":73,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"fcbabefb-2ec7-45a2-a1e3-3a8afaf76ac1","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":73,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3956e17e-7d16-4d71-961f-12f8d8d95fda","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":73,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"86eecf4b-e013-4a34-b2d2-a57b1f05ffb0","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":73,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"d053ba1e-22bb-4221-8d41-9f718dc5b6bf","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":73,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"4c04e9e2-2a12-4b5a-b8cf-865aff462c3a","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":73,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"ff553d2a-8e77-47cd-8d90-62095f323689","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":73,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"b320889c-f7ac-47ef-92eb-414fc0f5f0ba","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":73,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"f995cf99-a809-4a92-b7b4-4cb57926032c","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":73,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"355c5cf7-dd32-4fb5-8906-7c4425a4d30c","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":73,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"f06ee721-383a-4774-a021-a0befa93e22d","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":73,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"ab4e73bb-ba56-493c-976a-f0ca95773697","block_type":"box","text":"satisfied (","page_number":73,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"863c41d8-1298-496a-81a2-54bcd18d87f8","block_type":"box","text":"e.g.","page_number":73,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"8d0b1eeb-7f6f-46d2-afe5-e2e50fa67aeb","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":73,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"1dc84b23-bcb4-4e9e-9775-3b5cdb2b68cc","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":73,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"fb82a259-3ad2-4305-bd70-f52a2312807c","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"42227f71-c5df-48e3-9fb4-bdfd0b32a00f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49b0b874-74d3-4e89-b97d-d99c44d992df","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":74,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"b53fa41a-f26e-493d-8710-83e963443cbe","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":74,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"9285e581-8a67-4b07-b708-a1a5f6150970","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":74,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"1bb9a915-dbae-4e9c-9dab-1df964b588a6","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":74,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"3bbbfa1e-c701-47ca-841a-b64ad6c129e0","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":74,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"8db5a51c-802b-4d1e-85ac-0c9ca9884a17","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":74,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"219119a4-3887-48e7-8b50-c94fc1bf66d0","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":74,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"091614fc-9e17-4a24-8a61-463a1d9a3691","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":74,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"62cac49b-e4cf-4042-86bc-151724b6a711","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":74,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"dce5e99a-f364-45a3-9c9d-5d8c19783ca7","block_type":"box","text":"affairs.","page_number":74,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"db11d950-c2ad-47cf-9e45-f0869ecf9249","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":74,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"97027741-5dcc-4b2c-af8e-c8d72a561732","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":74,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"b241b555-72d3-4854-bb35-a2ff04a71c19","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":74,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"d2d33982-92eb-43ce-9408-3f99c344063f","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":74,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"1b57f49e-8ac6-4464-8bdf-e8ccf0d82bed","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":74,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"4c7fe2dc-4e47-4ecf-917f-7f3f8233849b","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":74,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"5d78c7ce-473c-43be-9545-ada61afdaa31","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":74,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"04ab152a-2f1d-47c0-bea7-5b753838b6b7","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":74,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"8f9b7bb7-3599-4b92-bfe1-1eea12536e7e","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":74,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"63a7d50f-2695-4817-aec0-35226d0694bf","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":74,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"af734c93-22bc-4175-8e13-ced42a8d731f","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":74,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"bc59dc82-fbf2-48a3-9446-426c014aa2e7","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":74,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"c417cdf1-1b5b-4527-b631-253e90573dc8","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":74,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"4e991799-1d61-48cf-8963-59fbe83b2b31","block_type":"box","text":"Equity Securities.","page_number":74,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"e0441784-0fe9-49b5-aa69-5bf079d54b0f","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":74,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"092b42bb-347f-4312-a240-55cb6d41a90e","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":74,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"ce504a42-1dec-4499-95cb-16174d4c9ef9","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":74,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"3e0e861f-723b-40a5-9b09-f3084a13c65b","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":74,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"2f4c8a95-c0ec-4aea-b067-329282541e0a","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":74,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"2eaa4986-36fc-4255-bf6d-704357413611","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":74,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"248ace36-2cb9-41e5-82e6-83d386788d42","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":74,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"0651bbb8-1aa2-4ec4-9e49-cadc453a0011","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":74,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"b49827b5-4f7e-478b-83de-a4c2b0e47a7c","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":74,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"4cd22fd9-9501-490c-944f-c0aa655692eb","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":74,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"f666762f-19e5-4fe0-9efb-16cd44c18d41","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":74,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"21767a06-fe05-4e74-a57f-19da381297ae","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":74,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"41142c3d-a2ff-4383-9294-70fb5fbaf4d1","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":74,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"6b39c8d1-334c-4bbd-a50e-5e76ccafab6d","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":74,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e5ec1ba7-66e8-4608-916c-ba917be06782","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":74,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"612fe6c8-8fb2-4dc3-aacd-805c31a1c5c5","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":74,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"81c6e2f6-06f6-43b0-9e15-adba8e83bbaf","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":74,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"f8fe37e6-71ae-4459-a614-246e47f30ef4","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":74,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"56a96f0d-5d46-4592-9fb5-1b785f4b1c53","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":74,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"5880d9db-8826-4b0d-bfb1-9105149b14b9","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":74,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"a294a7d6-fb55-47c8-8eb0-78bfb9ed2a68","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":74,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"bd99cade-2015-445a-a1e2-9353310eae7d","block_type":"box","text":"initial public offering.","page_number":74,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"7e4f059d-ff45-4d53-86d0-85d8c9a03ad6","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":74,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"dc7d732a-a9e4-4c1b-bcd9-da3eb7d0a572","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":74,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"8dc1508e-368f-4908-b699-215731238407","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":74,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"6f561f6b-8cbc-45ce-ad5d-0b3635fd3939","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":74,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"21c779b8-20a1-4b8a-a2cd-f672c2caa446","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":74,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"42fe3157-5385-4b2c-902e-7998dd11a470","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":74,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"6e1e20f3-33e9-41b0-a6aa-5b3308872433","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":74,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"29da1e6d-031b-479a-bda7-cf01dda192d7","block_type":"box","text":"more established companies.","page_number":74,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"bf3891da-558b-4d70-8077-d9d20bf87946","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ecdd8fa-762e-4ba8-a3ef-b2cf842bf85b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8f44432-bc87-4973-8136-ce4a4ebb302c","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":75,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"87bfe116-d110-4c68-89fd-34654acc1aae","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":75,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"2e3fb1c3-7880-4735-a7fc-3ed725b927ca","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":75,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"60bb30bb-2eef-4f79-9ef8-f38f3f8390d9","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"47649791-a69a-4438-b8f1-a39a9a682d1e","block_type":"box","text":"Real Estate-Related Securities.","page_number":75,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"4a020166-9e7b-44bf-9728-402201bf808b","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":75,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"39d1ffae-19ea-41c0-892c-df9f8c93e103","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":75,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"06367064-a1fe-4529-9471-a4a5189446a5","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":75,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"a2fc34c9-d1d8-4e21-96e2-3520cc1d3f19","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":75,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"48343ebc-5997-4fcb-95bd-7d7406131385","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":75,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"cf798272-e2c7-4d1b-8836-4e7573ec0386","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":75,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"ed11dcc4-f8a1-4d4e-868b-037a63ae4826","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":75,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"823e1992-3334-4890-8476-a8ce49608c6c","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":75,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"f401dd5d-3e9a-47d3-be08-8fc69b476681","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":75,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"f2188136-72f0-4fea-9500-85ebf5612708","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":75,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"cee1cf84-9dfd-4f8f-b405-b2db8f807ff6","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":75,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"4481e49a-c22e-412c-bc7e-b565f436f27a","block_type":"box","text":"interest rates. 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The securities","page_number":75,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"79147c0f-7f59-45d6-9751-d0cf369ef5d4","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":75,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"aa76e0f6-9206-4dbd-85ed-e86c8480ac33","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":75,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"dcd724ae-d0df-4c25-b8e1-a94452a74293","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":75,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"adfbaf81-33ae-417c-b1d3-aa04618a5d19","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":75,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"632a945d-e0c8-4de9-9562-53bf1ee6c462","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":75,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"0a5d5560-7a97-4d20-af93-a3faa1de0f57","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":75,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"f2cdc878-ee83-4dd0-8392-779edbb15004","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":75,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"469e4a1c-8b68-42b3-803d-b4235b766020","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":75,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"feb16cd2-b84c-4658-9557-923462d59fbe","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":75,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"8379b70a-117d-4287-b2c7-cff7e90506bd","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":75,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"d2c826eb-d627-4776-8fa5-ababee0fa588","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":75,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"b795a452-0688-4922-8f4c-47f71761c1da","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":75,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"7f4a4c9a-2fc8-4941-b7ae-a51f679af520","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":75,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"67f79c9b-84e6-4311-8610-d4a6b19d72a5","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":75,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"23cf99bd-d474-4daa-9488-f98bfc0c4a31","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":75,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"9bba087d-3997-411e-80ae-9c95fe963e8b","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":75,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"7afd53e5-b479-42d5-8342-c1e0e12edc41","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"c3a94e19-0353-4200-a641-f3da3c4cbe04","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":75,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"7c405538-9b3b-4628-8ea9-9108bcfe78a4","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":75,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"add2f3ac-0502-46b8-b396-8d604a0fc158","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":75,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"a39c2636-5051-4be0-bf4b-a9403a98a366","block_type":"box","text":"cycles.","page_number":75,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"1b5a5d6d-3b08-43be-9e88-188eb382feba","block_type":"box","text":"Tracking Stocks","page_number":75,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"cef63985-2187-4ee0-8abb-67212bfc05cc","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":75,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"44044f31-f8c6-4c87-8348-3ea581434898","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":75,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"d432c598-1a5f-4863-8c4b-bb19838bd8ca","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":75,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"3ecd6d47-293a-4a08-8eb7-5cbc14589efe","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":75,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"ac9c7472-f501-455d-ae44-f37cd3198858","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":75,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"3e90207a-e225-4025-94bd-70e73b18cecb","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":75,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"9e75419f-9035-4706-af76-af71841513c1","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":75,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"e53379be-14e1-4d6c-adcd-99ee3b56a6cd","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":75,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"740db5ed-cce6-4150-9fa9-ede0fa02cf88","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3fb8e34e-75f5-4bdb-9b0c-dbc598d0748e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36e07cf7-a4e8-420f-ab40-31d9c916439d","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":76,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"ab753ac4-6d25-4345-b9e6-526695b3dfb5","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":76,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"7b881fad-528d-4727-9b5d-2ed6db5aaffd","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":76,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"8762363c-819d-4ae2-9f5d-117e882720eb","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":76,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"34634a99-ddf5-441c-b48f-c020a56170b3","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":76,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"48a98b3c-dd39-4151-8dac-c1862f208342","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":76,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"f7bffeab-c87f-413a-97a0-ceba49f3f0f6","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":76,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"ba80db8b-67f8-478b-8339-f358c1ec4654","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":76,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"0f17dd86-1485-44f9-a588-12f2e44ef604","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":76,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"5f31eae8-7656-4217-b9e4-7ea2479d1cab","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":76,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"f044d26b-2ec9-4dea-a404-9618532ba633","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":76,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"4cf86cf0-eb3d-4e61-9238-7ccebea30056","block_type":"box","text":"ETN.","page_number":76,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"aca56da3-3107-4510-983b-68bb398b12be","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":76,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"5a44306b-6df6-4a71-8297-e124e356a482","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":76,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"7ceeb59f-df46-415c-96a9-1baebc6b5bc8","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":76,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"73413abc-6111-4f34-bdc2-088e08401f07","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":76,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"0d5ff7f4-7e35-44d2-9a4c-325c5fd36431","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":76,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"cdcbeb8b-7ac6-4ba6-8317-9e75b9627f41","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":76,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"5c253a44-c90f-4856-b1f5-4fc08c67c9e0","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":76,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"e0f861d5-eb85-4a51-b938-0405578f6688","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":76,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"808110cd-77f9-49f9-89fa-78e32e47b0f7","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":76,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"50d0cb22-48cb-410a-945d-59ecbe5af336","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":76,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"4c6d582a-84be-4b48-afde-b5ad4d9d6dbe","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":76,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"57869bb8-2303-43a7-a9a7-f5312569847b","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":76,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"6c4cb334-6530-43e7-ae43-23671059e7ad","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":76,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"2a1c29d6-6b2e-4f09-a3f8-4e419338bfbd","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":76,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"c3321962-31b0-4e8f-bb80-2ac379e55708","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":76,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"a8755593-606b-4eeb-bd52-c0b866e272d3","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":76,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"9b35aa9b-1f42-42a1-8cae-e9f6791f7d74","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":76,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"8503707a-6886-40c7-8608-cee0e42f068f","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":76,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"d7978caa-11ec-4a10-b809-fb73e06e3ec5","block_type":"box","text":"Foreign Investments.","page_number":76,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"f5f62f7c-c5d9-4994-8d49-9944ce707e02","block_type":"box","text":"Foreign Investment Risks.","page_number":76,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"33f23236-50df-47e5-ba59-3aeb13ebcc7d","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":76,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"9c84fabc-cac7-4cba-82f9-d97036a05e75","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":76,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"512af1e8-2838-4825-82c1-77b0065423c8","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":76,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"3c643576-75b5-4808-984f-0b6c6a95f472","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":76,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"9623c222-bd0b-48af-8ea7-2870b1e708c5","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":76,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"b92c5778-6cf6-4929-bf7a-244ab12add5d","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":76,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"c4fe7037-aa92-45d7-a52c-969318a8e727","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":76,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"f0ddbd95-a155-406e-960b-9eac6675ea72","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":76,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"9d0dafff-1b3d-45b5-87e7-f892753d50b6","block_type":"box","text":"benchmark index.","page_number":76,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"e51c37b6-c524-4d0c-bca5-2a066922750b","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":76,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"fd9faeb9-cc21-49fd-92da-dd963f28eeca","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":76,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"36494f58-42f7-4980-9a07-e9529e794234","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":76,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"9c34d063-5ba8-440a-af9e-ffea9199a6bd","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":76,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"0c036041-afdb-4ab1-8bfc-6c382a070c1c","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":76,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"1cb645a7-c393-4914-a365-328cc70ad77c","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":76,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"5cea8f43-47c1-458c-a7d1-8cdfbf4e6c76","block_type":"box","text":"securities and zero-coupon securities.","page_number":76,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"24d226a5-3a39-421d-aaf3-bc17f6742246","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":76,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"e5e3916c-dd21-4762-81d2-9107748ddec0","block_type":"box","text":"taxes.","page_number":76,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"1b923cc0-69c2-4a3a-bc5c-6ea76b699ca0","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":76,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"6e90dbd3-ec63-4e52-9baf-a217003103e7","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":76,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"a50d054f-9717-4dfc-bbb7-8357e83f6c34","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":76,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"e50dce43-6335-403e-8f9e-e0336aa1d354","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae586ca7-87a9-48aa-b9fb-0b609a0358f0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f374520e-5255-424f-9171-7317112f4033","block_type":"box","text":"underlying security (","page_number":77,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"2f4a03fa-509b-4400-8850-9d0025b153db","block_type":"box","text":"i.e.","page_number":77,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"ed7d0509-2d6c-4f76-909d-25b9d3ea0d67","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":77,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"71cc0c73-07bb-4b51-abca-dc3a34baac87","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":77,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"5553f3c4-0e03-47c8-995b-8b2daa403d52","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":77,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"9a3dc8ed-c869-4a0a-a293-79cac8b1fe59","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":77,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"95454d79-f450-4ccf-b12e-95fd3ae8095b","block_type":"box","text":"Foreign Market Risk.","page_number":77,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"c86e2bef-8bd3-4d53-9d0c-df1b1bcaf8df","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":77,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"4f6d1627-0a7a-4e91-bf82-d717e7557ca2","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":77,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"3fdafd38-e9cb-410f-9ddc-ced248fabdec","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":77,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"00f37602-073d-4f2c-858c-b7da12d3dbba","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":77,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"3413b2e9-39cd-4714-86c7-3c4150eebaeb","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":77,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"3ea57050-62bf-4ed4-81e6-0cfa061144c8","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":77,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"2eb2b92b-8c9f-45a4-bd7b-714e3a75bf1c","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":77,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"25488fdd-7736-4aa2-b976-a6e0680128d6","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":77,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"315a0405-4de8-4515-94e7-09456aba98d4","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":77,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"d51c2182-2848-4b74-801d-bdb3a0796687","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":77,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"22b4c83e-e5f5-41c8-97dd-ae4af5987c00","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":77,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"39b31eaf-841c-41f7-825f-f5f7d81a6896","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":77,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"bbd20eae-cf2f-4010-b3a8-ccbd2b9ec484","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":77,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"51aaccab-95c4-4de8-8dd6-4d36cd4051ac","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":77,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"56a43a22-5dbd-4fd5-aa88-81a2e46191fc","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":77,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"5069e777-c34e-4a47-9895-b51a8960e372","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":77,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"81c85249-8751-4f9e-a538-21bd4f97909d","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":77,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"7ebfa9fa-a826-42b7-a404-05459cc19034","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":77,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"30e08120-91b6-42d5-be18-9977f3eafbbb","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":77,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"30b842f3-e598-4d17-ae3b-e3ff0dc7884b","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":77,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"91cd5c3f-6c21-4476-bf0e-3dbe9f79eeb4","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":77,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"50a98a75-15ca-4ce2-bba7-a4c2787017e7","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":77,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"32e7f175-1d4c-46ca-96bb-2216f625eb2d","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":77,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"04a1c5fc-7598-4973-83c3-37b36b4a60f8","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":77,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"fdd07ef7-b750-4ce8-beb2-17ed4b7aa9ee","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":77,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"93d83a39-6e2d-4750-99fb-7efff01550bd","block_type":"box","text":"Fund’s operations.","page_number":77,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"8c6bd8d3-24f1-4875-9f93-16e4d9861916","block_type":"box","text":"Foreign Economy Risk.","page_number":77,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"03e1c8f2-a2f0-42f6-bd58-3359a3cbcc98","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":77,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"34c6b91e-e2f6-4564-b229-b869f8467589","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":77,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"9e82e6ad-9421-4b79-9019-efe4b9c6b279","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":77,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"999d121a-8b0b-4ac8-9435-4c24078837e9","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":77,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"adbbd4d3-96f6-40ea-beb3-644e67709cb0","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":77,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"3331555f-d373-44b4-89ab-798c9d8e5976","block_type":"box","text":"measures.","page_number":77,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"be137622-a497-4b38-8901-2558051fe0eb","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":77,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"a4e1b728-a811-49f6-9d23-a4ec952b33d5","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":77,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"88aa30d5-beba-4cbb-b407-c4addb693164","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":77,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"aaea997e-5bda-47ac-b1cd-34ad59ac91cf","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":77,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"f3e4df9b-f051-4a08-b5f6-4fabc871873c","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":77,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"ad5da6bf-c9c1-4062-bc92-95f1aaf4d09f","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":77,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"2000a20e-f28c-4cf5-b58d-3ef6bfc8d136","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":77,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"4bec4b28-c44c-4ffa-ac50-b23a787f341a","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":77,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"d7208b33-a3d5-4ea5-bd72-9ff381d2d563","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":77,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"82ea89bb-3233-4942-9d68-3314b9b2d35e","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":77,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"884b84d2-1527-42fc-9c04-28c1d659cff1","block_type":"box","text":"United States or abroad.","page_number":77,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"2b49cbf2-37c3-4bf3-b7c3-c3cf4697bacf","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":77,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"b738cec3-28a1-48fc-93e1-66f9d238c4f8","block_type":"box","text":"Many foreign governments supervise and","page_number":77,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"3bd04c4f-913f-49e0-be38-f182f3b1d83a","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":77,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"cd5f5653-853e-4ac8-8289-09e341667052","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":77,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"09cd3b61-eef1-45a9-96df-5d3175ed03b5","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":77,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"422d3cf9-9664-49c4-b9c6-8c627fe87a25","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":77,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"1826912c-0b30-4014-8b02-494039c66f86","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":77,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"942a4126-e9f6-4e79-97ad-38be7ff971cc","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":77,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"3d30689d-7462-4b6b-8fdc-929c21f2c700","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":77,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"4ba1d356-67bd-4ac8-90ea-c114e5268cec","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":77,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"dd7fcfa0-e181-440a-8df7-523fae313f4c","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":77,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"c8d323eb-f19a-44fc-818e-abc04fb72e10","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"317e0ecb-cd98-4ba4-8552-dd790c089e01","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"140a5c8f-8842-47cc-89d1-a165e86e65e6","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":78,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"74d00285-c379-49f8-88b0-01f6a7664093","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":78,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"bec7f4fc-0674-47b2-a688-6e4c3b595a62","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"010ae4c6-1d4c-4a51-934f-e70f6782bb8c","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":78,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"341b6d69-968a-4d1a-acab-fc59390a6934","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":78,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"6ecdd645-14b2-41fa-a9c6-ff7fadec20f3","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":78,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"5a79b7ec-11ff-4b3f-b5c6-5fe1a3eb9113","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":78,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"9bd5298e-62e6-4e9b-ae40-3d467b15463a","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":78,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"5d7019f4-935d-4720-871c-29f4e59d6619","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":78,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"2df249f0-bd6b-470e-9b20-17d200945db1","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":78,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"ec9473df-da39-49e4-b92f-99ec72f2892b","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":78,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"74b3c84d-911a-424a-afaf-f99e447f3fc6","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":78,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"fac4a1d6-3778-4e53-8f27-250828f03d2a","block_type":"box","text":"States.","page_number":78,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"607c73f5-ebe4-429a-a1f5-a33b74e3f099","block_type":"box","text":"Publicly Available Information.","page_number":78,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"f0b64432-d000-428b-a097-5ad526d2886c","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":78,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"d944bb78-c5cd-4c17-a5c2-55cbd15620b6","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":78,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"25765071-2e75-4d3b-9d85-a5e8a151588d","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":78,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"c8e0a41f-f2fc-44e6-a7fc-e3c2adb0aac1","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":78,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"40106c68-7250-4d3c-b837-ed08ce851f53","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":78,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"3596b221-60f1-4f5b-a7da-df9ff707ed7d","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":78,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"682880fb-4b63-49cc-9493-671502c8c548","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":78,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"90459ded-8fe4-4a2c-a054-afecd35ec936","block_type":"box","text":"United States.","page_number":78,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"073e4c75-62d4-49b4-b259-a475ea9429df","block_type":"box","text":"Settlement Risk.","page_number":78,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"68377b1a-c087-4210-8000-b778f62b39ad","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":78,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"1bdb5af8-9481-47b5-be58-da62295122fd","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":78,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"54d8c8df-2f3e-48fd-985f-7331f3c1ef1c","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":78,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"fe8236d1-c613-4404-a914-4699b368080a","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":78,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"c19f93c6-816e-402a-8754-d278b89af8a3","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":78,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"250ea831-3c50-4c4d-a3e3-cfd1eb5d6735","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":78,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"5b2bcfcc-a65b-4765-a161-6beb5d5e9586","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":78,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"257c72f7-febb-439f-87da-f954df25eebe","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":78,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"1d4c91e2-e3b9-4b07-9832-f230c387d577","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":78,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"ef464b82-bf51-474f-9256-621e8778d1ef","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":78,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"10b9da91-2b49-4391-afb4-b02588207599","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":78,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"11cd8573-0ecf-4a7f-a2c3-45728b9fd222","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":78,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"a1cb511a-cc2e-4a80-a54a-2422ce75c09c","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":78,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"4edc8fcb-c73c-4d5f-9ab1-ca52e5a80f9f","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":78,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"7dca261d-c40e-4090-9c1e-51cdc459fee9","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":78,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"aaf13e51-95f7-4f8f-8e94-a0ab6a856f9a","block_type":"box","text":"Sovereign Debt.","page_number":78,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"18ca2558-5e87-40cd-b5a2-4252a05075a8","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":78,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"81d003a1-cb0d-4425-a1ee-e9523b68fb10","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":78,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"07d428f8-fca6-4909-ac78-1aad367dfc95","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":78,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"53ddb93d-d528-4bd4-85cf-7bcb85d8257c","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":78,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"210128f7-2452-4ed3-a3b4-853b18e5c129","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":78,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"2a88c12d-9531-4ffe-a46a-8e3092f155e7","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":78,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"b3b5526e-30f4-436a-9cfc-e4aa37f0a7bb","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":78,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"9df78a4d-73ac-46ef-8401-84a4078c1f50","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":78,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"fcc8e5cb-181e-4841-8147-ca22102b808a","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":78,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"74c396b0-c2b9-4294-ba4f-7419a80aba63","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":78,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"3a2cd9a8-09c5-415d-9c9c-b684eca72d31","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":78,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"015ef4f1-fe44-41e2-8ff7-71a55f88ddaa","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":78,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"d9d040db-cefe-49d9-a59f-8df0f6809102","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":78,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"d1738553-5d4f-4f26-9843-451a10afe6e7","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":78,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"f9c8ffe9-f3da-47da-a887-815d2645e8ff","block_type":"box","text":"debt.","page_number":78,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"e399c2cf-16b5-46aa-bd04-1e113eeae524","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":78,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"9aa9522c-f7a8-424f-8b71-8384fa3a8f66","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":78,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"69c360c8-5a00-4e99-a8dd-ce9aece7c88e","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":78,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"b205b93a-9287-4f6e-90a9-af4762897f5c","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cbf6579d-04ab-417f-b94f-0c3bd32f1b93","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fc7dd8e-e20a-4553-909f-6aa4edbee90b","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":79,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"80e441ad-0b49-43d8-84ab-7d3ecb840a5c","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":79,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"037f85a0-0531-43ef-8fb4-f4f3737649f1","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":79,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"987d7171-12e1-4fc0-a271-a6268e02e5a3","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":79,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"f72d875c-594e-41f4-83ae-e71f02811e68","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":79,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"5109fd8a-fe6f-47ff-9e2c-ebcb91124a2c","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":79,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"f07a99b0-303a-4f1f-ad32-7a882677db02","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":79,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"d23cb0af-f59a-4a3e-83e6-109f4c1a7dfc","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":79,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"acfb2ebd-4a8c-4588-b104-1056bacd9cd8","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":79,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"86d67e92-af4c-41ce-b727-4c9dc05d4213","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":79,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"d9905991-8507-40e5-bf14-6c4479392ee3","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":79,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"926453de-aac3-4368-acdc-18076118f28a","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":79,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"b308868d-f0ae-441e-8f2c-1ebfba4d7335","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":79,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"b36f1e68-d865-4353-adfd-7faee4c94d30","block_type":"box","text":"in the Fund’s net asset value.","page_number":79,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"0d8cc943-c7f1-42e3-8f9c-0bdaa66233a6","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":79,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"174cf430-70d4-45d3-a5c6-15b32da81cb7","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":79,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"9441f8b1-73a3-4603-a87c-a257803e4551","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":79,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"6c9bc35a-dba6-4787-a1bd-618b20d071b1","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":79,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"da93c4d4-3509-45f9-b8bf-f1b790d49f3e","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":79,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"6113fed0-83c8-4b27-8653-0182432a178c","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":79,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"bb62b218-18d9-459e-a612-72ae1ee09f9b","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":79,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b37e8373-782e-4796-b7ac-1672e6ebaf45","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":79,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"0cb8edde-ca86-42d5-b8ba-3d0a1bffda7b","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":79,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"db41b477-c437-4d05-a992-d5273744dd6e","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":79,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"c1582af1-ff0e-4a2e-b194-73063c9587d6","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":79,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"39d20ed3-31e2-4358-9904-1d57472a05d9","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":79,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"024d6b7b-ed85-4636-9942-61ac61103827","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":79,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"087d57a7-6272-4b92-a45a-06aea8fb01c1","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":79,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"2855d8b8-d1a6-4b78-8169-7b6f2dc64882","block_type":"box","text":"Fund may invest.","page_number":79,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"15e1fd19-8feb-4e99-ab89-03719704cf39","block_type":"box","text":"Funding Agreements.","page_number":79,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"c078a15f-955a-4b4f-af0a-8fa034938544","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":79,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"29236046-9888-4187-8dbd-c1de0951e7ad","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":79,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"ad88ee57-0be5-4e4f-aaf0-98a27fd2d3ed","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":79,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"3093b9d0-16c1-4a48-89c7-e1cb45bf1f35","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":79,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"239fe0b4-42d6-4796-9a44-240463e31d33","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":79,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"1104213a-7159-4374-ad16-cb87ad50e4f0","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":79,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"edb9d3f3-4797-4390-b9e3-3f6c42b35e80","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":79,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"1b96bc98-7ea1-4f1e-9112-e32961f2599b","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":79,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"c5ae1843-1bcb-4aca-a78d-6929a865806e","block_type":"box","text":"Guarantees.","page_number":79,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"f6f9c375-b25b-4450-8b24-5836c3c45fc4","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":79,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"213b8578-6ea8-40c0-8d22-0110216503d0","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":79,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"ce199ed1-87f7-4fb4-8398-ede2dab3e4ba","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":79,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"a378c5ef-824d-48c7-a496-0eb32b7094b4","block_type":"box","text":"Illiquid Investments.","page_number":79,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"850642f6-3667-4f1a-ab9d-e531dd48d27b","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":79,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"00e74b9d-d325-4089-8161-ab86e59184c0","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":79,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"d1195791-b1e0-477b-a5e5-ad217cb5492a","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":79,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"77e1616d-bc35-4849-a9be-9726c5741b16","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":79,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"e43b0218-b239-4c64-b193-67fb4cb21a75","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":79,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"a26e26ab-0972-4c2c-9cf2-d50782ae6e39","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":79,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"6e177cd2-7f12-417d-a69d-985e5e06819b","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":79,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"80b50a28-e61c-4315-a738-cc333c027fb7","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":79,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"64ef8caa-9aa0-4213-acf9-84ae0b492185","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":79,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"13c25649-f401-44d9-a387-58a042c902f1","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":79,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"54476f52-e830-4d6e-9a40-9ffb0d9ab32d","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":79,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"d12bfaff-5bca-46f6-b301-a4b9cd5eb42b","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":79,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"5753fec5-8abc-42b9-be9c-5e800c9fa9e7","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":79,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"b417245d-546f-4905-9ef7-d2204284729e","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":79,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"83c7d2fd-40f7-4b6b-ac1e-f752937a9d8f","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":79,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"68eec3b5-ef83-4a12-8efa-41d33833fed1","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":79,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"5dbff163-a48b-4143-a155-4be8faf73a7e","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":79,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"d1296a74-4ac1-4d40-b79b-04ddfbd104c9","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d49d4afa-28c5-4c29-8b7e-c0a50f8f09a0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d05d633-84d1-499e-befe-d12440daeb41","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":80,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"9f5fdf6c-8d99-4816-b529-81035e4cb82a","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":80,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"f9cd4cf1-d216-422d-a15b-2a336e6eec4e","block_type":"box","text":"Index Funds.","page_number":80,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"e4bacc32-7caa-44c2-8646-36afce3fad55","block_type":"box","text":"Cash Flows; Expenses.","page_number":80,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"b2efae75-6e58-4081-ac6e-454b1ed9a6cd","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":80,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"3a6ffa2d-57e5-4727-a597-b6c4d161e078","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":80,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"0712717b-a059-44d1-bc1c-c364ce4c9444","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":80,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"d22a1899-9b13-44da-bc71-0141fe81682a","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":80,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"da60c3e6-e776-4c8e-a771-f34ad8154f7d","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":80,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"7f1d41ea-c521-4457-846e-cb5f6b1b11aa","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":80,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"dc234263-e832-4305-a2f6-0a17109309e4","block_type":"box","text":"(","page_number":80,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"2e24d60e-b988-4fa4-ac47-7ec34e312142","block_type":"box","text":"e.g.","page_number":80,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"c7c3c0c6-5921-4680-bd3f-12aa156ba07e","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":80,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"cdd34d8d-a2be-4241-b433-3d6c56eaf16c","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":80,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"f3e5fe10-912b-4b5e-8a9d-b67570d647f1","block_type":"box","text":"par ticular security as an investment.","page_number":80,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"a086962a-a287-4686-a2ae-269de2cd3df4","block_type":"box","text":"Tracking Error Risk","page_number":80,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"5a90678c-62af-4f1d-9f53-1f9392c6730b","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":80,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"cad7afb0-23f7-474b-a634-d5b5f4f42db5","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":80,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"bf246a48-0a37-4922-888c-a1098fd2e919","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":80,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"b224e63e-f1df-45a5-a543-8be720074757","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":80,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"4bfca19d-eb98-4d69-bcbc-aaab17e6262a","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":80,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"69a71775-06d8-45f9-9209-95d4d18e5f31","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":80,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"111ccaec-fbee-445b-89e7-2f1694fe1e64","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":80,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"25253f50-46ce-4256-834c-04a55cd6b1aa","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":80,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"dedaa0d2-dafd-4760-94a9-258f81db0c92","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":80,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"b1e86d9b-b563-4863-bb77-3023ad657064","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":80,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"9f382711-98c3-40db-89ca-841ef12cd55e","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":80,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"a355bc7a-4584-4b23-878a-9385e2a4b394","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":80,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"4aa9ede1-56d0-4dcf-9a18-c8dc22f6dc17","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":80,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"66292b20-a2fb-4056-b0e5-486b6eecaca6","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":80,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"711f901e-ad07-46a9-bc22-9388d9a3f582","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":80,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"83ebb5af-ae65-437d-9b2e-1b07ec141620","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":80,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"76c8130d-960c-4399-9031-d6de7c3e16c2","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":80,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"5ba00306-d227-45c2-ba67-3dcf24c912eb","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":80,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"3748edf1-77c9-43b7-946c-02e3be1d394a","block_type":"box","text":"the rebalancing of its index. 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Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":82,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"b0b91304-a389-4440-9349-13365c7f8390","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":82,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"927a0cc1-fe08-4ff0-b3cf-6e1e1db9935b","block_type":"box","text":"ICE BofA Indexes.","page_number":82,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"7e3e28cb-b319-452a-b56a-510e176d6284","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":82,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"4eaab2b3-997d-4b9f-8b13-f37ee4fd025c","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":82,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"1d00f6d7-d1d6-4a48-8bd2-d2f050d1fad6","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":82,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"cf5d883a-548e-4fd9-a53b-b06ea123bedb","block_type":"box","text":"under license. 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":82,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"f2546fa6-c2f0-4cc0-8f1a-354d245e70b5","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":82,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"293d3f23-2a08-44e2-8cb4-24bc3669d1f5","block_type":"box","text":"Indexed and Inverse Securities.","page_number":82,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"a076e3b0-439b-4eb5-b7e7-58656c38f040","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":82,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"9dde2f80-5df3-4c9b-a309-31cf9236e7af","block_type":"box","text":"par ticular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":82,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"4a5cbf5e-2a2d-4a9b-b8bc-6c05b17bccc6","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":82,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"8db4a9a0-1aa1-4d2c-b5e4-9cd0c171125f","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":82,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"1f99a73e-4512-4555-8dd5-b5dc131e5e02","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":82,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"f4e07ef6-1c71-43b9-a7c5-2b8c814419e0","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":82,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"26d05248-605c-4c2b-a4c1-2a3869fcb740","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":82,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"3ea5de27-6d30-45cd-8c42-0b0c2571e0a0","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":82,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"6f09cabf-e078-4317-b311-2501f0e91456","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":82,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"3838f14e-7a3c-4a84-86bd-245545cf9fdc","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":82,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"fde59b97-3ba0-47fc-bc7e-fc76f784d54f","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":82,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"181c6d5d-323c-4abb-898c-26dabf42e394","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":82,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"0dac46a9-23a1-4661-a06a-83d628f015fe","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":82,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"c05497bd-3196-4a9d-bc4c-a234e44c28dd","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":82,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"0dd0bb62-1104-46ab-bae1-a58257552bbb","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":82,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"a807428e-b047-4a2d-adb6-6a768ab8eb05","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":82,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"fdc81fb8-64ed-48cb-8ffb-7b12ba1683fe","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":82,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"d2752e87-582e-4a32-92bb-7d13d274b58c","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":82,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"bd93a522-3045-4b90-89f4-923344188b20","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":82,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"0105967e-d330-4528-8713-e3ccb098bd3f","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":82,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"7d0062ab-e468-4d36-a406-25f79d349724","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":82,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"db5c7711-3f3e-4548-b827-b09c517b0e6d","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":82,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"a4c70d3b-259e-4b7b-967b-6de181a54049","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":82,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"162004fb-63c8-4897-bd8c-0ced3bb9dc5d","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":82,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"5a83b8a8-330f-42b4-883a-f468a72e2c21","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":82,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"af3a740c-f5e0-409f-8bbc-9f56761388c4","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":82,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"9d19b9e9-cb3c-43e4-b740-7d77fde38554","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":82,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"c98f40ca-888b-4f5c-b9d0-9e7dceebf3a2","block_type":"box","text":"Inflation Risk.","page_number":82,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"d0b09f62-25c4-40c4-a9db-666497857f11","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":82,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"8de52570-2c30-49ec-b4a1-95fbc148d3a5","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":82,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"cd024d74-e12e-4f8d-b995-30e5ad664920","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":82,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"38145607-4b82-4d44-9ef3-871b8fe05048","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":82,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"c4b35cec-9616-426a-a135-1f03e465b5ef","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":82,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"f8218ca6-1f59-480c-9645-fb2e1da07718","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":82,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"5e9cca20-10ba-453e-9bce-eb6f46b6d299","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":82,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"320d7c1f-8350-4618-a284-a839207e006e","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":82,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"0e8a52c4-40b2-4feb-b4a7-e01c7b1a7ad3","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":82,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"ec1f3f86-7caf-48b6-80df-525783f8838a","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":82,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"7744b0a4-c620-40ab-9a55-816db5efcb9f","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":82,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"aaf43d9d-7dc2-40dc-9be9-400abac23cf8","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":82,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"4af34f99-58a2-4a63-836b-fc7aa97b97e8","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":82,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"31452885-b266-4e65-bf41-75bfb19e1d14","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":82,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"f8097fb6-f778-4cf5-8763-0261a951dc7e","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":82,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"4c1750fa-c0f9-4498-9639-82b29b82b8e9","block_type":"box","text":"II-34","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19b57f69-4bc1-4c8f-b8b1-58358b15622e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68c14701-bfbc-401a-bedb-4ad1cec6642c","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":83,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"28bb3c2c-b905-47dd-b0cc-0bb1bd9885a8","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":83,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"27dbb5be-afad-46d5-be8e-02351e0f8538","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":83,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"59675235-8c13-48be-a826-2967c70c7053","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":83,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"fbd0c7e1-0ad4-4cc5-9d31-b752b08d6aaf","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":83,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"8d41ff4a-e56f-4188-a5ad-885ad2f63db9","block_type":"box","text":"be available for very limited periods.","page_number":83,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"dd7c0be2-387d-423b-bbf2-2cbe5b2197dc","block_type":"box","text":"Investment in Emerging Markets.","page_number":83,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"6b28a56a-a57e-4e41-a698-5da6342c4421","block_type":"box","text":"General.","page_number":83,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"4e3b7df8-e284-428d-95f4-530b750ce238","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":83,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"01e7ecda-48de-406b-a6b6-da37c86ad931","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":83,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"1f9d05e3-ea4d-4926-b103-534523ad008f","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":83,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"9a291d36-5c65-4935-bc12-6725e6db6955","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":83,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"26d649c6-b05c-47dc-b1ba-696538620691","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":83,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"1cc986f3-39c7-4466-add5-593ec93b7676","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":83,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"5cee5d80-040b-4682-b792-f41614dee457","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":83,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"9ba45899-b260-4721-93c7-bb37d1eb7e41","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":83,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"4a26157a-bf97-4202-8380-f1ca86930e49","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":83,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"798ed477-3afe-42c2-9a1c-888202bea59f","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":83,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"9f134995-4e51-4f61-a275-6c146c251478","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":83,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"bc38555a-4e60-412b-8601-06fe8c7a4312","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":83,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"7b2e5d9d-e27f-40d7-bfc9-a7a3c29f8d92","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":83,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"6a386be8-ee4a-4270-b4c2-55f373fdd3ac","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":83,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"da497b02-e73b-44fa-ade4-ccc1813e0178","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":83,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"2a237ceb-98ac-4f37-916f-215aa549d6b1","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":83,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"2ebf886a-4501-4d2e-8477-96b4dca8232d","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":83,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"503181bc-db89-46ad-a2cf-313e8bc8b6f4","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":83,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"7521fde6-c3a1-4d95-bb12-2cbb35f61e67","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":83,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"02808bf0-691c-476d-8ffc-4bf5370f76d3","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":83,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"344d00cd-2ff9-474f-965b-c3642fbede33","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":83,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"0511ccd2-6925-4321-bc1c-380889eccac6","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":83,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"d51b6bcc-f397-466e-b8c4-b77b9e4ab949","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":83,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"46a44821-26cc-494d-b4f0-5ee0419998bf","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":83,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"7c4494c9-db8a-4333-b82e-0dd218469d65","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":83,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"0672da48-fd7a-4d1a-a532-9ef6bb397d30","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":83,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"f9de0643-6716-4af1-b41f-c4909e195e82","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":83,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"6ddb153b-c9a2-4dc7-a865-81cfbde813ef","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":83,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"894b5908-0390-4f97-ab5c-bdfebdc27110","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":83,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"8d84575d-5d45-4bee-b37b-7fe1d31a09dc","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":83,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"d9baca2c-dd2c-4832-af25-985deeb92aed","block_type":"box","text":"volatile than investments in more established markets.","page_number":83,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"28cfd217-40ba-4b6c-8358-f88c63bd18f8","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":83,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"324ee275-7538-41be-a211-01f44714ee95","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":83,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"51ccfa42-a5ef-4a66-b87b-c354accfb4c1","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":83,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"6a985d76-2e0a-4bc3-806a-15113715c8be","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":83,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"a517cd64-9e3a-44bc-aa83-635e4fd1ff7b","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":83,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"0fc737db-d33b-4ce8-b4c9-b7a5719759ff","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":83,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"e3fd3a2f-1d90-475c-ac95-6ea5839b3323","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":83,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"3ecc0026-8497-45ae-be71-d15c8ea4bba1","block_type":"box","text":"acquisition or disposal of securities.","page_number":83,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"c6531477-ed88-4c14-829a-3709fcfb6117","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":83,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"f600b08b-39cd-44da-a325-2f8385a9ae53","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":83,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"f922827a-3ec4-400b-bd69-a1b8c9cba3c4","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":83,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"cde299b7-a9b3-40a0-9e4b-cafd4b829b54","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":83,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"84bc1575-ba09-41a7-951b-6b7d407668b4","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":83,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"eab8b412-2b08-447a-b03a-b95cc6b7768d","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":83,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"950809c0-dbcf-4cc4-a301-e8cbd6ce5f01","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c05077ee-d075-406f-94ec-752a825117b6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c4c71a6-4baa-45e9-a3c9-755f7d6130eb","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":84,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"cb785951-6dde-455f-a1d3-2fe3ac2d114c","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":84,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"4f88ec11-7541-4a8d-a107-783c02f5a6a0","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":84,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"53a98403-43ae-4621-9f3a-463f57bf672f","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":84,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"143f5554-c25c-41d1-8c76-eb6ea220c70a","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":84,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"6140b7d2-b39b-44b6-a8b4-f99ee151a98a","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":84,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"4b9354d2-1393-4c0f-841a-44a86d055e29","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":84,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"3679f8ba-2673-4869-b73e-154d24b4a5b3","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":84,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"282dcba2-b5e8-4d5d-9386-3955adeb30ca","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":84,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"bddbdaa3-af8c-4913-a331-91c1a1c26576","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":84,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"6f66e246-cab3-465f-b739-0ea4f4b69aab","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":84,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"9df6c401-7478-4f9d-90cb-e388bffffde9","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":84,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"3dc723da-aed0-4864-9341-5c07f4c1744e","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":84,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"a87595b3-c1e6-45db-a920-3b3b3c07db0c","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":84,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"530e00ba-f04c-4b39-a007-02779f0365cc","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":84,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"07132ef0-2f3e-4b0d-ab6d-16c8c254f599","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":84,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"6a4de2e4-efb5-4a1e-af8e-b7cbf2975261","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":84,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"703959b8-fb31-4c18-baab-2a63485fe192","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":84,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"2868de25-e786-498a-9f2a-9287d5b4a64f","block_type":"box","text":"per formance of the Fund.","page_number":84,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"7f1659fb-439a-4efe-954c-fe81099d4b96","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":84,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"ba8d422d-f235-410e-98e8-1a825339a23b","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":84,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"f58b4aeb-d9bd-42ad-beb1-bf6ea39d6700","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":84,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"8ade7fe7-e6ad-4dea-8234-b6afb72625ab","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":84,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"8824ce0c-854d-4950-b80a-66b13eaf9e20","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":84,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"00c2d482-ac62-4b38-8c92-5c9268773b5e","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":84,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"f34e0d88-1b2e-4a25-aa9c-8ef34c7b9833","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":84,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"f3641dbd-b57c-4a53-bd68-9c5c88dde2cf","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":84,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"c3cab03d-03f9-48ff-92ac-c3d03b2e1307","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":84,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"6902705a-a291-411c-b5b8-bfd50137fe99","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":84,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"68b5eb7d-94e9-4914-a924-4f311bc05e0d","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":84,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"84132fcc-3334-4d5e-bf4f-311e46e10344","block_type":"box","text":"affected by a variety of factors.","page_number":84,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"3a83939d-1546-460a-85bb-6985fc22b633","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":84,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"95d8f5e5-cd4f-44c8-bb83-7c3a5e845ae3","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":84,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"613de925-a920-49c9-a7fa-b0dd75b767b2","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":84,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"758bd5e4-5e6b-4404-8a1b-7b769ca95fb9","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":84,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"f13dd734-13bf-4908-ad81-4a1c8237b57a","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":84,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"5f6b1c1c-81ae-47d0-836e-888e05502b8b","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":84,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"e9c86ece-0f87-4737-abe7-d560a236c728","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":84,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"aabccb25-260a-4705-ba88-f7e9b2c64b72","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":84,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"ac732b1a-720a-4a25-97ff-1aa97b56ed5a","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":84,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"5f205011-88e8-43f2-a5e2-36fd8c45feda","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":84,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"3523bddf-44c7-42f5-a878-59d8438af9e9","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":84,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"d9873326-e6b0-4431-9c59-0a003dca7338","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":84,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"7434c1dc-0eee-409c-a227-5b121907ca15","block_type":"box","text":"nations.","page_number":84,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"58400653-f4c6-457d-b8c4-22145e6d6659","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":84,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"e90ca9cf-3047-4309-ac43-290562ca6038","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":84,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"cae6a8d5-4947-4a76-a2ec-847fddd522da","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":84,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"0c484f72-340e-499d-bbe9-3bf6d2533af8","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":84,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"0844609c-49af-4996-84d1-980af9856161","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":84,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"a813d9c3-2716-45ce-9946-2d8e4c812bd2","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":84,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"f83715ab-8cbb-4ad8-8bb0-54dc1095364f","block_type":"box","text":"market Asia-Pacific companies.","page_number":84,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"5e18d901-7a97-4467-9a33-634488d43b03","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":84,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"e2585d1b-d190-41f1-9002-b2fb090c7db8","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":84,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"cd4a82e5-ef65-4529-bad0-14d6dec3f887","block_type":"box","text":"services for such securities outside such countries.","page_number":84,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"44d5a4b9-786b-4054-a198-f187606ca464","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdea27b3-67e9-4239-a634-7beaba109ca9","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ca886b0-6ff1-4a55-bdf2-c71afe43297d","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":85,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"5c333e7d-66f5-419f-8ea6-55e3a16f12fe","block_type":"box","text":"to commercial banks and foreign governments.","page_number":85,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"e1cfc14e-5404-4479-b718-0937f95a50e0","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":85,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"64587524-92ad-452b-8678-41c66f9c50c7","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":85,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"930e61e8-130d-449c-8e6f-a74d39f0f93a","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":85,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"e7223e5d-982a-4fff-997d-23da7e20c91d","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":85,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"1dc7bf1d-fa6a-43d7-97c5-03f454ef42d9","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":85,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"8e88b8d8-3611-42f2-b6f4-57ee1a5d295a","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":85,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"5d289869-c813-492b-8b31-0c0f90970dfb","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"c699b78d-1b82-48f1-88c5-61fb007441e9","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":85,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"b03ceee0-c9d8-4ee7-9729-43f56d9539d9","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":85,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"c0eec378-88e4-402e-87f2-e181b2d125e7","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":85,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"74ad178c-3d1b-48ea-9e31-213214890d2b","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":85,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"c6548743-3231-4afe-8d84-42f503b45cae","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":85,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"590e56d9-f7ae-4b6e-8b31-847fe75e52fa","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":85,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"a5ebfc4b-30f5-4b2b-b050-cb2db2606ff2","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":85,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"b10b7427-b9ac-416c-8e8a-0798279a0b0e","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":85,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"2431fd01-ea99-4bb0-8abd-032fc69adb92","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":85,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"96db01f9-5a92-4b88-b41c-90d8a7f6be04","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":85,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"14eef811-bb82-4674-ac83-c7af724ac991","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":85,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"67681f09-7d88-42ba-8ee7-ed006e322d71","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":85,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"ecf3d8bb-5ae4-4db0-9857-729c80c65bef","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":85,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"7b96bb97-ec20-4a7b-ae12-d543b9c91ea1","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":85,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"f6a8e65d-0fc6-4cd8-ae62-fa84ac462720","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":85,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"8d1a4db7-01c5-4c0b-b754-5e95682c2093","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":85,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"52b0887c-5031-4d4a-9b44-5f504589067b","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":85,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"4c29c75d-6c40-4849-bffd-aad430d94460","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":85,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"b0c798cc-b0b4-4423-b4f3-6c5f3bf7ced3","block_type":"box","text":"investment at that time.","page_number":85,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"608da0b8-4d0d-4689-9e73-c4a1ba5856d7","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":85,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"7d8f56e9-5beb-434d-be05-73751ff29fd1","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":85,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"98eeab7e-1beb-4009-b10e-8fea755070d1","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":85,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"49510ce6-f67b-45ed-a7f7-06ac634216c5","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":85,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"de9a0513-6bab-49db-8d77-1bfeb0712def","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":85,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"5fb5d353-b2a0-4976-9e95-50b398566332","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":85,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"235a34df-bf35-4804-87a4-35064cc41128","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":85,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"f71babe5-4918-4a30-b475-b99c2fc73b46","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":85,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"b173d56d-75c7-476e-9497-ed0cf4a2d1e4","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":85,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"265f47d7-1e29-44fa-9133-5b512ed24500","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":85,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"d6454724-5550-4a76-ac11-96f69df8ed24","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":85,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"98e20a14-d827-4fc8-be66-5fd673796fe2","block_type":"box","text":"government).","page_number":85,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"bf66696a-84af-4aed-a470-035db490a863","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":85,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"249cf25a-3781-46dd-8d6e-4c67553558b9","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":85,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"54652b78-cd04-41f2-ae66-e2f5ba3cce78","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":85,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"cf9fc6d5-352b-4d82-9ae3-a9eac149cb8b","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":85,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"246d9f67-e2f5-4403-808e-f6839f126d9b","block_type":"box","text":"foreign banks and other financial institutions.","page_number":85,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"09cadeb4-ceac-42a0-b25d-9819e83ea304","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":85,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"1f3807be-fcf4-4e71-b6f9-2ee55c5a0c22","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":85,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"76ebe71e-a7cd-4c22-9faf-dd681be66b48","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":85,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"46dddad0-0f0f-4e49-af94-544fe502fc45","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":85,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"156a2a7c-3f77-41ff-9c88-cb11f1e6bdce","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":85,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"aa424e07-cc26-47fe-ac86-367d209aa077","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":85,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"462903b1-4613-4fc2-a3c8-0b7b3d2d420e","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":85,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"cc4de236-4fe0-41f2-8f3b-8a9d69f8b0fe","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":85,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"114ce72f-152d-49ff-a191-70e13d5648fd","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"259db5c5-8e65-4ae3-830f-288610b82445","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2639492f-c229-4957-9be3-6b2097a56e85","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b90acc0-126e-4cd7-8d2a-07d65e6b687b","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":86,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"92344c92-a223-4338-95a9-186d42ff159d","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":86,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"d8440c5e-5917-47e1-a03f-269cbd7fa7b4","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":86,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"35ed6aa1-1ada-41d0-9c42-728a40a0cbb3","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":86,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"1c78176c-386c-4c55-92e1-2fd2d91f9c19","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":86,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"bfe21eb7-1ace-451d-b2e3-375ad66119bd","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":86,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"361c4cd6-f462-49ac-927a-184aabc6dfc5","block_type":"box","text":"foreign securities.","page_number":86,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"082bd9a8-57fe-417b-88ad-477e3ba579e3","block_type":"box","text":"Risks of Investments in Russia.","page_number":86,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"e22566cc-4a8b-43fa-a187-3d44991eddd0","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":86,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"2d419991-e7d7-42b5-ad4f-da581988fe07","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":86,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"d58fe2bd-ff98-49bb-ba7e-aa9d32d7914f","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":86,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"e3649ff2-677f-4cac-9195-a11f47530916","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":86,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"5b6fe0fa-b9c7-43e7-b67e-1b4bcee84fdd","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":86,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"08d382eb-7eda-4523-89b7-ac28cb8db397","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":86,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"8484dffa-421f-4b72-8a41-92430bb8e50f","block_type":"box","text":"developed markets.","page_number":86,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"3eeb4e4c-703f-479b-801f-2c7c3f5e0f2a","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":86,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"71a45641-9123-4da5-8f99-5f1d3ca3269a","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":86,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"41a20828-9f95-4c4a-993a-e9a2870a11a7","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":86,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"5b62fcd3-55ef-4ffe-b6d7-748925d8ebfa","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":86,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"2d1ef86f-0f22-4b6e-8b90-9b78036ad724","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":86,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"13d1925e-5a34-442e-97d2-1b71ed51941c","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":86,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"3d24bf62-ab92-450e-88f2-86ad2690ab16","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":86,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"c14dde67-50c6-4d9d-882e-00284846e370","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":86,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"26502eb9-5a97-459a-9ec7-b2efa234912b","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":86,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"88c5831e-1cf9-4b79-9e55-9d820cbf68eb","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":86,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"519ef8c3-eec4-4476-a1b2-dfbaa46f9375","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":86,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"2ca345a0-5090-412a-b126-39e7826d2f3f","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":86,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"eedbb351-6cf5-452e-8a13-da383aa7d4ef","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":86,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"082777fd-ffb9-4e26-a395-6d79599239ff","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":86,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"d74f71aa-5bac-4dd2-a34e-531503c4d7f5","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":86,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"aba76814-243c-461d-889c-b608c95d8c1c","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":86,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"95a2acd7-c2cd-456c-bd6b-bfbff43d88a5","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":86,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"69fa5b2e-1d38-413b-a38c-d18fbfd242a4","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":86,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"9b80cbdd-d54a-48ff-90ed-d6210ccd2d0f","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":86,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"767a73fc-f0bf-4f75-b952-483a18c04417","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":86,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"0c0931a1-c3aa-4b5c-a722-6936b13bbc4e","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":86,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"4f0a2ca8-48d1-45af-9b98-79debe46e764","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":86,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"f94f99eb-71f7-4252-8da8-f2487ded9062","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":86,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"3b622f80-3864-4ee2-995e-26758339097d","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":86,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"95226461-a1db-4118-a22d-ef643910ff7b","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":86,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"9395577d-45ad-45fb-afdf-bbed55aa7361","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":86,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"a3e02b4b-66a2-4554-978d-e69c1d03367e","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":86,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"235293f1-00eb-48a2-8eff-7a1eee59843b","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":86,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"7487da70-816f-4675-90ad-8548cbbafec8","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":86,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"78282c95-0c3a-4894-b6eb-6e5c29474639","block_type":"box","text":"sectors globally.","page_number":86,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"11393c5a-9a70-4ffc-9874-cf2f22d93357","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":86,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"3e304553-c637-4500-9037-dd5ac377a90a","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":86,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"691605d2-f7f8-43e1-9061-854ec2076553","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":86,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"b1788091-ce20-44c0-8507-e88ab1c44899","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":86,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"c294bcd9-8200-4f87-b0f3-ef1a4ce0c4a7","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":86,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"01b8237a-b5df-4c83-a3a6-29d7d76d0571","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":86,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"3c07462c-885e-4080-a82d-45e0f744013d","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":86,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"d60b7567-428a-436f-acda-27c1712f3090","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":86,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"50e42bb9-8417-4288-8386-937b930544e7","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":86,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"4b02e867-d737-4b65-85d3-e18826482129","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":86,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"f4e69090-8515-499e-9887-bb0db9734af5","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":86,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"dd9fd262-5caa-4588-bfd3-a7cfee793bd8","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e8bde72-3833-45fc-9c7e-55b077fd6876","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4aeacf20-dfc0-4866-88cc-73abf0b2e7d7","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":87,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"ed8000f0-0291-4a2c-a58d-c74ac2f5df5e","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":87,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"0276a083-686f-491c-9975-1d278bc05d43","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":87,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"5f0d490a-4172-40db-bca0-ae9d0f4666ac","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":87,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"00828035-639b-4759-b5bb-56931be9f738","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":87,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"3d775d7a-f787-4bb2-ac43-cd5089b034d4","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":87,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"837f0963-6ba6-458c-9ac4-cef353597094","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":87,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"a827a6b2-f68c-4978-a2b0-a5ebf45113fc","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":87,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"92a6fc3f-2c2c-415d-8ebc-4cf7ac54ae0e","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":87,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"e91109da-b742-4819-979a-0eeb78a9bcb6","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":87,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"1393070d-38a1-4633-b35b-bd5147990abe","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":87,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"af5756e6-c4c0-4559-b378-e7973918f526","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":87,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"645a3414-9287-4391-ba60-35812ca9f4f9","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":87,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"d07be7c3-1235-42b4-850a-cdedca05f7c0","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":87,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"7ebea466-6df3-4c96-95de-91ea89f78fa9","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":87,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"fb0e7c52-a66e-427c-9113-a8ea09412f07","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":87,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"9ce19d3e-b879-432f-832c-546b4806ba3f","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":87,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"676caf2f-510b-4c5f-b731-05f35f7affe5","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":87,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"0a9f9c61-ddf2-4960-8015-0b29ba99a0bf","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":87,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"55be6054-3fb5-4370-9ce1-121223d0c39a","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":87,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"aa7164a9-987f-44bf-a576-ffbb27fed7d8","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":87,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"081cc1dd-eeb8-47d5-ae4a-9157b63086f0","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":87,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"51707241-fba4-4e8f-917a-de8736ea78c8","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":87,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"26a203b0-566b-4b48-b5cf-ea5bd5f2196e","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":87,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"2252a920-b712-4c13-bfa1-76c7117935bf","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":87,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"9f675555-d13b-4635-8717-c4a56fc1ec5f","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":87,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"92e747df-da6a-47b1-a5ba-c29ccc59d32c","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":87,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"3ac181ef-e0c5-4717-946b-13a6bcf8162b","block_type":"box","text":"impacted.","page_number":87,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"38a84103-37dc-450d-9655-389f8b780bd5","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":87,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"5f6896ac-cb43-4118-9d2e-3cebee8f6766","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":87,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"cfe8fdbc-e031-42f6-80b7-68d90794fa94","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":87,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"1c2bc432-92df-48a5-9729-d694d63f7e29","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":87,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"5d1d27db-627d-4be0-bd9d-61a7db7df5ba","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":87,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"ca5b5854-f899-406c-b9ef-d4c7a33aec49","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":87,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"47f9b996-a545-4de6-935e-0835af0de17a","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":87,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"2a26f161-cd0b-450d-be1c-2c5e8dc79c93","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":87,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"c4e1e4a6-aba6-4ec5-975d-fa84d60c25c5","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":87,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"c12263dd-8ad8-46db-baeb-b4ce93ece0dc","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":87,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"22e3184a-4d25-46e4-99dc-fcbbb27f0f84","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":87,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"d6244744-2811-464d-ac7c-029926eb0458","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":87,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"cb0b2ee3-a962-4c24-8ec0-27d6f386bfb4","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":87,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"a73e49af-a2e0-4aba-a31f-476517903c8d","block_type":"box","text":"economy.","page_number":87,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"915f4822-5001-4092-9154-bc0cfbfc0dbb","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":87,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"2235787f-c17e-4511-aaa4-1b04b1fd78c3","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":87,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"8f7dba52-2b46-42ac-8934-6498e99d1010","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":87,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"b71b260b-8aff-44f4-a345-2087b1e63e90","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":87,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"beaa6a41-d445-4f29-a41f-4931fe96fd8f","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":87,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"24f11e64-a079-4475-83ea-547d4ed7c70b","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":87,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"8750569a-a772-4f98-846a-7fe10b36caa7","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":87,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"e1a399ba-2eb7-4629-8c44-920622978411","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":87,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"c393e608-592c-404a-b2d5-6ac1b5c9e6a4","block_type":"box","text":"typically the case for investment managers.","page_number":87,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"5190337e-31b9-4126-8164-411a5039e4bc","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":87,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"2263888f-1459-4c44-bd79-6cfa82563b36","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":87,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"f856dca6-de22-4a0c-8bd0-3aa787d4d83b","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":87,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"9dd66c0e-4c24-49ca-b1b5-df36f79dfce3","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":87,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"edf30913-c7a3-4e1f-8b3f-62f906c0f8e2","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":87,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"dc8643e1-5029-410d-b623-9ea558153d8b","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":87,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"b760e443-ab56-479d-8237-3862324d6db4","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44a4c106-eaaf-4a2c-991f-d506abca8a4a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0227bd6e-266d-433e-95c1-c32d856ea81c","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":88,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"bb83040c-a30a-4128-84cd-3a4a0caa9574","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":88,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"d1c584f4-4fee-48fc-a367-7c749b6b49e2","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":88,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"33b09016-4e61-4208-9cf2-9e9df1267b31","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":88,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"87b8a822-2038-4232-bf42-08ea53d8ee7c","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":88,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"1a0828d6-8c38-42d1-ac22-cbc0480f49df","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":88,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"d12bf5c8-ce1c-4fdf-abfe-c75530859d22","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":88,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"809add9c-9e01-4efd-8740-7205aa3f651f","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":88,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"230b8130-a4a1-4759-9ca3-c35c0d780314","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":88,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"e5997f9a-f456-481c-9bee-2b54869c4b02","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":88,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"507723aa-4a92-4b47-a618-b84e556004fe","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":88,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"1ffdc936-5b0f-4cea-a713-b94104d5d2c2","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":88,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"eb3cbb02-ff0c-4c9c-b62b-e559128a71f8","block_type":"box","text":"will be indirectly subject to those risks.","page_number":88,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"2c214809-beb3-4585-8314-2617b7b8d9b8","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":88,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"3195b116-d66a-4b5f-87fe-d4f02428cc8d","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":88,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"c0909a4d-efa8-47e0-b377-b2fc3bcc6850","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":88,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"09a51a08-0a56-4133-9690-8bc142d6f32f","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":88,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"96a1d63b-dfd0-4f2b-b3a4-e95d8ab18942","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":88,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"02125ac8-f480-4093-a10f-18f1f3d9d635","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":88,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"a8ed151c-ee67-4035-bcb5-0db3ab815803","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":88,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"9ecae31f-68ba-45f1-8963-7c62fd96aeb9","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":88,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"842b0a4d-6fa3-4f3a-bff9-05645894da64","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":88,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"99e84705-7c29-4f30-b6a6-e54a75db4b8e","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":88,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"521c359a-c62f-4b44-84a4-4d212b2db7ad","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":88,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"e191c9f7-2442-441b-948e-220259a853e2","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":88,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"d2966ffd-5dfc-4a46-8c01-0390a5ed0df9","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":88,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"58e7776a-1eb9-4609-83c6-08fdc691eb66","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":88,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"0f503d33-b742-4ad3-9a7a-f2aac2b21540","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":88,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"4b50e199-7c2f-4d9a-a724-91cca934048b","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":88,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"f28c3997-ba70-4058-99be-d44b6aa0b932","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":88,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"db7b68e5-8dae-4359-b908-81296f707f2b","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":88,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"6c832784-d3b5-46fd-8581-1aaf4a5a7796","block_type":"box","text":"impact on a Fund’s investments.","page_number":88,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"3c8340b2-220b-45ed-b4ad-7a12a6d9a459","block_type":"box","text":"Brady Bonds.","page_number":88,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"d4ceb84c-a3e8-4405-a9a0-0db150aa4347","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":88,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"80c90f25-1400-4da9-bbf2-62bf800576a8","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":88,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"d4f1b3eb-3959-4df2-8144-c62d10adfd70","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":88,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"7a2b1654-9c2f-4f53-82e9-578701fafe08","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":88,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"ad901949-b4e5-4cae-9220-ae29f3fbb9cc","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":88,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"5b3aba5d-ccee-4970-aa64-374462612e30","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":88,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"178d132a-5196-4aef-b08a-1c5af949cfee","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":88,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"1ad8ead0-a28a-4b4f-b30e-fd731387291f","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":88,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"acff531a-7237-468f-b84e-1818bf8e5826","block_type":"box","text":"Venezuela.","page_number":88,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"e7108f9c-34cf-4b2d-8fb9-758089d8bb86","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":88,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"8f5380c1-9c6b-4ef1-8ab7-898da8ef4492","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":88,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"4ccf89d3-a354-4dfb-9d27-41d74dea02fa","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":88,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"1589c2ff-7b7a-434e-b4b8-7ba70d544230","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":88,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b2150d20-a435-4cd6-b4ae-c1261be18e6e","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":88,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"53a7f5ed-6dbc-46eb-838b-180cc5e0f0cf","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":88,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"9cb2d180-c516-4778-a926-39fda1331f55","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":88,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"d322b8b6-b0fa-42af-89e3-8c463ea8ab81","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":88,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"2f8f1c40-a60b-4cce-8577-67322e31f2e2","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":88,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"5a45b373-50c6-418e-bfeb-9e75e66922a8","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":88,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"fbd303e8-2a6e-4fa9-a623-e559cffad75a","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":88,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"96cfa645-a2ef-468d-b128-4646303e3f84","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":88,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"310dbcff-a4f1-4ffe-a003-a77eaabdf7d1","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":88,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"4073a9d7-21ea-4acc-a3b8-f283dced982c","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":88,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"13115bff-cb4d-4503-a8cf-4ae238caf675","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":88,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"548a05db-9375-4f7b-ba6f-1134fec7c480","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f982c49-0f9a-4c24-b3f1-2ee8b0e5f418","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad0f5cf6-a336-4a39-8d8b-ff304e6ecfb1","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":89,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"3dcdc228-5944-47f9-82e6-50e87678d3e6","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":89,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"ae0dc211-2ad2-45b0-ad67-72289652d1a5","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":89,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"bb1c42ac-0505-4b02-9c8e-02ec00762d0c","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":89,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"3b66d5f0-756d-43e2-a631-2d72a1a074f5","block_type":"box","text":"China Investments Risk.","page_number":89,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"d53a70d6-408c-4b0e-af7d-ae409054c4e1","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":89,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"8597bcac-d0bd-4e49-8171-8d51994e82ce","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":89,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"c45c8131-5158-4915-ba41-02b6dee41e45","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":89,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"7e6ed679-6e8d-4dc0-a217-97fd226b0eec","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":89,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"8b4dcf8e-24ae-49eb-9e53-e0480f2d6b5b","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":89,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"af9b1bfc-05d4-4bed-b054-4a9cfb3b70d9","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":89,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"120add8f-9c00-4c8a-a772-271c6940fdb2","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":89,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"9b9e7463-d7f5-42cc-a66f-de1fc4b9914b","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":89,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"1fe4476f-b96b-4743-ab27-faa1290aba9f","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":89,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"ccaae770-7395-442b-990c-0f5ada47166c","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":89,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"151ca23a-b330-4eaf-aed5-4700140ca739","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":89,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"2196e877-396b-4214-967e-13085d899f91","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":89,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"6ed36552-311d-485a-8e58-0f9a4b6b0b5d","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":89,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"4be4143e-dd99-4175-9514-993e1d317bdf","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":89,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"06a52fe4-e1b4-4ea6-aad3-aaf4af36d77a","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":89,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"285e7664-95f7-464a-a2fe-33629946e317","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":89,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"61c888d5-a9f4-4505-930e-c7f64dcf6495","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":89,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"096f2409-898c-403f-9835-6bb5c33f8e9f","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":89,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"238d21aa-32d8-439e-a8e3-7f277d1abd1f","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":89,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"1fa1e9d4-c6c8-482c-b380-0360cbfc288d","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":89,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"f0996327-3a19-452b-b5b8-31b5b26d76a9","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":89,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"d26f2a0e-88fe-405e-bc70-6841270a0fd1","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":89,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"17ee67fe-993a-4a46-9080-9871cea40088","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":89,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"6d34f378-a293-47ec-ac22-f59b1f6bfcab","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":89,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"febc8811-9c56-4e77-aa48-9205f3aa8c61","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":89,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"b18aa4da-19a4-4289-bcf0-d0e923072c1c","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":89,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"c6fdb512-a849-4f27-8964-8792c97f594e","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":89,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"3413efcd-ba53-4a03-89c4-da29f6d5a6ad","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":89,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"7959c3f3-c7e8-4f37-8a59-66ad1dc659f5","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":89,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"a20c4d96-cfe3-44a2-a7c7-aebb88a843ce","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":89,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"54ff5350-b3e5-4e3a-8720-4f9614daafc7","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":89,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"24d3e669-b41b-4a60-aaf0-240bcea8b524","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":89,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"5c65e913-f320-4208-80e2-729929ef2352","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":89,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"8495558d-fdda-4840-bd36-df32b58e1cf0","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":89,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"42dd0c37-9821-48d0-9372-26d5501194f2","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":89,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"970d378c-2a51-4537-9f97-39aa4329398c","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":89,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"5ff16ce9-eadd-41ac-8c5a-37a0952127da","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":89,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"e1a52864-4d50-40d7-95a3-4401796eb4ea","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":89,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"291bfeca-2f3e-4b49-9830-1af6f76b3be6","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":89,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"b47c94c3-0b1f-429a-9b00-c8968c21424c","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":89,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"dbc26a1f-7b88-47a6-a3c5-58532e2bbf5a","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":89,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"048a6ca1-df57-489f-b07f-ccab26db20af","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":89,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"a231c682-4e20-418d-9eed-69edb4d01ce6","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":89,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"61568283-7d6f-4bf7-a228-7173a90d4085","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":89,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"760260a8-40c9-4d66-b604-77c9bc79883e","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":89,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"f3c73b61-3b5a-48e6-b5aa-e65fcd2145d8","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":89,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"9e8bb078-0e51-4c0e-822c-a050c96567fe","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":89,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"fd523a95-52d8-406d-9939-238b228512c7","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":89,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"e65973e6-02d9-44d7-baff-f3eec2abec57","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":89,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"85e20c35-2dd7-484b-bb62-1176890ce84a","block_type":"box","text":"sub-custodian.","page_number":89,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"2b6d0832-0379-4702-b3f2-c62bd4657543","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d12aa9fe-0443-4076-951b-532efb18e615","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e5bb91a-a2a1-47f0-be70-ca1291a89ca8","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":90,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"d3889d3a-9c70-4315-9eb1-391aa2097d9d","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":90,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"e746607d-3071-4cf9-b2b6-48b69d498fd4","block_type":"box","text":"on investor protection considerations.","page_number":90,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"b7f14aa3-e9f8-4bfc-9909-09385a1d7d4e","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":90,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"c429c372-04f2-47e9-a096-1eeda6006e83","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":90,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"965f53aa-36e8-48e9-9c27-b8655bc0b041","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":90,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"b0272eb7-7fb3-437c-9838-156f6c8c3e0a","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":90,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"cea8d2de-ceef-49ad-ad95-016652a4ec46","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":90,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"280b215a-1f78-4fbc-9433-8aa168a19207","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":90,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"cf281750-7f86-4e97-9a54-6de7a410fd9f","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":90,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"95f0605a-aa99-4806-9526-b45ed9c30f1d","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":90,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"6208a5a3-ca3f-41de-8ba9-d0c96319ca4b","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":90,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"06e09023-b8af-4851-b3ef-eb5479cfeefe","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":90,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"6081c18e-29b0-4cb9-ae43-4255fdda89a7","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":90,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"45cc7750-5e94-4aea-9835-7774787577c4","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":90,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"4d2ce376-9e12-4202-9d2b-9b33f582b5bd","block_type":"box","text":"accounting firm.","page_number":90,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"596797f8-66f4-4551-bc2f-3ffd470c9c85","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":90,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"8f449abd-e377-450d-b4c4-3df0a9cee653","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":90,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"7c953fbf-c9ad-461d-848f-f9c09fa47dc3","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":90,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"cb0fe6dc-6e9d-4e44-b6d0-cb97828ac9a1","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":90,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"9998c4f5-18de-40f5-925f-facdc2611d36","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":90,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"300a72ee-6926-441d-8a61-cf2e50b0d7e8","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":90,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"612eb955-8607-4cab-9aa3-d03904a52910","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":90,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"937bf24a-a7ef-4aa4-94c0-6731407adec5","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":90,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"6f88c1f7-a082-416c-a483-716520a5918c","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":90,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"883e4f6c-c22b-4c83-b16a-c3fd4aa05485","block_type":"box","text":"RMB (“CNH”).","page_number":90,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"6b3661f6-ff74-4fd8-afd3-81dec672727c","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":90,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"b8cb67ea-a8e6-43fe-925c-bbf618616a0a","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":90,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"87131129-8ec0-4955-b457-2b6c1e0dd469","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":90,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"bc6d3f7e-c0af-4083-bc09-03ac63433b9b","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":90,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"1cc01b87-2f23-4c7d-b6bd-b81c1272524e","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":90,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"e279a880-1464-43c9-b7f8-ebadb9139d00","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":90,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"4ff6e749-fe36-4a1f-828b-65a40d0939e1","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"1db2133b-df47-4b18-8a20-db8eec234aeb","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":90,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"a6ccdc2d-df14-4b41-baa8-319c4247247e","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":90,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"55466d33-2636-4be2-bb61-f6043131c7a9","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":90,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"25f5718c-4e56-4c7f-837c-f8d2dca25e1e","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":90,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"935c13ad-9322-4d2f-bdc8-14ed9c9fda6c","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":90,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"d6db77f4-17a6-45e8-a8d3-4ea1939da843","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":90,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"60018cda-a438-4813-b8d4-c8c3d29468c9","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":90,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"8ac03198-f1b5-49e2-b60b-5e0fc9326ace","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":90,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"a4d5d086-b2b2-4640-a1fd-8767b09a74b0","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":90,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"a2d3bf5f-2da7-417d-8a0d-abd8f8103f0a","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":90,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"251dbef9-8d18-4e19-9eaf-2290c7dac299","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":90,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"b424fef3-d813-40a4-b77a-0790987c368c","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":90,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"254515fd-ee70-40e1-b49c-201e011a3478","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":90,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"d07f8a03-342d-42e8-a006-21d3fe2dee5b","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":90,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"df15985c-228c-44e8-9497-060819b6359d","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":90,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"c6dde070-42f9-4d13-99c4-f1446ab6acc5","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":90,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"0be1c8a1-054a-4d2d-830f-11d9cc09084a","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":90,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"84383e09-d6a1-4423-b86b-216b2d44b0d9","block_type":"box","text":"losses to a Fund.","page_number":90,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"bcfd447f-9a6e-4028-81ed-771c91164a2b","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":90,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"64e63226-4379-4964-8d73-a23623052580","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":90,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"2f8251c9-5a5c-43f9-9082-32c63e9cd74a","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":90,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"2070f6f6-c479-432a-86f8-900cd2369e8b","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"ed14bad4-292a-4859-92e4-178d98956fc6","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d57b8f9-cff3-4de9-9034-c4be40783163","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a131a82c-b4b3-4b08-a639-f77c41b2b729","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":91,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"ea794d98-d050-44cd-8508-1e239a246d3f","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":91,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"8fec24b1-a467-4a65-83fb-f315ed93b984","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":91,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"f9848c36-edbb-4188-834a-85ab54a3bbb2","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":91,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"8ded5ca6-becd-41a1-afcc-5883548a2eed","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":91,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"36fc7fd8-61c1-4848-886b-c7bbb0562dcd","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":91,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"8b84acd2-06cc-410a-8c0a-18efe455bb18","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":91,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"1c41fed2-ce88-45db-bf73-2a808bde82ca","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":91,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"a036cb94-ab7a-4ef0-a159-1856880219d6","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":91,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"92c497a4-5c26-48fc-81a4-9b13b7d83425","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":91,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"a78cad9e-6bb2-4f09-86d1-1fc9bfddba9c","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":91,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"79215f19-bc87-4be9-80e1-feb58ef36be9","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":91,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"ff0d55ea-3a49-4b20-bce7-b15247c988d2","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":91,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"44445cdd-5e19-488b-a37a-98c08012b725","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":91,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"669a9d5d-8012-4785-80d3-c9aee3255907","block_type":"box","text":"such companies.","page_number":91,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"baf6dceb-be3c-4acd-8b13-6fc7ea9dfc33","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":91,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"15693c4e-397f-4bce-a950-eb0cb56917d4","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":91,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"abd21949-c221-4088-a42b-388ed6a69bfd","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":91,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"5cd24a28-c561-4d88-a897-ef66275bede1","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":91,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"32ac43ee-0492-446f-8bb0-8fa56d72eb1b","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":91,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"8d30ed35-e0f1-4adb-8fd4-bca013e1e2c0","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":91,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"639a4323-2a81-4b90-80ab-f8e93b6bb204","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":91,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"3abc1c49-cb61-4f16-a398-4b9b084d39fc","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":91,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"2c46ef62-ff42-401b-a91b-59a330a648cd","block_type":"box","text":"standards.","page_number":91,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"54d3c386-15c0-42a2-a6e3-699d424abcf5","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":91,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"5e8e4433-66f4-4754-bdd5-874fc215f65a","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":91,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"e1612799-6d8b-4d44-9dbb-1ab2208cc8a8","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":91,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"e0964d61-07fb-42bb-97b9-7bd220422a9f","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":91,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"e2c7db31-9e74-41a6-b045-5ae5ed1a2bfb","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":91,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"6ed01570-e619-4f2c-aeed-cef654cc8f81","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":91,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"4d14e524-e621-4a5c-9a00-eaa4e01f3899","block_type":"box","text":"General","page_number":91,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"07db462c-29b5-425c-a385-5465ae328667","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":91,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"ef4a04fd-4830-4d65-8a72-3f2fa0762c77","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":91,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"46ef7ecd-6e51-4c91-aac1-4ae176cf430c","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":91,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"6b22da13-a9b2-4586-a29c-a8af779a3f86","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":91,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"72a6a473-9f40-4a86-b888-925c6e53c45c","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":91,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"ea44067d-94b0-49c0-926d-4d86c2b40419","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":91,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"c3c109a1-8527-40e8-b220-abad6dbbc3dc","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":91,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"bbaad47d-bec0-4b75-9c92-433f202996ad","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":91,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"ca2451be-7e59-40bf-8c21-37ef50ebdb92","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":91,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"40e0d919-53cf-499e-9a04-b19353f3134d","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":91,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"165ecb5a-2616-4770-97d3-b71714b5fe97","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":91,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"cef534c5-3a8d-4cc7-adcb-73d14996556c","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":91,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"abecee87-153e-45b0-ba99-698fb0c7324e","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":91,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"0fea98bb-2019-4b6e-b51e-a447fae0b210","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":91,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d726b00a-f88d-4524-b2cc-f9c25565796b","block_type":"box","text":"company established by SEHK.","page_number":91,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"37b16fb5-c2d8-470b-8e8b-ea4ff945afc9","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":91,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"a212689f-a6ef-4331-9dbb-dd26918f5bbe","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":91,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"3a1f7a29-c6f1-412e-aea8-7038f61443ca","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":91,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"a3375e38-9cc3-4a1a-b498-05f47f011b75","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":91,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"5104f5ef-61f2-4e42-8189-083075f20fa6","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":91,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"945c78ed-082b-41a3-ace1-0d744c3a4501","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":91,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"79dbcef7-9013-4494-a5ce-91fb26f6243f","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":91,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"c8240985-a203-4fad-bdfe-6eaf0944e818","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":91,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"b843a034-56e1-4a43-8d41-b9bf0f35ba1b","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":91,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"221b8047-628e-42b1-9702-b3390318a489","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":91,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"7b2fc33e-8b36-4ca5-9c52-d4d118943924","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e378cc8b-d5b2-4314-8b7b-e1abc435f7fe","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6bce13e0-f217-4052-a071-16d6d3571a8e","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":92,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"0c48b06c-fd4a-4381-ae68-8391e033e2e7","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":92,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"917beaf9-a1af-410c-89ab-a14dff5abd84","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":92,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"fa851cdc-73cd-42af-b91f-a5cd673b6c46","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":92,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"80ef1764-33df-47c8-994f-99dbd04a40dc","block_type":"box","text":"i.e.","page_number":92,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"651e946d-0be1-4b23-a4d6-d651a593f7eb","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":92,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"b8229818-23b1-40f7-a6f8-e693d3d449cc","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":92,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"a3948648-4675-4ca8-8e64-6061da56a9be","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":92,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"f41b25ff-3bae-47e4-96e3-7713d87523ea","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":92,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"82acb8a8-539b-4d97-b1bd-1bbe8823dbff","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":92,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"786d1e39-3953-4323-a841-2a8e37d45124","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":92,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"3e7ea8ee-2b35-4d82-972f-df838a083e48","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":92,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"4a00306c-78a2-4780-9e46-b18c21e7b352","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":92,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"fe397cf5-6ad7-42a3-84ad-ed22d1fcf89c","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":92,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"ca51afbf-3400-4a4b-87d1-b2d3f324ccd2","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":92,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"df60bc9e-32ca-456e-901a-704c4f841756","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":92,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"51e88d02-c342-421a-908c-a809064b4549","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":92,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"60b0c35a-e426-41ba-803d-69daddea0979","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":92,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"84c3f1f5-8d37-4b9e-8bdc-01706ac57dd2","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":92,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"bd2eabb7-174d-45ee-b257-3cdb9018f2c7","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":92,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"d021519c-4adf-4459-a8e6-642759136820","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":92,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"67f97e57-2a7b-44ff-ab66-5a6b345c6753","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":92,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"256c379f-a873-4211-ac34-436ffbb7aa85","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":92,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"3fb1122a-ceeb-4ab2-b408-4c921c2f36bd","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":92,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"1bb23403-18bd-4cf6-be33-ffeb04bc0dac","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":92,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"3d18c3de-ac9a-4024-9ae0-b2a427232735","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":92,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"ff55459d-a13f-4cc9-8037-54ca06ad08c2","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":92,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"6b0874c0-5587-4685-b3f1-9f67c54c2de2","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":92,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"7570e43d-0a04-4178-a892-8a15eac25834","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":92,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"8f10c08a-fbf8-4a5b-bac8-824fed963e95","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":92,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"691dc3ba-fd95-4ff5-a9f0-8db2c75443b5","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":92,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"34fc660d-fa47-4772-b554-44f632467d7d","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":92,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"58145a3c-088d-474b-b928-9aacc11dea98","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":92,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"cf8db646-9187-4a8c-98e3-c0cca138c7ea","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":92,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"6e1d9b96-42d7-4fb8-bac0-aa03ebc7a195","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":92,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"2fe83909-f8d6-46b0-8286-3e91c16077a9","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":92,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"0c7ff361-90e2-4964-beac-77227681258d","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":92,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"2d192133-c2c4-474c-bb5b-5e765d37d78c","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":92,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"4c57bf46-1134-411c-bd67-e0906e53d482","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":92,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"e37c4e71-f2ed-4cb1-951c-431c26c77c96","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":92,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"6ee0385f-9af0-493a-ab9b-073624aea664","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":92,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"846d92f8-b23a-458b-ace4-b316df1e60ea","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":92,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"3cdc52aa-d512-4f7f-9b69-3a5fca042422","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":92,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"3d6b40f4-7f0a-4be3-b012-16bed21a807b","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":92,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"14d7cdd5-4b06-495c-8d76-c29c4246799c","block_type":"box","text":"PRC.","page_number":92,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"07f740c4-ede3-468f-ae59-319d0c43c3c1","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":92,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"142ece56-733d-4141-b997-8e5011d7aade","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":92,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"48972adf-3746-4125-b936-c1f8b51d0421","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":92,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"70c1b505-99e0-4874-91cb-ebb91903f9ad","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":92,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"09c343c8-f620-4cf3-981b-f0ac7c829d19","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":92,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"f2cf04b0-fb0e-4ed4-93fc-bf33295842de","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":92,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"ee97fe3f-c7db-4c9a-a2e2-d8526eafd26d","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":92,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"a607d389-21b7-43d3-bb01-a9f283388b38","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":92,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"6abd9b94-6428-4c1b-a585-a4e742229e5c","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":92,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"893a024e-0e94-4d1c-b68c-2fa77e64cb65","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":92,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"1fe6ddb7-829c-4259-801b-8080444cae81","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":92,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"94dbc942-8aca-4826-a052-dd526213c6a2","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":92,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"e080ee39-3a3c-4a20-87c9-21af451af640","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":92,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"9ad792f6-95bc-4b9c-8cfc-bfba0dacd8c0","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26b0b97e-7e2c-4c75-9852-e3fd4e021c43","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f297842a-8b0c-4706-8e1a-2d5ecc5e50dd","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":93,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"92c544a4-c184-4f13-b5fd-274a89514c8e","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":93,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"0ae114c3-c147-4a37-b910-2af0d1df98d0","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":93,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"b0866f75-eebb-455f-acff-9247217b01b0","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":93,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"134b8e1b-552f-4b26-8d17-0595389685d6","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"d2ff9c78-4b22-41ae-9256-e4dd81c3e169","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":93,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"c8d49a7d-8100-4017-a83d-9d6cdaab9d0f","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":93,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"9555402b-6f58-4f2f-b4c2-72d69dd5976b","block_type":"box","text":"Suspension Risk.","page_number":93,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"4dc20193-8e43-40e8-89ea-b11d4db758f8","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":93,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"2e450ad9-07c3-4a71-b9fa-47b0261cbf0e","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":93,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"4d01a0a0-5481-4172-8185-7aa2327d7360","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":93,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"ff9e4ed2-4c60-4062-ab62-6cfb39963de1","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":93,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"27b17fa3-88ad-473a-94a7-023aab5059c5","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":93,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"22adf4b5-93ed-45b5-b2c3-860fffa7e7fe","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":93,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"ff78fc25-c467-4d15-be1a-c4bf50cc42df","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":93,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"bab99eb7-11c8-44e9-b329-79b034ad998f","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":93,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"7860daa1-30ce-479d-81f0-5f731e19d9f9","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":93,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"b9d4a912-1ccf-4c2d-8a94-f9f854854fc7","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":93,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"458951d1-4ae8-424f-acf9-2e5227937fe1","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":93,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"eebbdaca-b973-416a-bb7c-c78cda2f04ff","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":93,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"9c779693-d5aa-47f6-ae61-79d659a15a5d","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":93,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"4a00d09f-a3ac-4f26-bdcc-f1b6f95590b3","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":93,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"4f85ed65-44c1-443b-a594-8d08d10f37fa","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":93,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"257674b0-6b2b-43d4-b78d-82bb2f40892c","block_type":"box","text":"A Fund may invest directly in the","page_number":93,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"0c5b98c4-80f8-45e9-a86d-6e08b3da8fe5","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":93,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"a5c5bc12-f8a1-4c76-9c4e-88f7ea4f9dda","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":93,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"9f284840-dab9-444d-8b97-10903c73ff73","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":93,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"58e55be2-044f-4483-a08f-40c160a92354","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":93,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"dbde7cd0-54af-4b92-8979-7b63edeccba2","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":93,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"6dd7c8b1-6eb9-4e9a-a570-9da0d8207f71","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":93,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"4baedc07-6ce4-4dbe-9c8f-accedcab8df4","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":93,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"2a70d53f-e029-43cb-95ca-744bcaa7f3a9","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":93,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"b297c7c8-7dc0-42c2-800e-1b6bd552e77c","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":93,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"d714f3f5-8cef-4cf9-b397-96a1118457f6","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":93,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"b5803bf5-5f10-4f49-8084-1b105d409f2a","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":93,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"e17e5544-01ef-4aee-9f79-84f2e94f271c","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":93,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"b7f56bd6-026d-4099-88a9-92896ba6c127","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":93,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"fee94152-d8a6-4cd8-bc65-da9ddcd67662","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":93,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"6f811949-41f5-44f0-9905-0a14a6ea6779","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":93,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"6f5d4bb0-613e-49e9-b4ef-98c13d3c22a4","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":93,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"080121a7-ef2b-4982-87df-2b075f027a32","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":93,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"fe686643-3997-4ca3-92e7-6fdc28513f98","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":93,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"0928d37e-308c-4486-90b7-989ba5edbc55","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":93,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"538c2756-f0a6-46ee-ab5e-645ee312992f","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":93,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"7e2d8455-90e3-4491-a828-634ea134bd8b","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":93,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"62808e56-d731-4bff-840c-a9bb87c7d722","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":93,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"994ac2ce-fab4-4df1-bb5e-ea36c7078c19","block_type":"box","text":"i.e.","page_number":93,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"0acb257f-6590-4dca-ae65-528377fdddcb","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":93,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"8dc914b5-6b22-4389-bdbf-15d86d3193f8","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":93,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"2028290a-4f87-490f-8884-bd861378d5da","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":93,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"8edde524-df71-4a37-b0e9-c36d05eafce5","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":93,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"d1bc6355-a2b0-4db2-8d0f-fe7008415812","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":93,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"33a8137e-dd7e-4a13-b77d-b12f9bc49623","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":93,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"f68bf292-f9a2-4ecc-b7c9-2f9fe4b7a962","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":93,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"6228089f-7680-409f-9eb3-4b234adef41b","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":93,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"fbb6e00a-4383-4b54-832e-e9fa1bcad50b","block_type":"box","text":"par ties.","page_number":93,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"92b2a199-3a53-4bca-b99a-b543737cf418","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":93,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"9dfdf07f-b3f6-40e2-afb0-bcf37f74d87d","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":93,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"359e8ced-e997-4548-8ae0-4960920dd877","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":93,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"770732a4-e701-4c0b-b6cd-2da3ed37fb62","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f180124-5a88-46b5-84f0-0e1651ea4c7f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91dc55b9-e0a8-416b-8200-c45bf474463a","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":94,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"83c4f3f1-aa01-4e70-b6b3-f5797e618b49","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":94,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"6f38c042-7f55-41ca-8e3d-5cff03f84494","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":94,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"82d297a0-80de-4fe6-b918-1eed6667165b","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":94,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"ce825810-d580-40b6-bfb3-f9391e060ad1","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":94,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"fc87c972-f668-4914-8275-809a0b737a9b","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":94,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"e4215ce2-5d06-4207-b59d-06fc626e745b","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":94,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"036c7017-75d9-40ee-90ae-0a913b12bfea","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":94,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"ea79a0bd-bcab-4436-8337-1d64598362e2","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":94,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"424403db-17ef-4702-b0a2-03b217e854ca","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":94,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"cc25bbc1-a927-4639-9aef-9910148ae508","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":94,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"9e9c2042-f512-48cf-a140-a3dfaf70e377","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":94,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"d06ccf51-d9ca-4e9e-b543-47f9e5030d1f","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":94,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"4b670242-5301-4307-b62e-97b2fd9bb20f","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":94,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"a37b9fde-81ae-498d-a9ff-05bf73475266","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":94,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"861775de-f19c-4a8f-b703-e1bccb8e1922","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":94,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"10df2cd3-a2bf-4601-8c22-92ba15e5dc44","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":94,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"44591514-603a-4813-868e-a3762e0d72c2","block_type":"box","text":"per formance.","page_number":94,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"d5c7d844-b4b7-426b-ba91-094ae5eb805a","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":94,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"a634d1d3-7abe-4fb4-8179-86dbce1fbfd9","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":94,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"701a3a42-b72c-4777-ba84-4d2c0d0d15ac","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":94,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"83a95447-dd80-49a2-bb9b-d3d3b111e044","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":94,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"2dcc126a-95ed-4bf1-8d83-e2d62ce839f4","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":94,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"87199659-8548-4004-9791-5ab0bc76e3e6","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":94,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"07ea7abf-8b93-4412-9684-91e146d9cb71","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":94,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"ba625742-2ccb-45a2-aec3-d29adc657800","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":94,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"f530f6e7-834a-4120-8225-ba9140e750a5","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":94,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"d57a6fe7-7811-46de-80a9-67f5351622ac","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":94,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"9b1b8b29-3845-47ae-a081-18ec517d8b5f","block_type":"box","text":".","page_number":94,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"2101d290-765e-4d3a-878c-3ca1bc0cb9aa","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":94,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"9d373ac2-f4dc-4f2c-994e-c85aa6eb7b41","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":94,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"11aa1c97-114a-4314-82d4-5d667b73b095","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":94,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"24cb8a15-8523-44a3-a4a6-2288917d8cca","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":94,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"cf3f6e6f-13da-44c9-b921-431ba0b710ff","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":94,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"82581d6e-dd35-4de7-90b5-88e3d1cd111e","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":94,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"057d5188-b7d0-4674-8464-56f8fccd73e5","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":94,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"4c4d604b-317f-4b2b-8f98-74c3d24c6126","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":94,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"9cb4364e-9364-4131-98da-226cc8004bcc","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":94,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"650b260e-0b2f-406d-a6ce-92a787e0be69","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":94,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"d89b222c-fefa-4d26-900c-3399948bb2e1","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":94,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"c7ef21bb-549c-46c9-a007-31c4f7dc6664","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":94,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"92c314f2-4e00-498f-abc1-05964ec81970","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":94,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"8d544a31-ee85-49d1-9a2f-b6fc291326b4","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":94,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"c2a95ce3-90e4-4caf-a546-29672e99effc","block_type":"box","text":"without notice.","page_number":94,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"38e6d140-b84a-4e67-a015-b4d81b0d2885","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":94,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"879514ba-be2d-430e-bd97-233fb2bbccc6","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":94,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"2fafe294-bd74-4659-a4bd-82f173e75223","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":94,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"e2ff7bc6-af33-4de6-ab38-750adf2c502e","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":94,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"3792c006-5f49-47ef-b95e-e223c5edbdd1","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":94,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"f4646800-5ce8-47fe-b317-75fdadd61b95","block_type":"box","text":"December 31, 2027.","page_number":94,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"3d35085e-3acb-49bd-8ff0-77eba3a86f43","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":94,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"25e7be4e-3d8f-4d39-a249-2e663c2dc27c","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":94,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"f9d27506-e1ac-4c3d-a6ab-6a2662ac56de","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":94,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"c39500d0-206a-4b0b-80ad-a530788166c4","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":94,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"9a46acaa-814d-4c36-8d47-7fb11a71e9e5","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ec07cc5-5457-41f5-bf4d-a68ca85e68a9","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59bf2db5-575a-45fc-ab9a-10cc3071eb2e","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":95,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"fbdb4e3b-9e21-46f3-99a2-0350af5c2b72","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":95,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"017f263d-85ed-4834-93a6-5d5fd368bb0f","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"f622f797-3a45-4ff5-9660-5240800fa8f7","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":95,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"e7bae9ab-bb6f-4a99-887f-1bec841f29a3","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":95,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"984fd00e-f6ab-42c1-bdd3-2b1071fd4c22","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":95,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"69831e9f-46fb-448c-b269-78ab5357d7de","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":95,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"f0488804-c77a-4070-b518-97ef834c821c","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":95,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"fb7605bd-53c9-4a9a-8002-c2aaeec87201","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":95,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"c9ad0fe3-b319-4b6c-9bbb-b5cea0a55ce3","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":95,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"49796adc-0070-4980-b568-395515f663c4","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":95,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"b67cb19f-62d2-4464-b4ce-d97194a8cc00","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":95,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"4d70a28e-10fc-4a1a-ab64-c3edac33e49f","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":95,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"04826fa2-f045-4db2-9ee9-5d3a2d332b6d","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":95,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"94bc3c1b-4ae1-4dd3-ae28-7e4db2d6e5bf","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":95,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"c4924458-ee74-4ad3-b0bc-57a7f23da8da","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":95,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"201959a0-57d7-4779-80c8-453829e9e43f","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":95,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"6fa8a751-2621-4e90-b12c-77147f739845","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":95,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"87741fd2-8306-4ea5-99bc-f9958e48a59c","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":95,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"f42675ea-d2c0-410f-9ede-d9371589f4c7","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":95,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"ee937492-863d-40d9-a41d-d90c74794389","block_type":"box","text":"the PRC in notifications.","page_number":95,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"35485cb0-709b-4abf-a6cb-2b6f67e0533b","block_type":"box","text":"Investment in Other Investment Companies.","page_number":95,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"849da4fb-fb59-45fe-9204-5179dd90a0b6","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":95,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"60b138bd-766b-411c-9d1a-6760f09a655a","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":95,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"f0a4475b-5f70-4740-a8e9-9999c911746b","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":95,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"3d615bc6-27b8-45a7-ae9b-34c0a001c58a","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":95,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"3aad982b-9e1e-4e05-856a-43c3eeb86e9f","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":95,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"e1631055-2ad3-4a02-8909-997f1c06b49b","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":95,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"55033593-6ba4-41d6-9b3c-6820b368916f","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":95,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"bb9f975f-77af-411e-9424-0f64aeb3335f","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":95,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"e3b740fb-1d3a-4ac6-9140-fb96008d2609","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":95,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"c7e168d6-886d-4832-9098-a82f66dbe415","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":95,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"a27c3ec5-bbc0-4c2e-b7ea-5a1047a83d0d","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":95,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"19571989-83cd-4df8-9393-9279d3ae97e7","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":95,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"f837ced9-279e-4491-b5a0-edcac6c3823f","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":95,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"ceee5e25-0883-4932-8b44-6bddc4f88bb6","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":95,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"f108f166-51bb-494a-b102-06591124580f","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":95,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"ee747081-2b6b-41bb-a485-da7351e3ddc0","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":95,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"b7d7d757-ae85-455a-89b4-a43689297e60","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":95,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"d0d2df02-2e3b-457d-a075-b7f85fc1064a","block_type":"box","text":"subject to cer tain conditions.","page_number":95,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"a1ee6b0a-7218-4289-9013-8714dc5b11a5","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":95,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"c2aa1544-5b7d-49fa-82b9-d38e0676a115","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":95,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"c6f7d8e7-2a87-4c3b-b93b-6844d01fc613","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":95,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"4536e806-e5db-46ec-b248-dd5c8a8b6dc1","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":95,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"7303d2c4-664d-4379-9fcf-011e098a8899","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":95,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"312aa68d-d73c-4bb6-a6fe-4e09cf0def59","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":95,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"4ed06f82-ace2-47d8-9259-b2d1060bc339","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":95,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"a1356b0c-d5ea-4149-a4c7-b32d72a7afa4","block_type":"box","text":"loss.","page_number":95,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"889216be-f8ce-4ce1-857c-684037541318","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":95,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"1b39a331-3082-4ca1-ba03-ba0b036118c7","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":95,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"d8ba4dc0-2494-414e-b6b3-2910396f4f6b","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":95,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"cacaac49-1f33-4c31-b270-da0f5fd4aa79","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":95,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"ea92af36-25e1-4650-ab93-f9f20e4b76f5","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":95,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"c82f9dbe-6dd5-400f-9d91-39d63bade2f7","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":95,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"c1c2268b-c218-4145-8fe0-8348e5164b51","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":95,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"fb3affc9-1e79-4802-b174-698dfefdecb0","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05693b4e-86da-4701-9bef-a07123496301","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79b502f1-159d-4af5-bf0a-efdf10c9e448","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":96,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"6ef6997a-5930-4125-8084-769a9cacd662","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":96,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"ee5d6129-0931-4843-94bf-143b8d99d4c6","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":96,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"c6f23750-12d0-43c8-ba1d-44f252a7c2b3","block_type":"box","text":"assets.","page_number":96,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"41706335-fb76-417d-8419-dd56417d3a4d","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":96,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"7d295021-beee-4aed-8f4f-2e581ed51f1a","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":96,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"3d28e459-25bb-4060-b6dc-fd56d99df7f3","block_type":"box","text":"e.g.","page_number":96,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"9f4a3788-6bbb-45ee-826b-71f5f35451d1","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":96,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"4518e4b3-f168-4aa4-b90a-f946c8172375","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":96,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"03320ed1-930f-4523-9870-dad361073dbf","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":96,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"d38d777f-9c7b-4381-ae4b-7415475911f1","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":96,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"590b4740-a9fa-4ecb-b3cd-504eae271e16","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":96,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"93cf3dba-9800-4b59-8de2-bd4d862db6d8","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":96,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"eb89cdb0-7812-4baa-9b78-3270cf68a61b","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":96,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"647f0070-1e62-4562-a1dc-1a4684453af5","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":96,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"2b7dbedc-dd1e-46e8-b1f9-b4cdc1a7bd33","block_type":"box","text":"countries.","page_number":96,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"e5a87b8c-4513-491c-bc77-32da6dbf01f6","block_type":"box","text":"Issuer Insolvency Risk.","page_number":96,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"baeb5bd1-43be-401c-b326-e65da57351e1","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":96,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"bc3365e2-1257-4338-9c51-5690159f91eb","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":96,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"b2c4d7aa-063d-4eef-bc9a-474c8d83c3ae","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":96,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"6756d37a-a7e5-455d-b979-f8bf128267ad","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":96,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"281429fe-bc02-4cb9-a277-04a78743b6ba","block_type":"box","text":"issuer uncer tain.","page_number":96,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"c1ad3a59-f8e8-4d02-8023-19680ad997d7","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":96,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"ae2f6c31-aba2-4dec-96b9-0e83cdd54425","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":96,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"976811e5-602a-493f-b36b-7584bc5b9678","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":96,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"8fdae653-753d-4b90-a159-3058426a1f02","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":96,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"9755a1c0-a0e8-43df-b79d-0e1fefe2e6ce","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":96,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"391e29dc-eae4-48d9-9822-456b25cd5efa","block_type":"box","text":"eventually be satisfied.","page_number":96,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"e13081b2-cdb5-4d99-b7ed-a819e770f9f2","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":96,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"deea6368-4518-46ef-86cf-3c771126352c","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":96,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"9c645fbf-70d6-4e34-8da7-eeccc9bc7a7d","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":96,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"6ba386db-d186-42c5-bce5-15256383618d","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":96,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"0246e933-e772-4486-b96b-b9a8ba7418c0","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":96,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"52be5a28-6b80-4211-9f4c-92c413371a5a","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":96,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"19393924-ea3c-4e7d-b90f-43f527c71a60","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":96,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"4644df7f-83e5-4f99-9bc2-946b75cb8872","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":96,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"0e052bdb-1747-4fda-bfa6-e98160690e14","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":96,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"1c3c1ac4-f2b6-440c-9304-4fb868e1594c","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":96,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"fec0c6f5-875e-43e3-b25e-ac51bce4a471","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":96,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"87fbc864-1436-4afe-b990-244df3a095d0","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":96,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"c0c8ec72-635a-4e5d-bc5f-a7a1533fef0e","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":96,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"713a44e0-bad9-4ea2-9777-bddf144a932d","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":96,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"fa2ba09a-d6dc-4c3c-9d3f-535aacfa3b21","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":96,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"4dcefefd-2b84-4621-b221-ff959c4bd1b1","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":96,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"c9c6ab0f-732f-4fa9-a571-1a7034425a6a","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":96,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"7eef2c46-f2d7-489b-8384-30480e676d46","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":96,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"cb4a1503-398e-4f69-baa6-26ea7532a3fc","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":96,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"50a68461-ce8c-4b3a-ae6c-d6c929aaf435","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":96,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"a5d14235-435f-449e-93b5-ef3e5686ab72","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":96,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"dddce21b-eecd-44db-be11-f62cde848168","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":96,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"9ad25c1d-8f9e-43a3-b4fd-05968eaf1067","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":96,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"3ef4edad-9cfb-42fe-b715-343114a29e03","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":96,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"91f8c277-0d0b-40f8-a256-7bbab002511f","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":96,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"1852efae-04ef-408c-bd7f-7ea009eb8058","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":96,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"e9349f8f-89b9-47df-b5ba-c86d78744ca0","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":96,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"947c6507-dc23-4cd6-bcdd-55cae4c76194","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":96,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"74b4b0e6-40d5-45f6-b7a1-375830e4978e","block_type":"box","text":"that assumed generally by an investor.","page_number":96,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"d5187e03-128f-483b-a165-f7ddd6daba1e","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f81dc38-bace-46a9-9c6e-9e1743234989","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6923e42f-1742-45de-a45f-47df9a8f21bb","block_type":"box","text":"Lease Obligations.","page_number":97,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"c2183e46-7d76-48b5-a0e3-9a544a0ce14f","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":97,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"fc4e6b16-e835-4ced-81ac-01a9188a7849","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":97,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"3d33af57-ab93-4f33-8152-1330d3e8b066","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":97,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"8d81a3ad-6702-449b-96eb-bad9e686e070","block_type":"box","text":"Life Settlement Investments.","page_number":97,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"4da3652e-b2e3-45b6-94b1-6c5fecba5a43","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":97,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"ad7c9357-6b33-461a-82cc-2509294026f6","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":97,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"f3777f38-56b1-4bfe-ae16-e22fc2d2b919","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":97,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"2243fac9-6270-4749-9061-ff7293926e3c","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":97,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"e9f8c942-dbe3-4d6f-a397-afc1180fd9a7","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":97,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"8d6ba1ee-5064-459d-9720-311e1f4a0eb8","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":97,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"faf737d5-323e-46e8-b9f5-793a1d800881","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":97,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"32527cc5-1d1b-4ead-a5ec-f0c7199c37ba","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":97,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"1e3028b1-059e-4944-90b7-a4ee99119f21","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":97,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"7937552e-29c8-4d90-9ed7-b7f2d2e3afc2","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":97,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"511236b6-5fe4-44e6-8462-037f328b6711","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":97,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"875d2e2c-a474-4bf0-a111-a63643f64304","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":97,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"b248ea8e-8beb-40bf-9484-b1180051099f","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":97,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"b5c47c1b-5ea2-454f-b77f-997a7b4e6955","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":97,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"349507ac-3139-4dc4-954f-681effc259e8","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":97,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"136d35d6-a46b-46a4-a4fe-c48dbd22e40a","block_type":"box","text":"Liquidity Risk Management.","page_number":97,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"728e4aa5-e249-4ea3-a045-57cfe2696f6f","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":97,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"47a154bd-43c1-4c74-a1dc-dd8ce85b4615","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":97,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"d06ccb22-a489-4daa-8b39-8584a16f5b09","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":97,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"ac796df2-dccf-4965-ac13-9497d2135df4","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":97,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"51dcbd45-f084-481b-a5f1-233969b2cd2d","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":97,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"348ecfa1-0597-4c7f-9b52-eee4cfb4b033","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":97,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"e67549e8-f3f9-4037-9328-fe9d0742f1a3","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":97,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"232baf93-fec7-4f33-8320-f1eb9ae14ec5","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":97,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"083bfa4f-0d3d-48ca-b715-103d6617a2ea","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":97,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"0cd6b491-bb67-4933-9785-c49109fc5b33","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":97,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"4a2d96f9-e736-4a57-8722-6aaee0539725","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":97,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"ecfb8bd2-6c26-49d6-88df-688842f5f61b","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":97,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"e7538f57-dcd5-43ff-ab53-534397a6e5b5","block_type":"box","text":"Master Limited Partnerships.","page_number":97,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"ffe4bcc6-7357-49b8-a5d0-1911e0c8d440","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":97,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"51a7f1d0-e9fb-47a0-81a3-77f9e1dd9c0d","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":97,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"4b9c4796-dbef-4ecf-845d-1517d6d3ee48","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":97,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"b7537ee9-7d82-4351-bfc7-527157b4fe70","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":97,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"243ed203-065b-4363-af1d-7bf76bac4faa","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":97,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"d28ee363-aab3-4385-82d7-eb1acabd652c","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":97,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"114d52e7-4f9b-4be6-81ef-07f306e8854b","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":97,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"9e486351-da81-420b-9cee-e8280984a28d","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":97,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"d83a861b-c97d-449b-8534-753a81d00866","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":97,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"45b20923-2e34-4d4f-b9c0-10467ac5dce8","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":97,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"04966738-3f30-49db-9507-0c7265a11547","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":97,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"16e91195-60ea-4b00-8bf4-e10d486761ab","block_type":"box","text":"in the par tnership’s operations and management.","page_number":97,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"97e5d6b1-b9b5-4f5b-8bc6-5d736a9a08ac","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":97,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"5d8bebfe-b6f3-4780-82ad-fc2eec5a8d11","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":97,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"3ad3a2b8-804d-4208-b4f3-b8404d879758","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":97,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"c3a26f6a-1b81-431e-a9b3-cd7a623d6f76","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":97,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"05978bff-5e18-46dc-bfa1-79db84e631cd","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":97,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"a88f7a9b-5af3-4f2c-887e-ed3ea357ff58","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":97,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"10e0b251-0557-41be-92ec-ba8cc98f069c","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":97,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"2a73496d-bf2f-4343-88be-4e52c5e09871","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":97,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"b80676c8-4e97-42ba-bf01-c7d084d43d68","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":97,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"9e327ac0-340b-4339-bd50-62614009cbc5","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":97,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"01b1ede6-4ea1-4e9c-aeb6-0c4cd789772a","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":97,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"dfdebd5c-bdbe-4355-bc1f-4ed89595244b","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":97,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"413b021c-3ad4-445d-9964-87918b903cda","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":97,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"59336dfd-06d3-46c9-bfe3-184d64e6e4d0","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":97,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"60d5c9ff-a6cd-42f6-b5e3-636234712d81","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a726552f-9e63-4775-bd43-2fe8d8444e3c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e609e9f-235b-4083-b0e2-6ca0e0ebc692","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":98,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"3a5d8b8d-27f0-4491-a2aa-0c995c32f0e9","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":98,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"f8608ba8-d251-47a3-a84c-82843d7d39df","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":98,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"9f833140-2bf5-4771-a36a-0996a34d5ed7","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":98,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"572b9e5d-5c0b-421c-b90b-644ca0e54c41","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":98,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"b22b4094-ff18-4e2c-83d4-77ad7d1480bc","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":98,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"172c1f21-3a70-43e1-b543-7392d7ab7d10","block_type":"box","text":"Merger Transaction Risk.","page_number":98,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"b046e709-b156-43d3-9813-7a07f0ea6db4","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":98,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"7e2ec2a9-b31c-4ea5-9e5e-0ee9ad204655","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":98,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"9c26d80f-3be4-4bb9-ab80-3ec486d51931","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":98,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"0bbe32cb-cd1f-4ffa-82b5-18b7c5193f92","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":98,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"db66ea81-b7a3-4965-9c12-404b281faa8a","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":98,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"13ae0403-9167-4cbf-a3d2-5aec2b5d4c5d","block_type":"box","text":"the Fund and may lose significant value.","page_number":98,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"ae314461-0a76-4747-9e0d-ba584b34b25a","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":98,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"27d58e22-296a-4aa7-9ed1-3b63eb761698","block_type":"box","text":"Cer tain","page_number":98,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"a36b2932-7f85-4e53-9b86-c8c0d23998e0","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":98,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"ee29eda1-5ab1-4a54-80d3-98359726c066","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":98,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"869d9ebf-c3fe-4dd6-952b-8b86afd8bd3f","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":98,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"c5641e04-ffd4-467d-b916-b04667188d57","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":98,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"c4ed74b4-d867-45dc-9d1b-a2cf1eee741a","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":98,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"0dad0085-cff5-4519-a069-dad43279f4bb","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":98,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"4d2e9cba-5169-443e-a2e1-5bfcc941075d","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":98,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"7dd6ab28-f272-44d1-b63c-9e4093404f71","block_type":"box","text":"branches of domestic banks.","page_number":98,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"2f402d87-177c-4abc-8413-b8f1c4814075","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":98,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"7a525193-288b-49af-b5d0-18db9ac9db8c","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":98,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"afc51dab-cb7f-424c-9362-be40a74afc64","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":98,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"c7a18dac-1e0b-4792-8a8b-3a4edfe887f8","block_type":"box","text":"paper of a foreign issuer.","page_number":98,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"2fae9cc0-b950-4e3c-b31a-671f2617c935","block_type":"box","text":"Money Market Securities.","page_number":98,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"a9a98e3e-555b-40f6-a41e-5561338f4667","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":98,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"9eabce91-ccec-42ce-ab8e-d69f1b908b9f","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":98,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"2988a4e5-301f-4061-8e05-899b4e343fff","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":98,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"91cddef6-ced3-453b-a139-bfe02d4052f6","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":98,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"8e6d53a6-1c22-42c6-a9dd-2e0eefe33afc","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":98,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"9cb5a9ee-0115-42f2-80bd-fa8fd248e30a","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":98,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"1483d254-c256-447e-b594-30b2346b88ef","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":98,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"25a54642-edec-47c8-ab38-59f489a6aa61","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":98,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"783c139e-9757-492a-8093-9a1ea1d54afa","block_type":"box","text":"agencies;","page_number":98,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"e725b219-2279-4e1a-ab35-6040cc77f9ef","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":98,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"4c015edb-6d4e-4680-bdf6-ca8d65485de1","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":98,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"bb388479-c54c-4898-8dae-f381873d4757","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":98,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"81930276-641b-4cdb-bd7a-848a53d21da6","block_type":"box","text":"obligations and credit card receivables);","page_number":98,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"36bcb630-d7d8-4e39-b341-fc5f298feec0","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":98,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"c65b7896-db0e-4458-a191-74958863976f","block_type":"box","text":"authorities and related custodial receipts;","page_number":98,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"c290f359-da75-45a8-8634-96b0c7d90116","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":98,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"5b175659-5075-461a-9b21-02d2fe09c70f","block_type":"box","text":"agencies or authorities;","page_number":98,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"e198ff68-6e37-42a9-ae5c-25cc977bdc33","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":98,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"792fbe03-18d4-4d36-89dd-945de6d063ba","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":98,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"1ec9cfc4-cb6e-4eba-a9f6-4c4685ae30c6","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":98,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"dc15e748-d43d-4ee4-8c7e-d568bf192263","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":98,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"2ac5186c-c762-47f9-ba4a-98015ab9ba9d","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":98,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"010d319c-504d-41c8-a654-2ddc2e93d836","block_type":"box","text":"States;","page_number":98,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"9851e191-736d-4a84-9fc1-e52cb7f541c8","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":98,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"059f2f7e-13af-4597-9cd7-56eb6f4aa104","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":98,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"fdd1b212-f57e-4d4e-80b2-8495dbdb025f","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":98,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"5fd95023-57fe-44f3-bad2-984852654104","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":98,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"92bb0347-f1d7-4d83-ab39-a1e49b5b536d","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8350bd5a-bfcf-4c58-94f6-883f1102f464","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37801df8-9f19-4d8e-88f6-c52e2bb8eafc","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":99,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"131f8839-0266-4ac8-9e10-836f121ea598","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":99,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"6fa564f2-1eec-4c35-8950-2a85d890fa75","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":99,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"b63ea2df-18b6-4f21-860d-e922de6ce38c","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":99,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"c4d6bf1f-7ed2-4986-85d5-695058d6fcf2","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":99,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"0ae8a9ee-d98c-4913-bf76-9cd70fbda516","block_type":"box","text":"States.","page_number":99,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"eab5b535-c25f-40e7-9585-484b5e200ba7","block_type":"box","text":"Mortgage-Related Securities.","page_number":99,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"3e091e0e-f0ef-4c7a-a991-f8f24299d46c","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":99,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"9a62ab51-94ef-4afe-9f14-7c3449c681ab","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":99,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"3d5120fe-025a-4f2f-83bc-e784dcc19675","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":99,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"5d45d341-b580-4bf3-b93d-100ab075405b","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":99,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"70e35970-97c3-4751-a71d-70de5d51e089","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":99,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"16acc2cd-2273-4dce-8a27-5c6845326054","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":99,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"7fb801d0-a426-49d7-ad67-9689aaad72fd","block_type":"box","text":"maturity or specified call dates.","page_number":99,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"c3676f43-62d0-40e6-9e61-d0a7f5edcc3f","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":99,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"780032d1-6eca-48aa-af11-9ab09d277116","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":99,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"46d41927-04bf-43e2-aea0-c481ec3adf3e","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":99,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"728db431-2bd0-4a62-b512-c66e9adc837c","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":99,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"fe010fff-8b20-47ea-a723-30294c4745b3","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":99,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"8f677cdb-9bf3-4205-aa2c-b9c29ef3453c","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":99,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"d81ae7b2-8b26-457e-9dd1-88130db33b20","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":99,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"721e2bde-eefa-41ee-a45a-62b0c0745c20","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":99,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"859b57e0-00c1-4bb3-831c-5906bd8d1a69","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":99,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"aa6f0dd9-aad9-494f-8c25-32a2b6256436","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":99,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"bd7885b4-1b3d-4203-9f90-d1a9694f89b0","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":99,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"35c86ca3-3709-4b8e-978f-2a092d588a4c","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":99,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"c26195f5-a6c3-41cb-b2fc-4a28f94c56fc","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":99,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"f387e303-1223-41c6-8a19-12cf2a060f97","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":99,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"d78c9e03-2006-4b60-941c-9f1b50b2ee9b","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":99,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"cdb91227-37a2-4509-b9ff-7d0ee60bde8f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":99,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"4b984310-3763-4c90-a556-d8465a7bf9f3","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":99,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"b1d79854-6972-4348-bb40-c48198edf5ed","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":99,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"45b623c1-d070-4815-a380-819682c02c6e","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":99,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"c2ce5587-1818-4370-859b-2e5537e20afb","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":99,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"cb92d08a-fbd7-4ecf-ba28-360cb7f1126b","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":99,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"bec4714e-286e-42dd-b395-6058c925bb48","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":99,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"e017d58a-fa89-4d11-ad72-827f958c2b58","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":99,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"2b3b1f0f-3fb8-49d9-b4dd-7008e457b9e0","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":99,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"cdd35e52-7584-47c1-81a3-a7890ec568ea","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":99,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"cbf3a0bb-a275-4fd1-a06e-8ede1733537f","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":99,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"f14dd78b-d943-49f9-81e7-eef11f0912f7","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":99,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"c0dc768f-01c4-4be3-b7b3-fdb8f82ee7fc","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":99,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"a5229e15-f27e-4d2b-b820-7d807139ac72","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":99,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"fb42a992-6949-48b5-b409-3b6c96d009ab","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":99,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"186b4991-0782-4dcb-ba93-6204b47b64ad","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":99,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"130c8c7f-d8ba-48db-8990-5ba66a105cef","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":99,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"1db7be06-1aa8-4de4-80ed-e79d88f486f9","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":99,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"d9dd28ba-8ab0-4acb-a9e3-bfbe9279bccd","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":99,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"a34dd87c-83c2-46e6-a472-3ecedc122c87","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":99,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"7349ebe2-b867-48e5-bd17-9681b2bbdc7b","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":99,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"51719300-c32e-47c0-8274-6505a31b98a9","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":99,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"162cca96-e264-4ea2-a36c-e4430697bd9b","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":99,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"16031989-90bf-43bf-8ce6-2516ceba642a","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":99,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"d7ed7cae-e6d2-4727-a069-2f649ce182da","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":99,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"97e2b236-8982-4483-b7bf-ddd944733dc1","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":99,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"73c8e307-4885-4885-b798-f1151b0e4b7e","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a49a2e5-90f8-45fe-a512-a8352e3abe0f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"651a5cd9-3d71-4044-a1db-ee680da7cf97","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":100,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"6114481a-48ef-4a09-8dd9-6003c3fec085","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":100,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"ea0a3567-8782-49fc-8d93-803bbbb59a5b","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":100,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"f951b859-64d5-4bce-9e8c-019444776685","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":100,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"93c55cfc-30de-43c4-b84b-f521441f5efb","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":100,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"0339da70-9f92-48f5-8a21-d18a4d545eda","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":100,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"7a8dc694-9a0b-4d67-8e25-062536ef479c","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":100,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"eaf77d00-f807-4c1b-9390-3d9b3137bd86","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":100,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"1ec32a8b-b0c1-4044-a3c6-7e955beba2c8","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":100,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"9d0f1ae4-0327-40b7-92dc-0e5489b3490d","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":100,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"901e82b2-fafa-4f39-926c-e25a4e4e1701","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":100,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"32da9bf8-02b3-44f3-9a27-85fe02909308","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":100,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"db768fb1-a241-47b3-b01c-24db034240bd","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":100,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"ee12ff04-cc45-4366-a6b8-8fa15bcf2c96","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":100,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"0299d5ea-eaee-47d1-8d57-abc781368544","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":100,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"9b9833c1-e01a-4e7e-9126-0bd08ea320b7","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":100,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"95cd64f8-b3ab-4073-a82d-145e2f48678c","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":100,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"34cdeb1e-c846-4980-9179-0cbcbe1bb5d8","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":100,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"c8f3109a-8cc8-487b-b770-8e1d2e680a37","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":100,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"b60f44ab-4fa3-4212-80e9-c8dd1c9617e6","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":100,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"356b4e24-881b-40eb-9a51-4888acd64f78","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":100,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"506ecaff-aeb8-40fd-aeb7-d7817f8f5d6a","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":100,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"d728760c-51d2-49d2-b86d-3fba2049db1e","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":100,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"ad8de4c7-22ed-4421-b734-a6b25156baca","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":100,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"e2457c62-3d83-4e22-92c8-11245b2471b4","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":100,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"c4b046e8-fbbb-4d56-aece-10832697a486","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":100,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"585d6766-2f16-4c22-a417-b801da8d7279","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":100,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"e4fc6ab9-a77e-42a0-a00a-8011beb164c2","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":100,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"afe9e718-e346-4c34-b6ce-8cc113599312","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":100,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"b8ee458a-1aa3-4dc4-a4b9-3dbf4c13ecd6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":100,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"a9ce8ae7-fb74-44be-92b1-3fef79baa8b7","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":100,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"363ef803-1265-412e-89d1-610494fd3f46","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":100,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"c190f507-f19c-437b-8b62-f2ffdb211826","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":100,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"ba81f526-9502-4055-8812-3258f1cee895","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":100,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"0ce42802-9245-43d0-ac1c-733aa0690eb3","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":100,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"aa50470f-55d9-43a1-88d4-aefec6d28f55","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":100,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"500a1f4b-77c2-4fb3-ad8b-9769093eb586","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":100,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"07d5ce6a-42af-4efc-8705-fc4dfa3c042b","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":100,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"0266e1c3-7ce6-4e28-8b36-febdd8aa24c2","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":100,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"26a04d28-13ca-4170-b1db-e7f55600c873","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":100,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"cd1ca2ac-d7d9-488e-8a59-98736da83230","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":100,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"cc0e0ca9-1b17-4481-a796-551db9fe4020","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":100,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"a61718b1-85be-4edb-8c59-104b64eb2ece","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":100,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"ebefbfcd-9062-4465-895b-df06e11d3d7c","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":100,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"e368eea9-de91-40a8-bc8b-d45d9f508b45","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":100,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"e81190bc-6a15-42b0-a3ba-e1f4b150bd51","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":100,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"ca9d18ab-3575-45ca-8798-bfc950a33bd5","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":100,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"a04ae61c-422c-41db-a60c-33dc3ecc78bf","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":100,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"d9f88f58-d716-43b1-9f8a-7d83b69d46bb","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":100,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"a7e5ec6d-3f46-4547-ac1d-3beb7b602df5","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":100,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"0206b952-e3da-41b3-819d-70fb8cd042ba","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":100,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"cc49ecca-6516-4bea-8a27-2e47e8d3da5c","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":100,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"249afc6d-338f-4a9a-9b3e-c3af6c292299","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":100,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"07e106d5-6bbf-4051-b13b-ab42130e72fe","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":100,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"a655c7ff-7d1f-4cff-9799-71e1ae8ca7a1","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":100,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"b9a4ccd6-7dd5-41db-aef4-5637a3496fd6","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":100,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"2f4f4985-7412-492a-81cb-2e672a5d20d2","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9029fb36-bf34-4b95-b71d-7b8c7d1bfe07","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a27ce38-337b-4941-9efd-e79f564343e6","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":101,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"366b55ee-65bb-426a-841c-5f2add28d4fb","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":101,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"2c491be3-d971-4eaa-83c1-59aff9339d32","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":101,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"ad9b0fcb-26ce-409a-93b4-4da28684f4d7","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":101,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"3890b10d-8bf6-46fa-be64-482d73fbff69","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":101,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"43b379ba-13c0-4790-aafe-68e170851a70","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":101,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"19cb59d8-4d69-441c-88a1-edf165de760e","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":101,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"e4b9887d-5e42-4e60-9425-404d3b88465b","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":101,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"0e0636a1-f3f3-46de-8231-d9524f5ae99a","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":101,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"459bb6b1-7481-489f-a9f0-a45074808635","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":101,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"f819703a-9235-47af-9ac9-da4cc9e00506","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":101,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"f00dbedb-63c5-41af-9a92-81bc9b9b3be6","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":101,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"97e648e7-1479-4689-b9a9-5900e1e66e1f","block_type":"box","text":"of principal because of the sequential payments.","page_number":101,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"f943acc7-73c4-4275-843d-8397894c69b5","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":101,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"59b366a9-c30e-4b16-a72c-7313caae0e36","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":101,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"7e176717-fcd3-4ba0-94c4-d0c7a6bf320a","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":101,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"4404983e-4354-4f2b-a146-7e64dd5eb018","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":101,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"334e1347-b4e2-402c-a1b1-fe2cd7e10da8","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":101,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"fb6e7540-5c9d-4e39-9559-59ba85baaa14","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":101,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"a37f7c56-fc46-42d2-9566-1a6d938f825d","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":101,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"fcd2caf8-f912-468a-aac8-23dc249d5c16","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":101,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"57a8314c-d5ef-4f11-a7a9-4b9dc02883e3","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":101,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"8c9e1ac9-3ee6-4518-8ffc-39c1b9b7b4de","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":101,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"ce6d8edc-db9c-46fb-989f-19c5851e0c7b","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":101,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"1d4a4f64-048b-40d3-a1d6-672d2b255ce4","block_type":"box","text":"securities of any single such entity.","page_number":101,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"9cfa2291-9af9-44a1-ac1c-66bc18b9dd74","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":101,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"ad2e9888-6db9-4cc7-95f6-b300a6b671a2","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":101,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"cc3bb0e2-dc9e-4f22-8fbe-88e1166abce4","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":101,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"5eb2c2c2-d5c2-4dfb-9e73-f4d8d7e7f000","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":101,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"09db28ec-8dce-48c9-82a7-8a85a19b6263","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":101,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"d145832c-836a-4570-b538-85c32647394f","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":101,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"0bb34701-4a36-42e3-bebf-72a3030489f7","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":101,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"2d26257e-79e7-42ca-9e1f-6211faedc63a","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":101,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"5829a5a5-b56b-400a-95b1-5c9b610e93ad","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":101,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"45b73cb8-1d7a-4481-96a3-9f532b6e9ad6","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":101,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"5f6841b4-0402-4879-ad52-ffba4291ea7e","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":101,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"41a9d300-dfbb-4832-83f9-e92cdc164b57","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":101,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"edd4f280-6df4-4994-8067-38206889c1cd","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":101,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"4fecf9db-a055-48f5-b906-375f8725eb7d","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":101,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"5c87d968-0770-42a9-8395-b5d55498142b","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":101,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"6bea8735-a475-4da9-bc16-931977370b33","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":101,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"7bb70a4e-1315-4d05-bd9d-badd33df426a","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":101,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"15ba8174-72ad-44b3-9b5c-96b39a2a09b9","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":101,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"7070b42e-b109-4a77-bf74-9486deb482bc","block_type":"box","text":"classes.","page_number":101,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"4be2952d-2ba8-471a-aa2d-a2599cac3e7c","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":101,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"8f2982d1-5052-4dfa-82b0-71f13e7bd7bd","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":101,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"4b574010-fc74-4ce1-8794-c31ade380d02","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":101,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"0b87673c-78a7-4ab3-905d-f28d7bdc281e","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":101,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"874ab0e9-703e-4be0-bf8f-7003930fcbef","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":101,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"11efd6ee-6b20-485e-95a9-b550504c0bbb","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":101,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"c3519407-5eb0-4f77-b1a8-dbf893af9661","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":101,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"183e9e24-a038-4ab3-be10-dc8bbf0a3213","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":101,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"08b352ff-09ed-4fc1-9298-dc7e73c68ae1","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":101,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"614af7aa-62e4-4386-abee-50f2b01cfe52","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":101,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"26ac5777-033a-4abb-b7a5-861e09e74d58","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":101,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"972e3cd0-47d4-4e47-94c4-23747fd61581","block_type":"box","text":"to a designated benchmark index.","page_number":101,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"08df0e56-a99e-4a99-9228-9dcdf5b1439a","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed0c275f-f155-4d02-926a-5cb63260ba90","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be39090f-6d5d-4109-a7f0-ba820c8f13bc","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":102,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"9c846998-5832-4025-9094-e6f2c45ebe91","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":102,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"2b38fd3c-4593-4f31-98ba-d8665a3e954e","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":102,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"ea4b25d4-e3c7-45cd-b565-93a985eb065f","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":102,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"1384e7b3-0fcc-44dd-ae08-c96ac7725278","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":102,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"6343182d-7283-4c6f-987d-a1b7eb88f3c0","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":102,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"be1b5f6a-9458-4483-9687-e3425fe9879f","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":102,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"1fee7c25-09d3-43ac-a044-b759a5e8e960","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":102,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"989c16f8-aba3-444a-8f30-8a4833a4e1c0","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":102,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"eaae822a-afa6-4583-afb4-12e1524e6a49","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":102,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"b6fd1371-abfd-4408-ad5f-1b59b2090f5c","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":102,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"5c2f345e-4819-4376-9d50-a167c594e666","block_type":"box","text":"CMO Residuals.","page_number":102,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"39b5931e-40f3-4105-bbbf-42313c2c07ec","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":102,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"247820a3-2fc4-4c80-876e-dcf3042986e8","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":102,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"fcaf8618-25f3-4f4f-8564-f9864277000f","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":102,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"8901eea8-e71f-4877-9e47-26d6c8327cc5","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":102,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"93563cc1-3503-4a88-9752-4cf69beeb430","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":102,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"a8aab8bb-d882-402b-8a04-05151b6d70ec","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":102,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"d01a0f6a-6733-4834-8e72-c8213825767c","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":102,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"1d7ebe61-b3a2-4136-8b8e-8420873c46dc","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":102,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"8906d8e3-bbc3-4687-b882-910f0d76c8cd","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":102,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"7e43dc71-e210-4421-9994-c44b3fe3d940","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":102,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"077a21f1-43eb-4e92-a452-81adf4e026d2","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":102,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"0b421ad9-cbdb-4bae-af88-ac8b74e304c8","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":102,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"b9f07169-9bce-4104-8cea-f7ca47e65c0b","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":102,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"c9a0895d-80f6-41ca-b29e-774d237b4cdd","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":102,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"5e438e55-f709-470f-8d4e-3b0ed4d1cb6b","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":102,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"456b7409-0fcb-4670-a06c-48f7630d7ab2","block_type":"box","text":"a CMO residual.","page_number":102,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"791b4217-5bef-4a31-a9de-61ac938cfd45","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":102,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"754a2657-da3b-49b1-bf9d-ee3b7d37d6ee","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":102,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"82d06a9d-febf-4e91-bcbe-206318f7e9b7","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":102,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"a1adf4f4-ca00-456c-a883-0dbe32262c1c","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":102,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"cdb29d37-0d62-4e82-b666-808349041f5c","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":102,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"af5400da-ed0b-40a3-8550-90bbd2e74082","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":102,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"4f6e832d-a3a5-4c59-b62e-f885021e5409","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":102,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"f2cb509c-0f23-45d8-9a77-69b92c75b629","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":102,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"fb7ea914-1462-450e-ac83-dc39bf8cbe02","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":102,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"61e7e5aa-7cf9-4c9d-b22f-611ef0c05787","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":102,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"5482e71a-8bd3-4268-b799-543899f87a56","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":102,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"9b6dadf7-f8d9-451c-bd04-833c6d3051ef","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":102,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"650e519c-1700-43ac-8a6c-db97df764a2a","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":102,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"f388f301-3ffc-4798-94f2-fb664280e86a","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":102,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"ea11fec2-0538-4006-828f-099f465a97be","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":102,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"76ff750c-df1e-4ed2-b9cf-fe05d25d1940","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":102,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"4e6d22bd-a785-4fa2-8f2f-8b6351ac1667","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":102,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"9582cdf9-6988-4158-914e-3a19fda0886a","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":102,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"65240c67-0c81-4811-a86a-b1bbf5489c0f","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":102,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"4c88f506-cb68-4fa1-a616-ee69f187548f","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":102,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"9dc688d5-0e8d-4402-91cb-1a14bf1a4d43","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":102,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"cbaa66c3-f5ba-4672-b78e-f2d3670edb68","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":102,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"2be72cb9-c926-49b5-9bac-d9b2fcd954fb","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":102,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"5870ac4c-2fe3-4a9e-8d57-d1d4868f48f1","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":102,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"60d5b4fc-f494-45c9-99b5-ca284fb40b5b","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":102,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"ffccc4f3-0665-4c4a-9e91-4b99fa33e5c9","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":102,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"c5d1677d-0d27-4dc5-bb88-e4d555c09067","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":102,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"d3266d71-849d-4460-b8b7-a9b16885d5cd","block_type":"box","text":"Tiered Index Bonds.","page_number":102,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"38de72b2-1dbc-4a5f-bef6-b090bf9b271e","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":102,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"a421fc40-d844-4604-89c6-d57358cb26bc","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":102,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"623755af-9c02-42ce-b699-eb31ee78b9ee","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"58f4cfb6-6814-46f1-bf95-d82d87b917a1","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2635ecbe-6ec7-45f1-b330-28c623cb9e15","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":103,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"927ce0b0-9db6-422e-bd8c-161ba45cf0c8","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":103,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"0850719d-0755-4b49-ab9f-6d9b14e132c0","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":103,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"d2b5b02b-d862-48c2-8e69-e8a260810291","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":103,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"0a3ab44e-65af-49d4-950e-c98860ee9bba","block_type":"box","text":"that of a fixed-rate bond.","page_number":103,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"5784cdea-662f-48e7-97d2-10d01ac1af3c","block_type":"box","text":"TBA Commitments.","page_number":103,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"bc2af7c0-5d63-4884-9b29-2daac8ef6c4b","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":103,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"2611b2cb-469e-4d12-a6eb-48dc6bd713a6","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":103,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"a95302ca-7753-43c2-aca9-3c20c0c49b5d","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":103,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"891ddea9-58d0-4b2d-8ab9-bcecb547fc7b","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":103,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"071aab8b-3d51-4ee7-ab26-2e18a4a7bd65","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":103,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"d92af49e-69e0-4d6a-815f-d0b79b5758ad","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":103,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"dd7d94f4-23dd-4f8c-ac81-872fee1ec839","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":103,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"05ef3ea1-5b81-400c-93fa-d4fbc4732cf5","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":103,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"4cbe6dd1-033d-49cc-8468-0a35d6106342","block_type":"box","text":"below.","page_number":103,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"0329e6cc-64b9-405b-b2bf-5177ca6388ee","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":103,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"b599a050-a1d4-4796-860f-27dc3dd0af3a","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":103,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"897d91ca-7eea-4339-8671-51742be3dbcf","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":103,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"d926ec3a-2336-408f-84a3-27944198c20e","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":103,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"6eaaa50b-3b8e-474d-bd15-56ca5c4509f6","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":103,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"ce5823b3-d4a1-4f92-a69b-642a36a0632f","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":103,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"065f3ad7-ff07-4e56-b1fe-9176c818f858","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":103,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"8a8253e4-6252-4d13-a4ae-80c3a7e737ca","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":103,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"6a5d147f-0265-4c0e-b959-0de3061b77e8","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":103,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"c9b64f78-15c8-4721-a7c5-12f34ffe6936","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":103,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"4f15b20d-dd51-466a-82f3-469133987a4e","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":103,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"1345977f-0ad3-4c64-a146-6e40bd0c790e","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":103,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"0d2e6c24-542e-4db4-b8eb-c3349fc05fc7","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":103,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"92813774-8e70-4079-990f-6ac82c18fd34","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":103,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"08b6abe3-5b17-419c-9d97-28ebb332da77","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":103,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"dca8b386-ad5c-463d-b258-eab81b7dbd1d","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":103,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"43be47b9-04a1-415b-b442-e5fb16f2d85d","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":103,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"90deca41-0be9-4ed8-9d7b-69f339a14910","block_type":"box","text":"securities in the forward transaction.","page_number":103,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"b4eb5459-2fbe-49b1-b20d-e3310cd248f2","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":103,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"9ca44a9d-ebf9-44bc-b648-dbd9a7390ceb","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":103,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"e6575bdb-1129-4758-9c20-765099b1ef97","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":103,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"90a4f145-3250-43a2-ad50-b9fe7c3d0ce0","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":103,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"04c9186d-c3b9-454c-a2de-b79a42c0ba29","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":103,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"07dbe483-7bda-4e69-844e-3b2273fa882c","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":103,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"a9be228a-2824-401b-be0d-80b696e0fa9c","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":103,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"856b72e7-96b7-4469-8cf4-65a8e65fe2e3","block_type":"box","text":"securities (","page_number":103,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"06fc356c-f414-48fb-a0c9-8f79ece33383","block_type":"box","text":"e.g.","page_number":103,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"1c94a412-8df9-45c8-8318-f1d4bf8e3dfb","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":103,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"b16ced73-af5d-4a9b-8481-ff4ef5f8c890","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":103,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6a840226-18e9-4890-8567-dc2776b1b009","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":103,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"8664c9b9-2f1b-4d59-a975-820a23d8bf78","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":103,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"70daaf55-c8ae-4352-8b05-7f2518bb5128","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":103,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"19da2acd-d93a-4024-b26d-738ea172bb92","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":103,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"d3afd87a-f798-4997-918e-3407abf8d91c","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"b3840916-dcda-4200-aaf9-57c87bba118e","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":103,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"cd33754c-e6fa-4fe5-a044-7cd7b019968a","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":103,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"96916a7c-7cce-4f1c-a857-0795019c9278","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":103,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"69e5876e-5ada-4759-a82f-9ffa387b04aa","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":103,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"7018b56f-9f39-4a70-ba09-435972217c44","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":103,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"e8e1bfa6-59aa-40dc-a753-3d2377169b98","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":103,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"d891270e-f2ef-4a51-9a0e-4d213ead1c7f","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":103,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"55d7ebe1-ad53-4d77-8ed2-ea9c174ca25e","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":103,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"fb0fa61d-d2ca-48aa-8a9c-60bcfca5ec59","block_type":"box","text":"Municipal Investments.","page_number":103,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"2b437655-889c-4c59-8f0d-cc5cb04eb514","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1cd2a5fd-0f59-4cd6-9246-828f503abca8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7222e1c3-7eb1-4c14-9924-2d9e6229fcc4","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":104,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"965a822c-aebb-4658-b2fc-d349c43c4930","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":104,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"847093a6-66a6-4e30-bcc3-cc66c1161681","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":104,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"bffb3c49-a12c-4827-9006-ea940036814b","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":104,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"0e36b1d6-42f9-4f35-89ca-626a0f132d0c","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":104,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"7e49127c-caaa-4921-8b86-2ff12bb40b10","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":104,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"9f90e796-dcb0-4200-96b3-82debd7d1c9f","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":104,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"72100daf-816d-4ebd-b97f-dad2cb6e6caa","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":104,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"c718edf9-d799-46f5-9b1f-404aea9f558b","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":104,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"4845c457-c1ef-4f11-98a2-782d0617dd16","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":104,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"a42c7f7f-fe0a-43a1-a294-58b78c8b07db","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":104,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"fd2c5fab-b1ca-462a-9811-02cf6881e492","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":104,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"44b53990-b730-4c6d-9d2f-f1aee8186ec0","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":104,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"81ff8e0e-4306-421b-8ce9-518b5009cbf1","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":104,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"d63a1169-0d66-4a68-9704-b3ab1ea4f1d7","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":104,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"a3c0d515-3c0a-4cb9-8e7f-8b4071dbb288","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":104,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"e4d3ca2a-18fd-4776-9651-891d74d1f16c","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":104,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"a3174a64-5d69-4a63-80d6-9fba73a764c4","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":104,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"fd642ca4-a9e7-4d17-a8db-dd562f41d449","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":104,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"59e1722e-5888-4649-a306-f6a429a99381","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":104,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"4e55893a-c6aa-4aa5-baf0-acad1a767be3","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":104,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"eb854390-d2e4-4c4c-a798-b533fbf96db3","block_type":"box","text":"The risks and special considerations","page_number":104,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"ab587e13-bcad-4f07-9b55-30ed18edf5d6","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":104,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"759018f6-0c65-44cd-8888-928894d344c2","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":104,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"a5908fc9-f160-4f37-b8ec-bd99297b144b","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":104,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"9b8162ca-b556-4894-ba58-37209632f251","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":104,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"7b74c89a-8954-4e11-941b-7782dcba5002","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":104,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"5daa4cb8-df76-42dd-a9ab-e12109288d31","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":104,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"c50e2aea-4ae3-4fd9-8554-f078c89cf251","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":104,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"d85d005b-8045-4e76-81bd-95a90d4d2782","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":104,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"ce55ad25-a83a-4a13-bd0f-80ed5f599478","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":104,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"9b07e334-d987-44d1-966a-57d7a051185d","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1c0b07d-2862-4acc-bb85-ab461f252d73","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99b62221-cc3d-4322-bbd6-481e735d380b","block_type":"box","text":"Description of Municipal Bonds.","page_number":105,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"b0caed7d-ac0c-445d-971d-83bca7cb7822","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":105,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"e0bf0f6e-60c3-4c41-8a7c-2498cc0493f1","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":105,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"de9ee209-3747-4920-ade7-fb6f72d017cf","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":105,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"02110cd3-4594-4f83-9cd2-71096f563195","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":105,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"216875df-fb03-432d-86c1-3c89ac73ee78","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":105,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"35a6829f-4b8a-40df-a27e-36b57ae2e6c9","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":105,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"13d5beff-4a7f-427d-95eb-166e0e68d882","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":105,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"eb4263b5-0938-4ee8-9d2f-b362ad9fb15a","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":105,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"08574524-967f-402b-b426-93db6b5e507b","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":105,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"c51cbdd3-4419-4cda-8c8b-64975f62a512","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":105,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"a52cffa8-87c5-4aa1-a937-a204b62af17d","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":105,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"ed6d2d5d-4139-400e-8f46-37768682804b","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":105,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"e09cdf93-9da5-4dfd-b928-6e0682800a79","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":105,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"e26edfdd-8bfc-469d-ba26-5fb64288a0ec","block_type":"box","text":"General Obligation Bonds.","page_number":105,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"e880246f-b246-47a1-b9b1-50724674b6bb","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":105,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"765f79d7-d069-4435-9f2c-9477a093af11","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":105,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"276e032d-61bc-4462-846b-a1beecf9410f","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":105,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"243c2047-d57e-4a99-a83c-30f209dbc487","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":105,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"56fadfa4-177d-4d70-ac06-6d8e4595a205","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":105,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"c4d93ef5-e91b-4403-93d4-ea873c90b793","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":105,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"e73e6fa7-f009-4707-9e13-607508f4f238","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":105,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"c7e1de50-5d19-4e2c-b342-1cf6c82ad577","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":105,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"21675bb2-cbc3-4ed9-98e3-205ddf5c8040","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":105,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"bb4cf1eb-73b2-4870-a90d-b2a3bdc73054","block_type":"box","text":"Revenue Bonds.","page_number":105,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"a289e248-c5aa-4a8f-aba4-b6014097f5cd","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":105,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"afde1b86-0242-4a31-8bcb-5a2a809d5808","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":105,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"e5cee2e3-f4e0-4c6c-9e8b-846f724adbf2","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":105,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"3e66d711-97a9-4cd6-8b45-53609ab45968","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":105,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"1bcd573d-17bd-45d1-a8db-b3df2eb83195","block_type":"box","text":"viability of such facility or such revenue source.","page_number":105,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"44c3ca61-f5fb-4a48-86e9-7b8cb2397851","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":105,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"a9491519-697b-46ea-a621-4b0f4267b2b7","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":105,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"93d34a90-374c-4b63-a6f1-16234e508d6a","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":105,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"d167f67b-ee07-4048-b599-18e97ad87a24","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":105,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"35d9d5c6-9c39-4282-9c80-b71e018af291","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":105,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"41ab5228-899e-483b-a8eb-27b722f9b418","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":105,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"6fcd35eb-ae71-4b0f-b523-392f4db55203","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":105,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"c5345fa4-b376-4f3b-98fe-ad634e3f986d","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":105,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"cc194b27-91fe-44a5-a474-06747544d994","block_type":"box","text":"PABs.","page_number":105,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"c991a2a2-12d5-4327-b223-2d8ed643c5a8","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":105,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"f0ef618b-c8d0-4673-a2e3-19706edcdec5","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":105,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"968c9a27-f289-43ad-a07b-cf42401d6c8d","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":105,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"60dd0e4d-4f6e-4540-8a6f-33d3771bbef3","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":105,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"14a01faf-b73c-4a11-b9bb-075ff9ee868e","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":105,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"4c05d80d-ae00-4fc7-a483-a83902a3822c","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":105,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"893ceefe-9c32-4225-92d5-3606b5add565","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":105,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"8435548d-973f-4d6e-bfa7-98939039dffa","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":105,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"94552078-c00d-4b4b-b478-624a699dc16f","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":105,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"f8463a95-cd2b-4bf7-bcd3-027539ce0222","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":105,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"5248728d-2d30-4fb8-acb1-608ae19420f5","block_type":"box","text":"the par ticular facility being financed.","page_number":105,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"62822b86-2e3a-485b-a0d2-27a6f50793a4","block_type":"box","text":"Moral Obligation Bonds.","page_number":105,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"a8d73a04-d540-477b-8db9-045c93666f3c","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":105,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"7095c3a5-1b97-4790-bce0-c3709ba5ca41","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":105,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"fd76ae78-1375-4a5d-82e4-ea7f5dbbfd73","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":105,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"526d4505-2ee3-4ec6-8807-c5b450839283","block_type":"box","text":"that issued the bonds.","page_number":105,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"da97f9bc-b3ac-4360-b8d4-09fea68eb28c","block_type":"box","text":"Municipal Notes.","page_number":105,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"3f430214-2b77-475f-825c-8a75f7a6f953","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":105,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"7b83c1c5-0762-4a3f-a1b5-a5a70a0d8505","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":105,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"ee9cbb7d-2b79-4d60-8054-75bd711e3cdf","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":105,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"38c19f37-d74a-4877-abea-f48268db38db","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e2b00da-51fe-4357-b167-03b0ac6cd8ac","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bd179ae-aa64-4107-9c3c-1ebea3453358","block_type":"box","text":"Municipal Commercial Paper.","page_number":106,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"11558a45-9363-4cc8-94f9-278ab0154803","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":106,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"5026cac7-8d52-43c0-9dcf-f20aefe29df4","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":106,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"732443d8-226d-4a29-9d8e-9bb6e969dc10","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":106,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"d9cefd47-c394-420d-b0c7-5d14e037c32d","block_type":"box","text":"Municipal Lease Obligations.","page_number":106,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"232ceb2b-73d8-4b76-8373-6c3baba5cfcf","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":106,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"61a9214d-2e2e-4ecb-a1b2-093285a01127","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":106,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"3cb9c5e6-b794-4cfa-b20a-a9cc85fe9a1c","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":106,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"4935d03b-5d91-4aca-9cf7-7617424bad7c","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":106,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b2ec8f10-a7b3-4f63-b25e-edc5058590d8","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":106,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"bb920e4e-fbf4-4882-9fe4-974e352f8efd","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":106,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"e117b957-79fd-46cc-80c3-fc62d959c5d0","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":106,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"50259d29-87e3-4d86-9ded-19685aff4fe9","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":106,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"a21c9023-ca57-48a6-bc51-61642fa70a3e","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":106,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"89d68edc-dcf1-42b1-9b86-2204fed7c3cf","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":106,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"17c18353-7bb5-484b-b00c-527815bb2b3a","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":106,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"a8580b79-2f56-4d58-9818-1c2103711725","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":106,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"6970b974-9046-40a7-9c95-6564f070fe08","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":106,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"5cb49a3f-1d97-4149-9a7d-c9af13d63fe6","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":106,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"a19a3b50-e9b0-4148-b94b-131bf4b97803","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":106,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"11f0176a-d894-47c9-ae71-c4b2195e9494","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":106,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"f4c22121-df77-4729-bb20-676e0f578d93","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":106,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"74a9ecd7-4dd6-4d35-92be-387c14c2096a","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":106,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"5011a40b-25d6-4b24-8626-d598f2ee6439","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":106,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"a73633f2-db38-4d02-b87e-806641afa068","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":106,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"4176f2bd-1248-45af-9771-0fe503d33d0c","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":106,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"32e55fd3-34c4-416a-964d-9eeb8855aded","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":106,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"4aee1758-3d5b-4e24-a687-7f730bd29add","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":106,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"ca51e0e4-3c9c-48d2-b690-e8b0e59cf86d","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":106,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"1f50f149-7b2b-4767-86a8-4bbf76e7aeb9","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":106,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"56a79c88-476c-42aa-b943-77ac4e621363","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":106,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"f41501bb-267e-4751-aa64-472d10ea0eb1","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":106,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"1c0af068-f443-4724-b3fa-9156a610b978","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":106,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"e44331e1-2d91-4e3a-88a0-9e43cebdbca5","block_type":"box","text":"Tender Option Bonds.","page_number":106,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"445b3352-1107-4b9c-b45a-aaa88d1c23da","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":106,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"e7bbd8f9-1e0b-420c-9afa-1698a802d064","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":106,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"34ac74bc-fb89-4ed8-a797-cce35aafaeaa","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":106,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"6180a46a-8a38-42d3-820a-0d8146f8c845","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":106,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"b7cdbeb9-ca66-41ba-8132-ac891339e102","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":106,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"ba8962ac-62b6-4789-ae9b-56cc85da3bf3","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":106,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"617f01cf-c9df-4a9c-bcaa-7d40834c2122","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":106,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"9922aba8-2b42-48ca-bb10-aea6c81681da","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":106,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"910d8c10-e920-4208-a706-587fec6ed394","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":106,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"fd9bb32d-ac7a-4dbc-9a9d-3e11dc725f4a","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":106,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"1cc9da49-a638-4c5d-8340-98445da825ff","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":106,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"a5c773eb-a011-47b4-a96e-a7da1cf1d6ef","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":106,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"850f6757-ea2e-4d29-a809-6b01bc12c07e","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":106,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"9bd6b292-f54c-4a9a-869e-ab4659f5b71e","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":106,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"5c96ccf9-94f2-4fd4-8557-a8405bab16c3","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":106,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"9fc1b14f-431a-43c3-a800-779cf1e165d0","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":106,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"8936dc28-8e2a-4335-8b83-44eef78e7ab2","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":106,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"010fa29b-8db2-461b-8d9b-b08338138e28","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":106,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"67c1c745-e5b6-45b5-be01-eac8477093a8","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":106,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"83639cb7-5bbd-4ee5-ba54-1b5b89689a9b","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":106,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"75beadad-6fe1-478e-af4f-d9e644e3d9e7","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":106,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"95b4894f-3269-47e3-aeab-dd76a13c5e32","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":106,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"6f220a74-d866-40dc-9f95-7b15d9219837","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":106,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"ab9619ce-9055-41bb-9038-4719417687ed","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":106,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"96ec70a7-1f52-43f6-bea9-1c94dd2a4edc","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"84546cef-dc11-4f6c-be55-b7bf53a7f811","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13742d67-6550-4a0d-92e2-86a66d204acc","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":107,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"dc0e6b37-bf59-4bc3-afba-ac002ca58028","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":107,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"ed0f4cee-eb51-4949-9da9-74eb2e46d706","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":107,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"673c1e40-5a07-4884-818e-b0ab42c817ed","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":107,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"ee308db0-2ea8-4ed0-a199-4d479da8a2f4","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":107,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"38ace92c-edd0-4b6b-9659-a7bd0145ecad","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":107,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"551691a4-81f4-4c0e-ab52-be5fbd98dd08","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":107,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"b781f365-9b2f-4388-8228-04558f7e7f00","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":107,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"ea2f5e8f-9aa9-4458-967e-272c5ae0f55e","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":107,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"ab0d75d6-7726-4a4d-a878-9e65ab035295","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":107,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"259aa895-22fa-4fc5-8b15-00fc20eda966","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":107,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"8ee7f3b8-166e-4ab6-86e5-b056647daf94","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":107,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"696649b3-32dc-4da0-982a-5365e6b9a985","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":107,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"e63e84a7-3577-488b-80cc-2c6428117a79","block_type":"box","text":"issues.","page_number":107,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"3f0966ea-7833-4c44-9e1a-4bed3f56eaa7","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":107,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"0b83aa98-b0ea-4a74-b595-c786180a03c8","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":107,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"5386cc3b-49c7-42a2-85f1-7eca0b898c82","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"b3d8019c-dba7-43fa-973b-aee6dd33a9fb","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":107,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"3e4b68a7-a05e-465b-a313-31381e3ead2c","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":107,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"4dc15bd3-ae0a-4600-b5b1-b637bd855d60","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":107,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"16ee4dd7-c412-45bf-a684-d21ae31af08a","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":107,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"7d7ef807-d50c-4b12-bcaa-47f91abf5dd0","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":107,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"413bfe0b-184f-4a0d-bdcb-bed8e6a515a6","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":107,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"63160824-6c0f-43f0-a458-06ab22832e8b","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":107,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"68ceb8b4-8b10-4a0e-8e5e-0eec74fae78c","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":107,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"66551473-50f2-43ef-baa6-9341b2febf9b","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":107,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"74389c1d-d634-42ff-af23-7848465fbfcc","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":107,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"43253d64-4b5e-49b2-85ac-effa5f35d0e2","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":107,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"c0b553c9-d125-4b81-8700-4139e288f1cc","block_type":"box","text":"i.e.","page_number":107,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"9ff83aed-7ecb-4930-8311-ee3ab5f9f582","block_type":"box","text":", the Fund). In contrast, in the","page_number":107,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"8ac85f0c-54c0-4a9e-a9b9-45fd0335c652","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":107,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"8c755ad8-bf86-4736-9621-edb238ee848a","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":107,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"6afbe6fe-49d6-4d42-8eff-5264229c1283","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":107,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"d16bec53-6a81-424a-a49a-c944d13bbbe0","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":107,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"57194ad7-932f-452c-9c74-5c90bf1db708","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":107,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"ec957f8a-67f4-47a6-959a-b0780656fa4d","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":107,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"c4fa6caa-1296-4650-8f3e-d9a4638fd9a6","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":107,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"ee357142-7e5c-49cb-981f-b0e895465517","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":107,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"bce88338-a9f8-418c-bd1e-e6228558b86d","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":107,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"f8c617e3-f3d5-4ddf-be45-d33b128f6425","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":107,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"b1568d7d-1d71-491b-a1fe-6aa02da8a399","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":107,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"42fe3821-db5c-4f17-9fb2-12144027c313","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":107,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"398009a8-b2cb-4cac-920a-d42a2400c26e","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":107,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"ea892fb6-b069-4fa7-9166-a11868481c18","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":107,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"11bfb6fa-f0a6-4e0c-ac9d-755715ecad14","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":107,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"34b4cc4c-688c-4044-a234-c01fe2cf7ac0","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":107,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"658b9ba9-5c7d-412f-a5dc-0097d73270a9","block_type":"box","text":"Trust.","page_number":107,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"198c5141-f671-4484-ae94-57914930ec11","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":107,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"50528b6b-633d-4d00-9fe1-003ccc4e5898","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":107,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"7d34dc5c-0914-433d-a5be-7a63ee09e0a3","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":107,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"cedb834a-2386-446c-bde6-48e176113fa8","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":107,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"503c4ba8-339b-4e43-8aff-a7c000cb2549","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":107,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"c324f448-16ab-4c19-9e56-5258b3d39272","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":107,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"46a860cb-49f9-4bed-a1a9-18ba8b539017","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":107,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"19bbbae5-4f0a-4ae5-8f10-7b0d48ef7f06","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":107,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"a30ba70b-2b7f-40fb-b829-bdfd36f0d1b6","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":107,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"cae71fef-9da3-4901-8c30-c45121607c78","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4fc1996-4306-4020-8560-0e65736f7bab","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"352bcff4-dab2-43d2-b7b7-8729fe813687","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":108,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"992da925-5009-44e1-ae95-de08fdc55ed9","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":108,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"e49f675a-d48a-4e6a-8511-7b9ba8679d3d","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":108,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"7fc292ba-3e1f-4fd9-aecc-e88793b24ac0","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":108,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"ee144e7d-abc0-4fa4-ac14-e9416634a9d7","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":108,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"cf470074-6475-408f-8c51-9ecfdcfe0999","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":108,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"ad8a184f-7282-4d10-8d33-07544ef7cb30","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":108,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"1415568e-9c34-4742-81a1-f0270c6f8cb6","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":108,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"2815dfb9-a18d-43f0-8a67-642e693f62ea","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":108,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"9bf838a5-be16-45d3-8eb7-6ecf713cd275","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":108,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"3bf6c914-316b-4ddf-b8a5-64526ac51c9f","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":108,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"676efc2e-ffe5-45b5-970d-0b1b59e59d1b","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":108,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"f0f8b489-89f3-49a8-a165-01f08ce6e9bc","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":108,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"20b30d22-8af8-4149-ab70-a8a3e1bf5b54","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":108,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"16fe2094-36c4-4a80-a738-f2cedae7e303","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":108,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"d639594b-d5fc-4c97-8540-e9d3eab9f902","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":108,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"90685c96-c64b-4288-b25b-e244a6bca967","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":108,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"acd65973-bd82-4225-9758-c7708aff88b8","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"c6cf0cba-fa5b-4b6a-9816-3cc58f6a7fe9","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":108,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"930d4bbe-7d33-4286-b96e-88aa0b1f627a","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":108,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"c6c0a71b-7198-450c-bd92-c4b1f0b96da4","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":108,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"7730855c-4064-4ad4-87e4-4bcc4e837153","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":108,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"fec5248f-7eff-44fe-a4f8-391d3419ec97","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":108,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"cc2f171f-f9d7-4aea-9f82-0e0f6c50af1f","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":108,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"528cb5fd-995c-47fb-8d3b-f6d96e728031","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":108,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"7997e503-2104-4e5b-8e60-8f3e8494685e","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":108,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"b5bd6cb3-63a9-4b2a-95f0-f7d4628f84db","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":108,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"d0d76cf9-956b-43f3-adf5-7f057d1fc200","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":108,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"466ddcad-87f0-4523-85ef-283ab1a27c79","block_type":"box","text":"i.e.","page_number":108,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"9f5f578a-6db1-49ac-80ea-b891e1a3dcc6","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":108,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"704f140a-7386-4ad5-85d1-ffb0e2672e06","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":108,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"78f188e1-af60-4251-8f97-645128ad163e","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":108,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"416cdae5-0423-4373-a56f-39ae1c6edc72","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":108,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"2db4608f-a677-438a-ba1b-b3686419cc92","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":108,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"390956eb-e6e7-4c04-bded-979bb4e3d4a9","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":108,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"f3ce95bc-8b8c-4ec5-ad4e-f1879b519542","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":108,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"4834a84b-0ce6-4e44-bd06-251cc9fa3e13","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":108,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"0e41394b-f112-41b8-9c65-b69b82f0ded3","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":108,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"87fed9f1-fc33-4428-b8b7-c41b1dd50294","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":108,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"1f8da958-dfb1-4b8f-a230-947776b0a4f9","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":108,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"fee76527-e856-4dbe-9897-f4eacf8018c8","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":108,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"f04709e9-b829-405e-9bfe-c9c651a069ae","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":108,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"50e3ec2f-5951-4869-bb15-bd47c0fdea98","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":108,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"8dcb0816-c65b-461f-b087-b9d79bf37067","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":108,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"43c019c8-bb8b-4b27-a594-94a7a490a90e","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":108,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"4ce10aee-11e0-4850-8563-85757339f8eb","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":108,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"4aeb6e1b-60dd-4117-b345-28cbd1a16d45","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":108,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"e8679fa3-e211-454d-ba9c-b8e0b579967b","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":108,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"c277c6ba-854c-4a5c-85d2-1cda0248de9c","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":108,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"77611b14-3421-409d-a746-bcbe7227705f","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":108,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"34e7cc7b-4402-4e74-aa30-9a04fb32102c","block_type":"box","text":"market is not yet cer tain.","page_number":108,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"c9ba44ac-d7ee-43b6-8949-5075ae5eba9d","block_type":"box","text":"Yields.","page_number":108,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"971f7832-d175-4f1a-87e9-31b77881aba3","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":108,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"17e71ab8-45d3-4297-8a74-853595aaf78a","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":108,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"7666e9ba-9c11-4ec3-95b3-acf0bd53a6d2","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":108,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"88049104-3059-4cca-b520-9746b2a61f7c","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":108,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"c44b879b-5a67-43e1-8dcc-b927bbf99ac3","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":108,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"5e1ec147-8b53-4ca2-a175-348d646245eb","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b12252b0-5d2d-48ea-bdbc-45f88384c96e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ad814c9-3493-4c89-aea1-6909caba78b4","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":109,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"83f0d320-b6c6-4019-a666-2329158c4e52","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":109,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"8e5f87a6-367a-4d19-a72e-1be149938cab","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":109,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"da8f2e6b-1ce9-4637-bd41-e2f0cae54c4c","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":109,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"c3486d14-1b1d-4c91-b0f2-129047497036","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":109,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"0357d44e-977d-46b5-8abc-134a7248d67f","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":109,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"24493272-a6c1-40fe-a8dd-681799894508","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":109,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"06723bcd-a6d9-4594-a285-69f0f3be2d51","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":109,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"cf9376e4-3e34-4261-9004-7c0b8d1db61a","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":109,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"24b11ab5-50e0-41a0-b330-cab1c2d89c5f","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":109,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"adbc475a-7dd2-40e9-ac4e-7dbc62c93132","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":109,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"21631e15-daf9-4903-8d33-84589c5b8097","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":109,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"628c55a5-cbe9-4053-9e1c-0c0997c97551","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":109,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"76272c85-279d-42c4-a8e8-812d234b5baf","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":109,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"4dc0f22e-9994-4534-9750-a70455029e2a","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":109,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"a64e2b5e-c831-48a4-9e90-9ea975ac8138","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":109,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"6e7725f0-504d-4900-a8ec-c4a327a7b51b","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":109,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"69ae8639-255f-4eaf-ac0d-a5969a15a723","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":109,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"c3025043-92ed-43ee-b83c-3c97f7b2b53e","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":109,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"eae78360-c919-4998-b609-a5a0df08c9ef","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":109,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"0017db38-8920-4441-918a-f5c644c58bd8","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":109,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"11c657c9-32a8-4133-8c21-182c5341cbde","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":109,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"e4229085-8666-4764-81a6-53a6b7d0bbc9","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":109,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"911a3e83-87b8-4dce-a1d1-db43009ba292","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":109,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"b18f374c-05f2-4171-a000-1dd1423b33b9","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":109,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"f4353b09-bf7b-4afe-af29-9382669e2172","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":109,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"a019534e-61a4-41b6-b70a-464df30a1eb8","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":109,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"e23007dd-299d-42d2-b487-a0ea5617b4e9","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":109,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"b1e64c64-d884-4fd2-96db-42cf13276a8f","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":109,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"390f4a25-6de4-488c-bffc-9fae1f55c4d6","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":109,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"a3d4c1ef-767e-4d61-ba49-be577ecb86c1","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":109,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"88fc798f-39b6-40ce-a55e-6a0e0dca9014","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":109,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"20365811-220b-4eb2-9512-c6e163f5d318","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":109,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"ee3aedf4-9b91-4e72-b4db-e3950e86993d","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":109,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"5855eb5d-1081-4d2c-8589-8f8c78b88abc","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":109,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"97f9bc1b-34e4-4c75-b2c4-8b014c29ac56","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":109,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"9a9102ac-a1ff-4f1b-8262-3de96043f44a","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":109,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"ef04ef83-adec-4faf-b2ef-427cbabe2c9c","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":109,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"5c2d9e44-aab1-444e-8efd-b40d07fceba1","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":109,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"b164964d-e66e-4e35-bf98-b385ce0e3311","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":109,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"f9ceb800-fcce-4dea-a9ad-312dc24f6db0","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":109,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"f0e2fec2-0231-4447-8cad-02958333f202","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":109,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"039f79c7-6c2e-4a70-a123-9a09101c1ade","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":109,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"0e3347fd-cb43-4865-974c-0bacb0407111","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":109,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"b71ec82f-3a6b-4bf5-a0c9-1a11f5578de0","block_type":"box","text":"Call Rights.","page_number":109,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"0c6c2bad-e2b2-4d01-893d-3741abbbe5ce","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":109,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"fdef22ff-a7bb-4221-ada6-19b5d3e28e59","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":109,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"39a98d21-2bb0-4a1f-94ee-b550b1b65864","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":109,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"16dbdf64-f6fc-43e0-85b7-c618414e41eb","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":109,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"afcdccc2-6961-4c74-bb7d-975148ab2b88","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":109,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"d70ac799-dece-42e1-92ed-919a9dfe6446","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":109,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"42978c54-5c8b-4baa-bbe4-101ec23499e3","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":109,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"c72329d6-f948-426f-a7a5-57bba4ceb5c8","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":109,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"17083d49-b92d-45cc-ba5e-dcae6aa29c0c","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":109,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"e95b4105-91c2-4e24-afa2-0cb87ae3cd92","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":109,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"63d4d1d0-ca7f-4a7b-9da3-988178066be6","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":109,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"9b3739f3-65db-4cc0-8ac8-06325093bd9e","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":109,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"55fb3cd6-3eef-4c21-8aad-a52ba7b94bc9","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":109,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"10bf1cde-d344-48f3-8562-b9551bca2794","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"641f62b3-0ed9-496b-982b-55e6cce94a89","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0666ba0b-1d12-449f-adec-ab0619ea8460","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":110,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"f1ba0785-d33c-440a-bbe1-e5350dd718d3","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":110,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"eb9d8785-6de2-4bdc-b1fb-a641a4f689cb","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":110,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"9f1566ab-e426-425c-af53-2fadab2d5a1e","block_type":"box","text":"i.e.","page_number":110,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"0847b4ea-07df-4ea8-aeb7-d9dc6c0f4ac6","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":110,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"60734d11-3a33-4ff6-aa90-b76c6f6102bf","block_type":"box","text":"rates).","page_number":110,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"a6c582bb-4ab1-4fc1-81f7-4d149bf61cde","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":110,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"97a0ce61-a7d9-413b-8181-1689f57f89f5","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":110,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"84e10e26-1898-4edd-8efe-a75350d5cf89","block_type":"box","text":"e.g.","page_number":110,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"33155ba0-e772-4360-b2ae-dc4d461de322","block_type":"box","text":", an exchange of fixed rate payments for","page_number":110,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"c0679412-0b26-43e0-8a53-edac8f3e7f15","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":110,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"df7ecfea-31be-4b50-97df-0d1650339a74","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":110,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"fb9edba0-c22f-4c57-9d03-3408e20c2ad7","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":110,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"14a6c196-4408-4480-b2ac-b597666372bc","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":110,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"2797fd4a-7606-4a2a-84f0-d073cd9b9c30","block_type":"box","text":"with the same attributes as the swap (","page_number":110,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"be2599a4-2beb-4bea-bc42-6f94935b2872","block_type":"box","text":"e.g.","page_number":110,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"50c1b2b9-f7fb-435a-87a5-5b8c4c9d5f61","block_type":"box","text":", coupon, maturity, call feature).","page_number":110,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"323a3976-76d6-40e9-ace1-3fd3db8b101f","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":110,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"d228dc94-32d3-4c16-9f47-93eaaa357dd2","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":110,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"5bda9a75-106c-479d-8178-288de1f1e789","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":110,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"16900af6-e886-4ebd-b363-a40ee9bab5b6","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":110,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"4807ec0f-2389-402a-a020-f3e098673129","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":110,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"0b17feac-a8f0-41c1-b1ae-4e6bb355e569","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":110,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"ea2d667b-cf92-408d-b09c-2e01d3c011b3","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":110,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"529617b1-a865-4eb6-bf83-23b887536864","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":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"9f576d2b-0a09-4a0b-b75e-d4451e6b41ea","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":110,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"acf8f988-29c7-4ca6-8af0-dd30a6cb8910","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":110,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"d9ff9aff-2a78-48b6-953f-9d8a769317cc","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":110,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"487188d0-c46b-4b53-b24e-4795bee93948","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":110,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"5cb1e374-579f-4e61-bcc9-6155b03b622e","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":110,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"35ea7626-4bf6-4f05-8faf-6f9065cf3f9e","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":110,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"ff229bf6-93b1-4653-bbcf-d7cb806813d0","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":110,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"844cc90c-32bb-4ea3-8e86-10670c9fcc8e","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":110,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"fe38fab1-7799-483f-91a1-62285bebd8c9","block_type":"box","text":"Insured Municipal Bonds.","page_number":110,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"f2197d19-dc78-4585-8f1c-8775c5332eae","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":110,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"73ec2573-55d4-47b3-b14a-deeac29d178f","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":110,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"57a66a2e-a4d5-4aeb-9215-213ad83085bb","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":110,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"0b08c943-c379-4672-a557-0030c751c050","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":110,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"023c3394-e0fd-4a8e-b022-aa0e371fdd39","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":110,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"54fdc86b-e08b-4f89-aa72-b6c9eb2f69c0","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":110,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"0f2f6804-3601-4309-b752-c0be342aba5a","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":110,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"a5952b35-6740-42e4-9bce-767fd4b16768","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":110,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"7f0e599a-6cdf-4c4a-81fd-f948d87f937b","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":110,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"a1dbd29b-2e5f-4cd8-b889-0565d8ee7a9f","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":110,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"b78ab84c-9267-463b-9ed9-cebadbb4ffd7","block_type":"box","text":"bond could drop.","page_number":110,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"b93033e4-9901-43b6-b5d7-5dd4105cb174","block_type":"box","text":"Build America Bonds.","page_number":110,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"75e69c4d-e395-46cb-9a14-0338ecd77e6a","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":110,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"94f1668f-bdb2-4d3b-9753-1ea0bdf7b0f0","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":110,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"05683727-eae2-43fc-a87e-7c6d6459e3e5","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":110,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"5860ba95-362b-493b-b007-2b39c8ab521c","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":110,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"e23eb021-604a-4e6b-a69e-b39693847655","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":110,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"e097ea00-57d5-420e-bd3b-0a29f5cfc88b","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":110,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"9b3bac52-96d0-482c-963d-2aa8dea40ed8","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":110,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"49014a55-718b-4e4d-b976-1b9c2bad2161","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":110,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"e2f36094-cd19-4712-a6f5-3eaeeb35eeb1","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":110,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"85fe3ac5-0ad6-41c1-a228-a0d94bc7377f","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":110,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"0240506b-9ba3-4ede-a11f-41627f47853a","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":110,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"9d030258-6472-4b1a-893e-88ba7ff5d95f","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":110,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"a90a6cb2-6847-4adb-8425-a4b38e5bef2b","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":110,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"4e860bf0-b8f2-4f5f-ba50-8a25824bab1f","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":110,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"9487686e-6c15-4e86-9b97-edfd854a31ca","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":110,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"dab41da4-75da-420f-b237-5f986015187b","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":110,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"379882f4-37b9-4465-a7b9-deb41339b41f","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":110,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"cfbe3e37-ad53-4e98-a612-833f8a30e99f","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":110,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"2b4a5948-f9f0-4bec-b202-84f247cd52ae","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91475733-dec2-4fb2-982c-92be41978552","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c7dcf29-804c-4012-8f70-3c78d5cfb132","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":111,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"9a52df46-1053-4569-9f35-e4ea8c669f4e","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":111,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"16444211-f2a8-43b6-b71e-1dfc127afae2","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":111,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"ebf93eb2-085e-4fb6-bd6c-5a820252c8ec","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":111,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"393e9337-22c9-45b8-b913-5355718a9b28","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":111,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"81c90da7-bb0f-4b17-9cb3-6040182bf6a0","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":111,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"bb2d758e-a205-46d7-85c3-e9fc428795ee","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":111,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"3af36e35-e284-4993-afb8-f3b1899402bc","block_type":"box","text":"their face value to the sponsor (","page_number":111,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"74a61727-9728-4ed9-bd9a-8463745f5614","block_type":"box","text":"e.g.","page_number":111,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"35cc6c4a-9481-426e-a76e-ad21fcd2a8f9","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":111,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"7048f483-0d2d-4754-99bd-9434ce9431f8","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":111,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"2601d10c-3f52-4c5e-aba8-c3a4339dd90e","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":111,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"3ab96894-6516-4d67-8512-f48b5be8d454","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":111,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"3c32e2ff-45d2-4637-b561-143ab0e6af7b","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":111,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"bf83b829-9a28-4a4d-a56f-4eb342bfc772","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":111,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"e09d338b-8cd2-4e25-93de-a92946c47d4a","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":111,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"517df9d9-4f03-4a80-86c1-a240fdd85579","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":111,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"25f76e52-e019-47e8-8b30-c48465829da7","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":111,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"77577939-7006-40d2-ac8d-9c02dd3d004a","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":111,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"62027d16-5085-49c1-b69e-16311c25d995","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":111,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"823ce5a5-1805-4a28-b99d-42f1639c888e","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":111,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"d3080c6f-da39-43f8-b52d-efa77104beae","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":111,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"4f280189-e2d7-41cb-bb23-b34f1db8166d","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":111,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"1031ac82-829a-49b0-ac5c-c9479dc25b2c","block_type":"box","text":"such opinions.","page_number":111,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"d0df1566-cc8e-4f18-9198-6aaaa12b613e","block_type":"box","text":"Operational and Technology Risks.","page_number":111,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"3f03ef92-dcaf-46e6-93ec-952b45c6a986","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":111,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"96ce05b6-0219-4fd2-be29-677a31a48ca6","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":111,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"8105bd02-a7db-44ec-a2e9-0e526f76b72d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":111,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"d8e2ec47-c085-4dc1-842e-0b504d47a22d","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":111,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"cc93fab0-4f65-44cc-a261-3fa29ab05130","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"61855dea-a0bd-46c5-af61-6fa2c265496b","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":111,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"f537320f-d5e1-4b1a-a269-67531455aa65","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":111,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"d8395512-29d7-46b1-a4bc-3c09c1a8284f","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":111,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"aa1fff83-f208-40bc-91e7-1a08952e9362","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":111,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"bb4cefc8-3538-4af3-a311-e900d842e593","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":111,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"d82e78ad-518e-4b2c-a9a2-b76c3a471d7f","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":111,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"bfa45734-fc04-48a8-b8da-01d67174a6b8","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":111,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"446913ef-8d9a-4da2-a3bf-b435025d60f0","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":111,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"a2dc20d1-2152-4444-b8e1-836e67cab197","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":111,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"5065dffc-e3d8-4fc3-9c8e-6bd009e598f3","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":111,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"ac5f9e09-0b02-41ba-ad4e-96ec65cfb094","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":111,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"3593321d-00ce-476e-8508-595fd8437086","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":111,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"e12f8a2e-a327-4e7f-98eb-c0205a52a80f","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":111,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"f83300e8-9ae4-487c-a7e7-928a05e47e48","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":111,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"6fa34121-755d-4edf-8d61-9e45819ac3ef","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":111,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"cda3ab36-7cd2-41db-81d7-c04487122793","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":111,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"d15b05f1-f7f0-4c1f-a176-270631111c4c","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":111,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"19b21fd6-c04d-4f6f-a96c-7326f820503a","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":111,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"88c54db7-a5a3-4532-afa3-35afaef23540","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":111,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"a12582f6-f4ad-4f0b-9d2b-1e16378aee1c","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":111,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"9a65eb18-5939-4429-a60b-c2c68df33a0f","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":111,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"1e463455-40cb-46a9-a302-a42192560da8","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":111,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"89f20f9d-7929-424e-ac4d-1994d44a1d1f","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":111,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"0b03f362-7ecf-496a-860e-0c5789f1c127","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":111,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"5532832f-7f43-454b-940f-155ae09cddb6","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":111,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"18caa44e-a5a4-49aa-b5b4-9c3de70cd9c1","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":111,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"4dd6f8e1-f6ef-451f-8ce6-58f1e9d13fe2","block_type":"box","text":"infrastructure assets.","page_number":111,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"f8ee5e3d-4192-4af2-ab4e-4a00f06e7783","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65d8bb53-92e7-4d81-aea8-7989f7e09d52","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f495c34-ee27-491d-9be5-593e62721fd7","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":112,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"7dd922ab-5d4c-46b0-8e34-fa256413bcb8","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":112,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"823b10a8-c422-47b5-b2d3-fc9888ed2ead","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":112,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"7aadc51a-cb81-4aef-8825-c9a97c6fff6a","block_type":"box","text":"or services.","page_number":112,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"578c17ca-2a8e-465a-aa23-1b324d077eeb","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":112,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"bdd39333-8ae7-4d3b-869c-1a910408db77","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":112,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"01b31579-660e-433c-a984-bb9a7c668af3","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":112,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"efcfe94c-d6f0-4b05-bc6f-c7e3720f5e29","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":112,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"70bfa717-8701-4784-ac96-acd57caf076f","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":112,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"e2774dda-6546-45ca-917b-e959d0485c69","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":112,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"76b3a472-a820-4b9e-8424-a25ea7bbec07","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":112,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"fe2c7ab9-5ee9-4397-b621-bdf66d1240e7","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":112,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"b885ee70-c69b-470f-98ef-5072fbce73a3","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":112,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"06b3b9f9-5621-4f1c-923f-d82b0050ccb5","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":112,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"4c18a969-8ee4-4c41-8364-77a943456690","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":112,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"c70eb4c2-0929-4df2-9a59-54522069a02f","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":112,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"b8eab72b-d785-478c-84fb-5ff55295b2c7","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":112,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"a2682d65-6769-4056-9cd9-fe60b8873841","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":112,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"58a8dd54-e0da-434e-a28e-e0a858215e62","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":112,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"6b7cd7aa-1ca8-4b6e-9582-5886424e6286","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":112,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"a254e6e3-9324-493c-a8aa-0c202906f02f","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":112,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"ba7bac60-4683-43e2-b118-e7c331f24b04","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":112,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"7e58f5da-2ee3-4efc-a575-8d2ac1fab530","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":112,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"e7c3265d-f747-4462-ab14-ca7606c19ea8","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":112,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"aac39a41-ff6f-4bcf-973d-901c6ba77280","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":112,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"376c02b9-7649-46a7-b10f-2bece8cd9f95","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":112,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"d9d6ebac-43a5-4b52-9d3d-6e0bb68b9cd0","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":112,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"98c527be-05ad-4a2b-8ec9-3478ad2137c9","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":112,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"3cda5c50-b4eb-45ee-a0ce-965751fee0f6","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":112,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"42e22aab-6496-4bc2-a1ee-eac033c07f4f","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":112,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"ce13d522-146b-4442-a5c5-59d15724f163","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":112,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"63e22f76-e2a7-41f4-ac21-931eef5aac06","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":112,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"8b06e565-0041-4017-b08b-158f066aa2c3","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":112,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"ebd0005f-2d48-4e4c-bab1-5159f3412015","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":112,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"de108ae3-dd03-4067-abc7-bcbdfccacbd1","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":112,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"691557fd-0181-48b3-af9a-f007a91878d1","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":112,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"de80d2db-38df-43db-9a5a-2288929c30f8","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":112,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"f841a912-a9f6-4ad7-838d-2968e19970a6","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":112,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"868a3850-6cd9-4db6-8a9b-a3c65a97546f","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":112,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"e6bae4fd-c169-447f-8733-912e53f9c71a","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":112,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"03e4ed5b-7f2d-4b14-9a92-eef7085e3510","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":112,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"a6488cbb-4e22-44d1-bc7f-706a9b639b7a","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":112,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"c7e31fbc-92e7-4405-9b08-59785eecf1bb","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":112,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"77069238-e582-4469-b6fc-96aaf8341c3c","block_type":"box","text":"resources to monitor and implement required changes.","page_number":112,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"51837f66-94ff-4c93-b12c-cb6169362565","block_type":"box","text":"Participation Notes.","page_number":112,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"6c904e75-44a9-487e-9ea7-98d19ec02147","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":112,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"c3265c1c-594f-4a90-bcac-f72c64594284","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":112,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"6d971a90-7d6f-4cf5-af3b-5b4ef42d0d4f","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":112,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"40031f24-8471-4ef1-9404-f1ab47cc2151","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":112,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"cd1d9cd8-9f30-479d-b915-64f807613d8c","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":112,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"c7212517-d67e-4e95-a444-4217d2ee682b","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":112,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"e8b16d90-317b-4623-8dbb-cf46fcd02b94","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":112,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"a9baaa39-cbd4-4358-8d10-5fcabb16c236","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":112,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"095e3df8-83ed-4cc4-b4a5-8187a0856e40","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":112,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"cee3cbb6-7ad3-49a8-a773-e611e3fc7645","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":112,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"443c0b32-fde1-4e4a-a258-a5c1c9a1f4d5","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81f2cb96-defb-4fdf-8bba-9c9b2956b4cb","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76870961-a3ba-4e18-89f2-ff419c3598c3","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":113,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"88c0bc43-236a-478b-b3ec-dd4d03d9103b","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":113,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"56328c39-cb7a-40a1-8a7a-00cd96987717","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":113,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"28c404d6-d0f0-497b-a91c-0e3a6f3204d9","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":113,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"500414dc-9e03-40ce-bf70-9120eafaeffd","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":113,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"46497861-1c63-4652-9597-3ea84903bc59","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":113,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"1b61c29c-a2db-46fe-b2b1-5a992dc2a36c","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":113,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"f0b0ab6b-dc04-4032-9d39-b8078b062509","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":113,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"a822896e-91fb-4d08-873e-708235d9d2e5","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":113,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"39015626-1d21-4cd0-bfc4-8ee66f106135","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":113,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"99dee4e4-54ed-4509-ab6a-dc01ddd6050d","block_type":"box","text":"Portfolio Turnover Rates.","page_number":113,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"b2683fd5-148d-474a-8bde-953ea689db55","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":113,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"93f39574-2e99-4a49-9e54-4f64e5172206","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":113,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"28d11373-920c-48d1-9eb7-0dc7ecfd72c1","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":113,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"33d23a0b-7964-46af-9f8d-4b71a95b2d63","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":113,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"6ae549f1-7d19-4799-9df3-61fa056955f8","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":113,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"a9e6d1b9-5326-4b74-befa-8f90d45f369d","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":113,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"a54869d7-972d-4f79-9eaa-d8a4947308c7","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":113,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"58043cb8-17fb-4051-9ba7-0ffd5b38403e","block_type":"box","text":"i.e.","page_number":113,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"636145ee-ca28-4acc-8f37-2da697eb401b","block_type":"box","text":", 100% or more) may result in","page_number":113,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"9ee146b1-cb3e-4323-ae42-25d7b7f83bea","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":113,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"9b209cf3-d279-45ee-80d3-e7fbfd8e4a7f","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":113,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"bdb52331-f096-4dc1-8c48-eb6b121f0a2e","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":113,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"90450989-154f-4d05-b8ea-54c67f65803d","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":113,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"f469eda1-e1d4-4b6a-8ab0-707885cedff0","block_type":"box","text":"Preferred Stock.","page_number":113,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"bedc64a5-28ef-490c-abb3-243dcb0bcacb","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":113,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"44b609e7-4e7b-48bb-aa31-1b0ccfb48e77","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":113,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"857143ba-3865-4ea2-9e65-db0a357f96f4","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":113,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"413a754d-f469-45ba-8f65-5c2081fd5fbb","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":113,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"70400195-60bd-440f-93ed-bd9bf36a69bf","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":113,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"01285abd-6b34-4173-91a1-096468ca1b69","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":113,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"74fbb75d-fe1b-4254-a531-06da1604e556","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":113,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"65b60ecc-70ae-4a7d-b461-7d90a69641b7","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":113,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"c502842a-b499-469d-b0d7-f10f4686ea36","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":113,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"a710b5c1-e373-4549-b44c-bf00e937b018","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":113,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"47a54aee-adc8-4e2d-ab7a-2ed0ba88c446","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":113,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"9e7294af-46f6-44b2-b810-ab1cf7be4636","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":113,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"ab05b520-3d75-4793-863b-fde0f0e7620c","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":113,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"fd6f2acf-80cc-470c-a83e-e829534d3a94","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":113,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"9bb94c2f-326b-4db8-8d9b-a91062dfe9d5","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":113,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"5d04eed3-9edf-4869-8bec-d1537d92e0c3","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":113,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"0309e1bf-8fed-46cc-82c6-8c5b4c4ee523","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":113,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"bc3a3e6f-750d-4df0-98b6-a6b43e361d8a","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":113,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"1ca3ea92-5c07-4c55-9e49-ac0f998cf147","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":113,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"bbce0a29-4bae-473a-b80f-4c837a8104ef","block_type":"box","text":"Trust Preferred Securities.","page_number":113,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"29b46b7f-6bca-44d5-9f08-c847d1236224","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":113,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"21e2a087-ad1e-4dbb-93ea-fd12177d2d83","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":113,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"bc332a6b-8560-40c7-b14b-5323343ff29a","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":113,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"8cb2da3e-8cf3-4a7a-ad05-daae1d93ee28","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":113,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"81355554-c523-47a6-8682-3263c8e48bf0","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":113,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"36860b36-aae9-4549-a3d3-0262f22babb1","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":113,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"591f5bb4-ff91-4e1c-a850-07df5415b156","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":113,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"bd3c111a-1c6d-40dd-83f8-fe1627a702da","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":113,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"fd4d28aa-717f-42f7-862c-15044ee03b2a","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":113,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"32c690cd-1ceb-4f6e-a6e6-ed80b2f5c183","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":113,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"f5cf90b1-7dc6-4f10-8d24-79e9120b5ce3","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":113,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"ed3b9575-d323-4c21-8160-b5657b146c9c","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":113,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"396b1c98-135d-4920-9f6a-c5a298e64014","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":113,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"66507ddb-d05b-4c9b-b5c7-78dc46334822","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":113,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"0bf026f1-ec67-4e18-bc92-a5efcf8f81e3","block_type":"box","text":"®","page_number":113,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"bfdb3370-1782-465c-a241-97d6f47e0221","block_type":"box","text":"”); monthly","page_number":113,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"0efb1a34-5179-40a7-92f7-ab464408c144","block_type":"box","text":"income preferred securities (“MIPS","page_number":113,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"f26849bc-03db-4c62-ab5f-5e8a83da6006","block_type":"box","text":"®","page_number":113,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"c7cfb4f2-dda8-4459-90c7-084e2b3031d3","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":113,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"9519151f-1588-4e2d-a6f2-5ebbde5817f5","block_type":"box","text":"®","page_number":113,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"3c2dcb03-20fd-49fd-8289-8c3709088444","block_type":"box","text":"” ); quar terly income debt securities","page_number":113,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"9359174d-6cce-4705-9b59-93a225601914","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f53eec31-1780-4d02-b13e-3f98af3cc444","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"414c23f9-466b-4650-ae59-a27cdf97abf1","block_type":"box","text":"(“QUIDS","page_number":114,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"32e5011b-7834-4176-a86b-30e0a3f5ec24","block_type":"box","text":"®","page_number":114,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"a314a77f-d247-45f3-b50c-a28ae6e0798d","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":114,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"5f3cac69-139a-473b-934f-b903d9e9d2a9","block_type":"box","text":"SM","page_number":114,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"7d6fbb2f-b737-4f62-8ae6-8364e19c499b","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":114,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"48efcd28-221e-4988-8536-07672c022bff","block_type":"box","text":"®","page_number":114,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"701eb798-cca6-40f9-9c48-7c8d8c76fb59","block_type":"box","text":"”); public income","page_number":114,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"855a73e9-b384-418d-ad92-8426346d164a","block_type":"box","text":"notes (“PINES","page_number":114,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"72a833d0-3845-4416-8e37-a709a0fca1c7","block_type":"box","text":"®","page_number":114,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"749c2b29-537a-416c-bbd7-7897a492bf30","block_type":"box","text":"”); and other trust preferred securities.","page_number":114,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"4cc8cf0a-2587-47a3-9c55-b75c9c3b5cbd","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":114,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"6e59547f-1c2c-414f-870f-1d5798e1c405","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":114,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"22a9d0ba-cfb5-4936-bbeb-8fcad49c2e7d","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":114,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"48b9f318-5ed3-4f31-ad9b-5fc69b5a102c","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":114,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"00274311-171f-4c5c-9f49-4e0316548676","block_type":"box","text":"regard to whether all payments have been paid.","page_number":114,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"60cd9cb2-2b7c-4d61-94e5-aa20b034da13","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":114,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"d7ba54d3-43bf-4c96-8984-d51be06ece47","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":114,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"015efda0-5573-464a-af69-d49a20897a59","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":114,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"b624f1bb-2b01-4f52-b94c-cc34a07a6b61","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":114,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"46c29c02-df5c-4390-a2b4-312f99fd253d","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":114,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"7513fa35-8539-496b-bfb3-3b715d6acef4","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":114,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"2e41c6d4-eac6-4c5c-9a80-11e76bbd3f4d","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":114,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"39ef28d2-b5cd-42e8-96c8-20225974aeda","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":114,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"8a62ef34-76d9-426f-8e9e-cc002bd26ccb","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":114,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"cb82df12-3ddb-4ae3-af35-d376747e6c4d","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":114,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"ee8bda0e-6a20-49f2-bc6c-3cc204b2e790","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":114,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"8f2ece19-3739-4943-b880-41d9341083df","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":114,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"8056d9e2-8942-4666-ad9c-8643c35d99c6","block_type":"box","text":"debt securities.","page_number":114,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"815ee1b0-36c5-43f6-9642-4b55dcdb3d50","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":114,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"751801db-0756-4770-8dcc-b7e8bcb6592b","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":114,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"b0c8f191-dcc1-4023-8c06-d30299ecf1a6","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":114,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"86ee91a1-ae12-4e34-b7e5-3fce656fd022","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":114,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"3c2eacb0-b974-47d6-9e7d-f48c618f4d5e","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":114,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"6529e400-19e7-4380-af32-96c0cdabd017","block_type":"box","text":"i.e.","page_number":114,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"85d74c32-b5aa-4fec-a61e-f7e4727500c1","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":114,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"7574be8d-8e53-4afc-84de-0d01d0eb4809","block_type":"box","text":"buildings.","page_number":114,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"c56360b6-1ccb-411a-8f14-6c8afe3cc244","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":114,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"14e7f680-fd57-4652-9b04-f14d304f17d9","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":114,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"76a531c0-c38f-407f-84c8-86257c9fa827","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":114,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"51ca15c4-d00a-4aba-b805-5a653f3bc18c","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":114,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"d008430a-0a30-41a6-ba14-19fa3c9ece72","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":114,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"bb46abce-feba-4b7f-9437-f7793ec032ac","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":114,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"687a4886-9500-4c89-8c56-78db8e8c7add","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":114,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"b31afe56-79a9-4371-9fe7-2ad97e5bbd6e","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":114,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"894aba15-a2e4-467e-887a-eb30a894d9fc","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":114,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"662f6734-9e19-4918-b32a-0203ba373ecb","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":114,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"2b950ba0-59d8-48f3-935c-70e26922e551","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":114,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"a6cda195-ea31-4d84-a5d1-8b807f97aeb8","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":114,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"7ec5d29d-fbb7-4f90-8357-2025f6095a18","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":114,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"373166c6-7132-4148-9ed6-3fe5e141ff2e","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":114,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"3ba64b68-2304-4f44-81db-2e4a77f4d941","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":114,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"bc7868f9-e489-4531-83e5-006720a2df77","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":114,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"fe7d0e48-2cc0-4c20-8a2b-06953bd3f656","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":114,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"1d535a6f-ec4e-4d29-bd21-c87976a5e3d1","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":114,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"a165713b-b965-4094-8edc-e3420887d1ae","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":114,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"25d5e83a-5f60-4b3b-a931-83bdb1753288","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":114,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"8d2669a7-a4c1-4e3c-867f-6a78fbe45683","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":114,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"78078ae5-d13c-454e-85c1-74e87e1e12ce","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":114,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"f7a43e41-bc6f-4839-9a06-fdb91729d206","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":114,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"57fb2f45-ad71-471e-bcb3-be5047ddef1f","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":114,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"bda6d9a8-5062-4a26-96be-d2013afcbc16","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":114,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"08a95564-be5b-4de3-8058-35d0dc83df6b","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":114,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"cccf60b8-ff18-4431-960d-198665445d65","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":114,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"35c1f071-75e1-440e-9f7e-91f44a3a8f18","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":114,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"532088d0-cfa1-4c73-ae8c-14f722ec0a7d","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":114,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"9a34a0d2-bdb7-4bc0-9faf-04bbb4519b8b","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":114,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"aeb051a9-895c-4906-b927-4814e6f8231d","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a0ba3a7-25eb-4619-869b-46556d102da6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2003ed15-16cf-493b-9f17-41918238c0a6","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":115,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"2810bab2-ede7-4df2-9ee5-1c64b6d3107f","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":115,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"bd6654be-cc7a-451e-83a1-3647db1efb9b","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":115,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"02cdbf0e-18de-48dc-987e-432031ec2ab4","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":115,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"6013b8d9-33cd-453a-849f-36f7e3e3ee3d","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":115,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"90b3dbcb-4833-44b1-94f8-c8b6dabcc9fe","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":115,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"70b784ee-1577-4d32-86c0-677496cfa5f2","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":115,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"904d30db-a7ab-4f89-ba4c-92f20d770527","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":115,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"8d0e4f5c-01a5-45ab-82f4-b93689ecbc53","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":115,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"c25e4535-0e60-4b37-bc13-360caa71becf","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":115,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"d07321a5-e751-43ff-9feb-68a400c9b396","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":115,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"8fa1722d-a3ba-4591-bf7b-e38509f9563a","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":115,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"e8299ca8-a013-49da-b56a-a6392ce94c0d","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":115,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"20e8add0-792f-408b-8a77-7c9b6163eb14","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":115,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"acfbc165-1a9d-47a8-a56e-164648485bad","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":115,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"e48b83bd-0237-48ff-aa33-906781de91f9","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":115,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"e294935e-fd10-4a38-9bbb-5977ac612666","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":115,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"09e73e31-a5cb-4b27-b577-2db00d2fb859","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":115,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"83daf9be-6d2d-434c-ae8c-df878b01db61","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":115,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"64181a81-bf99-4753-b8f0-77df69915b01","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":115,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"e70c5a7b-05ae-4766-a3b5-e4835d845be9","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":115,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"8c08c7cc-7369-44bf-9547-7a2702e45595","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":115,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"a61eb441-72dd-4e28-9aaa-da75f4fee235","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":115,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"b83c06c9-768f-4124-87da-10f467ddcb7e","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":115,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"6928adb8-f07b-4ca9-8ca1-b1480e76b20b","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":115,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"90107a12-9ce5-451a-ad5c-f623d1d63876","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":115,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"e468a405-e3cc-4463-9c7b-32d80d36cc4e","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":115,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"94fcaa09-14a7-4df1-9865-a36e005c9c13","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":115,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"4f0f8c52-b131-4e88-b407-a5b87ead6b09","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":115,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"55b613db-75cb-41ec-89ca-dbd221e944e7","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":115,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"22af58d5-4f7c-49d5-9b91-3e16efcd54e0","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":115,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"5af9f525-4ae0-44fb-93b5-596376581ba0","block_type":"box","text":"conditions.","page_number":115,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"d0cdacc0-8b2a-4748-a573-daedeef623cd","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":115,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"d8636d57-5eea-492c-b440-ff1dd73559ef","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":115,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"e0c5577d-41da-4832-b572-ea2d3eba1cb3","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":115,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"a5a9e163-359c-45e1-a23f-621b8de40ec3","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":115,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"43e142c8-1174-481f-8360-7b533b1e723f","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":115,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"4f720010-8a9d-4bd5-bd6e-c7f104597772","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":115,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"409335fc-5397-4cea-b0e2-de48143c2959","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":115,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"d85e21e5-7aca-4c53-988f-d546aeb56f24","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":115,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"fdb82b47-3ee0-42fa-8ffe-6acc0801acf0","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":115,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"e9e62875-900a-40a4-8308-b911fc1b3c75","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":115,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"d44fbf29-9730-4856-892d-e20e36672707","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":115,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"119d1f16-bebb-4eee-95ca-fab1637f8ee4","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":115,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"38389cf9-97ef-4f71-81df-ffbed7ef5fb0","block_type":"box","text":"affected by such events.","page_number":115,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"df2dd553-2bb3-4d94-88de-866237895a5c","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":115,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"90e4b37e-dfd1-44f4-9941-acf807a3fd29","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":115,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"49094fc0-301b-485b-8151-f7c7737d02b6","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":115,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"b79b6fbd-e238-40ac-b7b1-ae479cc51351","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":115,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"260db904-e185-4cd4-8fb3-69c2761e1a4d","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":115,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"a2d2205a-2a27-4fdf-8f81-79af3066bdb9","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":115,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"b522c97a-9c62-4fac-85b4-011b7aee59c0","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":115,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"0f4a249d-6550-4703-b8ac-17aab7003f4a","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":115,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"92579e7e-532e-446d-9357-35fab6d04f39","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":115,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"8a13613a-6d70-4d92-8ccf-6430ab942787","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":115,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"ca795716-1c35-4685-b961-2dbb75cd501f","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":115,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"d7dfde03-0f40-45d9-96c8-07133f14d413","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":115,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"e2bb1336-711d-46d8-b36c-871400d7756e","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"74e8d772-f9e4-428b-83d3-91e7f8dc1a4d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f83b3e5-da8e-4ffd-9076-b092e47c35e0","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":116,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"b508bacb-c447-4142-8a14-c26015847266","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":116,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"7de312a1-3a8b-4cb3-9eb7-bae00f9d8e3e","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":116,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"ef2b0c5c-8355-4970-a797-5507bb9e110a","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":116,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"2db741e9-4f30-4d75-960d-42443f5750a3","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":116,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"b560c1be-c89f-48bc-b434-93a98e045c6a","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":116,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"e2e8c28d-f34d-475a-b5c8-27935ca65106","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":116,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"903892c4-4bcc-45ab-bb53-be94ba414905","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":116,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"56b1e49c-ae47-4320-bafd-efc7c0df1836","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":116,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"970bbbce-2546-4ea7-9256-f60681f8efdf","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":116,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"d59221b5-3d84-4ee2-963c-60fd212ece0d","block_type":"box","text":"investments.","page_number":116,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"6ac45ff0-f511-4d49-a2f3-e626b32bd631","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":116,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"06a62441-5c24-4bf1-8215-7a6f0d79895d","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":116,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"66cb7e4a-2a8b-4c47-8568-57c05db98685","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":116,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"6009ab4a-3767-4491-a0c4-1c9f2ac2e7f2","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":116,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"5b7128a4-cf39-4353-81ed-cee6db79f434","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":116,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"4c1539d2-6a55-4ee5-889c-60806f5059a2","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":116,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"2775574b-4055-427b-9165-a427b20bcbaf","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":116,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"4a9c449c-c4f4-4da6-9d4c-e1ca0cc600e3","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":116,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"6b917ec6-6975-4d5b-ab05-0e8b1ee2e840","block_type":"box","text":"Legal and Regulatory Risks.","page_number":116,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"65412a3a-dffa-4356-ac4d-82a38a04e80d","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":116,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"700382b9-8d79-4bab-9505-68c04161518e","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":116,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"e592c99b-f411-4091-a7d3-3f1a3cb74a13","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":116,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"ea0f9c8a-2b5a-4c73-8435-63be23c701ea","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":116,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"765a5ec0-f778-4795-be5f-501dd0cfd642","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":116,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"62d9e7d1-6a4b-4ee6-9f5f-6a48c8b833a4","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":116,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"3d8013c0-7381-4acb-8bdf-af20ff45964e","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":116,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"7f7cc568-7119-4712-84ac-f949ddc3f301","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":116,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"15eb31a8-a839-40b0-8b4e-8f7297c16d48","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":116,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"ee510d3d-13c5-4b29-b01b-0a0f47dd8ac0","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":116,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"17ef6448-771d-4661-9dcf-a06ced5953f0","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":116,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"79a51648-55f6-40c8-bbdd-fe24fd24f374","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":116,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"9c9a855b-3a68-46d9-a8e2-51f6aad363e2","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":116,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"79bec277-d1c7-44fb-bb37-cf2dfb6f8e3d","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":116,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"0d9aacab-e262-4119-bd24-d502e90d97f2","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":116,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"69e7dfa6-9364-4389-b1a4-fc871d5bfbab","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":116,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"891c401c-b4f0-439b-be25-c2ef1ccfa010","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":116,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"72b7a968-2036-4836-8457-3db679caa44d","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":116,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"a88e1be0-efd2-44ce-899d-7a4b40bb74a6","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":116,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"7c4fd6a2-fa9b-49ec-9cb4-ff2f7cea53f8","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":116,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"b93aa13e-7cfe-4f11-846f-a76316f9e25d","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":116,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"efc41934-a6fc-4d43-b1bd-31ba7f046c11","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":116,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"4cbcff7c-22e3-4afe-aed7-fe9caf51d65b","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":116,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"185f6e18-593f-449a-ab75-0059bc5999d7","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":116,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"e2d30dc8-d28e-4844-b865-938618a75578","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":116,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"01517cd7-d2e8-44d1-9b9e-8dbd2fc4a955","block_type":"box","text":"Geographic Risks","page_number":116,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"a7b186fe-a071-49ce-be29-a234721e7bde","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":116,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"11bf3158-0bc5-4f65-9243-aa755819ffb4","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":116,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"5f6cd16d-5682-402d-ac0d-f91016fdff05","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":116,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"146dbd08-08be-4a16-89d0-730d8263bad7","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":116,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"de99e320-54b6-4516-bbe7-ba6c675f9596","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":116,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"534e410d-20fe-4e9c-89f9-9f209b013c80","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":116,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"b2c140db-12f1-4c3c-a715-7a16d17aa784","block_type":"box","text":"Fund.","page_number":116,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"086f29e8-ecbb-461e-9023-2ec7b66184c6","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":116,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"25e5078e-4b2f-4754-9ed1-75ab33facbc7","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":116,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"6d9855cf-0eb9-4093-b77d-a51b587db2be","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":116,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"2f8962d8-6e5f-4737-a5df-e26997043d6d","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":116,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"4064cef1-c5d1-452f-ad19-7de94d22a106","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":116,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"e7034267-1965-447c-b38b-250d611b8245","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":116,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"5315967a-b076-40e5-a9f3-fcbcd6d756bf","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c8b47525-935a-4e6e-b0f0-790018f04865","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1569eac6-33e1-47a5-aada-ef6b1510f04f","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":117,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"3f71cba0-50e3-42b7-8efb-912d8cd28bb3","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":117,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"ec7a681e-d550-49f3-9695-7d74b62ef04a","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":117,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"8010480f-903e-445a-9e0c-cbf8f41a8008","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":117,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"1a616df5-6465-49b0-a20a-a0e3602f4a3d","block_type":"box","text":"continuing to develop (","page_number":117,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"03c18477-9c5b-4c65-9731-2864fbe20330","block_type":"box","text":"e.g.","page_number":117,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"8f160b34-9f5c-43d1-ba97-684617540399","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":117,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"4d5bace2-e56e-4a68-8d8d-d24c80c9b493","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":117,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"9a89c5fd-7a56-4fd5-be74-88ccac58e5ab","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":117,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"2cf74f26-34ea-4e2f-97e7-c76fd91e4329","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":117,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"daad4a7d-8324-4444-a083-72cf721f1dab","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":117,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"800d31b8-24fe-4dd9-8c6f-a13ae0af6fe9","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":117,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"1436e88d-007e-4afb-b16e-5b7e4246a693","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":117,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"8eeebfe4-3689-4df1-ac72-06a1091d7eea","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":117,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"b1238955-ac4e-409a-abfe-e2a7c45dfb6e","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":117,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"1d062b9e-5229-4db8-a69a-31d4032ca32a","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":117,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"c8bce22a-8c1b-47ee-ac94-55dcdda58241","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":117,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"0dfd9963-f822-48b1-977c-58aeff688aaa","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":117,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"f9d4a027-cbc7-4118-a4e6-528edf88a983","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":117,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"2c079c12-47b5-418c-975c-bdede12bd22e","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":117,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"619d2696-0543-4ce1-836b-db674a9a5e7f","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":117,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"683f484b-b376-4a40-a2a6-79d9d369b3c5","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":117,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"1242ccfc-0908-4fee-a7f7-098a2bebd281","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":117,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"9c6993b9-d54a-41df-bf18-b9d2aa128406","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":117,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"267ffbdf-f624-4798-b4b6-64a80dbef6fc","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":117,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"c7509853-90ce-4224-9ce8-b230f8a3109e","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":117,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"201a2515-58ba-47d2-8c02-6d3681361363","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":117,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"a6d31d14-6784-45dc-878f-fe6da2627135","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":117,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"c5bc0a8f-c676-40c7-b224-9fea316b21a4","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":117,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"8f320372-0533-4bc3-83c7-da439de82b4e","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":117,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"651df6a4-5b1b-47fd-aa33-a791cc531a3d","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":117,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"9116baf1-bb32-42d4-a474-0b054519c17d","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":117,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"cb1171b3-c0a1-42b6-becd-a76c66ed27bb","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":117,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"19a8f7ab-dcc0-4124-a5e5-dadadb90a662","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":117,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"6079960e-0c1a-4136-82dc-24973c335315","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":117,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"61c15ec3-cae9-4f71-a93e-b62d552fb3b8","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":117,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"c0cad8f1-6461-42ef-b164-b992b68660d9","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":117,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"dbd50a8f-82f4-47ab-82f2-6d68dc282a8d","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":117,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"a1122141-e4b5-4716-866b-bfe095298de8","block_type":"box","text":"consequences which cannot be predicted.","page_number":117,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"45f667a4-c061-4f5d-ab99-48c46d7098c5","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":117,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"b31eb1ec-3818-4c2a-b148-4c4e274d0b09","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":117,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"97c97de5-8c2f-440f-886c-6614f63530dd","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":117,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"22cafbf8-39d2-4097-a1f6-ef2baa0524a7","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":117,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"b309d635-8412-4c26-90fc-92fe9f596b4a","block_type":"box","text":"term of the agreement.","page_number":117,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"dbbbebcb-f33c-447a-97c7-6ce29ae9ab73","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":117,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"1cc2f89f-eb2b-4bdd-bada-493b5ef86760","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":117,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"0da4762d-37c2-4fe1-b89e-cca8fc3e246c","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":117,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"ce6888de-8ddc-4427-afe3-1dc554b91066","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":117,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"429c498a-4972-4d41-9820-b508274a1841","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":117,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"600875fe-5622-4e3e-bd05-85eabc340e83","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":117,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"a6b5ddad-9147-441e-b1d1-9c900f40d39e","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":117,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"4ab6af01-4804-448b-8d8c-f397226ede00","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":117,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"a359daa7-6d9e-4677-981c-ed3db7c0c962","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":117,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"bb321da4-bfcb-4eb6-b717-5ab277e40ca3","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":117,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"29011c0e-9a64-408c-8c1a-55b43edf0a8a","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":117,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"e92cb482-fd8d-48bd-bce0-3087c40d5d9e","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":117,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"c2937e25-ea28-4d06-8475-60a1493793d9","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":117,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"b1f7dd52-e445-427f-817b-79a67a123c2e","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":117,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"7fe2c8ee-1e08-4f4d-9b3f-31d6177f82db","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d2d4285-b7a3-447d-8768-efc0552dfb65","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"790a0d00-ea05-4d98-9dfa-804378583096","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":118,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"fd5b9461-8f1f-46a3-a683-b6ee5589a25e","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":118,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"2e5a2732-92e4-4c25-b35f-4aad6c8488ae","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":118,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"b34fb543-7794-4a23-83ee-2baa7d694a68","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":118,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"e93a8335-7d14-40a0-91fb-24eefbdc8862","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":118,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"4a7d664c-a02b-4c69-8ec5-d73a111a13e6","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":118,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"b784e125-31ec-46b9-9b68-bbe7f2070d5b","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":118,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"0ceabe07-c1a2-4703-99f1-71c0e065a449","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":118,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"2fa3c03f-8d44-41b4-a34e-3dd61d9c1edf","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":118,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"188ab30d-a42d-4554-90f9-282f1fd441cf","block_type":"box","text":"or by another authorized securities depository.","page_number":118,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"67fa76db-98ba-4c11-b0aa-ef8aacd753ca","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":118,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"6e5147e0-6df0-4990-a479-4a0401f59611","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":118,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"b88ec021-a9e9-4112-98f8-261974de7216","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":118,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"4c93abe4-117c-4f2a-b87c-db0a01775d43","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":118,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"8fe0586e-14dc-41a2-b365-a99aecf1d92e","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":118,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"3715c96c-a299-4442-b75f-4c02f5cdcc5b","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":118,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"7524a14d-d073-4faa-a633-dde0911b9bac","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":118,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"41d6e8ce-db81-4d32-ba47-933d4de7b852","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":118,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"f0ff4444-fe5c-4bcc-949a-d1f75c619988","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":118,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"d5111e62-66d9-4868-bbaf-d919be3ab54c","block_type":"box","text":"the repurchase price.","page_number":118,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"002ae3e2-d313-4cb4-bedd-b4ab065943e4","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":118,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"a24b5c66-cafa-4b05-8366-0f74e86e6dec","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":118,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"227aab8d-5fb2-41b0-9604-90f9fa212685","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":118,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"1dceaf07-eb8b-492f-9ce9-27875a619248","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":118,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"9f0fbd7f-ab2e-42d3-9de3-d1ec12643ae0","block_type":"box","text":"strategies without the repurchase obligation.","page_number":118,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"cb00f188-688c-442e-b2e3-acd228433c8d","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":118,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"d3118705-c3ab-474c-bbca-3ef530cddf41","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":118,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"60167c1c-91c4-49ba-b44d-11b7636db260","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":118,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"9644854c-ef06-4eb1-8d33-348bfce5780a","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":118,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"4e523421-b6e3-47e3-a0f4-11af7490d0c1","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":118,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"97ac8fb0-08d8-4d41-abe4-f7ea0521b998","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":118,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"ccb58b80-c541-4e5a-9235-389cb64ec7b2","block_type":"box","text":"i.e.","page_number":118,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"a74108af-6585-4fa7-8668-7a3462bfa8f4","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":118,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"62215bf9-fbfd-4b9f-8538-3938171c44c5","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":118,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"1e97c8d5-2c6a-4094-aa28-c26f087317ab","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":118,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"0854235d-737e-4b76-b0e5-b5c7f9435a0b","block_type":"box","text":"and income involved in the transaction.","page_number":118,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"64a9266c-5ec1-4cab-9133-de39cc00131f","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":118,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"8c5820d7-300c-4f7e-adfe-f85ee594e123","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":118,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"5aeaaacb-3262-460c-b05e-1f3649f7d320","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":118,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"3d96379a-9c91-4b94-ac24-07ee23588f1e","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":118,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"eb1bdb97-3538-43f4-bfd3-7698e1e1e22c","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":118,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"158e90e8-1b37-4b7f-90bb-1d6ab4e1d48d","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":118,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"71447c28-2f5d-43fb-be3d-6e7ba490c32e","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":118,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"ab9d4179-fa96-43f6-a719-889481d7422a","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":118,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"1380167d-a8b7-44aa-b276-442fb475182d","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":118,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"b9fdb3fe-7d46-4420-8f2b-5d76f90e5a60","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":118,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"fac29dc9-787f-4c02-9acc-637408b82852","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":118,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"13aa26a3-7522-49cc-8456-3d9ae44967b7","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":118,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"cf78af34-527a-4d59-b3f6-e50af4789b58","block_type":"box","text":"Restricted Securities.","page_number":118,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"cf092126-3c4b-47e1-a7b9-b08fb022d2b1","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":118,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"d5c98fdd-d28d-4c72-9c56-73750b8447b9","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":118,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"8646f4f8-dca2-4bd9-9b17-103d8d743782","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":118,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"298d2356-7289-45bb-8c00-6ee0bde6df46","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":118,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"0f3e8eb4-fb64-466c-b141-e0a7a14f268a","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":118,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"78ece871-ac95-4b50-be26-baf77a96a317","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":118,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"143cef20-4624-404f-a13a-028ac6e2200a","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":118,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"5db1c37d-ee10-46fc-bf62-f4a39d810b03","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":118,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"d4d358af-a2af-4dc9-a2de-11ba179fefb5","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":118,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"af40948a-7fe3-46f6-b99d-943615633ea1","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f636e9a6-b3ae-45fc-bb9e-cd146afc3454","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d232219-aacc-4638-a98e-caed59584cb7","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":119,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"eed0e4cc-0b5e-4cab-92e7-517e37c775d9","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":119,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"da079e5f-b884-4565-8e40-1a686d93b6c6","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":119,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"67b6d689-cde0-42a0-a710-03374d4e49e9","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":119,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"3bf981c6-e53c-4640-ba04-fd3245688df3","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":119,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"94e2a7df-a10f-4c7b-95c2-9cc4b7d0d375","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":119,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"f30ec592-93c6-444d-beb7-69e8f2b13561","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":119,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"09e3bf81-70d5-45c3-a606-ce13c908aa7e","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":119,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"c904f8c2-212a-4c93-930e-04e84a708e47","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":119,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"c2ef8b9c-89b3-4017-922f-390e5e7879db","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":119,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"e80e9711-4777-4de8-bff0-0e3c6038ed59","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":119,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"c6191450-8017-4742-9f63-ff7f03e4ac0b","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":119,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"a134ba6b-dc34-4ac4-ad10-30deb8d9531e","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":119,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"47bd30b2-53d4-4efa-b766-4638ee9fdb0d","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":119,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"b6746e31-1284-4dcb-bc55-9f60fc458f9b","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":119,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"0e455559-397d-4262-84dd-8915213edaae","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":119,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"e1b9384d-c561-49b8-88f4-97690aad8d16","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":119,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"d23d50cc-6b6d-421c-83b8-ab6d8f4cb975","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":119,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"dca1876f-2ca0-440d-9f6c-4f570d82ab02","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":119,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"32906def-3a4f-41a4-822d-34dd6dc89e0c","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":119,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"361f341c-86cd-4264-9ad4-aec20cf031f0","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":119,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"0ed7e4aa-5fe7-4ca7-bd04-206fd4e0041d","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":119,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"9d313c0c-88c6-486c-b278-39d8c8635974","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":119,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"37274b9a-6cd1-4ed5-bed0-57306f905f2a","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":119,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"6a979648-117d-4d8f-a9fd-58b6bd83e1bb","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":119,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"dcc80db3-7d0b-4663-b012-8f516561ed86","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":119,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b644c61d-09db-4375-a477-9180c9ab0e61","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":119,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"bce4d25a-bb1f-4b11-9609-51f0e6fb1763","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":119,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"4a5cad60-995f-44d9-be21-641d6fa76467","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":119,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"80fb7e86-9a49-4197-8389-700d14d96310","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":119,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"8a7f0ffb-63c0-4cdb-97ee-5188d68340d7","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":119,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"235a8e14-c485-437d-b2bf-04d343956d38","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":119,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"49770824-1779-46ea-9824-850532a9bc01","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":119,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"9d116f49-b8fd-4d35-8524-0bef65fa9d7d","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":119,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"c6a6c8b8-ff36-45ab-aae1-7457a144d2e5","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":119,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"cc6cf759-8f51-4aa7-9766-6f8bff9f7e1b","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":119,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"3f5aeb0a-d450-42c0-a992-4f90f8a3d9b5","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":119,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"0ee07e27-81da-46b5-8ad6-5615a5c94d46","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":119,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"59479df6-d0a8-4af8-8910-ff48b64808d6","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":119,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"7d465da3-9b19-42fc-a076-ea24d4be20bd","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":119,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"da830de8-3a41-45a1-8b5e-835468d5cdbd","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":119,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"4c596cfb-da23-4776-a6a0-2fcb2211ea7d","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":119,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"64bb97a9-1427-4c9e-8179-a74c5d381d24","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":119,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"16eb745e-134b-423b-a542-81de55a563f9","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":119,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"391f539a-dc1a-4ed2-b587-1e75fc8b0b04","block_type":"box","text":"especially as that Fund grows in size.","page_number":119,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"67bb7893-b684-4085-b546-a11666787bd7","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":119,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"984476ef-70f5-42b6-82a1-c33a52dd9581","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":119,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"a5c5f3b0-727a-40ed-9eb6-103efc557b9d","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":119,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"b6af2b56-69bb-49d6-b784-b7adcd6de030","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":119,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"ec685381-aff9-4745-b1c2-8fc148bb6324","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":119,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"d135f5bf-6665-465e-8c50-27a67592ec60","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":119,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"2ff8711a-d4e1-4a39-a113-355764b8f3d2","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":119,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"9f660bc8-b789-4e3d-a956-4f1e009ecc7d","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":119,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"f6ddb2e3-c597-4acd-b833-b19d76863ef0","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":119,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"4d227b11-0c89-4719-a0b5-cb4be0c075e2","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":119,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"bcfa55b4-8945-4af7-9953-4b14f94d611a","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":119,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"2753f0b9-e282-401a-b8a1-92b6bb76cef7","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":119,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"6640a0e3-df3f-4190-8872-3350a9e47e98","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b96d2c98-9e17-4b70-a9d6-5ece0f3b2bd3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e9865ce-86c0-49db-903f-8919d458303b","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":120,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"7469cf36-600c-4f34-a703-9db58282a335","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":120,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"01c63d9c-8dc0-477e-8dc8-a86bfcb09bd9","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":120,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"e1ded06d-2871-4e33-89ce-50039a366d9d","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":120,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"33c802d5-5b99-46f9-9502-7543fea25878","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":120,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"467f0015-4ab7-4159-bedc-993964ae71e6","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":120,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"98fe7d80-38da-48ae-b644-ed6a48855605","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":120,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"8e7ca139-1143-4a09-942d-ad65f50a3c2c","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":120,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"16ea5d38-86b1-406a-b2c0-84eb3d905bd5","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":120,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"395207d3-8d22-4ef4-bf51-055f87331b73","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":120,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"b66d4a7a-e469-4ff2-9fbc-dfe4b31ed996","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":120,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"fc107ae7-f7fd-4095-9c9d-5692d88f9f7b","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":120,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"05e272f7-487a-4d4b-ad93-bb8d941e26f4","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":120,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"973777ea-f8e7-4a24-a4c4-a6debade8315","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":120,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"8fdf4f07-f95a-4eb8-91d7-65dbc56eb8cc","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":120,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"8593e528-542d-4ee7-b6c4-a174780b8385","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":120,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"83cd0db1-c078-4437-b8c0-90c1f93d96dd","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":120,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"b87a6918-e58e-42b0-96ff-e0844c0264ae","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":120,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"22a3e3d7-924a-4203-8311-b4d2d5abb513","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":120,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"9098dc14-dad7-4f0f-b34d-27918f4d5606","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":120,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"48671309-2027-41cb-902e-0b46f1fa8156","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":120,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"3d10a889-e545-49dd-89b9-d1fe341ad009","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":120,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"2c973983-cc80-4ff0-b185-a895c3a2f85b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":120,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"f6140277-c4f3-4e29-b466-0c554ef96fe4","block_type":"box","text":"similar financing transactions (","page_number":120,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"fa7c9555-ace5-4dc1-bfcf-258bbb841360","block_type":"box","text":"e.g.","page_number":120,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"970692cf-f66d-4e42-8f92-51daf4a65b76","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":120,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"9ad4e1d9-2649-4f05-af50-796dddbd5c10","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":120,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"28eb1907-60b2-4e59-b94f-9f74983cdbbe","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":120,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"679cf4e1-ef06-420b-91c3-0cdb72ae712f","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":120,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"167552aa-ecac-4a08-8304-69ababb1a611","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":120,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"449a29c9-80a9-45dc-ac62-2c19bfc905f0","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":120,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"61d51176-8359-4fd6-88da-a8a4d3919726","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":120,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"f5a8a727-0b09-4778-bb62-0ceb410ab48a","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":120,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"80beacda-4037-4e9a-bae3-86b10a8c4599","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":120,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"c7706f6e-8c4f-489c-ad55-ae63e8f54bf1","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":120,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"57c1e526-4771-4312-a904-33fee7f737bd","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":120,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"b661b406-89af-4289-a157-33c5822f7c3c","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":120,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"441d7f9b-89e0-43d2-a29a-6815ebbe4552","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":120,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"46dcfc3f-bb87-4336-b94e-0a918fd8ab8f","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":120,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"8a23dcf1-9c47-4df1-9201-bb827237f7bc","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":120,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"533c787f-f4b9-4592-a9d6-97644534a08e","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":120,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"abb58d9d-f541-4327-ba92-94403b65a58b","block_type":"box","text":"amounts to be received under such agreements.","page_number":120,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"8be72c2e-d707-4aab-8f17-9d673b5f6997","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":120,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"2fe73291-887e-4273-a109-c49e480a79c2","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":120,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"c59a3c87-5314-4935-8cb2-04d7ee505439","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":120,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"3bd6de7a-7169-4200-9c0d-eb6161313223","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":120,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"17d16c9f-580a-41de-b4b6-90357a9e6462","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":120,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"04cdfe15-aa61-4264-b3ce-31259dbcdd7b","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":120,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"6d2c7f1d-763d-4181-b0c8-20478eeef4e8","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":120,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"c2b7299e-bc86-45a9-9034-3c9be407d95e","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":120,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"4f0bb2c3-e08b-46c2-8698-613d736ca4b6","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":120,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"04ee73f2-e2ec-4d72-97da-e3d6f3b6b452","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":120,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"53b7d584-e897-4cf2-a590-1e3738ba331f","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":120,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"59aec5d1-cc37-4b84-bdf6-3ca424dfe5a1","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":120,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"62d21d19-7416-4345-a2a7-316d299bf2a3","block_type":"box","text":"Rule 144A Securities.","page_number":120,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"95675eab-9522-4c17-a83d-b07aea2f120f","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":120,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"bf839f6e-8dbb-4c13-830e-b05297bb1624","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":120,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"17817d38-01e6-429f-bf0e-937487dbd7f2","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6044f798-b2e2-4f4c-b0fb-b90e076ecf9c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"398ce480-119c-4349-bceb-3ec7403b2f2e","block_type":"box","text":"Securities Lending.","page_number":121,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"0d32f443-e122-4279-b52a-5f7bf33160cf","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":121,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"0bac9f23-7dea-4faf-a997-61d17742db70","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":121,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"19ff9969-1486-4de9-8730-29eebaae0618","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":121,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"3b0b5110-5a2f-48d4-8e13-ff6eff40ae68","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":121,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"4b705be6-1600-4ab7-bda8-91d1354025a6","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":121,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"d4a8a1a4-50d9-415d-8636-d1d1f20d5acd","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":121,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"ac65c358-abfb-48ac-a545-9c69f063f12b","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":121,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"a2b40411-8e3e-4414-bc08-727545ea997c","block_type":"box","text":"the securities were not on loan.","page_number":121,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"5ebb49bd-2e2b-40b7-b254-a2fb3d374956","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":121,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"a79d0926-3293-495f-aadb-b9bcca689b93","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":121,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"9b0abf9e-6dad-4018-aff9-7286e9c9e976","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":121,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"a295100f-6fe5-49a0-bd8e-a4dd0b19f433","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":121,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"2f0d19d4-27c4-4892-9a95-6f3a5090ad72","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":121,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"6fd67dad-e733-495a-b310-df92b6aac3cc","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":121,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"0c107029-0a90-490b-a855-84c9aef928ad","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":121,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"1622e5b4-ac04-4d2e-b042-a14d08c68c50","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":121,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"4d5dc434-48eb-4a18-8ff3-fe53267310a6","block_type":"box","text":"i.e.","page_number":121,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"88822460-46a3-4c22-99e1-da30d2a5936c","block_type":"box","text":", the risk of losses resulting","page_number":121,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"cda64c8f-6624-4a68-b341-5772ccc69e75","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":121,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"e4ecc8f0-f7ec-48d7-94cf-f5f76407213c","block_type":"box","text":"i.e.","page_number":121,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"78746607-6db2-4de6-aacb-6a0277f524db","block_type":"box","text":", the risk of a mismatch between the return","page_number":121,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"3ab3432c-b3a7-4013-8f29-2a6c35426828","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":121,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"d1d5151c-d3f8-459e-9a9b-7263cb489418","block_type":"box","text":"i.e.","page_number":121,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"4af0f17b-c9f3-4319-8244-d857af453951","block_type":"box","text":",","page_number":121,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"b46faccd-a567-45d9-aed9-4d4609fb1df8","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":121,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"158c0f12-6263-492f-8990-0f10d4474524","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":121,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"b1404e65-8a10-43e3-978a-ba44035c5a91","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":121,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"e2d1abc9-82f6-409c-83c9-e39cc136a581","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":121,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"e7ac0f84-e648-4298-b4d7-b71be171fa76","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":121,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"87babb2b-22ce-481d-90b8-b949dbc5a6d3","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":121,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"426dd898-eeca-460a-9e92-dbe184813ef5","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":121,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"b469b983-cddb-47a1-bc0c-a8bb5fff18fb","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":121,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"0c5e71db-1db9-423e-a918-780146cf608f","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":121,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"bb47c5ad-e4ea-4bf5-9535-3c1467af0768","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":121,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"083e7db9-383c-4636-abd1-e66a7a07791a","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":121,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"366db6cf-46a3-4279-af1b-94f7d208fb86","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":121,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"7f8da4cb-2969-46ac-8f24-835c5b6d7b5f","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":121,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"427da9be-df6d-4aae-a2f1-edac8544720d","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":121,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"eabf4663-39c1-4da2-9f1e-5d07c93642d3","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":121,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"651cb5a3-e47f-446e-912d-b1b4817e2024","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":121,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"1fe8ac3a-f1c6-4eba-9cd6-6a8540f78e51","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":121,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"bb7150b5-349a-4188-8458-f62256df580a","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":121,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"b6ee7130-df26-428e-9154-fa1431f9f583","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":121,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"1b995bda-04d1-449b-a2fd-e8cb8f43c002","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":121,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"871fa3b1-4501-465d-809f-aad2e4a291c4","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":121,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"6d054725-16eb-44e7-92b8-58d5af84491a","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":121,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"47b27aba-a4ec-4646-bd20-30116498448f","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":121,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"cd43669f-ff62-46df-9a94-632a407cafd5","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":121,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"b7a8d3fa-4a42-49a5-bc13-77739a2d37b6","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":121,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"8c559534-2728-432e-b298-092a219eff1d","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":121,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"506616c1-b90c-4c09-be75-e4e3ad033718","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":121,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"e17a2a8a-e453-48a7-b477-f2e91d11fbba","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":121,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"e1c5c9aa-0b54-46a4-9dc5-07c38788517a","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":121,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"804bc36b-66f8-4f46-916c-ac0713355d70","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":121,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"072e4700-faa5-44d5-8487-4bae8b33de29","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":121,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"1f540304-3bf1-413c-b316-0af8c2ccd9f2","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":121,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"a318abce-10ab-454a-82a7-e4d5483880db","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":121,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"c66c0c32-cf3d-470f-adc7-7dad61707266","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":121,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"8521c84b-e36b-4ebf-9936-480a10774e28","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":121,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"50a74a6d-d573-44c2-9a86-f1a3ad97c2e5","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":121,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"0acbb6ee-9393-4266-baf8-bbdfd9cb9455","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":121,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"48ccbb96-b26d-450d-9368-b54957b9b4f9","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e0d0fcd-00e0-437c-9a33-1c00d3d92e58","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6b78322-6008-49ee-bd1e-9d836949cea0","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":122,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"47789bf6-7d2c-4c00-b857-58f1b684109e","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":122,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"5c494769-cb17-4317-91f6-f73fcc324839","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":122,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"97f6bf49-f36c-4e40-a376-9adca933ef4a","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":122,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"b990750f-0f0d-4e1d-9f6b-497d7a4bd3a3","block_type":"box","text":"the current expected compliance date.","page_number":122,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"7c49e4fa-e287-470d-a21b-eadffaf600af","block_type":"box","text":"Short Sales.","page_number":122,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"75b36df6-3252-46d2-8b54-a973f0cb9cc2","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":122,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"37265d68-0312-4c26-b0bd-39185cbe6e57","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":122,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"9b1a10d6-73ed-44d8-8f94-8ff269fe7f2b","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":122,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"9d0bc724-262c-4d4b-93b7-a023047e2ccd","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":122,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"cdef6c8f-9828-4c06-b9f6-5ebdb37b4446","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":122,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"a6efb232-81fe-4c6e-88e5-be76fc4a5ae0","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":122,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"8feba015-b477-40ad-8976-39c46002ec2a","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":122,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"e04da8cf-55db-43b4-9d04-800ed1f47dbe","block_type":"box","text":"securities to the lender of the securities.","page_number":122,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"8d563c38-dfac-49c7-aeb9-7815668cb22f","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":122,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"47a21f56-c9e6-418f-8b59-0e46bd36d70b","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":122,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"49057edd-0f10-4cfc-8ec2-37db69633744","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":122,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"b3c46ef6-1795-4dec-9386-11dad18088ea","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":122,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"c4fbacef-bafb-42aa-9505-3d9888fc1dd2","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":122,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"17e426b0-6544-4f78-bd65-82bacee45d39","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":122,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"235abd1c-b807-4cb5-91ac-18b9be4f391d","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":122,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"8fb994d3-f8e7-4df9-b3ae-dc45c3854302","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":122,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"3d1b1660-b8e5-4c4a-a5fd-12bcbb27cb13","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":122,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"fd3e7352-331d-4cb5-b798-1548275bdbff","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":122,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"7bf79929-3d4d-4a26-839b-3db87bf3d7f3","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":122,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"35cbab24-e828-4b94-9ffe-ff2aa0213f1d","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":122,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"4dc14be5-0cd6-415d-b17b-99b5caaec7cb","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":122,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"98af1c1d-ed78-498b-accb-b4c09c8b8b80","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":122,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"5b6d1dca-7083-4bd6-8c84-594e152de247","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":122,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"28f15e9f-7db3-45e1-a1d9-ae66d3053bf8","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":122,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"8cf5da81-2dbd-4f5f-8c43-fd2f60adafcd","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":122,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"93006958-199d-4de2-8b87-a917ff4df033","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":122,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"53362dcd-83b0-46c2-bab0-b870962f9991","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":122,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"0fcc47bd-e1e7-42d7-b8db-d75f7cdbce4e","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":122,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"361f7e89-dcd6-449c-88b3-da5f650cf3eb","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":122,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"903f8af5-6ae8-46fc-b588-86c7f85ab8ed","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":122,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"34103264-7fa9-4bf5-8d81-0467b5516c0f","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":122,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"92846a0b-2b57-441d-a75a-f331b3f2f113","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":122,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"96f490d7-470f-4ab8-b26f-d3e499caf89e","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":122,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"ecdd2a21-4700-40ef-a7d7-6ddc4d7ee32d","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":122,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"436da1ec-dabd-4b1e-9b1a-3da7d48ef4cc","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":122,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"d0a13668-5ad6-4bc2-85e7-735bcd0f745b","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":122,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"4e658bb2-4266-462e-8331-bfecd327ad33","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":122,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"248a075b-b488-42db-8f9d-65a472f0cd1e","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":122,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"9150900f-ac71-4545-af7d-c661226cdeea","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":122,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"56d20d3d-ee83-44ff-980d-4601932f5d7c","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":122,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"309a504d-caa9-4245-a554-9c0087e62839","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":122,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"f0e2c750-2384-4b15-afb8-1ec79bb0ef09","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":122,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"33ea4dc0-483e-47fd-bde3-92371d4b7946","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":122,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"57783646-6633-4e94-b9aa-647859c608e8","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":122,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"c12f47a2-9e6e-482d-8abb-0adf200923c1","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":122,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"8414f361-547b-4a8f-80a2-c87cf9bd6c26","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":122,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"3b78199e-f714-4bbb-bdf5-00a909ff9313","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":122,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"1e845599-2c75-457a-9f0d-d6009a3a27d9","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":122,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"c9fc4031-8345-40b5-bc7a-4a34ddcb8f6c","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":122,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"a286b6ed-6c4f-4913-a597-08172fd7e635","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":122,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"61b62a0a-ce15-48eb-97b4-bfa68c8db896","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"688e7473-f28f-4aca-9596-610be033c1a8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eed6ed19-7330-421a-b944-bf695fdc9bea","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":123,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"cd91ee29-cf7a-432e-9b72-61ad4308ebce","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":123,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"5cd42205-42dd-4fed-9d65-8fa225554035","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":123,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"ed364a20-c305-4d33-bb6a-8145efbbffde","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":123,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"ebdda5c4-3209-49f0-bcbf-1f37f916502b","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":123,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"46d43d92-7861-4a10-bc79-d11cd561b608","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":123,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"96c1d831-575e-443f-aab1-31abde0b1b4a","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":123,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"ec4f17f1-cc0f-4f66-ab02-f36d3ef4b8ea","block_type":"box","text":"Standby Commitment Agreements.","page_number":123,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"3e02a132-867f-44c4-ae60-f8ac8110c0ef","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":123,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"dbca9dea-dc3a-444b-89a2-8899a596c517","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":123,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"45ab007e-1720-40bb-b34a-a22c89e58786","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":123,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"aa273395-61b0-4428-8bd2-d5947be8ecd1","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":123,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"d3c5e6bc-207f-4996-a50f-5a527a0390f9","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":123,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"3536d504-ca99-4cc5-be37-0539ed99e8aa","block_type":"box","text":"advantageous to the Fund.","page_number":123,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"9feb4a66-07ab-4045-bc2b-c945f78030c4","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":123,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"c6519ebf-3162-43f3-b104-e5f8ce8f798f","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":123,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"46092858-577a-4c24-bc4a-303c6b80777c","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":123,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"5c1c624f-231b-45d0-b757-b88b8c52a95b","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":123,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"a9422d8a-c816-4d96-8f47-135b17c3f2ca","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":123,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"a061cde1-6b97-48d9-a9c7-bac1c950e8bc","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":123,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"f25e0abb-93ed-4afe-b675-c44675b68b70","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":123,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"e3591b1d-50b6-4bf9-9b7a-f5fd7e96e4b4","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":123,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"fcb4bf76-16d5-4ee4-b1b4-77d1949d01c7","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":123,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"15b4aef0-1d8e-4ece-b988-3d0215ebaa1a","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":123,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"eccdebe8-6d32-4c32-acf8-2e31c947d4f1","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":123,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"c5fb32ad-a20a-4be8-9cd1-4b318537c224","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":123,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"fc9b22e7-5229-4c59-a44f-5acfa69e2af8","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":123,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"acda3394-f34b-4e1e-8753-335097100143","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":123,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"b6f84aae-0850-49e8-88ca-b8fb0cd5a283","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":123,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"ec85d3e8-7c40-4936-af66-d3f384ea289e","block_type":"box","text":"Stripped Securities.","page_number":123,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"56d1203e-26bc-4837-90e2-30faaad7f897","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":123,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"b31bfdb4-22a9-4e78-b85f-166dad176e51","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":123,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"b3592a74-3247-42ce-bf7e-618457023637","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":123,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"d64c2579-f4c6-47e1-9445-092bcc9a7373","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":123,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"4b87bae6-dc75-4a74-926f-0e1acc172d70","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":123,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"76dc3d6e-33f1-4c45-acad-a513d56c97fc","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":123,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"384ee12f-7300-4089-b374-00ba4887b5a7","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":123,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"4c2989ab-07d7-4c2f-a0d8-f2ba39aba815","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":123,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"3b396415-db72-434d-b9fb-038bb9cc754b","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":123,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"53b3b21b-b8fc-44b8-9dac-9e26cce79c83","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":123,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"6c11e26a-8b7d-42a3-a4be-776bd9dde81f","block_type":"box","text":"Structured Notes.","page_number":123,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"d0f00b4c-6215-4be8-a0c3-ecba6987b60d","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":123,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"dd9262d4-0394-406c-a0cd-946261a9c76b","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":123,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"ce3459dd-d646-43e0-9836-b5a6d5291007","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":123,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"727458f6-61c6-46ad-89b0-40ea47e8e614","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":123,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"58a510ed-32ad-4580-aec0-c4b10e93fb1d","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":123,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"b575778e-53a3-468d-ba1e-37d15ebf6b23","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":123,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"1306b1b9-1d32-4af2-a5fd-9a7dd34ef98e","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":123,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"62d4cac2-acb5-44a8-8cfe-921f219b298b","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":123,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"475be93b-9968-468c-8167-228f9a913670","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":123,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"fdca50a4-7bc9-499f-895d-d127d422fcfd","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":123,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"42f7ef41-fb9e-4bae-bc49-c2f63146456d","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":123,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"a294aa7f-b23c-47c7-90dc-7e86376372f2","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":123,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"47295305-b26e-4228-8607-e3084061123a","block_type":"box","text":"the risk of loss.","page_number":123,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"2bb07145-1048-419d-8749-84ffd04cb7e8","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":123,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"34db83c9-f32b-4dc8-90b8-ad5578842dff","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":123,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"012a0438-a8cf-4f43-9657-9029c4eda554","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":123,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"3133efc1-b604-4f90-ae7e-faa28bd1a4c9","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9ee99be-ae42-47e9-8a05-f4f4b19b07f4","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51383010-03cc-47d8-8157-fc7c920731e8","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":124,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"f7dd6320-cc30-4d7b-b4d5-4237ab176b6d","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":124,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"736c0337-6d89-4ea4-9cd3-db51606096c9","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":124,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"57570a5a-5323-41cd-b322-f475f37386f4","block_type":"box","text":"Taxability Risk.","page_number":124,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"149c874a-340c-4a04-84b2-41ee8d9ce692","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":124,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"47869012-f57e-40a0-91dd-d22d9730d9a3","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":124,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"1ce40c8e-e2d6-431f-9e71-4b349afc120b","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":124,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"22dc5d8b-e397-47f9-8ff8-125e48f10ca4","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":124,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"3e7082b6-90c8-40f0-b2aa-4092b3d4961e","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":124,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"8fc1273e-c041-4b21-9bf3-e479c7070b02","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":124,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"d3f22a02-439d-43f1-ae28-f72ee72a3cf1","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":124,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"a0077d71-f1b1-42a0-840a-ba1dc3fb0d8e","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":124,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"73651056-fbdc-4c61-a784-07577baa4039","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":124,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"cc4197b7-7d24-47ae-86c1-6917407f27e6","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":124,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"9f3ea883-02a2-46fc-b1c3-785be6b9f662","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":124,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"a2ecdfe8-623d-4b5d-b526-3736e0c1c98e","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":124,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"f39b61b9-8063-43d8-ac19-cdd5dd294740","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":124,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"a3341e16-b781-4e0b-ac2f-67d866d53854","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":124,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"1781d488-6106-40de-9ab1-3ac7478ee148","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":124,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"c4689de4-332c-4d38-a8a1-22137810cded","block_type":"box","text":"the value of an investment in the Fund.","page_number":124,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"71f2e948-9833-4840-be78-37545d7e1975","block_type":"box","text":"Temporary Defensive Measures.","page_number":124,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"577d2e0d-7616-4637-bd83-bab9afe7db65","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":124,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"3d8b8d6a-896e-4bf3-852f-fc4d0692f53d","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":124,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"418ffbaf-8f71-4d09-81e2-403244469060","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":124,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"bc1b174d-986d-488e-8fab-5ae126934691","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":124,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"b6884a5a-1f83-4b74-b47a-c9bebb1e69b7","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":124,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"ff949bfa-dde9-4948-8161-e9010210bbf4","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":124,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"c3ed2764-4e80-43e8-a9c5-e4101e0d8cae","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":124,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"ede97b32-0d3d-43d6-8c47-b16d9d43c98f","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":124,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"47377231-4213-47c8-9c52-ce3b380bf083","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":124,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"e0154f79-e0c1-4848-9fad-5507e53f8006","block_type":"box","text":"its investment objective.","page_number":124,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"9960e078-a1ae-421d-8fdb-3cd154b33f18","block_type":"box","text":"U.S. Government Obligations.","page_number":124,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"958a5af7-546e-4724-8653-2e3bb3e5f331","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":124,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"8bb621f8-6c22-4103-95fe-95039808112c","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":124,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"3cceb2fb-1ad2-49eb-b865-0dc14037af59","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":124,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"e1ad7217-3dc7-490c-a27a-ca6a23ca4944","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":124,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"3dea15e9-0faa-4818-96db-d9e574af7e74","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":124,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"4657218e-aa63-4663-b614-203d872b1426","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":124,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"7eae8be2-3276-41b7-b6d9-8cf09cd57b6b","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":124,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"0250e4f1-6e84-4744-b97f-2f501c1df773","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":124,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"07313474-f269-479a-bddd-e7883409e054","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":124,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"98ade6ce-ec1d-4909-9766-355cb3f4b511","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":124,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"dc7cbbf2-ca38-4c6b-90dd-b266de7e128a","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":124,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"701199e9-d522-418b-8358-c59d81819d57","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":124,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"9e780341-cede-4e4c-85c0-cdab0d111c21","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":124,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"b3a2c41c-29b2-4f6b-a5cc-1f96560ac9a7","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":124,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"cd9d291f-5b1f-4972-8976-1f1487093223","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":124,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"6ede2af1-9b82-4b35-b867-6ae8ef3d55e6","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":124,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"5f0d71e0-d1b5-440c-bcba-5976af6d6c59","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":124,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"af25e2f0-5936-47c8-9441-909b25f48a67","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":124,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"d11279f0-2a05-462d-a128-ee04b524b687","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":124,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"aa18944c-3727-4657-bb97-24121f281e85","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":124,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"dcfe3c5f-4ac0-463c-8df2-97f2cf0c59a7","block_type":"box","text":"U.S. Treasury Obligations.","page_number":124,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"e0e8c7bd-ae5e-4f00-8d00-3a10f62456fd","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":124,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"667bfcfc-0a16-4e94-bab5-277a7fbb0acf","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":124,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"e2ad516f-190c-40e4-bf08-148114610ebc","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":124,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"ec935e6d-462f-497c-bbe7-ebaf7c216288","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":124,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"a52bdadf-afea-4878-b1b4-c52bfcba2aeb","block_type":"box","text":"do so.","page_number":124,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"dde2a4dc-8c0e-4ade-a744-5382ad58a87f","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4abe5784-a8fa-4db2-bfb9-ff6e988dfd7e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29df90d4-9174-452b-8cfa-af824c931f76","block_type":"box","text":"U.S. Treasury Rolls","page_number":125,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"391ecaec-509d-48ba-91ca-8d5e2648fb90","block_type":"box","text":".","page_number":125,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"32698008-2f4b-4b2b-9e37-014559603f4d","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":125,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"b2aeb96c-7f1e-482d-9291-f9c1900e2f71","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":125,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"a832c5cb-019e-41bd-9660-25d2c4903264","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":125,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"cef0d344-db82-4bbc-9827-499a9cb202a7","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":125,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"858330af-0c89-4ae3-90f8-b1895aa0f63a","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":125,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"ac9affe1-5b7b-46db-bd51-aed28df3634b","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":125,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"250f90b9-97db-4acf-97f9-84f703100321","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":125,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"07eef2b4-7eaf-4b97-b83a-4b811f5500b5","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":125,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"9d0a79d3-ab67-4146-8901-bb479b57558d","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":125,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"1ce345b4-aaff-4a2b-a613-76cf596bc9f6","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":125,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"42463e1d-68aa-44b8-8c84-0a3fee38af49","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":125,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"2516f8d4-aacf-41d1-af24-6ea9acc077c4","block_type":"box","text":"Utility Industries.","page_number":125,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"1cdee093-2ce7-43cc-aea4-a3215eb08dda","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":125,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"e28c9c63-d8f9-46a1-8a28-2f5302def449","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":125,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"7732d104-dadf-4a1e-b15a-16f4d29bcab3","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":125,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"b027f696-be3a-4489-8ee5-6dc0a864b5e0","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":125,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"479fc091-2e98-4d3d-9836-fb51f6413bb3","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":125,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"9b3a5314-670e-4871-835f-f53fbe9a3565","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":125,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"c5846820-df84-4a28-b1b3-148875e072db","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":125,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"17fe544d-3d3b-4734-99ce-dc5a389a22af","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":125,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"30b54346-465e-4c3d-aa02-58c12a8ae4dd","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":125,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"db7047fb-b1aa-4257-9bd0-221143c46f60","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":125,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"7637f283-35f1-45dd-9f12-e62bbc2a6bf2","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":125,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"a8cabf68-e0b1-4483-87d8-399182833f06","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":125,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"d6ef9f48-0cc4-46b5-a890-8d24c97899d2","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":125,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"c1507585-5ad1-496d-9ac0-23fc60569b24","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":125,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"a9efdfe1-de03-48e0-829d-0e1149de178a","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":125,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"ab676333-3d55-4fc3-95f5-30473d8dd26b","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":125,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"d663cabc-bc06-47db-965c-13d7f6942208","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":125,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"b8379397-75ad-447b-907b-8df61b00d33b","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":125,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"25e3bc7f-626d-4719-bdd8-f2aa427289a2","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":125,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"0b3d7cf2-1882-49ed-9dea-569539a1f49b","block_type":"box","text":"utility.","page_number":125,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"6742b7ce-3bf7-409a-9ff1-11bc9e6ff177","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":125,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"e2991ce2-3884-4b60-a48f-c4d9156b6094","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":125,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"efa3c978-7647-4021-a7e9-f57e16fc1dcf","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":125,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"de4c00f5-6adb-4fc6-8f62-1c684ef7867b","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":125,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"83b41e8b-db5a-4c7f-8376-bf4d9c56c4e9","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":125,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"9a42bb37-fadd-40ef-b291-0c4f1f06d2de","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":125,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"dd5b5678-a780-456d-b8e9-b8de6cd9ac7f","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":125,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"6bcef16c-dbed-4e20-b8bd-663a22952e2a","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":125,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"3f15e731-1139-4988-9d4c-9791c4137ea3","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":125,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"3544d6db-85f3-438c-9a86-bbf0a98e7954","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":125,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"41fa7c10-03d7-45cb-8527-b8e1ba205dda","block_type":"box","text":"continue in the future.","page_number":125,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"d3f2638e-47b7-49fa-a877-77613624f6e0","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":125,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"f42573c7-5236-487a-b8a9-3eeab947ce58","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":125,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"6227ab9d-16dc-4dc9-af60-9dfb121cb894","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":125,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"5c7c1c8f-50b3-464f-ab5d-f7e256111412","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":125,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"b611f7e8-5585-4fac-8df2-adeb4c76ba60","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":125,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"cee5d888-ce01-45e7-8a46-ee6dff488806","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":125,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"0273e536-fb08-41ab-af28-942b030622a2","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":125,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"ca57c91a-a210-4718-89db-ca69aba54c6e","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":125,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"b9f976c8-7443-483e-b3ac-0d1efa9babfa","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":125,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"536a98aa-c328-48a8-b8c8-557e56c4d104","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":125,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"d7a1dc14-3910-4acf-98ea-b2cee74cbcfb","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":125,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"1a02b9c7-3f73-462e-9b89-de0938a411f2","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":125,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"6094f41d-e5c4-4995-a388-24b5f7fdcbdc","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":125,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"624ffb0f-c11c-41de-b943-14b79b113612","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7c6e098-21d6-4ea8-bb83-967084f7493b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74242226-9dd0-4260-b95a-3ae60e87dc5b","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":126,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"049d05aa-846a-4134-80ed-dea89f50a739","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":126,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"c09f924c-ca1d-4804-998a-5cc234698bb4","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":126,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"896ae9ba-7f60-4a33-8e73-b071b0c81e3f","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":126,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"0ee43bd3-649a-443a-9395-03db2101682a","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":126,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"735b5569-c029-4064-84a1-5fc12c4e27e9","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":126,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"44160146-5f09-4462-be4a-a20467ad4e8c","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":126,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"294c798f-88a9-4e99-91e6-bb56dae667ef","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":126,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"f21dc636-61a0-4402-a882-5dfce01cb0a7","block_type":"box","text":"ways different from regulation in the United States.","page_number":126,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"1c7f2d13-1756-4de2-a490-90a23efcc6f5","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":126,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"16982d21-be9b-4cde-995a-badd29632c8c","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":126,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"482c4532-396f-4971-b8ec-18e13b26556f","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":126,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"e2c3d147-7ae5-4b98-8874-01c01f5c99a7","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":126,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"294dedd9-99e8-4a1a-bf8f-03e6d495f1d6","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":126,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"3c40f66e-c84b-46e4-a426-5f3acc041e7b","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":126,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"c77ccfe1-e48f-47ef-aa3c-7226979f5a68","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":126,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"805e432e-eea7-4793-8308-45d2c969ee52","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":126,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"5bf65303-1ab2-411b-b3e6-703ce7ae03f2","block_type":"box","text":"increase.","page_number":126,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"487c4f7d-b4e0-49cf-aa48-0136dc092552","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":126,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"af3288cc-ca60-4166-873f-e4238bcd11ed","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":126,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"52584191-6156-46f1-a322-40c6e7e5c64d","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":126,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"c1650241-f5fe-4df1-afb2-de71464c6394","block_type":"box","text":"Electric.","page_number":126,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"677ee8db-deb3-4d24-bd2e-b9f7ae2f27aa","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":126,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"3121018c-5435-4374-9154-b5d519b313c9","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":126,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"4387a1cb-2fc5-4ec6-9b90-1d7673ecea6c","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":126,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"2d779dad-2b4f-4b5a-a31f-2858679c079d","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":126,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"5299f463-84ee-41db-971a-4ff0c6ace9aa","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":126,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"42b26000-2b1e-45fc-8b46-54aa11063b2f","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":126,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"44e3a7ae-e55a-4baa-af92-85e41847b601","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":126,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"c1d17370-23df-4b06-b5fa-fc1d75b9cc13","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":126,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"f55527a1-7c5b-4d4f-854e-2af3d41be36e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":126,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"9834dc8f-3eb0-4136-a823-784219763af1","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":126,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"fcd31629-ff73-4389-8560-a4e4044e334a","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":126,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"884c2439-5e4c-4b5a-b910-371b7e394794","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":126,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"aa4e8b21-ead0-42c3-b320-b1f6d6aa3d6a","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":126,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"dd559983-7277-4044-9b5f-f4a79b620dd7","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":126,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"92c694d2-aa08-4971-b0cd-5da3422ae3ec","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":126,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"34863a69-a0c6-4577-92c9-a80f30dc0566","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":126,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"2d20cbbc-c314-4e59-89d3-bcbb1584e67b","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":126,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"eea60d19-7a9e-440f-b9c3-109db1253bb8","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":126,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"b12ee445-b3d1-49b0-9e14-3a0058bfb0d7","block_type":"box","text":"and for decommissioning such plants.","page_number":126,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"0941b1cd-1b72-4249-a5f1-d4095881eca8","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":126,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"8df81d69-9da7-495b-9c25-8a8b5d20ced7","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":126,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"2dc13b28-5e6e-4560-a342-11e763da8b0a","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":126,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"81ea0002-aefb-4510-90dc-c81cb1131200","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":126,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"0180cfa7-40fe-432e-91b8-8e1641ad246c","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":126,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"8f331f11-1807-4220-a540-05371fb31595","block_type":"box","text":"greater predictability of cash flow.","page_number":126,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"61537e1a-8d9d-4468-91d0-2516276db169","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":126,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"85978ea6-f356-4ae0-8fe8-452eda7e64d5","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":126,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"af2e6e18-f456-4a86-b750-fa634dfd3298","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":126,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"b7d86ca7-8138-49dd-b43f-ac2456c3866a","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":126,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"7a961648-7877-4f0b-98bc-763243b628d4","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":126,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"bdf2c9da-f9d0-456f-b706-f998f9e2dff1","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":126,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"d9b32123-b9df-48b1-b4e1-ecb1d8364f44","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":126,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"276f4be3-ba77-42c5-8705-84945ae27c13","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":126,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"e8daff28-6c22-4546-b104-00e197a0236f","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":126,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"5753554f-0276-433f-8b19-612208155c06","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f191c32-de74-4ce9-bd74-d60d62b6b45e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce5e76ea-1e01-4f6a-9f6c-3d104d7c5202","block_type":"box","text":"Telecommunications.","page_number":127,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"6cfa1aa5-7e46-43bd-ab5d-c3a271e5231e","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":127,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"122c72a0-ff7a-49c8-9106-efe8277195b6","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":127,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"f5087cd5-0fe2-4e8a-87dc-c73f09e4cb4f","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":127,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"748902c1-f705-4b44-bdef-15a544255648","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":127,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"3540424a-27ec-4955-9207-62ca6129f0a6","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":127,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"b9e9af9c-d404-4130-ba28-1fd420274c04","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":127,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"5ab26fd4-ee0a-4e24-9763-e6786e4b13fb","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":127,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"e91ddd5e-261e-4d23-8803-2cd776db5d04","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":127,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"d3df34b1-0836-4912-8aec-4a77dcc5be11","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":127,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"d8ca1d61-9cb1-48c7-b8ce-7e85865b05ca","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":127,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"70d6a349-48fe-4f49-8209-6fe08d4e41ed","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":127,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"4f57bca0-8c32-4f93-a1ce-5dea4388666b","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":127,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"445fa1fb-69e0-47eb-9b9e-f267500fafa6","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":127,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"94df88bf-3da6-4dbc-bd18-c1d80a3e5299","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":127,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"f1683ed6-7c70-4a53-b6f9-38c3ba839fe4","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":127,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"dcbe3011-2a5c-475f-91ff-ee80abe7828f","block_type":"box","text":"residential, corporate and governmental customers.","page_number":127,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"1379f332-284e-4706-bf8d-240c8cb4405f","block_type":"box","text":"Gas.","page_number":127,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"3f790610-b390-434e-8f70-b7baab7a6dc9","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":127,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"8cbaa03a-bf71-4a7d-a17f-75bb55ba04a3","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":127,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"bc2738b8-82fb-46e4-9e9a-916c8a2c6733","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":127,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"3b91e8a4-0671-4eb6-99e1-e86a8be4dc86","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":127,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"8732bdbf-c411-4f0c-8217-15e41c3e8e08","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":127,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"ba471c32-0dfb-4d3e-af50-0ddbce2d73c0","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":127,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"387ce8ae-7352-4143-a9ea-7d05e250056a","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":127,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"3f3f9bda-b2af-48af-b5fa-4c1cf0660640","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":127,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"b1f7c097-fd89-4644-915d-04f363185bc5","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":127,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"a35398f4-786d-47dc-9f09-89ba6a4d5ff0","block_type":"box","text":"Water.","page_number":127,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"9ad2ea86-b754-4190-a81e-ce23ae2c9e7e","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":127,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"47b8e181-c0e4-4ae4-9918-d816310b910b","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":127,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"f6898fdb-c2f5-4aeb-91b9-b9d3a53c05c6","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":127,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"22dcd463-0472-474a-a1ee-135fc841b968","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":127,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"c2afaa07-2675-4b65-a1d3-a4d4852d2ebf","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":127,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"ac80f2c7-df54-4c6a-90e9-40dc6d4e836d","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":127,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"56b606aa-e48e-4cc1-81e9-00fc7e3bae08","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":127,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"f63ca5a7-dae6-4ff8-91bd-6fa153de8297","block_type":"box","text":"Utility Industries Generally.","page_number":127,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"4a742739-7d4f-47da-8b44-2bbed5eaddf4","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":127,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"08439d56-12ee-482c-9936-02f412709a82","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":127,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"acd9322e-cd33-4f5e-974e-e36732af8a37","block_type":"box","text":"not develop in the future.","page_number":127,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"f0699d55-398a-411c-b9b2-6eadf831e726","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":127,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"5e8e813b-6364-43ef-915b-81ad436b67cc","block_type":"box","text":"A Fund may purchase or sell","page_number":127,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"f6283c45-c311-4849-9c58-781a6e89240b","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":127,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"68bc0775-939a-46c1-9afe-ee2d36292695","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":127,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"029a3f40-662f-4081-82a9-d5875faa4754","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":127,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"06582362-8503-4b40-9dd4-5cbb3554040a","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":127,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"2ab414aa-9384-4085-af72-83b7b29a807a","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":127,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"cb3045a6-d09c-493d-a4b4-5ed3acf82ac6","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":127,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"ac9c09e4-fd80-4529-84cc-ba1b50b60165","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":127,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"b8b136a7-0418-4591-9b1b-8715edd8532d","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":127,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"e443811e-d4da-4fe6-b619-7335af498182","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":127,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"c85d8852-0c61-4abb-bf8b-f360637a009a","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":127,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"3a7857a8-efc1-4d53-b9bf-7245b28e3a9a","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":127,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"455ecd84-8d6d-473b-8e3e-5a6e2ef4d198","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":127,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"94f31fac-2752-4013-afe0-9b382db39105","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":127,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"e99d2ecb-69fe-4b02-93c5-3616eac0a067","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":127,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"3fd0e684-50f2-411f-8d61-267da0043e17","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":127,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"6f6f7f3b-7e50-4d5b-8903-feddc6bd7caf","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":127,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"0df23eb1-a6a1-46dc-816f-90251f203c87","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d0c6551-7748-42b3-ae3d-3997d88d97ee","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b0aa86a-03e6-44c1-bb34-7617018fa5b2","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":128,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"41e133fe-980b-4bc1-901e-165670507a39","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":128,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"072ad61a-1c77-4524-83d6-972c5d18ebd1","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":128,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"0ad085d4-7ae2-4e95-9225-425365927f39","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":128,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"76bd508e-194f-4fa8-865a-9163b616c908","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":128,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"3a6ea6f9-878c-402a-9110-a678ba1a5099","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":128,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"864570cf-5a3f-4cad-922e-840c9502c35c","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":128,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"26e07828-b8d9-423c-9a40-6b684af6f84f","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":128,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"4cce7dba-8b8f-48bf-9b81-6494b6c6d878","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":128,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"1f468b1a-4905-4576-b96d-83215a356e4e","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":128,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"505c35fb-a11d-4fb8-8662-6910db3dcee6","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":128,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"e7a553e5-3e62-405e-a1c1-a354d6de92b2","block_type":"box","text":"securities (","page_number":128,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"7bfce6ac-b178-4fd6-81c5-a02e8dd8145b","block_type":"box","text":"e.g.","page_number":128,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"712caeb2-4614-4a00-937f-ad26d3325f92","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":128,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"87b8a58f-20b9-4f47-b7e3-bd53bb514a00","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":128,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"ce6d2e5f-1f58-4884-bf0b-df2a10f86c0b","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":128,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"d24647c5-6b36-40e8-b339-26519ba3cdbd","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":128,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"431a0685-8fe3-4c4c-aea4-68258b4341ed","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":128,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"8df260e9-63d1-484e-92bc-58342b663b62","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":128,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"a0f91238-8a48-4ea1-a5ea-fd3c9f0d782f","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":128,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"4bd55d47-644e-48ad-9d43-77e4d4d1f4b9","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":128,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"7d3a173a-8ed4-4cf8-8f07-a7671d31edd5","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":128,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"b2fcd821-cafa-4861-b6d7-8f48b95e4e9d","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":128,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"bbb8b5e2-997a-4c08-8c60-29b8d1d8f6dc","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":128,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"0123c334-8b58-4bea-b90c-a9a22cd7d10e","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":128,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"f219f90f-7c22-443a-a058-33987655cf8f","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":128,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"1719feb7-1ee7-461a-be55-32ff4eb964f6","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":128,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"bdf77486-ea6f-4ec6-812f-e7b14415354d","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":128,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"8a17f4e8-bcc9-4cac-989e-682eccdf8448","block_type":"box","text":"Yields and Ratings.","page_number":128,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"81e7ad89-d3e6-499c-b284-a345a526aa2b","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":128,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"1374a4ce-0593-46ab-9e3e-8ff4a0ab5248","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":128,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"d1fc76e7-f5a4-417e-b699-60f118cb1b75","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":128,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"15ee8273-90b5-46b1-9bed-f8e83c1aa937","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":128,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"872ea600-6e36-4f0b-884d-400257f893b4","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":128,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"21e89b7b-7ca0-4902-b94d-4d31817e2e8b","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":128,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"a0121516-fa05-4408-8ddc-bf33bb3aa496","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":128,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"d4946a9b-4fa9-4b4f-aa98-f58d13e14e4b","block_type":"box","text":"continue to hold the security.","page_number":128,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"0fa28086-dd75-487b-9a77-1467e18128ed","block_type":"box","text":"Zero Coupon Securities.","page_number":128,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"c8866308-2ac7-4395-8036-30d8b2104a7f","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":128,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"92ef8dee-3f85-448a-a5e4-8482e088ef4e","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":128,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"0f54e752-1f0d-4653-85c7-d73d5caf9142","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":128,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"683eeb1c-6fac-4bbe-a74e-cdd76e40f173","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":128,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"d6dde9ff-a8d5-4d87-bc9d-8124c0f9fe3d","block_type":"box","text":"security.","page_number":128,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"a7e39a85-37db-4b3c-8408-519d3b4c7977","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":128,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"28d2ef48-d1a1-406f-9b2e-a7488e5452da","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":128,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"7126e424-6273-4cff-8dc4-022aaccce8e1","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":128,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"06125566-ed80-410b-9c81-2e2f0f5b4abc","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":128,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"7ffd3c94-1679-4d05-8913-2a8de75b8f6f","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":128,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"622fc447-4fb5-44b6-ae2c-4962b4dd7885","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":128,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"0b1e7bac-34e3-4203-b52b-a5aa7aec1fde","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":128,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"0030523d-a62b-43d7-95a5-039bdb35e2da","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":128,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"8f59c8f6-03ee-4176-8478-462123351142","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":128,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"43cc16c9-afde-4ef8-8bc7-95860f264cdf","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":128,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"b4d0934c-f9f4-4973-8b34-8a4de8dfceed","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":128,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"0ab5684f-7f28-497e-a580-827e74bae5a9","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":128,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"b0674440-3e32-4baa-8ac7-f913890b4c7b","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":128,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"83dd0e7e-2457-4c66-9398-319db61d3aa3","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":128,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"7c443649-9f3e-4c6d-8e63-a2e285d7a28f","block_type":"box","text":"intervals.","page_number":128,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"74727bac-3039-4fa9-9def-f07c4ce7280e","block_type":"box","text":"II-80","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"255bad84-09ba-4764-99e5-b466081dd451","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"171601c5-555c-4510-a73d-58d69f7d2296","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":129,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"42271d4a-f0ff-4828-b612-e9a370870c83","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":129,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"2ce1f020-87f3-4c76-a4d1-c736a759d900","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":129,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"339bc5c4-4e93-476f-92a2-041e4dbad72d","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":129,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"7028e41f-c236-49eb-b070-2616848e8b94","block_type":"box","text":"exposure to zero coupon securities.","page_number":129,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"f3bea714-8a96-4d37-a388-4323486c6995","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":129,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"4442df03-ebe2-4fd4-8553-340172fa7ab0","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":129,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"055636be-c1ff-416c-9d64-a6ccd5fbd805","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":129,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"403616da-ca46-4edb-8506-dc62354ef5fb","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":129,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"3312b68b-277c-4e3c-b19f-ebaccab9b04b","block_type":"box","text":"Suitability. (All Funds)","page_number":129,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"518087d7-3e9e-465e-a2d9-dfc06f6ec8b6","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":129,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"8800f46a-7dd5-449f-8b1b-5a40ad56ce02","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":129,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"50738ed3-a71e-4aa7-bccf-e67e244de9e1","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":129,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"d577db57-1250-4902-a556-ec88b7dfd7ae","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":129,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"fd25dd1a-2110-4ff9-a101-bd4dc848a838","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":129,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"b846c32a-ca1d-4dbb-9776-b60fcff65d2a","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":129,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"46acb46c-58b2-4806-8b27-629883654b26","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":129,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"a55b9025-8ba9-4809-b561-0278f6eba528","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":129,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"ad13fb11-25a6-41cf-b660-9da54453216c","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":129,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"f3589d8e-5cc2-4aa8-a150-07cee77162ce","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":129,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"54a4e644-535c-44e2-a92f-216d46d44229","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":129,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"d7d9f161-2f6c-4477-a54e-997feef132ab","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":129,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"dc5bd797-308e-4ca2-963b-b32e0dcef460","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":129,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"6aaf52c8-8361-478f-9b9d-788b20a8282c","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":129,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"519106d3-b2fb-4e7d-97b7-6a9edfba3da3","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":129,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"83082e7e-50ad-48be-bee7-308f00b9ef60","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":129,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"f92fad26-92f1-4ad0-9f39-4bb8a825d03f","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":129,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"8a31002d-0285-4abd-a9e4-5928d7e60c15","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":129,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"21cbf3ce-6432-4c27-8dce-4cd4e8c372a6","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":129,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"df0ea0b0-60ac-4924-8eea-d17a375c3ba6","block_type":"box","text":"(","page_number":129,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"c87e5d63-ef73-471e-b166-75ddf79014ce","block_type":"box","text":"i.e.","page_number":129,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"ef4aee67-2f11-4b30-8519-91ce5964b976","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":129,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"6ade736f-a03d-456a-beec-975fdf4e7e19","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":129,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"699827d5-ce75-4c7f-b4a4-9c6e8fb41f95","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":129,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"1965307f-2ae2-4e3d-b5e8-6cb7e1680d25","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":129,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"c8e8ba4a-678c-47b2-b296-cc6c772df37e","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":129,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"d0d0c290-43be-45b5-a4dd-e3e5ca360588","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":129,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"ff69b386-acad-4d10-95ab-df29f73cbd6f","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":129,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"df6342b9-c492-4651-b899-b9f078b0024e","block_type":"box","text":"regarded as the sole issuer.","page_number":129,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"10413e10-969b-4fc0-81fc-683af75eec8f","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":129,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"2634177a-0847-4080-abf8-a258c5b1d846","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":129,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"53908fc0-f9ef-4608-841d-5a63ae311d4c","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":129,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"905d4065-7f1b-47cd-bce2-925deb7b3912","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":129,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"3672b72b-b4a3-4264-a195-c0c8dfc24dd4","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":129,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"da284205-30d8-41c5-8241-51b3d657ac69","block_type":"box","text":"75% of its total assets.","page_number":129,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"f609b1bd-f363-4a0f-86d3-bc0a0e7ca32a","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":129,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"df6b435b-9e56-453f-b37f-503f350eb621","block_type":"box","text":"Directors and Officers","page_number":129,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"6a8d1dbc-5d0e-489f-bcc8-db2e025fbb6f","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":129,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"f9fe72dd-c5fd-4f94-b282-769088aa87e3","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":129,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"0c5c06f7-317f-426d-b2fa-b09eaca7dc0b","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":129,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"975c26d2-892b-464d-86dd-8bcb4d49220e","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":129,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"7b42ad0f-047d-4d02-98b5-039893aa73fc","block_type":"box","text":"II-81","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07c50e11-dda2-4789-8864-66449ec52c18","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dccab326-02a7-4f2c-8556-490ba3c00876","block_type":"box","text":"Management Arrangements","page_number":130,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"e5e6f03f-9f91-4cf1-9345-cfba32e5f83d","block_type":"box","text":"Management Services.","page_number":130,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"61508ecd-f6fd-40dd-bbd7-6e81097c81a5","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":130,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"4035283c-cb05-4d21-aa52-75a0218e613c","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":130,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"1f789e94-8494-472a-b5d1-1fda5beb53df","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":130,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"2048eb41-f917-491e-8064-ea4e90ef837a","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":130,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"2c191b8d-fab9-46fc-8bed-4cbd407dca63","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":130,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"d4945691-334a-4d7b-91fb-9bb3dfba810c","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":130,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"f896baf3-8862-4a43-a281-7427d3f2707c","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":130,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"0b1436ee-9b23-4d67-88ce-610f20f5be34","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":130,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"a12d8faa-64d0-42d3-895e-d32c6c96a73e","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":130,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"4c5d1a1c-a0e3-4e28-8227-724f842c2f1b","block_type":"box","text":"Management Fee.","page_number":130,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"bb056304-42a2-4ad3-adc3-147e168ac18e","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":130,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"86bb9a6d-664c-447d-8679-68998e6719bb","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":130,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"234858bb-3601-4218-901c-e9e44cb1a943","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":130,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"2f9bba56-6c60-4978-8079-f25b0ec17d17","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":130,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"282c7a39-2c0a-4c66-9235-df19b9fca39f","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":130,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"23b6a635-3888-4959-8832-7520c737fff1","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":130,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"7c0feb91-6607-4010-867e-c48d1cf36265","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":130,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"9e8d9765-972d-4117-8218-583c3f6a9a54","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":130,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"5af6694c-3707-4636-9abe-594a6b676dc9","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":130,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"b8c9dff5-c731-4fac-a8bd-403b5aa5f0d3","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":130,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"da54f59a-418d-4b19-bd21-79bfcdb965c9","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":130,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"d64d4291-ecc5-415c-a9d6-17ca56977aa5","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":130,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"9e4d7d30-0d23-4fab-88e7-f0734abbbdf7","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":130,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"724e3527-19e1-4168-b0d9-fe97ca11e18a","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":130,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"38e9058f-8f93-4fe5-92f5-660eed3b179e","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":130,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"8d391549-6d51-4e9d-be58-9209148acf9b","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":130,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"304d97d2-6b01-4c2d-9916-5e9a2af87383","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":130,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"f6cfac73-aab2-4300-b059-94d6481647ca","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":130,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"7c77fc41-030a-46a0-8755-85c24f22ffba","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":130,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"41c082d9-74e9-42ba-8435-165dd3275fdc","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":130,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"d1a98d80-38ee-4941-8d77-04948b0ea165","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":130,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"b0b66a81-93eb-4514-923a-b71515de7e65","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":130,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"1fdc1986-f087-4ce8-80a7-5e9e76e42a2c","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":130,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"d5abbc30-c31f-42ea-8945-ea629a287fd8","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":130,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"1395d28b-7d78-4360-a0a5-bc6c579ce7c1","block_type":"box","text":"Sub-Advisory Fee.","page_number":130,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"ddcde738-4514-409d-8801-ed5d1feacc31","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":130,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"b9db7e5d-79b2-48a8-b210-eaa91e213295","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":130,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"44b7aa79-b3ee-4d6c-8b59-7b5d12ee3088","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":130,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"2b7b03ea-e6ee-4f96-a491-510965bff86d","block_type":"box","text":"Organization of the Manager.","page_number":130,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"6bb2320b-2fc7-4191-bba4-4d5a6e604c29","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":130,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"51c7e90b-04bf-46f4-b75c-cbeee8cac324","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":130,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"b7fd3ac2-0de4-4dcf-912f-a39c63e5a2e5","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":130,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"7e43bd70-0ea7-48b3-af86-2cdba14fc5e8","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":130,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"e9955a62-04d3-48fa-b6c2-afe145a153ae","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":130,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"394cada9-6c3e-407e-a30a-71219ab34bbf","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":130,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"0af1a7ff-d5cb-4d87-a0ce-b24051e6d325","block_type":"box","text":"Duration and Termination.","page_number":130,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"d141c15e-2b5d-4d9a-a383-d7e55e74be28","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":130,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"5e9fa046-1d7b-4861-a5b3-8fac2f7e6d4d","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":130,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"31816ae8-86be-431a-bc42-d2817ead3f27","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":130,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"e3a98fcb-af93-4cae-a839-91f22839d9e1","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":130,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"3a60c8c8-4c28-4504-b3bf-b6875513e8b7","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":130,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"53de1d8d-b076-412d-8597-e47632845d2e","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":130,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"ebbb2146-8818-4dee-87bb-a12c2991c138","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":130,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"b871692e-0001-4042-9c24-254ced1d51f8","block_type":"box","text":"II-82","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed87e350-9bff-4bf8-87ca-6bdf7a6e6cd3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cc1de83-cb7b-4979-a8e9-71703727b795","block_type":"box","text":"Other Service Arrangements","page_number":131,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"b26b8308-b511-440e-af40-d9d7c0c86d97","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":131,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"17efe885-bfe2-421d-8881-54c614ba97b3","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":131,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"8d2b5c39-6993-4716-a407-8154c159f543","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":131,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"33a79ec1-0b2e-4ae0-a85a-1eab84204455","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":131,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"2c390f2a-443d-4ed7-b7ac-5771d657f490","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":131,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"df81c9d9-5840-4fce-9a89-7338269528dc","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":131,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"03b52265-1dc1-46e9-b1b4-e613827e4888","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":131,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"6e230c02-24ab-4047-b42c-32efe3c3f293","block_type":"box","text":"that Fund’s SAI.","page_number":131,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"82a1d5c0-ef7a-4ae2-92b9-c35a828972d1","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":131,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"df4bb0b6-7059-4f88-ad4f-d0c427d565ca","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":131,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"0a493746-e81a-453e-8f84-93f460177214","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":131,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"e6fdeb81-8db0-4075-9404-eae573ce5680","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":131,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"9240f955-7087-4af6-b7c2-0b0c1670e9db","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":131,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"fe21966e-3da9-496e-ad9d-b236aa493b25","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":131,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"92b5a038-6942-420e-96a3-fd582e3eab5f","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":131,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"5eb35ebe-e4dd-4666-b449-f94e7b07fc9d","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":131,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"57665d25-adcf-4a38-95d5-308c84d1b790","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":131,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"8fc0bc53-4cad-4d17-9303-728373639d5a","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":131,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"08a6e87e-3ebf-49c5-afc7-9ec1d5c22ccd","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":131,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"93f5a8e6-80b3-4bb3-ab1c-fd4d2d8e9276","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":131,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"8c59903f-983c-4db1-b6c5-7827ff945eea","block_type":"box","text":"shareholders of the Fund.","page_number":131,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"baf4293b-a5b3-47cc-ab78-e108174b6330","block_type":"box","text":"Transfer Agency Services.","page_number":131,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"79dde73c-8c7d-4bce-9328-371bd5e65ffb","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":131,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"a7960578-bf2b-4dde-a05f-cfc166db37a5","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":131,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"db7fb20d-42c5-4f67-8624-3adaed124e99","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":131,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"1e8bccfa-6310-4eca-a6e7-c7ae000d1d64","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":131,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"75bd2645-f4ab-4d37-84d2-352e436f385c","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":131,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"e4c7483b-8240-43a0-8016-13473f71f681","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":131,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"23bd2a58-4de4-4ea6-9799-8dcdd13a13b8","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":131,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"2211d2c0-ee21-4dea-90fd-3f8127f715d0","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":131,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"9d2a270f-7366-4fa0-b241-4d52bc2a0379","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":131,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"d2dae875-82c7-40ed-addc-ebd09c461850","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":131,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"0b191ec8-4df4-4ad3-a8b5-69a37c44085a","block_type":"box","text":"class on a recordkeeping system.","page_number":131,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"75f6ca7c-6d4b-4825-9342-b5f6345d9529","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":131,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"1e3ccb95-ec5b-4a81-8640-e09e1bf1d7a0","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":131,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"9828e73e-7f9f-467a-8994-60d485277a32","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":131,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"2e2bc64a-78ca-4b8d-bbc4-4e1a6967698a","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":131,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"9713c617-85f3-4a62-8333-e3a6e56f961e","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":131,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"f0f7b921-aed4-4ec9-9305-171b2059ccba","block_type":"box","text":"Custodian Services.","page_number":131,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"59b67ca1-83c4-4f02-99b8-58ed16828ae9","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":131,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"0135f128-a7c6-4e2b-8991-e7f7c0a15436","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":131,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"49b4c8ba-44f3-43c1-91e2-c10785a84cee","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":131,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"a7541db9-0b9d-451c-8e50-0763446436d0","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":131,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"0bdf1fc4-4685-4697-ab27-3e654ed6db18","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":131,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"68950424-5301-4bb4-b058-5cec3d94a94c","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":131,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"4053abb0-cea4-47cf-939a-6e5282d65478","block_type":"box","text":"cer tain assets.","page_number":131,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"f4e7c514-94fc-4ea9-9e75-a3a4e9dd4131","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":131,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"dcafdb70-3a7d-421f-965b-1e1d0917c267","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":131,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"83a1e222-d40a-4722-986e-49976e2280ad","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":131,"box":{"x":69,"y":770,"width":799,"height":12}},{"id":"e01f657d-6735-4ceb-b06e-352fd74c93ca","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":131,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"6fb53ae0-0df1-4efe-8c37-67d4dd433d0d","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":131,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"20846896-ac61-49fd-8d2b-002c58973dac","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":131,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"040b8091-0d44-48b4-b37f-9cfa9aa6bb7f","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":131,"box":{"x":68,"y":831,"width":836,"height":11}},{"id":"6e4649b6-cdff-4f82-b38b-162cbe5d855a","block_type":"box","text":"Fund.","page_number":131,"box":{"x":70,"y":846,"width":36,"height":9}},{"id":"cecde45b-7232-422c-b92c-a93a1ed84039","block_type":"box","text":"II-83","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"88df6b71-ee57-458b-9dbe-4113124d8ce6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c85a1b74-8ba4-456b-97b8-123c64736a01","block_type":"box","text":"Accounting Services.","page_number":132,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"4da60252-d688-4f5e-b85a-f68676aeaa03","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":132,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"7eb272f3-189a-43c1-bc89-eb9fb9ba1f7a","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":132,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"a60db349-4f65-4f52-addf-37e23d82e8f2","block_type":"box","text":"Fund pays a fee for these services. 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Such transactions, par ticularly in","page_number":138,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"c425c62e-0db0-40f2-8c59-f341e8683f2c","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":138,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"10675e9f-a4e3-4155-bedc-e0a8e151b348","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":138,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"4322b68a-5365-46ce-9ff8-d44f1d57ebc1","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":138,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"b6d18ac4-a244-4a7e-bafc-ed72c0d3f04d","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":138,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"b7d2dd99-9dcd-43ee-ae80-df78ebcc1626","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":138,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"531c00c8-919a-434f-bdac-cc162aebed1a","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":138,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"1e51cf2b-74e5-482c-b25a-6b79a6540c43","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":138,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"66b89dbc-41db-40fc-9cdc-a0e69696c16f","block_type":"box","text":"based on the information received.","page_number":138,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"cb2d0284-7006-4c07-9390-fde5abc0186d","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":138,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"54ae9f40-b068-44c7-9139-96e5af19f3d9","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":138,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"f07d3cfd-19ab-4a6c-81ce-64a91fa96c03","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":138,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"5d527e53-c576-4432-81fb-d0bc89741fa9","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":138,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"e2cd0a50-705e-44a7-8d02-8b7078ac0560","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":138,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"d4150ec4-a0b0-4212-a610-867a2fdf8e4b","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":138,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"175efd76-9b0b-4521-a840-f886767883c1","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":138,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"a320cb61-c4f3-4182-a700-8ff4f24fa0ef","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":138,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"1105ed56-fc10-4171-b933-d4447af9a2a4","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":138,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"e23c7feb-f796-4a1b-be60-3583e0a9f939","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":138,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"f271ad1e-f7ae-4efe-98f3-c4c664bf1aa6","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":138,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"f200f726-bb7a-43ee-80c4-eb37dd9a1bcf","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":138,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"7c7e6514-0a28-4df5-95d0-0957a9a5695e","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":138,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"8c4e0be0-e7dd-4ef1-9608-a894fb70325d","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":138,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"93eeae1f-e59c-4fc8-985a-4a6aab1a364e","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":138,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"9fcbb4e6-140f-4236-a7ae-2aef691e893a","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":138,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"00d234ea-cb8e-4d3b-b42f-c9ceea45d91f","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":138,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"2ff07c89-b139-4e8c-985f-fb1aa413a0a4","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":138,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"a07a6dab-a8ba-4ed3-8eda-b9e48162f46c","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":138,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"8d249f00-64b8-4b41-b8a1-90669e5a1f29","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":138,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"939e1713-d064-471a-9c4c-a479d7e8520a","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":138,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"cb7b055e-87a9-4921-8745-a160650a6898","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":138,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"9732e5bf-a9fe-4e2d-b39d-ad610b692369","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":138,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"c1805d57-354b-4374-9580-72e61c2cd772","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":138,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"3084120d-38c4-4c84-bc7f-ce322e82e0d3","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":138,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"ac0e5cb8-af4b-47c9-9181-9e2c68b9d669","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":138,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"1d5acaa7-f04c-4783-b413-81f7246d1eaa","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":138,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"f2927c01-4c38-447a-acc5-5e3511ca6be1","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":138,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"8230356d-a337-492c-91e2-bb0dcb8fdd7f","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":138,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"2d2eba67-935f-403a-a40b-4bdc9f4272f3","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":138,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"dc99fb03-514c-45eb-82b2-a181da197eec","block_type":"box","text":"Funds.","page_number":138,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"a35d1c21-ceb4-4279-afa0-a785608e47d8","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":138,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"d8874b7f-044c-40f9-8be6-756129f02d8f","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":138,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"fd2a041c-a94d-4b82-a414-9074cdc101bc","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":138,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"59ba5e4e-ad7f-4668-bdfe-96acd4ba801f","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":138,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"e59eac5d-79cd-4137-8a89-8a90da7dcdc1","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8c5817b-0dd2-4e14-ae5b-11fe2166e304","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"817e807f-e482-4467-9d0e-41263e524213","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":139,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"2a3d08e8-f94c-4a9a-aaf9-901a5ce95c3c","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":139,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"615fc039-790f-4ddd-9cae-c235b584f3e9","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":139,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"663c142d-37bc-434a-9ad7-e529f4c5ab6f","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":139,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"06c3a442-4067-4b11-a120-51e2635f99bc","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":139,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"7846fbf9-dfa9-406c-b380-4047d5a4336a","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":139,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"a4478bc3-c2a8-4d41-b4be-9ca0749ad20d","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":139,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"c02664f9-c6cb-4b05-8e30-19b19909deb9","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":139,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"edb8ddff-ae14-4e92-a527-c00a00bc21f0","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":139,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"fc9b7e02-2f35-4fb3-87e2-e50568c8aba8","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":139,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"ddf22d29-2e63-470c-ad30-09b6c8da0ecc","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":139,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"69f46ef4-9442-49d4-b314-a6d2322c105f","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":139,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"bc56e7ae-35e5-4a72-9363-559b5c16360e","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":139,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"beb15851-595a-4826-bf2e-82b3701e136f","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":139,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"29fb5233-62f2-4d52-83a0-52f8f7955e0d","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":139,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"8107216d-f88c-4da7-9f3f-79a7e6c5a09a","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":139,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"44fb0c0d-4810-401b-9cd7-2feb17f062de","block_type":"box","text":"case.","page_number":139,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"73dabde4-4bdf-4f26-8313-5896fc05cb8a","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":139,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"eb0627db-c19e-4d41-ab0b-710cf6a6de83","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":139,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"6eb5ac2a-8647-4009-8aa5-5504e15b5bd3","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":139,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"d9392b25-ce59-427a-888d-02c4ecfc52fb","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":139,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"2106dc15-0eb6-4e41-917e-3842a2361eb2","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":139,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"173a28e8-e358-4c99-b4b0-6301a0fe18a5","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"43a50c00-2072-4900-b97e-eb37cc661040","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":139,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"89aac982-ae45-4bab-b260-27f4ee3b9997","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":139,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"63339816-05d9-4e04-9ac6-b6cefbc6f01a","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":139,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"0af08028-9648-42ba-ae65-7a8cc7bd5b4c","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":139,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"1521b059-be19-4ba0-8088-a4ab1e60f8bd","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":139,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"c79e390f-bcf4-4a53-a73b-33d43e480d64","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":139,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"519ac2ef-c93c-45cd-bf58-a97469cba3c9","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":139,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"ad7424da-1f5d-4ff0-b5ff-e1c8c7551d6f","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":139,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"db4e8d5f-5bc3-4c55-b8f7-19ba6b39d6ae","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":139,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"132209e8-27d9-442a-9446-67c87ed4fb55","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":139,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"b08ea922-9559-4bde-8251-c78fa8b90688","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":139,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"de90d048-4569-48fd-bba7-aa50b87303e7","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":139,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"0fa72347-1ced-4b24-ba8c-069c913647b3","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":139,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"170dc377-99da-4de4-a5b4-6e270109ba65","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":139,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"581af36a-8c1e-4165-8411-883b0a9b56c2","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":139,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"207fb872-441a-42ca-8cc4-419fcf275341","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":139,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"9b24c395-c5f9-4c87-b593-b2bdb1bb0f1e","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":139,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"b6393ed8-9c5b-4529-9340-b0e499eaf893","block_type":"box","text":"managing a Fund.","page_number":139,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"7a527a3e-81ef-476a-9f43-bb4da00ae65c","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":139,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"887042d0-0307-4b64-9bd1-467c9acbd217","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":139,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b1edb8d5-a215-42c1-b27d-f22a576ee8b0","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":139,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"d8efa7a9-bbdb-45a5-858f-555f193172ff","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":139,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"4b487cbc-c05a-45e3-93a6-5a4a2d651b45","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":139,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"42033fbe-a628-4532-be18-dab81d536f02","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":139,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"997730db-f9a3-4147-818d-3448ddfd39c8","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":139,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"4e133aa7-b38d-4381-a753-d792a25f459b","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":139,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"b3ccc612-1c8d-4897-88fd-b7afe795d054","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":139,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"b8439c50-d58b-426d-95b2-b6adb22cb08b","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":139,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"89562207-faae-407c-9b00-4388fd01ef47","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":139,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"7e331106-b8f1-46bd-9817-49be364be0ce","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":139,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"281b4002-ec83-4271-a665-bc051aac4aa4","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":139,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"49a10586-6ac5-49d5-a6ce-b148b9140135","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b93a318-c53b-42db-a10f-694d20cc0507","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23f4b7dc-4c6c-48dc-8894-75350d39983e","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":140,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2a57be43-0bdc-4987-8ff2-8d3bca3a7564","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":140,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"2e25ca0f-3590-4e9c-8772-2f65849c5bde","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":140,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"0ca0f3fb-20cb-41fb-8ffa-57259e95e216","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":140,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"9317eaf1-67ce-4d24-849e-5424b57f16f4","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":140,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"ad6a2ed3-eaa9-42cc-bcb3-062d28942034","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":140,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"52dc49d4-9958-4d23-acaa-7a42c395a631","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":140,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"2acaf901-62be-424b-b9f2-a47cf5ce8302","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":140,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"8aa0bff8-6a9b-46fc-bd22-b611f330dc4c","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":140,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"595e770f-c752-4455-83d1-61a8a672ee21","block_type":"box","text":"under management for BlackRock.","page_number":140,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"9203f7a8-b149-479b-b98b-32dc6547b9bd","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":140,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"95590c60-dbaf-4140-a533-962bc8c79529","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":140,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"c17237a1-80fd-4d73-abb7-98ba5c4b6188","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":140,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"31fb04db-ce83-4fc0-818a-c728ea8bea7d","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":140,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"700a77a2-09a6-4cdc-aa9e-d302e3aeef83","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":140,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"c3469caf-ce53-4cc3-8197-85f2a24dd945","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":140,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"09435f69-1b04-434b-ba2b-d51e9f3e81e9","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":140,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"64bb2539-4937-4e14-9073-264a9a68c316","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":140,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"7cd4bc5f-75de-4241-a0af-09b7b40aeed6","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":140,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"9d19f5a2-7cbe-4114-ae20-ace5d81d884a","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":140,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"2fe80ef5-32f8-421d-9fab-955cd0f31ff4","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":140,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"2579aaf1-e23d-4ec0-b513-198941b7771f","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":140,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"04839476-b01c-4276-94a6-1bdab41cfd98","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":140,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"fd7ef977-bd31-4a17-87db-b95c88bb9d93","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":140,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"c9e75a3c-472d-4fac-9a77-6dce8f9b37b1","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":140,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"19f576c5-88d5-4677-a021-cffc3b901214","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":140,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"6b49ee58-47b8-4ef0-b63f-65d87e73ee85","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":140,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"597f0aea-39a6-43b0-8d9d-f1ac672dbc30","block_type":"box","text":"any such fees or other amounts.","page_number":140,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"17f80302-629f-41c4-acf4-354d4ee365a8","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":140,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"433028a5-d613-4167-85e0-4ebd102c2c95","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":140,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"49e34dfb-a7f9-4dcb-a3e0-8d16f8abd815","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":140,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"c9c418e3-f54b-4889-8628-6ba6ae8cc967","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":140,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"f5eac6f0-bbf5-48fe-b357-2f1384f47cc6","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":140,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"ce411cf9-0e41-4d6b-aca2-de58cdfb13f8","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":140,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"d0aaacd0-752d-44e0-bd9f-c9e51d1ccbbc","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":140,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"48bb49de-959b-4140-a7e3-508ca8e6d5e3","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":140,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"760919f4-9c04-4fdc-b7c3-907cc9aa0cd6","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":140,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"34d2cd09-a88d-426a-8ef3-b8562eb28674","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":140,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"82aa39f9-9bfe-4608-9103-f12a9f82a479","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":140,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"de6db104-2644-44a3-bd16-029c042b0be9","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":140,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"e456e098-8a6f-4fce-8649-5982a01a2022","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":140,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"e00c4f54-6d94-452e-917f-fb600f5b5cbd","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":140,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"135ae199-8375-4447-8ac5-69031724a185","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":140,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"f6d173f2-c7e8-4564-a168-c66ee3a4848f","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":140,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"6790252a-8582-4228-a3d6-cb41186d9d75","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":140,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"997e6d49-6af4-45f8-ba80-e3180b6a9763","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":140,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"b238cd30-83cd-4ad4-affd-927e322538e3","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":140,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"a6998025-1766-4381-9cb9-c03157100f0c","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":140,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"ac585915-480c-4d2c-bde7-e6e080a0e474","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":140,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"79d2eef2-a23f-494b-993a-bf615a9e1242","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":140,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"eb896e10-8277-4d81-8368-943d05748caf","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":140,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"cc9a5b3a-45bc-4ed7-899b-4847a589d2d3","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":140,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"841a0c22-a817-4371-afd1-3fe291dfb5cb","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":140,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"c42281f4-e9e6-429b-a422-c04c8b262afc","block_type":"box","text":"II-92","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b772fd6a-5a60-431d-96ab-942dec41c199","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63fb5dfd-db83-45db-897e-5c788220a08a","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":141,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"4c1bac61-9c3d-4088-9f01-fb20c8556c8f","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":141,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"9d72a298-1069-4de5-b17b-783fd41abcb2","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":141,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"c8caeba4-956c-4d0d-abc9-0dbfd06b4a00","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":141,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"862b47b4-00a8-4299-a28e-bad24a4577c4","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":141,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"ff8257e7-eef3-4267-bc5b-b1b13537b269","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":141,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"770ebf8b-31dd-4ff9-828b-e9db300800a9","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":141,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"260a39b6-1fb4-48a3-8deb-ed3d2fd7234c","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":141,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"1ea530a1-8cff-4508-85e6-2dbe06ae1336","block_type":"box","text":"regulation.","page_number":141,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"5ecf47fc-59c1-4a7b-bb2b-2e8ffeaf70c1","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":141,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"754d742c-bf64-4bc7-9cd8-be18b92843ac","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":141,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"382d6a40-b9f3-4295-9dee-d7136e0773df","block_type":"box","text":"various program limits (","page_number":141,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"ad2d757a-f072-43f7-a751-d8659651caf1","block_type":"box","text":"i.e.","page_number":141,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"90c89a1a-32fa-44e4-84af-5e49b67591d5","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":141,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"12a00e3f-5b12-430f-8181-8e469e1e3aca","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":141,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"4dab4f06-cf58-4770-8461-da39652a2e35","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":141,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"899f866c-2857-4faf-a607-58e57717806d","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":141,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"8e474fc6-7be8-4710-bd23-d1d1c9c75161","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":141,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"3747f87f-8d9b-4cc8-847a-5ad7889fc675","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":141,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"70b9ecc3-480e-474b-987f-d6bdfd9bc636","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":141,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"373f5e49-9168-4e50-998e-c4d837db9622","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":141,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"e11aa268-328b-453c-a0fb-1d2994b9a010","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":141,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"6d8725ad-ca91-44ec-8646-d98d131c4c54","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":141,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"51da171c-d14b-420b-806c-8302ec48f130","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":141,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"fa588019-b9a8-4925-ade8-46f73f2a3ce0","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":141,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"2713cbb6-574e-4681-a17d-79ebc247d0bb","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":141,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"c6b92d7b-f8ac-49db-81ee-6c83d81ee496","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":141,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"20410372-cd19-4912-9df0-c83b3b203446","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":141,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"893a25e0-6a1b-4ad5-976e-919b2841986c","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":141,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"56ecee77-a83c-4031-9904-ec26d5cd4aaf","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":141,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"fc1e5ae6-e12b-4b3a-83c8-cdc217b18ea5","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":141,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"987d18f3-8706-4db8-a6ae-87f511d12208","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":141,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"603ab117-fefc-4370-ba2e-1f5ab1ba5196","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":141,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"2386d715-dbcc-4946-9240-8191f738be31","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":141,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"b8295437-b105-44a2-a55d-1135634d5d0e","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":141,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"f7f4b8d2-3a79-4ed4-97fe-418c4c795e35","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":141,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"d47eb6e2-e185-4270-85ea-ac9d69b8a0f0","block_type":"box","text":"than through client commissions.","page_number":141,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"04dd2051-843a-41b4-a27a-c3c2a3964972","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":141,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"81d3f4cf-1b9f-4f91-b231-2553f8eb363b","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":141,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"863d1fb2-8f5e-4f3c-863d-ee61713fc86e","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":141,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"7b2835be-76c8-44bb-8305-1de73bf84f79","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":141,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"98548a5f-7057-4b39-9dbd-5e25a3a2f612","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":141,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"53ab2060-d75d-4d68-8997-cc9106513b00","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":141,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"441084b9-8d27-4346-ac17-1d550a2dba7e","block_type":"box","text":"research-oriented software and other services and products.","page_number":141,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"ee09ab62-5fef-482d-b882-6af4892be236","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":141,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"c7ad28e6-6bf6-4fea-9994-dcf494d69598","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":141,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"a1ee86f7-7f93-4053-a497-c70b5728ba44","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":141,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"efcded38-6e50-4dd5-bb3f-a5bea1e32077","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":141,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"dbcf65ed-ed13-45ae-ac3a-78f5d84b572b","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":141,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2a293b44-2eef-4136-acaf-324056121939","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":141,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"ffe10f87-ffa2-4297-be6c-1a56a70bfce0","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":141,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"46aa3cb8-f5a2-4eec-9b7a-404722dacd5d","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":141,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"d744a271-f09e-4673-a532-799cbe191e33","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":141,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"b18da5c8-0598-42e6-b2b8-9cce5cbebb96","block_type":"box","text":"and services itself.","page_number":141,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"493144da-8d50-42a3-a114-61010b952879","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":141,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"90d85ff3-a1ce-410a-8b1f-eafda5168676","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":141,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"522f8970-a687-4022-a3eb-b635729988d4","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5301afd-06a1-410b-a211-6626fef66fc5","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e36efef2-c007-4e60-869f-83ee147f8cd7","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":142,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"041dd133-1338-4bde-b5f0-36c1c11ba753","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":142,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"2bbf3918-2e2a-4c52-8eae-3bea78fc1b56","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":142,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"09055680-c667-4668-a739-ceb6366b2ca8","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":142,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"fc608fe3-e722-4c34-a447-9834a137f6fa","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":142,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"0b2c238a-622e-44f7-b29a-910806c79fe2","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":142,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"50c07c92-ca57-4c01-9f6f-610ac4cda6b5","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":142,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"c0c0b3a3-7d21-4c89-8b56-f0e0964c35a1","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":142,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"4587d9b7-dc69-4968-b443-d13c274e5b8c","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":142,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"788c47ad-bb49-4cc4-8a98-36b141c9ab90","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":142,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"7eafa8ef-7da9-445c-938b-53127c873f4f","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":142,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"9774ac41-c867-4728-8ee8-b0501b883442","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":142,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"bc310704-8458-41dc-8a42-73f854c83927","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":142,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"8642d74d-087f-407c-9156-882c037c99dd","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":142,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"0f90fa54-f38d-463f-b318-fb18ff20d22f","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":142,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"d78522cc-00c5-4b9d-ab67-25d4cb669d2c","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":142,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"55cb0663-25f7-4bee-bbf2-eb714f8b5ba6","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":142,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"326f6e67-4eb2-47ad-afca-91231556c8fb","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":142,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"916a1ac9-aae4-4e7d-ba6a-8f586ed70c16","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":142,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"e5c5a81d-a9bf-416b-acdf-2d9425482670","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":142,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"401f3f4a-edd1-4eb3-a46a-9912d44969f5","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":142,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"e244676d-b24f-4216-a404-e1864658f72f","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":142,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"ee23b4b3-cd97-4c86-bc43-2727a11605de","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":142,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"b5da62d6-0e90-4708-b219-6c8d51bc20d2","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":142,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"5d5d2134-5da5-44ee-9169-9fd20cf7ac4d","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":142,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"c988cd03-8561-42a5-9f88-191eec8f55e5","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":142,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"a630e16d-a476-44d9-8572-7b98fdc94ed8","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":142,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"eeb9c72b-7d5b-4735-bfc6-f72452487736","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":142,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"e73fee4d-36f9-4cd8-94e6-c8828b9b5708","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":142,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"513de644-3b7e-4aec-ae05-35a57c1fc8a0","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":142,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"b73b5ad5-5e51-46ab-9197-e73688e2c98f","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":142,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"2c3b38b2-86bb-4f0c-bd26-74fae5e52545","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":142,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"070fe1df-46d3-49a0-a5cb-9856ad5c9730","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":142,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"5b455384-dd6f-42a6-928b-ad4021d9dea0","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":142,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"95f2b6ff-3488-4c54-a17d-3ba8e9f94415","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":142,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"e1a461fb-50c3-4001-9f81-21c26e06717a","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":142,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"b011edf2-2128-4c79-943b-2bc3ddfd71fe","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":142,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"8abbda94-d2b7-44b2-b6a3-fab13f0ba042","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":142,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"19409734-c9c5-450a-a8b5-2ed00fc16217","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":142,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"44eaf73e-7186-4c52-a79a-fd64ace6bfe9","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":142,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"6bfb871b-548f-434e-afce-78fee22ea856","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":142,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"73de1a5c-6999-48b3-aeb2-f8fae0eb0d81","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":142,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"ae0226c4-1778-4c9e-b64b-92b706343c53","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":142,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"38bbeb2e-4a16-43b7-9af5-d809c056e76d","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":142,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"9a7be98f-902b-46ee-8870-956161db2c9a","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":142,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"3ea61257-5153-40a0-9ef5-2a20ee221510","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":142,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"e55008f0-bbea-43c5-9870-080fe1ff6b7a","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":142,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"0386140e-b731-4051-8e75-482d6e1f952b","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":142,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"44a84992-307d-4d46-a700-a5268e97b071","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":142,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"fce927a3-0bdd-4d3d-b20c-090c6663d45e","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":142,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"38bb11ce-768e-460f-a080-d4c7b2966dae","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":142,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"403aed4e-a022-4716-9642-53b470b7fe3e","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":142,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"5ff29878-99d1-4ece-b33f-78f5eecc982e","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":142,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"6e43948c-3aee-4e44-90af-d06fc946a3c3","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":142,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"f709bc1d-4864-44cd-85fb-5c0ac93f5e36","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9c418873-51c0-4cbf-839f-eca7258ded4e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89447241-2827-41bd-9df6-06c64e1ffed2","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":143,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"4a3d744a-c9d4-4d1e-bf66-5d411d5fc418","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":143,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"664819ba-c329-43c5-b86c-962b703bc4f1","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":143,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"7d7bf807-7673-4753-9557-5baeb65bf42d","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":143,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"af6d7a15-77d9-4a4a-b554-34e252cf3bdd","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":143,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"e4c8c137-e0a5-45d6-bea4-38acb36793f3","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":143,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"a5a66739-bea7-431f-ab13-e97b4259aca2","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":143,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"8e89ee22-e8ec-44d6-82c4-39956bd79607","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":143,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"0bca8d81-9b58-49e2-b919-1b19495b8ed1","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":143,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"77314ba2-7e24-4abd-91f7-df5279ca12a7","block_type":"box","text":"(the “Valuation Procedures”). 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While fair value determinations","page_number":143,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"68700f2d-c8cd-442f-bb47-1cd5214ace07","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":143,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"a6e7c926-d7f6-41c3-8a76-1d97690d166e","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":143,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"2a307822-83af-46af-9425-5e4ae21d5a10","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":143,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"219114ea-e89b-480d-bdfc-dad76c99cb72","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":143,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"8e88dab7-44e0-4d4f-9e88-f7bbf246fd39","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. 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In connection with any","page_number":143,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"33d2b033-c38a-4507-a8b5-fb0e1e5d3753","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":143,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"afddcbc8-06a6-4c7d-93d3-6d86fd528af8","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":143,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"d2fca335-295f-40bf-a512-6d530f11bf02","block_type":"box","text":"some additional expenses.","page_number":143,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"9d2d1bd3-9945-4614-80ca-7ff405d97037","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":143,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"cda11052-d344-4854-abf6-0998af9835db","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":143,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"ad2d1491-9bdb-48a9-9c11-c23f0414584f","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":143,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"01410dbd-60fe-4ecd-8f3b-7879163e98ff","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":143,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"ab5717a7-0c5c-4fca-a59b-8bfcd7927a18","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":143,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"245ed0d5-33a7-4bd2-ada3-9bba3ec6ec62","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":143,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"0256c6b3-ad7e-4da3-ad74-d762bc40e061","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":143,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"77e4d1fd-5e32-4238-964f-f4a590218ab7","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":143,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"e9f87a32-e0ab-4eed-8050-1bfa77c9c747","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":143,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"89e83877-4f0c-4d06-a140-75adb96ddc0f","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":143,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"3e7645f1-2e15-455f-9be0-be59eb954367","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":143,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"f515fc08-247a-45bc-b3ba-91675239a185","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":143,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"25efce75-7915-4017-a7c6-5fe852654d95","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":143,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"7b51d957-a6f5-4735-88e2-78da696beb8e","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":143,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"165ddb0b-a683-4a4d-a50c-887dc6075fc1","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":143,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"aeff175e-048a-4a16-bf13-9e035a1ffe6d","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":143,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"6671b114-8d4d-479e-ad7f-3cd2cee48fbb","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":143,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"71ee390a-2d1b-40cc-9338-5325fdb5efe5","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":143,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"577a3326-2068-401c-b0aa-e6f36c66600b","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":143,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"02916f4f-f391-4092-95b2-ac1ec02a5424","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":143,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"0178bf97-2041-4cfc-a071-925f78ecde51","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":143,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"83e0f833-051b-4660-8061-266fb9da0829","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":143,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"62da9624-5e3e-4e98-80b4-33ce86a808c8","block_type":"box","text":"public information about the company (","page_number":143,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"c2c3e4e8-bf9f-451b-86f2-6c50a539d34f","block_type":"box","text":"e.g.","page_number":143,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"c71c83ea-233e-44d8-b827-525ff2117de6","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":143,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"be147203-9f3f-4cd5-829a-165803487c79","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":143,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"305279d8-f196-4459-8b3e-8bbbaf9484f9","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":143,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"92444621-ed4d-468e-b568-40ce21dbc2f5","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":143,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"5a7fe0e9-0d4e-4ab9-9eab-a06da6685e50","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":143,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"2e4700c2-e82b-4df9-9d1d-630dce50a2a0","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6820f63-0975-49ab-8e59-f4de1f476f8b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04d063a2-c4c4-405a-9e4d-1a519ad1ea7a","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":144,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"ea81ff05-0438-48fc-ab77-bd4bc2bd65b2","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":144,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"ac5c0552-ffa8-49df-9739-9461c7efb2ec","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":144,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"4e1a0427-e6b3-4db2-9dc9-31de0aacb4a7","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":144,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"b59af561-52a8-4c86-87f8-1f2984acfbe4","block_type":"box","text":"of the issuer.","page_number":144,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"df49676b-fec1-4b79-8a00-ca641d525042","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":144,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"b706b328-81b8-4f89-9442-1a878fdc00fe","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":144,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"dcdea774-580e-46e3-876a-4881453c6127","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":144,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"abe364df-55af-41de-a7ad-849ce22bfcb5","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":144,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"e35a8801-f855-442e-b6f5-de4cd8c4b9de","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":144,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"db419f62-ce50-4630-94d4-83b58571e505","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":144,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"856555b2-a20f-4558-be37-e668287a16cd","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":144,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"9ddd886c-f0ab-4c01-8fb0-8a18b7fe019b","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":144,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"7c418646-1448-4f4e-b95b-728fae64b282","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":144,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"1b60a9ab-811d-47a6-8584-3116bda8146a","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":144,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"63804427-c901-43cb-8ef3-b13a541133da","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":144,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"2c79f575-7825-4ecc-8cf4-185f5fa61b5d","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":144,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"b4aec7de-d145-4b88-a959-e78f5acf5ac6","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":144,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"5238d5a8-6509-4ade-8274-69e698efd898","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":144,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"ea2df4c7-739b-475a-a7a9-31767d9e3841","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":144,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"f3c6cc7f-7e94-4f97-84aa-91d5fbcac166","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":144,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"5f8be5b1-ab5e-4c73-a9b4-1d7bcc09579a","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":144,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"af2c8e47-fd5c-40b9-b7cf-72f217141366","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":144,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"fbd387cb-6f82-45a3-ada0-0b8388938697","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":144,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"e305a407-2ea0-4bb8-9eda-959444e5aa9a","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":144,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"ffc3a6af-6e1c-4497-8a71-749243e3e84a","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":144,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"7b16a7d8-667d-4e3a-ba29-b199e9de7593","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":144,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"31193335-3b1a-44b4-a646-adc8b832cb70","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":144,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"b978a1c1-f677-4898-bca9-8235b5fed7af","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":144,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"e592d1bd-2252-447c-8ed9-3fcb87814aec","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":144,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"ef5464b7-0113-43dc-a3a0-7bcb3a2a264a","block_type":"box","text":"a barrier.","page_number":144,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"743db636-331b-495b-aef2-a7c347fa2c59","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":144,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"b3c31a33-8607-471c-b883-3cb5b76c2723","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":144,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"a9953dd3-8048-419c-aae5-bb9479c3d779","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":144,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"51ee1bea-2a30-4a5e-bba1-62da3caa28a4","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":144,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"f0c689f9-353f-4cfe-8a4b-03ad25352036","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":144,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"e154f7ce-f42e-4698-8323-d1651c6c8a72","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":144,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"3ce6526b-208c-411a-9ebd-6deadcac6942","block_type":"box","text":"that operate in cer tain industries (","page_number":144,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"6d3c165b-eca0-4dbe-a61f-e6f418fb6f11","block_type":"box","text":"e.g.","page_number":144,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"4f909ed9-98d8-48c8-9948-2dcfdb9bf823","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":144,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"96b0f409-02bb-4213-8bec-143f9fc7e5f1","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":144,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"20990557-8b85-41d2-981c-a69482af458b","block_type":"box","text":"e.g.","page_number":144,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"11f56dfd-81d2-4c97-a6d3-211954c4ee0d","block_type":"box","text":", with mechanisms such as poison pills","page_number":144,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"72e1e583-06c5-4672-9a92-f8a6f9d00f28","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":144,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"d5318ccd-0cf3-41c7-b36c-30156e2e8690","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":144,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"b3afd46e-f977-4038-9922-f64d5331c9a4","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":144,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"f9d31e22-efc8-4c46-99aa-06a2e676a623","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":144,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"517e9557-bb8a-4686-9d2e-6a49233f9fcd","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":144,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"c8e2f757-26c3-4b11-9c5c-1d9b1007ed4a","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":144,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"29c523d1-9ce9-4e6b-9933-93e5b29e9656","block_type":"box","text":"seek to make indirect investments (","page_number":144,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"ae4ccd03-5a2a-49d6-aa4f-4a2d5fa9f955","block_type":"box","text":"e.g.","page_number":144,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"0d750941-a11d-449f-8d93-2b96451ab8ee","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":144,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"7c6ee5d3-e54a-4936-b687-929547a9e509","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":144,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"9fc666ba-8128-40fb-9561-9149d4791d9f","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":144,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"649ce6bc-a5ac-44f6-a09d-aedb14696879","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":144,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"323925dc-18b7-4f11-893f-59bccbe29056","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":144,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"38838513-126b-40a7-b69d-e7d17fe81a97","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":144,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"3d39def7-639d-4dac-a99f-3e8fc98334a2","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":144,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"770420f4-1061-4c69-b3ad-d392f6bc5377","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":144,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"0cc7a701-2337-47b8-8652-b9b360a29ba9","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":144,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"6aa39b18-d6d9-49bf-b2f5-2c7167df5f68","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":144,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"f1060bbb-1c03-4eee-ac36-8713f294203b","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d257c836-1e81-41fd-92f0-35645b293c03","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"131a6865-c8cb-4f59-b024-215972653e67","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":145,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"30d0085e-4ce5-4693-b9df-75c5dbb6b731","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":145,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"2c5e661e-1f46-46da-9441-ab83c062aa6e","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":145,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"d241c31f-2c4e-4483-af4e-73a509011310","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":145,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"8a6d4766-03ce-48b6-bdbe-4577d0185ba9","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":145,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"7bb21869-8578-41ed-84ca-7f0ed7f79860","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":145,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"0295ca6e-cb52-4217-b784-85dd536c9cdb","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":145,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"48bd4668-6c1e-4f63-b66d-734eb3d64800","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":145,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"5e2b5c9c-1db6-48e1-b831-e60b02c80e84","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":145,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"03102551-ee04-4420-8749-c4e5aee55910","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":145,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"496d0f7b-fe37-4d37-a1b0-b075d3f2a2d9","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":145,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"88093fb6-9972-4fdb-9e90-e23d26274a5e","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":145,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"c52c4ab3-dcde-417b-a44b-49511af483fe","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":145,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"74f95327-a75f-48ba-b498-1733d5c27ada","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":145,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"c1678d5e-0c92-4d1c-be7a-0b1abdbcca3b","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":145,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"ae942fad-4945-45d3-9477-3ff36d1ca79e","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":145,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"10ebb70b-4625-4f38-a1ca-6aba9aeb522e","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":145,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"0c3c7c80-3f52-4299-8125-ff30c9f4e7e9","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":145,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"39fefbea-a0bd-42e9-bcba-140b980de73e","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":145,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"f08ab975-5b74-476e-ae48-12f4edad28e0","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":145,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"699970b3-af30-4a1e-89b9-9233394919d5","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":145,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"fc91b3e0-6f96-45a4-a132-3ddb767e7490","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":145,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"d6842074-4678-4be4-ae45-a8a92eec5c2c","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":145,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"85168880-858c-47d7-87d9-372aac4827f0","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":145,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"c4595a0f-762e-4bb2-b8a0-8f2c7b07ed23","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":145,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"0eb1e720-1633-4059-a55b-4b8d4f7a1307","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":145,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"d52634b5-db18-4324-9717-9d0e1d03a245","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":145,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"e2ebcf5e-8cce-4eb5-b176-2a737a8180b2","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":145,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"709f3b4a-c92f-45f3-a228-69352564d13d","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":145,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"11ec57c1-5d6f-4613-b73e-75ab4ecaffdf","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":145,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"85f4416c-f0c3-4825-aa8a-10a07427d0df","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":145,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"91d85978-625e-4944-867c-beb06f5f2342","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":145,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"0f88ba66-1e1c-40a5-8e45-a43e962d5ac8","block_type":"box","text":"strategy with respect to such security or asset.","page_number":145,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"5ffdbcbb-ea50-4256-ad88-0ea6b9378648","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":145,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"206b5059-d298-422d-9e76-5f8b1effe766","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":145,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"2a782be1-855c-4557-b4ab-4f4f60d58ec8","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":145,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"15b45614-79ca-4735-ac2d-93a1deee06e1","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":145,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"ba33eb0b-cb8f-45a6-b5ae-c7b50f4ee0dd","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":145,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"31735302-a1a0-476c-b039-676b67b28257","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":145,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"0b6a77a5-ea01-47cf-ac58-0346b701d237","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":145,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"1c432924-16df-444d-8e0b-0d1ad66f034e","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":145,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"ab6e56b9-6399-4459-9934-aa37cce0c545","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":145,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"53337c02-d661-4257-a6b8-d9dcab25832b","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":145,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"f8a8e64b-5994-4850-a1b7-f55b19b5f6a5","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":145,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"87ff0a6a-a365-4a2f-b332-4e5ceb04adfc","block_type":"box","text":"e.g.","page_number":145,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"71318c08-43ad-41e0-8dd3-6c6fed792a84","block_type":"box","text":", custodians,","page_number":145,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"adadedd1-6750-4cd1-92e0-14188a425f11","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":145,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"a9ccc3f3-b98b-404f-a4aa-e5f86d4dd9aa","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":145,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"3a506504-2594-45ee-8c43-7ac624e5492a","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":145,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"51febc53-40bf-4179-bee2-e11ff1060cb5","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":145,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"6164ffa1-cfad-4c07-b7be-039d62e02faf","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":145,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"7af26767-3b6d-46f8-8e62-5bc894fbcdd8","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":145,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"f9bd02e3-4fb1-48f8-bafe-e9336a855ad7","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":145,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"4ce62fec-d7ed-4ec1-9476-07beb547f3a0","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":145,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"3be68860-d05e-4da8-9013-2de688e893ae","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":145,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"d1334ddf-cef8-47f2-aebb-f2a92c16a261","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":145,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"09c4ecc3-992a-406b-8255-f31d588c5d51","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e3980f8-133e-4c37-8b49-0f3b5e0fd578","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9409c332-36a4-4e83-8904-79b569002790","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":146,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"175ca623-4f9f-43e5-9159-185d48b3613c","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":146,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"81e60114-c1ae-4faf-8024-ff053ac8dd26","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":146,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"30b05bce-b3f1-4603-badf-4093f442fbe2","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":146,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"5e2d210c-b0b5-41cd-a645-4a1da67c4e04","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":146,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"a748fb7d-291f-4cd6-965a-83fa9ab88e70","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":146,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"eb9b8a2f-91f2-4bb9-aee5-06f77089f43a","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":146,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"432d65df-2b03-4af9-983f-628f7804e249","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":146,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"239d0663-6f7e-418e-88b2-42a0afdfeb7d","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":146,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"19de7109-defc-49fc-b8c6-465ea62f8396","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":146,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"3e749758-8faa-4746-a61e-3a701a4b7c58","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":146,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"eed0415d-d6e6-4d97-9472-e6cec6c6a7c9","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":146,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"305dd8c9-41a5-4db8-bc9e-2940bdd8da16","block_type":"box","text":"provider.","page_number":146,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"64c66721-7e38-40db-b973-a2673e5d3b8c","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":146,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"930cac27-3913-4291-b190-9b1bf1bcbad9","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":146,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"6c8dfc85-9e80-4086-ab25-f1cc62d30262","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":146,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"0332399b-5a9b-4363-967a-cb8d8072e3a0","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":146,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"52c8a229-24aa-468f-baca-3ce83852e8a5","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":146,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"1ea2a33d-8a2c-4426-a182-16998bf85e05","block_type":"box","text":"PURCHASE OF SHARES","page_number":146,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"cce8ff3e-7ac9-46a0-bef6-d6d86ac191f4","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":146,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"16061a4d-7d6c-4a1b-bf66-b0f2bcb01f31","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":146,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"932fd4c2-96dd-4029-825e-c3d93c2c88c5","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":146,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"d80bd3d7-c4ed-4285-b879-d6b209b1cc1a","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":146,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"a03bc7ed-9ea9-42e7-bb4e-242b221fd07e","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":146,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"c1561cfc-351f-43fd-9e6d-9e02cbadaec6","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":146,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"e8f9ed0b-2f28-4438-b212-d37811ad6941","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":146,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"bbfc482b-a421-4468-a2dd-feadbae4c3dd","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":146,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"cf6e078a-cb30-4180-a91c-1c4dd7fcb72f","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":146,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"3a06aaaf-b916-4b3a-9191-39c24d7d846e","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":146,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"0a14a8f8-3ebf-4e53-8fd9-ec6cf48ae912","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":146,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"780f2073-19a0-4e00-812c-dbd69cf1053a","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":146,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"d1273a7f-5391-4672-9b14-9865c907ea83","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":146,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"7c597e3d-c911-4854-b2c8-2fdbbe14a4c3","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":146,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"ab14c4b5-75fd-475b-8a6c-74ceb5768b77","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":146,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"8ff9c160-7b50-4e25-8503-ee2277e6fad2","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":146,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"4a8e6bbe-ffaf-404f-bf59-449394d6e0ea","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":146,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"e60b2534-5a11-485b-965d-9a2afbe41407","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":146,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"4b2225ec-5801-4b2d-b6ce-6672657f384d","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":146,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"f2aa32b1-b68b-40c2-b9d8-060a02b77143","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":146,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"17c579b2-7410-4dcd-ab83-457a0c6b63d1","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":146,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"e982cbec-6c8c-4e25-801a-5fd650304b8f","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":146,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"12060cdf-901f-4225-aa4b-3fc2a2570ace","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":146,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"0e5d5688-0e9e-40b5-880e-53f488f930a0","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":146,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"4cc5405a-92cc-4830-99b4-36363be2aed8","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":146,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"3b452fa6-3e0b-48ba-bcb5-78e4d5d65248","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":146,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"bbfc1fd9-58d7-4736-9fac-729a86432f96","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":146,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"544b2140-6690-460c-a6ca-703bd3e6b398","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":146,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"dd8d9059-c423-464b-b465-1763a9caecba","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":146,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"a9ca1677-f184-498c-a247-c594fe0d6fb2","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":146,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"8ff8f421-9d0e-40f6-b7d9-0e489662f208","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":146,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"ee4f0e97-3c63-4c7b-892c-8bafe5e38dc4","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":146,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"c5ed5605-7fe8-47ef-8736-7a4bc048b00f","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":146,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"99af4dda-109f-4926-8f0b-338d8a893707","block_type":"box","text":"investment is $25.","page_number":146,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"96fac6bf-bb0b-4da4-87ef-37751eca939c","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6b4d096d-80e9-4433-825e-949ea6c7ac35","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86ad209f-e3e0-4c72-9465-2f58a0e561a3","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":147,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"e5b47add-1338-4d0c-af4b-8ef131061da3","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":147,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"504783e1-370c-4ddd-9cc4-738d09234e7c","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":147,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"b5e34130-ab43-432c-95a0-482d37f084de","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":147,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"8f3fa95a-7068-40fe-959d-f6a637bfe1c5","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":147,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"56f4bbb8-f3ce-4cff-af42-113c7a6331fe","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":147,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"c6d67d20-56b1-4968-a277-265354f446a1","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":147,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"3d2c4d91-43a4-4a4f-a26b-e1986695d7b7","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":147,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"cc85d1f8-11fb-4f6f-a614-9b7ded913022","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":147,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"89e75470-cf8a-49ca-9a32-950aaf954179","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":147,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"95dd4576-a7ab-4e12-9ca0-8fbebbac74d2","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":147,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"c8de6382-0a82-4632-bb62-482d519dba44","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":147,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"97ccd772-d588-40a5-975c-ccbd2a06aed4","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":147,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"7514b819-6215-4900-8cdd-8dcf763320be","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":147,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"f9bff9e8-fae7-472c-96f1-9a5e25120895","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":147,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"eda053b5-7330-4635-b5ae-9ee109fb1811","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":147,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"6729e2e8-15a5-4d71-9484-ccfb452eb225","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":147,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"010464c7-b352-42c4-8440-1d6e4c67c501","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":147,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"a2424c1b-b680-4f75-a4f2-91f8d219358c","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":147,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"ed331439-2197-4a90-88d5-f4bf0aa1170a","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":147,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"f2bfb8af-5c3c-484c-b8bc-691e81a1ace0","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":147,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"be5b2549-8226-4e6a-81aa-1f14bd968bd0","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":147,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"b192da4f-35ee-4dcf-bc06-b3f0d3fd6ccc","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":147,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"82193a3d-5170-4ca1-9005-d528ee367d76","block_type":"box","text":"adviser.","page_number":147,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"dcd04819-b624-4f39-9f6b-d432a5cd7781","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":147,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"f2db4065-3ac1-41d2-b9b9-53a1be308000","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":147,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"54b701fe-b0f9-451d-a576-7ca2d490603a","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":147,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"75a656ad-6fe3-40f9-bb3c-2ee089c7de92","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":147,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"0b7044d4-f8f6-4f2d-a584-1a8229a58ab4","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":147,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"edd4304c-26c0-41ae-8c94-debcde632ea3","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":147,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"cb95ec4f-960d-4bad-9808-5aaa856883ed","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":147,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"385ae515-5243-404b-a785-8b79feed705d","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":147,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"c106f659-5f5d-4cb7-b310-741e7306118e","block_type":"box","text":"also be restricted from making additional investments.","page_number":147,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"acd8644b-3e02-4a64-9af9-8d17296b9d80","block_type":"box","text":"In-Kind Purchases","page_number":147,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"bc675372-7a9e-4ad3-9263-72c79f615065","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":147,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"650af0b5-8a41-43ba-978e-6266d6782df2","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":147,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"8fdc7478-02d8-4c07-b46c-42b74e9765f8","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":147,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"f0a45f26-706b-450b-98a2-6a3c7e2a31e5","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":147,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"7049c26f-42e4-4b76-9402-a48629e8d206","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":147,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"4a64a824-4096-48f8-98d6-919e89a2493b","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":147,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"3269aafa-1c2c-412d-bb83-ac705bd6d25f","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":147,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"d75bd9f2-4845-4aaa-944c-1f9e828bc0f8","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":147,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"9c1b0208-72f5-45c5-8d2a-36a85554b510","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":147,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"2c0ac947-bee5-4c02-984a-326572632742","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":147,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"8da61451-4817-49c1-a186-0728914488cb","block_type":"box","text":"has settled.","page_number":147,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"272bb879-4026-4759-af36-241e85b535e9","block_type":"box","text":"Institutional Shares","page_number":147,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"e0236aad-0add-4d75-b6b6-fdc06e4b42a4","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":147,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"a5ad6a7e-ed8a-4753-86c8-7cf8d68ba5ef","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":147,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"cc7ae62c-646c-4eed-aa6b-599221cb99be","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":147,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"569c5cc3-4da7-4bc1-be73-311ea6ab5317","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":147,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"aa6fe3cb-5c88-4ec0-ab76-6f7fb21c715d","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":147,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"e1addde8-aa9d-4882-8512-1f15a0683ba0","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":147,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"6bdbb824-6225-41f1-a4a6-8753eacdcbf3","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":147,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"efe627a4-4927-4e90-8761-3828641e7199","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":147,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"cdb8b328-fbe4-49b0-851a-434d1cb99dd8","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":147,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"4c06df0e-175f-4461-8fad-2ae9caa3bb82","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"944e75d1-a578-426c-9f1f-5eef50cb5c26","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a9c0daf-14ca-43d2-958a-ed9e1a8e2468","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":148,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"ddae5d76-3064-4b1e-bb2b-e06e191ce0b7","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":148,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"610dcf96-58ee-4bef-af6e-eb64270a786a","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":148,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"1293d835-83cb-4ba9-8960-1d61b2b3b044","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":148,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"98245092-4e78-4d21-844b-4f8496b28b64","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":148,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1af7a2da-8d05-422f-8034-80fbebd52183","block_type":"box","text":"these fees and conditions.","page_number":148,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"349fc482-85fc-4408-ae94-64683c4ddf65","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":148,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"928ce06e-2b9d-4578-b589-389ac148090d","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":148,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"96beae94-5625-472d-b00a-716d07631f3d","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":148,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"df78c82e-2df4-4049-8c26-7d4e82c0987a","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":148,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"efe1eea6-f220-4934-9ddb-31dbac7ad9f2","block_type":"box","text":"incurred by the Fund.","page_number":148,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"dbede201-35c1-4ff3-850d-d29c01d87d0b","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":148,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"3869725a-9d9a-44ee-a97a-6b181b34f913","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":148,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"581b1424-5a8b-461f-ac02-e8bcbaf4fd4a","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":148,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"7ee117b4-58d8-478c-bda2-6eab8fbc5e5b","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":148,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"2cb04835-df8b-4d7e-a959-7f73d854df04","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":148,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"0344e59d-b149-4af2-9d3c-1e423ffdbca4","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":148,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"2c320bb0-5b83-4e60-80c5-76d9e1f71ce4","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":148,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"22f953bc-0762-4d93-870d-cd52a9926ea7","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":148,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"92b9ce47-b534-49a4-95ef-f8e407db5a3b","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":148,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"ac1df13d-b9f4-4248-94c0-38ed1def690d","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":148,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"66f1965b-5693-439e-aa11-116a9e69a675","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":148,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"20841ee6-8aad-4a5d-a036-9f3167fe9e0e","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":148,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"b498beab-2e51-4b21-8d64-7797c657934a","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":148,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"2f7f95aa-7cff-4b03-9617-3af24c1a09a3","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":148,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"562fbea6-3575-410b-b7e1-1f29c63ab075","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":148,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"04e51c21-2b9c-4829-99ce-e6b6f4b4d0e4","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":148,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"6b8ed3ad-ad6a-4729-9240-d493228dd9b5","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":148,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"79735d94-2b39-49a5-93b1-8ab6d942c5a1","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":148,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"bd9bddfe-376b-46aa-9e6b-36b62aeb413e","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":148,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"0215db47-404c-4b77-bf51-bba43d1965a1","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":148,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"9849e265-d4fb-4c3a-b805-a40b49e919d5","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":148,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"5dd07780-409a-4762-98ab-7603e08785f1","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":148,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"3c71c6f1-6632-4d84-afd7-7ea50221c984","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":148,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"cb66ae05-1d78-4ad3-b2fb-d2a44e02cf79","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":148,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"7d2540d0-006a-4f73-83f2-4cfcd6a4fb74","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":148,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"8fe78979-f3de-49f8-be3d-2023eedbe29d","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":148,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"de12a798-99d8-4904-86bc-36f9401e276c","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":148,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"7fe81863-4eb3-4d22-8189-9845129acd23","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":148,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"253b5174-bc7d-4036-8604-f084900eddd0","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":148,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"3b00fbc3-7990-4eda-bd98-fba481223e83","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":148,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"3397b1cc-0d48-499a-9f52-98b5f82104c3","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":148,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"c69b898b-d823-407e-9dba-597de4da8830","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":148,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"ddc07922-d996-4ef4-bd59-d35dde5957f0","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":148,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"4ccd4675-3af1-4310-8bf1-bc33f46823ef","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":148,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"852f7f99-49d9-4d45-b6a8-ae0d4610daa9","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":148,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"3bc0028b-63d7-4a6e-b46f-5391c1b64cf0","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":148,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"6b4e9b5b-de49-4760-a976-009ca21c08b6","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":148,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"aa423c03-8af2-4f94-b4ba-6732614cf820","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":148,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"ea62863b-af87-4945-a73f-a9c5372835eb","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":148,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"f7ff0221-cb68-4c93-a3f6-d208c8af88bb","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":148,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"3bef027b-a292-4a37-a4c7-e6b2ce9e59a7","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":148,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"26d53743-0217-47e3-872c-2b1f73c7b90d","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":148,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"15cf9bae-261c-43ab-bf28-3c32263ebd59","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":148,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"afe5b715-f14d-42c2-90a3-c3b5cdbfc3dc","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":148,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"842337a0-d2bd-46de-9d8f-be3d0a227f55","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9157bc50-d36c-4797-bba5-94aeac978bde","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f484c899-878e-4552-973e-0ce46394e1aa","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":149,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"4203d6da-f886-42d7-8898-520b54cbb428","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":149,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"59a89bcc-aa55-4dd1-81e2-095ed1f1be74","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":149,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"5416a073-618b-4eaf-803b-5131aadac668","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":149,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"e9a655a4-9788-4dc4-9ba1-2f6c14670e10","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":149,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"ab3a2d23-f1b5-4b73-9c85-ef7e54b8aaec","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":149,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"ca4d191e-876c-4ce2-828f-cb1228c4280f","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":149,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"c476bf06-5427-4eb3-9fbc-05a898f3ed6c","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":149,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"94fe8f2b-5e3e-4758-9553-370287bdfcf6","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":149,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"d4c89903-f51e-4e0d-8cd1-37d5d2e75ccb","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":149,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"5f5fd5fc-cf6f-435c-9364-bef357d85c02","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"b09a0439-8704-42d5-9e6c-dca932e4f2be","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":149,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"97531508-66e2-446c-801b-14d8237101ba","block_type":"box","text":"periods indicated.","page_number":149,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"5450c8ca-398f-4920-9f0b-8019645ce7a5","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"4d2347ba-c357-4a72-b3ab-38d70ad3974d","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":149,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"bf0daeda-3d1f-4da5-8254-4074502346a5","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"7e85bf1a-d849-4351-a3ec-0a1b24ae44a1","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"5832059b-7f98-43b9-ab81-ce8934f2edf4","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":149,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"f019fea9-8a8a-4664-95a0-ddb676088ad7","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":149,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"1aebf3a6-dcf3-4f49-be5c-f529ef4eb9a4","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":149,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"25d3890a-2efc-4400-b894-6fdef6a7a5cf","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":149,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"e641c930-1761-4bec-9a3f-485c13204851","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":149,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a320a5bb-9fc6-4182-858d-03b3163ad753","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":149,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"ebbcafdb-460c-465f-96cd-0d6594ed0ef6","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"b919227b-7c62-4297-b73e-a7ddab35cfb3","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":149,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"27e49172-ad28-45b1-9e3d-9d9c53e78d4d","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"717b3b8e-2142-4288-bfe8-a99ce2bd8496","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":149,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"3c7651cf-b5df-4663-8fe3-3d19eadbea1f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"b9e562d5-f476-487e-9b1f-01eed77539f8","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"47fe5355-79b6-49a2-bf50-0f42d303385f","block_type":"box","text":"Reduced Initial Sales Charges","page_number":149,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"07604882-391c-4609-99bf-8cc9f195f072","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":149,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"af88c420-ab0f-42e5-9fe9-47098a8b9562","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":149,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"bbf1051e-a3d9-45e0-a9cf-6b51d8a91a61","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":149,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"0db11fc8-547a-46a9-b13a-d2893f2920c2","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":149,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"04fecb80-f31d-4304-8d32-f492fb0823dc","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":149,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"78487087-2688-4df6-b2cc-2becb44263ed","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":149,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"5e92fa8a-582e-47fa-bcd8-1bb64a9bc3bd","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":149,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"fbc6be8a-31b9-437e-95bf-d7f4183b1d37","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":149,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"021a4659-7c04-4ea6-830e-23d5ae6168a5","block_type":"box","text":"Reinvested Dividends.","page_number":149,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"7e4d3c5f-6a87-4719-bec0-a4af65bbf37c","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":149,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"cda0a213-5428-4848-b52e-5414388dbf3f","block_type":"box","text":"reinvestment of dividends.","page_number":149,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"e6e1acec-9d20-4f09-a280-ba54bf4ec1fd","block_type":"box","text":"Right of Accumulation.","page_number":149,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"22698486-932e-465e-b642-29541a560fa2","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":149,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"d1a3696e-228a-49f0-b5ae-48bccf3d2e96","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":149,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"4a63ecd4-33a6-4f8d-af0d-a1f6c29e2019","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":149,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"dd6bd93e-8a47-49c7-90e8-25172734c82a","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":149,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"ea3838b7-de7a-46fb-b0ce-f0593f1052d7","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":149,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"65510b28-a6e4-4fcf-b20f-0690719ea557","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":149,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"53505246-8fce-4ee6-9336-a28fe8f7b6ac","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":149,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"fbde60b9-0eef-473f-93b1-f400914c2846","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":149,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"2020892d-e4c7-4b05-ba83-23c4421527b1","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":149,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"e72b453f-5fd4-488d-9198-fb857a4ee146","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":149,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"9af1c0eb-f010-42b5-b275-d4f23b483da1","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":149,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"8347649d-35b4-46bd-b937-5d36feee780e","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":149,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"7189e672-692a-4bae-91e0-455929a5e047","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"665b7d0b-0e11-4d0f-87f4-179fb0e598bd","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"579bb4b1-cd57-40b3-af0b-7c6388576199","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":150,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"12d107ef-a88b-4c97-acf0-17165f477e3b","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":150,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"56b35b14-2739-448b-835d-c5ce4e2ffc87","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":150,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"434291f7-0e8a-4cdc-9f83-6ce79a34e78c","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":150,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"c9f20987-a2a7-42b2-bb6e-011b053cf693","block_type":"box","text":"Letter of Intent.","page_number":150,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"2e56afb6-1fd9-464b-a9ff-ee891e43b7a7","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":150,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"7d2d630e-0c77-4599-b3ff-b346adda54da","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":150,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"3646fd98-a145-45ce-8682-94bc37428042","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":150,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"0953df19-3425-49f8-b5f0-437797147a91","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":150,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"119abef4-ffec-49bd-b670-23deb02fa37e","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":150,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"e6fb95d4-3e17-4e84-82f5-c976c28bcf7e","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":150,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"9b3295b7-289c-41f9-89db-90ba43bc06c2","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":150,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"30f09e40-10ba-4fad-b144-5bd6276f581c","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":150,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"94f38ba1-d4eb-4210-9617-9429492e8a53","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":150,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"4e196034-c785-4eef-809b-5ac3d7c7d6ac","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":150,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"f52b18ee-381b-4df8-b2e0-3d1a7748b938","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":150,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"d45e656f-a653-4993-b361-9582d85fd4b8","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":150,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"96f90a67-0fb5-4eee-8b36-0c82d7948222","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":150,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"1f4636cc-77aa-44c7-bfec-a85ae99cba12","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":150,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"26a5a4d3-d7e6-4b54-8c2d-eea7b533533d","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":150,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"6e40ad02-66a0-4c7c-ac81-254a037b468c","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":150,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"5600c5ee-b61e-4efc-b033-2816bc83cf8a","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":150,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"35a2bd68-e976-43c9-9aa1-1caf6fbe06d8","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":150,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"2506188c-e2e0-420e-abf0-946ee5096add","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":150,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"9ef472d9-040a-4e55-b88e-3cc604529141","block_type":"box","text":"Placement Fees.","page_number":150,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"1aef8832-8f6e-4f42-b03e-0d817356cad2","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":150,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"4d0221f7-17c0-4209-8eae-38f6ca508eb9","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":150,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"78cc121c-0dd3-4163-9865-09abf820d1be","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":150,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"aee69b72-0279-4a2a-a870-62e64490cb65","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"cb5bd0d6-71f7-4fd8-8580-07a9f0acde41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"5a59493d-fdbb-4372-bb66-e011a559e7b3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"584d854f-8124-4013-8574-dcae0eecb751","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"420059aa-76ca-4dcf-ac48-4c777829ef2a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"b60fdc2a-c47c-4b8a-8fcc-fd15d59f6f6e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"04ffc99b-a0a1-4026-b7ab-4997d72555c7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":150,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"058a90a7-1392-4619-877d-597e6d70d606","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":150,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"91aa6c6d-5d7d-4e9f-a331-8bbfc2fb5e67","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":150,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"3e830893-ba30-479d-a316-e6420dd9c755","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"8844701a-b09a-43bf-aa8e-93ac8b604680","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"a4be0910-90f9-4598-bf95-6d27c390f79e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"93d5d451-166a-4984-8af9-e2071a2c4fef","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"b44c13b0-6a5c-4748-a33f-300d9cf33d03","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"5d689dae-6ea9-4529-a6ea-63f0e20de9a4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"75579fb9-9d35-41ff-a1c2-caa36d43b2c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"94af2c1f-04f8-4eb5-9487-3ed71dc1ab15","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":150,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"d607637d-bd60-4201-b6e1-953a36fc55c4","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":150,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"327b1671-7770-4787-b312-567dfa03f413","block_type":"box","text":"SM","page_number":150,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"ee7f8b89-8119-4fac-8de5-55698c7f77a3","block_type":"box","text":",","page_number":150,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"aa8460ff-8bf7-45dc-a851-d9f9ea5c4ad4","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":150,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"31a104b7-d9fe-4507-ab66-c76d6830c85e","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":150,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"960e70d3-8b84-4ead-beb0-b9f9dbf7395f","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"6699fc02-52db-405c-8b82-8fb491f35945","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"4d7eb46b-8259-48f3-8a5d-9658ec7011de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"f8ed4b07-a063-46c4-87a0-f13aed2ecb59","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"60ee8a0e-eb30-48cb-836e-177846117077","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"e41c2f05-6be5-4520-a767-27ceac1f1c2d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"f1290020-fd36-4b4b-b815-6fa6079a4891","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"216082d5-4683-41b4-a3a6-a294178ab5c5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":150,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"fffccaf2-30af-4212-8bda-ce420f704a4c","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"4e2d80d3-e5ba-4e6a-8c2e-e757a1492d5d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"cbe4a2e5-3ac4-4070-a038-314de6583397","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"cad3d92d-c4b8-4734-aebd-c0ad4b1b898b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"c1471dbb-93e1-4b3a-a438-4bd237ad5234","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"91b881dd-793c-4a68-8bf1-55082f216f7c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"8ba2600b-f091-4788-b6cb-b5a19996585e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"cf657085-fea3-46df-ac57-17ccc71a95e4","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9761619c-8719-4063-9d7b-69912c87af98","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56055b67-b185-43a5-ab17-c51f10a44e33","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":151,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"c96e8bf2-7dc4-406f-9749-f720fda3824a","block_type":"box","text":"may be up to the following amounts:","page_number":151,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"a716b6c6-2f95-4a3a-925c-58e95a6f8bd6","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"030fce32-21a6-429d-8816-74f534a180e6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"b94d2a3d-6ec4-4a9c-86be-256cbed6fda2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"c927e779-ba3e-4d99-a964-5f215295372b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"1ed7d9e4-d99e-4c8d-bbc4-1817d67487a9","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"0c9fbbaa-6bb1-4438-9027-5b25d78c29b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"6bcdf576-51f6-44fe-827d-ea2669cd868a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"a162adad-7f63-43c1-88b3-c24c64bff755","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"18af1dd2-dbb7-41e7-b66b-b272fc316d90","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"d3061b36-6efc-4bbf-b457-91be0c78444c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"8c9c05e9-66c9-458c-b709-e4fdde8512be","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"c3ee9a42-ced5-48a3-99e8-57a8691f1521","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":151,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"eab0e795-2367-4f2e-b29a-b4cb58fcb233","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"f727e231-d3e6-4f75-948d-b3e9ae34fccc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":151,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"3157c1be-0a2d-4bc0-85f6-548eab4701e0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":151,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"f9b4def5-bbcc-4799-a1a5-b6cb59167932","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"22da58d4-7166-4556-9af4-f64906be39a4","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"7d772909-bade-437b-9330-984350544081","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"891a2483-3913-4c6d-b770-ac3b089c309f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"2de89962-f2b1-4519-86db-e65e15adb052","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"c305ba89-7d62-46de-8090-841c6b3c498c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"c3df0054-0772-48f1-9d82-5751c0bdb2cb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"a007701f-a974-4162-890c-3a1e8dec50ba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"f4a61c24-1579-4fba-bcb9-e52a09201784","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"5e98519c-c22c-43fa-b683-2a679367fe54","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":151,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"cece04f6-ed7b-4524-9e0e-16b656375748","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"61239bc5-a1c7-4a0a-9dc8-b8082b6cd2f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"1979b092-9ce5-47da-a681-83d3b8c243ca","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"c2b7a56a-8713-45ff-b378-d8ab9557ce10","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":151,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"d59d8e21-2ae1-4bc8-8248-61195ea7919c","block_type":"box","text":"the following amounts:","page_number":151,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"8d15de83-23dd-472c-8f27-8c7b4adb0255","block_type":"box","text":"$100,000 and above . . . .","page_number":151,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"c75c8da1-60fd-4bec-a858-c0a131b8b848","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"e0b8382b-fd00-47c7-9386-6658329a1ce6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"1fa9e536-4fc1-46c2-ac26-e959f05d8076","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":151,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"31315e2d-0fbb-4ea0-be64-81909bae7b06","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"2ac34657-0233-4fa0-8b4e-4817818c6f69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"ef616d2f-12f6-4c31-86f2-f3cf2bd1b565","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":151,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"43a50520-c067-4eb1-a331-76f7af3c1a8b","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":151,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"93197faa-a523-4a49-bf3c-409bb5e5e491","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":151,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"326a8a29-521c-4fd9-b5e4-e8bdc9d6eeff","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":151,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"82933f00-5e32-4849-a796-4b6866f94f2b","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"43d4b145-f99f-4098-9180-9be6535da5a4","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"b09d2aff-80ca-4555-85d0-d971a247f943","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"00113dca-e077-4b3f-b88f-fc25a33cc9fa","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"e67bb63f-92cd-45b7-a0b9-72daf353c2ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"4ca19b7c-e411-4b10-948e-114c339e294c","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"f35db0c3-3ec5-402a-a383-8134a86f0935","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"9300539c-3747-453d-88eb-38d95fa969dc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":151,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"12cf2956-8d4f-4ee0-9b18-040cabc17522","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":151,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"38b66740-801f-4e73-ac80-af26c7bee7b6","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":151,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"f0e5c6c9-114f-481e-9450-3431266cc80d","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":151,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"ab00c6f6-147c-4281-b250-7d3fe441f42d","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"b6efc310-8c8b-44c9-a582-7985ecfe6855","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"84170955-113b-4b54-890f-99d093b4c7de","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"48413f90-50a6-40d1-a4ef-73dd10a0610c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"4f514e0c-0250-4dd8-a7ea-6562c45b4b4e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"e70fbd6e-1d24-45f6-8585-26f574dd67e6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"141197cd-9223-4578-af02-35639a78566d","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":151,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"61c466ae-f1a7-4fef-be73-78f246fe0bbc","block_type":"box","text":"®","page_number":151,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"45bbfc9b-395b-408d-904e-e290c528913c","block_type":"box","text":"Index 2030 Fund, BlackRock 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respect to Investor A Shares only, accounts opened","page_number":152,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"97740b1a-9672-4bb2-a0e5-ec0aff20a904","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":152,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"f4096765-757c-4b1e-b290-24cfa60b9e16","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":152,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"43f9956b-ff37-4269-acb7-8b2a83ad0fb5","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":152,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"4f4dbbc0-7c0e-4e9a-b76e-d08f78afca5c","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":152,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"48afd81a-e0b3-470a-ae88-e2e10b282151","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":152,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"3488e91d-8c26-4759-992d-ccd058c6cd63","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":152,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"313f82ee-6ee0-4357-92aa-638cf6ad6001","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":152,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"b6b2369f-22be-4000-92fc-2f6d0d6688a3","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":152,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"9951e9d7-3478-436a-ae66-d86f522d2240","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":152,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"0cb113fa-7e80-47d2-ae8a-6967ef46ceff","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":152,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"7ef659a2-6931-4a14-919c-62d9139afece","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. 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The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":152,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"f294facc-9f1d-43d2-a64f-f533ce2fbad8","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":152,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"5d227b8f-5d78-4c29-b305-6a0ffbc9316b","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":152,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"a64c9c55-826a-4440-84d6-6b8dc85f907e","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":152,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"538a2301-6c2d-4a78-a242-2410f3ea6f78","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":152,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"1aae9f4e-edf0-43ee-bdc1-377e6c4400f1","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":152,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"92c196f7-2ffb-4d08-bce3-930899753f48","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":152,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"6ffcc94b-84e8-4c4d-a91c-ded6f1397f42","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":152,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"3d66e835-2732-41d5-b9ca-512c1ca34044","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":152,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"2aca1b87-91f1-460c-85ac-bfb747fe7b59","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":152,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"656303fc-c5e9-4870-bce1-889d0aca2ca8","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":152,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"53a96c51-8a4e-49ba-b909-a0d6c4d4cf44","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":152,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"c5cafe99-d3e5-4979-9b83-f22d455e227a","block_type":"box","text":"II-104","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7560c236-f0d5-4bc4-8171-ab59f14d8323","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43b81270-e03e-4f22-8496-4cbf5c70e296","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":153,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"464465ab-f590-4a4b-8136-fb43c51c617a","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":153,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"d5c25e04-53e1-454c-8142-678ab34c1ced","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":153,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"a51deb7f-2e80-40de-b1ae-521ec7e6d77a","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":153,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"b0c10707-4bd5-48da-b7fc-be331117ba05","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":153,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"5f4c49f1-b8c0-4f4f-bafd-a98990219e65","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":153,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"71efa7e2-7089-483e-9f02-1a89a0910a8b","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":153,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"e45c9f92-34b5-464f-a5ff-f89091d9089a","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":153,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"d0f94ae8-edc5-4536-99aa-f03362a1791b","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":153,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"680695c8-69ac-475d-9dd0-0d8023a21063","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":153,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"1c38640a-8051-40ba-a748-c16f88cafa21","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":153,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"c08b5d9c-fad5-48bd-81b7-8492e0be066b","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":153,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"90133e69-81bf-4195-8393-34e6859b1638","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":153,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"85cff7aa-f734-4fcc-9134-b04c88255555","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":153,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"a956cb21-8d1b-4cff-9ffc-1ba06cebcd73","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":153,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"9017fee6-a964-466c-af44-e2f13dffad0f","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":153,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"f6d9f874-7d49-41d5-aab4-078ba3f6880c","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":153,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"161c419b-d03e-4402-881b-2bf8571f5c63","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":153,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"5a610cd9-67fb-4fb0-be57-045cf4202c9a","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":153,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"7fd30383-f4b6-4dd6-ab6a-c2469bb1f3bd","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":153,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"f53fb5d8-14b6-429c-b1a8-4958df96fb7f","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":153,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"b1b6e531-11b1-4dc4-908c-9b11237db737","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":153,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"4263abd4-5b96-44a9-ac26-e3a3b35293df","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":153,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"f2e5ed88-5c39-4647-a3a3-a8abcfc91644","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":153,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"e052c0ce-69cb-4d8e-867d-210f95a1e103","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":153,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"235fccfd-a06a-4df7-80d6-c8ceb7183a12","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":153,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"5f82f30d-7c88-4a74-a1a6-dfe7e9a622d2","block_type":"box","text":"the absolute discretion of a Fund.","page_number":153,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"b01c9559-f702-4f76-88e6-05703bc7d73b","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":153,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"fa2ee76c-f42a-46df-a757-215a7a0782fe","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":153,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"673b511b-9dff-41df-8211-fffc359e9350","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":153,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"6e1702fc-937e-47ad-ada4-f3aedf68974c","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":153,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"db9ee7fd-43e5-4788-bb51-d7415bb30f18","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":153,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"d5c20b63-640a-47f3-a98a-45aa88386bdb","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":153,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"5080f326-6bda-4b11-96d7-e721da2283f7","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":153,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"af1b2467-40d7-464e-aec2-793c7d66f407","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":153,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"6360e3d8-f38e-412b-afba-9e47dcda569e","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":153,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"31dc6ce2-5953-4c1c-a8a2-8d41bd6a8ed2","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":153,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"217fed30-3627-48b1-a6fb-a68fa9721c1c","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":153,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"34423563-e2dc-4c5f-b1b8-5e31bf289f26","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":153,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"be759c3e-b42d-47ea-a7a0-a1ef80894d10","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":153,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"3f4cf8e6-3c2b-4c89-9546-859bea1e644d","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":153,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"7475cf25-f9f8-4647-ac38-9b8fcfbeefa7","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":153,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"5d287e45-c730-4d98-ad92-b12da357074d","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":153,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"ff56f411-9a80-45a0-a58a-0e7029f78780","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":153,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"40b44554-5c8f-4a66-9303-12e7893c8132","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":153,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"c48ef7e8-4d50-4e75-9a86-5e5fe9578646","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":153,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"47bca3ff-86a5-4eb2-9c4a-b5c61dfabe16","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":153,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"40f68572-f189-47f8-a1c8-98068ee0069c","block_type":"box","text":"public or private investment company.","page_number":153,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"fc37ddc6-951b-476a-8897-af0d2c558327","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":153,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"491cc7d9-1a1f-47c7-b49c-5b51cf81ad8d","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":153,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"59139c36-e3ca-40cf-9837-66c12b4bf8c3","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":153,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"f93902c8-3326-41f3-8052-77f28ed6163e","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":153,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"5fd5e9fe-7046-449e-9b8c-c7834fa16d91","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dcb03526-f2c6-4959-a054-9a20bebe497d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59eca2ed-6894-436a-a7e3-597d810a870e","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":154,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"354c1c1a-0eb8-443d-a71c-4868bf922c29","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":154,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"c5efc6c1-3067-42e0-82ff-0bb062c2855c","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":154,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"25799455-6470-421b-a0a7-b7fec082840a","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":154,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"8922501d-a26a-45ea-b92d-d4652f27c1f9","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":154,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"e5eb437f-f352-4557-a39b-55b4eed6bc82","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":154,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"8bb4d2da-4b9c-4c95-8d44-b4c0d6924b1e","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":154,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"a3de4490-af43-4a3b-ba4f-c1d474cf04fc","block_type":"box","text":"intermediary associated with the account.","page_number":154,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"78df848c-56a2-4a28-99be-a33db7bda521","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":154,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"80560dc3-c1eb-42eb-b6bb-48e21cae8edb","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":154,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"0ccf1459-40e5-4dcb-9b76-c4672d6a2e7b","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":154,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"022af376-76dc-4e26-b80d-832b8d29c8ab","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":154,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"57df0d11-2082-4abd-a643-e08e0c153400","block_type":"box","text":"CDSC shares.","page_number":154,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"c086bd78-df4c-4a73-920f-ebafcadf4a4c","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":154,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"21f5b518-ee59-4e73-a8b7-fb49d33e3ce5","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":154,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a357d0ca-bfce-4f1d-a380-a56d449cac79","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":154,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"5ac8cf5b-cca1-474c-82ba-d4602f8fa7c3","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":154,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"0c7098ca-44db-42ea-a865-924a36dce099","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":154,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"c9da4676-edcf-45b6-91da-23e75a575c0d","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":154,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"2109a024-ff55-4a7a-9ed1-bbe3f4801cd7","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":154,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"89d9ba71-08fb-49c7-9baa-af7294bc5853","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":154,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"684c8446-ae39-4ec7-b9e9-816d00e5594e","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":154,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"ca19562d-197f-4f1f-b1d8-ea1f9cb0fe9e","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":154,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"59b739d3-1c1d-4c35-bd60-d266f3a70659","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":154,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"2440a6d7-4330-42a9-af16-3b6c43951f4d","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":154,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"cc6efabf-622b-4e1b-87d2-d02b6d934986","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":154,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"88f9960f-d849-4d7a-8194-3afb71bdc0e0","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":154,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"b00b5bb4-fd55-4972-96ec-335e582b71ad","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":154,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"ea2a4215-a832-4123-8825-06cffec8a697","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":154,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"3b80dae4-3fe8-478a-8465-e6279e8719c2","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":154,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"33ec2279-7f22-40e3-bf3d-08a907de8ead","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":154,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"18ec7a91-dce6-4727-9716-2247ad33bf85","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":154,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"15cf4967-25c5-40b6-b227-6fde08afa77d","block_type":"box","text":"Investor A Shares.","page_number":154,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"0a729afd-ca28-4bd0-aa4a-fa20defa5996","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":154,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"447ce1c6-6351-4e34-909e-a7aee086e64b","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":154,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"ce67e2db-35a4-4d2b-a89d-bf4398baa0df","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":154,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"3b7e8444-2c74-4622-a322-2c658eae958a","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":154,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"882d040e-8249-4b8d-a96e-8a32ca8f0c66","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":154,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"8b246493-dcac-44c5-afc2-699e1fa99d08","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":154,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"9a30f83a-80c4-4654-bd4d-5cab69859c7f","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":154,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"ea49872f-184d-4e21-9bfc-af087c448097","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":154,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"b753afd8-eb3b-45b0-b185-2942743dbb1e","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":154,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"1568c17c-7e91-41c3-a7f6-6d05f5e01a30","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":154,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"1cd7b15d-1df9-4d22-8291-bb025ce54c97","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":154,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"58060008-d5db-4d64-86d5-7a404a2fa76f","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":154,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"c1fb6b7e-fdce-4965-9fc5-de51324d3850","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":154,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"52f548a0-a8b8-4352-84c1-77f9c9e78a6b","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":154,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"7e667257-e74e-4864-8157-d6d01b39bc45","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":154,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"920b535b-e13d-4eb7-8164-584ae28b0d26","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":154,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"849fd5db-ce1e-48bb-a24b-b20061dacae6","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":154,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"8bbdfa5f-9b68-496c-b483-dbe8169cc16c","block_type":"box","text":"“Investor C Conversions”).","page_number":154,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"62b35e1e-9854-48a9-bf5e-15db2c9b1450","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"117a8a57-14b6-42ef-85c5-1be064ab7fc3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7389a6bb-8177-4265-abdb-fd386285bfd2","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":155,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"66861fab-85ff-4583-936c-7a1ab7162a08","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":155,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"416a70ed-e883-45d5-a96f-c1306c7a0b40","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":155,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"1f96638d-ac38-48a7-b1b6-6a02659d450e","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":155,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"799fed56-6c3e-473f-82ea-d3ab90334846","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":155,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"f33988ac-aac2-4e30-afcc-3c258a9f1623","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":155,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"086d1a3b-ea75-4c3f-b052-726b8a2840e3","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":155,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"97d6213c-8f00-4c24-965f-c9b9b059beac","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":155,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"439edf4b-595c-49b6-94df-27b9be534912","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":155,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"9fc6da2c-1c63-43d1-a9a0-72aa3fcabc4e","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":155,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"3e327567-9eaa-4142-8593-3d29d2144fc2","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":155,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"4fc3cd29-2058-471f-84e4-1ee22cd9a061","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":155,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"f85b05d1-75f5-4dcc-b6c4-bad371652aed","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":155,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"9867a01a-68ce-4c2e-87ee-76a7bef87333","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":155,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"64c11e07-f8ac-4c15-93dc-fa93b4d759d7","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":155,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"4eabecc7-49f3-4d2c-a774-2b584670bec2","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":155,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"544a16c7-ec05-4c48-912f-a0b3dfb23a61","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":155,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"4f44ce27-f0d4-490b-8e2e-3580d6eeb305","block_type":"box","text":"redemption.","page_number":155,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"77df60d7-058d-4a23-b971-e40f00d34630","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":155,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"0944a8f4-2d37-4e7f-896b-2baefad83284","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":155,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"aa179b7f-947f-424b-bedf-b5b9ab3a65eb","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":155,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"5f61e277-b845-4865-9779-f056158b4ad2","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":155,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"f701ddb9-6dac-4ccf-beee-6247de3f34ae","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":155,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"553587d9-c12c-44bb-b644-01d3d9df569b","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":155,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"7b772ac9-5c3b-444e-8414-179f375ab0f0","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":155,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"3400e9d1-2529-4938-8ba8-bd0901c8653d","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":155,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"19a07fda-5e09-44b5-9d76-f9c0dfd94d63","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":155,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"b50dfcb3-5315-4d6c-81db-27d8d357074f","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":155,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"d40fd55c-e6ca-4d02-b9f1-6639a36abc62","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":155,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"54d3ad6a-685b-4285-b120-51c394adf26b","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":155,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"94e86131-71b5-4884-a337-4cc544c015b1","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":155,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"e97bc46d-6e87-45de-b7b2-b9efcc398eb3","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":155,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"ff50e235-cb79-4f3f-8930-85c8953230aa","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":155,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"da60b851-ac3d-4495-b8ec-d0ee1d63818d","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":155,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"6f1c133f-0bbd-4f3e-ac58-90ef13ba97a4","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":155,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"333bbd5b-5cc3-4108-b3cf-a0724d8c2b4c","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":155,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"354613fd-c6f7-4b60-a667-4277a3dba917","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":155,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"e540652d-acba-4be5-9093-8d874cddcf48","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":155,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"a04362e5-3bb6-4080-be82-5a4b9b03f984","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":155,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"311b04fc-b71f-4004-a552-b7849bd0cd27","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":155,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"1e469ab4-b513-4a42-93c7-21f09422249f","block_type":"box","text":"Class R Shares","page_number":155,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"5abcf872-79ba-49d9-b8ae-3b51b24f1d3d","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":155,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"cda4bd04-3aaa-4b52-a248-f8a7ccb92cf8","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":155,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"8d958bb5-ff63-4aee-918a-d777d4d2da6c","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":155,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"0a884f8a-b64a-4e90-bf90-731ec311d37e","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":155,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"bb4cd4d8-19c3-47ef-bdd9-66291c3f47f9","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":155,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"9e0ff637-dc5f-4aef-ab10-d362c4bbb67f","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":155,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"8825d023-f389-4736-97ab-199255c7725f","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":155,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"a87c89af-63e2-430e-97e6-e03fa327e3b0","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":155,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"6a47fe25-35c9-4b22-9f96-9cbc4a41a1e9","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a69407de-af63-44b2-981c-9cc1e82a2da8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35ac4bbf-9bb0-49c3-9557-8f12b6790e83","block_type":"box","text":"Class K Shares","page_number":156,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"bd677b28-a6ea-4c44-92c3-c94fda832bfb","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":156,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"88812a89-ec13-45e4-9063-075d809f06ef","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":156,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"569db7bc-e5a5-47d0-a4db-767dc1f99920","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":156,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"1a29fe83-f8f0-4539-b645-0df0226bca8f","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":156,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"81524107-9bfa-4d9f-94f9-a903705b8301","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":156,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"770b02af-a2b9-4189-8cab-907b4b3a1511","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":156,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"fffcd985-bbed-4ab4-aa36-cb802da89794","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":156,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"72860b42-b34f-441f-b2d6-022c7a5b09cb","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":156,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"1ec81b39-7d04-4bdf-87ee-1299b75b2898","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":156,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"cb7be322-37ce-4d39-9aff-a1101fb06183","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":156,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"78b873fa-d02e-4ec4-86c3-da76c7af4282","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":156,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"7a0c06d3-61f1-47ea-bf84-27219f973259","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":156,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"f4463880-eff1-427f-ac63-af2fb8056f73","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":156,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"5c7febae-fb4e-4869-b21f-044db526471b","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":156,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"c84ff2a3-7a4f-4c4e-bc1b-102c77427c08","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":156,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"db1d3c33-af14-485b-9088-a79e53fa2dd3","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":156,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"a1c303f0-d392-41a7-a487-c6ac04b4a887","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":156,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"3b0c7240-2d97-4666-82ae-bb7189546087","block_type":"box","text":"distribution and marketing agreement.","page_number":156,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"1d9a5b78-3a9f-40b9-9fee-573b85ca9822","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":156,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"f454df33-95f0-47a4-9714-6d3ae1bd66ee","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":156,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"88232da1-deb8-48f6-9e59-e06bd9e76676","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":156,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"3f7bee74-dd34-4832-bb26-20bf18a18ae2","block_type":"box","text":"Class G Shares","page_number":156,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"90658162-601f-47c6-b828-2f9386e3c157","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":156,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"9f9ad988-673e-4849-9389-af4ff79945e2","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":156,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"e088288c-b87f-47cd-b0f9-683008b0f76a","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":156,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"6a9d1322-818f-4a40-ac6c-268f3f4a8965","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":156,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"34b3264b-8240-4d11-b4c6-6d5038e016dc","block_type":"box","text":"eligibility requirements.","page_number":156,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"312c0bd0-575d-406e-b24d-101147d74076","block_type":"box","text":"Service Shares","page_number":156,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"c4c263e1-8118-43c7-8cf4-140cfe6b33a0","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":156,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"b27de469-bc8c-4493-843a-3e4c43f922b2","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":156,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"da813e8f-88c1-43c1-a294-eee642925446","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":156,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"5cce1659-86d6-4690-998a-f61aac5d219d","block_type":"box","text":"®","page_number":156,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"378437c6-f61c-4b7e-a88c-568df1e61192","block_type":"box","text":"Fund in 1996; and","page_number":156,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"97b5698f-95e0-4633-9eb5-58b4e8a4829b","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":156,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"47f0054d-d157-41c4-850a-31f4dd312467","block_type":"box","text":"SM","page_number":156,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"12e57627-4f4c-484a-aaad-dfcf0d2bc19b","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":156,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"354ae2a4-0984-4670-8694-8e3694c66fe0","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":156,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"01c0cddf-86eb-4e89-a7ae-f6e51cd3660d","block_type":"box","text":"BlackRock Shares","page_number":156,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"80e9bf27-d1fa-4c56-92f0-e21cf9e331ce","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":156,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"625148d3-554f-41b3-9402-0196c3b8ba31","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":156,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"0ef340a7-6dbb-4982-a3e8-7cc4a530ef85","block_type":"box","text":"fee-based programs.","page_number":156,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"c35a6003-3fee-4be2-8cbd-ad724b5b52b7","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":156,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"41cb25d4-9c7e-4fca-9d1a-2c46a0115d5b","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":156,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"674cd487-05bb-4278-bc8a-547dd2a7881e","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":156,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"bb741458-5d6c-4e84-b274-61224c5c9202","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":156,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"2ca61479-63eb-453e-8cfc-266d9d3bf6c8","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":156,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"846640f8-25a8-4be6-bf8a-63b5a49d39cf","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":156,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"b7cae275-61b7-4292-9d7c-7179924fd9fa","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":156,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"0674cfef-4b66-41c7-9bcd-f4f479b54aad","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":156,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"7949f156-105f-4615-8450-9870c257c5d5","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":156,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"278a9b21-5a65-4ad6-acd5-c1242e4696bd","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":156,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"b7d3937e-a7c3-46e2-a67c-11f86b2781b3","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":156,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"c50b0cb9-2f80-40ec-acdc-5a86ee06c839","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":156,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"cf2359aa-2ff8-4ee1-b898-ba02f3c38957","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3a9d2bac-dc4c-4e88-b93e-369c62d54bd8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a22c5765-ae80-415d-8029-637bc8ce7a6d","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":157,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"b94be64e-ab40-45d9-bd1f-b42dbe701907","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":157,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"3b42414e-6415-4c12-9c1c-15f74eb059c5","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":157,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"13b4138f-ea57-484e-bc68-745360b0bcef","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":157,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"c56dc770-0923-4f0d-98a1-e87c65259539","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":157,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"48438776-e689-41b6-9e64-f30ed009ac60","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":157,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"b9da9128-d9c5-4ec1-9e97-96cefd68457e","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":157,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"f7a5bc9f-eaf9-4546-8d22-6b77a1034d8e","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":157,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"d0e040a0-38b8-41d6-a61f-12d0aec1e8dd","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":157,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"7b61a0ca-fbe2-4ba8-b793-2cbe16568835","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":157,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"c55f77c0-a407-4743-84c7-cab2c169452f","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":157,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"4f518cae-f3ac-4a37-a2d1-acf76452cc07","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":157,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"25b5c6fc-7ba9-4fcb-80e6-856af5518aec","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":157,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"a93be191-7e78-4efd-bdcb-9f4cf566a6aa","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":157,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"7f407a23-04e0-41d4-b329-182c5d134e6a","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":157,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"2654b1c2-9ef3-415a-ab80-6bfddc3977fc","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":157,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"628cb131-993a-48b4-b483-79a9f599ff7d","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":157,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"8cfaaff0-7701-4c8d-abbb-461078b47ce1","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":157,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"19001d15-fc50-4598-9c6e-68bc7e506de5","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":157,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"09721fb2-392d-43ed-a3a3-38ea1e888b33","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":157,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"a2d20894-4962-4ada-bff7-853a94a5f0ee","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":157,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"f142dfa8-bef0-4ada-8d1d-ff2b3fd11e9d","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":157,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"23b02240-6343-46bd-933d-344e571e95a7","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":157,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"bb07f725-803b-49be-83a4-023d9d41867d","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":157,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"9fa0d743-fb0c-4a70-849a-314f64a67b9a","block_type":"box","text":"compensation for selling different classes of shares.","page_number":157,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"ecf070ec-9a7c-4bec-98d2-1a09e6d96fa2","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":157,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"26f72bff-4d89-40cd-8bd1-0590ded1a5a9","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":157,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"55b97dcc-7718-4550-82fd-85baef49e364","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":157,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"5750095b-1f24-43b4-ad50-15a1188fc156","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":157,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"cce711aa-4817-412f-bef8-858d8f23c8b3","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":157,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"d2982603-6f67-46b1-96a4-87e643498b77","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":157,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"9d6fd6fb-1247-4dab-adc6-b20af68dfd2e","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":157,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"b6ccfb81-c3ba-4c83-bf2b-63001234e473","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":157,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"7424ec0b-22bb-4537-91a5-d2e164a80696","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":157,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"46f93658-2b54-40b1-82d9-859ae92f4b1c","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":157,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"d86d483c-70f7-485c-94d8-3b1719d2be41","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":157,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"6f70b446-b11c-453c-9c16-a8f02b91f063","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":157,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"2bdab72b-86d1-46d9-9491-3e8b0e3a54cc","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":157,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"d918eb0e-4538-417b-bbe3-3d55358ccb4a","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":157,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"c21a58f9-2993-4b6e-8d60-def0ee197adb","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":157,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"a90f899f-586b-4c1d-b13d-45d2d01d9b71","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":157,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"688146f6-8db5-448a-93e1-ba3fe2c3de21","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":157,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"29c03d2d-ff1e-425e-866c-57af0e0101e4","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":157,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"9f9b818a-be99-4fcf-9b25-ca463845b0ed","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":157,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"94c7c4c5-4e56-4e07-a477-9d1e22a8aff2","block_type":"box","text":"easily accessible place.","page_number":157,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"55293421-da78-413b-83c7-17d4efd85489","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":157,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"92eff4e7-f064-40e3-9979-4585a640a2cc","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":157,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"90c81164-f7e0-4db0-8579-69d431c036b3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":157,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"ea991b38-21e2-4176-a7e1-59f9fbbc5252","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":157,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"25151a76-a8bd-4457-b699-4b160cdcab36","block_type":"box","text":"fiscal year.","page_number":157,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"1564668e-b5d6-45ff-bd34-9e1f0316544b","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":157,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"e38af228-0c13-4c77-83dd-95df86a2f713","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":157,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"8d3d1dc2-230f-4a96-bea4-ee9b0a76e196","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":157,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"e83dd325-93b5-4fac-9f14-15a25f9ff3f9","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":157,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"61d75e11-8973-4187-8a13-798c83cd9c28","block_type":"box","text":"II-109","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ebb61fd-1368-47a8-95ec-150689015741","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cee0882e-79a7-4220-88bf-c6ad27f55e52","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":158,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"a7ee9cec-febf-4c2f-9c3f-e8465d87f9ae","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":158,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"78688503-4588-4957-89cb-421145e28db2","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":158,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"0b903224-895a-425e-a1f2-1f02bc79b899","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":158,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"a0d97099-a2c2-4d84-ae03-7b3ed55c2aab","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":158,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"4adfbee7-c4dd-4d97-abc1-1454e1e98233","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":158,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"373a651e-ba23-4cf2-b724-b22752d1beda","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":158,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"c0eb3044-951c-412e-beea-3ba2799a2c46","block_type":"box","text":"and Class R Shares of your Fund.","page_number":158,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"528a1c65-2c01-4fef-aace-5d3a9e390f51","block_type":"box","text":"Other Payments by the Fund","page_number":158,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"ac916db3-fa52-435b-a0e3-7d99857d4293","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":158,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"0b42da34-6e7d-4a52-83cf-bc2dbb3ac91a","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":158,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"bdf9d836-2442-4a50-ad06-e53a6de9ae5b","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":158,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"ffddffec-ce61-414d-b90f-6fbc9d9c6633","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":158,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"2440e56b-cd90-49ae-b8f5-856c1e9b59cb","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":158,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"4c4d2559-c4ca-4c7f-b307-8d041f99bda3","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":158,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"e4c23ed7-160d-4817-ab40-1b1e7248dea5","block_type":"box","text":"of these payments may be substantial.","page_number":158,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"016a41e5-845a-4112-8d70-0032fc765daf","block_type":"box","text":"Additional Payments by BlackRock","page_number":158,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"ed6bcd51-aadf-4bb3-9c4d-ddda96c0f437","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":158,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"0138f59d-05d9-4c7b-b161-1e40f57e0238","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":158,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"2142b80e-e674-43df-ab01-77b811abd131","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":158,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"b363351e-7eaf-4118-a445-b063fac462eb","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":158,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"c23119c4-1bb0-4909-9756-9dc8263e471f","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":158,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"2e28eba6-c215-4642-89f7-249ede6cbd8d","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":158,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"44cf1200-17a5-4e6a-919c-b4bbe47a1495","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":158,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"b777c3f4-d056-4304-ad4b-0b66d651217b","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":158,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"b17b9ea2-19c7-41cb-8dbb-0075008ef587","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":158,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"73ebc112-4914-4530-9611-026de787c57f","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":158,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"8a1ecf6f-c5e7-4e62-ac6d-99bd40100266","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":158,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"4ab5edfe-3bfe-4ad0-b73c-b133ba894a66","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":158,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"2b98cb97-08e6-4ba0-8364-8520459428dd","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":158,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"8c56109a-d85a-4c06-96cc-4a58b08adf08","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":158,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"056d7090-f805-4cab-9fac-c2d5f9ede28b","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":158,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"82718dcc-2e85-4b62-8fac-89754c9fe3d9","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":158,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"97fa6420-c074-458d-8020-2799da967679","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":158,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"055f29ed-c413-4f22-953e-d4ed637a1af2","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":158,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"a1c549c6-00ef-4a41-926c-2e7347c51b72","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":158,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"9d2d1f35-82bc-4735-93ca-02a6924f2b91","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":158,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"abe65504-d246-4325-928b-0ebb2c831589","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":158,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"889567c4-e470-4582-98a4-3973b613ba62","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":158,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"590a7868-9a0c-4957-ad1e-9cc59b35a98c","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":158,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"b7339f26-7ac7-49c6-940e-694ab15d0757","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":158,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"3505f1af-0d01-4dd4-8a36-aadbc3c8be62","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":158,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"b8043cdd-5a6b-4b9a-a6c8-5ca633ff7a56","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":158,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"ec3d8146-1b6f-4ebc-beda-15c55786fcfe","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":158,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"227e707f-dc01-404f-84d5-d079b526eff6","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":158,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"5c99bb33-00b1-447f-9861-d87baf8b26c2","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":158,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"eeeef97c-98a8-482a-a4f6-fffaf0b6383b","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":158,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"f3ccd570-bc5b-4088-9dbe-36e1f7c75908","block_type":"box","text":"Funds.","page_number":158,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"4b1376ad-243c-4d23-ab95-5ad0b33a351c","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":158,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"46b08c92-21ba-4550-8940-e8c4ccad9589","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":158,"box":{"x":101,"y":876,"width":740,"height":11}},{"id":"dee00d9a-3719-4b2e-aeb8-d6e4a3fcfda5","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":158,"box":{"x":70,"y":891,"width":764,"height":12}},{"id":"0f439a2c-2540-417a-9604-0fd3e3e66bd7","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":158,"box":{"x":69,"y":906,"width":811,"height":12}},{"id":"88dd7688-aec6-4f6c-a930-7b03d7a45024","block_type":"box","text":"II-110","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"40c5e800-53b5-47b8-9c56-61d12cd72898","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed430fc3-eeb8-4064-a4fd-968af73a0687","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":159,"box":{"x":69,"y":45,"width":742,"height":11}},{"id":"c5bfdf1f-4bd6-4bcf-a934-7392e8c33844","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":159,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"e3079b2e-92f7-4cd9-8083-3af3764b6a40","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":159,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"b0405806-719f-48b3-9ee0-a481ad63a0e3","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":159,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"f1f07340-0313-4fba-8f0c-df0aef67c89e","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":159,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"c241619e-42a0-49fb-ade4-0fb734842f92","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":159,"box":{"x":70,"y":120,"width":783,"height":12}},{"id":"f43e26ea-a8bf-4127-a6d0-41735365987a","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":159,"box":{"x":69,"y":135,"width":823,"height":11}},{"id":"651dd633-f5dc-44eb-9309-cc8aa614858c","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":159,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"a3f41942-f5aa-41a0-8889-1842e655a7c1","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":159,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"21a57050-3441-4106-b8c6-362f69f61b72","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":159,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"30d9a456-7b4b-4e6a-8e5f-e9febce7f1a7","block_type":"box","text":"B. Shareholder Services","page_number":159,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"16a3b296-39b6-4a62-b5e5-d845e4a82ac8","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":159,"box":{"x":102,"y":226,"width":754,"height":11}},{"id":"03c9bc06-a5b9-44b1-9108-28359116e58b","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":159,"box":{"x":69,"y":241,"width":830,"height":11}},{"id":"f8a857bb-3942-476f-8c3c-429c946569e2","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":159,"box":{"x":69,"y":256,"width":823,"height":12}},{"id":"49ba1a01-2b86-4b31-8d43-be81d68573a1","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":159,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"1627a46b-7e4f-4dc5-9f68-e3c06797093e","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":159,"box":{"x":69,"y":286,"width":796,"height":12}},{"id":"2b07bc8c-0a50-468d-877b-5857d46a7e8c","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":159,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"26a37a6e-cc31-4375-8e0f-98352cf3bafd","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":159,"box":{"x":68,"y":317,"width":828,"height":11}},{"id":"492332d2-e001-4f13-ade1-dd537ec12127","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":159,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"b076b615-31f6-4e2a-b420-abc76decd697","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":159,"box":{"x":70,"y":347,"width":328,"height":11}},{"id":"6ed6cf02-97f4-43b0-ad46-ce2540dbdebb","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":159,"box":{"x":102,"y":370,"width":299,"height":11}},{"id":"8d8453e5-4102-4dd5-a9ab-1f2956ff2275","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":159,"box":{"x":102,"y":392,"width":805,"height":12}},{"id":"fca2236c-6f09-4ca9-8d15-36cfb358b681","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":159,"box":{"x":69,"y":407,"width":788,"height":12}},{"id":"ef9f56ca-3235-400d-b2a0-ab6013445264","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":159,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"35fb1e67-9392-41d2-9a56-67a58504b4a9","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":159,"box":{"x":102,"y":445,"width":397,"height":12}},{"id":"e2e32ae5-cdd4-46ac-a44d-7da75804ec1e","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":159,"box":{"x":101,"y":468,"width":774,"height":11}},{"id":"8be5e82a-eb59-4407-a8cf-f87e229af2a6","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":159,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"f09755f9-255f-4fa7-a888-e43849a29046","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":159,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"e737fcdd-0cd5-4f0b-a453-389236cb308a","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":159,"box":{"x":69,"y":513,"width":791,"height":12}},{"id":"b7af5d1e-6d30-44cd-be01-1f4151ea61cd","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":159,"box":{"x":70,"y":528,"width":523,"height":12}},{"id":"5f3e12e2-1820-4a3d-8776-e38247a50bfb","block_type":"box","text":"&Par 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The","page_number":163,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"65111ed5-55d4-4908-87c1-9b4fea3f0d4d","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":163,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"3f52e7c8-d738-4b39-9cbc-07b7957eaf56","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":163,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"8d01652f-c34b-4a30-9e38-0fe919d4bc23","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":163,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"15ad471f-8f1e-4fdd-8395-570f77a7c587","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":163,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"a02982ba-473e-476e-85da-c61ecfafbb62","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":163,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"ea10ca1a-3dc8-463f-b2e5-8f9f63352b50","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":163,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"7b0c1453-ba72-4dcd-9cc3-e134d9db7c1f","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":163,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"6db92e55-1ceb-44c8-a33b-973ceab20fe1","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":163,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"452ffda5-bf45-4aab-8e32-8acb9ae64728","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":163,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"70b7d2d2-0fb3-4d9c-8f9a-80a74d3f4fa6","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":163,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"c554c944-b0da-417f-9ca0-098f8e997db0","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":163,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"46ebafd9-46cc-46bc-8408-895d54c8e7ab","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":163,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"2f2f2128-239f-46d9-a693-aaa980add179","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":163,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"21ed1c30-1d4f-4a96-90bb-79f05c664557","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":163,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"4f007001-fcfe-443d-9c8a-b2f8d8e79aff","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":163,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"42971a1d-74dd-4b65-80b2-aaa7a7258a76","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":163,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"df692a19-c358-431c-9675-e9bd8c8c683f","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":163,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"4cd76a69-07b0-4dce-9653-cdff86bb3b69","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":163,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"ee08128a-772a-4be7-8cd6-ae39d2eea95e","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":163,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"47b2ddd1-2d42-4ae9-a915-abce1404b4dd","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":163,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"fe677ddc-cf05-491a-8972-3963ec2804e0","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b4e46c65-8dbb-44b3-9ab4-02b37fdc909a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05c6d22e-d491-4fe6-8167-9e3474be5073","block_type":"box","text":"Redemption","page_number":164,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"aac8bc69-c7d6-4308-aadc-31875d382f4a","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":164,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"85f7815f-14ce-4d55-92ee-96100325f01e","block_type":"box","text":"Redeem by Telephone:","page_number":164,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"0511b685-ca91-4c3f-809e-7b2f88b8faec","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":164,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"81931985-d001-48ab-981a-7e374ddd7344","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":164,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"eefa798d-8ac2-402d-8ae1-11f0d16768a6","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":164,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"73199de4-0b37-4e2a-ac4e-0ecb71c789ac","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":164,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"08f1b5a1-6d77-42a1-a36c-93a6d2f037ff","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":164,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"c7a05b9b-d1e6-4185-aee1-cb53fbd35351","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":164,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"0e075b09-3f13-4a29-9fad-fad3eeb3ec1a","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":164,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"8d962bf9-2425-4aee-be3e-04f741d31db5","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":164,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"5d8d9d68-8c75-46a5-98f2-d8a87c88014c","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":164,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"d1880d23-f9e1-474b-95f0-7485dfb00ff8","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":164,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"de913fb8-e5ef-49b0-8d42-0a0f43c8d511","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":164,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"431d5cb0-fe40-4c70-b8c6-6e7545ac9439","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":164,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"51cd021f-d0da-43fb-ab1a-972e48fbf115","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":164,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"a677f166-f44e-4b7d-adf2-a6eca7899844","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":164,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"1a86a46a-c554-4e91-90c6-36181ddb07df","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":164,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"00b1df91-a214-455d-b7f1-ced08ded2e95","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":164,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"c9ce4281-7e85-4d3e-803b-a93cde986879","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":164,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"06882f9a-f9dc-491f-8abc-249765cd7f2e","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":164,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"70e84d5c-f3f8-4cac-9041-381adf14bf84","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":164,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"a63867e6-9a7d-49f7-901b-e05e9dca5bfa","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":164,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"1728c475-e68c-41ab-845a-49794d883000","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":164,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"b7953446-fca6-46d2-8538-f5958a4f025e","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":164,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"29325e71-8e7a-4503-ab37-358b5973379c","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":164,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"20355fcc-4d26-4c2d-b3ee-0f6cf44e7476","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":164,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"bf416076-5edb-4054-a482-948bd44390f1","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":164,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"0746eff9-b7c4-4a7e-9010-2793546e6886","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":164,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"3569cce0-a3cf-41b8-b79c-88daa230198d","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":164,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"8338627e-37e6-4f33-8da6-eb476a5497c1","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":164,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"a123be65-f2ef-40ac-8833-3232484ce3e8","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":164,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"458deb9d-6d88-4e7e-9d66-29971d87495a","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":164,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"3caa9c88-ec34-4e66-bef6-6c9ba6b2a02f","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":164,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"9bd5adee-e328-4320-ad19-8769ea6b3a8a","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":164,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"8bc12f69-3f56-4e48-8b4b-9c76cb7530d8","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":164,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"9c3adef6-32b5-4891-b46c-4067a3cf01f1","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":164,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"2b983c9a-c8de-49f3-bc7a-a91fba3bfd5a","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":164,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"1443b080-e25c-4c93-8ed5-d7bd10d26efd","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":164,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"6fdccd60-3271-481b-830f-2166bea11b5e","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":164,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"ee251825-4c3b-476b-a2fc-dec5111d39bb","block_type":"box","text":"Redeem by VRU:","page_number":164,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"f657794b-d660-4171-9fe6-896068c8f6f2","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":164,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"725de250-236c-410d-93ed-2a2c125d8b9c","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":164,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"a92c69e2-e13b-46fc-a3ae-4144cf4b5ca4","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":164,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"0f6db82b-4233-4a6c-9674-1eeef8a96164","block_type":"box","text":"Redeem by Internet:","page_number":164,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"b45ea84b-e9c5-4a26-9285-f91cb3ae26b4","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":164,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"46d9ba7d-269c-48de-8c04-6d4550e7e924","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":164,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"1d0a794d-e560-4c40-a739-2ba5e8011a04","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":164,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"f743ab09-c228-42b8-b8ba-be7582329d18","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":164,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"33a6d549-71ba-4f75-9387-49247065a8e5","block_type":"box","text":"institutional investors.","page_number":164,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"69b5e48a-6894-4300-b7d3-aff0d39655a5","block_type":"box","text":"Redeem in Writing:","page_number":164,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"617a8a78-f557-4c13-a9ed-cc45b2b198ed","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":164,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"aefd2d02-efb0-465b-822f-c54e44437af9","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":164,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"98c8e099-9cd8-4734-a451-a4fa64ec8200","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":164,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"9ccb9fc5-e0c0-452c-acd9-b98bb1a74b52","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":164,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"e6dc2d56-64f5-4154-9e18-53e087dd249a","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":164,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"878a3eed-4813-4777-b4c6-8f73fd1a7578","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":164,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"901c2f22-9d2d-4934-bec5-1bee8b191cd6","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":164,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"92c47195-b061-4d2c-8686-2bc15b7b955a","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c72ea70f-03c4-4ab7-88a6-583da5919dd4","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5f44dac-ad64-4185-bbba-76207e3cc0d7","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":165,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"ff4dfd2f-ce63-4c84-b5c1-4da270a1117c","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":165,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"49c50feb-8c0b-4630-bc0f-e05ca93bef87","block_type":"box","text":"or wire to the bank account of record.","page_number":165,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"b0310fd8-2591-4fce-a8c4-1606e483591f","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":165,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"0f841d1e-045a-420c-9df2-7cce8b79a142","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":165,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"6f3bc019-88dc-4b20-bc54-ed667760c2d7","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":165,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"e481502a-bc91-45ba-8e13-005bb84eb190","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":165,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"a85e9145-12e0-4282-9780-9c575caef87a","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":165,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"09b34670-30c0-489c-9dc2-eabb1f070822","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":165,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"b0c90480-2c2a-4f48-9189-773496a900e5","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":165,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"a856a660-e566-469b-8d42-e64187c918f9","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":165,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"6dcf921a-daef-4893-b974-a9d7b49de82e","block_type":"box","text":"redeemed by the Fund.","page_number":165,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"f231a755-96f7-4b66-b969-05d78f333833","block_type":"box","text":"Note on Low Balance Accounts.","page_number":165,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"2f596731-d74a-4a1d-98ad-80ab71ae9f49","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":165,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"0ba6f8e0-fbe9-4de9-9f76-076875582ebc","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":165,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"679ae8f0-9d13-4f34-8ea8-750f65b459ab","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":165,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"1732d50a-185d-4694-862f-c976b647d1a3","block_type":"box","text":"for any reason, including market fluctuation.","page_number":165,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"47d77ed3-0e38-4825-9882-7b49f561d10e","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":165,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"56391e25-b10f-4bef-a29e-83909af3d67b","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":165,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"662d1796-28a8-446e-892e-2c65445ad4fd","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":165,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"3d1b1691-5157-4a86-bc8b-508048e959a4","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":165,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"c6361116-0554-44c8-8410-9a18cf0b3d45","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":165,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"7b508231-618b-4cd8-9a61-97d01b03f991","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":165,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"24c9ab6c-33d2-4e20-ba63-8dae2e7232ca","block_type":"box","text":"Repurchase","page_number":165,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"8d054382-d767-4feb-a889-ee58bfea2121","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":165,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"314b8f68-1c06-4fc8-b743-79e538c12e35","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":165,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"e1c15322-150d-4208-b97e-15d1ca74620c","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":165,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"9c24b3b3-d427-41c2-a7f3-78987f592a46","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":165,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"814ac093-6d77-44ca-9119-c9b164ee1ca8","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":165,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"aa48cd1f-cb83-4632-9266-269b54dcdb93","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":165,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"7581a0f4-c95b-452a-afde-de798cdd0a66","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":165,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"ea314d6a-4dd5-4198-9a95-209e5e711ada","block_type":"box","text":"next business day.","page_number":165,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"75312921-9899-4779-90b3-3eeb9b770600","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":165,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"4f8742bb-edd1-4e1c-beb5-462aef27df23","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":165,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"cf073f88-abc1-4715-a25b-7da7722cffa0","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":165,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"bf2b23a8-4a7f-4593-ba0d-8e2ee945a3c9","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":165,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"6407fe7c-6fff-41c3-a0e2-7e6350fa75f7","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":165,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"79e8ae49-c011-4401-8ab0-9f7ec9d0de7a","block_type":"box","text":"redeem shares as set out above.","page_number":165,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"24af5999-e12a-4087-8618-715d7b307dfc","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":165,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"b4a38aa7-881c-443d-b827-f5e01d9fb243","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":165,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"865698a2-c93b-46e2-9ff1-fd542972e91f","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":165,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"09a89508-ba86-4929-9b7d-12908d2a57aa","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":165,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"1a75d7d9-b923-4171-9cb8-cc249b1a82aa","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":165,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"31f03466-55ae-4b12-a2a4-b1271f963086","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":165,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"7d99820d-5937-4efe-a49e-3dc63677db37","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":165,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"aebfe929-283b-4051-9911-73492b86148d","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":165,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"67392bd6-55b6-42f7-a440-b37e122cc973","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":165,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"519c2b0a-f536-42e6-8f38-274d933cddc9","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":165,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"123389a9-c041-4d0c-aae7-c1b7fa43da49","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e5262695-66d0-4f62-b416-a99e746fe680","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fcdbaacd-1173-481b-b1ff-d0551ade9ca4","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":166,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"d1b48858-536f-46f1-a16f-a86741f74825","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":166,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"c4dd5ebf-a3ef-46ab-8c42-2a3bdc695444","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":166,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"819d5360-722b-4d68-8393-63a0d3c23b98","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":166,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"f61e459c-d737-4934-82da-935fd93766ea","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":166,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"d9955167-509c-45a6-9383-349b0dc378a3","block_type":"box","text":"Investment Account","page_number":166,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"988bafbe-a3c8-4c46-bc39-d2fcc3e1c18a","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":166,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"c19c8d7e-e630-43d3-8d1c-b34ec037e007","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":166,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"b5058301-472b-4766-bbf7-a50f5d13c384","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":166,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"824a8128-1c13-432e-903d-a70b09392d15","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":166,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"9cd7edff-21bb-4616-8cf2-3a59f1afb51f","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":166,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"2413c6eb-2073-4070-aaa3-60b1d60df246","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":166,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"39d6661d-69e7-4b6e-b8cb-7e600aac333c","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":166,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"8fb88fad-0ac7-427e-a1e1-cf14bc811c5f","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":166,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"7a4f5c65-d609-41e7-8b29-ff29db329948","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":166,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"1b134ad9-ddc9-4417-8efb-25861bc34cb7","block_type":"box","text":"automatically at the Transfer Agent.","page_number":166,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"516df59f-a0b3-477a-875d-e9b431eadbcb","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":166,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"c7d67ace-8c6e-4403-be16-4d70270104ef","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":166,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"980acaa4-c90e-4907-bda9-69923b6fb56f","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":166,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"19965a31-d349-41a8-a487-eda8743249d1","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":166,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"8c368200-9521-43ff-b493-22b0dd1ef999","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":166,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"766e3f6a-9464-4b4d-81f8-fb6be776121d","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":166,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"ab8d0cda-a768-4d9b-bca7-651fc85f0d17","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":166,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"e1571e49-4d4b-4d4e-a46e-bc675a006785","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":166,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"3fca8177-97e2-4a51-8f21-80b6d0821ed3","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":166,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"f406e846-2113-4076-b482-d92d87590ef3","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":166,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"8054f362-76f2-444c-a288-a86e79a0b185","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":166,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"e7132e79-06af-4f0b-982d-c82b85a137b1","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":166,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"10c78d39-c389-4d35-968b-d669ddc78381","block_type":"box","text":"issued.","page_number":166,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"c7faa81d-437f-4579-bb23-e4fe6b3f3131","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":166,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"c2bc0b8d-222e-4de0-ad5d-27a1e72c51ff","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":166,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"1bad440e-658e-478b-b48a-736fca6e2bbd","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":166,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"ea926ba0-46ff-43b8-ab7e-07032fa12e28","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":166,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"85a8c13c-c0f8-4ab0-ac21-d2afaad2f52f","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":166,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"ac278f6a-216c-48e0-9594-c81c0c3a24f5","block_type":"box","text":"Exchange Privilege","page_number":166,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"7895827a-eacc-4141-9990-59f430c99e06","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":166,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"ef3c5232-9734-413a-aef7-d262a9be3455","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":166,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"b5503136-4dc8-44d6-9789-d94ccccb36f6","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":166,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"3731b0c5-f469-44d3-87ab-ac03c97c3760","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":166,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"e387948e-a0d6-4956-a6b5-3237c20406ce","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":166,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"ca0a19ba-02ea-406b-87d4-6ada77a402ab","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":166,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"a5a710a4-f328-49c6-a887-05193cbb9917","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":166,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"596819fe-05df-4389-b5d2-01dd57ee675a","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":166,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"22f66a64-d037-4961-95c2-2f9b9429cfb7","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":166,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"2e04dbd2-cd01-4477-9a3f-a6784d5be512","block_type":"box","text":"Institutional Shares","page_number":166,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"44ccd7be-4e84-47b4-87e2-f8219afb7884","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":166,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"3778e2c2-b921-404c-b50e-bb78c4b2dfb7","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":166,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"00589ec5-1528-4378-8cee-59ae32fb30b6","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":166,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"3c1cb30d-3965-41a1-a4d6-3a848b6dcfd8","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":166,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"9ba7306b-47c6-477d-9e8f-ee1658b54c1d","block_type":"box","text":"for Class G Shares of other Funds.","page_number":166,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"b3af85c6-ac9e-4ed3-a9b1-16f162e4558b","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":166,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"a994eb47-c7ea-4aaf-a43b-ade591c55d99","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":166,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"ba53d14e-03ad-423e-a433-1af4622d1aaf","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":166,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"c75b5a8c-965e-49c4-9c8f-7857eade52e4","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3d7c139c-ba50-433e-a2c2-e9a56c0e8b59","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b20c699-7fde-4dc1-88f8-b139cde6aee3","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":167,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"daa8eb49-36f6-49f3-b4d5-6a75e054be78","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":167,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"08074c68-f339-4da0-9389-8294dcf1a9d4","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":167,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"6a45f331-0630-4795-b883-adb16d3cf03f","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":167,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"0ba6585a-23b5-460e-966b-90acbafdb9ea","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":167,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"6a0d3b5c-8aa5-49ef-a114-ead210503811","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":167,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"83fe2107-00f0-420a-b735-196094938fc3","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":167,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"97dbd644-cfa2-4300-9a25-b74399012708","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":167,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"bee912a9-437e-4fb0-b3bd-319689c63fe9","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":167,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"6f9d057b-3f6c-4fcc-b726-0725a4ed51da","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":167,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"916aef3b-a103-4b08-b20a-c290a3ef77b1","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":167,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"76e6fd99-a74c-4296-9715-db58514c2f6c","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":167,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"017c9bf4-f381-4f68-ac29-4428ff6feee6","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":167,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"b3bb9aea-02e5-4225-bf0e-f10d763cd647","block_type":"box","text":"Exchanges of Service Shares.","page_number":167,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"fd50e69b-adb4-44f4-b47d-23836e9703f7","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":167,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"a90637c6-2869-42c5-aeb4-07807ed011b9","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":167,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"63652c8d-aefa-4541-8b47-5904876c0656","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":167,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"7ac53a10-bbee-4ff8-96a0-cd50193a4733","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":167,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"9483d995-d190-4295-8063-ae40f06289c3","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":167,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"fa6575d7-8a2b-42b2-865a-7d18fd23a952","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":167,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"bf250934-95a6-4012-a7fa-56f5c8264ead","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":167,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"a8d258be-c17f-4ab3-83ec-e8fafe2b4ce2","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":167,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"c3d99e66-a80b-406c-8c9a-af795f9a81e2","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":167,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"788d5a13-a6a0-4f95-a3a7-6825518826af","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":167,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"e3a84177-9995-42f8-bb40-3287ca0846e2","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":167,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"bbf50f24-a9f5-4ee8-a6e3-904092c42c37","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":167,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"ec2feded-4054-42f1-a61b-7b68cf18af00","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":167,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"e3b07604-7632-4fdf-84fd-7bac8b85e48c","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":167,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"ab4657d0-8cc8-45b7-96ab-c0ed77d8d678","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":167,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"89338762-f86b-4c0d-a534-89ae2996a948","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":167,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"3bcb11af-d979-4966-bc5b-3a6ac763e9f6","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":167,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"fc1960d5-99ce-479f-ab20-04239d0b82f8","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":167,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"97f5f400-6fc3-4282-9872-4482169bf482","block_type":"box","text":"exchange.","page_number":167,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"9a38702b-fc0a-4d13-9a03-e99cbbaae225","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":167,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"7378145a-cdca-46d9-8188-16f4a7a8da48","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":167,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"8bb0d88c-f87a-4c81-844a-1967351d0f83","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":167,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"bc10669f-e51b-4b59-870a-be5e14009546","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":167,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"5329dfdb-a49b-4e03-85cb-7f8265e80dee","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":167,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"9836f979-9998-457b-8bc5-536babd289ce","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":167,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"3faf670a-2512-44c6-b235-e2afd61ba123","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":167,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"e9f92f72-dd8e-45f6-a042-e1e97564ce9c","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":167,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"8bff0502-1e2c-41cc-b272-bd80415cd9e4","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":167,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"b3302dd3-2be6-404a-8fae-12d3eb8bac6d","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":167,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"f8ee0fc1-aa16-4fe0-ae8f-a5be0e3ff880","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":167,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"261f71ca-4ef0-4b5c-8aad-44901e100c2d","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":167,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"02a90f0c-50c8-4734-8da1-87130c538a21","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":167,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"ec8ba1e3-055e-4d6e-9da2-19451bdd3d1a","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":167,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"eacac2a2-48a8-4e1b-a43a-e129e711ec42","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":167,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"a07a7366-ff5d-4c49-94c0-5b0c269608ee","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":167,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"9a6734ec-7f4b-4ad1-80d2-37cbcf576bc7","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":167,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"757481c9-f2b7-4158-921c-df5e81696510","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":167,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"e33369ea-0bfb-4531-9686-6fdb999555b3","block_type":"box","text":"Transfer Agent in writing.","page_number":167,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"1ace0e3c-4acf-4752-b739-1dc4ac03e1ef","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":167,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"388c50b3-8e88-4c28-b5a5-621e9244ccdb","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":167,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"6a936108-a921-42d7-9b52-3eb1d6752852","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":167,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"e4d8a8d7-0a88-4811-9a9b-3bb2106e5172","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":167,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"e5ed4e90-0275-4e10-945c-8d75e81ff620","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":167,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"063bffc1-8b2b-46f2-ab8e-5dd9be2dda12","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":167,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"f9a6e163-31ee-43c7-96a8-91d770f2d3fc","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4ea6ae2-a4f3-40bb-bd7d-bb5bd21148a6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6f18d25-ab25-4fe7-97ee-2911e04597a1","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":168,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"67ff4ad0-ace7-4a89-a53a-69aefe763ed8","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":168,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"1d5eef4d-09ae-4199-b2db-0d3d7560d1c3","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":168,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"cdf9cb1e-2629-4091-b163-81b73f9b46b0","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":168,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"cb8c2a48-4507-42f8-8406-1ce6ccf16efa","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":168,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"bf521ab5-1575-4daf-ae9c-cffe8997271e","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":168,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"be3c6505-28ac-4f9e-9178-bb55d75ee8b0","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":168,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"008d38c0-c98c-44ad-8d6b-e0121593ab17","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":168,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"64129a0f-acd1-4449-b979-98a66d96d5e3","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":168,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"c32e1f17-f2a7-43d5-ad21-7ee4d43a2739","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":168,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"d5864ff9-ee39-4072-95cb-487381bd9088","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":168,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"f94c4f1f-c74d-4678-aaae-7ba1b531eaf8","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":168,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"8d36dc2f-6b20-4471-b0bf-4d47b6093cb1","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":168,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"f2e8bdaf-76d5-4c76-a9eb-74b84fef4be5","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":168,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"bc6b5f2b-3d33-421a-8654-3e7e1df161ff","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":168,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"6b7bef6a-62ec-453b-a65a-bb67a0251e4c","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":168,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"cc3009f2-de5e-445c-82e0-597ba4b9f12b","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":168,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"cd0e4d78-82ce-440c-97fb-34b2f550938e","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":168,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"3f8d6f3b-ea75-47ca-b9b4-13a33f3acdd9","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":168,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"727d1b37-bace-4fb9-b550-249b1dbb790e","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":168,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"f2a8efd8-6b15-481c-80b0-6c9b2fdafabd","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":168,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"119f63e5-9231-4691-8480-d3440c90a0f6","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":168,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"ade634e4-6540-43e2-877b-12662bf77e0d","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":168,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"a7f77c86-7f64-48fc-9e0a-54a1e6274196","block_type":"box","text":"may be distributed by the Distributor.","page_number":168,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"d2db6c2f-7478-40b5-a58f-20c5c1b20ae9","block_type":"box","text":"Participation in Fee-Based Programs","page_number":168,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"598ac32e-074b-4f96-9bda-f2030adb1a23","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":168,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"d8229368-b72f-4035-bd05-4665bef6493d","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":168,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"07ad7bea-53b8-4837-b1b5-5535b447d19e","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":168,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"887d5bd0-7958-487a-a57c-0fa98e89bcb2","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":168,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"1a25539e-79a2-485e-bcd7-4fb73a3fe618","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":168,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"86aff3f0-a7df-43c3-94b2-6e2f315bf993","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":168,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"5bddcf38-39c8-44eb-9405-fd90ef5c6c4d","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":168,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"af428555-b853-4600-b7c6-5deb4414ce9a","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":168,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"a43a5a05-1429-42a0-af11-fe0328b21396","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":168,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"3401c301-8e27-4105-9178-a5b07512524f","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":168,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"f82947e0-12ff-48df-8b5c-4502b2646e5b","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":168,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"f372129a-a52d-4b62-8b7a-627edba3e24b","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":168,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"5a30ff0a-60cb-4d29-9015-1f5fe37a3a8d","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":168,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"37b6ca9b-a725-4f34-8479-37f915fef082","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":168,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"c1039c66-aa71-4a77-b953-cd48db0d5572","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":168,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"eae5189e-0537-429c-8f93-927c5fabbbae","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":168,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"63ace572-cc14-42fc-954c-a01a2b317677","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":168,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"da733d8e-0949-4521-af3a-0e6eef77f134","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":168,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"86cfec05-7bf2-433b-bc13-fc9fc05a4b53","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":168,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"fe8f6f7e-a368-45b9-85ba-3c82bd79b211","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":168,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"82711b93-afe5-440a-81cb-b6b561c61328","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":168,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"fdfe19c9-e351-4c84-85a2-c4951b423a31","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":168,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"f043afc1-7f3c-4fbe-91d0-57a36779f818","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":168,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"1f43be65-3aec-46dc-9993-1db59c7c6d4a","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":168,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"6ffef777-ec26-4813-a7e0-d264fad5dacf","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":168,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"170960e8-cb13-4801-8dd9-56a4a4f3f486","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":168,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"31720a9f-9157-4ab3-a71b-9467489260dd","block_type":"box","text":"information.","page_number":168,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"f10706ca-0344-4f12-834f-52e425268c0c","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a3ab9ec3-a153-4a09-94e2-92487f40d3f1","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"778a9169-5352-47e7-8a81-ce51a51c9abe","block_type":"box","text":"Retirement and Education Savings Plans","page_number":169,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"fc5d0a49-101b-44c9-8969-322329090f64","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":169,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"d314ac93-74ab-4d96-be0f-661592115b49","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":169,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"dfd24136-c1ad-4269-8ca0-e872a2c75894","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":169,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"34f599a8-8d89-40f7-b251-cee4990a0c98","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":169,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"46bf47a1-5926-4085-93bf-5ac95e5ee4d1","block_type":"box","text":"your financial intermediary.","page_number":169,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"cf3b7e2a-62da-4550-b096-9cbf28cccf20","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":169,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"d6e9cf65-b70b-446f-8ed1-b5502bffd9f8","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":169,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"c59acc13-556f-46d5-b7b3-ac19363fbe1d","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":169,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"d63e104d-3ca4-42e5-abc0-12a331b1746f","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":169,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"71698ca4-142b-4601-ae9d-884d5b3086b1","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":169,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"969257f1-9322-4428-bec7-cfb2af833200","block_type":"box","text":"Automatic Investment Plans","page_number":169,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"fdf72f79-7098-475e-b26a-80fb22280f02","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":169,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"d7d51684-926e-42be-9b9b-886467c18d93","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":169,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"efd42958-3cc2-4bc3-9ade-71ccfc4ba2ff","block_type":"box","text":"®","page_number":169,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"27e7cdd5-40ec-40a1-ba97-c510b7a4c030","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":169,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"3e165a15-5b43-468d-9317-3f3acc91d93d","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":169,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"54635d31-1e16-4aff-8428-3893e803ff85","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":169,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"6139c4f5-3f0f-43cf-9988-7250044b5330","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":169,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"5d8af264-8579-4329-8ddb-953f288f5996","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":169,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"28e7d0a0-df10-42ba-9056-e7c730464ab6","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":169,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"385e5cbd-99d6-4d03-a764-31e2515ea829","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":169,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"9a2a087c-7df3-498c-899e-178a25a52c41","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":169,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"e73ea3f0-2102-4fac-8483-dea08ba91bdb","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":169,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"c7e0efa9-0401-4908-ab29-23a85d78cd46","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":169,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"e91f2f29-259f-4ad8-bab2-fc4b837f18d6","block_type":"box","text":"Systematic Withdrawal Plans","page_number":169,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"3d51427a-3c0d-439f-9730-ad67034f2f24","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":169,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"a4163d02-a15e-4903-a72f-54a84024eff4","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":169,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"997057cc-5050-4327-a42c-fffe38194c1d","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":169,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"445f9801-ce49-46bc-9fc9-f134c72f5dce","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":169,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"e0bf01ef-caaf-48bb-a513-fefd14f52f38","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":169,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"4b4bed8a-18d1-4f4f-b319-338bf1e620c5","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":169,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"e0385eed-73d4-47b4-8003-c366f42b6105","block_type":"box","text":"www.blackrock.com.","page_number":169,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"48e5a178-290a-4618-8c58-022741207965","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":169,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"c78c9046-ce72-44ca-a2ca-1d4be4465fbd","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":169,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"d23b2ff6-213f-4964-ae56-97bf2f025c43","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":169,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"931820a9-495c-45b5-8ba3-5b5abda21611","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":169,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"48c7355f-e2ae-4818-8cf3-32b9fa195585","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":169,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"140f1150-e16b-44e9-8c8a-1c9256743df9","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":169,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"47077ec8-7e30-4ef9-9184-286a780233d9","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":169,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"e157077e-32dd-4bc4-a589-8e8acab1a0dd","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":169,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"8d172299-2781-4e00-a2a4-a367b0e49055","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":169,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"6ee34427-d665-4ae4-b398-3a0647690d6c","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":169,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"29475a50-0087-4e24-b84a-9d26ba5ab1f5","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":169,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"a1f4ec72-74e5-4a06-8a4c-59e22f4474af","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":169,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"88d60784-ca57-491a-bd37-e77dd32db064","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":169,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"48f21833-ea6e-44b1-951a-f2892007e3dc","block_type":"box","text":"Dividend Allocation Plan","page_number":169,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"0411439f-9370-4ad1-96ab-eb033e0e456a","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":169,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"720dd95a-bb9e-4203-9ffe-e76499872cfb","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":169,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"8f176290-430c-4a07-ab56-5318e9a1df79","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":169,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"482c1f50-cd71-40d5-b86b-9c8baff177ba","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":169,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"65f24375-d362-474b-ab3f-1e80d6c52069","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"39256cb6-016e-4a47-90d0-320e5ba4ccc0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7528ac30-7007-4cda-82ba-a8bf80591a21","block_type":"box","text":"PRICING OF SHARES","page_number":170,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"a88d73c6-db79-4464-a753-06eb04a72aa5","block_type":"box","text":"Determination of Net Asset Value","page_number":170,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"6069c47a-6db7-40a3-b8b7-846467d396a9","block_type":"box","text":"Valuation of Shares.","page_number":170,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"98dd335d-0e55-4b77-8628-ea48c39d22bb","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":170,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"d8c02039-6459-49c0-896d-4fbe747a11a2","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":170,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"54b8e9f1-41c4-4236-a674-145d85403a6e","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":170,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"e3e4f58e-165c-4aa1-a7e0-9680f4c18efa","block_type":"box","text":"Equity Investments.","page_number":170,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"134fb24e-2e21-4468-bdcd-b2103979e73e","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":170,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"24c6bac7-e21a-4727-9c41-f7c053cfd465","block_type":"box","text":"e.g.","page_number":170,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"f9674688-e4cd-4e22-b82a-39e478803d4a","block_type":"box","text":", NYSE), on separate","page_number":170,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"213ed2bb-1f77-4a93-b6f0-66f4d5a887f9","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":170,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"e5c9ee17-807f-494d-942b-1d7cdc6cf920","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":170,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"cf4e8d57-2c5e-48e9-a44c-247907f05f06","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":170,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"fcce7499-87ef-47be-a6cc-6b44fb2dce9a","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":170,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"d1e6e59f-1e2a-413d-936d-28d79092ed6a","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":170,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"50d0cc68-4ea7-43b9-ba25-79d96ac74e1b","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":170,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"91f0f6ed-a8b3-4a3f-947c-43887af535cc","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":170,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"f4d1ed5a-bc24-46a4-ae61-7fe22a969bc3","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":170,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"a75ae7d6-2bfd-4179-8fd8-bcfa2f1716ef","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":170,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"a82968dd-50ea-47b5-80a6-1f6e95794f87","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":170,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"c290c5f7-a4d5-4d6c-992b-dfa01f208de0","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":170,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"16765e48-fc9a-4d17-8b15-073300122e5f","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":170,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"f7e2c249-0c13-4456-8f83-59fce28c10c9","block_type":"box","text":"defined below).","page_number":170,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"e64c5c7b-5095-4647-999e-9470d000ab03","block_type":"box","text":"Fixed-Income Investments.","page_number":170,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"3c4aa9f2-29d6-494b-b4c4-6683e1a15a11","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":170,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"869f9526-58bb-434c-bad6-2e10ea36799e","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":170,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"e8a52c4e-304f-468d-83c0-607e68ed3070","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":170,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"f7869bd7-c315-413d-bf5d-844c58e26134","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":170,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"4b555103-5f29-40fe-a579-6cb09bc64957","block_type":"box","text":"e.g.","page_number":170,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"7338d42b-a1c2-4220-9807-ef1397323117","block_type":"box","text":", recent representative bids and offers), credit","page_number":170,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"e4e9ef7c-aced-4d49-8916-b4d7e95c40af","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":170,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"5b9f9d12-131a-4016-b219-b33b4bee71d1","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":170,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"d9ce6bd8-b8ba-4d23-ad71-fb492eecee3b","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":170,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"a48ddd83-301f-43f5-8952-ec1dd8e4293e","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":170,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"1ed734c8-ace9-40f8-8249-06447460ddf2","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":170,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"01d259f0-6ce1-43d4-bf0c-aac2fc9368d4","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":170,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"0cd8c593-477e-4365-bc94-2aefde594671","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":170,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"dacb6b58-e491-4610-b314-f6e14ec8cb1d","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":170,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"354c6e09-0b0b-4b74-a407-a3ce006701e9","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":170,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"8ac19e91-426c-45c2-b5b4-873826f501f1","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":170,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"565a10fb-4993-45e3-9651-25913ac56e7f","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":170,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"e831ce3e-072f-42d1-b5e6-e660dfef704b","block_type":"box","text":"attributes of the tranche.","page_number":170,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"146b3360-91b8-4085-b7a8-84c010684f79","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":170,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"6751930f-fa61-41a4-85cf-57317a18153f","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":170,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"508d522f-058c-40e0-bc38-c2f4176d8c3e","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":170,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"bb9e7c99-9ade-4536-98ac-f43fe9adc91e","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":170,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"21dd576b-0c84-40fe-954a-fbf83821455c","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":170,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"bc444ca4-0190-45d6-b337-755baad03db1","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":170,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"b34d85ee-45e4-4165-a175-b8ad3c4faf36","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":170,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"562f368a-b191-4f54-9a67-afd1e77e22cf","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":170,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"4fd2d2ca-964a-4f7d-a87f-ec15d75c8015","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":170,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"8a0d7a76-2e77-48c5-bb8e-75c5e61739a8","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":170,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"a6142775-9c88-46f9-925e-97a8bcb03fe5","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":170,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"cd5cae21-1cba-4daf-8a26-82f0c0c124b1","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":170,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"9a363956-ee09-4640-aeb6-8f2efe77265d","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":170,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"d30cd83a-ebaf-4a45-a704-de25e7d9094b","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":170,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"1fd106b6-425c-46c5-b800-2899e5ec732d","block_type":"box","text":"Underlying Funds.","page_number":170,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"61594589-a691-457f-846e-702ccc33552c","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":170,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"e570abc9-9a38-44a8-958d-ae7074bffb2b","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":170,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"534d43d9-a6ac-412e-9ace-ee00e644727f","block_type":"box","text":"General Valuation Information.","page_number":170,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"94f363b7-817f-4c8a-a942-7f706d8a422f","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":170,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"f3676361-5f2c-43ec-a5e9-af600a2d57ed","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":170,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"ac388ae4-952a-415d-9ab5-a5183d439919","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":170,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"b20f0622-fea7-4761-84af-82da410163f4","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eee59d96-72af-4b77-936f-1394bb681711","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0115fe16-f0bd-44d6-93aa-d1257a8c8d22","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":171,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"63a9388a-087b-47a2-a1bf-130200e95b88","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":171,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"38fe422b-1bd1-4fdc-bf3a-d88c18412020","block_type":"box","text":"the revision.","page_number":171,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"458e63b7-f55e-4388-b4b3-568bf727cef1","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":171,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"f257bcd6-6606-4315-9059-6c0bf69b6eb1","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":171,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"397cff37-21d7-466f-9226-23b983061c09","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":171,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"425c7297-88b7-49ec-bbfe-57f84d25600d","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":171,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"dea32ea0-7389-4b1d-8c62-6c9a854ec7e8","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":171,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"10b190fe-f9ba-4ad7-add0-b78f2639dc82","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":171,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"af03db89-31d8-429a-b5dc-b483a8f3a12c","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":171,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"a1564153-bc52-41a9-89ea-956836519ab5","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":171,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"f93c5d2a-f3e8-4301-a3fc-87bd634b7495","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":171,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"c1649d4e-8e21-43c9-b443-b9395e155f41","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":171,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"819dc81a-b066-4c60-a4f2-1687a769e4d9","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":171,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"c0eef210-301f-463e-a845-1d6707a8b72d","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":171,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"f10efc72-938f-49a8-99fc-d7f4f044410c","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":171,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"d0d4f62b-527a-42bb-a0e4-158a4753e36b","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":171,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"49615bf8-824b-46ad-b1f1-6cc8dc2a7790","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":171,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"1691db54-bc11-4adf-8d30-2057b1995e15","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":171,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"43c4a7ae-5d58-4ed2-84a4-8539abbc6150","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":171,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"27c5fa0b-5a91-4f69-b877-94a5ce7216e5","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":171,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"b6388fb2-62bf-4bf0-acf8-050e83c67fba","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":171,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"0997c126-47eb-4a37-9309-2fc3afb28d7a","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":171,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"1966920b-dedc-4e1d-adb4-05f4b5841e82","block_type":"box","text":"Fair Value.","page_number":171,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"228f05d6-6f5c-4acf-87e4-0f6576985b78","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":171,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"82f6ca7f-6e88-406c-b39c-85bed24e6afe","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":171,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"51582543-f3d3-48d4-95cf-0271b053e5dc","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":171,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"c1f3a0ac-e07e-4a22-862a-5ef40c192d60","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":171,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"077b1b07-86bd-44cc-afba-42bf3451cb27","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":171,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"52fb666f-822e-4783-af6a-58c3c4b0ce87","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":171,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"9756780f-b326-4165-8cab-139376cb996d","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":171,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"a88abf87-7b8e-45bd-ae65-cde6bb47369c","block_type":"box","text":"(","page_number":171,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"b568b913-e731-48e5-afa8-be9584fb9864","block_type":"box","text":"e.g.","page_number":171,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"8857c443-87f9-4786-8599-b9e800fd4fe8","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":171,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"a2606501-1ddd-4814-ad55-65f707ce617c","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":171,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"9aaf0e02-0327-4916-9f16-b7aca67ad7ee","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":171,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"f5cfba80-8672-4141-8055-80a0db021943","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":171,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"4d14aa4c-fe8a-468b-a3fb-d12f4a4fb5c4","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":171,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"57e32f8b-551f-4750-a0de-8976357b0836","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":171,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"48638912-ba7b-4c3a-aac3-06b1d03442f8","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":171,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"26ef8be5-f793-424b-b268-57412956bd31","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":171,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"f94c9353-f933-4671-9069-97797382da36","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":171,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"f368af9a-387c-4f1a-a54b-0b97bf916235","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":171,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"6ec7cbd1-fa66-4bb3-b666-00ead5a80ea4","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":171,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"5e4a02ae-13ad-4c9f-8886-915f0be87af0","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":171,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"af69d63b-cc04-4486-8d32-91e226c49109","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":171,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"9a38b3bc-23d0-4768-bb06-fa00e3d59ca2","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":171,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"6a8676ce-569a-4532-9dff-a39616ce47f4","block_type":"box","text":"pricing time.","page_number":171,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"0b3cbd85-2fe2-4531-9982-40bfe92dbc26","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":171,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"fc98f04c-84f6-4dd7-bc77-c771af03b67b","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":171,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"59668da4-63ab-4a3e-8ddd-14457b8528e2","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":171,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"a6812f97-d4cf-4a25-a03e-387b1bbf5499","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":171,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"89e5dd89-5bf7-4f6b-8c9f-abfd23647b7f","block_type":"box","text":"assets and liabilities of the Funds.","page_number":171,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"041850d5-8c88-4156-8ddb-d0b29a46fd35","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":171,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"c779476f-2daa-4001-92c8-9a86cd0f0561","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":171,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"3e8c17ba-ae9b-45b9-aadb-ea401d956297","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":171,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"234525bb-b785-4f83-acf3-2673a4889cc8","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":171,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"47fa2fa7-b888-4af4-9371-9951da78aec2","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b5edeea3-09e3-4428-bee9-dad161b05ea6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30a657a6-f9b0-4ce8-b96c-5dd70536d4a3","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":172,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"28fff7d9-6e1a-437e-bc63-6b5e558a89d9","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":172,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"99d7e185-5d1d-41da-88f9-196a6c4492d5","block_type":"box","text":"valuation models.","page_number":172,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"27969918-a34e-46d7-b516-c93add12daf9","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":172,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"f429f8a3-098a-43d0-8d76-4724eda1dd3f","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":172,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"d6c2437d-2a33-469a-a0a8-71ac1fa3875a","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":172,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"1c8f0216-5fea-4d45-9eef-682d0b2463f3","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":172,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"a6d8a18c-4d4c-4cbe-842c-c87e64d620b3","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":172,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"f87b613e-4d83-4128-b959-4925f16e548f","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":172,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"72a9e549-ea09-4799-82ef-2a620b8843fc","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":172,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"f64ffae5-c108-427f-b0a6-5b77fc0334c6","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":172,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"fbfb8b09-db9d-4626-b15b-6d046eeef83f","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":172,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"83775514-837f-4369-910e-053996bd57d8","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":172,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"ec864116-6ae6-42ec-a1b9-f7187731b70a","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":172,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"fb9d3a38-cd35-456d-aaab-7ec0fbc30ac5","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":172,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"68e9993c-f58f-4f67-9d0e-3bf25cd74e76","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":172,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"a72bc0a8-cf34-4f2c-8ba7-13fd88dd9e81","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":172,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"14b4d82e-3bfd-41cc-af1b-022c5d1bc009","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":172,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"25c55bec-27f8-459d-99d2-fa0f95478d91","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":172,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"ae62b80c-a435-4ad1-bd9c-137d5229d6a1","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":172,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"c8ec8330-cfd6-436b-9f07-90dc3b1c9294","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":172,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"e80e74a4-1cca-4398-828b-5c215d5adf28","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":172,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"2e94ddcf-15b9-4bdc-8d66-664b6af704f5","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":172,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"ba53fdbd-b47a-4713-9395-7cdfc0c2ecb1","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":172,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"a912673b-5f16-486e-9c28-bdee205ce3a8","block_type":"box","text":"par ty determination of fair market value.","page_number":172,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"a9892b8e-1735-49c7-8b57-72a12b666847","block_type":"box","text":"Computation of Offering Price Per Share","page_number":172,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"39ee8e24-603b-48bd-b2c9-6c5835dcc73c","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":172,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"8270abc0-d847-4f50-abd4-6c2a0eb42166","block_type":"box","text":"the offering price for shares of your Fund.","page_number":172,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"b609ad00-2b78-4588-bae4-4d3fe16d50c7","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":172,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"f2bb0931-b5c5-4ccf-89cd-ed138e6c1db0","block_type":"box","text":"Transactions in Portfolio Securities","page_number":172,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"0f6c080c-752b-4491-b73d-f655767eec3f","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":172,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"399239da-08ea-4842-99da-cb85aa31e6f2","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":172,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"13477eff-5c3e-45cb-bdcc-5f356c82d176","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":172,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"6c611d88-8180-417f-bfc6-945153f3adfa","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":172,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"e94463e0-7f27-4c96-bd02-87e6ce867901","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":172,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"2acab57d-42eb-4895-a083-e70d0ac5bf99","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":172,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"588594c9-26df-4ddb-880d-8473712ba723","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":172,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"55d46449-d0fc-4667-8377-b65e7e870909","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":172,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"608f5913-7506-44ed-aee6-241584b35ba3","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":172,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"f729ee33-a369-48a0-a70d-61aa5a547146","block_type":"box","text":"reasonable in relation to the services provided.","page_number":172,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"27e9c75f-1ad6-463e-8e3a-7f9488fc8b83","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":172,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"d8fe49cd-8f8d-46be-bea9-4938d425ce4e","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":172,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"99db440c-4317-4955-b54f-641765270657","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":172,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"0071f1d2-ca98-43d8-ac60-df77b6d494ab","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":172,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"73dc7c24-ecd2-49ea-8f5f-07df2e737ae4","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":172,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"ee885cff-8996-4823-b773-2ed5ce752ac9","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":172,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"2d463cb6-ef30-4260-adfd-2bde2334d34b","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":172,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"2701affb-d612-4ce7-9683-d6be5c5d00da","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":172,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"041230d4-2fd2-437a-8b9b-ba9cf3c4b0a9","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":172,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"f76fc48f-b946-489a-951a-373bce5a5e09","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":172,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"2a7bfa93-9096-4ca7-95b8-2452b9bb0ab1","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":172,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"62895da4-8559-4afd-a461-348affe57b6b","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0c1df10f-c8f3-4186-aef6-4a991db43e27","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b07b9323-14ad-43d4-898d-3ebbdcc945d3","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":173,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"8947f7f7-6cf1-409f-ac01-54f7a8535cc1","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":173,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"ababc231-4907-4076-bc64-9a9f0b56343f","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":173,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"1d339078-d80a-422c-b58d-017faf1ed1d3","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":173,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"5902be99-1459-4420-b72c-bc580d82f9d6","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":173,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"d4a68371-5f93-481a-8bfb-2399c4bcced6","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":173,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"b58e6066-cd1e-4f37-8614-5eaf54d33bd9","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":173,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"1b3701a7-d83b-4a2f-94c6-5b0ee7fa4790","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":173,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"9912f962-f5a9-4857-8b7a-d5ddebfd862c","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":173,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"7cdc5c28-1e7f-41f9-aa4e-f2133c58324f","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":173,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"117dd7c8-8e24-4c6d-9aa1-d13ef93c6e0e","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":173,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"30803842-acbf-4d38-bcbf-1df2757ba050","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":173,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"af8ee845-9874-45cf-8f2e-d9a6d7f1dc7f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":173,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"a59127d1-7332-4d57-896e-c6836b33cdc0","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":173,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"ca002bc1-4162-4077-ac7a-1cfced49f6f4","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":173,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"e34e8189-f691-474c-8e9f-2879f889024b","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":173,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"5c62c803-0cca-4926-b74c-f51c0501d170","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":173,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"b8f54b31-6c0d-4ffe-a65f-ed07ea2c42f3","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":173,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"674c38ac-ca72-47cd-afce-ebc76e572e9a","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":173,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"1f48ca76-01bc-41b3-8c42-035f2f36803b","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"6e35ebcb-b884-426d-9ea3-0c20c7f459e0","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":173,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"70fe7416-aa68-43ec-be22-1aed0f70b79b","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":173,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"a3045a33-a6d7-41e7-ae77-9de809049712","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":173,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"2df226a1-fdc8-4036-ac7f-4dce4edf7890","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":173,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"e66d6cd5-c0e9-4fca-9ccd-ea576a54f8e6","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":173,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"bb450a99-95f1-41ef-816a-623f37730c16","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":173,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"7290e4c7-6238-4a20-8326-010af5fdc931","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":173,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"de12263d-aa23-47d3-981a-534072874604","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":173,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"b9441b30-63ce-4d88-9346-2306a33aeeae","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":173,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"0ce2dbfb-f48e-4728-8a0b-b7d681ff2dcd","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":173,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"2f8d52a9-4e09-4c50-b6c4-1f098a695bb1","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":173,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"5e5da3fd-8564-46a3-9144-63c5f16d2f43","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":173,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"ab89bb6d-8e71-4dc4-89d7-cbdca9592a73","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":173,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"c8786f07-a1e7-433b-978e-3b9f24dab5b3","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":173,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"1c9db2e2-2fba-4267-988b-68384c7d0978","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":173,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"c1f5bf65-a7ab-4f5b-9968-5523380dea3a","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":173,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"d178ee43-0a30-462e-b6c3-bbce449332ac","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":173,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"e36e3c61-888f-4ad4-a2dd-64a90b7b10cb","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":173,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"2420e254-a785-45fb-8b1a-434cd998ea0f","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":173,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"afac2430-835b-40eb-8c97-05b1c00a11ee","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":173,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"de2c4d95-2057-45fb-af5b-95228179e45f","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":173,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"88f7c0d0-46c4-489b-8171-229043a3179e","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":173,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"9373ef1e-e4c0-468e-a577-16a386a382b0","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":173,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"0f188665-2452-4ca3-911e-c63469d760c5","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":173,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"4da3665a-855a-4232-b869-b58a9d87182c","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":173,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"f88d1965-7a2d-4ab3-afac-985437f358f8","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":173,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"290028de-daf4-4c79-895f-b644e592d39b","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":173,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"65fb5f2b-f3a3-40e9-a2f9-a6f30b311d1e","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":173,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"5a8566ae-d4b9-4bed-9c9c-6dc3c9b88162","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":173,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"8f1a0233-5643-4607-b52f-38ce4afc1428","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":173,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"c02dc72a-f859-4c0e-96d6-d175f6c62c6a","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":173,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"a60a8917-505e-493a-b120-0f8a2f6bb7fc","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":173,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"98bface2-74fe-4c20-93ce-0f0d1c7baa04","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":173,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"07a8fd21-2bd8-4553-bbb6-2011dee0569f","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":173,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"a390827a-cd19-4f35-98f7-7c3998b304a3","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":173,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"aa6fa0d9-99eb-43fd-90cf-67e299fd92dd","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":173,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"fa456f51-bf45-49d7-8790-1632c6a20f50","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c90d7839-5fa5-40f2-acad-453f90e86797","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59a9da7b-0ade-46c0-8014-3f8331a6bda2","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":174,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"2570769a-012d-4f01-a191-1c131d5441e9","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":174,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"0390dc13-6f45-43d4-aa2b-071e6a444315","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":174,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"c1b77dd4-517b-4c3b-a498-cdf64fc2bca3","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":174,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"ba116388-ae41-4f96-af08-50477d1e3368","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":174,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"d29b5f81-43c1-4aa1-8d62-93d05c8af7de","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":174,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"d6028d0a-c506-4877-8231-daf22f984f96","block_type":"box","text":"brokerage.","page_number":174,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"6c4f8b4b-0111-4607-8d28-d42641b74fd2","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":174,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"529fa0f7-6cb8-4d22-8788-e4aeb68be5e3","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":174,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"208b52f4-068d-4ffb-ad27-5568ba7bbad7","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":174,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"72d3d2c8-927a-44eb-a436-08e3cd5e3239","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":174,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"8fb9aa4d-8bb1-4d2a-93e1-79befb4385e2","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":174,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"e07249a3-837f-45d7-9bef-ef7b6b2bf0ff","block_type":"box","text":"Section 28(e).","page_number":174,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"5fb82d17-53ba-42e5-9a7a-6b25c7754899","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":174,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"950eec5a-8e41-4594-992a-f85c2eb67f7d","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":174,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"ad5da084-1b81-4064-9e61-0b077428a8b0","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":174,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"24a969f0-74f7-4a65-b43b-f976e21c0bab","block_type":"box","text":"execute transactions for those mutual funds.","page_number":174,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"7f6b8880-180c-471f-853d-661b7795a3a9","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":174,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"9c246adf-deaa-4e24-b6f0-8b2a2ade9fe1","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":174,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"e6e8dd03-186b-425a-86a9-24c911207ad7","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":174,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"77d2e775-0259-4fe9-afed-dcaa484a52a4","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":174,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"272b3511-83ca-4564-ad5c-90d79e470156","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":174,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"9b81d825-34e6-428a-ad8e-109e460478e1","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":174,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"0bf08793-943f-47fe-9ded-a2c6f72f955a","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":174,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"93949cf5-31c5-4af4-9627-9ca007e87861","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":174,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"b64778fb-43f2-435d-9f5e-a4b04a9e0d1b","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":174,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"49aaf953-bfac-4a36-85a4-82b9a3fbe108","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":174,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"8508c79d-eb37-4ba4-a609-8af5227afe2c","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":174,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"7b3a1714-6f72-496d-b97c-fa0a6785cd18","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":174,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"7b2a1396-a43c-443b-a280-7c44cfa1935a","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":174,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"78bfdf30-6399-400f-959e-8ad939d5d551","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":174,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"af11e86e-b52c-4213-86df-13d697d15390","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":174,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"c6b8b0af-420d-4377-b474-0bd853ce19d0","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":174,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"537f6e26-9b92-47d0-8373-36145e69e3aa","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":174,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"d126ed82-927d-4478-b3cd-90b38db5e3a1","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":174,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"26a57e6b-dc33-4931-a5a4-36034d57cf6a","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":174,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"b1050823-c890-49b7-b497-1942e3b0bde6","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":174,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"c1ca364c-02f7-4264-bea0-ad27e1fc2d9f","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":174,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"e2dfea33-398f-4477-86fa-98e60a5776df","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":174,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"042170bd-3614-49c7-acae-845918bfc1ab","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":174,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"a6872220-5a12-4343-8f42-be3b7f8add41","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":174,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"77d2b94a-48fb-43e0-910c-2524b8de7856","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":174,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"e851fbab-20ad-4023-96e2-7b0a982e410a","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":174,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"52b1069f-84f5-4928-ba48-828fd495ff8b","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":174,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"af0674fd-9982-4e8d-995f-ed79148d6ab7","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":174,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"58a8b11d-3e07-4995-bdc4-dd8370a4bc5b","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":174,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"1c9cf743-86a4-4ff2-88a3-27a064066ab3","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":174,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"27e12d6a-6c33-4aec-8294-7141d738dacc","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":174,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"757a2579-ed3f-4599-8197-d63a13f50044","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":174,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"7960c2fa-d4fa-401f-a63e-0d1a8248f29b","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":174,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"24fd270b-6f89-4539-87be-f5ec007db42e","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":174,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"96598060-ca9b-4db9-ac01-d28c55a935df","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":174,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"939498ef-8ebb-4d96-8f81-2713b583b816","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0b383dd-2cd2-4a86-948e-9fdf1b9892d8","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"363507ce-48b6-4a14-8502-83b8d289e1c2","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":175,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"6d444da3-f790-4139-a9a1-16061df31b91","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":175,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"ede3fb0d-2b6c-4ec4-a07b-079b8c18b50d","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":175,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"346f4836-2bdd-475d-b3c4-6e97cc68278d","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":175,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"564d1c93-86af-4e7e-9a27-8e9712eaf050","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":175,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"e1856ae7-63f9-4342-963a-a857b60d6735","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":175,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"ae5ebaeb-b0c7-46de-8bf4-d54d3e298e97","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":175,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"c9b85dd8-33b9-4a35-afee-aefa523a2657","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":175,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"b24fc67a-8fc2-4bcb-a8c8-8c338e0f4c7c","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":175,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"6820a6a9-183c-4aca-81fe-a815a1287e0e","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":175,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"8d2e0fd5-be15-4440-92ca-7f5b8ec31b2f","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":175,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"58343f3a-26e7-493d-a257-17d40dba30bd","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":175,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"b9bb899e-ca78-4dce-9b78-d5672268d4b3","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":175,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"41e70fbc-5972-4ece-a458-126699824714","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":175,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"f27ef6e5-9729-4c00-a532-00d3f9a97df2","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":175,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"1c6dc6b9-8d6c-46fc-b2be-a802ee7bfc28","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":175,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"f163d605-c55f-4f64-a719-4fc068720dbd","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":175,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"083c9f97-4319-455b-9699-b7944adeddc2","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":175,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"4b1d3ae2-15ee-4d85-a5b4-e87d16cbd67a","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":175,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"d64709c6-34fd-4e56-8fb9-a3284fec481e","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":175,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"a9796760-e37e-4d01-9557-ce6d789763af","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":175,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"547d4f21-d4ed-41bc-93fe-241c233f598b","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":175,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"28a38ef2-30e3-4cb5-94ae-d03cea784bb4","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":175,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"9afe719f-1140-42d8-a4f3-d83b232f6bec","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":175,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"3475ba78-3821-4a48-820a-52a9a95dc9a6","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":175,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"b6ea481e-36d9-4d26-ba6f-a29831f7aba5","block_type":"box","text":"accounts and compliance constraints.","page_number":175,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"b6519c63-fcee-4d7b-a6ae-c0ffb48cdc0a","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":175,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"4407f825-c3c6-4c84-babe-e387fa21f6a1","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":175,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"b1ec7ef1-b367-46bd-8a16-00b78b3a2f06","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":175,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"b7c53c2d-8d4e-4158-aa33-02d91d177376","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":175,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"895a8d2f-b61d-44d5-8b8f-a01eee078cf7","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":175,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"010a0675-c9f3-48f2-80c1-6671e06f3790","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":175,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"f5ce9a0b-d9f1-4f80-8fa8-89d4f29afc69","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":175,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"e453999d-46e8-4270-9316-39af175b0ff0","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":175,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"f8d23832-f026-4b1d-a96e-b5458fb3aee5","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":175,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"8776750c-593f-40c4-b7c8-4e5c089e418a","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":175,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"50b0868e-b139-4703-ae85-36b3b3c90af8","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":175,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"8abeb1fe-d1c3-45ed-8522-45c917871e85","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":175,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"dd27357e-9ea4-46c3-a82a-7adc16d1f78c","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":175,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"680e56bb-a08f-4b91-8bbe-e1b74887907d","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":175,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"a5625ddf-a9a8-48bb-9320-766c76ee3a1e","block_type":"box","text":"clients may be used as well.","page_number":175,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"ac5ab6fe-249c-492b-afbe-1567e13d20e0","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":175,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"fa4be546-cac0-46b2-8496-eda37bf90308","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":175,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"f9e4a5a0-aa21-4f6f-8423-e06b97f5a2bd","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":175,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"74bebd83-e4b4-4549-bc29-942d21d5465a","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":175,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"0afcfda0-186b-4638-8eef-f26fca945e2e","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":175,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"275d50e5-4b8b-4536-a304-499f9d253089","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":175,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"133909d9-c8d4-4763-897b-4b385aa4cc78","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":175,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"23283732-ef1e-44af-9afb-f4388cb6209b","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":175,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"e5b4c5c1-c9ae-4839-9f6d-c399245c5462","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":175,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"eb4d250f-c423-4752-9c44-eb88eacd0949","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":175,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"82abf478-78cb-4ae4-8c1e-c5b60a38ad1e","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":175,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"52ede283-4261-41f4-ae4b-459026defb83","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":175,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"ca997c1d-f5ed-42ff-9814-47fdae287c79","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":175,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"7dbe9f7e-5b5b-4a40-b4c4-07b90d498218","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":175,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"4368b0e0-4eee-42da-a359-016aef38e865","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0cfa22a5-c5b6-494a-b415-3b66ad2cdc4b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a29a536e-e33c-484a-8d02-876423828c58","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":176,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"b9eac045-47e7-4fa6-b60f-3389247f644d","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":176,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"828a9f15-775b-460b-8314-ce4b896d1157","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":176,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"b461cf4a-2284-4baf-b168-743e73fc2a48","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":176,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"91c3e99f-d56b-48eb-8626-814fee621bc3","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":176,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"ec7f3d53-66fa-4e69-ba67-fe665920c4c9","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":176,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"0bba2c69-64c9-49b0-af73-857020bc332d","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":176,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"59fef328-ddab-427a-9be4-80c9c646b236","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":176,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"77bf3a9d-bb84-46c9-8f2e-522d4b18e1ae","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":176,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"df15a128-a114-4f31-8346-efcec71dc4af","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":176,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"e582a32f-a494-4d16-b6c2-8f2f380a555e","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":176,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"020ff59d-5d27-4005-8fbf-9ca7ef1f31e9","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":176,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"763feb0b-7230-494d-aaee-07506baab4df","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":176,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"5fb50248-4a40-4142-bedc-f6e2d9a79143","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":176,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"c86c76bb-8c13-4e48-aa4f-470de684b66e","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":176,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"0df6c094-51cc-46b5-9418-554dced972b4","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":176,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"138022ff-866d-4c25-be7b-0e8533cdbba4","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":176,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"9285e8a2-37ff-49ed-b91d-07aa1dba5e20","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":176,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"52b668b0-46f3-4e70-b2c1-a12675519a5a","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":176,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"3a1ec321-86e1-4fcc-88a0-3f0286f01b36","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":176,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"1fac71b6-c4f2-4a46-8102-907dc47420b3","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":176,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"84401979-0c85-4fc1-b52c-eefb8ef08066","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":176,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"74c01d21-3888-4577-b39c-5670914baf86","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":176,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"b5101b44-5dbe-4ad1-bad2-91240ef250ef","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":176,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"a9e04ce9-f56a-4218-8332-afaa10d87ca0","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":176,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"e1fe7839-e3eb-47bf-80e6-355c583e7199","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":176,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"e191122a-f639-4e98-b8be-9c5540b98c17","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":176,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"ac1636d1-74ac-4cf7-8ca5-7de00ed36937","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":176,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"7ee20486-15a1-4dc6-b4b0-8f138735e618","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":176,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"34c2bc86-11c0-43b0-a8f6-a68e197bf85d","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":176,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"90525b0f-d804-427d-be7f-2b14cd4a7847","block_type":"box","text":"Portfolio Turnover","page_number":176,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"09a91ab0-7545-4e08-a510-e0189f17bd58","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":176,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"5af461f5-5373-48b2-84d0-1ed71cab8047","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":176,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"701a5af7-e9e5-4a1d-b0d8-645d9afed130","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":176,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"b57e2ca1-ab06-4eac-9c16-acba1382cdcf","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":176,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"108a5b51-97ed-4716-bbdd-d095c7df79a9","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":176,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"7152611d-e808-4e0b-9a99-8436e731d0ca","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":176,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"1b79fb33-5564-44ec-a6c3-3b377ce133a4","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":176,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"4352d34d-da46-4aec-b924-a46e1bfd313c","block_type":"box","text":"Dividends","page_number":176,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"ecff42a6-cff6-4b9e-a0b5-906b229fa0da","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":176,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"f294256d-89f5-4019-8b21-70cadd6238f5","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":176,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"13d43ede-6609-4d8c-8969-e1f52a1b5aa5","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":176,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"6213c928-83c5-4f37-b90a-3f3e3ae4de40","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":176,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"85949635-e2fb-44c1-881a-6357e95e048e","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":176,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"83567765-d946-42d5-ab04-34c93c48b800","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":176,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"b12aa57d-69bc-402e-af81-59d28eec89b9","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":176,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"bf8caab4-baba-4e9c-a825-f9a1c93690ba","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":176,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"62817413-b9f2-4048-9cae-057993419275","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":176,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"d12a494d-a0aa-4583-8a95-1c799e6ce88b","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":176,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"ccf49993-ecec-42c0-a823-dcfd36e275e7","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":176,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"88e8ad60-a97d-492c-94c7-788458ed64cb","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":176,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"67290f66-9903-4dde-9d9c-db1e6db048e6","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":176,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"3085193b-2b78-43d3-8c86-09db5296c138","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3eacb955-4b25-4fd0-8791-6aa23a0a6989","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd57f3e7-9670-43b3-b9d8-e5e95e8eb1c5","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":177,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"e711b279-b85d-407c-bdc5-b11a6047d96f","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":177,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"37e28953-a1a5-451a-9b45-5318b9fd7d19","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":177,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"63fbc306-9684-4284-b819-b8a8a8091876","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":177,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"09e822f4-939b-4d11-be92-8e95975945ae","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":177,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"7502b2b4-dfc2-400f-a917-f12bca5a9907","block_type":"box","text":"Taxes","page_number":177,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"33ab42b2-5cbe-4d1c-98e4-5e43c9793095","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":177,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"5eac693d-cd02-45e2-ad60-61075057002a","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":177,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"53ca426c-50c4-4bb2-ac4e-cda833e94034","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":177,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"a7ec84ca-0080-49fd-a024-82b1e23e20a0","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":177,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"95952589-1819-42ee-a01c-2d404454b497","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":177,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"937d6ec9-439c-4d56-91dd-29ab20107517","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":177,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"f25a520f-5502-4a33-8759-1a23817c6e3f","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":177,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"abf8eb01-b7e7-4c23-9ada-fdaaeccbe1a4","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":177,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"7b843678-5982-4f26-9e8b-41e1f06a758e","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":177,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"af55e347-ab0b-4d10-a05f-df038a93ef5d","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":177,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"692536d6-1a81-4cdb-b6e5-f74b175d09e1","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":177,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"7fb67f2c-8dce-481a-9012-7c3681ed2e2e","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":177,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"be8b818d-afc2-4356-9015-0854e4f41384","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":177,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"b9e68939-3651-47e1-9475-9eedd4fe358c","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":177,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"1f9d9246-ca19-4bf6-a141-5db5fcf07670","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":177,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"0f240ecc-0c60-4ded-aedf-4cbd352fd5c1","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":177,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"4a3fc211-da24-49a5-aa3c-b18bc9fa38b6","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":177,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"39eb073f-3d81-4666-ac68-65893e26d6ef","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":177,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"3f2bcbba-1417-4234-85f4-7ce577bfd83a","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":177,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"b4e0999e-5ab3-4afa-89bd-6c73dc1387c4","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":177,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"6280b21c-a03e-44c2-9328-78db50a205a1","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":177,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"c611e1d1-3746-4084-9970-c3c0816f8955","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":177,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"3db506ee-d31e-44f8-8749-0d75cf128e91","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":177,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"ce195714-fb0a-4755-a9b8-7664665e9363","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":177,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"e0b50732-5607-4fa4-9100-5e68a3e0d066","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":177,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"cf3f194a-99d5-4187-807f-3c933190569a","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":177,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"652226dd-19f5-40c6-ad8f-87812a3d5658","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":177,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"87089d53-6f50-4396-b9b9-e78a89b51ab8","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":177,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"a31f0269-4ec8-4720-80c5-4c83f1cfc768","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":177,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"07951bf8-165f-44d7-96d7-da32d88c407f","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":177,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"7eb14222-40f8-45da-b9cd-139b2b85100f","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":177,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"cb4246fb-4a0d-425f-ae24-7be24139a868","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":177,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"d78ce9fc-41b7-40a7-8110-984835eec404","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":177,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"a26f08cf-cfe3-41e2-a25e-d41ae4462612","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":177,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"641eac2f-4540-41ae-862f-d3782509f6f7","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":177,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"4475ad3a-3b2b-4837-8039-aab11afb2054","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":177,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"3170e916-0cea-4b5d-8a49-789ba0939c4e","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":177,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"d374e8ab-1a0f-4911-9d39-3af93cd0320d","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":177,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"b5d08712-1b67-4844-af5d-03d5fcb30adc","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":177,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"4a9c6efa-4352-4220-832f-7cee11e1fedc","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":177,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"0009f374-27ea-4cf7-b9d8-6189efaf0628","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":177,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"8a4c6e52-c4e5-48bb-a6e5-893343f583de","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":177,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"a6c93635-084c-4fef-82f0-cf040d35e648","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":177,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"87602534-3571-4e46-b7ee-af8cfc835788","block_type":"box","text":"limitation.","page_number":177,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"4af004b1-51d7-4225-89ec-4b5cc4e2c15b","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":177,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"4524c429-d239-466b-be54-036cd4c2f01d","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":177,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"e4ffa64e-61c3-494f-a1cb-562b718eacb8","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":177,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"b797c974-4370-4cb2-b7a1-f05b0ae356b2","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":177,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"c97f6e02-6991-4591-b7e4-f20e632a134d","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d47dc72f-15bb-451a-95f0-0bd54d222a59","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b72adf09-6126-4bc3-aa33-4f895ba79427","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":178,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"6fb9615a-f93b-4724-bd12-22c6f14a7110","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":178,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"381b8448-d258-493a-8a85-52a1826b1fef","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":178,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"42fcb535-e67f-4306-b39a-49c10b3778a6","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":178,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"0e507e42-0b36-4505-b4a5-d54975a2fe13","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":178,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"ffe6b17a-d925-4e4e-b535-dd43d3ccb32a","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":178,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"a587b66b-eb1c-406d-873f-5d074113f105","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":178,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"f303621f-f348-48db-8b4c-0af8b18e4859","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":178,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"9fc68fae-a09f-4068-a89b-04b21d783e3a","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":178,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"9073755a-fcf9-44c1-a282-6734f1a13c73","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":178,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"ff756ec8-a6a9-4ec4-81bf-7b6ec24e0f35","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":178,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"8e7e6902-2630-42ee-baad-55a5c7fb362a","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":178,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"eee390ee-295c-497b-a030-cbbbf288354b","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":178,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"3165d7a2-796d-45e7-96bd-ab6abc28c4b4","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":178,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"ab9464fa-ddcf-48cb-b07a-97429e16ca91","block_type":"box","text":"constitute “qualified dividend income.”","page_number":178,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"acb60f51-7ca4-4b58-a34d-24e91ebba387","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":178,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"522e854d-db55-4c4a-a92a-2c3115562545","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":178,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"7ffb7a5e-4641-4213-b3f6-ff8666ea61eb","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":178,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"2a0faf0d-81de-4ab1-a8cd-b9d4ad81278b","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":178,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"2ada4cf2-262f-403d-a84a-7f6d12db3e95","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":178,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"6caacf62-a993-4d57-a897-83c4c56c66f8","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":178,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"1ac1303c-7d76-4516-a6a5-4ae34dc50e5c","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":178,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"c83fd797-6348-4162-959b-1c4fac40cc8e","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":178,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"12095fae-b248-4bc8-a1ac-3c1969b1369a","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":178,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"0ba6c829-6150-493b-914b-652feed254c8","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":178,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"77a5a1e1-61cb-433d-9a52-5cb50454efcc","block_type":"box","text":"against their taxes.","page_number":178,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"ac6b5c55-4317-402c-a2b2-6c02b2b5f495","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":178,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"ede26a63-c3a2-47c7-88b3-2d3e8807238d","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":178,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"6eee4670-5826-447a-b661-f613741693f0","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":178,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"4e6ebd53-6d36-4651-aeeb-468853614f11","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":178,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"27639221-95d4-44d0-bd53-6145971a85a8","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":178,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"2950e315-e612-4a64-8a27-69ae00a6e258","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":178,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"ee36f613-4e63-4bfb-9653-64514cfbcbb1","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":178,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"0b464dc5-2596-4503-8530-71fe8477868e","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":178,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"604937c3-f499-423b-81e2-ffea45463e02","block_type":"box","text":"dividends received by the shareholder.","page_number":178,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"dab8590c-04e8-4dd7-a616-67779691af2f","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":178,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"46ce72c1-5b8a-45f3-88e0-7783a492b8eb","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":178,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"55edb7c2-4775-4ddf-bd5b-d0eb21a3644b","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":178,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"1bc31afd-41f9-4adc-b27a-db2db874c1db","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":178,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"1a51fa82-918e-427f-aadd-1baac4b74c04","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":178,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"ded3863e-fcb2-4788-b5cc-b9540b4bc7d3","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":178,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"d1a11e9d-4c31-416e-81f3-cf7a8eb83263","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":178,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"e6ed3911-1768-4c7a-959f-6c52181a413e","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":178,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"babf2ff7-e3b9-4b24-96f0-e1110362d7f9","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":178,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"45325e41-ffbf-418f-8286-8d192e5b0153","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":178,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"16aab08e-79ef-45a1-bdf1-72c65c6aa1af","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":178,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"669f4f92-f057-4c5a-9616-71611dd43962","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":178,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"df1d0ff4-9da5-4b97-94c2-979447c951de","block_type":"box","text":"taxable year.","page_number":178,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"e74db59f-3d92-4673-a9d1-7abe77a81f53","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":178,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"64f6d462-565d-4484-acf9-18c77b89b36c","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":178,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"5ae747db-17c1-4c31-9bcf-d12748561354","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":178,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"eff8a641-da10-4121-8310-0a3e18da90b7","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":178,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"e3967072-1981-48e2-a6df-114c70b4a6bc","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":178,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"909aac3e-4727-4067-8ddd-948faec57f6e","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":178,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"2ab82319-3bfb-45cf-ba40-e55cd5651b9e","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":178,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"bf6b8079-8610-4d20-9c98-c33cafca8382","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a4c601da-8447-4be3-b7d2-f4f4a092ad2a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4776d68f-60c3-40bc-8131-6b79d89d5732","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":179,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"8191b9ca-a2e8-4832-a50a-b139373edc9c","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":179,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"5bcf11de-4bb4-4008-853f-372671445e63","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":179,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"d6727186-851e-43ea-805d-6be61fe7bcf2","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":179,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"974db7b2-3337-46bd-a18b-655c581ee428","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":179,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"f7df5e05-f231-4030-aa97-108c1089f487","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":179,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"fd79d8a9-c8cd-4160-94c0-b24015cf9573","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":179,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"dd83339f-e651-4eca-87b5-36d9160c8789","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":179,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"14984559-c70d-4ef1-a1fe-a454553737fb","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":179,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"28fee5ea-abfc-4f31-b676-b3596813e361","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":179,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"59b63fd2-af7c-4878-abfa-9320cad60337","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":179,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"de7f0c6b-48ef-4661-be67-acd24919dd7c","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":179,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"c0185b90-f827-4259-b7f2-390c5bd4de2e","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":179,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"c6cdce31-088c-4567-a5cb-f64c1ebe22de","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":179,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"c68db9b9-6fea-4021-8f5b-ce8b18aa1147","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":179,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"9ec580fb-4dc7-4526-944a-201cd33e1e40","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":179,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"1eb0ea99-7460-444b-a088-ea5db61a7825","block_type":"box","text":"redemption of such shares.","page_number":179,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"d93f5a3d-38f8-4b12-8f9d-9e4002a71b54","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":179,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"3b2ad6b7-d7a4-408a-bd1f-728388d8060f","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":179,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"2bb02238-7a32-40d2-8683-01cafeb0f558","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":179,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"db40fd50-a4eb-40d1-8b6a-55f6533cf370","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":179,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"73fc9bc5-2631-437d-ace9-ecceecf25f10","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":179,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"130b9fa6-c54e-473b-9582-db996937d869","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":179,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"d3e14668-b827-4416-8a35-9652838864f2","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":179,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"1f70cb6c-a597-4ad0-9d00-325417e88148","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":179,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"fe050d62-29a1-427f-ba6a-316ef47c0ced","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":179,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"4159a5d3-b843-4496-86fd-54465306140e","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":179,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"283352ec-30c0-4340-81b4-85158f5eefbb","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":179,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"8ef02f6c-d6b6-4eed-b345-7278919d3314","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":179,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"888a438a-007c-49d0-aaa3-2a182178ee47","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":179,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"fefc8ce9-93fd-4bf7-87a6-9d0a793d8139","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":179,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"906e4345-1dc9-4576-815a-f6e97cbb59e5","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":179,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"cdc4630d-6495-4d8c-9d70-10d9ac97dc9a","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":179,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"d6c9763d-c659-4565-91c8-d7acf2a31bfc","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":179,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"78b53702-2f15-4506-a9ae-ad5c7f113f75","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":179,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"043a8ad5-46f0-4a12-8f18-c808ec7219eb","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":179,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"764304b9-9446-4308-bb39-73655626e9a3","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":179,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"d53c8bf5-3aab-4de8-befe-feaf08f22dc7","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":179,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"05bfc637-5059-4037-be9e-d54aa7ad9784","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":179,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"53a0af53-deaa-460f-b546-8505e791af3d","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":179,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"1e953bcf-f63e-458c-890d-68947aa028d8","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":179,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"6813c127-aeed-4cd4-903c-4f5e7ab35985","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":179,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"a5c1997b-73c9-4657-b0ad-7b169ba6c930","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":179,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"df9a40e1-5dee-4a5a-b899-2be2c94a4e59","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":179,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"89186995-77cf-4cda-9eed-df921b99fb28","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":179,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"44694f8f-16ea-485d-850f-2f77dba412cc","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":179,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"1d169ef9-1de5-4737-98a0-e1294195ba9a","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":179,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"849baf8c-e4a6-4fb1-8681-01d2d2bdbb7c","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":179,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"61b769b5-9a6e-43a7-bed0-8b24eff4fdc2","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":179,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"e890c036-bf6b-4bd5-9f2b-a6fef9435ecd","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":179,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"4c4b7850-c1fe-4435-a9a6-5af4bc39321a","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":179,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"8b6eb9d4-f7d4-4f02-9641-09a7235ed708","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":179,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"3c244899-f8d8-4267-bac1-6f81140d4abc","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":179,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"33718881-b903-4eb4-a617-7c51bb36aa58","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":179,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"6de3a238-0ddf-4ec3-bd24-078346922e3a","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"75a4db27-cfdf-412a-8f02-6bebcd3f2805","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b2d26b2-b1a4-4fb5-ae0b-bfe02b4e91c2","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":180,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"e5bea50f-0d02-4f3e-88ab-761cc1b9022c","block_type":"box","text":"in subsequent taxable years.","page_number":180,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"ab99e2f0-a1aa-4a62-a661-12b9b84d7997","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":180,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"ad0b5cb1-fb4b-4b27-b8ec-82ac7d2d997c","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":180,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"bc93ab0c-a79e-495c-87e0-f5f78469e2a4","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":180,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"8f8c8feb-3b29-40d1-8649-ba4dc387e20c","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":180,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"fef18aab-5727-4203-b3fa-2c092e99bb2b","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":180,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"3c6018b4-8b44-41e5-9d48-939c2f5cb3ff","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":180,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"144a6222-4e41-4de1-8da6-0e911de51d8d","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":180,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"7a942c8f-4dac-4af7-b31d-d85ca4de370a","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":180,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"e436f4e9-0fed-4fb2-bc65-585dc74d96fb","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":180,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"3252ded7-9a30-49a3-b317-a9581bee32ed","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":180,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"d48702a5-99d6-45d7-9e78-2ec8fd922c40","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":180,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"27ac0406-ad49-4194-8e1f-80e980372516","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":180,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"ba897136-b3f6-49c4-bd43-a0657bb3f5f8","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":180,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"1be36b05-9a52-415c-9074-a7d6ebaf300b","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":180,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"342b2f6e-cf7f-40b1-ae16-e7a0fca7ee06","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":180,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"362f7b5f-e16f-46a8-993f-c6963ba4c7d1","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":180,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"5af12801-9ad0-4eb8-a3a0-fa85b244e559","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":180,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"5f18d444-1e27-4d50-8f53-c8269521f5a6","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":180,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"4e4d5aaf-7074-4f94-ac7d-714faa6c51ca","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":180,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"1bf44f27-9bc1-4450-8937-251076ac4de7","block_type":"box","text":"dividends under these rules.","page_number":180,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"7acf8f86-7e9d-461e-810c-45e8d0c05b6d","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":180,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"faa4d2c2-5539-439d-904d-926ac8833e44","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":180,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"09011fc6-3a29-4b91-9844-44d868cfad75","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":180,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"6be3d506-d3c5-412a-8374-7a378d8e74ad","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":180,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"9b6b05ab-f4df-45c6-92e1-ed2243174c55","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":180,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"c4f2755f-4b92-4a57-96cf-3910aecf2700","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":180,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"3ad3f8b7-606d-4f5a-85eb-d0e3d3c165a6","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":180,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"838fe540-3e67-4666-ae07-4ca1bf57c1c8","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":180,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"d4d312f8-0d20-4ec6-8129-8fddd34548a1","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":180,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"54a76890-c77e-4d52-9c27-b7bb184209ef","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":180,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"34d28d8a-d7ec-43d3-9448-1ea1b2d7c74a","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":180,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"060795a9-2966-4292-83f5-388ca20141d3","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":180,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"08ec6421-82e0-4f4a-956b-bb8d645212be","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":180,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"99ddf19e-73d5-4049-a3b1-7d2685194dc9","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":180,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"d802fbd3-4ff3-4150-8560-73636d937780","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":180,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"b5234ddb-56bd-4eef-b650-e0be48291420","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":180,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"3b804308-ef94-48dd-8627-4e82c4df6c29","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":180,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"093a3779-616b-4034-9000-583f2bd4d9bb","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":180,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"5c52b69f-66f3-4cdc-8355-303e062ae6e9","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":180,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"cb67611b-2689-45ae-b73e-d4eb3fa553c3","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":180,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"e71d2ff9-ec5d-4f1f-94bf-05a64b87420c","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":180,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"8118a704-c024-4818-8072-2a80955c30d8","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":180,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"2bc7a5f4-4b20-41df-ad3f-5d28db41be23","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":180,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"f3026b47-be9f-4496-83c4-7d6148c956b8","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":180,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"00fea215-8f25-4ead-a91b-f98353f381b1","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":180,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"2fe5f8ad-2c16-4e07-a92c-0f8d42c5dc62","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":180,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"9d91ebbe-e636-47b3-bcb5-3aa7b106639c","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":180,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"bed75f41-28c6-4d1d-b7e5-60dc14780f40","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":180,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"d2022bbb-572a-416c-84e4-4a8a29c5ec6e","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":180,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"7a0791f7-2736-47c0-ad9c-9bd402c44073","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":180,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"e6594196-023c-4360-ac7b-c1e644124f56","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":180,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"47771bc9-9a67-4944-9a46-22d2b38178c4","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":180,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"2e7a6891-1d5f-4eb6-af56-f99e2943d58e","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":180,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"564b016d-03f5-4f83-a3de-d83dddf42eb7","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69192518-41dd-485e-b78b-bc99d0ac31ad","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5b6a1da-0ee1-4226-9add-00447e61338b","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":181,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"7b352eda-a04e-4cbd-9de9-2e4656f95105","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":181,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"cff4e114-9d30-4386-b41b-78488a7df388","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":181,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"739a09f0-6f76-4dc5-83af-febc2b724ee0","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":181,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"b0ccc8b2-f526-40ab-b7d9-47aab679fe5d","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":181,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"945dd529-0484-4778-80c9-9ebbd3b50f48","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":181,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"0ec37ef9-cf0f-4f4b-a07b-81ee811092d0","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":181,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"539b0fdd-bbac-4f7d-9eb6-2e077f849730","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":181,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"8923c1b4-4fee-4594-accd-f6afba7490fd","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":181,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"48c6422e-069f-4abe-92c5-eb6a8d1536f1","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":181,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"90c1d64d-8f11-452a-9bb2-0a2091526075","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":181,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"444cdc04-e1c6-4abe-ae9e-6e06fb0cc89d","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":181,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"a4295c71-76b4-4111-b49d-e040a85d8136","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":181,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"bd4a9604-cfe8-483e-a096-8eacd05ec94e","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":181,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"830d9c19-5441-4393-b8ec-867997d65fe3","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":181,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"6edd75ab-9a6c-4724-803a-ae28ffdde8d2","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":181,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"7ac77c5b-772a-48a1-97af-eea51cbff6fb","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":181,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"9631f57a-12f6-4fa1-beeb-60db00abfdab","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":181,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"6bf8b14e-8869-471a-83f0-eb8edf86045c","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":181,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"9d24d09d-b124-486c-80cb-bcc313b6028c","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":181,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"73c384a4-7064-4c72-bb1c-4df978caf236","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":181,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"37d4308c-c180-495c-be76-767040f48247","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":181,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"f14e6fec-7dbf-4f52-afb2-5d117054df78","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":181,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"839c660f-aac3-4b21-9b87-5f73fcad4e98","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":181,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"9069965c-1060-4cb5-856d-160d96e0d4f3","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":181,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"272448c5-873a-420c-bc4b-e363354c39ef","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":181,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"f37bded9-94ca-4bdf-9635-5a63adeebf77","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":181,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"08dd4365-ac9d-408e-a767-325b824e4a5a","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":181,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"bc8e30bd-b715-4684-84a3-d24eef063b6e","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":181,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"7a70543e-927b-46ba-82d8-cfea6740d9f7","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":181,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"8c814c6d-3b46-4391-946d-eb310be17838","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":181,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"42e7912c-7042-4c82-9d92-e101cbff2560","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":181,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"6217dcd0-04a8-4c4f-9c90-5a20a9635cee","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":181,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"0e8049ce-68a7-4387-8436-e7ee7c486cdc","block_type":"box","text":"investment oppor tunities.","page_number":181,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"d3a3306a-0f8c-42df-907c-3d172e37f2f0","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":181,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"2e1e4d5d-e386-46e8-9da3-1256bfc94b9a","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":181,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"46b61846-5e08-4da6-bf09-39aaa568209b","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":181,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"70a299af-4a40-45c0-a711-6676caf3876e","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":181,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"d422a51b-35c8-42f5-bf91-94032a15a30b","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":181,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"9c2d0038-cfdf-4d54-b0d5-1743ddd0c35c","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":181,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"c2edab1a-69aa-45a6-b66f-75ab0f4a2ed4","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":181,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"5dc40aac-4840-4df2-9721-9e8834b92b6b","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":181,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"b3272332-31c4-4741-ab08-06cb91426f38","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":181,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"27e76539-6e2e-4754-860b-7c51f0c72fcf","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":181,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"534e0eb4-e8b5-43a1-83e5-0eaec0981c70","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":181,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"ba0a1313-a718-4d80-978c-0169b3a7bab8","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":181,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"d9e4f6af-2002-47d0-9de3-3fbf140bf146","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":181,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"536a4b84-2337-43f6-bb75-929021cc66b0","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":181,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"13073586-599d-464b-a846-dc83cfc17be1","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":181,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"dc6c8755-1116-494f-9bad-79321a97b7ec","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":181,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"3ea9bff6-7f97-4ba7-bfe8-38a5611fa7b0","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":181,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"1fda2f77-8249-40d1-9959-7ba3bd07f92e","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":181,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"c357d315-7908-4c2f-9c31-f60bef6ae6f7","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":181,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"63048c55-0eb5-4f71-a632-dfb3439fb49d","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":181,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"296050e4-0220-496d-a2f9-ff8273355be1","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":181,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"68131a16-9579-4c80-a160-7e7d6dad62db","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":181,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"7ac2b891-c7f7-4882-be5e-9828fad3fe37","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eae518aa-ac48-4647-83a2-ce9aeb12bafd","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58618429-ef96-434e-aacf-10cd0ea6e3aa","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":182,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"eb08b86e-009d-41e4-bf88-67bfb4556f8b","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":182,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"cfcd6bc9-ef60-429e-a2fd-154c1efc0166","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":182,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"a94d5a93-c5af-49d8-804f-eb94677883ed","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":182,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"2f50a34f-51be-453b-a186-ebda92412635","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":182,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"feb25ded-0f6d-4438-bd0c-a39c75dbec2e","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":182,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"d5ae3333-5a31-4829-b286-93c5a8467830","block_type":"box","text":"positions in its por tfolio (","page_number":182,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"533b0710-f33a-48d0-9aeb-608b043c247a","block_type":"box","text":"i.e.","page_number":182,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"d0ea5c60-3cf5-4d5e-ba91-e3fe1b922ecd","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":182,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"e783971a-b594-44b2-9598-b74cbba0c041","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":182,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"24cf8d86-43d8-48ed-b1c4-f5dc587cc87c","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":182,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"0e41c640-aae8-4412-b779-ff20bbe8ff87","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":182,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"addb47f1-5faa-46a0-b115-0da2329ae6cf","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":182,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"35447c6f-940f-431a-bb80-eba5b40aed07","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":182,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"79645186-690c-4b83-bfd3-635d4d710e71","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":182,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"91c4a3c8-e009-410b-8096-5c56eafc57c9","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":182,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"40a7ec75-72bb-4cba-aaec-8c865fb0f976","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":182,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"289de483-3180-46a1-8364-4868d1eace24","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":182,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"709541c7-1f9f-4d5b-a8be-232de22488d5","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":182,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"220e677a-c1c4-48a9-b16b-6d636f493992","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":182,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"3ca5b33c-4140-4df3-b5c8-5807b2283359","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":182,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"bd242fd5-a71b-4954-adde-9fef9d09a009","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":182,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"42603719-746b-4de2-8871-557d04e80c35","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":182,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"425f0779-9e2f-446a-979c-47403596566d","block_type":"box","text":"capital asset.","page_number":182,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"02481e39-6c5f-40ae-9121-6febea438439","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":182,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"586b9aaa-10f7-437e-a9ca-27507f5b4834","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":182,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"d0b7e2fd-8047-4eb5-a8c9-c6a3a63259a2","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":182,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"339b5cd4-4ac2-44ce-9add-7aa4d4c89d40","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":182,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"c50ade9b-5aa2-4619-b6da-9b9036f23590","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":182,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"32d44e59-3366-45ef-8013-929fe4689718","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":182,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"f3bc31c4-d08e-4307-8bd1-ef4dfeaa0993","block_type":"box","text":"Fund were to invest otherwise.","page_number":182,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"482c57c4-cb72-4811-8be5-47005a6ce5b3","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":182,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"f1fdad23-2ecf-4fba-9d39-892f66959dac","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":182,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"3e8bc541-fb59-4734-a6f6-de059130f3f7","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":182,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"c8eba759-b8c8-4c44-b9a9-f409d1be3ae8","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":182,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"71e923c2-8cc7-48a9-a6fe-7b9ee825c2e5","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":182,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"ebcff127-587f-472c-b720-68b879f677a2","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":182,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"ac8bea4d-b56b-45e6-8dd6-cee795481168","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":182,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"5cf8fe48-12ba-4f0e-b0f5-6d59a49b70da","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":182,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"ecc9a0db-f315-44d0-81a0-fd65978bfe2c","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":182,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"9d9333d3-9d6a-445b-929b-bc6edf467f69","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":182,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"502442d6-c8e7-4bb6-a2c0-e75b67cb4569","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":182,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"2684e4b8-8aa3-4d24-9d0d-fee83795a74c","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":182,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"3fcb5db0-6fc3-4ceb-a152-e23a70e01964","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":182,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"0012ddf6-edbb-4fe9-ba67-55918a09aaad","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":182,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"38327938-2510-4f7d-832f-2910f957dc65","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":182,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"3dd7c294-a094-44e4-b422-0df64cbe6411","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":182,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"f869a2c4-bd1c-4641-a8c8-135d8ebaeb31","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":182,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"6f0923c0-def1-4bc6-9955-1500e5b313f0","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":182,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"7ee5f462-d1b1-44e5-90b2-1e11be406e5a","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":182,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"1b1420f6-4240-4e31-8255-4dad657b61c7","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":182,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"086fb564-1144-4561-bd22-13d9f5f9b2b3","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":182,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"0a854625-25a6-4ddb-8f67-465ddd6c7544","block_type":"box","text":"PFICs.","page_number":182,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"a7c9f2e7-2b7e-427f-a105-9ae426feb04f","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":182,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"c9e90d81-c85b-4832-8981-acac237c9bc0","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":182,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"af7b0ac7-dfcf-4f29-b2c1-468a16c400b8","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":182,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"886df4b7-2f80-4e39-be32-262dcc483018","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":182,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"9b4cacc7-ca00-454c-8464-3b646fec0eed","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4cc770c7-eec6-446f-8e38-aff942de36ae","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2ce0df6-7e9e-4d62-b599-3bd9c5fd3309","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":183,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"6fb02188-6409-4dbf-b62a-e1f13fffec4c","block_type":"box","text":"difficult or impossible to obtain.","page_number":183,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"dba2307c-f4d7-4be6-b4e8-280df58c086a","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":183,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"0d7d2935-ec63-4aa6-b380-85b98e99b8ba","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":183,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"10405d4d-1da2-4bca-bce4-09e8b981c9f1","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":183,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"e2b8b5dc-e1fb-4e15-a853-3dadfd16ccd0","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":183,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"1cc9aad0-ceb8-4d77-854b-afdae0303d27","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":183,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"59f0d606-6012-41d7-86e2-63106c8e4cd6","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":183,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"74124f33-97fa-4587-af29-3d2234af1e5e","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":183,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"4586de1a-568e-4cdd-8766-cf0b50d09eb6","block_type":"box","text":"Municipal Funds","page_number":183,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"dcb8b32c-6ba8-4b66-bd43-851960bb08f3","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":183,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"aa9c1eb7-46b0-4eab-a308-0071e34c5e8b","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":183,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"48b750a7-ab19-48dc-a1bb-76887ae399f3","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":183,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"69199176-f7a5-4d6f-96e2-8c6e907ff785","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":183,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"5db071c4-fa31-4794-a791-8823e6ca7988","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":183,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"767858b0-b8d4-4ec2-98ba-b6d0bf846898","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":183,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"5e23f58c-1e89-4001-b612-705b6556419d","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":183,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"0aa6e9f6-0dc5-4d5b-9ced-98c4431080ce","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":183,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"7d72cd47-136a-4bd2-a611-7cfbeb0181f4","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":183,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"c14e1da2-0737-45df-a1cc-f28c8509e789","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":183,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"6ea5dea8-27f4-492c-bb8b-e97de5852871","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":183,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"f436b88e-83c8-4b04-b57a-26ef4cc56614","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":183,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"f32a0bf0-a088-4415-a8d3-8b1fe6b05c9c","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":183,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"e0bd97f4-4149-42e1-a86c-7a9b59e88980","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":183,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"32082e5b-0d80-473d-a6bb-a06c71739acc","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":183,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"638447f6-26d3-48d9-a3ae-7ace0a55d8a2","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":183,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"b32461f6-55ed-4c2e-b141-6fd0ed4f8d86","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":183,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"e88adade-0815-4c8f-82e4-e65eeb0d6ddd","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":183,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"0f50a0e3-2570-4ae9-9444-59ebb505909f","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":183,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"2a46b5c1-697e-4077-84de-12b8566fe744","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":183,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"b170d412-e0d6-4f35-aaea-ea98fa69f3d4","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":183,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"521f3fd2-98da-456e-8330-b81b38dc7073","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":183,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"123861cd-dfb3-444d-a7ca-1077386f8912","block_type":"box","text":"constitute exempt-interest dividends.","page_number":183,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"ddd5e181-11ca-42a6-9fed-6ba67707f952","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":183,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"4b6d14ea-9b3b-4b68-b1a1-e6499b47659e","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":183,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"dd35109a-507a-4fb6-9ca7-15204fb159d5","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":183,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"f81c4d09-03ad-4666-a407-35f6ec6211e9","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":183,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"f058274d-714b-47f8-aad1-948d2d1fc7a1","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":183,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"97706b2d-52f2-4172-b437-59b79a9db779","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"8a943f0b-250c-4202-841c-b119628e0080","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":183,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"ef551915-1840-40f6-ac0a-c8c3826adb05","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":183,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"e5fc9d27-a377-45ef-a72b-3cbc9686cb23","block_type":"box","text":"income dividends received by shareholders.","page_number":183,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"84338810-8a83-4ce9-9d12-e2f4fb97ebd9","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":183,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"c03befb1-cb14-4d06-b179-024220ee072d","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":183,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"23afdc29-17d0-4f50-a342-d07e70ed26e4","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":183,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"af70f705-c8a0-4a29-8ba8-fdebad42852e","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":183,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"5c1d6ae7-2ded-438c-9b82-ff81b14eb52f","block_type":"box","text":"the accrued market discount.","page_number":183,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"f56018ff-1904-4a02-bec5-dfd9754360ac","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":183,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"edecf22c-b2fd-446c-968a-f114062002e4","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":183,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"9bca9b77-5c73-4d3d-a070-afc2dc315475","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":183,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"7b447d9f-b323-44da-b530-52944cbd6ed8","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":183,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"47f11212-d16d-436e-b55c-04d445093697","block_type":"box","text":"e.g.","page_number":183,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"4283785d-3f02-4370-8683-ce96de7941d8","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":183,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"249f7795-e969-42c3-9530-51a50f2be5df","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":183,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"931de039-91e5-42f2-8cb0-2b36dc1ed50f","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":183,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"4736ad23-2031-4f42-aa5e-a8fc7c919883","block_type":"box","text":"II-135","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d0410b0d-32f1-4a3b-ae58-757665ec4fa5","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eabc7165-987a-4670-91e4-9e198d490cf0","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":184,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"3cc976cd-04cf-4ca8-962f-fcae6d778707","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":184,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"90e2376d-0752-42d3-abe7-7d86002ac3dc","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":184,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"b5715cd5-802f-4e1a-b25a-3a7609ca1ee1","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":184,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"a356d02d-4b19-4a79-bed0-2bc4ff88b072","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":184,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"42b264c4-401a-4340-98d9-0565e9e8dfd6","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":184,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"04183825-043e-4a78-89b4-1463d344a39b","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":184,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"1414e1db-05fd-4cf4-b0d3-88da3cb13622","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":184,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"43cf4371-37ac-4d32-83ff-1c4e3dd3a9a1","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":184,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"3e6209e0-57c0-4d28-8245-5c7e167fd0a5","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":184,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"d64f95de-def9-4d7d-a2b4-414ec29105e5","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":184,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"6774414e-6e0d-481a-aabc-9fa9e3cfb98b","block_type":"box","text":"within each applicable state.","page_number":184,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"2aea3015-729c-4147-8572-cca767dd5582","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":184,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"fb235be7-59e0-448d-bb8f-ab8b0a8d8208","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":184,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"1e0b9f5b-889a-4ee5-9ae3-92521460ea14","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":184,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"5095f8b6-8a57-4460-b093-9ceb42b32cac","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":184,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"8e549228-a16b-423b-a763-5c5de1e0e3dc","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":184,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"20234ed8-a348-4e0f-9528-54e30a933868","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":184,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"2fdc9ace-2ff7-45be-bf1b-43b8637a084a","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":184,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"4136e56c-54f3-4e6b-986b-a024a875509f","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":184,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"803de1f2-4b69-44fb-870f-55c62e62b18d","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":184,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"fb87ee84-0e2a-4cb8-baac-67caf277e1fd","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":184,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"bbd49011-10ee-4049-86e0-02909634af95","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":184,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"20987515-752d-417c-80a8-4df06e0ae1d3","block_type":"box","text":"exempt from state income tax.","page_number":184,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"02559fee-6161-4a2e-a47c-972a608ba22d","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":184,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"72e8535a-494d-411f-81e2-90637f577fab","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":184,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"20aaa05e-34d4-4e2f-a428-51bb4b970f12","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":184,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"4a191d19-6a8a-4474-afa6-d0878abf13ce","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":184,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"530ed338-af4e-4098-b8d1-e49241199b85","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":184,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"e4fde39d-8a8f-4cf0-bcc2-a41396555788","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":184,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"59586b06-76b0-49a7-9560-20eb5cf2a7a6","block_type":"box","text":"decisions may have a retroactive effect.","page_number":184,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"a303ad69-3042-4eca-b320-d8cad88752dc","block_type":"box","text":"PERFORMANCE DATA","page_number":184,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"2fc7722a-9443-4924-b054-856c4cb68877","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":184,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"463bd675-30fe-4c93-86ef-f0434140775d","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":184,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"b3bbb95a-656a-481b-9a8d-11c5507fa072","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":184,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"e91400d2-8858-41cf-846c-e896efd2dd82","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":184,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"60cadaae-954c-4e71-a016-30b91f64d5b3","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":184,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"448663ea-0438-4eac-87dc-f0827c265f74","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":184,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"235cecdf-15cd-4148-9959-92bd216dc4b6","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":184,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"9431df3b-af5e-4896-b012-367825bf08a2","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":184,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"c60fb0f7-f084-461d-8722-b3c40681a3c8","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":184,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"dbdb7966-4f2f-4b8b-8bea-fe43cad524d6","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":184,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"964862f2-b592-4fa2-a07d-b42a1f883dea","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":184,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"f93fffc9-d62a-45ba-94d9-5a5e23b655ba","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":184,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"ba710945-7534-4f52-8068-b8230c3d4704","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":184,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"95939f21-4d0d-4aad-9a8d-068f45183c99","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":184,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"051c2423-05eb-4fab-9a20-119bcf98e045","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":184,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"1273dc8b-fd8f-4a14-834e-418b2a49fcce","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":184,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"53c16ea3-8169-4edf-a8f8-26bbd4114502","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":184,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"c2c71f0c-d149-4d9d-ac13-f8361170d7c2","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":184,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"398ead38-3ad5-4b47-b6e8-95ce86b108b0","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":184,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"5891c0eb-60f5-4dcd-a790-ad09eb4add0b","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":184,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"ddafba93-f77c-486a-971f-370b139ccc1b","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e98ec3a7-4b5a-4937-8e2f-89b161505e94","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a556765-ddb7-4736-83ce-e365d3102c77","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":185,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"d43fc238-86ed-4e82-af92-6963fa19f876","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":185,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"fbaa0e7d-190d-41db-9334-8b358c87381c","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":185,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"a522bee7-dd9b-408c-aecc-67f86f02c76b","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":185,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"7f3b0450-7e90-4b98-b702-ddd5beff5068","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"6d1bed12-a845-43e2-b7ad-8274d7ed5ec8","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"cc5e859d-49ef-4cb0-8a1f-af732d0015a2","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":185,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"3f6977f1-8f4e-48a5-98b2-d6d077326dd1","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":185,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"16d0855e-ed53-483f-89d2-3cd22607b122","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":185,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"2b874d9d-12bd-4cd4-a14c-311a63e9fa78","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":185,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"f5c566b7-c9e4-41a8-b41e-65969a28b584","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":185,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"5c05b099-f959-47bd-8ef9-02b3a40ec7bb","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":185,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"2a40815d-14ea-4dca-9411-7d672bde0375","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":185,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"9e53e25b-ae7c-4e50-9ffd-0919d9651923","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":185,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"3f2df170-3820-4e1d-9232-e77b010bfa0f","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":185,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"bd32a738-3e3f-48c4-abce-f1fb18fe7147","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":185,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"8c2b9c5b-4e1d-458c-8e6d-454ffc335d8c","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":185,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"a7ec901b-ac6c-448d-bdce-41d171ab28ba","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":185,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"0ab83197-e0a5-437e-b896-0cd88fc35f58","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":185,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"61aa8048-88dc-4585-b0a2-a6dffebaf741","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":185,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"10ee5b42-ed5e-41fc-9b5e-c718b9edad74","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":185,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"b21a1f38-72b2-4857-9b5b-ce958a4ff622","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":185,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"8decda45-f325-4d15-befb-80ec3d424fd6","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"0bca1496-5ebd-4a50-ad9c-a77b1692cb03","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"36154ab1-566f-4df9-89fe-da334902db9f","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":185,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"9de45f44-06dd-40ea-a946-0da1eabf0511","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":185,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"a7ae9617-8178-464e-9a4f-5af71a8d9ef3","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":185,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"0d672421-041e-4bfb-bef2-b70edb0bba23","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":185,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"63980951-2358-42ad-bf0f-de940933ede8","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":185,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"657475d4-038a-42da-8344-57a520c459f9","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":185,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"b5cb7f50-b04b-484d-baf7-457da7f9523d","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":185,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"ab66874a-e0c3-4eac-b1f8-5e40b46da1c0","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":185,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"7a33d63f-e373-44cc-9fb0-2fbc2db5443d","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":185,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"382f1945-6eea-4d94-8f7a-94eb384fdc5e","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":185,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"0662eaf7-65d0-4780-aa17-aeaa15a75d39","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":185,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"6c940d49-1143-4073-9779-5c701a414433","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":185,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"acb2cfcc-c724-4deb-9181-0646be78c9f5","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":185,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"37318e8f-8350-46d4-afb0-df003c7fac83","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":185,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"7a748c8b-352f-4881-8177-1f2fde9aef7e","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":185,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"7d1c4622-0ffb-472b-ac0c-bfae47e12e5b","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":185,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"c487804a-f504-40da-94ca-a15d6949b595","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":185,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"ad1af649-2e04-4089-8cb7-f74427a4cf45","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":185,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"15f4203c-83d4-4456-ac13-dd15a25b6395","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":185,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"445e83f3-26c3-4f55-9dfd-398700dac350","block_type":"box","text":"less than their original cost.","page_number":185,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"5d13df2f-a2f7-4fa8-a142-8c58e8b4b134","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":185,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"3c6c870c-0ad5-4ad9-a5b3-37b7229f0091","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":185,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"3050fe29-7bc2-408d-a556-607bf51baaa1","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":185,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"83bae099-d1c3-4ba3-b429-6e99c92523d3","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":185,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"41b89005-d973-4dd1-a316-886563e5501f","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":185,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"218fbd21-72ef-4b6b-bc74-c295e9e5a74a","block_type":"box","text":"lower amount of expenses is deducted.","page_number":185,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"0eafe104-9180-4775-ac1d-7695d4b189f4","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":185,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"d019279e-bacf-484f-a8dd-b95983f5521a","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":185,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"839d06f2-709b-4e57-8ce5-7f29e31222a6","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":185,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"88fd37c5-3afa-47c4-bb09-b0816d26a96a","block_type":"box","text":"Money Magazine, U.S.","page_number":185,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"dbfc480d-7792-4133-b172-82a4c9b160d7","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":185,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"4700a049-a027-459f-99c5-8835adcf3cb2","block_type":"box","text":"or other industry publications. When","page_number":185,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"cd93ef3c-e77d-4588-b176-bce6f8e3de1e","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":185,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"f8fa23dd-9064-4a50-8ca2-6efd12372488","block_type":"box","text":"II-137","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"55c7e94d-eb93-4433-a5ea-4d12d39ba959","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e164b52d-c0f4-44c0-b835-0d8a01c21d54","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":186,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"7083bf2b-6fec-49a6-804e-a2faa35e2eaf","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":186,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"ddc30583-ec82-4275-a903-c28289140206","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":186,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"c994aa28-4b00-41ed-bd81-aa727d06fe70","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":186,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"0ede047c-c535-4d6b-a90d-fd3994a4537d","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":186,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"245898ca-8caa-478f-912a-f6198c6bf747","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":186,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"5e57a15f-2c8d-4b84-8c8b-c05a4aca3e7a","block_type":"box","text":"developed by Fund management.","page_number":186,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"caf0880b-c413-48b4-84ae-a02ad31c25d4","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":186,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"392e59bf-5eba-4ba3-8cdf-09314a7b2f37","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":186,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"acd9f8e3-69a2-487e-b1d4-8c5148f92ad3","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":186,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"6859a8f6-493c-4c38-aab0-c40593e759b6","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":186,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"30c37897-84e3-4b84-8918-67dfbc342f27","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":186,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"09fbe311-601e-4f0f-8741-58c53e30d4c0","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":186,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"d6daddbc-756e-4aa0-86bc-4479c02e45be","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":186,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"b48a4daa-b963-4a3c-9874-f7c0bca5bde6","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":186,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"dbfb4641-7f68-4fe4-9c5f-37fdb21eecc3","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":186,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"0f8ab0df-184d-413c-b18a-978562a7b271","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":186,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"a6f56df0-1003-4b7c-8fa0-3f65fb614741","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":186,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"90be43a7-d3db-4dc4-9713-4ba2bd870f94","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":186,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"51c4def2-9df0-424a-98d3-e8a96fca43fa","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":186,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"b99c1616-4e88-4f72-96b4-1d8c15fb7c41","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":186,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"e15a9577-b479-4743-8839-97b378e648ee","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":186,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"0b5daffc-73a7-42a7-aaff-6993d7356595","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":186,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"eb84b9f0-a06a-420e-8d0c-01d28de3cb33","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":186,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"f00f7e95-dbe6-4545-aef5-368857e0af8c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"e9ec1cde-7149-4d2f-a9b3-b43555db3043","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":186,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"48fc000e-e615-44eb-a615-59896b0c070e","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":186,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"03b2fb0f-4494-4c81-9143-bde82994ee76","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":186,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"0c03c8d6-edf6-43a6-9006-5e48eebe8ba3","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":186,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"1d05e17e-0857-4afc-9564-b81b1aa514a7","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":186,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"71c70d67-d0f2-4bdc-8894-bfb897d045e0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"4cd1fdf9-6ad9-4931-b8bd-9284d397af0e","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":186,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"42ab3dc9-e630-4d43-9899-548299074174","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":186,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"82305b72-00f1-4c44-b60d-4d444db5f3e8","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":186,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"1cdf7617-2ae6-46e1-84d6-96f6ceb3beec","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":186,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"4e78e3d3-1069-47a6-b2e5-4faa0a794ec3","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":186,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"85570ecf-abab-4b65-98de-80d275ff4e97","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":186,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"56b9393a-0a95-4397-bc58-10e657871399","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":186,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"6161a090-a69f-4b93-b85c-79b2f12167ed","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":186,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"90bebea1-e7f2-4e78-8666-cd8e6f957b12","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":186,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"f51e4e77-7d10-4e72-8a36-ddeb38b60557","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":186,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"67d0bb1d-2b9f-4ff4-af41-05d6b78d3bb1","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":186,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"edeb0cbd-6489-4268-9a6c-81df9d23e17d","block_type":"box","text":"GENERAL INFORMATION","page_number":186,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"ba017939-ae86-4c08-a056-3329e9e16215","block_type":"box","text":"Description of Shares","page_number":186,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"ddef3ac7-e2fb-4eee-bf1b-a4a09d2e7820","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":186,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"460d9ede-5c25-4aeb-a0c6-ac3fba9bfb60","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":186,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"f7d3b979-08cb-43db-a125-e1ae37d47cbd","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":186,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"43386a36-29dc-41ba-a673-7b0c05f1b932","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":186,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"277eb95a-eb1f-4b2b-848a-d7f9167bef18","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":186,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"e20e8e24-dd3b-41c0-8825-c2a2011aba41","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":186,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"d29c6402-d2da-45c6-b6c8-702460c4d1a6","block_type":"box","text":"II-138","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"47d55b21-4b9e-46e1-b242-0e423d21955f","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5227b64b-31b6-4057-b8b1-36c9e0431853","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":187,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"b31ec9ef-e761-4b69-8622-2064d8c6fa36","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":187,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"490b0d62-fc8c-43a7-868b-2b9d70d846d5","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":187,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"35051680-a59f-4cec-9648-40f1aa22db3e","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":187,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"ae810cb4-bf25-4347-84c7-d5f86adfae24","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":187,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"139ae66d-ba7d-44d0-b0fc-e55f92011b1c","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":187,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"169f6d68-4384-4538-a497-6dbecfa821bd","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":187,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"e999c84c-e82c-497c-a393-7c8fbf4fd697","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":187,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"23303b43-6a10-4ed9-95c7-caa932535a90","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":187,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"a82a15b8-2dc8-4932-9a3f-b9a1004f4b48","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":187,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"ccc7f283-f33a-4bcb-903e-a9b5f7525e12","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":187,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"1ec84362-1cfd-49dd-a5fa-787c9757d8c4","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":187,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"f8cb3a54-3ede-4494-92bb-a7ea5a2390df","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":187,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"e9df8f69-6d98-4423-99ca-bfe025c3ddc1","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":187,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"4cfafbe5-ae40-4dbd-8762-541ffc3f4596","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":187,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"6e62c0c0-32b7-4a8e-abf0-bc4bd682d691","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":187,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"1afcc30c-5e21-43b5-999f-7ffccaf1ddb7","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":187,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"c56499a0-603b-4391-b302-11971ed0c356","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":187,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"cfc44a29-fbd9-4dee-9a3c-f4461eb69e91","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":187,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"e3f06820-9e78-456f-b84f-34309861947a","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":187,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"3ecc43f1-3092-48e1-be56-da7ba1e2f97a","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":187,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"d5cc4dbf-7c42-4b16-8e50-8c9e145d3f60","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":187,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"a4dc53d6-1467-49ae-98ba-49786067200b","block_type":"box","text":"Additional Information","page_number":187,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"fffd2c24-34ac-42f1-a4ef-36231338dce1","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":187,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"1d3f0007-8173-4179-8fe6-19d90b75839b","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":187,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"dad6be57-0bb5-4aed-8c85-ad76025413f1","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":187,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"7f466d24-4e74-4a2b-a4f8-99fd61a1bb4c","block_type":"box","text":"such name to any other company.","page_number":187,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"56b26087-ca01-4749-8df0-d456517202be","block_type":"box","text":"II-139","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ed58ddf-1572-459a-a8ee-f917ea5de67c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5393551-b45f-4307-bfee-3e419ac2d311","block_type":"box","text":"APPENDIX A","page_number":188,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"751e74f0-11c7-4185-97ed-1dfeb753a80c","block_type":"box","text":"Description of Bond Ratings","page_number":188,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"c13af8f0-e592-471d-9db8-b7d02c4ffc90","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":188,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"00862de5-c83a-44e8-9b17-dca97d396261","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":188,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"04989163-67e5-48de-b8dc-b2d6652edb05","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":188,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"2592d931-97fc-4ada-9583-b0943cfa826b","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":188,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"ac138ff7-7afd-4756-a177-1812ed2ffdd0","block_type":"box","text":"date.","page_number":188,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"2adba16b-e56a-4af3-b206-e923245a2257","block_type":"box","text":"NRSROs may rate specific investments (","page_number":188,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"548bace7-260e-4540-bc5a-a6c634a289ad","block_type":"box","text":"e.g.","page_number":188,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3e549293-5bd8-45d9-b3e4-16b24965093d","block_type":"box","text":", bonds), issuers (","page_number":188,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"a1b12e1b-29c8-4140-b301-f9ab60e750fb","block_type":"box","text":"e.g.","page_number":188,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"8e9e1637-0bd2-4539-ad1a-aa064a3c737a","block_type":"box","text":", corporations, governments and financial","page_number":188,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"937a7d60-6080-4c04-b3d8-6b4c1707b479","block_type":"box","text":"institutions) and/or programs (","page_number":188,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"ef7b0bed-cb53-47ca-9c44-569a6529ab00","block_type":"box","text":"e.g.","page_number":188,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"c7d5459f-76a6-45b3-8ef4-9a402f6ec97b","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":188,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"0a43b89a-e3e5-4631-90db-5b39a7bf77f7","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":188,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"c26492df-b52d-4212-b753-4e17580fecc8","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":188,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"5f81f3b4-0d6e-4c55-acf8-397c099c0deb","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":188,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"6a5fdb47-4dbd-4726-a02e-b5ed31ff2dab","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":188,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"24530188-13a5-404a-a375-ed3f2bccb158","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":188,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"962827cc-e3fb-42ff-a4b4-14b2c26a70f0","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":188,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"f20da88c-a54d-49bc-a191-b17a601c3696","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":188,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"88d36b89-e11f-47b4-8fc2-8ddb740be0ce","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":188,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"22b7e177-eeb9-43bf-9a71-c5d3d12e6f7a","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":188,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"23e84d80-d8c3-48ce-b05f-a457cafdfb82","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":188,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"b759b2e0-1731-4f63-ada2-07b7bc67f034","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":188,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"b36e31ee-b8d4-4c94-a8e8-7efb21212fdd","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":188,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"0c2041ca-de5d-4e9a-b1e7-c47681f2a51d","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":188,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"6cb59f1f-5b33-4dbf-9c8a-2ea84e3a1f8f","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":188,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"37f7b1ce-5d7f-401b-a5fe-6beab0a53b2f","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":188,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"701b28c0-847f-45ec-90c4-1b6cb2e40453","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":188,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"8f7eaf49-c92e-4bdd-87e9-4dd804de0008","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":188,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"abab14c9-9776-4ad4-bd6d-aec99d6c7e9f","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":188,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"d8c65006-14ca-46c6-8efc-aad81339ddb3","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":188,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"6c99bb11-60a9-43ed-b1ba-460f07f6315d","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":188,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"8c2099ea-fe9d-4f51-a173-367a7b7e49a6","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":188,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"6fb06acb-50a9-4f5a-9e89-318a1c21fa1c","block_type":"box","text":"Fitch.","page_number":188,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"6c33adfa-87eb-4307-b745-7f9e529ab5f8","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":188,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"502276fc-db25-4485-84f1-4e1117474aa7","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":188,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"4ce6ce12-33bc-4b56-81ad-556a2776a2c1","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":188,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"e4f25fc8-dc58-4420-b982-565796085b8b","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":188,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"81f4b4ad-87c1-4ce5-a75a-6f0e5e91ef91","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":188,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"97491a30-8823-4283-bc38-ff1881f2e71a","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":188,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"ce46256f-ac46-4b78-bec3-d6d9d3af2056","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":188,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"824b2bc6-26b0-4b65-9582-a69e5ae7efc3","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":188,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"bbc32ffe-3781-4dba-93d0-03f6698b2bfa","block_type":"box","text":"sources of variation (","page_number":188,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"a53877d9-21c7-4a71-a3a5-195df3e5bb45","block_type":"box","text":"e.g.","page_number":188,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"e46f2f39-8be7-442a-9e84-0c52f710a754","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":188,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"7e8a2324-d46f-43ef-92f5-ffa3a44d4bce","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":188,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"ce00b5b7-d3bf-4c1e-a96a-30175281b26c","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":188,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"c9f4d2e5-8641-451b-86b9-45b889d49eaf","block_type":"box","text":"e.g.","page_number":188,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"8ac6af85-0f96-4518-93dd-a8487fb3cc7e","block_type":"box","text":", equity indexed), absent an express","page_number":188,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"1ce5041d-e14e-40cc-bdf0-ec74444f782b","block_type":"box","text":"A-1","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"375c330f-2bdc-473b-9502-19d9cf04818d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0815104-f972-43fd-b460-6c8d095ce6e2","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":189,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"c7d8be35-faa7-42b4-bde2-6fdcb17b9a54","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":189,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"907b4b06-6ecf-443b-81a7-c91f15bf4dfc","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":189,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"d0750883-d058-4207-8aa5-0b08a89e1b53","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":189,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"c6d838c3-9388-480f-b88a-6a8c533a7737","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":189,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"8e7e1c22-5053-4509-b21e-664037941bbc","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":189,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"9c276052-8513-464a-a0ed-25f555e0b4c8","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":189,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"aebd83cc-09d0-4648-841f-17de3d8211a2","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":189,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"87e5aa20-fa60-4927-87d3-1320a99932f8","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":189,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"0a6e8cb4-63bf-44d6-ae72-322b86e3af5a","block_type":"box","text":"i.e.","page_number":189,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"eb7b9d81-955d-435e-9103-02f2e3c1e745","block_type":"box","text":", ratings on nonfinancial","page_number":189,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"2d5a4797-72c7-4039-860c-cdd24996232f","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":189,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"1f9bb46e-1e79-4eaf-9c48-e197023564a9","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":189,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"6c8ac81c-f906-4345-a9a0-6d37a071bfa7","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":189,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"5ae9617c-1ccd-449e-8699-7c49cd51be59","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":189,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"430dbb36-3f4e-4e48-989d-32edcdb8ba5a","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":189,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"8a4bbd93-10e0-4878-be3b-1f476e860c5b","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":189,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"fa046e04-556f-4130-bed6-8cd7357dfa03","block_type":"box","text":"of time.","page_number":189,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"daa23e2b-bd5f-4c94-9e06-5ed05ff89fa9","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":189,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"169a7ff9-8365-4c96-b2b6-774444e62081","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":189,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"66a20a8c-81af-498c-a71e-73948b506430","block_type":"box","text":"risk.","page_number":189,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"9ab5ea46-fd7d-41a6-a288-952f78729583","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":189,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"a2bd869a-89d4-437c-80bb-267d26fbbf86","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":189,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"5ce77256-ac7a-4159-a5d3-03639cf71a71","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":189,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"0cdde4d7-564d-4691-8310-3f578ad48e41","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":189,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"9fb6fe0c-a960-4a4d-9174-c749e9ec0e48","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":189,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"8fcb124c-3662-4d4e-8ab9-65df2bb2e96d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":189,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"444f2e0e-3ef6-4d96-9088-aa02df957a49","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":189,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"d640991f-c9a8-4033-b5cf-91fecacebd49","block_type":"box","text":"credit risk.","page_number":189,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"aa575684-396d-4fa0-94a3-9d3a5a28a132","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":189,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"68996286-5d8b-4fa4-a2f4-a1b0026f67a2","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":189,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"997e65b6-501e-4010-ab7c-12c0ff8b7b2d","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":189,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"106461e9-7bc9-402c-9af7-8f13624c68d6","block_type":"box","text":"of principal or interest.","page_number":189,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"27c2f6b1-1b38-42ae-85ff-a333ed3560e7","block_type":"box","text":"Note:","page_number":189,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"a425d985-0ea7-4069-affe-1467a5c79bea","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":189,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"98cbd121-ba6c-464a-b68d-b52b17cab910","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":189,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"d35df805-fd17-4ef1-bf3b-aaa4c40352e8","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":189,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"2f96c939-2b03-4cd1-990f-1c3113821bb5","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":189,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"3979b9f7-288a-4ddd-9205-f09361e2fc42","block_type":"box","text":"companies, and securities firms.","page_number":189,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"c8fc668e-1e93-4823-968e-a5ed66cf581d","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":189,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"b4717e62-c532-410a-98fa-9675a81cbb57","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":189,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"bbe9c383-e6e6-4692-859b-d1598055d01a","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":189,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"79baf4d4-1b6a-4685-955a-249c1b9df37f","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":189,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"d6e9ee1c-27c0-494a-9e0e-040f79339a1f","block_type":"box","text":"that security.","page_number":189,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"b93540e5-e771-4016-8de1-6117445264e6","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":189,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"7f1c8c75-3391-4cfa-b1a5-1d79c381a8f3","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"9fe405db-e400-45f4-938a-4186f2daf994","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"448958cc-97a3-4ce5-93a3-195e75b4b077","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"1f4ed331-81ce-4e4c-81b6-05395df36967","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":189,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"a54764c2-4297-49f3-97f8-5fb6d9a3343f","block_type":"box","text":"categories.","page_number":189,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"4c4f4700-2f08-429a-b826-53c29970431d","block_type":"box","text":"A-2","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"f2ec0517-2d72-4c93-b6ad-1fa182891a4c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f90be803-61e8-45f1-9456-389fee2832b4","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"23ead39c-52cd-464c-9268-1f7896f14155","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":190,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"c7c351be-edd9-4988-be96-76e29b93739f","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":190,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"71e670ff-56ba-4290-87d6-40d124cda88f","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":190,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"92f626ac-e7a7-4890-9eda-1c318c31eacb","block_type":"box","text":"an issuer’s self-liquidity.","page_number":190,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"fdf0d1fe-49f0-4670-90e9-5b1c933a3680","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":190,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"ab2a4d12-f9c3-46d3-9fe9-856fe0e44ca6","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":190,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"fa7f2d69-c703-410f-8413-505ab6e5990e","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":190,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"8bd774b9-c979-4bbc-991d-a5abd8d6a933","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":190,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"05c46ba2-10ed-421b-996d-94823cdec391","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":190,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"be06bd46-9da9-4d9b-b21f-d649de0f7146","block_type":"box","text":"MIG Scale","page_number":190,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"754f1702-343d-4c4b-9355-fa21dbb53292","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":190,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"ee9b61e0-bfe4-4f9a-b8a4-ba7d557fdced","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":190,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"2142696e-f677-4932-89eb-26a2c0effc0a","block_type":"box","text":"refinancing.","page_number":190,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"cda25f07-298f-4b3f-9dc4-57d8ed7562ee","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":190,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"f5e174c4-7fd5-4a63-a6cb-a78db9123e01","block_type":"box","text":"large as in the preceding group.","page_number":190,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"df4e47a0-4b6f-4475-9c0a-251b8e754406","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":190,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"aa4ed565-3323-4ecd-b39e-d15c762113d8","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":190,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"e7ce0b94-7d33-4c21-8e2c-57549610183e","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":190,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"814b3eda-c1a7-4782-b8e8-ee118490d799","block_type":"box","text":"lack sufficient margins of protection.","page_number":190,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"3311b4a4-1470-4a87-bcbd-ed0e00663abe","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"e54cdf49-c548-446d-be14-41e503635177","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":190,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"9dcca4ee-b62d-43fd-83a7-74670ec40747","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":190,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"3372ba6c-8d8f-4655-90e3-a9092262c7bc","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":190,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"4acbf6f4-ff49-41b4-a8a1-83f040d072bd","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":190,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"8c148aa4-3532-4195-afd2-d5a7dc264dca","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":190,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"2161af5e-2bd6-487d-9a72-1782de1b12f2","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":190,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"d16b2929-a625-47d6-8f13-d2839a7a5b49","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":190,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"cd4fcfdb-5a8d-46d2-aa02-5bbc8889e9dc","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":190,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"2ba04c04-38fd-4f25-a81c-cfc0f5e1bb93","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":190,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"b73394f3-bf61-4d4a-b928-0be964d85988","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":190,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"ece21f64-107c-4bd5-b6e9-b146b05351a9","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":190,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"62cef004-80db-4055-bcc7-e66ab5b25512","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":190,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"a8eb3416-327f-4b84-a239-ab6609b8681a","block_type":"box","text":"VMIG Scale","page_number":190,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"8fba30a6-9b75-43f0-953c-91286baa4d7d","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":190,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"54c80a3d-80bd-4625-848b-a6516c2c2e08","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":190,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"dd2026bb-f0f8-4929-aeca-015c88b315b4","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"0f59bf2d-574e-4e33-8aa9-6dd72887328c","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":190,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"cabf84b9-2f01-460a-938b-0cab91999277","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":190,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"50e5dd79-86c4-49d9-8144-a633e22dc1b6","block_type":"box","text":"payment of purchase price upon demand.","page_number":190,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"9eaf7517-1187-470f-9b9b-7ac3a5ef71e8","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":190,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"f480c6e2-7938-4c88-b6c1-f0aa7e896be2","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":190,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"a79a01d0-c323-4edd-9b3f-95619904307e","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"5f0f88fe-d676-4f66-bc4c-a6c9fa2a9f5b","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":190,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"2f006e5b-8aa9-4d52-8c33-1e69470891c1","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":190,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"47e0920b-4c81-48b3-936c-a7b4c192d152","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":190,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"533135ff-08b0-473d-a881-f5b710b70c60","block_type":"box","text":"price upon demand.","page_number":190,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"31fc800b-f90b-45b2-badc-24aae92e2d4e","block_type":"box","text":"A-3","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b892aa79-7421-4ea7-a135-3a08ca46d542","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b81dc9d-aa30-45a9-af98-6ce08fa521a3","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":191,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"efcf9c99-9940-47fc-b7fd-b4943833dc54","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":191,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"9915dfe3-e626-442b-a8bb-32a10da8e2d3","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":191,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"d2e24f5b-17cb-43ba-821b-dca68ba9cd61","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":191,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"e71fe509-9e94-408c-8234-c3241dfb1aec","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":191,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"ef6e2af4-b3fb-4958-8697-4e023b784956","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":191,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"bfbb0b41-52a9-4e03-9313-a3e03c602aa9","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":191,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"5e22421f-390b-4f62-992d-d231f332de87","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":191,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"95cd2ab0-70a2-4298-9f72-69342f0a798b","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":191,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"312c9439-c99a-4222-9020-96c07ce16082","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":191,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"5844998a-278c-49ee-9cd0-6622a08fa921","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":191,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"58e2d493-f024-4a78-a844-786249063ee2","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":191,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"6784d3c1-3d12-4ea6-ac47-64450ba824f5","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":191,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"c3b50019-85af-414e-b319-039021b828ff","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":191,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"5f87cf3e-4500-4668-a2e4-48c18153ad21","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":191,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"74611bd1-d3aa-4ed5-80bc-77d0329457a7","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"9ff02fc3-059c-436d-9295-8773f751b061","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":191,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"a922f22d-92ee-4e40-8e3e-79db7c11188d","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":191,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"5e4c06a0-5dd6-4ca9-babb-dffdfeeac5c1","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"1ee7b761-740b-4bf2-a145-1eeec345b88b","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":191,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"ba7b14b2-b0e2-42f8-b52f-8a33657a6a6d","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"7b0770ba-fac3-4f94-8e77-b6ef706cde89","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":191,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"478c8575-9bcd-464c-9dac-1d630ae8d1cc","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":191,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"0f83c39e-646c-4b41-bc41-e2997e360554","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":191,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"c523a8a4-09fb-4155-8608-c7aad2dfc6a6","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":191,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"903b95a3-6e2b-4adf-b12f-129efb8abcba","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":191,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"69017d7b-774d-4513-b37a-d0b69236d20e","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":191,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"d22696eb-fa1e-42c7-b6d8-5d38c864fdca","block_type":"box","text":"obligations.)","page_number":191,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"57291663-3e10-4378-8e9d-ef453da92430","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":191,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"4cc06d69-c464-41cb-bc5b-a6da6379719e","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":191,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"387527cc-e2cc-4dfb-bb98-b5a13e1210ac","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":191,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"012441a8-e37b-43f2-966d-ce8bcdecc181","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":191,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"2a42a7bf-723c-4011-8853-c6146d2f4493","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":191,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"7b96ebea-64ff-4a92-9f35-03e8d6b075b7","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":191,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"2fb290e0-b7ac-45cd-bcc3-a4dcca5df7f2","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":191,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"b0cbf041-16f6-4798-802a-31cf71ab6d33","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":191,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"9084f5cb-2171-456a-a27a-a28920af60e6","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":191,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"8211b598-9de3-4c3b-97a6-37de0ce72fa9","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":191,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"7b009c67-621e-41d0-8e8f-be2161e1a198","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"be1b1a1b-d47c-4fad-b521-8b0783e8945f","block_type":"box","text":"BB,","page_number":191,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"5151d208-fdba-4ba7-baeb-9a79c0efadb2","block_type":"box","text":"B,","page_number":191,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"a384e1da-a387-4843-8e9e-0e656a79aecc","block_type":"box","text":"CCC,","page_number":191,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"a2d5f0b4-3a53-4188-b91e-212f6100bf8b","block_type":"box","text":"CC,","page_number":191,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"088bc3d7-7bde-4bf1-adce-27f606d31a15","block_type":"box","text":"and C","page_number":191,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"78f9ed17-45cb-4437-aa85-c4cafae4ed7d","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":191,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"b5ba7e6c-ea5e-47f2-a279-8670dbe54536","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":191,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"a48ad6bc-8341-40ff-b094-d2c31e13bc1f","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":191,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"c495f4ad-5adb-4773-8c63-a35f068ae71a","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":191,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"d9f33183-bbb1-48af-9662-bcddfd078973","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":191,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"bbb07274-2b6c-47d9-bf91-43a385ea0ec2","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":191,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"124f36f1-b27b-4918-a95c-2bc0b3d4888a","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":191,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"652d5675-85dc-4199-8b24-15d1b06e7c3b","block_type":"box","text":"on the obligation.","page_number":191,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"919144d6-f2a4-49ed-b066-a13768e34ef9","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":191,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"1db6d622-0f2d-4c2f-a54f-dd74d2cb21b7","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":191,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"76e8d5f1-8f87-43fc-ad95-e82496b4965b","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":191,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"e6774791-9c97-484f-8a04-f36bfce9d8cb","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"8354972e-01dc-42b0-ac34-3fe290225939","block_type":"box","text":"A-4","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"6255eff5-874e-4547-9af2-cf007687e69e","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c35d9b9-a4c9-49e7-9b20-356bd04486d4","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":192,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"b0d1895e-edcb-47a7-8cd0-a8358ba21da8","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":192,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"cd35b8f4-1226-4dc5-a02e-2b63198fdda1","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":192,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"4aca19dc-9df2-4bc3-b515-9e0b410bc178","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"574bc2b3-fee7-4f80-b722-0770c0025e86","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":192,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"33c0321b-f9ba-43dc-886a-f36b0bb4e72b","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":192,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"cfa70a86-776b-41f6-98e5-dba6c1376e0c","block_type":"box","text":"anticipated time to default.","page_number":192,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"6d7fa19c-0df8-4163-9684-292fd297083f","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":192,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"7590e9ff-2e9b-4e2a-a2b3-55cdb00377a5","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":192,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"8f07a61e-c3bc-4295-b3c3-df7d14b81102","block_type":"box","text":"higher.","page_number":192,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"ec76c042-ecd5-4218-8f0e-3c6970f99e07","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":192,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"d010a6d9-1482-46cc-8917-63c67d8b6739","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":192,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"12e4c330-b651-43bb-a72f-4a01cb8bea45","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":192,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"376a7c54-542f-46ba-8e9f-09c76c2eba89","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":192,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"0951cf9e-376b-44af-a7b3-f649af2780fb","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":192,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"d3af1748-86c5-463c-8044-189a53613822","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":192,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"42b541e8-6a44-4f0e-80e6-51b8861fd1b7","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":192,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"fe42e16c-be0a-4291-b8b8-39cfcb3794ce","block_type":"box","text":"restructuring.","page_number":192,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"1f994ad1-f12e-48d5-b83a-5f6d6585a9eb","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":192,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"c98a419a-dd5d-4766-b0af-05ef6d876466","block_type":"box","text":"standing within the rating categories.","page_number":192,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"4728f70a-caba-4c4a-850a-69cea9cd48df","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":192,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"28f2a488-3337-42e4-88eb-e91dd09a20c0","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":192,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"f0c59080-166e-4da6-8e7a-63641f444013","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":192,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"cc540540-d732-4d15-a891-b6531a05b17e","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":192,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"b5bbb105-b42e-4611-8a44-2165c648a06c","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":192,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"f63e2ea9-f2d8-4e46-8664-edbc3472a410","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":192,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"5f3c080f-3c22-4640-8072-2bf1cf77efb4","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":192,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"7698fcc2-d486-4c71-a252-1193dfc6ce5e","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":192,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"0a0b58df-5a3f-422b-b129-8c898421eb79","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":192,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"95945749-81f8-4b74-b481-af3bb584fd70","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":192,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"f630d25d-f55d-43dd-b4bf-04e0a6b23f21","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"6b2d233b-e258-42c8-84f1-9eaae0bd1230","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":192,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"111c7ad1-eb4f-4bb8-8f5d-06acdc5e4d06","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":192,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"8f57088a-3992-41d1-bb3b-049c7c9d01f7","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":192,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"04000d0f-ea39-48a4-9e04-6c0f9b2f4926","block_type":"box","text":"financial commitments.","page_number":192,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"9cd15f48-7184-447e-9cad-a93d2f2f29c4","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":192,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"1ad95214-a771-4561-a677-3c33707a9bb9","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":192,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"30f231bc-208d-4ab7-b0ef-61566f909063","block_type":"box","text":"commitments on the obligation.","page_number":192,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"59018de7-26d4-454e-999e-ad8ac2219fd8","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":192,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"ecde45ae-d017-4153-93cd-193b9f017bf1","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":192,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"aaeb2725-ac09-4e4b-8499-e17abf4c047d","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":192,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"57b78489-1bf5-48e2-9108-a89c13b02774","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":192,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"1528ea27-a950-4e22-8464-e8505c524cda","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":192,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"aa9ba51a-64ca-4f5b-9ab0-ffcb1daecef2","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":192,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"70737240-8b54-4ac4-8291-0515bd010e96","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":192,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"93d269c8-ca04-478c-bdbe-7ec4df97d286","block_type":"box","text":"debt restructuring.","page_number":192,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"a3205e34-71ae-4cfa-9352-1f8942154e12","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":192,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"8816168d-91e6-47a8-a555-1152f62342d0","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":192,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"8e3f1818-77ae-46b6-9783-c950782bb83c","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":192,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"4efbda8e-8505-48a0-890b-c0ad44776b2d","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":192,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"7e8615ae-a810-4f66-8c2d-3f53b8ca0cfa","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":192,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"470afe45-dfc6-4406-ab48-67bb39280ceb","block_type":"box","text":"A-5","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"ad41edcf-75d6-4f35-a4c1-f9e8fc198eff","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0d3800d-1fbe-45a3-b617-367e1d442604","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"fc7e1435-5f2e-4baf-88a7-f1ee57f6bd30","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":193,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"c415b0e9-40ca-4673-98df-e34ae2a67254","block_type":"box","text":"as a note; and","page_number":193,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"16941ccd-98ec-4735-8ca9-65ab95fa697a","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"6136bbe4-e678-4c4b-bb00-02960d7e8a43","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":193,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"87e40c66-c7b9-40c1-ac97-347f06c63eb0","block_type":"box","text":"treated as a note.","page_number":193,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"736b84b3-0660-40e3-b5ff-98651be6280f","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":193,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"76eba648-f05c-411f-b768-e00b4650a71e","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":193,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"92c8d8b1-2bb0-4b2b-8b34-0e8f68deb053","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":193,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"9dd41a07-a4d3-4ff2-90bf-86059c833486","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":193,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"8af5900d-ae76-401d-8cf9-4929fb9af907","block_type":"box","text":"economic changes over the term of the notes.","page_number":193,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"c2c1161f-3bc8-4e07-98f1-21eda3a3bd68","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":193,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"efff1064-0719-41cb-a913-3799a4a91e40","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":193,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"7794f9cb-cf6f-4a42-b75c-7feb15be4cc0","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":193,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"e5776c81-c0a0-422c-b37e-14551bb2924a","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":193,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"fedb19be-71c0-46f9-a810-85a990578157","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":193,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"f676af4c-e212-48b8-98a6-e92c36c70d87","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":193,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"1bf890c0-7065-4da9-bb75-925f96fec842","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":193,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"e80cffe4-732c-4744-ac04-379a89d3d6b1","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":193,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"6ef406ee-5c43-4b3b-9b53-b062e559d12f","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":193,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"d8f26f4f-a6e4-4175-8341-63b5c26280b0","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":193,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"449d6830-df34-4bca-9b25-24ec1b8ca7b6","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":193,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"e700b436-e74f-41b0-81b7-373d77df9e26","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":193,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"9e3a878f-11de-4076-89db-d442578ca159","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":193,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"1d992cb9-7591-498f-ac5d-37cdf8c636fe","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":193,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"a6036934-2a31-4baf-ae0a-5c7c9979bd11","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":193,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"c8a8f046-844b-4131-8bb1-0b1d48980808","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":193,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"ec1ec7dc-7c23-4b62-99f5-00f5af0c15e3","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":193,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"bfc495c4-7015-47b9-83da-746453acda04","block_type":"box","text":"receivables or other financial assets.","page_number":193,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"35494cd0-f162-4470-bac9-87714eca2264","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":193,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"317bc0e8-b4c3-455d-bad2-35fa4a2f29c6","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":193,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"c2e5fcd1-c239-4279-a895-0f3b2b743447","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":193,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"6c1946f5-1f42-48cf-ad91-8147babb74e6","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":193,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"df20aaec-1303-4233-9f0a-3c93edbf844c","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":193,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"44f84226-2abe-43b4-8281-c4ec55573680","block_type":"box","text":"occurred.","page_number":193,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"0a500d25-d243-472d-84d9-d187ce1e46a0","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":193,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"de5a4d76-8beb-46bc-b333-82314ebd6961","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":193,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"42b9a328-13b7-4e3c-9f06-8e8cfff760bb","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":193,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"a35cef11-247d-4d66-9bb1-1f0ac56429b2","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":193,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"c1484433-79d7-4a47-95d6-d96715037065","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":193,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"d296605c-4ead-4862-ae18-6e6bc2d6a609","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":193,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"67337078-cb2d-43b6-9e26-184c9cba6caa","block_type":"box","text":"rates.","page_number":193,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"29320f6d-b2be-4a86-ad48-253414e7892b","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":193,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"9f7dde1c-0b38-4389-8589-220cbc94d673","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":193,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"3bac13a7-ef8f-49a4-8968-2957559b3946","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":193,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"a410d8a2-b793-45b9-a8ee-ed73500dc3ba","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":193,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"09ca4152-dba9-4b9b-ab9a-5ee114cd665e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":193,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"d9b05f94-19cb-4783-94ad-34b54db095a5","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":193,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"a8ff127f-1738-41e4-96ad-3c15d82d6b0e","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":193,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"6c89bdce-0151-490e-b061-d23ca300cfc4","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":193,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"53542165-84d5-4da1-a6dd-1fb3e165adf1","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":193,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"68aaaa96-4720-4e4f-9f3d-451dfdd59518","block_type":"box","text":"i.e.","page_number":193,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"ca836470-7b9b-4472-b068-6805ea2663bc","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":193,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"28ce4922-1f0d-46c8-b93d-fa7c0cd70259","block_type":"box","text":"the obligation’s documentation).","page_number":193,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"ca63030f-79c5-48ee-9edc-7675a220f3cb","block_type":"box","text":"A-6","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ce3dbc17-13b5-4bd8-836a-b3983072bc9a","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3b95267-7645-490f-aa5a-6e28762ffc55","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":194,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"c2f23cff-b9e1-4c7d-8210-72da75fd27f7","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":194,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"438fc60f-b4e6-486a-82f5-9e24d2d1be98","block_type":"box","text":"agents in the form of a rating letter.","page_number":194,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"da15bc72-5af2-4d8f-9440-bede81f3ce12","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":194,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"661e5f4c-9bde-4ef2-bc51-80aa1f430cbc","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":194,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"34184614-bec9-4e5f-827c-7e063d97edc6","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":194,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"032e4b86-54ca-4b70-bb30-69297d983a1e","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":194,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"af540a62-cd72-4e90-b01f-e868fbc9ff4c","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":194,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"254df4cc-7b55-4ddc-85f0-a27d92131f5d","block_type":"box","text":"e.g.","page_number":194,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"6bd3c213-a083-49db-9e28-6197bb78d575","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":194,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"31bffc47-bdc0-4e07-9177-f5edb4573333","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":194,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"73206431-52f9-4dab-907a-ea62b5e2ef11","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":194,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"8e3bef8a-1aa2-4ae0-9fb2-8c014c3e6f9a","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":194,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"fc971608-7b18-4b77-a7db-6f22aae96f87","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":194,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"da086344-8272-4115-9c2d-536d832a6f80","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":194,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"9f532589-1c72-4f75-a78e-2ca9eaaf52e5","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":194,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"e8f72fc8-c0e9-42a2-927d-ef88900ff8d4","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":194,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"b03dd432-3edd-4517-8dc3-2f96a59c51ba","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":194,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"75c976aa-f5b6-4a1f-b056-e9784db5ada5","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":194,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"5fe18df2-03bc-4cea-95df-486003ac0bba","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":194,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"846ab5cc-e08d-4b01-9ca8-250f4be0aa89","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":194,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"a5ac862e-68c8-4a3e-843f-0db0923c0805","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":194,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"2a73d33b-d260-4adf-a0d5-c6f173ed0835","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":194,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"8cd9b8d7-bebb-44e4-a15e-fa5491fc324b","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":194,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"626e9ae3-f0d7-41fd-8b1d-42b20065b318","block_type":"box","text":"Ratings.","page_number":194,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"e0df14da-f9d5-400f-83b2-b2539254b331","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":194,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"44ebeaf6-d748-4de6-a9ed-471c739b7bde","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":194,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"65185ecc-a2e7-4ae6-be95-024a5a6c5b37","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":194,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"dd1be83e-ed7c-4d49-9989-8d8553a760f5","block_type":"box","text":"obligation ratings.","page_number":194,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"6580e535-988a-455f-8f16-90891cf915fe","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":194,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"a714016e-e874-49d6-a8b8-9f951fd3d7da","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":194,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"34657140-5f7d-40ed-90be-2ae793893d41","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":194,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"0e3715e1-fe5e-49d2-9cf3-242d8cbcf52a","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":194,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"388b99c5-24b2-4958-aaaf-64c2ceaa96e0","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":194,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"1b6df4d2-6b26-402e-b66d-1923a4086b63","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":194,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"28c29f9d-f460-465e-a3fa-fb9455553cf2","block_type":"box","text":"to foreseeable events.","page_number":194,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"4b8437d7-335c-4dbe-b43c-14e14c18b70a","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":194,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"12162002-58a1-4724-b203-f729ae3cd8b8","block_type":"box","text":"financial commitments is considered strong. 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The modifiers “+” or “-” may be appended to a rating to denote","page_number":194,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"1d16179f-0502-4b66-a9e4-4d6a06089b08","block_type":"box","text":"relative status within major rating categories.","page_number":194,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"4fcf01b7-1d97-49af-bff0-6ddae10a8545","block_type":"box","text":"A-7","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"05a254bc-ee49-4f2b-adad-5d1916dff0d5","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd6ae001-caa3-4706-9c7b-6b6c6742c5de","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":195,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"5207aad3-c4a7-408e-8160-1a7ee3f7a952","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":195,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"8e847109-7b1b-4e88-bcd5-1328c39ca67b","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":195,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"91ab6e81-cc98-4deb-b414-931d3f8a43ca","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":195,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"e77f320a-ddd1-43ac-8d03-bc626a461989","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":195,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"65b3e3c1-415f-4189-8301-646e2be68e97","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":195,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"e46fb504-4943-46e0-af58-eda7637418e0","block_type":"box","text":"relevant obligation. 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Typically, this means up to","page_number":195,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"86bc0904-efdd-4f35-9d86-8026d616e2fd","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":195,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"2adc1f98-2bb5-42c7-b38e-0c47fae50c2f","block_type":"box","text":"finance markets.","page_number":195,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"f65edb71-709c-4b08-85ba-482c925d3cb8","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":195,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"78f95bef-52ab-473f-9fa8-db90a7c9949a","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":195,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"bd43bc62-7150-48c8-9df4-8108155df730","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":195,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"a994eb4a-f3e3-445a-a59a-4d3f2b78c1cb","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"2165f60f-85d1-4698-80ad-9ca4b943dd11","block_type":"box","text":"commitments.","page_number":195,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"761833b4-bac8-492d-acf8-d32ba9a6ba90","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":195,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"53a70442-e3de-4f96-8e44-f005ac764aa6","block_type":"box","text":"adequate.","page_number":195,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"abbeef21-b4d3-4ccc-a374-54cf1bfd41b1","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"31c2ccf5-fc7c-45a3-a1ed-09568868dc03","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":195,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"663064e6-825e-46a4-a613-69641c803111","block_type":"box","text":"economic conditions.","page_number":195,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"80e40cb8-0a50-44d1-8f23-19045e53a301","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":195,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"e5f25bfb-eb35-4368-ba0b-aa43999e0b34","block_type":"box","text":"RD Restricted Default. 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Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":195,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"326bad44-f00d-458b-8f9e-21d49bdc9680","block_type":"box","text":"obligation.","page_number":195,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"62822796-4232-483b-a194-ca2371cbc17c","block_type":"box","text":"A-8","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"291f98d6-72ff-4901-9589-ddf040c71abe","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d807d679-7e13-471e-8417-4cfefbd46802","block_type":"box","text":"APPENDIX B","page_number":196,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"2454685d-ac76-4c6b-8d41-1b60382ff865","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":196,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"d83e077e-cf15-4c24-818b-b5e60174cca6","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":196,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"60a8c446-6497-4830-b04b-d673058672da","block_type":"box","text":"Effective Date: January 1, 2025","page_number":196,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"fd959eda-8a54-40ae-b3d1-42a57b1b618f","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":196,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"3099c510-dae2-4c6d-a48d-c4fde7a4a5af","block_type":"box","text":"□","page_number":196,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"d321657c-a5ed-48b4-a931-a5be0984f7a1","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded 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Funds","page_number":196,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"815146cb-ed49-4db3-9ba1-7f3083c02bf9","block_type":"box","text":"□","page_number":196,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"0b56eec4-fab5-49b8-8a54-20922d8106d2","block_type":"box","text":"Other","page_number":196,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"226e88ea-2e8b-4d00-ab62-eb5ed974588c","block_type":"box","text":"Objective and Scope","page_number":196,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"1c9877e7-0662-4f79-ab37-f54373a294d2","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":196,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"67a20a1e-b14a-4794-b6b3-9aba984f9398","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":196,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"8bde24a2-10e7-4338-afcd-47f191311b75","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":196,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"1a5bb685-9486-42a1-8590-fa54aa41607d","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":196,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"7983b852-5d16-4f07-a4fa-3f43658fbd7a","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":196,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"350d24fd-8ef2-42d2-8c7e-24ee30b9364d","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":196,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"a96b1d7a-501f-4551-8861-2304e6be7141","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":196,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"6cfc09f7-ed9b-4d31-afc1-2ae01e78ac68","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":196,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"36c17e8b-3dc5-427f-8432-7bfd87d83d0f","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":196,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"d25139cf-98e6-4332-894c-54727c7506c9","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":196,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"c323bbb3-852a-4982-9010-6bdca697a79a","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":196,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"95b81177-17e3-43af-a23e-149ddc29f708","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":196,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"6f6b58fd-a8a0-4d82-8d30-552111eab6df","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":196,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"e176eaa2-d412-4f83-aaf5-9b06e029036c","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":196,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"5024af6d-5e7b-4b38-bfcf-6ee51dd15e92","block_type":"box","text":"Conflicts Management","page_number":196,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"4c281f34-0ca2-45a6-ad68-e2145a4faacc","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":196,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"a9bf2236-da6e-4bda-9bcd-712aed1b1a46","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":196,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"d78cb60c-a38b-4f47-8d4a-3ebb2e302b1d","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":196,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"5505f9bb-faf2-4a08-b61e-d541a0d77d56","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":196,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"830341b3-10cd-4191-a439-81c26ab9ce7d","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":196,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"fc63db02-f260-45a9-82ed-abda1d0e4afd","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":196,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"8edc66ab-8ae6-4bac-8664-49371af6a232","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":196,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"8de29f1c-3db2-416c-913d-9d7f5ce6f46b","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":196,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"068f8896-5c47-4782-893b-9cbe35000af7","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":196,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"8c631d5d-fdb6-48ee-9faa-d18032854029","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":196,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"beb72ed3-13d1-49d2-86ea-128503e54dce","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":196,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"25693c23-c7bc-49dd-bd6d-5aad081d5ef0","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":196,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"9faa39d7-d794-403d-bd04-e268dc2453e0","block_type":"box","text":"in clients’ financial interests. 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BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":201,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"766a111c-e39f-4cf7-afd6-066e1e701621","block_type":"box","text":"this work with research, data and analytics.","page_number":201,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"149e00d2-0808-48da-8b4a-2a4a974443b9","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":201,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"ca76ccbb-b061-461c-880c-05217931725f","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":201,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"2f7b41c6-d5db-4368-ac30-251346185059","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":201,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"5f4e3994-0e5c-4671-a48e-600ff2cd9d46","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":201,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"6315816e-a80b-4660-9a26-f39a14958ca4","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":201,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"f4f72ce3-ad55-48db-bc6b-21714c145d52","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"8d1fe365-82f3-4d53-a55c-eb2f07f58742","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":201,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"176425d8-3f5a-43c0-84ec-69360202269b","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":201,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"5e6a7052-e6a5-4182-b772-38333e3f81ce","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":201,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"d38499e9-80f8-45cd-9120-1e14d04224ce","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":201,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"f5a07a50-ac25-48ae-a665-d62540c8f42c","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":201,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"c67b1265-d094-4812-9bc5-ea4d6f016013","block_type":"box","text":"shareholder meetings.","page_number":201,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"9a7a749e-9ddc-4dad-a731-6654c0f3c251","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":201,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"3f75156a-aba9-411b-bc75-ddd293653bbe","block_type":"box","text":"investing.","page_number":201,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"5d80d119-8060-46ae-9ff0-f11faf698ffd","block_type":"box","text":"3","page_number":201,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"eb40b2b7-ee8a-42bb-9865-554b3f9201b5","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":201,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"5302c337-f4e9-445b-a0fd-51a85c923f30","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":201,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"2c68adc8-2d29-469e-b255-40a432d39558","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":201,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"80763c6e-1e35-4887-af06-3fec116f862f","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":201,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"a2a7cb8f-6e86-425a-9005-2339f7417a2d","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":201,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"80277935-34cd-442b-91da-911de67c7942","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":201,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"bf669827-9aef-4edf-b809-92c5d082cc2f","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":201,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"928f8c69-6a18-4af5-b7a1-1b2ad113c9c8","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":201,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"f94db564-e6d7-4034-b07b-ec10c7943737","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":201,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"418bd996-01ed-456f-8c32-dc3936c742e1","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":201,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"ab6a6488-2750-416f-b019-f932f11b6c4d","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":201,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"ab492701-3a35-4f14-9bc6-22d162161726","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":201,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"0836b93c-ed38-481f-a5d8-c022702534b9","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":201,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"9bd3c83e-e59b-4127-a3b6-16c27bc71503","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":201,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"1bcb272d-5df0-4938-9443-6d0a4a205522","block_type":"box","text":"management teams and board directors","page_number":201,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"c962bf9b-c973-48f0-bdc3-0c5d806bc863","block_type":"box","text":"4","page_number":201,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"e39b9c46-b2c0-4fe3-bba5-fea05d847fa4","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":201,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"222bc64b-2c24-4da4-9d62-7e746b77766a","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":201,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"e399a7a8-0ad7-45c1-8f0f-43fc3c65e5de","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":201,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"0a1dba07-63dd-4391-9941-faa98f0da5d9","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":201,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"acd1beca-b11d-4673-a127-44a38ef90b7b","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":201,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"bdfdfea7-8bc8-4d17-98e2-616610ed4843","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":201,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"24aa6aec-9866-45cf-bc68-dc77e6eae3b1","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":201,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"72bbdb66-7963-4718-925f-57b0561d8cb3","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":201,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"21e9dfbc-cb07-4faa-9c21-2c2b7fa41d3f","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":201,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"aee8d764-90d4-4f29-ad69-b7ab3ddfd18c","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":201,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"b41154e0-8a2b-40e4-90e1-697748a8dfee","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":201,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"fc7cc851-4410-46c3-9d90-4eb579601205","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":201,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"6c5ced55-bdf6-4e31-9f18-f26b8d9b9303","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":201,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"aa551699-87f7-45fd-bbfa-71abdeb9206e","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":201,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"7eb9b882-0848-4cfa-b06e-3f8cc2362650","block_type":"box","text":"3","page_number":201,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"ac0affc9-6de8-4e48-82be-b47032b0833f","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":201,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"32471259-3748-4acf-9f8b-18cba708bdc9","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":201,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"b2994e61-5927-4e0a-aab3-89a295852493","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":201,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"7ac9de02-dc0b-475f-81e1-ac796fd7b832","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":201,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"43dd0dfb-7d3c-4277-9da0-98a43f34d08b","block_type":"box","text":"4","page_number":201,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"587eca19-834f-4daa-a114-b18ca51bdcd6","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":201,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"d1a10f0d-5f52-4b8a-a168-7836fbb2e564","block_type":"box","text":"boards and their members, where relevant.","page_number":201,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"eefb5d85-353e-42db-b3a2-2b664912d049","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1aeb0126-ad5b-470e-aea2-e2207e3a899d","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"57234878-9aa0-4049-aa32-c3f5ef79d5a4","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f70fab63-9c3a-41fc-abc1-e70563fa27d5","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":202,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"70781075-06d4-47ef-8f2c-15c2974e8e7a","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":202,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"b8059ae2-1445-40de-97e0-a1fe57f2f9db","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":202,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"26198320-a228-4b6f-ba92-c5f28f718e6c","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":202,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"f2744166-22b6-435c-a495-56a90090c919","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":202,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"384bf9e8-c099-40d2-acbc-a864fb3554b1","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":202,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"149abcfb-5fc5-4dd5-ae2f-d94ecc2c9d94","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":202,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"9ae5e0ee-e548-4b4f-868c-0f87103f2166","block_type":"box","text":"5","page_number":202,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"f91c2add-227f-4f9d-b1f2-fda5f2aa16ba","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":202,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"c54c7f21-a13d-47dd-b058-e8fc73d39826","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":202,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"291f8e1c-338d-49cb-a682-5f0cd67b849c","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":202,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"6f1e2b66-c689-4df0-a201-9e8182149d84","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":202,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"91e02c57-2969-4f9a-af16-8075071160b6","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":202,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"f4c54c22-a6f8-482c-8f40-f4d432bd92a9","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":202,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"f834e87d-4bef-4966-b5bc-20ab6f5aa26a","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":202,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"947f25b0-d1ba-4b8d-b262-0408a9286af3","block_type":"box","text":"5","page_number":202,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"598b4111-3754-430e-b1cd-596c3c5a9d07","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":202,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"ef58f072-9224-4b97-8374-dad7bd7ca45a","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":202,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"408e9a37-a175-4f8f-81fc-0c8346f302c1","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":202,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"ecbe073a-9c6e-427d-9c85-cb64b70d22b9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"69bb773f-78bf-4d20-bb4c-3908a08e2f81","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ae5a04d6-9dbb-4886-98f8-eae3f54bf75c","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52e231aa-fe25-463a-9dc1-2eccf8bfce82","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":203,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"f5990b06-e4e7-460e-9592-274d8e885e4f","block_type":"box","text":"Roles and responsibilities","page_number":203,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"fcdf1f7d-4ccc-4eb4-baed-860711291a5a","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":203,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"de618351-9059-4b28-ab58-128e42ff0a5d","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":203,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"22497dd8-6aa5-4544-a96a-a3dda59f0826","block_type":"box","text":"6","page_number":203,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"be14d3fa-6c09-4bfc-a2b9-3c7e1a80d000","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":203,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"6d9092c8-72a2-474f-b41d-1e0b1020b6cc","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":203,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"214aef98-624c-479e-8f39-0cb75592f995","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":203,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"33e62f9e-e944-4f2a-a970-fac7dd951f65","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":203,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"4a789a78-23cb-4e96-8ab7-d1aefc40c252","block_type":"box","text":"per formance over time.","page_number":203,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"8e7ef2ad-46fa-4801-bb62-d707edfbf067","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":203,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"2f76583a-fff8-492c-bb91-f5a57fcd3227","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":203,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"b8786728-1c5d-4aef-9886-1d0b22b8b166","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":203,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"415da07d-9b0e-4951-8392-7b0c2f3fc428","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":203,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"7057140d-09f1-4af1-a708-658c96deeacc","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":203,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"351c9e8d-8a39-481c-a30c-d4eb289a1a45","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":203,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"2ad5318a-52bf-408c-84c3-658554f06e02","block_type":"box","text":"Composition and effectiveness","page_number":203,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"96b2b98b-29b4-472d-9a07-484e545ef71b","block_type":"box","text":"Appointment process","page_number":203,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"a87fd1cb-b277-49ab-b7c5-14524b2b8ff4","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":203,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"1c250cb5-3b36-4982-95a9-403a9e93b465","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":203,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"426b3d67-3b47-4e7a-8848-5bf00564c740","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":203,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"f56f0cfa-34e4-4d9e-b0b7-1ba484b91128","block_type":"box","text":"e.g.","page_number":203,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"ed153fce-1d5d-4455-b29a-2f3931994991","block_type":"box","text":", sector, maturity, geographic","page_number":203,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"789f3750-3987-4a36-9a34-1703b2f5b6fb","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":203,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"fadfe79c-cc4b-41e6-926f-60fa456bb095","block_type":"box","text":"e.g.","page_number":203,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"738a7e8c-653b-4dc3-b934-e9f17762c722","block_type":"box","text":", financial exper tise, industry track record). To","page_number":203,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"f0d7289b-dd6c-44ec-9270-ba24b22f3f0d","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":203,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"59f6a567-041d-4b77-ae3f-4ee8de402917","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":203,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"32b98794-6184-494b-b6d6-5a110b5e4d7c","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":203,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"afd76005-c465-4fb5-8135-e92f6aefdfc3","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":203,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"54a9b399-bc26-45e2-bf69-721c1db8da11","block_type":"box","text":"and local market requirements.","page_number":203,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"e0506937-9b38-4c6f-951c-9ad7f0873e0b","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":203,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"57bc648a-7b94-44da-9a25-363fef6e8c0a","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":203,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"c2e4dca1-af61-410e-ab92-ae9b47c79421","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":203,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"2d35e78f-5be2-41db-b012-2a7c133e05ca","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":203,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"f8cbf0f3-4101-4add-8aa2-06210c4618ac","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":203,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"b5b5636a-ee21-4594-8abd-61befa27e7a8","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":203,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"27207b30-a9f9-49e1-95a8-08addede5888","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":203,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"f15ab598-dee4-4863-89ce-a17a06403ec3","block_type":"box","text":"Independence","page_number":203,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"b0b39ae4-b50b-4de8-9031-34355df32603","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":203,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"2e6200cc-c7ff-42b0-a96f-a3ccadfa5c1d","block_type":"box","text":"e.g.","page_number":203,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"044b07e8-4baa-40b2-82a1-97608f4489d3","block_type":"box","text":", government or","page_number":203,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"5e529c1b-649a-495e-8028-24593a5aa789","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":203,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"bc852fd6-a468-4d7b-8fcd-5409f6a11543","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":203,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"3b012ff5-1d16-43c2-911e-6d67efdec50b","block_type":"box","text":"conflicts of interest or undue influence.","page_number":203,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"fbbf29e3-87a7-4d9f-9ef2-98c577e3eb38","block_type":"box","text":"7","page_number":203,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"a01351f9-bda4-445b-803c-0dcb10ab73b7","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":203,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"ee98d771-15a7-4ddd-87db-c41873f82da2","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":203,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"f1b8306e-acd0-46c8-a655-10df19819c10","block_type":"box","text":"independence should meet those local requirements.","page_number":203,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"ec173b51-0a88-48b5-bccd-785679043f14","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":203,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"e6bd1ff4-7129-49b1-b191-311bb17b3093","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":203,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"05d7efdf-fabd-4ac2-89b5-c5ee81cc188f","block_type":"box","text":"composition if this is a perennial issue.","page_number":203,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"f566b8a3-c679-4d34-9e79-2fc3036fc646","block_type":"box","text":"6","page_number":203,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"db6b9bf0-b933-4114-93df-f724aee8448e","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":203,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"3aa10793-561b-4f61-8ef9-7a10c862937d","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":203,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"67d302b5-6ee3-4dca-83c1-b6148ba55968","block_type":"box","text":"7","page_number":203,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"df9071d1-14bb-4812-b48a-51e19ebf2e2f","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":203,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"16297719-f04b-4838-86de-f285ea4f7ab1","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":203,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"42283e31-41fc-4a12-ab61-127dc3382aba","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":203,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"fcf5f4a4-6839-4c2f-8809-3b045ed5c561","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":203,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"2aa13f09-2d65-4000-992b-7e132e065b8f","block_type":"box","text":"of the company and shareholders.","page_number":203,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"b7558e67-f86b-4040-9e7a-e28b0f3d8c1b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ca105e5a-c142-41dd-9f07-46b645929767","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e7b918a8-dcc8-466f-9f5c-c9973f0d74e5","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bab92943-13ee-4284-a63c-2f6af50c2b28","block_type":"box","text":"Independent board leadership","page_number":204,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"10d1832f-20ef-4d04-869a-da2e57dd0179","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":204,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"b1503fd4-b762-4131-ab4f-69dee63f508a","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":204,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"a0229573-49b0-421b-9e5f-248c52699a09","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":204,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"bd620558-4e43-4d1e-ad20-549a908d0c85","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":204,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"cb06639f-d07c-4a4f-84d5-06f9f82f9eb2","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":204,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"4a5a9c42-e9ec-4a82-9b1f-6b741b854362","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":204,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"66f0a895-d296-4753-a071-d6b58279a878","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":204,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"88a07cd4-a753-43af-8b93-18bdf314351d","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":204,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"fbc97ed4-48d2-4d02-ab76-3e41ea22732d","block_type":"box","text":"how it serves the interests of shareholders.","page_number":204,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"63e86c68-6d40-4ac6-b246-875cfa2bb4ae","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":204,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"75332c18-560b-4e0a-85a8-ff6100c9549b","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":204,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"93413f13-0a8d-439b-a25e-cb8429fde650","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":204,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"59d3ba86-f371-4346-9e9c-598fe13aa957","block_type":"box","text":"Tenure and succession","page_number":204,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"add8a5f1-0fe5-4e79-8033-8281f36de833","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":204,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"e6292970-3c8d-4e88-a838-2f8e2a575254","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":204,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"93eb81a6-ebc7-447b-b247-d9d2da4b8971","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":204,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"4e5ff710-d77d-4282-9a71-9499142eacd0","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":204,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"4185a09d-6e4d-4e49-96fc-5b094beba6d7","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":204,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"5e741fda-444d-4a39-be3d-f0caaf86b972","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":204,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"e757c76a-6703-40a2-8d5f-aa949ced4b2d","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":204,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"7dd9a9d7-6281-4423-8bed-8ed5a4bdb45c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":204,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"a1570c11-1783-4e28-9cbe-fd5148a86bd7","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":204,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"5771ba49-15ab-444b-9f21-8eb9ab42af00","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":204,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"6a5c46c1-1ffa-4103-ab66-3be456c85784","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":204,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"3110dd99-d287-4213-826c-89afc6a6e3b2","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":204,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"5d9f32df-1876-4099-a286-6e2bb6d22540","block_type":"box","text":"for their continued service is not evident.","page_number":204,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"3770cec2-73de-4639-99be-9268ec870ff0","block_type":"box","text":"Capacity","page_number":204,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"609fea22-09cc-4ddb-90ec-d38756676dd8","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":204,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"771a6b3d-004f-4fcd-8789-971068fe7754","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":204,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"aac2a0ff-c58a-497d-aa53-eeb041bfcdf8","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":204,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"2a88f956-93ee-4c0a-9fee-79b2245389e8","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":204,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"8940b5a9-637f-4deb-8bec-89036c9dc379","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":204,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"88bccbae-8337-44b0-a40e-bfef051daf37","block_type":"box","text":"determinations across markets.","page_number":204,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"25280055-6a6e-464f-8e5a-6d23650ea549","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":204,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"6597f26b-d6ff-4f7f-bb7f-a9f66c026771","block_type":"box","text":"their duties to the board and company.","page_number":204,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"9386d7af-e1f2-4bbc-85ce-dd598e26b72d","block_type":"box","text":"Director elections","page_number":204,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"182441f0-2c91-43c8-883c-d57936135245","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":204,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"8a69d241-5bd5-4c89-91a2-d4190b6b8f45","block_type":"box","text":"structure","page_number":204,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"feb300a4-088d-40fb-92cb-0e3b2595d6d4","block_type":"box","text":"8","page_number":204,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"a1f13762-2d45-4700-a43c-5c657955a467","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":204,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"c61409c5-8fc9-4bc3-90ad-d404d93b6a83","block_type":"box","text":"basis of its business model (","page_number":204,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"64a9be72-59a1-4371-ba30-b11dde342847","block_type":"box","text":"e.g.","page_number":204,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"8c42db60-fad9-4bad-af88-65763d6ab555","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":204,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"0b5a982d-6a59-4848-9898-11551f432286","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":204,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"ab05d525-a8b1-46a9-a1d6-ccc8616e2787","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":204,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"d0393141-b274-40c6-a43e-42d8a2bd0248","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":204,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"49d9233c-6c04-4be9-bead-9099b5ef783d","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":204,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"f5cd2c5b-20f3-4483-a6fa-73db4ba5b3e9","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":204,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"93712606-55f9-412e-a39e-f32d622d91f4","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":204,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"9a4102eb-493e-4b9d-88c9-1b6f45c68d87","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":204,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"8e1d8cc1-4a22-4a88-9587-97a3e8914ed0","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":204,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"af67776c-d9f6-4fa1-9228-7ad209af9541","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":204,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"2c0724c2-414d-429b-96df-956640798355","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":204,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"1ce206f3-bf06-423a-9c3f-33a7222778f6","block_type":"box","text":"8","page_number":204,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"e4ec67ef-e2c0-41ac-ae10-601d236d1f60","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":204,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"3739b830-8e23-45b1-a7d5-3baa16f28c42","block_type":"box","text":"directors stands for election in any one year.","page_number":204,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"6b8eca8d-510f-4d65-81a9-eefae84df532","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6f4c9107-d15f-44be-beb4-cf4e8e60d3bc","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8813ab5b-3669-435f-9cd5-5216730c71ec","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1839fb8a-f548-47e9-bf5a-bb73b5994679","block_type":"box","text":"Committees","page_number":205,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"93455799-dbf4-4a8d-88d1-da9cab48dd28","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":205,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"5821c11f-0f23-4831-a71c-364c29e976ad","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":205,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"d0b1d82e-0174-4f81-8eb6-0e0cb178fa87","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":205,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"31fd3b26-931c-4c04-a8ee-94e0929c6f06","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":205,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"83592c02-66e5-4213-8ea2-302b1323361a","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":205,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"dca93692-c1d0-4cdf-9c3a-e88acbb66fdd","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":205,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"a88714f2-36de-44d1-972c-ac3c5f660d4f","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":205,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"c3e26103-1feb-429b-b40e-915553f18bf4","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":205,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"3b5b6e71-41da-428c-8624-5d97800a8d71","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"31a36284-8cdd-4291-adb7-367176e62b6a","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":205,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"883649a4-b864-40ab-b5a1-18778285124e","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":205,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"04a7d10a-a570-4878-92b7-f1ac10b02da0","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":205,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"13ba11a8-8d70-4ee4-870b-07c64a0913ef","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"65357f7e-be7d-48f2-b30d-747cab789afa","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":205,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"17ea318b-fc9d-43dc-973a-6ce41d96b0fa","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":205,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"dcf334a8-fa32-45d2-b94a-7b9e0d5df519","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":205,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"5cb850ca-936f-4171-9e71-c63a1252f15e","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":205,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"84fb7707-d444-452c-83fb-bd4ff0f0c5f5","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"90ad92d9-07bb-457d-bb62-8c6d0c5435b3","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":205,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"5e557950-9d51-4e13-9dcd-4f917bee355c","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":205,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"6dafda56-25db-48e6-b0fa-b36b8b59c6f2","block_type":"box","text":"firm-wide compensation policies.","page_number":205,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"38eff65b-6520-45fb-be8b-4f1847b82838","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":205,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"08207556-10f0-4d2e-b597-d8f5ab5e3d9d","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":205,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"fe49e4df-10d1-4c52-8157-cc9dad6507e3","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":205,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"c8f15d25-117a-48c2-be4b-4bc6d12f5166","block_type":"box","text":"Board and director evaluation","page_number":205,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"a044ab8d-92ab-4c8e-b296-af5d59cef32c","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":205,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"ed9a2574-cebd-42d2-a57e-e0fcac1d5977","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":205,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"3ffeebf0-da43-4484-9c6e-c60c30094ce1","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":205,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"43e18d56-69bd-45ee-a520-b71c200b18d3","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":205,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"0175d47e-3b7d-459d-957d-87ded8459cc9","block_type":"box","text":"a result.","page_number":205,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"997f6ace-a8c6-4931-9953-7d7dad770de9","block_type":"box","text":"Access to independent advice","page_number":205,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"0af4e66e-11e8-491d-985c-0f6f0f5ea366","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":205,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"c36148f7-35b3-4d42-b964-6c7f2b0a242a","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":205,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"f5823bda-37eb-436a-90b8-5c387a2b59aa","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":205,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"eb20e6b6-4f78-43c8-8213-23ce99ede02f","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":205,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"8db2c4d1-17ec-4107-85fc-38aab25effa4","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":205,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"fe3a540f-7b66-411b-8c00-f06b690987a0","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":205,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"4a123da1-db6d-4691-86b6-698808020d55","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":205,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"50941e42-720e-436c-82b6-c1c8885c3e83","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":205,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"e27ccf7b-0384-4d3f-a23d-7c9c5a35b21f","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":205,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"a627653c-22f0-45c1-b07c-64b61d03e152","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":205,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"8b9e0a07-98bc-43da-b318-173c99e2b863","block_type":"box","text":"per formance.","page_number":205,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"71d3dca5-9569-41f6-bfa5-31c6bec2d32d","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":205,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"8b18bbf9-ba7e-4cd5-9b6a-349e86c703d8","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":205,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"12609429-2c38-4783-b7a4-6cfbe9cf68ce","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":205,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"89b4114f-1049-4c11-a3d9-2e423ff1b78a","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":205,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"274b093d-0376-4a2b-bc32-b3eeeda1f6b2","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":205,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"38f86db4-808b-4f28-9a4a-17ee4d890d57","block_type":"box","text":"recruit and motivate.","page_number":205,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"9a461b84-e468-40f3-a7df-2e1f3018b282","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":205,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"0397a110-726c-4da4-8b0f-d29630f14dc7","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":205,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"e07afa5a-71f7-4ee2-8736-ef5ac8846bc0","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":205,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"03449926-864a-4db6-bb06-e8c514fbf3c0","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":205,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"83ed3696-7381-462d-a052-8d6d84a6a778","block_type":"box","text":"arrangements include:","page_number":205,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"3bbc0e69-c1a8-459b-a074-1aa0fa52fb35","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"953533a5-94a6-4784-b955-4fbfbe66de90","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":205,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"92355d39-4e4d-4d60-ac1b-7861a1af0516","block_type":"box","text":"the company’s size, sector and market.","page_number":205,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"f5624a89-e53c-4cbf-88e4-ed8761134629","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7b78bb85-0d20-48bf-855e-cf08cb9c985a","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a5ff93cc-0ed6-419b-8220-4c59a9fc95a3","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf366e5d-6541-43f0-b115-6c66e55940e1","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4392eb1a-710c-4cfd-8787-76e3878460cb","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":206,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"9aebdcf1-31fd-4a08-93a1-81be6ae8c3c0","block_type":"box","text":"strategic objectives.","page_number":206,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"f6d57297-8c9a-41c9-a37e-09fa7983493c","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"deb81df2-c680-450c-92ac-ddf0544efe4b","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":206,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"aba94176-3f11-4398-a4eb-c5d609550f28","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"c718a177-af60-451d-af31-4d33330c6c91","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":206,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"872fa69e-c093-4352-8ceb-703bb1e193bf","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":206,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"90a0fb65-13c5-4187-852b-b9288e06a2b5","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"29b68558-e859-497e-b2a2-f22e6fd562fc","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":206,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"e6536516-9e9a-4598-a860-4ea5ff2015b8","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"4f92ea65-87ba-4708-9796-7bdc6cc60f81","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":206,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"7971096f-fdb1-445a-90ca-d54a088a005a","block_type":"box","text":"transparently.","page_number":206,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"3714b10c-4622-4560-974f-8dcb3b06089e","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"3a81a052-9a9e-4fe6-9fc3-8c7a9ea1f2b0","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":206,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"794f7669-e839-4276-bd59-3c3bb7c24e28","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":206,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"7ed8e096-adaa-468f-87f7-44a98dde2fd5","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"0a083ba6-8e0c-40f3-b069-ec56f5d718da","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":206,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"96b7b082-cf3b-45e2-9515-a4368d892dc7","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"cebb5c07-2c8e-4a6a-8f93-8c6532ce66a4","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":206,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"1a30e2d3-0c4e-403c-8350-dfbb3fcf35ff","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":206,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"e14c2267-a682-4d33-8613-bc970a7f1e5d","block_type":"box","text":"misconduct.","page_number":206,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"cec33a88-0811-4f41-9c0a-0e1c523309f4","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"87c831dd-e830-450d-8d68-ee84555df4cc","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":206,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"6abea313-0d14-4b2a-95c1-35c942401456","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":206,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"4ac025f9-2428-4507-bf70-bad23a2a69b1","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":206,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"4642a82f-e2aa-4817-a60a-e611aa681969","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":206,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"f71bb67f-bcaa-4d24-9ce6-edaf152fabdf","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":206,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"e386c8e9-3fc2-440d-ab68-cd3a04b822c5","block_type":"box","text":"committee, or the most senior independent director.","page_number":206,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"a0fd6cd4-4c2d-49a8-ae37-d229e598eb76","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":206,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"7981e18e-dff2-4472-878d-59cb0041d09b","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":206,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"4e6e5478-76dc-48a1-b064-2549a17d17f8","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":206,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"5704befd-3a5f-4d02-a428-a485aafe5b3f","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":206,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"2ac610d0-cec3-4c3e-932d-71f6e1609209","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":206,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"fb90f142-3507-4271-a9c0-8b223c661c35","block_type":"box","text":"CAPITAL STRUCTURE","page_number":206,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"f5502ac8-0969-4a73-8ea3-ddef33355af8","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":206,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"fc8bfcda-de97-423d-a97d-11f485451894","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":206,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"582b390b-90a2-4739-84c5-025129bd162b","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":206,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"6181a8a8-0a4d-436c-9a90-c22cbb12c828","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":206,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"cfe09ac1-c289-4f13-9226-02db6371fe8a","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":206,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"10ac1bc1-e15d-4b7f-93d0-1dfdfa44e5f4","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":206,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"9630170f-a844-4682-91d5-d77de2b41d9d","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":206,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"52483a92-f6dd-4439-8f01-03b3f163e61d","block_type":"box","text":"Share issuance","page_number":206,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"77cc5796-851b-4a11-bb55-b06aeb3446e5","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":206,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"763b0421-771c-450a-bc00-157660c04d66","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":206,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"251e3c6d-2b3e-4439-9edb-7037de0c701d","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":206,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"8e5eafca-a7ad-4e4c-9c50-e5a335cad5b4","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":206,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"216b3055-a735-4d8a-a964-8518cbadb022","block_type":"box","text":"market environment.","page_number":206,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"ad3c04e1-6199-4bb0-a980-472f3a8a36c0","block_type":"box","text":"Share buybacks","page_number":206,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"77bc8a1b-1ca9-4ff6-b790-b9db1af99b20","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":206,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"a40368eb-b442-4860-a2a9-be4d32d6134a","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":206,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"e62054dc-3af4-439e-94cb-3f02123bade5","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":206,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"ea80d0bf-ae22-42aa-ab70-a5bb5a4c77f2","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":206,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"65c5ed78-9db8-4c7f-85d4-f95e1e2a84a3","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":206,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"f6e3bb58-c730-406a-99c2-8dbdcebb7533","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":206,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"b39ae46f-386f-40b9-94ac-5c32a53cee28","block_type":"box","text":"of the company and the market environment.","page_number":206,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"3d8ee882-15e3-4bec-b473-3923805b82ac","block_type":"box","text":"Dividends","page_number":206,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"18f3b081-b929-42eb-97fd-362a9005490d","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":206,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"60397674-2b97-4b6c-a661-c06db316b2fb","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":206,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"f9c8e91d-615c-4c72-81a9-195884e4e19a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bb0f80b1-8cbe-4f98-9911-3edfaeb42ac6","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"085177db-4f7f-47d0-bd7e-bd0f1ffb2a91","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70996f4d-8256-4a77-b5d7-7e14593c0e71","block_type":"box","text":"Differentiated voting rights","page_number":207,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"ebe2f07f-8d4a-40e6-acfd-7b185389f1db","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":207,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"debdbbaa-c0dd-480f-abc8-ce7c64a0f442","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":207,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"6d22bebb-7152-4394-af69-8ffd82f07380","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":207,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"c9c58b69-fe91-4500-b52c-9e9a39e0e6bf","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":207,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"73e1a47b-ba9d-43e6-b86d-53c960e2432e","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":207,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"aeb0e68b-e619-41be-ab62-778b22b05a32","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":207,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"06f6a69d-805e-4413-85e3-d12961dfd43d","block_type":"box","text":"analyses of proposals.","page_number":207,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"a5d0965c-1b33-4c82-8922-7b7dcd81b3f1","block_type":"box","text":"Mergers and acquisitions","page_number":207,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"bab3ecf4-28b1-45f5-849b-7ed2f479beba","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":207,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"ac9dda7f-25db-4e70-b842-dad780ebd226","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":207,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"db45a8c5-801b-4720-a6a8-ca5879e6d522","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":207,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"a16a1f60-3d34-40cf-9b54-df7eda08fec7","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":207,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"c197810b-eb70-4032-927e-e534bdd1cb40","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":207,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"f58ad0ea-63d1-4c49-bb40-edd66e416c74","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":207,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"b2a3c537-6f65-49f9-9afa-5cbb5085ecc3","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":207,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"10be94e2-b877-4d05-a649-f9c503c8840f","block_type":"box","text":"Anti-takeover defenses","page_number":207,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"5286b204-f03c-4568-b384-846c4e02dace","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":207,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"169e9aac-5553-4517-bc64-2addc3bc54bb","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":207,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"36ca0803-ca73-43c8-9139-24ef0b7721d1","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":207,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"52b0ed50-4935-4657-a84e-2dcaf7db7aaa","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":207,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"85fe7334-f32a-4218-8db8-4c1629f110ad","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":207,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"28dbe0cc-90da-45cf-8943-b39191dab9b3","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":207,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"b0bb1b93-11a0-45f8-837c-ab15e0321093","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":207,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"4509d576-38a9-485b-b220-a9b1616122a6","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":207,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"37be1ab9-337d-4495-aac2-9c882dcdcdb7","block_type":"box","text":"Shareholder activism","page_number":207,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"53be5adf-ead2-4a79-bf45-c77f8085bebd","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":207,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"30678c78-2656-4161-970f-15097defe69e","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":207,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"b349cd75-2146-4bc9-837d-86e30074565d","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":207,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"764666ef-9a5e-4f9f-b602-54bc04d3502a","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":207,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"c7da82ab-6da2-4ebb-b97e-0bb2bd7542f1","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":207,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"1fc14b9b-7f32-4cea-ad05-399fdd74b11a","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":207,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"3b5d8aa4-d58a-4cee-aa38-f59fe6188f4f","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":207,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"9e57f9bc-89b2-4769-ac07-a7bb1d63ce13","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":207,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"569df88f-525c-49af-ba04-c7df6f1e1c3b","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":207,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"a3c62fcd-90c7-48af-99ed-7b2259c49a82","block_type":"box","text":"protecting shareholders’ interests.","page_number":207,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"cbc07e59-d462-4a41-b9dd-05a0ae526bb2","block_type":"box","text":"Significant shareholders and related party transactions","page_number":207,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"a06df951-5005-4008-80e3-05be5861677e","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":207,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"66a8776b-db35-4651-8a96-257cc82db169","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":207,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"ed83dc9b-3f06-47ff-b2ad-d3e2226f7272","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":207,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"6c8d4fd4-ed4a-4f16-85d6-ed722ae37422","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":207,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"75ff0f7f-a3b7-4cba-907d-d39e15c77944","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":207,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"9afc9804-d416-48e6-b07f-72457a13c4f5","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":207,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"ff0e7620-6a2e-46ed-94af-c96ac2fb19b8","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":207,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"5107c4b7-b136-4ea5-852c-4abf9460158b","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":207,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"7d2c2141-e231-45df-b840-fdd14fe16216","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":207,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"39df8e92-bc3f-4680-8be0-28a21d631f9b","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":207,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"197443af-198a-48dc-9fa2-87cb800718a3","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":207,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"15f3cae7-078f-450a-b2f4-e3feb1f3aa24","block_type":"box","text":"audit.","page_number":207,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"c379d62d-4169-486e-ae1e-0f4c22e14700","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":207,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"7704548c-3b9a-4173-b6cd-1d13d6350020","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":207,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"91a907b6-34e6-4013-b6ac-98084441607d","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":207,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"cbc7e167-b5c9-4566-b3bf-8b857effb1d6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3547b6ba-46ae-406c-a958-700a06c58473","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4ef574f1-af9d-4b5c-9b60-4b6d7152b6d6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97db568c-4ba8-4fb9-9836-462b2925c025","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":208,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"1a385062-44fb-478a-8816-39c2ce9cfee0","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":208,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"3861e199-9056-4007-b7b8-aeb92fe9a47e","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":208,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"59bc7634-bf52-4f49-a4db-192ce20a4d2e","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":208,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"91fbe8d5-4ee6-48fd-971d-b7cb9677d7ed","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":208,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"5c03c1b7-a09d-4819-ba36-f830a78dcf45","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":208,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"4f554dbf-72c4-42b2-97a2-116c82d8c1a5","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":208,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"fc1dd714-cb38-43a9-bebe-1897ad079818","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":208,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"e1ec0581-bd21-4e29-9eb4-b58f7e711b01","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":208,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"fc1e1a31-c291-477b-b8a0-037312b7719a","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":208,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"ccdcb441-768b-4821-9fa4-c5f31fb49e1d","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":208,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"02b66c34-24b1-44cb-b2fc-50452ff84224","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":208,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"80d9a5ef-e9f1-4249-ba49-c6f5982abda8","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":208,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"2b170456-aaad-478f-b0f7-eb57aedac60f","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":208,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"ff22a0bc-7dc6-446c-b657-79538639cf42","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":208,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"a22186c4-7831-43bc-a97d-c9ede37228d8","block_type":"box","text":"9","page_number":208,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"36dc76b4-cc17-4752-8f8b-0f3a94b2911b","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":208,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"124f2f42-27bc-45a1-bfe1-5f15e3ec3541","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":208,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"e1aae6a9-fc17-4fdb-8785-470445db662d","block_type":"box","text":"standards specified by policy makers.","page_number":208,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"ee86c160-0dd0-40fc-9a54-660dce3358df","block_type":"box","text":"10","page_number":208,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"6f427d0d-ae91-4b8a-8b71-22ee59c9335a","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":208,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"1cdcfc55-4149-41d7-a3e0-8e51dbd1ce36","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":208,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"0f6d7faf-b6ce-4569-9bfe-4d070feb5736","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":208,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"8e6914da-e540-464a-a0e7-977d22cc78f5","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":208,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"6a8fb0cf-0e02-44f8-9c44-3a9858f05555","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":208,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"6c50dae3-fcba-4d15-9d68-8df503f97a3a","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":208,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"44ad4ece-2475-451b-8d2e-9b92e94040ed","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":208,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"46a4e386-5b2b-4407-8578-c45a189321d5","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":208,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"7e78cf12-fc09-404c-935f-ff872f1666ee","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":208,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"1c5c0775-b402-4bf1-93d0-11431070beac","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":208,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"05a42c0d-5056-4221-9d5b-9368b4113247","block_type":"box","text":"remained independent.","page_number":208,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"689fb509-7c22-48cb-a4e0-255c32c75093","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":208,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"4798d9bc-e015-437a-a7d1-9e07991b88eb","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":208,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"d6b9e65d-7cb6-4c38-a9df-5456643e72b6","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":208,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"d7faff7c-5860-4f60-971b-03ae68c7ed4d","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":208,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"f6b6f629-404d-48c8-bff5-3255e4749794","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":208,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"a0fc5b7c-8224-4d73-b076-9ef6fa5a6634","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":208,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"4c27303b-def1-4182-8016-3fd2ba8f2ecf","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":208,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"0815a682-c17e-4160-83e0-45a2ebe5202a","block_type":"box","text":"General shareholder meetings","page_number":208,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"cbee214b-3350-4f40-9d26-3d9d737d201e","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":208,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"15daf057-872d-4832-adfe-ee0484dd662a","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":208,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"046faa8e-e629-41eb-a804-0a817670c30b","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":208,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"5bf9a041-7ca7-48f9-b0e1-336166527ed9","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":208,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"d9dc368d-661f-4aa1-a91d-c5b47c08dba3","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":208,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"5b9b0ae2-9aa4-45db-b3c8-cb45ab658dee","block_type":"box","text":"an in-person meeting.","page_number":208,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"4c69a955-310a-40c9-a05b-ca8b6233310e","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":208,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"2faca574-ec2d-4fc3-9bc7-3d3fb03db872","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":208,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"00089588-c577-43c0-9600-c155474dfb53","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":208,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"c518f751-22a1-4da2-be4e-1b039f59803a","block_type":"box","text":"par ticipation.","page_number":208,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"38648b61-79d4-4342-b12b-7ae0d9b4cac9","block_type":"box","text":"9","page_number":208,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"4902be70-9990-4fb8-bd11-35ef5f7a1c2d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":208,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"f659df75-dd66-414b-beab-86098b8a2224","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":208,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"70076d17-b7d0-4841-8ab5-b5f976255542","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":208,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"b8a8f959-0839-4783-aecc-7e9f9113cfb3","block_type":"box","text":"Disclosures.”","page_number":208,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"3180528c-51a8-45cf-bdeb-9afc0b0ced06","block_type":"box","text":"10","page_number":208,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"5a932963-0608-4d99-adfe-3de86eeb8a9e","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":208,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"28190b5d-f903-4be6-ad66-3d767d0d9d35","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":208,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"74e0b3c3-031f-45f1-aba5-817c9acfa54e","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":208,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"62a8ea5a-3557-4514-9bbd-10ed8b4e8ed1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a6296142-5552-4d89-8082-a07d2f4f431b","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4fdc657b-eb70-4c07-8a2f-b597989fde79","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e32e566-7fb7-4dc3-a0b1-0c3b9a87636d","block_type":"box","text":"Bylaw amendments","page_number":209,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"175d979c-549d-445d-bea5-654af23c3cbb","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":209,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"f95cc0b7-167b-42c3-b74a-4e64987653ca","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":209,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"55b52a73-1cb3-4df7-a545-3f06791b9a92","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":209,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"277f95b8-8c26-4373-bb12-5d6b5451ba2b","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":209,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"f63e68d0-b65a-4fd4-995d-9fca8769d4e0","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":209,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"88147521-4291-41b6-9ea2-cf952b10ae50","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"d23f786b-9a6a-4fe7-9c9c-99b5529ae86b","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":209,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"d62f051b-7013-4d97-842a-f8e1e34f0c80","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":209,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"664285e4-2ba4-4b4e-b365-e972af8ba95c","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"d32db57c-3346-4e4c-ab74-0bb8c282a2a1","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":209,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"b268de55-ab2e-4d89-858f-730cf44c7d9e","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":209,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"ff545fac-c729-485a-beaf-09d9a4efa00c","block_type":"box","text":"nomination process.","page_number":209,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"5167869f-7515-41a3-8325-73fc05aa7375","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":209,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"882891e9-d6c5-4cee-8017-16d9caf7e82f","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"4c22ac04-01e9-44f7-afb2-e1015eb151ac","block_type":"box","text":"Change of domicile","page_number":209,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"b91e9302-b437-4f53-9951-db2b62e8f181","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":209,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"aba9adaf-dcb2-4bc5-a74a-6766c90b7da2","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":209,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"79a890c3-ff17-4859-8d40-1619a4c9591e","block_type":"box","text":"immaterial.","page_number":209,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"04e486a1-eb92-4304-b7fb-b3a1c0aae6cf","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":209,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"95455c7b-28d4-4240-a505-e53f7ac8f58b","block_type":"box","text":"with our clients’ financial interests.","page_number":209,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"ede1d014-a700-4fe4-8e74-a9702250d5ff","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":209,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"04888bfc-2db8-4624-b07e-2ca5096d0c4b","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":209,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"64c3acd8-29e7-4a65-89b1-e265c4286446","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":209,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"eb6ed07b-1e7b-4bb7-9174-c0771e9bdf47","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":209,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"97f73956-6431-4b63-94ba-9f0d5a607a56","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":209,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"30816f12-672f-4c83-b845-6217021a2704","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":209,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"cc9ae9a8-02b3-4b3e-8946-d0de3649729b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":209,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"fd5a56dd-5224-466e-a88a-a56ac13bd2f5","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":209,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"2050ba37-bed9-4f71-81bd-31ced9332b3a","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":209,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"c051caa0-216e-46b4-87a7-9bc14ae1dbf3","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":209,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"78f31769-86ba-4856-81f9-0a6759e7f7bc","block_type":"box","text":"relevant to a company’s business.","page_number":209,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"84519096-b155-46ac-b803-d5f48537b674","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":209,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"20c814d9-235d-4c47-9723-01c440a616dd","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":209,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"c3c3cb8f-8289-4bae-86ff-5dee11da18b6","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":209,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"507371a2-4074-4628-ae95-bc5bbed363ec","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":209,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"910f3686-9688-48d3-8363-04b982e4eb35","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":209,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"c2ce442a-bb77-412e-a705-200189f322a5","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":209,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"54898e2f-c447-4816-a2b5-651115114be3","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":209,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"b41cded9-d268-4aee-9125-00beebc13521","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":209,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"d06bbbf6-e578-4357-b3ee-bacc32441cbf","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":209,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"c6faa5a1-379c-4ee2-a46c-c8ba78d19529","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":209,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"266967bc-7c0a-4b16-afb9-7487e69f1e9c","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":209,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"2aac4a1c-4a1e-4594-8fbe-7002cc106b2e","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":209,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"0dddfeb2-058e-41b0-b0a6-5b53e13b52d5","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":209,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"cbb7b37c-4891-4828-a0c7-512b37bc919c","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":209,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"02c058ee-0298-4e21-b42f-f0298636cde6","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":209,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"8694be5f-e715-4a3d-9587-b461bed2fa3b","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":209,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"89494b2b-8bbc-49ff-bafe-91d5e0d99109","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":209,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"babf88a5-da19-42e0-bc09-12aff2b7d262","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":209,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"ab20d354-f524-47e7-ad5a-14a84119ac89","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":209,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"4ba727ff-3aec-40e9-a789-4ddc928ffdee","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":209,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"7b964141-6e78-4dab-a93b-03d5ccecfb88","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4e8c323e-6f97-4580-8973-e5ad22157c34","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"070cf455-e56a-4381-bcb1-ba2aff6b7282","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb8ca32f-86ba-4980-bbf9-c0f2008f416e","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":210,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"529ea193-bf97-4bc6-8463-8f3f33164d44","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":210,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"b297c21e-683b-4839-9fe9-1d615e413c7d","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":210,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"08b4915b-d1b0-4f89-94ca-7b4675ffd6a5","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":210,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"2fa625b3-ea3a-459b-bca7-5fbc02d5945a","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":210,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"3512184e-9703-442d-b2e1-b571caf0473c","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":210,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"214f3954-da73-4b62-b424-255ab9b8a496","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":210,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"cddf16c8-3989-4551-b9bb-1a5b70e70442","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":210,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"bba65116-6375-4fc2-8152-aff58dc9e5ad","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"99faa56f-cbb5-4cbc-9ce9-cb8711c33de3","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"09583a84-bbde-4e76-a563-2c979a3bf25b","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e9db74d-c1a4-4fd4-a35b-cf9ecc15d72f","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":211,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"8369ba48-5da7-4793-aeb8-91cccb9f434b","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":211,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"dd8bcd88-d253-4602-a72a-4f5e43b88a9a","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":211,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"16928cd6-fe97-49f3-93ba-2b79f18557ee","block_type":"box","text":"11","page_number":211,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"8bae0c8c-3475-4c24-b52c-a8271d65268f","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":211,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"8a77fcd2-e062-4ae8-baee-464575eea741","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":211,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"8710553f-d0f8-4274-b05c-690fe2ceb34c","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":211,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"3649c2a6-d7ab-4e37-84a4-40166330dcbe","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":211,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"59f91a09-d574-4e97-bac2-68c36603554a","block_type":"box","text":"regulatory requirements.","page_number":211,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"96137f26-7cda-4a84-84a8-236d0c703f07","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":211,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"4d4c34f2-7c0a-4f43-adfb-bc4083510fa1","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":211,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"507a2878-7fc9-452d-b348-94096949dca1","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":211,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"93f1f8a1-88d6-4c67-89a2-dfcc466a6626","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":211,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"56bb50f3-808c-4d6a-b78d-fcac84d3930c","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":211,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"08b9f0d1-250b-4ebb-8d19-c731668e403a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":211,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"ee64d192-b519-4976-b286-c45cb8316be0","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":211,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"07974a94-d4bf-4b24-bbc6-acc15b0e6cc6","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":211,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"95348178-29db-4f5e-8fa4-0e3a2042eb86","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"2631eb1f-ca94-4396-b159-93d53a219f19","block_type":"box","text":"KEY STAKEHOLDERS","page_number":211,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"4e449d6a-33c8-4e1f-8b15-6ce36183126a","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":211,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"970453bd-6e4d-4715-b2be-c6f5393d1d9c","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":211,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"ecaec3c1-3994-4e12-b0fc-429cb3a85c7d","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":211,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"5f2ce5cd-11e1-4a68-9229-0ab70c160ffb","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":211,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"01e39ebe-331d-403d-9df6-2a6fdba767fc","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":211,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"767ae639-269d-4e36-bbfe-aac9bf864b5c","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":211,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"1d002b93-cab2-41b8-a285-3ef0f72282f9","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":211,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"8752a8c7-9a6a-4198-95c4-3af982dc8b25","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":211,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"39f8b24d-88c4-4c07-b45f-9e128b48f772","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":211,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"8abe9c66-b9b0-4d1e-917a-fd49486f9c58","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":211,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"486601e7-3989-4dd3-a0f6-d55fba9c4e3f","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":211,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"95a5e552-5b36-445e-8ef0-4fef94c8b27e","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":211,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"4d778f48-3d4c-4c39-bb02-4ad9fb101554","block_type":"box","text":"i.e.","page_number":211,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"e92ba902-6380-4cc6-8126-3d965a41ec12","block_type":"box","text":", one in which global","page_number":211,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"2142a119-69fd-4a1a-b63b-13f41b888f5d","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":211,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"74b3f61c-50a9-457d-8ccf-2284ad6944da","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":211,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"75206d06-a3fb-4341-8182-450cb14948bc","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":211,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"51ace075-4937-4085-a053-9008e863ecaa","block_type":"box","text":"client.","page_number":211,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"ec3c6980-7162-419d-ab72-d8a882f42d3f","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":211,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"b53a3a8b-a5ee-4f30-917b-b4670ab142a2","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":211,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"6f4cc9f2-977f-4915-937f-2396ce905dc1","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":211,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"d6f978d3-58ec-49af-9a91-f5415991af2d","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":211,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"d15eaff2-f677-43fc-be13-5f7d2c84ef54","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":211,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"11e4f191-b97d-46ee-a2ef-890a93d45ac0","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":211,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"20821ec0-19b6-4b9d-ad5a-899f17c631e8","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":211,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"b7c0a2ea-d5f7-476c-b971-d3a28cfc2ced","block_type":"box","text":"1 and 2 emissions.","page_number":211,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"b2e73170-b855-4f1e-9f79-21ef8c145de2","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":211,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"32afec7f-643e-4458-8d31-3f42f3f3b29a","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":211,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"e2c88b98-e9fb-40a5-b5d0-a32e59e09e6f","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":211,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"c5cbe79d-e439-4b77-9cb6-470a73ff908b","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":211,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"e6505963-47d7-4b2c-9e6c-6ed6043f1c13","block_type":"box","text":"11","page_number":211,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"6dbf57f6-18dc-4c03-8bf1-c2fba7088139","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":211,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"f2479942-d4aa-442f-8193-6f5827702ea6","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":211,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"e8b35c49-e4c8-461f-b900-0b28251db319","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":211,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"fd02a254-1d1f-4752-a6dd-31dac4bbf3ea","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":211,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"d432495f-015e-4205-ae8a-dccb1ded8749","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":211,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"1f448ac3-3733-46d2-80c2-5a5ce6f12d0a","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":211,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"51ff21aa-0a66-4f7d-9f9a-e63529ed2bd6","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":211,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"700c485b-fb63-47ad-a975-e0d98984159f","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":211,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"0c10764f-2f3c-4afc-a2df-3d81bec6eb1f","block_type":"box","text":"sound governance framework.","page_number":211,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"ec268c77-a8bd-4ea6-8620-c1696fed6f31","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ea9efe73-d7a8-4c03-83bd-60cb121f618d","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fc9681c5-4f2d-481f-932f-b90f73c2cea0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a73da39-87e4-434e-ad5a-55545267d26c","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":212,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"a92844fa-0b2d-459b-8024-42fbb9845397","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":212,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"35f64687-db78-47da-a2b1-3851c07e2730","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":212,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"053c4418-fc1b-4a66-9768-e56c8ddc519c","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":212,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"22757e80-8b48-4498-a013-7f137d4dea88","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":212,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"fdc08808-8829-4812-b017-cede68ebed62","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":212,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"8c402c93-9bf4-4951-aa33-38beb844085b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3f02c476-3b8e-4871-b2ea-250ba04ea94c","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fe37b9e4-cb64-4875-8f9b-693e9b7c0c37","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74dfba30-9d7e-45cc-a1a7-4223d6a47a6b","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":213,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"04fae627-c832-4957-891d-db936b2216c7","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":213,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"42c89470-bbe7-4c44-a379-5d3bdaf21e23","block_type":"box","text":"Oversight","page_number":213,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"cda7c938-8e7f-48ff-802f-1a93ba475e55","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":213,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"7aeffe15-9427-405b-a2cf-be6f894bac00","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":213,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"b68566d8-aa90-4c26-969c-36184e66a07d","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":213,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"95e97b55-67cf-4fd5-8ff1-c7be0bd389a3","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":213,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"51e51a5e-437f-420c-9d2a-64875e860038","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":213,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"be4a7e4d-8a52-45d4-b2bf-27d04c68f7a1","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":213,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"6ca52dd8-f69c-4d2a-ba5c-104437982049","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":213,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"e1423a08-3288-4e81-845d-0e7f4b998381","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":213,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"0b516d4f-c6e1-4948-a9c0-aad3ebf06626","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":213,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"47bd3c42-2fc0-41a2-bcaa-9aaa9cee5e1d","block_type":"box","text":"relevant active equity investors.","page_number":213,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"e3741741-dbbc-4f97-a7d5-338e0cd32b72","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":213,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"ef1d195e-ce5a-477b-b3cd-847f0a9ec413","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":213,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"3737f003-75d1-4572-a082-50eba5c02d6d","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":213,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"cbbb5536-8112-41de-bcab-f851e8608d36","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":213,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"4371c58f-04f8-4875-b843-8fe33a617d00","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":213,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"779f5d07-8de2-42fc-a05f-d0e29a02e7dd","block_type":"box","text":"third-par ty vote services providers” below).","page_number":213,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"82949ea9-dbfb-4465-966f-57b5ab7630eb","block_type":"box","text":"Voting guidelines and vote execution","page_number":213,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"0e472ec9-b5cb-43ae-a54e-1da11d54e0f2","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":213,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"03a2d8b4-f5da-4b0d-ac1e-7cf32b1f6123","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":213,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"1646853d-2c22-4122-8b4d-31e1b519ddaf","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":213,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"8d530abb-bba9-4611-b4af-7f8055009ff0","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":213,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"a7880da4-0aaa-4f88-9bdd-a12fc96e1ddf","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":213,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"ec2dcff4-d99c-46de-9638-e8124061b6f2","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":213,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"4b4c5c06-8d37-4891-abb1-586836987595","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":213,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"fc04b7cf-847f-408c-837b-74bd126c1eb7","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":213,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"a77eed8c-ab4d-4c8b-91a4-81f588234fa0","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":213,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"3edfb99f-2244-45d1-a9a7-cc6a838edd41","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":213,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"afc372e9-d81b-414c-b6dc-02cb5a0f1fad","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":213,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"408ce8a6-5ff7-4d89-863d-eb8e374f8698","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":213,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"216416b5-9dfb-4883-8202-ab96265f063b","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":213,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"5fd5d585-a8cf-4b33-b6a7-fdb4d3df8fe1","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":213,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"bcb68f6b-2821-42db-af33-6d0c49058eea","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":213,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"3cdff7de-7785-4c2a-ad02-3149b373289f","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":213,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"e3bd7d87-ab21-47b1-bdc6-d19317f85077","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":213,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"a9ebd715-5a39-4fff-9ba9-381cb8988426","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":213,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"c0b0ea9b-4cfe-4ca9-9ab4-4cbc367f890d","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":213,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"347d8303-47b0-4c63-99d7-985e3fb01901","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":213,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"5caa25b9-d03f-4cde-8124-7a0518c18608","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":213,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"5485502b-2c34-459a-8c74-262247cb7689","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":213,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"e5c11a6a-4ac9-4638-a9d9-5782b1e20f20","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":213,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"6ebe7a4d-7f9d-4f42-8c9f-a19cdfba1276","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":213,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"40909f7c-a8ed-4f90-b2ce-77ac4fb99ebe","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":213,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"c888651a-39a6-4d17-9476-04459b8a8a01","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":213,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"69a30279-ecd8-4dbe-b2c5-667e2302135f","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":213,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"a2a58a8e-aa88-4c5e-b6d4-271ee19b2b20","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":213,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"cdc906b8-74a3-4255-8e8a-ebca75754a81","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":213,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"9e16bfc2-0a3b-419a-9db7-28d2e8c28f9f","block_type":"box","text":"Voting Choice","page_number":213,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"379d29c1-bebe-4354-9e09-c24b81e1c7f0","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":213,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"7c7ddcc3-c04b-4b46-b35d-767e890b3f06","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":213,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"59a9cda0-d93b-4a62-b940-0e7215f4d798","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1d0e0cc5-cadc-4431-8b93-e29c91ddc7fa","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1981dc5f-88ef-4c9f-b566-83b589481730","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7014844-21fa-43cb-8e83-20683f374278","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":214,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"0fe869d4-9adc-4ee3-8464-84ae7e2e46bb","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":214,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"50313e1c-541f-4703-8bb9-45c7b4fa0627","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":214,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"d76769b3-890e-4c6e-a4cf-2a383ee887ae","block_type":"box","text":"strategies.","page_number":214,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"19361aa1-e5b9-4cb5-8be7-a915ec231447","block_type":"box","text":"12","page_number":214,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"92109db8-d6c7-41a5-95f9-ee1f5beeb4c2","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":214,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"fe09ce05-9a8f-4025-8ec4-59ebdaaaa365","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":214,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"cc00577c-c571-44aa-b9dd-0706f755645b","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":214,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"131e170f-05a5-449c-8cb6-28a95e508608","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":214,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"eb0565b8-7448-448a-859f-122db87e0486","block_type":"box","text":"13","page_number":214,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"e687225c-30da-46de-8eb6-aad4d72a7037","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":214,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"a8bffdee-d598-4bce-af2e-216e302d8f23","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":214,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"881b8b7c-fdcc-44b6-b0fc-2afe69839dc1","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":214,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"2be91c34-1d47-4fd8-a21f-2f59a93d2440","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":214,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"de1528c3-e542-4a45-badd-110339a72d91","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":214,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"3b2b3771-5848-4eea-8da8-c7b5da3a70de","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":214,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"57926271-55e8-449f-80f1-356b01f32bcc","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":214,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"4968c603-d8d6-4a19-ab07-8cbd684ed906","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":214,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"d668e317-ebd6-4811-8c45-423825ea664f","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":214,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"569a8c45-9f69-420e-8b84-c2b21d2e0bac","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":214,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"c13670e2-71ce-4249-84fe-b2ec22730d09","block_type":"box","text":"meeting agenda are routine. 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Both BAIS and the vote services provider actively","page_number":214,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"7261ddf9-0b0d-4e4d-a5f5-f581fcca507a","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":214,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"205bdb59-594f-43d9-aa3a-8e2e911507e4","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":214,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"f9843635-34c9-44ee-8f69-2dee015d10bc","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":214,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"b9a341ed-e941-4ee7-b18f-4b733ec3cf19","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":214,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"e2bbd491-19a0-4692-b6b1-0bb117954175","block_type":"box","text":"interest. 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All other trademarks are those of their respective owners.","page_number":216,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"24d3de39-6bb0-4eb3-8740-a7de36380eb9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d7d6087b-2f8c-4482-8447-7c6ba9cafb29","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e860e543-c6ff-4d27-a583-0600ae8195b0","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21f30ebd-db53-46de-906e-7d2e5b47ab16","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":217,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"ab07a44b-c4eb-4302-8832-dd2bc55d4031","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":217,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"b369dc26-e11e-4e8a-b159-ce0cf27a6620","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":217,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"aff8a07d-318a-4fb8-a0d8-efc2cf290dd9","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":217,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"0f2573b2-429a-4a55-93da-15e757d7a9d9","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":217,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"b80cbeb7-66af-4d72-a2e3-574b075ebc7b","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":217,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"357fc3c1-ace2-4269-a4a3-163379aa42ba","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":217,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"25d5f42a-2639-4f65-8adf-815d78959900","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":217,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"13b43155-47b4-4078-965b-f1da2df4fd78","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":217,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"4d362498-bd22-4317-a2c5-c9e1b29a667a","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":217,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"87d70644-eff6-4d5b-9f38-95b07eb392dc","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":217,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"78740f96-7720-4b29-85ae-5d66531073c7","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":217,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"72907a86-a57f-42dd-b2e4-b22f2d6386e7","block_type":"box","text":"Appendix A.","page_number":217,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"dd331aae-0693-4cdb-9007-09f808718d22","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":217,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"bb485204-c2a2-4f85-82db-632f34702bcf","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":217,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"e86c7d26-bd3c-4871-80cb-aabe87267ff4","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":217,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"501afde4-837f-4035-a131-7d2b7e50c65d","block_type":"box","text":"Conflicts Management","page_number":217,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"714b84c9-3cac-456f-8469-7e777bf06c05","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":217,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"bea99a77-01b9-4b4f-9073-8c407bcd8121","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":217,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"2d31abcf-2aba-41dd-88df-ec8b2c4bb6b3","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":217,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"7c4b751b-9644-4393-95b7-a7ad5a67fea6","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":217,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"26ba2c6c-3293-447d-9bd3-22eeadc3aee8","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":217,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"b7178c57-9b8e-4dbd-84e3-e5f8a8023428","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":217,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"8ead3be4-f03d-4b74-994f-3c4516531072","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":217,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"6426e073-ed9a-44ef-b145-91b26c26ed9b","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":217,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"f9590092-b89a-48d7-a249-5755c2924c84","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":217,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"1c430327-d1d2-4960-b747-cd30ebe36639","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":217,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"f0de5f24-8d45-4986-8ce4-c655071960c6","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":217,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"b2d256a6-eb71-48d5-9540-d37471913c45","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":217,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"ddebc4d3-0c73-4e9c-ac86-ea617548f88d","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":217,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"9f001428-a087-428c-8893-e47b412fc346","block_type":"box","text":"connection with proxy voting.","page_number":217,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"85ec5063-f2b7-4a79-b755-ad023f64893d","block_type":"box","text":"Reports to the Board","page_number":217,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"dc7eb6f1-fd93-4142-815f-d789929bc086","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":217,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"6ef50fd2-91ec-40c3-8443-d9a2e2e401a7","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":217,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"9ca93f53-3423-429b-af20-2592734eb8a5","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":217,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"4fba4f25-f6d8-48b2-acd4-e99a0399fc51","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":217,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"c4904c08-5ac0-4ed5-9bab-ba27a1bdfd65","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":217,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"3419549e-cf6e-4753-a1f3-126f61f2521a","block_type":"box","text":"been repor 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As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":222,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"b2066f4a-eecc-422a-b49e-9bbf6eeae1b0","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":222,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"716dad66-c99a-48f5-a08d-3d3070f06cca","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":222,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"11ff37e7-912e-43a5-aa85-2ba090c0ada5","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":222,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"5f59f588-6967-42b4-ad4e-375323b7654c","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":222,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"4ecb1d5a-654d-45d2-b0a3-7beb9450a812","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":222,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"91e1e93e-d902-4033-b1da-bda803d6d4a0","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":222,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"7b7ee8ca-2576-4ad4-ba8b-18dd04fbd3cc","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":222,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"dd6ebf3d-10e9-4e08-ba15-374799063737","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":222,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"4ac966c1-34ae-439f-83c9-126d59102232","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":222,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"5e653d17-c042-444a-8d27-9d08ef830f0c","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":222,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"447f24cb-c4f6-4fed-aeda-f2968727cba0","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":222,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"a1930e07-2a90-409a-ab63-ba0472974a9f","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":222,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"eaca57e6-1645-4613-9a40-1bd151100e09","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":222,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"d7dd38fa-606c-4830-9f70-5db6f5131beb","block_type":"box","text":"3","page_number":222,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"da4a7c69-11c2-49c0-82ce-b41a674d6232","block_type":"box","text":"For example, in","page_number":222,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"df801649-1154-4edc-ab0b-759ee2272334","block_type":"box","text":"most markets, shareholders have the right to:","page_number":222,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"f78dad41-890d-48af-be79-b4b94b00c568","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"eeea3a8e-3eb7-4999-a553-d57697880f75","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":222,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"09d60d57-1797-442f-92a1-8e2806362a63","block_type":"box","text":"char ter or bylaws.","page_number":222,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"0d59b1b5-ee98-4f62-8774-9ef1b1c61272","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"743ffd96-3f83-4c90-be15-10dce1cf748d","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":222,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"b1165c25-23bc-4f58-b826-737d3b45fcb4","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":222,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"cb098d87-ea75-4851-8141-1dc5036a33ab","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"94a1e5f3-3e2a-481d-8aa2-44bada55e35c","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":222,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"16871e8c-9db5-412c-a765-2634bc0b6273","block_type":"box","text":"are material — to make informed decisions.","page_number":222,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"331ac2c8-fce3-4c90-87f5-8a239cdc6024","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":222,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"021dd7c5-c55d-43fc-826c-a0f36665b656","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":222,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"e666aae2-379f-4396-b491-f5801e3bdeac","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":222,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"1e03f9c1-70d8-495f-9a15-bf136c6591a6","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":222,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"02d25c40-7c56-4a5f-a004-05d5119c0543","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"ac22b70f-48bc-4210-84d3-eaaecc955235","block_type":"box","text":"Boards and directors","page_number":222,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"c33c0187-d6c9-4ebb-bdf4-4b94694f703d","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"5f0c11db-3f35-43e8-ab9c-9bccc9953ee8","block_type":"box","text":"Auditors and audit-related issues","page_number":222,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"60acdaae-186e-483e-b4ff-67f552344333","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"6467fb3e-0d01-43d7-a5ed-1199c33b1c27","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":222,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"ddbe5175-e252-42b8-b918-aaa5f0185b6f","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"6bab3ff9-d578-47f1-b0ac-713d9d51a28f","block_type":"box","text":"Executive compensation","page_number":222,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"1512e271-f548-43e9-ba7d-0d035c98cb74","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"09284491-eedc-4b08-82b0-eec830b88935","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":222,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"8784a14a-df6b-4ef7-b54b-17369e40b607","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"07c8e81a-e6b8-4c2a-ae4d-6f4fa9b5c153","block_type":"box","text":"Shareholder proposals","page_number":222,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"e4d2fda4-ccb7-4aed-87a3-bf316f1607e6","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":222,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"5658faf1-35bf-48e5-8eec-ae908d6e146c","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":222,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"2ab38376-c553-4c1f-a884-1799a77bbb1f","block_type":"box","text":"which companies operate.","page_number":222,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"c64b1eff-cabc-4608-927d-d6d031cc6835","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":222,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"a78c5e72-fe7b-47fb-80e6-261507e804ce","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":222,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"ec4766ca-f585-478c-bdd8-f05857b24d18","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":222,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"642595fa-487e-4515-ac5c-7f60d9795d50","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":222,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"83cdda91-7556-4d0b-83e1-0e22d0509197","block_type":"box","text":"4","page_number":222,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"59116410-05a6-4c59-8711-4e986b1c0ba3","block_type":"box","text":"3","page_number":222,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"f06e5d06-f1cd-4d2a-a494-52b5f00aa78e","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":222,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"863b3c71-97c9-4d1f-943d-78ecdb42fd80","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":222,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"5f9c0b5f-8019-44a7-ab30-0152e3fd2fef","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":222,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"0fbba52a-51ff-42d4-ba58-29dd3a0a4755","block_type":"box","text":"4","page_number":222,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"cb969e0f-5258-4f12-8bcd-1bc27946d481","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":222,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"0017e129-7d68-4bf7-9438-98d65a832af8","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":222,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"2041dd93-684a-4fca-9abb-9af0bdec5b31","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":222,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"3d553c9f-acd1-462a-b66a-f9c8ba5f7dac","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":222,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"13983f82-94e5-41ab-8947-86cdb402e372","block_type":"box","text":"guidelines.","page_number":222,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"971ca480-d599-4503-8eb2-f14737cbc23a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"425423f0-92e2-408a-baea-eed6d201e979","block_type":"box","text":"Global Principles | 4","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7a259837-1aab-4de9-9cdf-9eb730c68333","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"677f8b0b-2d03-4f27-a279-46893e9898ab","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":223,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"fc4acbe8-b403-4ce9-8160-8f1b7d18680f","block_type":"box","text":"Oversight role of the board","page_number":223,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"8ba6663e-3d6d-4f9d-a2af-bc74b7f5e95b","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":223,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"98a96ee4-45e6-4284-b939-3ce0a3c38abf","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":223,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"86d83e17-f690-4617-b247-4901bfd65286","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":223,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"603d2c51-ae66-4c59-958f-576329cc6454","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"d252abcc-734c-4a28-9742-b794a2f89fc9","block_type":"box","text":"long-term financial per formance.","page_number":223,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"f432e487-81dd-475a-98c9-2575b4665970","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":223,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"15c5a38f-89d9-4c92-ab90-af6d94e00525","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":223,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"1ed73d12-7327-4bb3-ae91-eba58b982776","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":223,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"c370eae3-08fb-4860-a208-c7169f54b8fc","block_type":"box","text":"the business environment in which a company is operating.","page_number":223,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"d95b9995-1946-42b7-aa60-c1abf43084ad","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":223,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"2dda8128-2bd0-4677-b41f-edaa4cd0a677","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":223,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"0fc153f5-6163-494d-84c5-1b3be269b476","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":223,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"74681b88-8b48-4fca-86c6-c5bcd220b78f","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":223,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"7424a8dc-d6ed-4a67-81c5-fc826d363b91","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":223,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"d2956e7b-49d8-4464-bcc2-3c010d061152","block_type":"box","text":"mitigating such risks.","page_number":223,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"7384d5cc-68eb-415f-82e7-1067601ad364","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":223,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"9480a2ff-265a-4325-8dd5-f2b44d21cae8","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c03c8a85-4594-45e7-8d19-e94358bd15c5","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":223,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"12f1a9ae-13df-41b0-afad-03a463733c16","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":223,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"d5f7beda-9955-4537-ad95-7d29c44af09c","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":223,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"cefa5ea5-fb7a-45f1-82d9-66bb07f3115c","block_type":"box","text":"strategy.","page_number":223,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"3ea84439-efe8-40cc-9103-821e698b645e","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":223,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"3a795da9-09de-424b-8a28-34ee1ebd92f8","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":223,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"ff6dd097-46ee-4562-b25d-cf86a8d24b0f","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":223,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"9aed07e5-6af0-40af-a999-f8c365b9ae47","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":223,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"ad1d4bc2-8c39-4cb8-a0e3-de1181bb0729","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":223,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"cb2bc5d5-0e08-4be1-ab8b-0d699c715e4e","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":223,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"7b49ef8f-fc75-49fa-9fe0-4988ee486392","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":223,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"6ad961dd-7053-49c2-80db-a55a5efbc4b7","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":223,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"84d088a8-6aee-41f6-833e-6d0fdb4284eb","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":223,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"edee5df0-f030-41df-875e-b9f544e474aa","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":223,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"7566fdff-6c7e-465d-a632-024343e331c1","block_type":"box","text":"Regular accountability through director elections","page_number":223,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"7caaa3b9-8c24-4ccf-8d56-a71d50998f37","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":223,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"80f2aefc-383e-4283-990a-d32a5162f96a","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":223,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"b30a871a-e5c7-4884-b8b9-86f666bfd017","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":223,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"d15b1b20-2005-4840-86e5-ed0a9c6bb407","block_type":"box","text":"5","page_number":223,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"273b5ba8-4714-438b-9254-b6eafe1b7182","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":223,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"0cbc0572-af19-41b7-8012-caf9b2f1464f","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":223,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"36b5af3a-2a5f-4ff8-b5a9-4b60d0e11bf5","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":223,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"fdc44feb-1c69-419e-b1cc-e54493eac5da","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":223,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"ea68abab-4f36-433f-b7e7-d4d43bd618f1","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":223,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"de91b9de-26ec-4813-9373-5e1135ccf26f","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":223,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"e24a269a-9357-454e-8e1e-7da8552c4a56","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":223,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"3bfc8524-388a-411e-9a45-792deec3a660","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":223,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"56f90d06-1dbe-42d8-80af-b27f32f55d39","block_type":"box","text":"5","page_number":223,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"bf101afc-2564-4ea8-8dca-645f73ea7291","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":223,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"f162c8fb-4bb0-4d7f-8dab-e0000044b120","block_type":"box","text":"market regulation or voluntary best practice.","page_number":223,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"4a13b311-16b9-45ce-a67f-ad6295d8240f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3fc9da59-3803-4044-a80f-f4825ba4d3c5","block_type":"box","text":"Global Principles | 5","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f80e809a-0428-4e16-bdc1-e591f6f66453","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"732cf366-4f00-4300-ad33-8266b33077d4","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":224,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"6c8c03fd-97b6-4e52-83f7-16a87380f2c7","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":224,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"48136c0c-8eed-42c9-a30e-9d0202d9347d","block_type":"box","text":"recently.","page_number":224,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"76d884a0-365c-4f50-acf5-e7ad718dbf45","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":224,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"ec977fab-8b00-4b99-98fb-e3e2c8316b1e","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":224,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"323f938e-439a-42c7-86d1-6d4d2bc04beb","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":224,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"e0dddac2-cb5f-4e6c-b8a7-317492cf3364","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":224,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"9ac934b6-163d-4780-b442-51fb1c5265bd","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":224,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"dab2c782-3fd7-4417-9ec4-c2ef25f71e13","block_type":"box","text":"Director independence","page_number":224,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"400df514-0769-4532-a279-9c01d5085cb0","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":224,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"a6191387-5b91-4695-ae4c-a7c9081e0b84","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":224,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"decc8f6d-130b-443f-91a7-0f69df4629b2","block_type":"box","text":"6","page_number":224,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"31e2546a-97d6-49b5-ad08-5635a7ce8c39","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":224,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"636e0e02-b2a3-42c6-9192-0c31a3446f51","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":224,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"b7487be1-d3c7-429d-a35c-792c0b72bd26","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":224,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"5f87762b-98a7-4358-bbdf-79e0c8ac8567","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":224,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"32bfe2a8-66d2-4ba1-b48c-5827a2836c34","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":224,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"87930d6b-1635-4233-bc70-f8f360b7c900","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"7ad7682f-b429-4a8f-880a-b11911e404f2","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":224,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"709fd455-fe7b-46f1-9d8c-04560905d2e7","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"aad424ad-1e68-4dda-bb60-ba024dd005a9","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":224,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"e47682f8-0246-47c4-b9a8-ed29f9988085","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"c4001eb4-ff7e-4274-a327-55c5e168fbee","block_type":"box","text":"Interlocking directorates","page_number":224,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"b5069b50-f28a-4c83-8fce-a813586a471f","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"670390d2-145b-40d9-8d80-a649dea9d058","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":224,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"bc0c4c40-f268-4d06-b939-f04007c8c365","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":224,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"fb7d0c87-d834-4e06-9c1f-d79282276978","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":224,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"784f0f03-b5de-47f1-82be-3c95c6f21e26","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":224,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"4d35f99b-6cbd-4ba0-ad79-11943de85cf1","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":224,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"3ec29cf0-2030-4291-8d05-42bc8fb21a00","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":224,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"d5258f2b-a1f6-4b48-b771-c5c3e3dc8a63","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":224,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"8d045d46-276c-4cb1-a258-54eef154ba7e","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":224,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"1a2b939e-2f4b-48c2-a3ed-a2afeb45bf8a","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":224,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"a088cb49-cfbe-4b9e-822a-96785a84c47f","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":224,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"3b2c8cbb-5ca4-4bb4-aaa0-fb0393952caf","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":224,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"88160579-092f-4016-85c5-03f8c1ce7318","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":224,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"7ed89d77-eaff-47b6-9be8-6670f76eba22","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":224,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"70041e19-c168-4ca1-8f5f-cbe496b717f1","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":224,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"0223e33e-3f49-4da9-a968-b40b662eedd5","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":224,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"3ff120f9-1db9-4b13-a6da-fe6d28c015b0","block_type":"box","text":"Sufficient capacity","page_number":224,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"d6c2a664-7a43-45bb-87d7-cadda689b4cb","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":224,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"b13ba5df-4096-4959-b812-40f672469886","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":224,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"4138d062-4ecb-45d6-aa2f-6a39fd3c6734","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":224,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"e65efdc1-e279-4d54-a96b-ea773112e10e","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":224,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"f940177e-f5f6-464e-aad3-bc48eebf9141","block_type":"box","text":"Board composition","page_number":224,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"a0eb5549-4d49-44d2-bd78-b142ea642a23","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":224,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"f610d116-39fe-4876-a086-049f204510ac","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":224,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"fdf4e8f0-3965-4f03-ab6f-6a2539389bc6","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":224,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"72ae36d6-0ea9-4a52-9634-b3435a45cb16","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":224,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"fa1f2102-2c75-4fa5-aa01-da4445425e62","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":224,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"86fb0510-035f-4c73-a9da-f79073e7fd48","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":224,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"4b6bce0d-0e51-4a0c-8997-108f391cd2ae","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":224,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"088becd6-3b2a-4d57-ac9f-2a11f342f5fd","block_type":"box","text":"6","page_number":224,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"fe05aad6-aa26-4d91-9273-622656638d22","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":224,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"f920a4ae-6f48-493a-8df3-67a3f578cf79","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":224,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"372990bf-d7f1-45f5-9d0d-ac6dc393aa1c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8a01e28a-2cfe-45ae-86f1-70f0b82f811a","block_type":"box","text":"Global Principles | 6","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d9b7a124-c560-4c9d-9661-c46a022330a4","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c493b468-dd46-4d1f-895e-0a28a37b6a62","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":225,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"b4cb7708-0e85-4cc3-8fad-19ccf8452d00","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":225,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"00188f67-7da3-4abe-b2ea-ddcf674d9da7","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":225,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"455d23ec-0439-4dd0-9fb7-6e46aaba7961","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":225,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"db56caec-9d57-45c0-8fe3-9e04a9bea9a6","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":225,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"aec35a25-7aae-4017-befe-fc1ae5a8ecd1","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":225,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"261704f8-cd32-4dc5-8e3c-46348213ccf7","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":225,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"e786acdd-ad85-4adf-bf3f-8a77d7c3b91e","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":225,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"d54a76e3-6a8e-4422-987c-984d2bfc8f23","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":225,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"fce06922-003d-4983-8cb7-6c85eac920bb","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":225,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"fef8135a-9204-42fd-820d-3d9a4fb60c84","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":225,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"cd0044d0-2802-4acc-91f9-8a27c070e95a","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":225,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"24f2e23c-9441-4b81-a2c7-4f7b5d45714c","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":225,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"50ffc1b8-0a84-4ca6-9a7d-46a616b6e2fd","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":225,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"ccbe2a2e-51a5-48d2-ba0a-2334db3fe368","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":225,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"609d70d7-05e2-47f0-9917-c31368d47fc7","block_type":"box","text":"systems.","page_number":225,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"573e52f5-9471-448c-a107-2035de077c0d","block_type":"box","text":"7","page_number":225,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"2a05b6c6-d8f9-40da-bc80-a7a4e07b7a03","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":225,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"0b2e3df1-55f2-489d-a074-aa9a84606e74","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":225,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"80fda896-07e2-457a-8d57-cf193920b064","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":225,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"0b4259c4-1425-45cf-9077-6e92e2b1a159","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":225,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"e3f475d6-150e-4af2-84f1-9d2919052ad7","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":225,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"3e6a4a12-3beb-45fb-954d-f0199c70e9b9","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":225,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0d47c59b-91f3-4cb2-8943-9c3ab2647a55","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":225,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"943ce24a-21db-4ebb-b5a3-0823e493cd74","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":225,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"20d85b15-06ac-4c9a-8a78-a4c2a2829b32","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":225,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"f25b1921-3e10-4d0d-a3f7-1e4d6775b6a0","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":225,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"5fe2300f-b5b6-41f6-ade6-bb548c8be5a4","block_type":"box","text":"or internal audit function.","page_number":225,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"fcec4d39-0f5b-4a38-b422-d52f52c64888","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":225,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"b6688eb1-1b0b-44a6-990a-591e43ec8031","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":225,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"d5358cf9-5333-4f55-af26-375b95ed2258","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":225,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"f4dc8fd9-6d7d-4899-abbc-61cd2de6d0e1","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":225,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"33f79617-cc51-4e96-aa33-514eca69c763","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":225,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"cb800f93-7de7-4de6-8bf7-1596c1f0d319","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":225,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"3c7f18f9-fa0f-4cfb-bd4a-8decc5f3c23c","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":225,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6c251f9a-afb6-47ca-a6a6-e86b7d11339f","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":225,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"6094d685-1720-482a-8b50-64b363ac22e0","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":225,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"7fbe1aec-473c-4a0b-bf84-b5ff4fdd7a01","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":225,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"c0deefda-d37a-4371-beb5-ea198422014c","block_type":"box","text":"risk.","page_number":225,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"2bc1d3a6-d02d-45d4-9c81-be17a854238d","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":225,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"88a87f54-726e-4011-935e-59a04ba2e5b5","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":225,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"7aaf266f-742c-4070-b4c0-cd4fd3389e0a","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":225,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"8d754f40-a4fe-4d99-a512-d9aa261a0eef","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":225,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"1333d6c5-cd6e-4c91-9765-b79f0bae3664","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":225,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"f02ab271-4f40-4928-803f-6b56a2ae92bf","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":225,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"0dbefed4-9db1-41ff-b080-4230a3ace9ab","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":225,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"cc88b0b5-5f08-4c64-8d94-fb046ae11089","block_type":"box","text":"7","page_number":225,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"b6204ed1-2749-449b-9b9a-ad3b41e62baa","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":225,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"4ce0418c-fa6f-47ee-b7d8-719b60451f52","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":225,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"cdc0d6de-2f49-4b4c-abcd-09e043a24b94","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":225,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"ee953924-b79c-4dde-954f-ca2434ed178b","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":225,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"0495e78d-ce14-4de6-9d5f-17548e7d0b20","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":225,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"49a1cbe7-afde-4259-b66d-9296b5873d9c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9494c2d9-d4bc-4dad-a0de-19c8384e1976","block_type":"box","text":"Global Principles | 7","page_number":225,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"3268cda2-6451-428f-a72e-1f3770a61196","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47aeaa6b-f302-491f-ab17-e8fc7af7b4a4","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":226,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"e51f2895-49ed-4036-aa96-b1a6ce81c35f","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":226,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"265f4057-d85e-434a-a412-e3f02cd11908","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":226,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"09c0ea96-276e-40b1-a40a-6de331e2a9bc","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":226,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"b1809d04-679b-4339-b9b6-e2f056c998e4","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":226,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"751fee96-2ade-490c-926b-bf0730f90c62","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":226,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"39f88d83-1368-4c60-ae4c-2d79b3d67a38","block_type":"box","text":"minimizing costs to shareholders.","page_number":226,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"c668eb36-6af3-464f-a249-0cd412472a43","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":226,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"d2b68106-c207-4735-9086-3d19638c67df","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":226,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"db4303a6-c0f4-44f4-9403-acfc6385a3e5","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":226,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"21b13391-d6bd-49e9-94db-26211d8407c6","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":226,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"6b201ebf-9335-4e04-b93b-8ddace00f95c","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":226,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"6b23c977-734c-4741-baec-a41badbae014","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":226,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"232178bb-2844-48f8-a4d7-1b6301790413","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":226,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"6dc92f90-a503-4e6c-bf22-7b576082dcf4","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":226,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"7f28954b-22f3-4b30-9a92-87ec5d8ef333","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":226,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"c10e00fd-227b-4baf-971c-cc0fcbc17a6a","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":226,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"0106deef-13e1-4a55-8bfe-a9d4d75220f1","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":226,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"7cb8eced-3512-4d31-9579-a709d22dba4f","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":226,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"d8bb4885-a764-4a02-82b5-8e2e5237010b","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":226,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"d5cde248-738f-4b06-a8c1-7e72f4e2e5f3","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"2c0384c1-ee1a-4ea9-bb48-9b686dd610a8","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":226,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"f83096cb-f806-4653-b79d-756a9c83d551","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":226,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"ecc93266-3d62-4d44-a708-4ff8fdcfe57c","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":226,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"04ae0aa7-49a8-4c06-9f48-ba3a1d9156dd","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":226,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"8067dcff-9664-4865-9520-adccd1709fb9","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":226,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"7d6be867-8f45-4677-bb1f-450f42dec78a","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":226,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"4477ad75-6ef7-4bd4-aca4-f8f960520a56","block_type":"box","text":"ownership.","page_number":226,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"b91dc4c2-8c0c-47e9-83f4-adece8d5b593","block_type":"box","text":"8","page_number":226,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"079f8db0-c5a6-401c-982c-189e6ca652ae","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":226,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"155f0ddd-1602-4c99-bb1b-c1867be76d17","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":226,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"07cc5d20-ea96-4bb7-826b-d30a48aaaad1","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":226,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"c5ce7531-81f4-429e-944b-fafc8ef9ef9a","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":226,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"4ff9042a-8fa8-4770-8762-5f4b9fa938b9","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":226,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"fd88c4b5-f4a0-43bf-83aa-60dccefc7d93","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":226,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"5496b786-1341-4c6f-a2e5-c76fc85f5b58","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":226,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"d0cc101b-21a6-477b-8e31-35dd0cb1bea1","block_type":"box","text":"results over a period of years.","page_number":226,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"fef952a5-b890-42c6-a636-03e8fee2fc68","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":226,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"3b12ef41-ca2f-46a9-9a41-218f6978fa55","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":226,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"54f73ef7-7beb-4db2-821b-fcc77563a341","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":226,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"e9e13fb1-4de3-4496-b70b-b5d68e4f3c18","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":226,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"dc000846-38e4-47a1-ad26-0f8ecea5aad2","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":226,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"cee044a4-a579-4a32-b12f-939bac8b2172","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":226,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"b81e8794-2685-485f-bc85-38de8be2a06c","block_type":"box","text":"executive compensation strategies.","page_number":226,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"62181115-11de-401d-95b9-a48fccdd1d83","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":226,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"59d40ec9-1c68-405b-909c-fd7b108a98ec","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":226,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"aeb51532-7721-47ec-84a4-d4a51605469e","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":226,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"4a40e1d1-4ffb-4699-b74f-36403c48afc4","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":226,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"9573d956-5660-4617-9b7b-aca166e7bdba","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":226,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"698b574b-439c-495f-8b5f-b7f003c3c5e1","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":226,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"c7792356-4309-4d68-b5d0-9670c3872da2","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"670ede40-42f7-4afb-a8ef-0fea18a6ec54","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":226,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"e5b7e527-125d-404c-bd3a-6a54df27a857","block_type":"box","text":"different markets.","page_number":226,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"3d2c23c1-0ce0-40a7-a783-7a7422f0002d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3159e611-ae31-4a28-867a-0908dd6ae71b","block_type":"box","text":"Global Principles | 8","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4dbad001-5a97-45ed-9131-ed5686ec8112","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c06e0c2d-132f-4129-b4b2-52ca7a2f15e0","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":227,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"191d6684-ad29-4646-81a4-cf219861dd5f","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":227,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"a952771a-eb54-485a-8de4-65a6d2a76ed2","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":227,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"473b80c7-b41c-45ee-8e2c-901d103a9884","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":227,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"f6f46106-aff0-47ab-8bfc-5f22274056d2","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":227,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"f02b0a01-92e3-4d81-9b46-9f6797f90831","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":227,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"4e23d721-67fa-4f0b-961b-01ee4151b515","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":227,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"f0b486ab-fd20-4948-95e9-2f5adb1ad9e2","block_type":"box","text":"whom they are charged with overseeing.","page_number":227,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"0d2bbc54-06ba-46bf-996d-c17f05cf7581","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":227,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"42aa44f1-c197-4a73-b4ff-07d5fdf3b5b9","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":227,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"01c42da7-e098-4adc-9ce7-abd2f4892226","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":227,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"dbcfec90-3f41-4cfe-a843-9306f911c318","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":227,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"df784b36-8a87-456f-af4a-075b070fd0eb","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":227,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"f9d8e828-d798-44cf-9f28-eb3f985cc168","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":227,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"6a04b0c2-7e93-4093-98db-938e6f65062d","block_type":"box","text":"structures.","page_number":227,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"45858526-b8e3-4d0e-be4c-9f34ec9ab6c3","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":227,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"ad7b3998-c163-4517-8ac2-ba8fb6b335d3","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"97c183b8-0a70-489a-bc0a-e3df4e65ab0d","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":227,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"e0e70db8-4a35-4043-a02a-76f8eabe6323","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"60062b5f-65b5-4edb-8017-e34bf37af3f0","block_type":"box","text":"9","page_number":227,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"06b313f4-4af4-413a-8cd1-7d405d49f0c4","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":227,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"1e0d0815-85ce-4389-b698-df5fa3118d3b","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"b944672a-6c4c-4b0a-a42e-436ef74b6e4b","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"4a10fe58-1903-44b3-961b-13a08dbae114","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":227,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"94c3f7d9-9e1f-48e9-aeeb-a87599f10924","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":227,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"013760ed-601c-4bc1-b1c1-87ec085f30c0","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":227,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"07f7232f-13f2-42ea-a8dd-80e310e483f0","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"996e7643-b002-4528-b3bb-878485fac828","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"b3b82ae5-b7f2-4f86-adab-5ac4a37b8224","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":227,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"0961430b-db4f-4e49-90f7-aa273985aabb","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":227,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"bbdf5833-f620-4cb8-8e0c-6a02b58c67ea","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":227,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"741baa01-0fad-4c69-a2c0-fbb697afea73","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":227,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"4241311b-4e61-4a62-96a4-741992ecb41b","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":227,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"71757e2c-5bb1-4018-86df-d6072154f8ff","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":227,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"9a9b0d47-ebd4-4408-a654-8fdb5bffc1db","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":227,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"8044c39d-c0f5-4f76-baef-1633f8e018b0","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":227,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"a7a808eb-38a2-461a-9fd8-99b3eb7128d4","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":227,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"a43ee315-1c68-4711-8221-b3d7074bdcfa","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":227,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"44968edf-6fb2-439b-96ad-2392772b73ea","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":227,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"b84b57da-9777-41b3-a540-5ceb4198a29f","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":227,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"ee366847-5728-4ccb-8330-21c6b32784d7","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":227,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"db691303-3294-40f9-be1a-0f9ce2a7c060","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":227,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"86ee26bc-4212-4abd-bea9-101909dfd8bf","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":227,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"2ec97299-5142-429e-9fb3-d00517a5d85b","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":227,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"4523f778-dfad-4571-b16c-55e7e82bed78","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":227,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"27f40f97-2234-4088-93d1-73d186142fd3","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"8429c3a8-c2c5-4220-a993-c8bc8253b03b","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"1d117204-cbaa-4cbe-82c9-7e1d934b3c38","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":227,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"837de0e7-348b-4f30-bfe6-421947bc3fec","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":227,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"520967ea-5e04-4711-8f55-bfa790fc7876","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":227,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"40bd3ae4-7581-41ce-979d-39092393d1f3","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":227,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"0b27c8ed-ecff-4d3f-a310-f92017867812","block_type":"box","text":"9","page_number":227,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"dbab23b4-f92f-47a3-a24b-7014af824c3a","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"4f0ddde8-f68d-4b61-b5d9-9db67be4d4f7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"96a5ea15-1578-4a93-9068-6a54ec25bdcb","block_type":"box","text":"Global Principles | 9","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b09c19db-ad91-4c6e-b7d6-f88f5aec1319","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"255af861-72d5-4239-bc1e-ab5bed68a303","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":228,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"012d0c00-cba4-4190-b5cb-dd81078e2820","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":228,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"251425bf-0067-4202-8525-90bbfabebcfc","block_type":"box","text":"long-term financial interests.","page_number":228,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"621cd967-f42b-4ccf-ab03-af9b365866a4","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":228,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"5fce19ab-860e-43bc-a27e-1ddc499ff13e","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":228,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"3a4d527f-36cb-4f66-b693-82117ce6bf7a","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":228,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"5772582b-6d3d-462b-aa15-16d5fedfb606","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":228,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"1ba465ff-47e1-4dc2-bc37-015b2a16aeb5","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"2347f8bf-3511-46b0-84f1-2fb075aec2df","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":228,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"e2684b9a-cf8a-4595-b757-e8046088a00d","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":228,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"271fd917-3959-471f-a677-b585a2c7dc06","block_type":"box","text":"term financial value creation.","page_number":228,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"2fdcc31e-a19a-42e1-be62-07983d79edcd","block_type":"box","text":"10","page_number":228,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"53cf53ef-2206-46db-ab75-976480e0b179","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":228,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"85912643-7b97-4dbb-96a2-8bc1740062b2","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":228,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"919c5419-8a74-4292-af37-5d462ef4c099","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":228,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"b600dea6-5dd0-494c-b45d-4b6505b5c875","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":228,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"8eb0cba0-38df-4530-90bc-84eb36351504","block_type":"box","text":"industry-specific metrics.","page_number":228,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"f425437d-042e-468b-a7e9-474a9c1b4189","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":228,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"8783b8c8-1aa2-4c81-96b7-f4e808102b48","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":228,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"9e8ab485-e973-4a23-bc4f-eaa549ca1d6b","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":228,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"d4377e38-60e5-4c6d-bb31-5b2d75666268","block_type":"box","text":"11","page_number":228,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"ff2c656f-1870-4e24-a81b-38d45ea41fd0","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":228,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"a44b785e-e35e-497d-b0ee-fd6947a9cc2c","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":228,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"d4bf0989-2dcf-42b2-9632-767fc7708af9","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":228,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"6b522fb2-aa9b-4a35-b278-ab18976effc0","block_type":"box","text":"specific.","page_number":228,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"8ff2d3c3-c2d0-4c09-84e7-62256d66912b","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":228,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"53c05925-8cec-4b70-be0e-3a33efda103a","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":228,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"ebc4a2d6-e14c-43fc-a48a-aada6b4791a0","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":228,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"62e2bcb7-95fd-4e74-8152-7c4d0ff34fcf","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":228,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"e7713b5e-bd51-4b32-a1b2-9025571f0cd9","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":228,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"065f165c-8146-4674-834b-4e7bc6958c55","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":228,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"6ffcde46-574a-4d4a-8a89-b0de9735e621","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":228,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"efc3de17-d5de-42e7-a9e6-f18702a77392","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":228,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"566e5411-0b2b-4939-bb2f-43ed124e4d96","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":228,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"c0261465-23d4-462a-aa02-fb721e0ba1c4","block_type":"box","text":"10","page_number":228,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"da24ca77-2ccc-4453-a249-358c53e3fbdb","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":228,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"f0a33e90-ddae-4a7e-9d44-cc7986e656ca","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"e4dd6047-677d-4377-bffc-36d24eb86d9a","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":228,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"e8621835-61bb-4232-bd61-56222acf71d7","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"7fcb5901-1a71-4939-9abc-957c737b6932","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"bcdd8c9e-6338-4ca0-b25f-a9663fe8f4ef","block_type":"box","text":"11","page_number":228,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"1578d371-669b-44d5-b31b-bfffd41cc9f8","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":228,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"36fd0a9f-04a7-484d-ace0-b8d466628da8","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":228,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"2e992476-831f-4afb-b681-ed434aae6ad0","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":228,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"7eb08901-3058-4bec-b4cf-a2658b099fa3","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":228,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"90e090a6-ed60-4e5b-a991-a6e2ed90f767","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":228,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"70470cfb-ab64-4efc-a65e-641386e4b117","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":228,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"e550066c-d428-40c4-b299-fe142408b0af","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0631db78-fe0f-4d66-a2fe-087c08bf8950","block_type":"box","text":"Global Principles | 10","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c06d6a46-c860-4a9b-8eec-e7b4fdaf716d","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b115def2-b17b-48d8-b9a2-180f7c155882","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":229,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"7a8633f4-a197-4c45-b9fb-c71212ee8e87","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":229,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"79960f4e-105a-45a5-aafd-71bba6e336a3","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":229,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"b14ec2de-42d9-4245-b2c4-2a5d5d44f796","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":229,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"0ff676ea-392f-49a8-8743-83ac1a2cd8fc","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":229,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"32ef89c6-8296-413c-8640-53767397cfa5","block_type":"box","text":"12, 13","page_number":229,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"55c23cba-8297-4ac4-9e32-b20b83bdbe7e","block_type":"box","text":"From company disclosures and","page_number":229,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"e89a8d3e-3598-482a-9fc1-e2804210d4f2","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":229,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"77051f99-54d1-4d11-aa8c-bdb6d4711e63","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":229,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"9f2f693b-93b5-4189-885b-87960f0ae351","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":229,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"1cdb53c3-426f-4846-9447-75740a69c3dd","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"89291ff6-c153-4884-8f20-35f7dce0aeb7","block_type":"box","text":"viewed as best practice in the market.","page_number":229,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"20ed7c95-624e-4e9e-a158-b0ddf82a0e8a","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":229,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"044e76de-6adf-4f01-bf8c-d709a8a6b0a0","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":229,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"5b7f8b24-b73c-4e51-bf7d-325bbb8fa7bc","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":229,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"c175cc0d-be03-4416-bd90-1879ce8ba90e","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":229,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"c30b6852-d313-442a-92d7-e208e4b35f6c","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":229,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"ca52b66e-7edf-4a5d-950a-93decdad2e2d","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":229,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"07c7499c-a552-464b-92b6-401b4afa0071","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":229,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"82f03040-4a1e-49f5-97dc-1ac71f9b267c","block_type":"box","text":"interests of their investors.","page_number":229,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"65a3301a-69ce-4f62-b75a-47d8c2abe6e7","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":229,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"8e564e92-0fe6-4f79-a3d3-415316908983","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":229,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"f871b56b-a59a-445f-8f3c-e91e27bdf3de","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":229,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"22cd94c0-e2f5-4691-8269-e8d2952e37aa","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":229,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"18e5d0df-8766-4c08-9923-869681f7f90b","block_type":"box","text":"good-faith basis as methodology develops.","page_number":229,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"88733781-7194-48f5-99a8-37df1bf6a3b3","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":229,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"78beb55c-e31e-4014-a565-ab4289b75124","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":229,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"404174c7-258a-4ca7-ac63-ada2256cced7","block_type":"box","text":"generate long-term financial returns.","page_number":229,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"29778278-4e22-4323-b3bc-8072bbf76fc6","block_type":"box","text":"14","page_number":229,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"4356a304-9e9c-415c-9366-30bf94525080","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":229,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"f11340cc-de34-422d-adcf-0d2b2fe0d309","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":229,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"c815226b-e616-45c8-b119-6529e09f617e","block_type":"box","text":"15","page_number":229,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"66b1e720-d735-4bc5-8242-49feb8f3a1d3","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":229,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"62122819-d125-4ce1-b890-1b0822bda1e1","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":229,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"b46e53e2-e323-46cb-ad05-95b1f5b4dc06","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":229,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"a0582c29-a459-405d-bd7f-8750e90dbe8c","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":229,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"437f15c6-8ff8-4078-8e0a-017bed3f48aa","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":229,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"e4b23ff2-9c46-4894-841c-ba336e39024c","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":229,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"3c4504f4-b6f7-4265-b4bc-738a05cf682e","block_type":"box","text":"12","page_number":229,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"97fe94b2-ff17-48a5-a74c-8a10d3d28650","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":229,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"65727009-83b7-4c01-b717-d6d8a3752d92","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":229,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"c1d0bcee-040d-4aae-9b83-195b52268baa","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":229,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"2cb66282-1613-46e5-85ce-1b975eb356c0","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":229,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"7572eaf4-c199-4d01-b770-e7acb662bba0","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":229,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"f9561bd4-7280-4d45-9b1d-43884733c954","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":229,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"3ecda317-8573-448a-84a9-c26a8218e0ea","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":229,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"798f3ac8-ece9-4b38-b9b2-c6126a5fa579","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":229,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"2b70a190-c1af-4ee0-9d8d-40bb3b146414","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"b18f0384-f560-4bf2-b1ae-29af547945f4","block_type":"box","text":"13","page_number":229,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"60eb49b4-f652-451b-988f-7b743f945d0e","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":229,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"06c84bd4-9657-462c-ac7b-83951898be72","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"d50ecea6-f4b4-416b-9a16-fbdf22d09190","block_type":"box","text":"14","page_number":229,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"d633e76a-17e3-4c88-b3a4-dec28d4aa9e2","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":229,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"d81920d2-898c-43e4-9038-5a911093cb99","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"7ed4c445-5622-4474-b22a-21cfdecb8b4e","block_type":"box","text":"15","page_number":229,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"650774ab-90ec-49bc-9066-d4b834f341da","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":229,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"2a56e353-d2d5-4577-8589-43ce94a18649","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":229,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"9705b1a2-205f-41ee-a67c-faa784a1bcac","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":229,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"dbaab084-1551-4fc3-b151-1507274c299d","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":229,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"ad94285f-6e5e-462f-958f-9dd6e10a82d7","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"91678b65-8070-41e4-b766-704fcd98eda3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"035b4af7-10cf-46f0-b4e2-bdfe61d61dde","block_type":"box","text":"Global Principles | 11","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d7f8be50-3fba-4972-9186-a2a49181d0bf","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3cd1bbed-24e8-4959-bad3-bf3c9c6b1dec","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":230,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"3a171462-a4ce-44a2-b9fc-242c4f1f45a5","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":230,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"784b605e-09da-45e2-8d96-f31b5494662b","block_type":"box","text":"16","page_number":230,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"f1546629-e65d-493f-92c8-151b2d2def5e","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":230,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"358af624-4cc7-47ba-b4ff-8e1081422564","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":230,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"95d26a62-53af-4401-a707-1c10d7246d3b","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":230,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"d4152830-5f2e-479d-adba-dc9385243518","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":230,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"931c48a3-6204-4ef4-af63-35cef7110543","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":230,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"bab7b77d-1f95-4987-9c3e-5398c3e95369","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":230,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"12e419c3-0d2b-4b53-b7ac-2b3b0a81639f","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":230,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"daea1b64-7b0d-45fe-9fc1-d005407dd3fc","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":230,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"ababb4b8-76e3-4e5d-a801-6fcce90ee9fd","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":230,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"05425204-999f-45d1-884d-0dde33455fd1","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":230,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"7ed8e244-0922-4d20-8174-1ec3fef553db","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":230,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"57315056-dac5-4abb-b29f-ddfbce2200cf","block_type":"box","text":"impacts.","page_number":230,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"87556f7e-8190-4fcc-bcb5-0542fac9d7a9","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":230,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"0ed03eec-4577-44b1-a3f4-2d080dd74e76","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":230,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"b897d077-5e24-4c1e-8cb9-b664f1c32a76","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":230,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"6c78d87d-c2af-4abd-9134-c466a5e59234","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":230,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"4bde1398-8ce1-45e2-a1c3-102ec34ea671","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":230,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"1895236f-92b9-4b8c-9534-c82d2b9b1b3d","block_type":"box","text":"clients at the global and regional level.","page_number":230,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"ba881c5f-2bdc-4c82-9a2d-229f9f33d4a7","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":230,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"871cd89a-d9fe-48aa-854c-bc2d6bf8396a","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":230,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"57bf09cc-7c67-45e7-a17e-7e6298baa4c9","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":230,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"9271978d-a65c-42bf-8f4b-8a2a3578bfd3","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":230,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"79d0e6d1-c781-4399-875b-56cd295312ca","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":230,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"e9294763-6996-4245-b0ae-36cfed121a9f","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":230,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"73405cc0-a799-4437-b07a-71ac9132ae15","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":230,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"dfc4054b-4149-4df0-811a-9b53fdc4e8fd","block_type":"box","text":"are independent from the investment stewardship function.","page_number":230,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"500c0066-e8c4-413b-bb93-dbc05ddcba15","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":230,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"ae8b08ca-f1a0-4eab-8af1-97e418c041b3","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":230,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"ac64e7a0-2bf2-453c-8853-6b1d49f094f3","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":230,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"7e700d83-7d65-45d8-ab86-5955bdb4c8e9","block_type":"box","text":"VOTE EXECUTION","page_number":230,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"ab1195b9-fa94-4f50-8a92-710c9a96d2b2","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":230,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"da9a042a-dc6c-44eb-80c8-e849baf9b205","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":230,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"bffb6999-4220-4d88-ae23-84a7c592cb88","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":230,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"893073dc-68f8-40d9-8df4-0ea1f908ef24","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":230,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"f0b38f78-7c18-4cac-8c11-6b750e33f516","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":230,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"d169184c-6e4a-44e5-b8fe-93767d3aa9b7","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":230,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"a5bf2a3d-b433-4770-8a2c-80bc67024fc4","block_type":"box","text":"management policies and procedures,” below).","page_number":230,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"32fa3bc3-9621-45a9-b620-cbd8870d59e7","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":230,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"ec2f180b-feef-4582-aa62-dee899601531","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":230,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"781a6d8e-fe0a-489d-88b5-580f9f1a99ab","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":230,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"693075df-f8c0-4671-a4d9-beb69965450e","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":230,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"c8e8a85b-7a92-4ad9-9e12-7ca7dcc37190","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":230,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"11f77cf1-2738-4182-bc77-270a2fcf9bc0","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":230,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"d1068501-8dd9-4e40-a816-78da7c83ad4c","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":230,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"61a4745d-f887-4010-b6db-6a443ec77f88","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":230,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"516b7286-d1fa-4f01-9e10-894c6aaa857b","block_type":"box","text":"16","page_number":230,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"107b74e7-7e19-4b2a-acde-3754f6cf325e","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":230,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"8534a1ac-7e9a-4862-b741-a481d6f9f01e","block_type":"box","text":"December 2025.","page_number":230,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"71acdb70-040a-455a-b51a-2f6e2e25bfb4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9c3598e0-9997-460b-a0c0-d7e83e8f8b60","block_type":"box","text":"Global Principles | 12","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"77dd4186-0fd1-4152-a0fb-e265b77719a6","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a400eecf-2131-41e2-814f-9eb77739776f","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":231,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"bf1dc2ba-75f6-44a7-b824-7b62702c07ec","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":231,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"82a8c2e4-bacd-415f-a8c2-054040b005d8","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":231,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"747001ed-c746-4112-a61e-ce1407be1b41","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":231,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"17c39d2d-54b6-4159-8e72-bf6bcc70c9ba","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":231,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"40d34ec2-8200-4afd-83e0-7479f8555344","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":231,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"7217db4b-1cc5-46c2-99fa-075018a338fd","block_type":"box","text":"enterprise-level vendor management activities.","page_number":231,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"9944613d-09d9-4ae8-8d8c-0185dd3b0ecb","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":231,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"ea5d46b6-4b5f-4550-98d6-0ebb2e4ee5b3","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":231,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"e180c409-d286-4f9a-bb75-08d8bd33034c","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":231,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"acfd8a21-d4c4-4750-8e10-67b1cc40bb1e","block_type":"box","text":"BlackRock employees.","page_number":231,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"ff0ec8e9-95c0-40b9-8223-4a7e6b499162","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":231,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"0bd63370-36b0-4131-94e4-e11c04045c27","block_type":"box","text":"SECURITIES LENDING","page_number":231,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"0f11b335-f76f-491a-b371-a9940ab871c8","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":231,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"b313e245-4716-4eb9-ae1b-c7672a1c3816","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":231,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"aebd038a-4bb6-49b2-956b-601ddc862d49","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":231,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"79825c20-aef2-4d36-8a5e-2a845a4f68c6","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":231,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"7d49bc8b-2151-4bff-8adc-ff9327c47113","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":231,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"4221ac8a-beb0-465e-9bf4-fb86bb8a96d0","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":231,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"bc0af40a-a319-4cff-9c37-60307ec46dd6","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":231,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"ec792e1b-2579-4473-8dfa-c0c8db5bb524","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":231,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"20b91ff9-4c92-4994-8154-0949bf6c70b6","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":231,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"a19c1ed8-631f-4f5d-b45c-564d34a29358","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":231,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"39a9dda8-b17d-46b9-a104-8e16acc063a5","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":231,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"4bfa3cf1-1241-4be2-b1b4-e7bdd4646d3e","block_type":"box","text":"of recall consideration).","page_number":231,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"dedc36e8-324e-437a-a43b-cb7605da4f9d","block_type":"box","text":"17","page_number":231,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"93f82f2b-173e-44cf-94e6-90d381caed32","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":231,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"01be76b0-943a-46cc-93f0-0a069f83571f","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":231,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"0953f21a-26d0-4ffb-b6b6-06b0300a7ff9","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":231,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"d7064864-2153-4aa1-9bc8-a9f9b21d8042","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":231,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"b14babe7-acaa-444d-969d-f492d90693f0","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":231,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"74626d17-af96-4637-9345-a96b07357f16","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. 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In the U.S., for example, the record","page_number":231,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"939c855c-e847-49c1-81a9-b7a03136a5fb","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":231,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"645bb8cf-598a-4cea-8451-220532de949f","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":231,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"89379b6b-5c3d-4042-b8ca-d48283549610","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. 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In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":238,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"e8f2e6f2-796d-4f2a-9608-c88ea17c4928","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":238,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"310ac797-c29b-4116-b45d-28b3a1938ea4","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"7b557dc1-027a-44f5-9ac9-4437b78fbfcc","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":238,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"1e701931-3c37-460e-b1ac-8b3167d24f16","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":238,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"6ade00c5-dd8a-452c-840b-9261c265a58b","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":238,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"19faac76-1668-4dd0-bfaf-ad685ce70f26","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":238,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"82a19c5e-dc93-408e-a863-f57b763af0cb","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":238,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"85c16507-518c-454a-889d-5595000ce98c","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":238,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"a79c2b99-6137-4354-b070-27cb475001bd","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"4596f3c5-349f-4bfd-a509-8715f8fb70dd","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":238,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"ec923554-e446-479b-ac8c-ec42d5e4c0b4","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":238,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"cbb21b8f-9dfa-470b-b78b-dcf95011223a","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":238,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"f02a90b7-c17a-4d98-b67e-3a72ab714cb8","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":238,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"d408a5a7-173b-415e-9854-7bbaafd64057","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":238,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"55897efd-1e5a-422a-a47d-4d4af958777f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8ebdcffc-d502-4c92-bea6-0ed12738d6ad","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"a863a68e-2402-400e-b146-8ef13a2295da","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a20ce5d-c512-4d38-810e-81d887ec08ba","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":239,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"5b34c253-b8df-417c-976e-37369aad7272","block_type":"box","text":"16, 17","page_number":239,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"5fe6d4ff-99d1-4aec-a64e-dd5e9b6418b8","block_type":"box","text":"In addition, the dedicated team looks to","page_number":239,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"95030c96-6b37-4526-92dc-a3166c2a5ea1","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":239,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"f182ec61-87ab-4c7e-938b-fa470cb9a202","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":239,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"d981466e-58f7-45e7-8e62-5a50bf144383","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":239,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"120f8bc4-80c8-47e3-86a6-a176721853a5","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":239,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"c9596c5f-4fac-4b17-ac3c-05559c299c6d","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":239,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"e0294542-5a2c-48b5-aacc-2aa3f548b45a","block_type":"box","text":"18","page_number":239,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"3919f09a-df93-4b96-b980-7ddf61ee1c61","block_type":"box","text":"However,","page_number":239,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"9ca25661-692a-45db-8fa7-0562a2dcbbdd","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":239,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"843e0d55-ecb5-4808-854b-8e32dae1eca0","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":239,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"4d74d278-8d8b-4698-a5d4-403008308572","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":239,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"b6662256-cb13-496f-9343-5a4c9d1dfcdb","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":239,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"3834bc6a-d219-4500-868f-5823e8f2d2fc","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":239,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"5c440b8c-6af7-4473-beb6-d817998d141f","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":239,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"548269f1-5bab-4d69-a1a1-75015bd4d107","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":239,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"c9edc220-b9c2-4acb-b217-3e38089b14bc","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":239,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"07a89b27-493e-4e88-a3b1-3ad0651e8dfd","block_type":"box","text":"transition risks.","page_number":239,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"2f019b5b-5afd-4e77-aa59-69b6918bded5","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":239,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"529205a5-98f0-4ba9-ae2a-6dc46741a972","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":239,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"538fbe7c-96f5-4e0f-bafd-86b210467a5a","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":239,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"9440d69e-e57a-4008-a93b-97e93ec7ea6f","block_type":"box","text":"Transition plans","page_number":239,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"30745996-9278-4ebc-bd46-ba77b05da38f","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":239,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"f3339d6e-ed70-43e3-8dd9-e46dce32fe0e","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":239,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"f591542c-c2b0-4612-be63-9b72db2f34e5","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":239,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"8d06887c-5353-45c7-aaf8-18ce467f2e3f","block_type":"box","text":"(see Appendix 1).","page_number":239,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"9b414bfb-3783-4b2b-ab3b-d77be9e36f33","block_type":"box","text":"19","page_number":239,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"09a78284-bef1-4f4b-a216-20ddc76fde6b","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":239,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"ad9db214-7253-40f7-8768-6cdab043cfde","block_type":"box","text":"transition plans.","page_number":239,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"59db0843-d9d1-4e5a-a830-894d61c731cc","block_type":"box","text":"20","page_number":239,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"a28bcc65-5930-453b-8f10-b6a171895b0d","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":239,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"6d89a70f-fbd2-496d-a28a-bfc8dd3761c9","block_type":"box","text":"repor ting approaches.","page_number":239,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"177b49dd-c722-48c3-b1db-a94f08193dc8","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":239,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"d9f79c43-4def-48dd-b79d-a294132f9048","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":239,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"7807ee16-66e0-438c-9f8c-8929bcb6ebb9","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":239,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"5590a162-44b1-471b-9aa4-212c2a51dc01","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":239,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"cd73eb11-aafb-435e-9319-1dab87e1b52c","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":239,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"8702f973-0e58-4c52-97d4-de18e3bf0871","block_type":"box","text":"informed voting decisions.","page_number":239,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"25d9fb6f-9bc7-42b5-9ec8-8d039680b405","block_type":"box","text":"16","page_number":239,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"69f7d574-cb59-4304-a92e-c70a07bd5f05","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":239,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"d612d8b5-03b2-4265-818b-cd10b791e4c2","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":239,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"8ce64d7d-2d19-4838-bb3b-472ab92730aa","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"5f43007e-ecc0-46f2-8c5c-398c00e4c521","block_type":"box","text":"17","page_number":239,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"b41f2f9f-fad0-4330-a3ef-27490b0ea08d","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":239,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"1f30daa8-7e29-4f3a-8fb4-562cd958742b","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":239,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"6f17bf18-14e4-4815-a59c-6e2f7fd3955d","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":239,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"60fa004c-d32f-43ea-9f9d-db0d22d2eea3","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":239,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"76c041e9-b046-4798-b9fa-a7abbdb84081","block_type":"box","text":"18","page_number":239,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"cbceca76-a027-4f01-88c0-f01ca4b5dbce","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":239,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"51ccc077-c66b-4774-952c-54fc26769c71","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":239,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"3678497a-e656-4eae-aad6-028ae0458407","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":239,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"b3d5099a-25a4-401d-b06d-f928f4a5b6ef","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":239,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"882a1656-8cf0-478b-8409-f577e145fa8f","block_type":"box","text":"material to their business models.","page_number":239,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"ed72067b-c289-4867-b21a-816b96b3a4d8","block_type":"box","text":"19","page_number":239,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"b16167ff-91f7-463f-8d05-23ec183cd933","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":239,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"0734af2a-6d78-4342-9e59-49e559be03c4","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"d672c70e-3e19-47d1-ae24-72a4b01c080d","block_type":"box","text":"20","page_number":239,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"c7c1bfee-7a66-43de-95df-5eac3495e9aa","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":239,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"80d089d0-c4a4-4106-9735-887e7fcc9c55","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":239,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"9b76fdd3-846c-407b-82fb-0e6edd738af3","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":239,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"e99c3a5c-2695-45ed-bbd1-75ddae6df1a9","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":239,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"9c36b2a8-da8a-4543-961a-d8f152ecc5a9","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":239,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"798bf011-6005-43ef-a326-f7b76af20e5a","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":241,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"67ff4145-fc76-4f5b-9fe0-77c23b755cf6","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":241,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"4eb923ff-1e27-4f63-af69-7cd8680d158e","block_type":"box","text":"transition plan and targets.","page_number":241,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"9a6b8fd0-b02b-47f2-810a-8c1d847724fe","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":241,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"37080c8c-b84c-4f85-be0a-5495b008d93a","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":241,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"fbda85c8-2bfd-4d99-bf37-c82905643df0","block_type":"box","text":"long as cer tain requirements are met. 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Under the Guidelines, the team may suppor t","page_number":241,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"a1941548-2dca-4daa-86e0-c58e6064629d","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":241,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"ad02efd5-b69a-47e4-8d57-459578469ba3","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"174f6b26-19fd-49cb-bbf4-c31640da5dee","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":241,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"aadb8d88-ac22-4336-a21c-e58101026192","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":241,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"2cc94065-2fc5-4a94-a5b7-868539d74eb8","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"075dde06-2c27-403a-ad40-73c396d76af6","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":241,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"f24807d7-f279-4406-aaa1-c32c94ebc000","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":241,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"f456070a-36c7-48b7-8ae4-8f6ee15f4586","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"e319c7de-1724-4943-a4e9-453797934965","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":241,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"9d093a4c-5dd3-49f7-9b7b-048d392913fb","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"a5b5a4bd-b721-442f-bd77-249214237aa8","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":241,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"3edc252c-840b-45f7-a6b5-47fab2005bc0","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":241,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"640c784e-2c89-46ca-bd08-d2fc104d6f03","block_type":"box","text":"25","page_number":241,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"e5241a6c-32f7-4a4e-85a6-ed875d3570f1","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":241,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"370e06f0-9033-4d4b-b1c5-286b866ebb43","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":241,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"92ea079b-f34e-4dd8-9bfc-45601c6422fe","block_type":"box","text":"RELATED MATTERS","page_number":241,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"884ad9d9-deed-416a-8e89-0b848bca2fd7","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":241,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"86ed036e-835a-4373-a6be-96d3e633c7c7","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":241,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"d9f0c757-af1f-49ef-b48d-6decbc839a7b","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":241,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"c98ca8ec-090c-4a78-af6a-b458272b76fc","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":241,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"6aeb3fc6-ed62-4c3f-b408-6001b849f892","block_type":"box","text":"Executive compensation","page_number":241,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"71351f04-b0bf-4f98-a930-82dea415f7a3","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":241,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"33b8f856-d213-4f19-b172-0b87e79a03b7","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":241,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"e4fdecb4-3a1e-48a6-95dd-6b1c6c65318c","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":241,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"b9333d61-c8fb-4390-ab06-fa12c1641293","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":241,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"e47c333a-b2bc-45e9-90aa-9a198495a652","block_type":"box","text":"24","page_number":241,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"cfaccff7-3240-4af4-9304-49cade3b0393","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":241,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"78d321a4-092b-4a25-b045-9f5eb8e98b55","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":241,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"5ba67aa0-5b53-4bba-ba66-dc37dbdb582a","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":241,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"67b2370c-e894-4513-9148-502bf5869064","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":241,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"066beccb-0884-431a-9ba0-e566680161d1","block_type":"box","text":"25","page_number":241,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"54ebe0d6-3244-405c-b863-cd1765990e08","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":241,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"1da871c0-9cff-4257-a28b-4279f173e987","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":241,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"0d3f970e-bbac-4b92-8a64-d33b6c504d42","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5ccca017-5f80-4b06-a60e-ed36f587adfc","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"325d5a3c-412b-4c05-8de1-e0de8f771009","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"accf4b3a-ce35-4e29-ba53-8c75fb65b427","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":242,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"d98cc3a7-59f3-4d28-910c-2f865eb87cab","block_type":"box","text":"strategy and risk management.","page_number":242,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"0ae4b370-1ce3-4d4c-9926-17f0ebf15022","block_type":"box","text":"Auditors and audit-related issues","page_number":242,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"08a2f6cb-0d6d-46e7-9b18-3ca4f86400bf","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":242,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"c8bd8364-12ce-4c53-8680-f96b13135e71","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":242,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"c122c67a-6c3f-4432-97da-76ecd362d0a5","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":242,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"de4a0805-4db8-4751-a76e-c5c333941146","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":242,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"e504975c-d3de-46d0-8d31-1f3ef9b2148d","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":242,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"736b3073-56ca-4dd5-b446-3d311a371049","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":242,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"c5a450f6-559e-4f63-bdac-4227aeda642b","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":242,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"41a02deb-53de-42ee-a225-cd6739e78b48","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":242,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"487f0bdd-952c-4409-9c0e-1835073bbddb","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":242,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"a2dc4878-fae8-4b97-bf3a-f1884de77a92","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":242,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"ab0e7130-291b-4ecc-b982-3571a50553aa","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":242,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"80b164bb-caa2-4377-a65c-6544da32873b","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":242,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"d1454990-a978-450f-8103-0fb7c1516a83","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":242,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"b26574bf-ff6e-4f04-a1de-212c1996525d","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":242,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"d5bd7624-a3c7-4fcb-8a32-319eaa52abd1","block_type":"box","text":"stakeholders.","page_number":242,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"f8936b41-4476-4de6-89d0-6021f7b9007e","block_type":"box","text":"26","page_number":242,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"491f6d4e-1e68-43c0-8c7e-920bc38a7c34","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":242,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"09898eef-49f2-4b13-bdae-e68364bb0ecd","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":242,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"09732eba-3e55-41ce-af30-689b699e7407","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":242,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"e6e23cb5-72fe-46db-9bf6-e3fd2ac6dff6","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":242,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"ce0da16d-61b4-46e9-bede-222c9dbee137","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":242,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"e38a5845-db00-470f-af1d-d44d18c7ae65","block_type":"box","text":"26","page_number":242,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"0edf7ecb-79de-476f-9255-ab2ff6a223f5","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":242,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"eec65cf1-1bb1-4d3e-9971-096bf492764e","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":242,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"e238e3ce-ad8f-4a71-b63e-03e7434eeab8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"899ec76e-f9c0-4536-9b14-2c4059133af9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":242,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"ed915d4e-f50e-4d08-a483-6388578914fa","block_type":"box","text":"BNM1026U-6033397-19205818","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87747914-173a-4963-a24d-1593c2fc92a8","block_type":"box","text":"Appendix 1","page_number":243,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"1b666325-5eed-4bac-8774-8f5440dbed7f","block_type":"box","text":"Terminology","page_number":243,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"9ce1c06d-b0f2-4917-afe9-58669263f719","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":243,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"982812a4-acc9-48f2-aee9-f059b6ffcdd2","block_type":"box","text":"Climate risk:","page_number":243,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"20ef209f-e901-4029-8fae-3dbe2a55e328","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":243,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"9e87dfd5-b0af-4568-99f7-c75727293841","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":243,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"268b8c53-8c16-4570-9a94-5122ae29f89e","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":243,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"355b19d0-e79b-44b6-a148-857037cfbb4b","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":243,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"25838fa2-efb6-4c65-ba30-94ed7b1cde6c","block_type":"box","text":"The global economic shift toward lower","page_number":243,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"600d821e-1336-4453-a74f-850eca1c52c1","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":243,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"3ccbd7e1-39b4-4c6e-8227-4d4e178f7265","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":243,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"d444fb50-8bb2-4941-ab78-4b7d1074521f","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":243,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"a7834bb4-72a6-4176-a3ad-b12f76d1388d","block_type":"box","text":"Decarbonization:","page_number":243,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"6d3f9119-6d8f-4e77-8771-1e183d7bee86","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":243,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"55989270-fffc-441c-a0a0-e0aa0d7bcef3","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":243,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"09e56150-493f-47bc-8d63-4fa49234d82e","block_type":"box","text":"individual consumers. 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